Posted on June 13, 2004 by Jonathan Alper

Protection of Annuity Income

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Most people seeking asset protection know that annuities owned by Florida residents are protected from creditors by Florida Statute 222.14. The protection is afforded to the annuity owner, the annuitant, and the income beneficiary of the annuity. I was recently asked to explain what happens to the annuity "asset protection" when an the annuity begins to pay out an income stream to the beneficiary and the beneficiary has creditors with judgments? Can a creditor seize annuity proceeds after they are paid out and in the hands of the beneficiary. Florida courts have held that annuity payments deposited in a beneficiary's bank account retain protection from creditors so long as the funds can be traced to the annuity

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Comments (2) Read through and enter the discussion with the form at the end
Jeff Cherry - April 18, 2006 12:52 PM

Can you tell me if Tax Qualified IRA annuties fall under statute 222.14. Are IRA annuities protected? Thanks for your response.

Howard Wright - July 12, 2007 2:44 PM

I live in Florida. If I put money into an annuity is that portion of my assets protected from a nursing home wanting me to pay for care for myself or spouse?

Thank you.

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