Wealth transfer plan using in kind loan repayment with term insurance protection for return of note
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United States of America Patent
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N/A
Issued Date -
Jul 10, 2003
app pub date -
Jan 9, 2002
filing date -
Jan 9, 2002
priority date (Note) -
Abandoned
status (Latency Note)
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Abstract
A system and method for the efficient transfer of wealth is disclosed. The system and method implement a plan for the efficient transfer of wealth. The disclosed embodiments include a company computer for gathering information on the amount of wealth to be transferred from a transferor. An existing debt of a transferee is identified to be acquired by the transferor in the form of a note. According to the plan, an insurance policy having a term benefit is purchased by the transferee, and the term benefit is assigned to the transferor as an economic benefit which is credited towards the loan. The economic benefit may be determined according to, for example, published IRS Table PS58. The economic benefit may be significantly greater than the actual cost of the policy, with the spread being effectively transferred to the transferee.
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