annuties, part of estate?

[oliver01]

Jurisdiction

Louisiana

Are annuities part of an estate? I am executor of my mother's estate. Usufruct funds were used to buy annuities. Step brother claims money he received through annuity does not satisfy debt owed him by estate. Does it or not?

Am executor of my mother's estate. Are annuities considered part of the estate? Usufruct funds were used to buy them. Now step brother wants to be paid twice, once from an annuity (he was a beneficiary) and paid again from estate, he claims annuity is not part of estate. Is it , or isn't it?

 

[adjusterjack]

Please keep all your discussion to the same thread. I've deleted your other post and combined the two. The other post sheds a little more light on the subject.

Annuities are contracts between the owner and the annuity company and, like life insurance policies, are not part of the estate.

As beneficiary of the annuity contract, he is entitled to that money separately and still entitled to his share of the estate.

I don't think "usufruct funds" will change my comment but you could explain that further.

Also explain if the deceased had a will, what the bequests were, or is the estate being divided under intestacy?

 

[army judge]

Are annuities part of an estate? I am executor of my mother's estate. Usufruct funds were used to buy annuities. Step brother claims money he received through annuity does not satisfy debt owed him by estate. Does it or not?

Am executor of my mother's estate. Are annuities considered part of the estate? Usufruct funds were used to buy them. Now step brother wants to be paid twice, once from an annuity (he was a beneficiary) and paid again from estate, he claims annuity is not part of estate. Is it , or isn't it?

I trust you're not administering the estate without advice of counsel, especially if the estate is in excess of $200K.

 

[Betty3]

Annuities & life ins. pass outside the estate & go to the named beneficiary. However, as adjusterjack asked, you might want to give us a little more info re "usufruct funds." Thanks.

 

[army judge]

An excellent explanation, analysis, and application of a very unique critter, USUFRUCT common to the unique legalalities and laws that are distinctly Louisianan derived from laws, then codified, perfected by Emperor Napoleon into Napoleonic Law The Civil Code Index
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What is a Usufruct?
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FDIC Law, Regulations, Related Acts - Advisory Opinions
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http://digitalcommons.law.lsu.edu/cgi/viewcontent.cgi?article=3701&context=lalrev
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[army judge]

Annuities & life ins. pass outside the estate & go to the named beneficiary. However, as adjusterjack asked, you might want to give us a little more info re "usufruct funds." Thanks.

My dear Betty, excellent, succinct explanation of the OP's query with regard to USUFRUCT.

In my opinion, the greatest legal word of all time, USUFRUCT.
Delicious, indeed.

 

[adjusterjack]

In my opinion, the greatest legal word of all time, USUFRUCT.
Delicious, indeed.

Sounds like something you'd see in a porn video.

 

[army judge]

Sounds like something you'd see in a porn video.

I use it to replace curse words. LOL

USUFRUCT yourself.

MOTHER USUFRUCT me.