Financial Planning Document and Process Therefor

• US 20060271463A1
• Filed: 05/23/2006
• Published: 11/30/2006
• Est. Priority Date: 05/24/2005
• Status: Active Grant

• Current Assignee: Robert A. Young
• Original Assignee: Robert A. Young
• Inventors: Young, Robert A.
• Granted Patent: US 7,912,771 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A computer program that can be installed on a web server to assemble web pages that can be accessed over the Internet by password to prepare financial planning reports for a client. The program takes gross income, subtracts income taxes, subtracts all money put into savings programs, and whatever is left is what the client spends in a given year or month. It further itemizes and subtracts the monthly payments for debt service since these items will be fully amortized or paid off at some point in the future and should not be included in baseline living expenses that will continue through a person'"'"'s lifetime. The balance left after these calculations are completed represents the individual'"'"'s current annual living expenses or standard of living that needs to be sustained throughout their lifetime with adjustments for inflation. The program can produce three major reports: (1) an income and expense report; (2) an asset and liability report or balance sheet; and (3) a cash flow report that shows all of items that impact cash flow on a year by year basis throughout the rest of the individual or client'"'"'s lifetime. If there are cash flow shortfalls in any year, the program uses a two step present value calculation to determine how much the individual would need in a lump sum today or contribute monthly or annually to provide sufficient funds in the year needed to fill the shortfall.

Claims

1. A computer implemented process for computing a person'"'"'s living expenses to be provided during a future time period including the steps of:

storing in a storage register first information representing annual gross income of said person; and

subtracting, by arithmetic logic circuitry, second information representing income taxes paid and money put into savings and investments from said first information to obtain first resultant information representing said person'"'"'s desired annual living expenses to be sustained during said future period.

2. The computer implemented process of claim 1 including the further steps of:

testing, by arithmetic logic circuitry, information representing whether said person is amortizing financial obligations and, if said test indicates said person is amortizing financial obligations, subtracting from said first resultant information fourth information representing monthly payments of said person for amortizing financial obligations over the time periods said payments are made until said financial obligations are amortized to arrive at second resultant information representing said person'"'"'s desired annual living expenses to be sustained during said future period.

3. A computer implemented process for computing a person'"'"'s living expenses to be sustained during a future period including the steps of:

storing in a storage register first information representing annual gross income of said person;

subtracting, by arithmetic logic circuitry, second information representing income taxes paid and money put into savings and investment programs from said first information to arrive at first resultant information;

storing in a register said first resultant information;

testing, by arithmetic logic circuitry, information representing whether said person is amortizing financial obligations and, if said test indicates said person is amortizing financial obligations, subtracting from said first resultant information fourth information representing monthly payments of said person for amortizing financial obligations over the time periods said payments are made until said financial obligations are amortized to arrive at second resultant information; and

multiplying, by arithmetic logic circuitry, said second resultant information by fifth information representing inflation percentages to arrive at third resultant information representing said person'"'"'s living expenses to be sustained during a future period.

4. The computer implemented process of claim 3 including the further step of displaying said third resultant information in an income and expense report.

5. The computer implemented process of claim 3 including the further step of displaying said third resultant information in an asset and liability report or balance sheet.

6. The computer implemented process of claim 3 including the further steps of:

storing in a storage register sixth information representing the amount of said person'"'"'s currently expected annual income during said desired period; and

using arithmetic logic circuitry to subtract said sixth information from said third resultant information and, if the result of said subtracting step indicates that said sixth information is less in value than said third resultant information, calculating how much said person would need to contribute to savings or investments to provide sufficient funds to make said sixth information substantially equal to said third resultant information.

39. The computer implemented process of claim 3 including the further step of calculating a plurality of options that beneficiaries of said person have for withdrawing account balances after the death of said person.

41. The computer implemented process of claim 3 including the further step of displaying said third resultant information in a cash flow year by year report.

43. The computer implemented process of claim 3 including the further step of entering information in input screens using a drop down box for selecting one or more possible entries for said input screens.

45. The computer implemented process of claim 3 including the further step of using any of said first resultant information, said second resultant information, or said third resultant information as information entries for data input screens to prepare reports having a plurality of pages, said data input screens having data input categories across the top thereof and at least some of said plurality of pages listed down the left side thereof, to enable a user to navigate among said at least some pages to determine mistakes therein and correct said mistakes.

7. The computer implemented process of preparing and transmitting data from a web server over the Internet to a remote computer for displaying in columns of said data, said columns to be displayed with a desired sequence of said data proceeding in said columns from left to right across a page, and in rows of said data, said rows proceeding from top to bottom down the display page, for a plurality of pages, including the steps of:

obtaining, by said web server from a data base or from storage at said web server, requested row and column data to be displayed in desired sequence in columns from left to right across said page;

transmitting said data to said remote computer for display;

detecting the data for the right-most column on said page; and

storing, at said web server, said data for said right-most column for use as the starting point for obtaining data to be transmitted for a subsequent page.

8. The computer implemented process of claim 7 including the step of creating data structures to be stored at said web server for accessing and manipulating data for assembling each of said plurality of pages in response to requests therefor.

9. The computer implemented process of claim 8 including the further steps of, subsequent to said assembling of a page, converting said data structure into a byte data format and then into a text format and transmitting said data structure to said remote computer.

10. The computer implanted process of claim 8 including the steps of storing said data in said text format at said web server and accessing said web server when the next page of said plurality of pages is requested.

11. The computer implemented process of claim 8 wherein the step of manipulating includes using the data for a final row in a column for creating the subsequent column.

12. The computer implemented process of claim 7 wherein the step of obtaining includes the steps of retrieving and calculating.

13. The computer implemented process of claim 12 wherein the step of calculating is performed for data, in columns to be displayed, from the top left of the first of said plurality of pages requested to the bottom right of the last of said plurality of pages requested.

14. The computer implemented process of claim 9 wherein said page'"'"'s data is stored at said web server for use in preparing data for the next page subsequent to said page.

15. The computer implemented process of claim 7 wherein said desired sequence is a date sequence from earlier date to later date.

16. The computer implemented process of claim 7 where said steps are accomplished in a single Internet session.

18. The report of claim 16 wherein the computer implemented process generating said report includes the further steps of:

testing, by arithmetic logic circuitry, information representing whether said person is amortizing financial obligations and, if said test indicates said person is amortizing financial obligations, subtracting from said first resultant information fourth information representing monthly payments of said person for amortizing financial obligations over the time periods said payments are made until said financial obligations are amortized to arrive at second resultant information representing said person'"'"'s desired annual living expenses to be sustained during said future period.

17. A report generated by the computer implemented process for computing a person'"'"'s living expenses to be provided during a future time period including the steps of:

storing in a storage register first information representing annual gross income of said person; and

subtracting, by arithmetic logic circuitry, second information representing income taxes paid and money put into savings and investments from said first information to obtain first resultant information representing said person'"'"'s desired annual living expenses to be sustained during said future period.

19. A report generated by the computer implemented process for computing a person'"'"'s living expenses to be provided during a future time period including the steps of:

storing in a storage register first information representing annual gross income of said person;

subtracting, by arithmetic logic circuitry, second information representing income taxes paid and money put into savings and investment programs from said first information to arrive at first resultant information;

storing in a register said first resultant information;

testing, by arithmetic logic circuitry, information representing whether said person is amortizing financial obligations and, if said test indicates said person is amortizing financial obligations, subtracting from said first resultant information fourth information representing monthly payments of said person for amortizing financial obligations over the time periods said payments are made until said financial obligations are amortized to arrive at second resultant information; and

multiplying, by arithmetic logic circuitry, said second resultant information by fifth information representing inflation percentages to arrive at third resultant information representing said person'"'"'s living expenses to be sustained during a future period.

20. One or more processor readable storage devices having processor readable code embodied on said processor readable storage devices, said processor readable code for programming one or more processors to perform a process for computing a person'"'"'s living expenses to be provided during a future time period including the steps of:

storing in a storage register first information representing annual gross income of said person; and

subtracting, by arithmetic logic circuitry, second information representing income taxes paid and money put into savings and investments from said first information to obtain first resultant information representing said person'"'"'s desired annual living expenses to be sustained during said future period.

21. The one or more processor readable storage devices of claim 20 including the further steps of:

testing, by arithmetic logic circuitry, information representing whether said person is amortizing financial obligations and, if said test indicates said person is amortizing financial obligations, subtracting from said first resultant information fourth information representing monthly payments of said person for amortizing financial obligations over the time periods said payments are made until said financial obligations are amortized to arrive at second resultant information representing said person'"'"'s desired annual living expenses to be sustained during said future period.

22. One or more processor readable storage devices having processor readable code embodied on said processor readable storage devices, said processor readable code for programming one or more processors to perform a process for computing a person'"'"'s living expenses to be sustained during a future period including the steps of:

storing in a storage register first information representing annual gross income of said person;

subtracting, by arithmetic logic circuitry, second information representing income taxes paid and money put into savings and investment programs from said first information to arrive at first resultant information;

storing in a register said first resultant information;

testing, by arithmetic logic circuitry, information representing whether said person is amortizing financial obligations and, if said test indicates said person is amortizing financial obligations, subtracting from said first resultant information fourth information representing monthly payments of said person for amortizing financial obligations over the time periods said payments are made until said financial obligations are amortized to arrive at second resultant information; and

multiplying, by arithmetic logic circuitry, said second resultant information by fifth information representing inflation percentages to arrive at third resultant information representing said person'"'"'s living expenses to be sustained during a future period.

23. The one or more processor readable storage devices of claim 22 including the further step of displaying said third resultant information in an income and expense report.

24. The one or more processor readable storage devices of claim 22 including the further step of displaying said third resultant information in an asset and liability report or balance sheet.

25. The one or more processor readable storage devices of claim 22 including the further steps of:

storing in a storage register sixth information representing the amount of said person'"'"'s currently expected annual income during said desired period; and

using arithmetic logic circuitry to subtract said sixth information from said third resultant information and, if the result of said subtracting step indicates that said sixth information is less in value than said third resultant information, calculating how much said person would need to contribute to savings or investments to provide sufficient funds to make said sixth information substantially equal to said third resultant information.

44. The one or more processor readable storage devices of claim 22 including the further step of entering information in input screens using a drop down box for selecting one or more possible entries for said input screens.

46. The one or more processor readable storage devices of claim 22 including the further step of using any of said first resultant information, said second resultant information, or said third resultant information as information entries for data input screens to prepare reports having a plurality of pages, said data input screens having data input categories across the top thereof and at least some of said plurality of pages listed down the left side thereof, to enable a user to navigate among said at least some of said plurality of pages to determine mistakes therein and correct said mistakes.

26. One or more processor readable storage devices having processor readable code embodied on said processor readable storage devices, said processor readable code for programming one or more processors to perform a process of preparing and transmitting data from a web server over the Internet to a remote computer for displaying in columns of said data, said columns to be displayed with a desired sequence of said data proceeding in said columns from left to right across a page, and in rows of said data, said rows proceeding from top to bottom down the display page, for a plurality of pages, including the steps of:

obtaining, by said web server from a data base or from storage at said web server, requested row and column data to be displayed in desired sequence in columns from left to right across said page;

transmitting said data to said remote computer for display;

detecting the data for the right-most column on said page; and

storing, at said web server, said data for said right-most column for use as the starting point for obtaining data to be transmitted for a subsequent page.

27. The one or more processor readable storage devices of claim 26 including the step of creating data structures to be stored at said web server for accessing and manipulating data for assembling each of said plurality of pages in response to requests therefor.

28. The one or more processor readable storage devices of claim 27 wherein, subsequent to said assembling of a page, converting said data structure into a byte data format and then into a text format and transmitting said data structure to said remote computer.

29. The one or more processor readable storage devices of claim 27 including the steps of storing said data in said text format at said web server and accessing said web server when the next page of said plurality of pages is requested.

30. The one or more processor readable storage devices of claim 27 wherein the step of manipulating includes using the data for a final row in a column for creating the subsequent column.

31. The one or more processor readable storage devices of claim 27 wherein the step of obtaining includes the steps of retrieving and calculating.

32. The one or more processor readable storage devices of claim 31 wherein the step of calculating is performed for data, in columns to be displayed, from the top left of the first of said plurality of pages requested to the bottom right of the last of said plurality of pages requested.

33. The one or more processor readable storage devices of claim 28 wherein said page'"'"'s data is stored at said web server for use in preparing data for the next page subsequent to said page.

34. The one or more processor readable storage devices of claim 26 wherein said desired sequence is a date sequence from earlier date to later date.

35. The one or more processor readable storage devices of claim 26 where said steps are accomplished in a single Internet session.

36. One or more processor readable storage devices having processor readable code embodied on said processor readable storage devices, said processor readable code for programming one or more processors to generate a report by a process for computing a person'"'"'s living expenses to be provided during a future time period including the steps of:

storing in a storage register first information representing annual gross income of said person; and

subtracting, by arithmetic logic circuitry, second information representing income taxes paid and money put into savings and investments from said first information to obtain first resultant information representing said person'"'"'s desired annual living expenses to be sustained during said future period.

37. The one or more processor readable storage devices of claim 36 wherein the computer implemented process generating said report includes the further steps of:

testing, by arithmetic logic circuitry, information representing whether said person is amortizing financial obligations and, if said test indicates said person is amortizing financial obligations, subtracting from said first resultant information fourth information representing monthly payments of said person for amortizing financial obligations over the time periods said payments are made until said financial obligations are amortized to arrive at second resultant information representing said person'"'"'s desired annual living expenses to be sustained during said future period.

38. One or more processor readable storage devices having processor readable code embodied on said processor readable storage devices, said processor readable code for programming one or more processors to generate a report by a process for computing a person'"'"'s living expenses to be provided during a future time period including the steps of:

storing in a storage register first information representing annual gross income of said person;

subtracting, by arithmetic logic circuitry, second information representing income taxes paid and money put into savings and investment programs from said first information to arrive at first resultant information;

storing in a register said first resultant information;

testing, by arithmetic logic circuitry, information representing whether said person is amortizing financial obligations and, if said test indicates said person is amortizing financial obligations, subtracting from said first resultant information fourth information representing monthly payments of said person for amortizing financial obligations over the time periods said payments are made until said financial obligations are amortized to arrive at second resultant information; and

multiplying, by arithmetic logic circuitry, said second resultant information by fifth information representing inflation percentages to arrive at third resultant information representing said person'"'"'s living expenses to be sustained during a future period.

40. The one or more processor readable storage devices of clam 22 including the further step of calculating a plurality of options that beneficiaries of said person have for withdrawing account balances after the death of said person.

42. The one or more processor readable storage devices of clam 22 including the further step of displaying said third resultant information in a cash flow year by year report.