System and method for cross funding of multiple annuity contracts
First Claim
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1. 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.
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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.
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Citations
14 Claims
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1. 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:
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. A process for annuitizing a cross-funded annuity contract in conjunction with another cross-funded annuity contract comprising the steps of:
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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. - View Dependent Claims (14)
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Specification