Patent ID: 6085174
Filing Date: 2000-07-04
Classification: G06Q

Abstract:
A computer program product storing computer instructions therein for instructing a computer to perform a first process of at least one of administering and assisting in the administration of resources of a customer for the benefit of a beneficiary via the assistance of a user optionally including an administrator performing a second process, the program product comprising:a recording medium readable by the computer; andthe computer instructions stored on said recording medium instructing the computer to perform the first process, the instructions and the first and second processes, including:(a) receiving, by the user, a request from the customer to administer the resources in accordance with predetermined criteria;(b) storing, by the computer, customer related data associated with the customer;(c) at least one of receiving and acknowledging, by the user with the assistance of the computer, receipt of the resources from the customer, and entering the resources into the computer for administration;(d) appointing, by the user, a trustee to administer and manage the resources;(e) determining, by at least one of the user and the computer, a predetermined period of time based on an age of the beneficiary at which withdrawals do not incur a tax penalty;(f) administering, by the trustee with the assistance of the computer, the resources including allocating of the resources in an annuity investment growing tax deferred for at least one of the predetermined period of time and until occurrence of a predetermined event, wherein the predetermined event enables withdrawals without incurring tax penalty;(g) tracking performance of the resources;(h) transmitting, by at least one of the trustee and user with the assistance of the computer, details of the administration of the resources to at least one of the beneficiary and the customer;(i) requesting, by the beneficiary, to at least one of the trustee and user to withdraw the resources;(j) determining, by at least one of the trustee and the user with the assistance of the computer, whether an initial period of time has expired;(k) rejecting, by at least one of the user and the trustee with the assistance of the computer, the request of the beneficiary when the initial period of time has expired and when the predetermined period of time has not expired and when the predetermined event has not occurred, and returning to said administering step (f), wherein at least one of the user and the trustee thereby prevents withdrawal of resources so that the resources may grow tax-deferred for at least one of the predetermined period of time and until the occurrence of the predetermined event, ensuring that the resources are not prematurely diverted and preventing the growth of the resources from being compromised;(l) transmitting, by at least one of the user and the trustee with the assistance of the computer, the resources to the beneficiary when the initial period of time has not expired; and(m) transmitting, by at least one of the user and the trustee with the assistance of the computer, the resources in accordance with the predetermined criteria to the beneficiary when the initial period of time has expired and when the predetermined period of time has at least one of expired and when the predetermined event has occurred.