Case Summary:
The bankruptcy court entered a judgment allowing the debtor an exemption in an annuity, disallowing an exemption in college savings plans, and granting the debtor’s discharge. On appeal, the district court vacated the judgment, affirmed as to the college savings plans and the discharge, and remanded for further factual findings regarding the annuity. After remand, the bankruptcy court conducted a hearing and reviewed the specific terms of the annuity contract. The court found that distributions under the annuity were conditioned upon the debtor’s age, disability, or death. Because the distributions were in fact based upon these conditions, the annuity fell within the statutory terms and was properly claimed as exempt. The trustee’s objection to the annuity was again overruled and judgment was entered in accordance with the court’s findings.

Statute/Rule References:
Wis. Stat. § 815.18 -- Exemptions

Key Terms:
Annuity
Exemptions (Annuity)