Amends Tennessee law to clarify insurance proceeds exemption from creditor claims.
Amends Tennessee Code Annotated, Title 56, to ensure the net amount payable under any life insurance policy or annuity contract for the benefit of a spouse, children, or dependent relatives is exempt from creditor claims. This change aims to provide clarity and certainty for retirees planning for their future in Tennessee, countering judicial interpretations that have caused confusion. The act takes effect July 1, 2025.
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