What is exempt property?

Exempt property refers to assets that can be protected from creditor claims or debts of the decedent. 

 

Generally, exempt property is intended to protect the surviving spouse or dependents from being left without essential resources after the deceased person's debts are paid off and their estate is distributed. 


The requirements and specifications of exempt property vary by state. They can usually include: personal property up to a certain amount, vehicles, and in some instances, homestead property. Many states have additional forms required to declare exempt property.

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