System and method for cross funding of multiple annuity contracts
OwnerLandis Atkinson, Mary Fay +5inventors
InventorsLandis Atkinson, Mary Fay, Paul Haley, Vickey Root, Matthew Sharpe, Holly Snyder, Geoffrey Stiff
Life of this patent
Estimating the term…
Abstract
A process for cross funding of multiple annuity contracts is provided wherein a funding annuity contract is used to fund another annuity contract. The funding annuity contract may be used to transfer funds to the another annuity contract in multiple transfers.
Claims14
A process for cross funding of multiple annuity contracts, wherein a funding annuity contract is used to fund another annuity contract, the process comprising the steps of:
- a. identifying multiple annuity needs of a user;
- b. selecting an annuity type to meet each of the user's multiple annuity needs;
- c. the user entering into an annuity contract for each selected annuity type with an issuer company;
- d. the user declaring an intent to combine the multiple annuities and treating the multiple annuities as one annuity for purposes of tax treatment;
- e. combining the multiple annuities for accounting;
- f. purchasing the funding annuity contract to be used to make multiple transfers between the annuity contracts;
- and
- g. following an accumulation period, making periodic annuity distributions to the user from each of the annuity contracts.
A process for annuitizing a cross-funded annuity contract in conjunction with another cross-funded annuity contract comprising the steps of:
- a. identifying multiple annuity payment needs of a user;
- b. selecting one of the multiple annuity payment needs of the user as a preferred annuitization option;
- c. the user transferring monies between the cross-funded annuity contracts to fund the preferred annuitization option;
- and
- d. combining the multiple annuity payment needs for payment and accounting.
Dependencies are inferred from the claim text.