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Are annuities creditor-proof in New York State?


Expert Donna Atkins's Answer:

If the annuity meets the definition of NY state Law Section 3212, it should be exempt. An exception applies for polices purchased within the last 6 months, under which a $5000.00 maximum exemption is allowed. See US Bankruptcy Court Northern NY District, Case # 00-13083 Daniel F Terrance. Section 3212 specifically defines annuity contracts: An annuity contract includes any obligation to pay certain sums at stated times, during life or lives, or for a specified term or terms, issued for a valuable consideration regardless of whether such sums are payable to one or more persons, jointly or otherwise, but does not include payments under a life insurance policy at stated times during life or lives, or for a specified term or terms.

Donna Atkins, CPA

New Hampshire

21 yrs experience

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