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eBook details

• Title: Unraveling the Mysteries of the Florida Exemptions for Life Insurance and Annuity Contracts (Part 1)
• Author : Florida Bar Journal
• Release Date : January 01, 2008
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 94 KB

Description

Florida is one of the most generous states in providing mechanisms for its residents to protect wealth. (1) For instance, Florida law provides an unlimited exemption for equity in a primary residence, the value of life insurance and annuities, and for certain retirement plan accounts and education savings accounts. (2) Although each of these exemptions is generous, to claim an exemption, a resident must carefully structure the ownership of a potentially exempt asset within the parameters of the rules of the exemption. This is a two-part article that examines the application of the exemptions for life insurance and annuities that are set forth in 222.13 [section] and 222.14 of the Florida Statutes. (3) Part one of this article examines the application of the exemption for the proceeds received under a life insurance policy as a result of the insured's death. Part one also examines structural issues regarding the ownership of a life insurance policy and the application of [section] 222.14 as well as the ability of a debtor to access the cash surrender value of a life insurance policy without forfeiting the benefit of the exemption. Finally, part one examines the meaning of the term "annuity contract," reviewing the applicable case law and the legislative history of [section] 222.14. Statutory Exemption for Proceeds of Life Insurance: Section 222.13 has little mystery to its interpretation. (4) If a Florida resident dies "leaving" insurance on his or her life, the proceeds of any such policy will inure to the benefit of the person who is designated as the beneficiary of such policy, and such proceeds will be exempt from the claims of the insured's creditors unless the policy or a valid assignment of the policy provides it is for the benefit of a creditor. (5)

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