Annuities

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. […]

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

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

An annuity is an asset that may be protected by your state’s government, which is a benefit. Depending on the state, annuities may be shielded against creditors’ judgments in a lawsuit. It’s a non-qualified retirement account for the annuity’s proceeds. For an account to be considered non-qualified by the IRS, it must meet a series