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Barrister
Barrister, Attorney
Category: Legal
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Experience:  14 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 24+ yrs
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Are variable annuity assets protected from confiscation under

Resolved Question:

Are variable annuity assets protected from confiscation under CA law from creditors?
Submitted: 1 year ago.
Category: Legal
Expert:  Barrister replied 1 year ago.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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How is the variable rate annuity held? (by a person, corporation, LLC, etc.)
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Is it in the person's regular investment account, a 401K, an IRA, a revocable trust, an irrevocable trust, etc.?
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.
Thanks
Barrister
Customer: replied 1 year ago.


The VA is held by a person, not a corporation.


 


It is in their regular non-qualified investment account?

Expert:  Barrister replied 1 year ago.
Thank you for that additional information. If the VA is held by an individual in their private non-retirement investment account, then it would be subject to creditor claims the same as any other asset if the individual was sued and the creditor got a judgment. The VA is just a type of investment, like a mutual fund or stocks are types of investments but it doesn't have any special protection from creditors unless it is in a protected account.
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If it was part of a retirement account like a 401K or an IRA, then it would be protected since those funds are not subject to garnishment by unsecured judgment creditors. But if it doesn't have the retirement account protection, it would be subject to seizure the same as a mutual fund, individual stocks, real estate or other investments to pay a judgment.
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Thanks
Barrister
Customer: replied 1 year ago.

What if it were in a Living Trust or an irrevocable trust?

Expert:  Barrister replied 1 year ago.
Living trust....no protection from creditors as the assets are considered under the "dominion and control" of the grantor so are subject to creditor claims.
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Irrevocable trust...complete protection because the grantor surrenders all ownership interests in the assets that are placed into the trust due to its irrevocable nature.
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.
Thanks
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 22691
Experience: 14 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 24+ yrs
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