Annuity creditor protection in Michigan?
I understand that not all States have some sort of creditor protection with commericial annuities and that some qualified plans do have creditor protection. Can anyone tell me what sort of creditor protection and under what circumstances it would apply there may be in Michigan relating to annuities or where or how to find out on my own. I have done some research but was not able to find the answer. thanks
Permalink Submitted by Alan Spross on Sat, 2009-02-28 01:43
This site is useful, although it may not include changes since 2007:
http://www.assetprotectionbook.com/state_resources.htm
Permalink Submitted by Alan Spross on Sat, 2009-02-28 01:47
http://www.assetprotectionbook.com/state_resources.htm
Test: The prior board accepted these as active links. I wonder if that capability has been lost………………..
Permalink Submitted by Bruce Steiner on Sun, 2009-03-01 14:34
Assuming you live in Michigan, the lawyer who does your estate planning should know the extent, if any, to which annuities are protected from creditors in Michigan.
If you are sufficiently concerned about potential creditors that you might consider purchasing an annuity if it were protected from creditors, you should be consulting with counsel in any event.