Annuitant in Florida Law
An annuitant is the individual whose life is the measuring life for an annuity contract. The annuitant's age and life expectancy determine the payment amount and duration of the annuity. In Florida, annuities are widely used in retirement income planning and asset protection strategies.
Role in Annuity Contracts
The annuitant is distinct from the annuity owner (who controls the contract) and the beneficiary (who receives payments after the annuitant's death). In many Florida annuity arrangements, the same person serves all three roles. However, the roles can be separated for estate planning purposes, such as when a parent owns an annuity with a child as the annuitant to extend the contract's tax-deferred growth period.
Florida Creditor Protection
Florida Statute Section 222.14 provides exceptional creditor protection for annuity contracts. The cash value, surrender value, and proceeds payable to the annuitant or beneficiary are exempt from the claims of creditors, including judgment creditors and bankruptcy trustees. This protection makes annuities a cornerstone of Florida asset protection planning for professionals, business owners, and retirees.
Related Terms
- Annuity
- Asset Protection
- Beneficiary
Barnes Walker Estate Planning
Barnes Walker incorporates annuities into comprehensive estate and asset protection plans for Florida clients. Contact us for retirement and estate planning guidance.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC