Richard Richman

US Patent:

20020161681, Oct 31, 2002

Filed:

Mar 12, 1999

Appl. No.:

09/267255

Inventors:

RICHARD PAUL RICHMAN - GREENWICH CT, US
CRAIG SINGER - BEDFORD CORNERS NY, US

International Classification:

G06F017/60

US Classification:

705/036000, 705/035000

Abstract:

A system and method for a beneficiary of Social Security payments or other retirement payments to access present value of future benefits to meet current financial and other objectives is provided. A financial institution is designated to be a direct depository and a disbursement agent for disbursing, at the direction of the beneficiary predetermined portions of retirement payments to a funding source or asset or service provider in exchange for access to capital or the acquisition of an asset or service by the beneficiary in an amount or having a value at least in part based on present value of a designated portion of future retirement payments. In the event of the premature termination of the beneficiary's participation in the program, the funding source or asset or service provider may seek reimbursement of a specified amount relating to the capital or asset or service it made available to the beneficiary, but not from subsequent retirement payments. In the event that the beneficiary dies during the term of the program, the funding source or asset or service provider are precluded from looking to a surviving spouse's share of remaining retirement payments, or from the beneficiary's estate, for reimbursement of any sustained loss, nor can it have any remaining interest in any asset acquired or service obtained by the beneficiary under the program. The funding source or asset or service provider can insure against the risk by purchasing group term life insurance in its favor covering all beneficiaries participating in the program.