24 May Asset Protection in Minnesota
If you are thinking about protecting your assets in Minnesota in case of a financial setback one of the best ways is to continue to put money into qualified retirement accounts over the course of your working career. If your money is in one of these qualified accounts you can shelter up to one million of those funds from creditors if you file for bankruptcy. Minnesota also allows you to exempt some of these funds in case a creditor attempts to garnish your retirement money. The other place where people should invest is in their homestead. Currently Minnesota allows a person to protect up to $360,000 in a homestead property. It is always a good idea to implement these types of planning before you have any financial issues.