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Silliman v. Cassell

The single-premium fixed annuity at issue was of the type intended to come within the bankruptcy exemption O.C.G.A. § 44-13-100 a 2 E provides.

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In this case involving the interpretation of OCGA § 44-13-100 a 2 E1 and the exemption of an annuity from a debtor’s bankruptcy estate, the United States Court of Appeals for the Eleventh Circuit certified the following questions to this Court: 1 is a single-premium fixed annuity purchased with inherited funds an “annuity” for purposes of OCGA § 44-13-100 a 2 E; and 2 is a debtor’s right to receive a payment from an annuity “on account of . . . age” for the purposes of OCGA § 44-13-100 a 2 E if the annuity payments are subject to age-based federal tax treatment, if the annuitant purchased the annuity because of age, or if the annuity payments are calculated based on the age of the annuitant at the time the annuity was purchased.

For the reasons that follow, we find that a single-premium fixed annuity purchased with inherited funds may qualify as an exempt annuity under § 44-13-100 a 2 E and that the determination of whether a right to receive payment from an annuity is “on account of” age for purposes of § 44-13-100 a 2 E is not necessarily based on the existence of a single factor but requires consideration of a variety of factors pointing to the existence of a causal connection between the payee’s age and the right to payment.

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