SCOTT, Bankruptcy Judge.
I. Factual Background
In 1986, at the age of 58, Estella Andersen received an inheritance. Since her place of employment offered her no pension or retirement plan, she prudently used the inheritance to purchase an annuity, remitting $40,000 in a single payment. It is not disputed that she intended that this annuity contract be in lieu of a retirement plan. In 1991, nearing retirement age, she made the required election on the annuity...
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