Increasing income trust computer transaction system and insured investment account system

Claim 2

A computer-based transactional system for managing an insured investment account structure including one or more annuity contracts, each of the annuity contracts being owned by one or more individual beneficiaries and being paid for by one or more subscribers, premiums paid for the annuity contracts being invested in one or more depository accounts consisting of deposit contracts, insured by deposit insurance, at one or more financial institutions, said system comprising: computer processor means for processing data; storage means, coupled to said processor means, for storing data on a storage medium; depository monitoring means, coupled to said processor means and said storage means, for processing data representing the depository accounts insured by deposit insurance and for ensuring that deposit insurance requirements are met for all depository accounts and all beneficiaries; and payment tracking means, coupled to said processor means, said storage means and said depository monitoring means, for inputting data representing all transactions of the investment account structure and for computing ownership of a share of the investment account structure of each of one or more beneficiaries of each annuity contract; reporting means coupled to said processor means and said storage means for processing data and providing human readable reports on the subscribers, beneficiaries, annuity contracts, participating financial institutions, and depository accounts; and, bidding means, coupled to said processor means and said storage means, for inputting and processing data representing the depository accounts being offered by the participating financial institutions; said depository monitoring means including means for determining whether each ownership share of each depository account for each of said beneficiaries exceeds said deposit insurance and means to redeem deposit contracts to ensure that said deposit insurance requirements are met for all depository accounts and all beneficiaries and to invest in additional deposit contracts so that insurance requirements are met for the investment account structure for all beneficiaries in all participating depository institutions.

Claim 3

A system as claimed in claim 1, wherein said payment tracking means processes data representing premium payments from each subscriber and annuity payments made to each beneficiary and data representing interest payments from and principal payments from and to the depository institutions in order to activate said means to redeem and to invest so that insurance requirements are met for the investment account structure for all beneficiaries in all participating institutions.

Claim 4

A computer-based transactional system for managing an investment account structure including one or more life insurance contracts, each of the life insurance contracts being owned by one or more individual subscribers for the benefit of one or more beneficiaries, premiums paid for the life insurance contracts being invested in one or more depository accounts consisting of deposit contracts for the benefit of said beneficiaries, insured by deposit insurance, at one or more financial institutions, said system comprising; computer processor means for processing data; storage means, coupled to said processor means, for storing data on a storage medium; depository monitoring means, coupled to said processor means and said storage means, for processing data representing the depository accounts and for ensuring the deposit insurance requirements are met for all depository accounts and all beneficiaries; and payment tracking means, coupled to said processor means, said storage means and said depository monitoring means, for inputting data representing all transactions of the investment account structure and for computing ownership of a share of the investment account structure of each of one or more beneficiaries of each annuity contract; reporting means, coupled to said processor means and said storage means, for processing data and providing human readable reports on the subscribers, beneficiaries, life insurance contracts, participating financial institutions, and depository accounts; and, bidding means, coupled to said processor means and said storage means, for inputting and processing data representing the depository accounts being offered by the participating financial institutions; said depository monitoring means including means for determining whether each ownership share of each depository account for each of said beneficiaries exceeds said deposit insurance and means to redeem deposit contracts to ensure that said deposit insurance requirements are met for all depository accounts and all beneficiaries and to invest in additional deposit contracts so that insurance requirements are met for the investment account structure for all beneficiaries in all participating institutions.

Claim 5

A computer-based transactional system for managing an investment account structure including one or more life insurance contracts, each of the life insurance contracts being owned by one or more individual subscribers for the benefit of one or more beneficiaries, premiums paid for the life insurance contracts being invested in one or more depository accounts consisting of deposit contracts for the benefit of said beneficiaries, insured by deposit insurance, at one or more financial institutions, said system comprising; computer processor means for processing data; storage means, coupled to said processor means, for storing data on a storage medium; depository monitoring means, coupled to said processor means and said storage means, for processing data representing the depository accounts and for ensuring the deposit insurance requirements are met for all depository accounts and all beneficiaries; and payment tracking means, coupled to said processor means, said storage means and said depository monitoring means, for inputting data representing all transactions of the investment account structure and for computing ownership of a share of the investment account structure of each of one or more beneficiaries of each annuity contract; reporting means, coupled to said processor means and said storage means, for processing data and providing human readable reports on the subscribers, beneficiaries, life insurance contracts, participating financial institutions, and depository accounts; and, bidding means, coupled to said processor means and said storage means, for inputting and processing data representing the depository accounts being offered by the participating financial institutions; said depository monitoring means including means for determining whether each ownership share of each depository account for each of said beneficiaries exceeds said deposit insurance and means to redeem deposit contracts to ensure that said deposit insurance requirements are met for all depository accounts and all beneficiaries and to invest in additional deposit contracts so that insurance requirements are met for the investment account structure for all beneficiaries in all participating institutions.

Claim 6

A system as claimed in claim 3, wherein said payment tracking means processes data representing premium payments from each subscriber and life insurance payments to each beneficiary and data representing interest payments from and principal payments from and to the depository institutions in order to activate said means to redeem and to invest so that insurance requirements are met for the investment account structure for all beneficiaries in all participating institutions.

Claim 7

A computer-based transactional system for managing an insured investment account structure including one or more irrevocable trusts, each of the irrevocable trusts being funded by one or more individual subscribers and designating income beneficiaries and surviving residuary beneficiaries, with each subscriber's principal and/or income funds placed in a trust corpus in one of the irrevocable trusts, said principal and income funds being invested in one or more depository accounts consisting of deposit contracts, insured by deposit insurance, offered by one or more participating depository institutions, said system comprising; computer processor means for processing data; storage means, coupled to said processor means, for storing data on a storage medium; depository monitoring means, coupled to said processor means and said storage means, for processing data representing the depository accounts and for ensuring the deposit insurance requirements are met for all depository accounts and all income and residuary beneficiaries; means for grouping and assigning income beneficiaries having similar actuarial characteristics into one of said designated irrevocable trusts, said means for grouping coupled to said processor means, said depository monitoring means, and said storage means; payment tracking means, coupled to said processor means, said storage means and said depository monitoring means, for processing data representing all transactions of the investment account structure and for computing each income beneficiary's percentage ownership of the investment account structure; trust payment means, coupled to said processor means, said storage means and said depository monitoring means and said payment tracking means, for computing, upon the death of each income beneficiary, the payments to each remaining income beneficiary from said one of the irrevocable trusts and for computing, upon the death of a last income beneficiary, the pro rata distribution to all residuary beneficiaries designated by each subscriber from said one of the irrevocable trusts; reporting means, coupled to said processor means and said storage means, for processing data and providing human readable reports on the subscribers, beneficiaries, irrevocable trusts, participating depository institutions, and depository accounts; and, bidding means, coupled to said processor means and said storage means, for inputting and processing data representing the depository accounts being offered by the participating depository institutions; said depository monitoring means including means for determining whether each ownership share of each depository account for each of said income beneficiaries exceeds said deposit insurance and means to redeem deposit contracts to ensure that said deposit insurance requirements are met for all depository accounts and all income beneficiaries and to invest in additional deposit contracts so that insurance requirements are met for the investment account structure for all income beneficiaries in all participating institutions.

Claim 8

A computer-based transactional system for managing an insured investment account structure including one or more irrevocable trusts, each of the irrevocable trusts being funded by one or more individual subscribers and designating income beneficiaries and surviving residuary beneficiaries, with each subscriber's principal and/or income funds placed in a trust corpus in one of the irrevocable trusts, said principal and income funds being invested in one or more depository accounts consisting of deposit contracts, insured by deposit insurance, offered by one or more participating depository institutions, said system comprising; computer processor means for processing data; storage means, coupled to said processor means, for storing data on a storage medium; depository monitoring means, coupled to said processor means and said storage means, for processing data representing the depository accounts and for ensuring the deposit insurance requirements are met for all depository accounts and all income and residuary beneficiaries; means for grouping and assigning income beneficiaries having similar actuarial characteristics into one of said designated irrevocable trusts, said means for grouping coupled to said processor means, said depository monitoring means, and said storage means; payment tracking means, coupled to said processor means, said storage means and said depository monitoring means, for processing data representing all transactions of the investment account structure and for computing each income beneficiary's percentage ownership of the investment account structure; trust payment means, coupled to said processor means, said storage means and said depository monitoring means and said payment tracking means, for computing, upon the death of each income beneficiary, the payments to each remaining income beneficiary from said one of the irrevocable trusts and for computing, upon the death of a last income beneficiary, the pro rata distribution to all residuary beneficiaries designated by each subscriber from said one of the irrevocable trusts; reporting means, coupled to said processor means and said storage means, for processing data and providing human readable reports on the subscribers, beneficiaries, irrevocable trusts, participating depository institutions, and depository accounts; and, bidding means, coupled to said processor means and said storage means, for inputting and processing data representing the depository accounts being offered by the participating depository institutions; said depository monitoring means including means for determining whether each ownership share of each depository account for each of said income beneficiaries exceeds said deposit insurance and means to redeem deposit contracts to ensure that said deposit insurance requirements are met for all depository accounts and all income beneficiaries and to invest in additional deposit contracts so that insurance requirements are met for the investment account structure for all income beneficiaries in all participating institutions.

Claim 9

A system as claimed in claim 5, wherein said storage means further comprises: (a) means for initializing one or more areas in the storage medium to receive data representing each subscriber, each income beneficiary and each residuary beneficiary in each irrevocable trust, participating depository institution, and insured deposit contracts; (b) means for inputting and storing data representing each subscriber, each income and residuary beneficiary for each irrevocable trust, each participating depository institution, and each insured deposit contract; and (c) means for initializing and maintaining an area in the storage means to receive data representing the financial state of the investment account structure.

Claim 10

A system as claimed in claim 6, wherein payment tracking means processes data representing funding payments from each subscriber and income payments to each income beneficiary and data representing interest payments from and principal payments from and to the depository institutions in order to activate said means to redeem and to invest so that insurance requirements are met for the investment account structure for all beneficiaries in all participating institutions.

Claim 11

A system as claimed in claim 7, wherein payment tracking means computes each income beneficiary's percentage ownership of the investment account structure by comparing the value of each subscriber's investment with the total value of the investment account structure and adding a pro rata share of said income funds from decedent income beneficiaries thereto.

Claim 12

A system as claimed in claim 8, wherein said trust payment means computes each trust's income from data representing the percentage each trust's principal represents with respect to the total value of the investment account structure and then computes each income beneficiary's income by dividing this trust income equally among all surviving income beneficiaries of this trust.

Claim 13

A computer-based transactional system for managing an insured investment account structure including one or more irrevocable trusts, each of the irrevocable trusts being funded by one or more individual subscribers and designating income beneficiaries and surviving residuary beneficiaries, with each subscriber's principal and/or income funds derived from one or more annuity contracts from said subscriber and placed in a trust corpus in one of the irrevocable trusts, said principal and income funds being invested in one or more depository accounts consisting of deposit contracts which are part of said annuity contracts, insured by deposit insurance, offered by one or more participating depository institutions, said system comprising; computer processor means for processing data; storage means, coupled to said processor means, for storing data on a storage medium; depository monitoring means, coupled to said processor means and said storage means, for processing data representing the depository accounts and for ensuring the deposit insurance requirements are met for all depository accounts and all income and residuary beneficiaries; means for grouping and assigning income beneficiaries having similar actuarial characteristics into one of said designated irrevocable trusts, said means for grouping coupled to said processor means, said depository monitoring means, and said storage means; payment tracking means, coupled to said processor means, said storage means and said depository monitoring means, for processing data representing all transactions of the investment account structure and for computing each income beneficiary's percentage ownership of the investment account structure; trust payment means, coupled to said processor means, said storage means and said depository monitoring means and said payment tracking means, for computing, upon the death of each income beneficiary, the payments to each remaining income beneficiary from said one of the irrevocable trusts and for computing, upon the death of a last income beneficiary, the pro rata distribution to all residuary beneficiaries designated by each subscriber from said one of the irrevocable trusts; reporting means, coupled to said processor means and said storage means, for processing data and providing human readable reports on the subscribers, beneficiaries, irrevocable trusts, participating depository institutions, and depository accounts; and, bidding means, coupled to said processor means and said storage means, for inputting and processing data representing the depository accounts being offered by the participating depository institutions; said depository monitoring means including means for determining whether each ownership share of each depository account for each of said income beneficiaries exceeds said deposit insurance and means to redeem deposit contracts to ensure that said deposit insurance requirements are met for all depository accounts and all income beneficiaries and to invest in additional deposit contracts so that insurance requirements are met for the investment account structure for all income beneficiaries in all participating institutions.

Claim 14

A computer-based transactional system for managing an insured investment account structure including one or more irrevocable trusts, each of the irrevocable trusts being funded by one or more individual subscribers and designating income beneficiaries and surviving residuary beneficiaries, with each subscriber's principal and/or income funds derived from one or more annuity contracts from said subscriber and placed in a trust corpus in one of the irrevocable trusts, said principal and income funds being invested in one or more depository accounts consisting of deposit contracts which are part of said annuity contracts, insured by deposit insurance, offered by one or more participating depository institutions, said system comprising; computer processor means for processing data; storage means, coupled to said processor means, for storing data on a storage medium; depository monitoring means, coupled to said processor means and said storage means, for processing data representing the depository accounts and for ensuring the deposit insurance requirements are met for all depository accounts and all income and residuary beneficiaries; means for grouping and assigning income beneficiaries having similar actuarial characteristics into one of said designated irrevocable trusts, said means for grouping coupled to said processor means, said depository monitoring means, and said storage means; payment tracking means, coupled to said processor means, said storage means and said depository monitoring means, for processing data representing all transactions of the investment account structure and for computing each income beneficiary's percentage ownership of the investment account structure; trust payment means, coupled to said processor means, said storage means and said depository monitoring means and said payment tracking means, for computing, upon the death of each income beneficiary, the payments to each remaining income beneficiary from said one of the irrevocable trusts and for computing, upon the death of a last income beneficiary, the pro rata distribution to all residuary beneficiaries designated by each subscriber from said one of the irrevocable trusts; reporting means, coupled to said processor means and said storage means, for processing data and providing human readable reports on the subscribers, beneficiaries, irrevocable trusts, participating depository institutions, and depository accounts; and, bidding means, coupled to said processor means and said storage means, for inputting and processing data representing the depository accounts being offered by the participating depository institutions; said depository monitoring means including means for determining whether each ownership share of each depository account for each of said income beneficiaries exceeds said deposit insurance and means to redeem deposit contracts to ensure that said deposit insurance requirements are met for all depository accounts and all income beneficiaries and to invest in additional deposit contracts so that insurance requirements are met for the investment account structure for all income beneficiaries in all participating institutions.

Claim 15

A system as claimed in claim 10, wherein said storage means further comprises: (a) means for initializing one or more areas in the storage medium to receive data representing each subscriber, each income beneficiary and each residuary beneficiary in each irrevocable trust, participating depository institution, and insured deposit contracts; (b) means for inputting and storing data representing each subscriber, each income and residuary beneficiary for each irrevocable trust, each participating depository institution, and each insured deposit contract; and (c) means for initializing and maintaining an area in the storage means to receive data representing the financial state of the investment account structure.

Claim 16

A system as claimed in claim 11, wherein payment tracking means processes data representing finding payments from each subscriber and income payments to each income beneficiary and data representing interest payments from and principal payments from and to the depository institutions in order to activate said means to redeem and to invest so that insurance requirements are met for the investment account structure for all beneficiaries in all participating institutions.

Claim 17

A system as claimed in claim 12, wherein payment tracking means computes each income beneficiary's percentage ownership of the investment account structure by comparing the value of each subscriber's investment with the total value of the investment account structure and adding a pro rata share of said income funds from decedent income beneficiaries thereto.

Claim 18

A system as claimed in claim 13, wherein said trust payment means computes each trust's income from data representing the percentage each trust's principal represents with respect to the total value of the investment account structure and then computes each income beneficiary's income by dividing this trust income equally among all surviving income beneficiaries of this trust.