In re: Bronk

In bankruptcy proceeding in which Trustee filed objections to debtor claiming exemptions under Wisc. statutes to shield from creditors debtor’s college savings accounts that he set up for his grandchildren, as well as recently-purchased annuity, Bankruptcy Ct. erred in denying exemptions for instant college savings accounts since relevant Wisc. statute clearly allowed debtor to exempt his interest in said accounts. However, Bankruptcy Ct. did not err in finding that debtor’s annuity was fully exempt under Wisc. Statute (section 815.18(3)(j)), where said annuity contained death benefit. Ct. though observed that Trustee had waived any argument that debtor might not have satisfied second requirement for said exemption that called for showing that said annuity complied with certain provisions of Internal Revenue Code.