Patent ID: 7711585
Filing Date: 2010-05-04
Classification: G06Q

Abstract:
1. A method performed by a computer for preparing a gift annuity with a death benefit, the method determining the amount of the death benefit and new gift annuity payout, comprising: issuing a gift annuity; determining if the gift annuity includes a wealth replacement rider selected by the gift annuitant; if the wealth replacement rider has been selected, determining the type of death benefit coverage selected by the gift annuitant; calculating the amount of the death benefit for the type of death benefit coverage selected; (a) if the type of death benefit coverage selected by the gift annuitant is the unrecovered tax-free basis of the gift annuity, calculating the amount of the death benefit by: calculating the initial tax-free basis of the gift annuity; calculating the recovered tax-free basis based on the annuitant's life expectancy; subtracting the recovered tax-free basis from the initial tax-free basis; (b) if the type of death benefit coverage selected by the gift annuitant has been the total amount of the gift annuity, determining the amount of the death benefit by: (1) generating the death benefit; (2) calculating the new gift annuity payout by: calculating initial gift annuity payout; calculating cost of death benefit; subtracting cost of death benefit from the initial gift annuity payout; and determining the new gift annuity payout amount; wherein the steps of the method are performed by a computer.