Hi - my name is XXXXX XXXXX I am a Bankruptcy and Consumer Protection attorney here to assist you.
Is this annuity an IRA, or a similar account?
I believe that it is not an IRA.
If the account is IRS-tax deferred, it should have an IRS designation, such as 401K or 408, etc.
Do you know which IRS designation the account has? (Depending on the designation, the person may be able to keep the account if she files a Bankruptcy.)
It is a non qualified annuity.
It is not funding a qualified retirement plan such as an IRA.
Are we finished?
I think that all annuities that have not been annuitized are growing on a tax deferred basis. When the annuitant accesses the cash value as a withdrawal, the income is subject to tax. In this case, the annuity is not an IRA, etc. It is a non qualified annuity and my question is how will the value be treated as a result of a bankruptcy?
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