Among asset-protection products, annuities are the most widely used. Annuities and annuity proceeds are shielded from creditors under Florida Statute 222.14. Generally speaking, an annuity is a contract that stipulates that a beneficiary will receive payments over time in the form of a set amount of money. Annuity contracts come in a variety of shapes […]
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On October 22, 2002, the New York State Insurance Department’s Office of General Counsel issued the following informal opinion. Facts: There were no specifics given. This particular annuity was labeled as a “non-qualified commercial individual annuity” by the inquirer, who expressed concern about the protection of creditors in the event of a divorce or bankruptcy.
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For annuities and life insurance, state law dictates the level of protection they receive. Some life insurance policies and annuity contracts are shielded from creditors’ attachment, garnishment, or legal procedure. Others, on the other hand, defend solely the interests of the beneficiary to the amount necessary for support. In addition, there are certain governments that
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You may not obtain your money’s value from annuities if you die too early in your retirement. Annuities are generally more expensive than mutual funds and other investments because of their hefty costs. However, you may have to spend more or accept a lesser monthly income to personalize an annuity to your specific needs. Can
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