Helming v. Reed, No. 16-6033 (8th Cir. 2017)Annotate this Case
The Bankruptcy Appellate Panel affirmed the bankruptcy court's order sustaining the objection of the Trustee and holding that monthly payments due to debtor under a single premium annuity were not exempt under Mo. Rev. Stat. 513.430.1(10)(e). In this case, it was clear that the Annuity payments were not on account of illness, disability or length of service. The Panel explained that the payments to debtor under the Annuity were not triggered by her husband's death, but by her choice to begin receiving payments within 30 days of payment of the premium. The right to receive payments was two steps removed from her husband's death, namely sale of the house and her choice of when to begin receiving payments.