Only one way to approach Texas asset protection
laws happens in the Lone Star State: A big way. Sure
as shootin', everything - including asset protection
policies - is bigger in Texas. Come hell or high water,
as Texans say, protecting one's belongings is downright
friendly.
Friendly in the debtors' way, that is. Texas, as well
as the rest of the nation, constitutionally protects
the practice of asset protection. Another way Texas
does it big is with AP (asset protection) exemptions
and the best limited-partnership laws of the nation. Whoa Doggies! Might Keep Those Creditors Down The
Road Apiece.
Debtor-friendliness comes naturally in the state whose motto is
friendship. Creditors are kept at great lengths from claiming homesteads,
life insurance policies, and annuity contracts. Frivolous lawsuit
claims are exempt from touching those exempted assets. The degree
of asset protection in Texas is unparallel to other states due to
Texas' vast area and valuable resources such as oil and industries
such as cattle ranching.
Cattle ranching and oil refining is big business in this second
largest state of the U.S. In fact, one Texas ranch is larger than
the state of Rhode Island. Consequently, homesteading is highly
protected in this state. The homestead exemption values are unlimited,
along with large portions of land. In some areas of Texas, homesteading
up to 200 acres is permissible.
As result of so many litigation proceedings regarding oil and gas
partnerships in the Longhorn State, Texas' limited-partnership laws
are the best in the nation. Texas is closely monitoring the new
federal bankruptcy act proposal, which would reverse Texas' statutory
creditor exemption.
Other related AP issues affecting Texas operations include no taxation
on citizen's personal income, exemption of Texas life insurance
benefits to anyone but the beneficiary or the insured, and the inability
of the state to garnish wages.
|
