System and method for facilitating the funding and administration of a long term investment or retirement trust

• US 20070271201A1
• Filed: 03/15/2007
• Published: 11/22/2007
• Est. Priority Date: 05/19/2006
• Status: Abandoned Application

• Current Assignee: National Trust and Fiduciary Services Company In
• Original Assignee: National Trust and Fiduciary Services Company In
• Inventors: Armand, Glen, Elsenberg, Lawrence J.
• Application Number:
  US11/724,351
• Publication Number:
  US 20070271201A1
• Time in Patent Office: Days
• US Class Current: 705/36.R
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

The funding and administration of a long term investment and/or retirement trust for a minor child or minor children are facilitated by the present invention. In one embodiment, the present invention provides a system and method for the real-time, interactive, dynamic modeling and goal-solving for the pre-funding of a retirement benefit account specific to a minor child. In another embodiment, the present invention provides a system and method for the input of user variables specific to the requirements necessary for the real-time production of trust documents necessary and specific to the purpose of establishing a funded pre-retirement trust for a minor child. The present invention accommodates age-banded funds and investment options, life insurance funding vehicles, loan funding vehicles and alternative (e.g., non-retirement) distribution options.

Claims

1. A computer-implemented system for facilitating the establishment, funding and administration of a flexible long term investment or retirement trust on behalf of a minor child, comprising:

an investment options component for providing a plurality of investment options based upon a beneficiary'"'"'s age, wherein a plurality of age ranges are defined into age bands, and wherein each investment option of the plurality of investment options is associated with one or more of the defined age bands;

an investment modeling component having access to first financial data and capable of retrieving a plurality of investment options from the investment options component, the investment modeling component capable of receiving defined information from an external input source, said defined information including at least a lump sum benefit amount, lump sum contribution amount, annuitized benefit amount or annuitized contribution amount as an investment goal designation; and

a trust creation component in communication with the investment modeling component, the trust creation component capable of receiving a selection of an investment option provided by the investment modeling component, and further capable of creating a trust based on said investment option.

2. The system of claim 1 wherein the investment options component includes programming for determining one or more investment options for each of the age bands.

3. The system of claim 2 wherein the one or more investment options are provided as a fund of funds.

4. The system of claim 1 wherein one or more investment options are selected by the investment modeling component at the creation of a trust, and one or more investment options are subsequently and automatically selected as replacement selections by the investment modeling component.

5. The system of claim 1 wherein one or more investment options are selected by a trust creator at the time a trust is created, and wherein one or more investment options are subsequently selected as replacement selections for the initially selected investment options by the trust creator.

6. The system of claim 1 wherein one or more investment options are selected by a trust beneficiary at the time a trust is created, and wherein one or more investment options are subsequently selected as replacement selections for the initially selected investment options by the beneficiary.

7. The system of claim 1 further including an alternative distribution options component capable of receiving a non-traditional distribution selection from a grantor and distributing assets to a beneficiary according to the distribution selection.

8. The system of claim 7 wherein the distribution options component can receive a selection pertaining to payment of tuition for a post-secondary education, payment of a distribution based on reaching age milestones not associated with retirement, or payment of a distribution for the first time purchase of a residence.

9. A computer-implemented system for facilitating the funding of a long term investment or retirement trust on behalf of a minor child, comprising:

a trust creation component capable of receiving a selection of an investment option in connection with trust funds for the benefit of a minor child, said trust creation component further capable of creating a trust based on said selected investment option;

a trust administration computer system for administering said created trust; and

an interface to the computer system for receiving funding from an insurance funding vehicle.

10. The system of claim 9 wherein the funding vehicle is one of:

a variable annuity, a group annuity, an individual annuity.

11. The system of claim 9 wherein the funding vehicle is life insurance.

12. The system of claim 9 further including an alternative distribution options component capable of receiving a non-traditional distribution selection from a grantor and distributing assets to a beneficiary according to the distribution selection.

13. The system of claim 12 wherein the distribution options component can receive a selection pertaining to payment of tuition for a post-secondary education, payment of a distribution based on reaching age milestones not associated with retirement, or payment of a distribution for the first time purchase of a residence.

14. A method for facilitating the funding of a long term investment or retirement trust on behalf of a minor child, comprising:

providing a minor child trust having a selected investment option associated with funds deposited for the benefit of a minor child;

providing a computer system for administering the trust; and

providing an interface to the computer system for receiving funding from a loan vehicle.

15. The method of claim 14 wherein the computer system for administering the trust is also capable of administering the loan vehicle.

16. The method of claim 15 wherein the administration of the loan vehicle includes obtaining a loan application from a loan provider, presenting the loan application to the trust beneficiary and obtaining a signed loan application, presenting the signed application to the loan provider, receiving funds from the loan provider, and transferring the funds to an account of the beneficiary.

17. The method of claim 14 wherein the loan vehicle is associated with a life insurance contract.

18. The method of claim 14 further including the step of providing an interface to the computer system for receiving funding from a gift vehicle.

19. The method of claim 18 wherein a grantor can use the gift vehicle interface and loan vehicle interface for depositing a single fund investment with the trust, and wherein the grantor can designate the amount of the single fund that is a gift and the amount of the single fund that is a loan.

20. The method of claim 14 further including an alternative distribution options component capable of receiving a non-traditional distribution selection from a grantor and distributing assets to a beneficiary according to the distribution selection.

21. The method of claim 15 wherein the distribution options component can receive a selection pertaining to payment of tuition for a post-secondary education, payment of a distribution based on reaching age milestones not associated with retirement, or payment of a distribution for the first time purchase of a residence.

22. A computer-assisted method for facilitating the establishment, funding and administration of a flexible long term investment or retirement trust on behalf of a minor child, comprising the steps of:

providing an investment options component for providing a plurality of investment options based upon a beneficiary'"'"'s age, wherein a plurality of age ranges are defined into age bands, and wherein each investment option of the plurality of investment options is associated with one or more of the defined age bands;

providing an investment modeling component having access to first financial data and capable of retrieving a plurality of investment options from the investment options component, the investment modeling component capable of receiving defined information from an external input source, said defined information including at least a lump sum benefit amount, lump sum contribution amount, annuitized benefit amount or annuitized contribution amount as an investment goal designation; and

providing a trust creation component in communication with the investment modeling component, the trust creation component capable of receiving a selection of an investment option provided by the investment modeling component, and further capable of creating a trust based on said investment option.

23. A computer-assisted method for facilitating the funding of a long term investment or retirement trust on behalf of a minor child, comprising the steps of:

providing a trust creation component capable of receiving a selection of an investment option in connection with trust funds for the benefit of a minor child, said trust creation component further capable of creating a trust based on said selected investment option;

providing a trust administration computer system for administering said created trust; and

providing an interface to the computer system for receiving funding from an insurance funding vehicle.