Increasing income trust computer transaction system and insured

Details Increasing income trust computer transaction system and insured Increasing income trust computer transaction system and insured

1994-02-28

1999-01-26

Weinhardt, Robert A.

395237, 395236, G06F 1760

Patent

active

058646850

ABSTRACT:
This invention relates to a data processing system and computer-based data processing method for managing an investment account structure. According to some of the preferred embodiments, the account structure is made up of one or more annuity contracts or life insurance contracts, each of the contracts being owned by one or more individual subscribers. Premiums are paid for the contracts being invested in one or more depository accounts, insured by deposit insurance, at one or more financial institutions. According to another preferred embodiment, annuity contracts are structured in one or more irrevocable trusts, with each subscriber's principal and/or income placed in a trust corpus of one of the irrevocable trusts. Each subscriber has a primary beneficiary (usually the subscriber) and a secondary beneficiary. When a subscriber dies, the trust income is distributed to the remaining primary beneficiaries. When the last subscriber dies, the entire trust is distributed proportionally to the secondary beneficiaries.

REFERENCES:
patent: 4774663 (1988-09-01), Musmanno et al.
patent: 4953085 (1990-08-01), Atkins
patent: 4985833 (1991-01-01), Oncken
patent: 5291398 (1994-03-01), Hagan
patent: 5297026 (1994-03-01), Hoffman

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