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Before you leave, feel free to check out our FAQ below!
What source(s) of funds can be invested?
Both Qualified (IRA, 401k) and Non-Qualified (Cash, Brokerage, Trust) account sources of funds can be used to subscribe to the Brynes Capital Life Settlement Wealth Fund. Use of Qualified account funds require establishing a Self-Directed IRA. Brynes Capital has a relationship with multiple IRA Custodians to help facilitate this process.
What is the difference between a Viatical Settlement and Senior Life Settlement?
A Viatical Settlement typically involves a person with a life expectancy of 24 months or less. The person selling his/her policy is terminally or chronically ill. Senior Life Settlements typically have an initial life expectancy of twenty-four months or greater. Brynes Capital focuses on purchasing policies with life expectancies of approximately 5+ years.
Does the investor need to be accredited?
- Yes*.
- In order to be considered an accredited investor, as defined by the SEC’s Rule 501(a) of Regulation D, an investor has to qualify under at least one of the following:
- • As an individual, have an annual income of $200,000 in each of the two most recent years, with an expectation of reaching the same income level in the current year.
- • With a spouse, have an annual income of $300,000 in each of the two most recent years with an expectation of reaching the same income level in the current year.
- • Either individually or jointly with a spouse, have a net worth of $1 million, excluding the positive equity in such person’s primary residence.
- • Be a general partner, executive officer, director, or a related combination thereof for the issuer of a security being offered.
- • Have certain professional certifications, designations or credentials; individuals who are “knowledgeable employees” of a private fund; and SEC-and state-registered investment advisors.
How long is the portfolio open for subscription by new investors?
The target completion time frame to open and close a Life Settlement portfolio is approximately 12 months. Once the funds have been received to fully subscribe a portfolio, we begin working on the next offering immediately. It is not our intention to have more than one portfolio open at a time.
Are all of the insured’s on standard Life Settlement terms or are they / their families retaining some portion of the death benefits?
Retained Death Benefit (RDB) Settlements are becoming more and more well known, but at this point, we are not engaged in RDB Settlements.
Who is accountable and responsible for the confirmation of premiums paid to assure that a Senior Life Settlement policy does not lapse?
Track-Life, LLC is an independent firm that does two things:
1.) Verifies premiums with the carriers
2.) Tracks the insured’s
Premiums are paid out of our escrow facility at Citizens Bank during the subscription phase and from Capstone Capital Management in conjunction with Alliance Trust after the portfolio is fully subscribed. The Capstone Capital Trust created by Capstone Capital Management is independently Trusteed by Alliance Trust. Escrow functions are at the direction of the Escrow Manager, Jeremy Levine, Esquire – CEO, Libra Fund in conjunction with the Escrow Agent, TVPX ARS, Inc.
Once a portfolio has closed can anyone else get in or out of it?
No. Once a portfolio is fully subscribed, no new subscriptions will be permitted. At full subscription of a portfolio, Brynes Capital subscribers will receive an annual statement denoting the subscriber’s pro rata share percentage of the portfolio owned and their respective Projected Yield to Maturity (YTM). Subscribers will receive Maturity Notices from Brynes Capital as they occur to alert subscribers of the expectation of constructive receipt of each individual Senior Life Settlement policy death benefit payment to which they have a beneficial, fractional interest.
Is there a facility if I want to redeem my subscription (investment) prior to maturity?
No. Subscribers should be fully aware that an investment in a Senior Life Settlement portfolio is to be considered a long-term, buy and hold strategy to full portfolio maturation. Subscribers should seek the counsel of their trusted investment, tax and legal advisors to determine that their liquid capital needs can be met from other sources before committing to subscription. Senior Life Settlements are an illiquid investment.
Could the policies listed on the illustration I signed change before the raise is actually closed to new investment?
Yes. The Brynes Capital portfolio illustration is provided as a hypothetical example only to describe the types and parameters of policies that they should expect to see in their portfolios. Policy substitution should be expected due to various unpredictable factors. Only policies that meet rigorous due diligence requirements satisfy the minimum Total Yield-to-Maturity (YTM) illustrated and will be considered for substitution in a portfolio during the subscription phase. Brynes Capital is constantly looking for the best policies available on the market. Periodically out of necessity because a particular policy cannot be acquired or if the opportunity arises to improve the overall quality of a portfolio, policies will be replaced or potentially added if deemed to be advantageous to the portfolio. Once a portfolio is fully subscribed and closed to new investment, the policies purchased by Brynes Capital will be held in an LLC, independently overseen and cannot be changed or amended for any reason.
How often will I receive communication about my investment?
If a subscription is made through a Qualified retirement account (IRA to Self-Directed IRA Transfer), Brynes Capital Self-Directed IRA Custodians will report on their customary basis. Regardless of the subscriber’s source of capital, at full subscription of a portfolio, Brynes Capital subscribers will be provided username and password protected access to a subscriber portal on the www.URL.com website to have real time access to their specific portfolio participation parameters. In addition to subscriber portfolio information, periodic communications will be made with regard to the management of the portfolio including but not limited to maturity notices, letters of good standing provided by the insurance companies, independent financial reports and the like.
Are the proceeds from the death benefits treated as ordinary income or capital gains?
Please consult your trusted tax and/or legal counsel. IRS Revenue Rulings 2009-13 and 2009-14 contend with the taxation of Senior Life Settlements as a sale and investment respectively and your personal situation must be taken into consideration. Brynes Capital does not dispense legal or accounting advice.
What happens when there is a maturity in a portfolio in which I am invested?
The subscriber will be notified upon each occurrence of a Senior Life Settlement policy maturity in a portfolio in which he/she/it (in the instance of a trust or other entity) is a participant. The death benefit from each policy maturity will be distributed from TVPX, who is acting as a securities intermediary for investor protections, to the beneficiary designated on the subscriber’s application. At the subscriber’s discretion, the proceeds may be reinvested in another Senior Life Settlement portfolio or directed elsewhere. Please consult your trusted investment, tax and legal counsel for tax and other considerations at the time of receipt.