The Benefits of Exemption Planning

Each state and the federal government exempts certain categories of property from the reach of creditors.
  • Missouri Homestead Protection: The homestead exemption in Missouri is $15,000. Mo. Rev. Stat 513.475, Mo. Rev. Stat 513.430.
  • Tenancy by the Entirety Property: Property that is held in tenancy by the entirety may be exempt from the debts owed by one spouse. See In re Anderson, 12 B.R. 483 (W.D. Mo. 1981).
  • Missouri Life Insurance:
    • Life insurance proceeds are exempt. Mo. Rev. Stat 377.090.
    • Dividends of an unmatured life insurance policy are exempt up to $150,000. MO. Rev. Stat 513.430.
  • Missouri Annuities: Disability proceeds are exempt but not for any other purpose. MO. Rev. Stat 513.430.
  • Missouri IRAs & Pension Plans:
    • ERISA-qualified benefits are exempt but not the distributions from the plan, MO. Rev. Stat 513.430.
    • IRAs are exempt but not the distributions from the IRA.
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