The Georgia Supreme Court recently answered certified questions from the Eleventh Circuit Court of Appeals regarding whether a single premium annuity was exempt in a Chapter 7 case, where the annuity was purchased a year before filing with $220,000 in inherited funds. A debtor’s transfer of $220,000 a year before filing Chapter 7 is certainly going to get the attention of a Trustee, and that was true of this case. However, in a significant win for the Debtor, the Georgia Supreme Court held that the annuity was exempt under Georgia law. The case is Silliman v. Cassell, 2013 Ga.
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