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  1. #1
    Join Date
    Jul 2008
    Location
    NY
    Posts
    48

    Default Is an Inherited Annuity Safe from a Bankruptcy Filing

    My question involves bankruptcy in Puerto Rico

    My father recently passed away and left each of his 4 children an annuity. The annuities were in his name in a revocable trust. Since our father just died, we are in the midst of changing the owner of each annuity to our own names. My brother, who lives and works in Puerto Rico, is getting ready to file for bankruptcy. How will this filing affect the annuity that will now be in his name? As the new Trustee of the Trust, should I avoid changing the annuity to his name and just leave his annuity in the Trust under our deceased father's name? If we do change the name from our father's to my brother's, could he leave the money in the annuity (not cash it in) and thereby protect it from the bankruptcy filing? In short, how can my brother protect this inheritance during the bankruptcy procedure?

  2. #2
    Join Date
    Jan 2010
    Location
    New Jersey
    Posts
    3,666

    Default Re: Is an Inherited Annuity Safe from a Bankruptcy Filing

    Nobody on this forum will answer a question that will lead to fraud. I guess you can take that as a hint?

  3. #3
    Join Date
    Jul 2008
    Location
    NY
    Posts
    48

    Default Re: Is an Inherited Annuity Safe from a Bankruptcy Filing

    Got you hint. I really wasn't looking at it as fraud. Just curious if because it's an annuity it would somehow be protected. Obviously, he shouldn't count on it! Thanks!

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Is an Inherited Annuity Safe from a Bankruptcy Filing

    If it's "obviously protected" there's no harm in declaring it.

    You cannot avoid your obligation to disclose assets by pretending that they don't exist or by having somebody else hold them for you.

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