Life Partners Position Holder Trust 10-K 11 Mar 21 2020 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2020
Cover [Abstract]
Entity Registrant Name	Life Partners Position Holder Trust
Entity Central Index Key	0001692144
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2020
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Entity Common Stock Shares Outstanding	0
Entity Public Float		$ 0
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-55783
Entity Incorporation State Country Code	TX
Entity Tax Identification Number	81-4644966
Entity Address Address Line 1	2001 Bryan Street,
Entity Address Address Line 2	Suite 1800,
Entity Address City Or Town	Dallas,
Entity Address State Or Province	TX
Entity Address Postal Zip Code	75201
City Area Code	214
Local Phone Number	560-5404
Entity Interactive Data Current	Yes

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Assets
Life insurance policies	$ 159,179,912	$ 172,242,734
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Cash	950,399	772,800
Maturities receivable	34,144,775	29,547,497
Assets
Prepaids and other assets	564,985	237,066
Restricted cash and cash equivalents	99,496,379	79,989,380
Life insurance policies	159,179,912	172,242,734
Total assets	294,336,450	282,789,477
Liabilities
Notes payable	16,138,211	25,771,182
Premium liability	30,708,458	33,183,289
Maturity liability	5,871,936	8,259,865
Accounts payable	479,922	216,169
Distributions payable	255,305	341,568
Accrued expenses	2,979,480	2,282,650
Total liabilities	56,433,312	70,054,723
Net Assets	237,903,138	212,734,754
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]
Assets
Total assets	143,078,791	128,442,454
Liabilities
Distributions payable	109,934	234,292
Total liabilities	363,981	289,032
Net Assets	142,714,810	128,153,422
Investment in Life Partners Position Holder Trust	143,078,791	128,442,454
Due to the Life Partners Position Holder Trust	$ 254,047	$ 54,740

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Income
Change in fair value of life insurance policies	$ 67,656,287	$ 71,207,859
Other income	608,269	2,773,673
Total income	68,264,556	73,981,532
Expenses
Interest expense	751,290	861,738
Legal fees	1,995,981	2,207,395
Administrative and filing fees	1,281,309	1,036,086
Insurance	165,467	156,628
Professional fees	5,789,055	5,008,744
Bad debt expense	(959,404)	(1,644,769)
Other general and administrative	394,091	2,949,860
Total expenses	9,417,789	10,575,682
Increase in net assets resulting from operations	58,846,767	63,405,850
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]
Expenses
Professional fees	25,700	34,992
Increase in net assets resulting from operations	33,894,811	38,225,380
Equity income from Life Partners Position Holder Trust	33,969,760	38,353,720
Income and franchise tax expense	$ 49,249	$ 93,348

STATEMENTS OF CHANGES IN NET AS

STATEMENTS OF CHANGES IN NET ASSETS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Net assets, beginning of year	$ 212,734,754	$ 169,006,596
Conversion of debt to units (Note 5)	0	322,323
Distributions to unit holders	(30,000,937)	(20,000,015)
Redemption of units	(3,677,446)	0
Net increase in net assets resulting from operations	58,846,767	63,405,850
Net assets, end of year	$ 237,903,138	$ 212,734,754
Number of units	1,226,958,714	1,235,715,080
Net assets per unit	$ 0.19	$ 0.17
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]
Net assets, beginning of year	$ 128,153,422	$ 102,003,458
Net increase in net assets resulting from operations	33,894,811	38,225,380
Net assets, end of year	$ 142,714,810	$ 128,153,422
Number of units	737,912,834	746,085,361
Net assets per unit	$ 0.19	$ 0.17
Distributions to IRA Partnership Interest Holders - net	$ (17,963,859)	$ (12,075,416)
Redemption of IRA Partnership Member Interests	$ (1,369,564)	$ 0

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Cash flows from operating activities:
Net increase in net assets resulting from operations	$ 58,846,767	$ 63,405,850
Adjustments to reconcile net increase in net assets to net cash used in operations:
Life Settlement Contracts FairValue Method Carrying Amount	(67,656,287)	(71,207,859)
Change in assets and liabilities:
Prepaids and other assets	(327,919)	244,509
Assumed tax liability	0	(1,957,240)
Premium liability	(2,474,831)	(6,335)
Maturity liability	(2,387,929)	(5,993,778)
Accounts payable	263,753	(427,303)
Distributions payable	(86,263)	341,568
Accrued expenses	723,529	1,215,292
Net cash flows used in operating activities	(13,099,180)	(14,385,296)
Cash flows from investing activities:
Premiums paid on policies	(62,806,191)	(44,748,742)
Net proceeds from maturity of policies	138,928,022	124,529,334
Net cash flows provided by investing activities	76,121,831	79,780,592
Cash flows from financing activities:
Payments on notes payable	(9,659,670)	(16,527,232)
Redemption of Units	(3,677,446)	0
Distributions to Unitholders	(30,000,937)	(20,000,015)
Net cash flows used in financing activities	(43,338,053)	(36,527,247)
Net increase in cash	19,684,598	28,868,049
Cash and cash equivalents, beginning of year	80,762,180	51,894,131
Cash and cash equivalents, end of year	100,446,778	80,762,180
Supplemental cash flow information:
Cash	950,399	772,800
Restricted cash and cash equivalents	99,496,379	79,989,380
Total cash and cash equivalents	100,446,778	80,762,180
Cash paid for interest	773,147	1,048,103
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]
Cash flows from operating activities:
Net increase in net assets resulting from operations	33,894,811	38,225,380
Change in assets and liabilities:
Net cash flows used in operating activities	124,358	0
Cash flows from investing activities:
Net cash flows provided by investing activities	19,333,423	12,075,416
Cash flows from financing activities:
Net cash flows used in financing activities	(19,457,781)	(12,075,416)
Net increase in cash	0	0
Cash and cash equivalents, beginning of year	0	0
Cash and cash equivalents, end of year	0	0
Supplemental cash flow information:
Change in investment in Life Partners Position Holder Trust	(33,969,760)	(38,353,720)
Change in distributions payable	0	234,292
Change in due to/from Life Partners Position Holder Trust	199,307	(105,952)
Distributions from Life Partners Position Holder Trust	17,963,859	12,075,416
Sale of Life Partners Position Holder Trust units	1,369,564	0
Redemption of Partnership Member Interests	(1,369,564)	0
Distributions to IRA Partnership Interest Holders	$ (18,088,217)	$ (12,075,416)

Operations and Significant Acco

Operations and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Note 1 - Operations and Significant Accounting Policies	Note 1 - Operations and Significant Accounting Policies Operations Life Partners Position Holder Trust (the “Trust”) was created on December 9, 2016, pursuant to the Revised Third Amended Joint Plan of Reorganization of Life Partners Holdings, Inc., et al. In connection with its formation and the inception of its activities on December 9, 2016, the Trust issued a total of 1,012,355,948 units of beneficial interest (the “Units”) to the fractional interest holders having claims in the Debtors bankruptcy, pursuant to the Plan. Each fractional interest holder received a Unit for each dollar of expected death benefit such holder contributed to the Trust. As of December 31, 2020, there were 6,497 holders of the 1,226,958,714 Units outstanding. As of December 31, 2019, there were 9,678 holders of the 1,235,715,080 Units outstanding. The Trust owns a portfolio of life insurance policies. A portion of the policies is encumbered by the economic interest of continuing fractional interest holders. As of December 31, 2020, the Trust’s portion of the portfolio consists of 2,739 life insurance policies, with a fair value of $159.2 million and an aggregate face value of approximately $1.0 billion. As of December 31, 2019, the Trust’s portion of the portfolio consisted of 2,896 life insurance policies, with a fair value of $172.2 million and an aggregate face value of approximately $1.1 billion. The fair value of the interests in the life insurance policies owned by continuing fractional interest holders are not reflected in the financial statements of the Trust. Description of Securities Units represent beneficial interests in the Trust, and all holders of Units are entitled to receive cash distributions from the Trust in accordance with their respective pro rata shares. A Trust beneficiary’s respective ‘‘Pro Rata Share’’ means the ratio, expressed as a percentage, of (i) the number of Units which such Trust Beneficiary is the registered owner, to (ii) the total number of Units outstanding as of the measurement date, subject to modification for purposes of distributing any recovered assets. Under the Plan, the Trustee will distribute at least annually to the Unit holders all of the distributable cash (as defined in the Position Holder Trust Agreement) generated during each calendar year, subject to any reserve established by the Trustee reasonably necessary to maintain the value of the Trust’s assets or to meet claims and contingent liabilities. All distributions by the Trust will be made in accordance with such holder’s Pro Rata share of the outstanding Units. On August 3, 2020, the Trust made a distribution to Unit holders for the amount of $30.0 million based on the holder's Pro Rata share of the outstanding Units. The Trust distributed $20.0 million to the Unit holders for the year ending December 31, 2019. Unit Redemption During the year ending December 31, 2020, the U.S. Bankruptcy Court for the Northern District of Texas approved the Trustee’s Motion to Approve Redemption of Additional Units and Member Interests, granting the Trustee the authority to redeem Trust Units in the Life Partners Position Holder Trust and Member Interests in the Life Partners IRA Holder Partnership, LLC, at the discretion of the Trustee and Manager, when financially or administratively practicable. Pursuant to the Court’s order the Trust redeemed 20,011,309 units for $3.7 million for the year ending December 31, 2020. There were no redemptions for the year ending December 31, 2019. Included in the redemption in 2020, the Trust redeemed 6,526,269 units for $1.2 million held by the Life Partners Creditors’ Trust. The Life Partners Position Holder Trust and the Life Partners Creditors’ Trust share the same Trust Governing Board. The redemption was executed to reduce the administrative burden of the Life Partners Position Holder Trust and to facilitate the expected termination of the Life Partners Creditor’s Trust. The units were redeemed at the same price per unit as all other redemptions performed at the same or similar time and in line with the Motion approved by the U.S. Bankruptcy Court for the North District of Texas. Covid-19 Pandemic Update The novel coronavirus (COVID-19) pandemic has not had a material adverse effect on the Trust’s operations during the year ending December 31, 2020. The extent to which the Trust will be impacted by the outbreak will largely depend on future developments, which are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning the severity of the outbreak and actions by government authorities to contain the outbreak or treat its impact, among other things. COVID-19 has not impacted the Trust’s ability to realize maturity receivables and pay its premium obligations or other expenses. The Trust will continue to monitor the impact of risk associated with mortality experience, default on future premium obligations by the continuing fractional holders which would increase the Trust’s premium obligations and any risk associated with default on payment obligations by the insurance policy carriers. Summary of Significant Accounting Policies Basis of Presentation The Trust’s primary purpose is the liquidation of the Trust’s assets and the distribution of proceeds to its beneficial interest holders. The Trust expects that fulfilling its purpose will require a significant amount of time, and that the Trust will have significant ongoing operations during that period due to the nature of its assets and its plan to maximize the proceeds to its beneficiaries by maintaining the majority of its life insurance policies until maturity. As a result, the Trust has concluded that its liquidation is not imminent, in accordance with the definitions under accounting principles generally accepted in the United States of America and has not applied the liquidation basis of accounting in presenting its financial statements. The Trust will continue to evaluate its operations to determine when its liquidation becomes imminent and the liquidation basis of accounting is required. Investments in Life Insurance Policies The Trust accounts for its interests in life insurance policies at fair value in accordance with ASC 325-30, Investments in Insurance Contracts Fair Value of Life Insurance Policies The Trust follows ASC 820, Fair Value Measurements and Disclosures As a basis for considering such assumptions, the guidance establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. Level 1 relates to quoted prices in active markets for identical assets or liabilities. Level 2 relates to observable inputs other than quoted prices included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Trust’s investments in life insurance policies are considered to be Level 3 as there is currently no active market where the Trust is able to observe quoted prices for identical assets and the Trust’s valuation model incorporates significant inputs that are not observable. The Trust’s valuation of life insurance policies is a critical estimate within the financial statements. The Trust currently uses a probabilistic method of valuing life insurance policies, which the Trust believes to be the preferred valuation method in its industry. The Trust calculates the assets’ fair value using a present value technique to estimate the fair value of the projected future cash flows. The most significant assumptions in estimating the fair value are the Trust’s estimate of the insureds’ life expectancy and the discount rate. See Note 6, “Fair Value Measurements”. Income Recognition The Trust’s investments in life insurance policies are its primary source of income. Gain or loss is recognized from ongoing changes in the portfolio’s estimated fair value, including any gains or losses at maturity. Gains or losses from maturities are recognized at receipt of a death notice or verified obituary for an insured party and determined based on the difference between the death benefit and the estimated fair value of the policy at maturity. Premiums Receivable The Trust assumed the Debtors’ receivables related to life insurance policy premiums and service fees that were paid by the Debtors on behalf of fractional interest holders prior to the Trust’s effective date. After December 9, 2016, the policy premiums allocable to continuing fractional interest holders are those persons' obligations and not the Trust. If a continuing fractional interest holder defaults on future premium obligations, such position is deemed contributed to the Trust in exchange for the number of Units provided by the Plan, as previously modified by the Bankruptcy Court. The Trust maintains an allowance for doubtful accounts for estimated losses resulting from the inability to collect premiums and service fees receivable. Such estimates are based on the position holder’s payment history and other indications of potential uncollectability. After all attempts to collect a receivable have failed, receivables are written off against the allowance. At December 31, 2020 and 2019, the allowance for doubtful accounts was $1.0 million and $3.2 million, respectively, and fully offset for receivables assumed from the Debtors on the effective date. Outstanding receivable balances may be recoverable pursuant to the Trustee’s set-off rights under the Plan. Maturities Receivable Maturities receivable consist of the Trust’s portion of life insurance policy maturities that occurred, but payment was not received as of the end of the reporting period. Premium Liability Premium liabilities are funds in escrow on behalf of continuing fractional holders for future payment of their premium obligations. If such funds are not used for such continuing fractional holder’s premium payments, they are refunded to the respective continuing fractional holder. Maturity Liability Maturity liabilities are maturities collected on behalf of continuing fractional holders pending payment to those fractional holders, including reserve for unallocated funds from the inception of the Trust. Distributions Payable Distributions payable are distributions declared by the Trust pending payment to Unit holders. Income Taxes No provision for state or Federal income taxes has been made as the liability for such taxes is attributable to the Unit holders rather than the Trust. The Trust is a grantor trust with taxable income or loss passing through to the Unit holders. In certain instances, however, the Trust may be required under applicable state laws to remit directly to state tax authorities amounts otherwise due to Unit holders. Such payments on behalf of the Unit holders are deemed distributions of them. The Financial Accounting Standards Board has provided guidance for how uncertain tax positions should be recognized, measured, disclosed, and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are more-likely-than-not of being sustained when challenged or when examined by the applicable taxing authority. The Trust has no material uncertain income tax positions as of December 31, 2020 and 2019. Use of Estimates The preparation of these financial statements, in conformity with generally accepted accounting principles in the United States of America (“GAAP”), requires the Trust to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from these estimates and such differences could be material. The estimates related to the valuation of the life insurance policies represent significant estimates made by the Trust. Risks and Uncertainties The Trust encounters economic, legal, and longevity risk. The main components of economic risk potentially impacting the Trust are market risk, concentration of credit risk, and the increasing cost of insurance risk. The Trust’s market risks include interest rate risk and the risk of declines in valuation of the Trust’s life insurance policies, including declines caused by the selection of increased discount rates associated with the Trust’s fair value model. It is reasonably possible that future changes to estimates involved in valuing life insurance policies could change and materially affect future financial statements. Concentration of credit risk is the risk that an insurance carrier who has issued life insurance policies held by the Trust, does not remit the amount due under those policies due to the carrier’s deteriorating financial condition or otherwise. Another credit risk potentially impacting the Trust is the risk continuing fractional holders may default on their future premium obligations, increasing the Trust’s premium obligations. The increasing cost of insurance risk includes the carriers’ attempts to change a policy’s cost of insurance. While some cost of insurance increases are anticipated and taken into consideration in the Trust’s forecasts, other cost of insurance increases are unilaterally imposed by the carrier. The main components of legal risk are: (i) the risk that an insurer could successfully challenge its obligation to pay policy benefits at maturity; and (ii) that an insured’s family could successfully challenge the Trust’s entitlement to an insurance policy’s benefits. In either case, there is also risk that the Trust would be unable to recover the premiums it paid towards the insurance policy. Longevity risk refers to the reasonable possibility that actual mortalities of insureds in the Trust’s portfolio extend over longer periods than are anticipated, resulting in the Trust paying more in premiums and delaying its collection of death benefits. Further, increased longevity may encourage additional continuing fraction holders to default on their premium obligations, increasing the Trust’s positions and its premium payment burden. The Trust management is still evaluating any potential impact; however, such future revisions could have a material impact on the valuation. The Trust maintains the majority of its cash and cash equivalents in several accounts with a commercial bank. Balances on deposit are insured by the Federal Deposit Insurance Corporation (“FDIC”). However, from time to time the Trust's balances may exceed the FDIC insurable amounts as such in those cases the cash and cash equivalents are not insured. Reclassifications Certain reclassifications have been made to the 2019 financial statement presentation to correspond to the current year’s format. Total assets, net assets, and changes in net assets resulting from operations are unchanged due to these reclassifications. Accounting Guidance Not Yet Adopted In June 2016, the FASB issued new guidance (ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments), effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Notable amendments in this update will change the accounting for impairment of most financial assets and certain other instruments in the following ways: · financial assets (or a group of financial assets) measured at amortized cost will be required to be presented at the net amount expected to be collected, with an allowance for credit losses deducted from the amortized cost basis, resulting in a net carrying value that reflects the amount the entity expects to collect on the financial asset at purchase · credit losses relating to available-for-sale fixed maturity securities will be recorded through an allowance for credit losses, rather than reductions in the amortized cost of the securities. The allowance methodology recognizes that value may be realized either through collection of contractual cash flows or through the sale of the security. Therefore, the amount of the allowance for credit losses will be limited to the amount by which fair value is below amortized cost because the classification as available for sale is premised on an investment strategy that recognizes that the investment could be sold at fair value, if cash collection would result in the realization of an amount less than fair value · the income statement will reflect the measurement of expected credit losses for newly recognized financial assets as well as the expected increases or decreases (including the reversal of previously recognized losses) of expected credit losses that have taken place during the period. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount · disclosures will be required to include information around how the credit loss allowance was developed, further details on information currently disclosed about credit quality of financing receivables and net investments in leases, and a rollforward of the allowance for credit losses for available-for-sale fixed maturity securities as well as an aging analysis for securities that are past due The amendments in this ASU may be early adopted during any interim or annual period beginning after December 15, 2018. The Trust is currently evaluating the impact of this new accounting guidance on its financial statements and does not plan to early adopt.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Note 2 - Commitments and Contingencies	Note 2 - Commitments and Contingencies Litigation In accordance with applicable accounting guidance, the Trust establishes an accrued liability for litigation and regulatory matters when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. When a loss contingency is not both probable and estimable, the Trust does not establish an accrued liability. As a litigation or regulatory matter develops, the Trust, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. Such matters will continue to be monitored for further developments. Indemnification of Certain Persons Under certain circumstances, the Trust may be required to indemnify certain persons performing services on behalf of the Trust for liability they may incur arising out of the indemnified persons' activities conducted on behalf of the Trust. There is no limitation on the maximum potential payments under these indemnification obligations, and, due to the number and variety of events and circumstances under which these indemnification obligations could arise, the Trust is not able to estimate such maximum potential payments. The Trust has not made any payments under such indemnification obligations, and no amount has been accrued in the accompanying financial statements for these indemnification obligations of the Trust. The Trust maintains insurance to mitigate its exposure to this contingency risk.

Restricted Cash and Cash Equiva

Restricted Cash and Cash Equivalents	12 Months Ended
	Dec. 31, 2020
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Note 3 - Restricted Cash and Cash Equivalents	Note 3 - Restricted Cash and Cash Equivalents The Plan imposes restrictions on the Trust to maintain certain funds in segregated accounts. As of December 31, 2020, and 2019, the Trust has $99.5 million and $80.0 million, respectively, in restricted cash and cash equivalents. The restricted cash and cash equivalents accounts are for: monies distributable to the fractional interest holders in policies that matured prior to the Plan becoming effective, maturities, premium reserves, premium obligations, and collateral deposits on debt.

Life Insurance Policies

Life Insurance Policies	12 Months Ended
	Dec. 31, 2020
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Note 4 - Life Insurance Policies	Note 4 - Life Insurance Policies As of December 31, 2020, the Trust owns an interest in 2,739 policies of which 407 are life settlement policies and 2,332 are viaticals. As of December 31, 2019, the Trust owned an interest in 2,896 policies of which 483 are life settlement policies and 2,413 are viaticals (the “PHT Portfolio”). The PHT Portfolio’s aggregate face value is $1.0 billion as of December 31, 2020 of which $0.8 billion is attributable to life settlements and $0.2 billion is attributable to viaticals. The PHT Portfolio’s aggregate face value is $1.1 billion as of December 31, 2019 of which $0.9 billion is attributable to life settlements and $0.2 billion is attributable to viaticals. The PHT Portfolio’s aggregate fair value is $159.2 million as of December 31, 2020 of which $153.7 million is attributable to life settlements and $5.5 million is attributable to viaticals. The PHT Portfolio’s aggregate fair value was $172.2 million as of December 31, 2019 of which $168.7 million was attributable to life settlements and $3.5 million was attributable to viaticals. Life expectancy reflects the probable number of years remaining in the life of a class of persons determined statistically, affected by such factors as heredity, physical condition, nutrition, and occupation. It is not an estimate or an indication of the actual expected maturity date or indication of the timing of expected cash flows from death benefits. See “Life Insurance policies,” in Note 6, “Fair Value Measurements”. The following table summarizes the Trust's life insurance policies grouped by remaining life expectancy as of: As of December 31, 2020: Remaining Life Expectancy (Years) Number of Life Insurance Policies Face Value Fair Value 0-1 — $ — $ — 1-2 1 46,395 34,398 2-3 6 7,221,086 2,249,751 3-4 93 154,462,044 37,115,382 4-5 200 426,793,251 84,401,748 Thereafter 2,439 408,906,636 35,378,633 Total 2,739 $ 997,429,412 $ 159,179,912 As of December 31, 2019: Remaining Life Expectancy (Years) Number of Life Insurance Policies Face Value Fair Value 0-1 — $ — $ — 1-2 1 46,395 32,546 2-3 5 4,956,008 1,243,470 3-4 79 106,480,951 26,699,382 4-5 194 401,541,262 81,093,500 Thereafter 2,617 616,520,712 63,173,836 Total 2,896 1,129,545,328 172,242,734 Estimated premiums to be paid by the Trust for its portfolio during each of the five succeeding fiscal years and thereafter as of December 31, 2020, are as follows: 2021 $ 65,428,423 2022 61,851,321 2023 56,819,204 2024 49,297,741 2025 41,079,029 Thereafter 147,546,428 Total $ 422,022,146 The amount of $422.0 million represents the estimated total future premiums payable by the Trust. The Trust is required to pay its portion to keep the life insurance policies in force during the life expectancies of all the underlying insured lives. The estimated total future premium payments could increase or decrease significantly to the extent that insurance carriers increase the cost of insurance on their issued policies or that actual mortalities of insureds differ from the estimated life expectancies. If the continuing fractional holders default on their future premium obligations, the Trust’s premium liability may increase. The Trust anticipates funding the estimated premium payments from maturities of life insurance policies. It also maintains premium reserves and access to lines of credit.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2020
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Note 5 - Notes Payable	Note 5 - Notes Payable To provide for short term capital needs of the Position Holders Trust, if any, effective as of January 30, 2019, the Position Holders Trust entered into a $15.0 million revolving credit facility with Veritex Community Bank of Dallas (“Veritex Credit Facility”), Texas. The Veritex Credit Facility, is secured by a lien on the Position Holder Trust’s assets, has an initial 2-year term and, as to any amounts drawn thereunder, shall bear interest at the rate of 6% per annum. There are no amounts outstanding as of December 31, 2020. Subsequent to the closing of the reporting period, effective as of January 29, 2021, the Trust renewed the revolving credit facility with the Veritex for an additional 2-year term. As part of the renewal, the revolving credit facility was increased to $25.0 million and shall bear interest at the rate of 5% per annum. The Veritex Credit Facility will continue to be secured by a lien on the Position Holder Trust’s assets. In accordance with the Plan, the Trust issued New IRA Notes of $35.9 million in exchange for claims against the Debtor’s estate and the incidental interests in life insurance policies. Those policies collateralize the Trust’s obligations under the notes. Interest accrues at 3% of outstanding balance and is paid annually in December. Principal is due in full on December 9, 2031. In accordance with the New IRA Notes, beginning in December 2017, the Trust is required to make annual payments to a sinking fund for the principal payment due at maturity. Such fund is included in restricted cash on the accompanying balance sheet. In year ending December 31, 2020 the Trust did a partial redemption of all remaining notes equal to 1/15 th In year ending December 31, 2019 the Trust did two partial redemptions of all remaining notes totaling 4/15 th As of December 31, 2020, and December 31, 2019, the outstanding balances of the New IRA notes was $16.1 million and $24.9 million, respectively. The sinking fund associated with these notes had balances of $0.3 million and $0.1 million at December 31, 2020 and 2019, respectively. In 2019 there was a conversion of notes payable to IRA Partnership and Trust units of $0.3 million based on changes to elections for certain unit holders which were in dispute and resolved through settlement, mediation or court order. On March 28, 2017, the Trust, was ordered to pay the Chapter 11 trustee’s fees totaling $5.5 million. The first payment of $2.8 million was paid in 2018. The remaining balance was in the form of a note payable in the amount of $2.8 million and was due in three equal annual payments on January 1 beginning in 2019. The note did not bear interest as ordered by the Court, thus the note was originally discounted by $0.2 million, based on an implied interest rate of 3%. Installments were paid in January 2019, December 2019, and January 2020 resulting in the note being completely satisfied. Future scheduled principal payments on the long-term debt are as follows as of December 31, 2020: Year ending December 31, Note Payable 2021 $ — 2022 — 2023 — 2024 — 2025 — Thereafter 16,138,211 Total $ 16,138,211

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Note 6 - Fair Value Measurements	Note 6 - Fair Value Measurements The Trust carries its life insurance policies at fair value. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified based on the following fair value hierarchy: Level 1 — Valuation is based on unadjusted quoted prices in active markets for identical assets and liabilities that are accessible at the reporting date. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2 — Valuation is determined from pricing inputs that are other than quoted prices in active markets that are either directly or indirectly observable as of the reporting date. Observable inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and interest rates and yield curves that are observable at commonly quoted intervals. Level 3 — Valuation is based on inputs that are both significant to the fair value measurement and unobservable. Level 3 inputs include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value generally require significant management judgment or estimation. The balances of the Trust's assets measured at fair value on a recurring basis as of December 31, 2020 and 2019, are as follows: As of December 31, 2020 As of December 31, 2019 Assets: Investments in Life Insurance Policies Level 1 $ — $ — Level 2 $ — $ — Level 3 $ 159,179,912 $ 172,242,734 Total Fair Value $ 159,179,912 $ 172,242,734 Quantitative Information about Level 3 Fair Value Measurements Life insurance policies December 31, 2020 December 31, 2019 Fair Value $ 159,179,912 $ 172,242,734 Face Value $ 997,429,412 $ 1,129,545,328 Valuation Techniques Discounted cash flow Discounted cash flow Unobservable Inputs Discount rate, Mortality assumptions Discount rate, Mortality assumptions Weighted average discount rates: Life Settlements 26.7% 24.7% Viaticals 27.3% 25.7% Mortality assumptions - 2015 VBT mortality multipliers: Life settlements 90% - 100% 90% - 110% Viaticals 350% 350% In assessing and determining the PHT Portfolio’s valuation, the Position Holder Trust has retained Lewis & Ellis, Inc. as its principal actuaries. The following is a summary of the methodology used to estimate the PHT Portfolio’s fair value measured on a recurring basis and within the above fair value hierarchy. The overall methodology did not change during the current or prior year. The PHT Portfolio’s value was estimated using an actuarially based approach incorporating net cash flows and life expectancies as determined by a default mortality multiplier based on the 2015 Valuation Basic Table produced by the U.S. Society of Actuaries ("VBT") as opposed to specific life expectancies of insureds as the mortality multipliers from the VBT provide more accurate longevity projections across the portfolio. A default mortality multiplier for each insured was used to project the PHT Portfolio’s present value of net cash flows (death benefits less premium payments). As of December 31, 2020, the default mortality multipliers used are 100% for the life settlement males, 90% for the life settlement females, and 350% for the viaticals regardless of gender. As of December 31, 2019, the default mortality multipliers used are 110% for the life settlement males, 90% for the life settlement females, and 350% for the viaticals regardless of gender. On a quarterly basis, the Trust compares actual mortalities to expected mortalities to refine its analysis. The Trust compares actual to expected mortalities to evaluate and refine the mortality multipliers; such that they reasonably “validate” based on the Trust’s analysis of trends. In first quarter of 2020, the Trust transitioned from the Select tables to the Ultimate tables from the VBT, and the Trust appropriately changed the mortality multipliers to best fit experience. Changing the PHT Portfolio’s use to the 2015 VBT Ultimate table rather than applying the 2015 VBT Select table provides a flatter pattern amongst mortality claims and better aligns to the characteristics of lives in the Trust's portfolio. The overall impact to the PHT's Portfolio from the change from the 2015 VBT Select table to the 2015 VBT Ultimate table was a decrease in fair value of approximately $5.0 million. In second quarter of 2020, the Trust changed its methodology for accounting for the servicing fee in valuing the Trust's portfolio. Historically, the Trust reduced its expected future cash flow from maturities to account for the servicing fees which were expected to be paid upon maturity of a policy. Under the new model the Trust no longer decreases the future cash flow for the expected servicing fee, instead the Trust incorporates the fee structure through the discount rate. This change was made (i) to bring Trust's practices more in line with industry norms, and (ii) due to the change in servicer, which requires the Trust to now pay the fees periodically, rather than being deferred and paid as a percentage of proceeds upon policy maturity. This change increased the discount rate for the Trust's portfolio by 2%, however it did not have a significant impact to the value of the Trust's portfolio. The Trust continually evaluates and updates its forecasts of future premium obligations for individual policies. The Trust considers these potential changes to estimated future cash flows in its consideration of the discount rate. The monthly net cash flows with interest and survivorship were discounted to arrive at the PHT Portfolio’s estimated value as of December 31, 2020 and December 31, 2019. Future changes in the longevity estimates and estimated cash flows could have a material effect on the PHT Portfolio’s fair value, and the Trust’s financial condition and results of operations. Life Expectancy Sensitivity Analysis Life expectancy estimates are a significant input in the fair value determination. Future changes in the life expectancy estimates could have a material effect on the Portfolio’s fair value, which could have a material effect on its financial condition and results of operations. The tables below reflect the effect on the PHT Portfolio’s fair value if the actual life expectancy experienced is 5% less or 5% more than is currently estimated. If the life expectancy estimates increase by 5% or decrease by 5%, the change in estimated fair value of the life insurance policies would be as follows: As of December 31, 2020, Life Expectancy Months Adjustment Average Life Expectancy Fair Value Change in Fair Value -5% $ 173,516,265 $ 14,336,353 No change 4.7 years $ 159,179,912 — +5% $ 144,277,667 $ (14,902,245) As of December 31, 2019, Life Expectancy Months Adjustment Average Life Expectancy Fair Value Change in Fair Value -5% $ 188,372,343 $ 16,129,609 No change 4.8 years $ 172,242,734 — +5% $ 155,482,251 $ (16,760,483) Discount Rate The discount rate is another significant input in the fair value determination. The Trust’s estimate incorporates market factors, the size of the portfolio, and various policy specific quantitative and qualitative factors including known information about the underlying insurance policy, its economics, the insured and the insurer. The effect of changes in the weighted average discount rate on the death benefit and premiums used to estimate the PHT Portfolio’s fair value has been analyzed. If the weighted average discount rate increased or decreased by 2 percent and the other assumptions used to estimate fair value remained the same, the change in estimated fair value would be as follows: As of December 31, 2020, Rate Adjustment Fair Value Change in Fair Value +2% $ 151,012,859 $ (8,167,053) No change $ 159,179,912 — -2% $ 168,255,950 $ 9,076,038 As of December 31, 2019, Rate Adjustment Fair Value Change in Fair Value +2% $ 163,300,406 $ (8,942,328) No change $ 172,242,734 — -2% $ 182,200,298 $ 9,957,564 Future changes in the discount rates used by the Trust to value life insurance policies could have a material effect on the fair value of the Portfolio, which could have a material adverse effect on the Trust’s financial condition and results of operations. The Trust re-evaluates its discount rates at the end of every reporting period in order to estimate the discount rates that could reasonably be used by market participants in a transaction involving the Trust's life insurance policies. In doing so, the Trust engages third party consultants to corroborate its assessment, engages in discussions with other market participants and extrapolates the discount rate underlying actual sales of insurance policies. Credit Exposure to Insurance Companies The following table provides information about the life insurance issuer concentrations that exceed 10% of total death benefit or 10% of total fair value of the Trust's life insurance policies as of December 31, 2020: Carrier Percentage of Face Value Percentage of Fair Value Carrier Rating Transamerica Financial Life Insurance Company 10.2% 13.5% A The Lincoln National Life Insurance Company 10.0% 11.5% A+ The following table provides information about the life insurance issuer concentrations that exceed 10% of total death benefit or 10% of total fair value of the Trust's life insurance policies as of December 31, 2019: Carrier Percentage of Face Value Percentage of Fair Value Carrier Rating Transamerica Financial Life Insurance Company 9.6% 12.7% A+ The Lincoln National Life Insurance Company 10.4% 12.4% A+ Changes in Fair Value The following table provides a roll-forward of the fair value of life insurance policies for the years ended December 31, 2020 and 2019: 2020 2019 Balance at January 1, $ 172,242,734 $ 186,251,760 Realized gain on matured policies 116,516,353 106,836,877 Unrealized loss on policies held (48,860,066 ) (35,629,018 ) Change in estimated fair value 67,656,287 71,207,859 Matured policies, net of fees (143,525,300 ) (129,965,627 ) Premiums paid 62,806,191 44,748,742 Balance at December 31, $ 159,179,912 $ 172,242,734 Other Fair Value Considerations— All assets and liabilities except for the life insurance policies, which includes cash, maturities and premium receivable, notes payable and premium and maturity liability, are accounted for at their carrying value which approximates fair value.

Operations

Operations	12 Months Ended
	Dec. 31, 2020
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]
Note 1 - Operations	Note 1 - Operations The Life Partners IRA Holder Partnership, LLC ("IRA Partnership" or "Partnership") was created on December 9, 2016, pursuant to the Revised Third Amended Joint Plan of Reorganization of Life Partners Holdings, Inc., et al. In connection with its formation and the inception of its activities on December 9, 2016, the Partnership issued limited liability company interests (“Member Interests”) in satisfaction of claims against the Debtors. The only assets of the Partnership are beneficial interest units of the Life Partners Position Holder Trust (the "Position Holder Trust" or "Trust"). The Partnership held 737,912,834 and 746,085,361 units as of December 31, 2020 and December 31, 2019, respectively, of the Trust’s outstanding units totaling 1,226,958,714 and 1,235,715,080 as of December 31, 2020 and December 31, 2019, respectively. The sole purpose of the Partnership is to hold Trust interests to permit holders of Partnership Interests to participate in distributions of the proceeds of the liquidation of the Trust. The Partnership was created to allow IRA Holders to hold an interest in an entity classified as a partnership for federal tax purposes, rather than the assets of a grantor trust, such as the Position Holder Trust. The Partnership’s sole asset is its investment in the Trust and it engages in no other business activity. The Bankruptcy Court organized the Trust and the Partnership in order to liquidate the assets of the Debtors in a manner calculated to conserve, protect and maximize the value of the assets, and to distribute the proceeds thereof to the Trust’s securities holders in accordance with the Plan. The Trust and IRA Partnership have no other business interests nor operations and will not acquire any additional life insurance policies in the future. The Trust’s beginning assets and liabilities were contributed pursuant to the Plan as of December 9, 2016. Covid-19 Pandemic Update The Partnership's only investment is in the Life Partners Position Holder's Trust. As such, the Partnership's income is largely dependent on the Trust's operations and the Partnership would be significantly impacted by any adverse effects of the novel coronavirus (COVID-19) pandemic on the Trust's operations. The novel coronavirus (COVID-19) pandemic has not had a material adverse effect on the Trust’s operations during the year ending December 31, 2020. The extent to which the Trust will be impacted by the outbreak will largely depend on future developments, which are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning the severity of the outbreak and actions by government authorities to contain the outbreak or treat its impact, among other things. COVID-19 has not impacted the Trust’s ability to realize maturity receivables and pay its premium obligations or other expenses. The Trust will continue to monitor the impact of risk associated with mortality experience, default on future premium obligations by the continuing fractional holders which would increase the Trust’s premium obligations and any risk associated with default on payment obligations by the insurance policy carriers. Member Interest Redemption For the year ending December 31, 2020, the U.S. Bankruptcy Court for the Northern District of Texas approved the Partnership Manager’s Motion to Approve Redemption of Member Interests, granting the Manager the authority to redeem Member Interests in the Life Partners IRA Holder Partnership, LLC, at the discretion of the Manager, when financially or administratively practicable. Pursuant to the Court’s order the Partnership redeemed 7,231,667 Member Interest for $1.4 million for the year ending December 31, 2020. There were no redemptions for the year ending December 31, 2019. Included in the redemption the Partnership redeemed 4,826,966 Member Interest for $0.9 million from the Life Partners Creditors’ Trust. The Partnership and the Life Partners Creditors’ Trust have common governing board members. The redemption was executed to reduce the administrative burden of the Partnership and to facilitate the expected termination of the Life Partners Creditor’s Trust. The Interests were redeemed at the same price per Interest as all other redemptions performed at the same or similar time and in accordance with the Motion approved by the U.S. Bankruptcy Court for the North District of Texas. Distributions On August 3, 2020, the Trust made a distribution of $30.0 million of which approximately $17.6 million was paid to the IRA Partnership, net of amounts owed by the Partnership to the Trust. The distribution was based on the number of Units held and deducting any holder obligations for unpaid premiums. After receiving the distributions on August 3, 2020, the Partnership immediately distributed its share of the distributions to the Partnership interest holders based on the number of Member Interests held and deducting any holder obligations for unpaid premiums. In 2019, the Trust distributed $20.0 million of which approximately $12.1 million was paid to the IRA Partnership, net of amounts owed by the Partnership to the Trust.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]
Note 2 - Significant Accounting Policies	Note 2 - Significant Accounting Policies Equity Method Accounting The Partnership accounts for its investment in the PHT using the equity method of its share of earnings or loss less distributions received. The Partnership and the Trust are closely connected, with a common trustee and common management. As a result of this common oversight and control, as well as the Partnership’s position as the majority holder of the Trust’s beneficial interest units, the Partnership is considered to have significant influence under the provisions of ASC 323, resulting in the application by the Partnership of the equity method of accounting. Earnings attributable to the Partnership’s interests in the Trust and recognized under the equity method represented approximately $34.0 million at December 31, 2020 and $38.4 million at December 31, 2019. The following table presents summarized Trust financial data: Balance Sheet Data: December 31, 2020 December 31, 2019 Life insurance policies $ 159,179,912 $ 172,242,734 All other assets 135,156,538 110,546,743 Total Assets $ 294,336,450 $ 282,789,477 Total Liabilities $ 56,433,312 $ 70,054,723 Net Assets $ 237,903,138 $ 212,734,754 Income Statement Data: December 31, 2020 December 31, 2019 Change in the fair value of life insurance policies $ 67,656,287 $ 71,207,859 Other income 608,269 2,773,673 Total income $ 68,264,556 $ 73,981,532 Total expenses $ 9,417,789 $ 10,575,682 Net increase in net assets resulting from operations $ 58,846,767 $ 63,405,850 Distributions Payable Distributions payable are distributions declared by the IRA Partnership pending payment. Due to Life Partners Position Holders Trust The Partnership does not have its own cash accounts, and its operating expenses and distributions to its Unit holders are paid on behalf of the Partnership by the Trust. The Partnership settles its liabilities to the Trust through reduction of the funds it receives from distributions made by the Trust. Income Taxes No provision for state or Federal income taxes has been made as the liability for such taxes is attributable to the members rather than the Partnership. The Partnership is a limited liability company with taxable income or loss passing through to the members. In certain instances, however, the Partnership may be required under applicable state laws to remit directly to state tax authorities amounts otherwise due by members. Such payments on behalf of the members are deemed distributions to them. The Financial Accounting Standards Board (the “FASB”) has provided guidance for how uncertain tax positions should be recognized, measured, disclosed, and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are more-likely-than-not of being sustained when challenged or when examined by the applicable taxing authority. The Partnership has no material uncertain income tax positions as of December 31, 2020 or December 31, 2019. Use of Estimates The preparation of these financial statements, in conformity with generally accepted accounting principles in the United States of America (“GAAP”), requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from these estimates and such differences could be material. Risks and Uncertainties The Partnership, due to the nature of its assets and operations, is subject to significant risks and uncertainties affecting the Trust which encounters economic risk. The two main components of economic risk potentially impacting the Partnership's interest in the Trust are market risk and concentration of credit risk. Market risks include interest rate risk and the risk of declines in valuation of the Trust’s life insurance policies, including declines caused by the selection of increased discount rates associated with the Trust’s fair value model. Concentration of credit risk is the risk that an insurance carrier who has issued life insurance policies held by the Trust, does not remit the amount due under those policies due to the deteriorating financial condition of the carrier or otherwise. It is reasonably possible that future changes to estimates involved in valuing the Trust’s life insurance policies could change and result in material effects on the Partnership’s financial position and results of operation.

Operations and Summary of Signi

Operations and Summary of Significant Accounting Policies (Policies) - LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]	12 Months Ended
	Dec. 31, 2020
Basis of Presentation	The Trust’s primary purpose is the liquidation of the Trust’s assets and the distribution of proceeds to its beneficial interest holders. The Trust expects that fulfilling its purpose will require a significant amount of time, and that the Trust will have significant ongoing operations during that period due to the nature of its assets and its plan to maximize the proceeds to its beneficiaries by maintaining the majority of its life insurance policies until maturity. As a result, the Trust has concluded that its liquidation is not imminent, in accordance with the definitions under accounting principles generally accepted in the United States of America and has not applied the liquidation basis of accounting in presenting its financial statements. The Trust will continue to evaluate its operations to determine when its liquidation becomes imminent and the liquidation basis of accounting is required.
Investments in Life Insurance Policies	The Trust accounts for its interests in life insurance policies at fair value in accordance with ASC 325-30, Investments in Insurance Contracts
Fair Value of Life Insurance Policies	The Trust follows ASC 820, Fair Value Measurements and Disclosures As a basis for considering such assumptions, the guidance establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. Level 1 relates to quoted prices in active markets for identical assets or liabilities. Level 2 relates to observable inputs other than quoted prices included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Trust’s investments in life insurance policies are considered to be Level 3 as there is currently no active market where the Trust is able to observe quoted prices for identical assets and the Trust’s valuation model incorporates significant inputs that are not observable. The Trust’s valuation of life insurance policies is a critical estimate within the financial statements. The Trust currently uses a probabilistic method of valuing life insurance policies, which the Trust believes to be the preferred valuation method in its industry. The Trust calculates the assets’ fair value using a present value technique to estimate the fair value of the projected future cash flows. The most significant assumptions in estimating the fair value are the Trust’s estimate of the insureds’ life expectancy and the discount rate. See Note 6, “Fair Value Measurements”.
Income Recognition	The Trust’s investments in life insurance policies are its primary source of income. Gain or loss is recognized from ongoing changes in the portfolio’s estimated fair value, including any gains or losses at maturity. Gains or losses from maturities are recognized at receipt of a death notice or verified obituary for an insured party and determined based on the difference between the death benefit and the estimated fair value of the policy at maturity.
Premiums Receivable	The Trust assumed the Debtors’ receivables related to life insurance policy premiums and service fees that were paid by the Debtors on behalf of fractional interest holders prior to the Trust’s effective date. After December 9, 2016, the policy premiums allocable to continuing fractional interest holders are those persons' obligations and not the Trust. If a continuing fractional interest holder defaults on future premium obligations, such position is deemed contributed to the Trust in exchange for the number of Units provided by the Plan, as previously modified by the Bankruptcy Court. The Trust maintains an allowance for doubtful accounts for estimated losses resulting from the inability to collect premiums and service fees receivable. Such estimates are based on the position holder’s payment history and other indications of potential uncollectability. After all attempts to collect a receivable have failed, receivables are written off against the allowance. At December 31, 2020 and 2019, the allowance for doubtful accounts was $1.0 million and $3.2 million, respectively, and fully offset for receivables assumed from the Debtors on the effective date. Outstanding receivable balances may be recoverable pursuant to the Trustee’s set-off rights under the Plan.
Maturities Receivable	Maturities receivable consist of the Trust’s portion of life insurance policy maturities that occurred, but payment was not received as of the end of the reporting period.
Premium Liability	Premium liabilities are funds in escrow on behalf of continuing fractional holders for future payment of their premium obligations. If such funds are not used for such continuing fractional holder’s premium payments, they are refunded to the respective continuing fractional holder.
Maturity Liability	Maturity liabilities are maturities collected on behalf of continuing fractional holders pending payment to those fractional holders, including reserve for unallocated funds from the inception of the Trust.
Distributions Payable	Distributions payable are distributions declared by the Trust pending payment to Unit holders.
Income Taxes	No provision for state or Federal income taxes has been made as the liability for such taxes is attributable to the Unit holders rather than the Trust. The Trust is a grantor trust with taxable income or loss passing through to the Unit holders. In certain instances, however, the Trust may be required under applicable state laws to remit directly to state tax authorities amounts otherwise due to Unit holders. Such payments on behalf of the Unit holders are deemed distributions of them. The Financial Accounting Standards Board has provided guidance for how uncertain tax positions should be recognized, measured, disclosed, and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are more-likely-than-not of being sustained when challenged or when examined by the applicable taxing authority. The Trust has no material uncertain income tax positions as of December 31, 2020 and 2019.
Use of Estimates	The preparation of these financial statements, in conformity with generally accepted accounting principles in the United States of America (“GAAP”), requires the Trust to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from these estimates and such differences could be material. The estimates related to the valuation of the life insurance policies represent significant estimates made by the Trust.
Risks and Uncertainties	The Trust encounters economic, legal, and longevity risk. The main components of economic risk potentially impacting the Trust are market risk, concentration of credit risk, and the increasing cost of insurance risk. The Trust’s market risks include interest rate risk and the risk of declines in valuation of the Trust’s life insurance policies, including declines caused by the selection of increased discount rates associated with the Trust’s fair value model. It is reasonably possible that future changes to estimates involved in valuing life insurance policies could change and materially affect future financial statements. Concentration of credit risk is the risk that an insurance carrier who has issued life insurance policies held by the Trust, does not remit the amount due under those policies due to the carrier’s deteriorating financial condition or otherwise. Another credit risk potentially impacting the Trust is the risk continuing fractional holders may default on their future premium obligations, increasing the Trust’s premium obligations. The increasing cost of insurance risk includes the carriers’ attempts to change a policy’s cost of insurance. While some cost of insurance increases are anticipated and taken into consideration in the Trust’s forecasts, other cost of insurance increases are unilaterally imposed by the carrier. The main components of legal risk are: (i) the risk that an insurer could successfully challenge its obligation to pay policy benefits at maturity; and (ii) that an insured’s family could successfully challenge the Trust’s entitlement to an insurance policy’s benefits. In either case, there is also risk that the Trust would be unable to recover the premiums it paid towards the insurance policy. Longevity risk refers to the reasonable possibility that actual mortalities of insureds in the Trust’s portfolio extend over longer periods than are anticipated, resulting in the Trust paying more in premiums and delaying its collection of death benefits. Further, increased longevity may encourage additional continuing fraction holders to default on their premium obligations, increasing the Trust’s positions and its premium payment burden. The Trust management is still evaluating any potential impact; however, such future revisions could have a material impact on the valuation. The Trust maintains the majority of its cash and cash equivalents in several accounts with a commercial bank. Balances on deposit are insured by the Federal Deposit Insurance Corporation (“FDIC”). However, from time to time the Trust's balances may exceed the FDIC insurable amounts as such in those cases the cash and cash equivalents are not insured.
Reclassifications	Certain reclassifications have been made to the 2019 financial statement presentation to correspond to the current year’s format. Total assets, net assets, and changes in net assets resulting from operations are unchanged due to these reclassifications.
Accounting Guidance Not Yet Adopted	In June 2016, the FASB issued new guidance (ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments), effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Notable amendments in this update will change the accounting for impairment of most financial assets and certain other instruments in the following ways: · financial assets (or a group of financial assets) measured at amortized cost will be required to be presented at the net amount expected to be collected, with an allowance for credit losses deducted from the amortized cost basis, resulting in a net carrying value that reflects the amount the entity expects to collect on the financial asset at purchase · credit losses relating to available-for-sale fixed maturity securities will be recorded through an allowance for credit losses, rather than reductions in the amortized cost of the securities. The allowance methodology recognizes that value may be realized either through collection of contractual cash flows or through the sale of the security. Therefore, the amount of the allowance for credit losses will be limited to the amount by which fair value is below amortized cost because the classification as available for sale is premised on an investment strategy that recognizes that the investment could be sold at fair value, if cash collection would result in the realization of an amount less than fair value · the income statement will reflect the measurement of expected credit losses for newly recognized financial assets as well as the expected increases or decreases (including the reversal of previously recognized losses) of expected credit losses that have taken place during the period. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount · disclosures will be required to include information around how the credit loss allowance was developed, further details on information currently disclosed about credit quality of financing receivables and net investments in leases, and a rollforward of the allowance for credit losses for available-for-sale fixed maturity securities as well as an aging analysis for securities that are past due The amendments in this ASU may be early adopted during any interim or annual period beginning after December 15, 2018. The Trust is currently evaluating the impact of this new accounting guidance on its financial statements and does not plan to early adopt.

Significant Accounting Polici_2

Significant Accounting Policies (Policies) - LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]	12 Months Ended
	Dec. 31, 2020
Equity Method Accounting	The Partnership accounts for its investment in the PHT using the equity method of its share of earnings or loss less distributions received. The Partnership and the Trust are closely connected, with a common trustee and common management. As a result of this common oversight and control, as well as the Partnership’s position as the majority holder of the Trust’s beneficial interest units, the Partnership is considered to have significant influence under the provisions of ASC 323, resulting in the application by the Partnership of the equity method of accounting. Earnings attributable to the Partnership’s interests in the Trust and recognized under the equity method represented approximately $34.0 million at December 31, 2020 and $38.4 million at December 31, 2019. The following table presents summarized Trust financial data: Balance Sheet Data: December 31, 2020 December 31, 2019 Life insurance policies $ 159,179,912 $ 172,242,734 All other assets 135,156,538 110,546,743 Total Assets $ 294,336,450 $ 282,789,477 Total Liabilities $ 56,433,312 $ 70,054,723 Net Assets $ 237,903,138 $ 212,734,754 Income Statement Data: December 31, 2020 December 31, 2019 Change in the fair value of life insurance policies $ 67,656,287 $ 71,207,859 Other income 608,269 2,773,673 Total income $ 68,264,556 $ 73,981,532 Total expenses $ 9,417,789 $ 10,575,682 Net increase in net assets resulting from operations $ 58,846,767 $ 63,405,850
Distributions Payable	Distributions payable are distributions declared by the IRA Partnership pending payment.
Due to Life Partners Position Holders Trust	The Partnership does not have its own cash accounts, and its operating expenses and distributions to its Unit holders are paid on behalf of the Partnership by the Trust. The Partnership settles its liabilities to the Trust through reduction of the funds it receives from distributions made by the Trust.
Income Taxes	No provision for state or Federal income taxes has been made as the liability for such taxes is attributable to the members rather than the Partnership. The Partnership is a limited liability company with taxable income or loss passing through to the members. In certain instances, however, the Partnership may be required under applicable state laws to remit directly to state tax authorities amounts otherwise due by members. Such payments on behalf of the members are deemed distributions to them. The Financial Accounting Standards Board (the “FASB”) has provided guidance for how uncertain tax positions should be recognized, measured, disclosed, and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are more-likely-than-not of being sustained when challenged or when examined by the applicable taxing authority. The Partnership has no material uncertain income tax positions as of December 31, 2020 or December 31, 2019.
Use of Estimates	The preparation of these financial statements, in conformity with generally accepted accounting principles in the United States of America (“GAAP”), requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from these estimates and such differences could be material.
Risks and Uncertainties	The Partnership, due to the nature of its assets and operations, is subject to significant risks and uncertainties affecting the Trust which encounters economic risk. The two main components of economic risk potentially impacting the Partnership's interest in the Trust are market risk and concentration of credit risk. Market risks include interest rate risk and the risk of declines in valuation of the Trust’s life insurance policies, including declines caused by the selection of increased discount rates associated with the Trust’s fair value model. Concentration of credit risk is the risk that an insurance carrier who has issued life insurance policies held by the Trust, does not remit the amount due under those policies due to the deteriorating financial condition of the carrier or otherwise. It is reasonably possible that future changes to estimates involved in valuing the Trust’s life insurance policies could change and result in material effects on the Partnership’s financial position and results of operation.

Life Insurance Policies (Tables

Life Insurance Policies (Tables) - LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]	12 Months Ended
	Dec. 31, 2020
Estimated premiums to be paid by the Trust for its portfolio	2021 $ 65,428,423 2022 61,851,321 2023 56,819,204 2024 49,297,741 2025 41,079,029 Thereafter 147,546,428 Total $ 422,022,146
Trust's life insurance policies grouped by remaining life expectancy	Remaining Life Expectancy (Years) Number of Life Insurance Policies Face Value Fair Value 0-1 — $ — $ — 1-2 1 46,395 34,398 2-3 6 7,221,086 2,249,751 3-4 93 154,462,044 37,115,382 4-5 200 426,793,251 84,401,748 Thereafter 2,439 408,906,636 35,378,633 Total 2,739 $ 997,429,412 $ 159,179,912 Remaining Life Expectancy (Years) Number of Life Insurance Policies Face Value Fair Value 0-1 — $ — $ — 1-2 1 46,395 32,546 2-3 5 4,956,008 1,243,470 3-4 79 106,480,951 26,699,382 4-5 194 401,541,262 81,093,500 Thereafter 2,617 616,520,712 63,173,836 Total 2,896 1,129,545,328 172,242,734

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2020
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Future scheduled principal payments of notes payable and sinking fund contributions	Year ending December 31, Note Payable 2021 $ — 2022 — 2023 — 2024 — 2025 — Thereafter 16,138,211 Total $ 16,138,211

Fair Value Measurements (Tables

Fair Value Measurements (Tables) - LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]	12 Months Ended
	Dec. 31, 2020
Change in estimated fair value	As of December 31, 2020, Life Expectancy Months Adjustment Average Life Expectancy Fair Value Change in Fair Value -5% $ 173,516,265 $ 14,336,353 No change 4.7 years $ 159,179,912 — +5% $ 144,277,667 $ (14,902,245) As of December 31, 2019, Life Expectancy Months Adjustment Average Life Expectancy Fair Value Change in Fair Value -5% $ 188,372,343 $ 16,129,609 No change 4.8 years $ 172,242,734 — +5% $ 155,482,251 $ (16,760,483) As of December 31, 2020, Rate Adjustment Fair Value Change in Fair Value +2% $ 151,012,859 $ (8,167,053) No change $ 159,179,912 — -2% $ 168,255,950 $ 9,076,038 As of December 31, 2019, Rate Adjustment Fair Value Change in Fair Value +2% $ 163,300,406 $ (8,942,328) No change $ 172,242,734 — -2% $ 182,200,298 $ 9,957,564
Assets measured at fair value on recurring basis	As of December 31, 2020 As of December 31, 2019 Assets: Investments in Life Insurance Policies Level 1 $ — $ — Level 2 $ — $ — Level 3 $ 159,179,912 $ 172,242,734 Total Fair Value $ 159,179,912 $ 172,242,734
Quantitative information about Level 3 fair value measurements	Life insurance policies December 31, 2020 December 31, 2019 Fair Value $ 159,179,912 $ 172,242,734 Face Value $ 997,429,412 $ 1,129,545,328 Valuation Techniques Discounted cash flow Discounted cash flow Unobservable Inputs Discount rate, Mortality assumptions Discount rate, Mortality assumptions Weighted average discount rates: Life Settlements 26.7% 24.7% Viaticals 27.3% 25.7% Mortality assumptions - 2015 VBT mortality multipliers: Life settlements 90% - 100% 90% - 110% Viaticals 350% 350%
Credit exposure to insurance companies	Carrier Percentage of Face Value Percentage of Fair Value Carrier Rating Transamerica Financial Life Insurance Company 10.2% 13.5% A The Lincoln National Life Insurance Company 10.0% 11.5% A+ Carrier Percentage of Face Value Percentage of Fair Value Carrier Rating Transamerica Financial Life Insurance Company 9.6% 12.7% A+ The Lincoln National Life Insurance Company 10.4% 12.4% A+
Changes in fair value for Trust's life insurance policies	2020 2019 Balance at January 1, $ 172,242,734 $ 186,251,760 Realized gain on matured policies 116,516,353 106,836,877 Unrealized loss on policies held (48,860,066 ) (35,629,018 ) Change in estimated fair value 67,656,287 71,207,859 Matured policies, net of fees (143,525,300 ) (129,965,627 ) Premiums paid 62,806,191 44,748,742 Balance at December 31, $ 159,179,912 $ 172,242,734

Significant Accounting Polici_3

Significant Accounting Policies (Tables) - LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]	12 Months Ended
	Dec. 31, 2020
Schedule of summarized Trust financial data of Balance Sheets	December 31, 2020 December 31, 2019 Life insurance policies $ 159,179,912 $ 172,242,734 All other assets 135,156,538 110,546,743 Total Assets $ 294,336,450 $ 282,789,477 Total Liabilities $ 56,433,312 $ 70,054,723 Net Assets $ 237,903,138 $ 212,734,754
Schedule of summarized Trust financial data of Income Statement	December 31, 2020 December 31, 2019 Change in the fair value of life insurance policies $ 67,656,287 $ 71,207,859 Other income 608,269 2,773,673 Total income $ 68,264,556 $ 73,981,532 Total expenses $ 9,417,789 $ 10,575,682 Net increase in net assets resulting from operations $ 58,846,767 $ 63,405,850

Operations and Significant Ac_2

Operations and Significant Accounting Policies (Details Narrative) $ in Millions	Dec. 09, 2016shares	Dec. 31, 2020USD ($)integershares	Dec. 31, 2019USD ($)integershares	Aug. 03, 2020USD ($)
Capital Units, Outstanding | shares		1,226,958,714	1,235,715,080
Life Settlement Contracts, Fair Value Method, Number of Contracts | integer		2,739	2,896
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Capital Units, Outstanding | shares		1,226,958,714	1,235,715,080
Allowance for doubtful accounts | $		$ 1	$ 3.2
Distribution | $		$ 1	20	$ 30
Number of trust units redeemed | shares		20,011,309
Redemption of units | $		$ 3.7
Life insurance policies fair value | $		159.2	172.2
Life Settlement Contracts, Investment Method, Face Value | $		$ 1,000	$ 1,100
Life Settlement Contracts, Fair Value Method, Number of Contracts | integer		2,739	2,896
Number of unit holders | integer		6,497	9,678
Capital Units, Issued | shares	1,012,355,948
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member] | Creditors [Member]
Redemption of units | $		$ 1.2
Number of trust units redeemed | shares		6,526,269
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]
Capital Units, Outstanding | shares		737,912,834	746,085,361
Distribution | $			$ 20	$ 30
Number of trust units redeemed | shares		7,231,667
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member] | Creditors [Member]
Redemption of units | $		$ 0.9
Number of trust units redeemed | shares		4,826,966

Restricted Cash and Cash Equi_2

Restricted Cash and Cash Equivalents (Details Narrative) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Cash and cash equivalents	$ 99.5	$ 80

Life Insurance Policies (Detail

Life Insurance Policies (Details)	Dec. 31, 2020USD ($)integer	Dec. 31, 2019USD ($)integer
Number of life insurance policies
0-1 | integer	0	0
1-2 | integer	1	1
2-3 | integer	6	5
3-4 | integer	93	79
4-5 | integer	200	194
Thereafter | integer	2,439	2,617
Number of Life Insurance Policies | integer	2,739	2,896
Life Settlement Contracts, Fair Value Method, Face Value, Fiscal Year Maturity [Abstract]
0-1	$ 0	$ 0
1-2	46,395	46,395
2-3	7,221,086	4,956,008
3-4	154,462,044	106,480,951
4-5	426,793,251	401,541,262
Thereafter	408,906,636	616,520,712
Life insurance policies, face value	997,429,412	1,129,545,328
Life Settlement Contracts, Fair Value, Fiscal Year Maturity [Abstract]
0-1	0	0
1-2	34,398	32,546
2-3	2,249,751	1,243,470
3-4	37,115,382	26,699,382
4-5	84,401,748	81,093,500
Thereafter	35,378,633	63,173,836
Fair value of life insurance policies	$ 159,179,912	$ 172,242,734

Life Insurance Policies (Deta_2

Life Insurance Policies (Details 1)	Dec. 31, 2020USD ($)
Estimated premiums to be paid
2021	$ 65,428,423
2022	61,851,321
2023	56,819,204
2024	49,297,741
2025	41,079,029
Thereafter	147,546,428
Total	$ 422,022,146

Life Insurance Policies (Deta_3

Life Insurance Policies (Details Narrative)	Dec. 31, 2020USD ($)integer	Dec. 31, 2019USD ($)integer
Number of life insurance policies | integer	2,739	2,896
Face value	$ 997,429,412	$ 1,129,545,328
Life insurance policies	$ 159,179,912	$ 172,242,734
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Number of life insurance policies | integer	2,739	2,896
Life insurance policies	$ 159,179,912	$ 172,242,734
Future premiums payable	$ 422,000,000
PHT Portfolio [Member]
Number of life insurance policies | integer	2,739	2,896
Face value	$ 1,000,000,000	$ 1,100,000,000
Life insurance policies	$ 159,200,000	$ 172,200,000
Life Settlement Contracts
Number of life insurance policies | integer	407	483
Face value	$ 800,000,000	$ 900,000,000
Life insurance policies	$ 153,700,000	$ 168,700,000
Viatical Settlement Contract
Number of life insurance policies | integer	2,332	2,413
Face value	$ 200,000,000	$ 200,000,000
Life insurance policies	$ 5,500,000	$ 3,500,000

Notes Payable (Details)

Notes Payable (Details)	Dec. 31, 2020USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2021	$ 0
2022	0
2023	0
2024	0
2025	0
Thereafter	16,138,211
Total	$ 16,138,211

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)	1 Months Ended		12 Months Ended
	Jan. 29, 2021	Jan. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 28, 2017
Ordered trustee's fees					$ 5,500,000
IRA Notes [Member]
Notes payable			$ 300,000	$ 100,000
Debt instrument conerted amount			300,000
IRA Notes [Member] | Secured Debt
Notes payable			$ 19,500	7,500
Stated interest rate			3.00%
Debt face amount			$ 35,900,000
Sinking Fund Notes Payable | Secured Debt
Notes payable			8,700,000	$ 11,600,000
Veritex Credit Facility | Secured Debt
Stated interest rate		6.00%
Debt term		2 years
Veritex Credit Facility | Secured Debt | Revolving Credit Facility
Line of credit maximum borrowing		$ 15,000,000
Veritex Credit Facility | Secured Debt | Subsequent Event [Member]
Extended debt term	2 years
Stated interest rate	5.00%
Line of credit maximum borrowing	$ 25,000,000
Notes Payable for Chapter 11 Trustee Fees | Secured Debt | 2018
Repayments of notes payable			$ 2,800,000
Notes Payable for Chapter 11 Trustee Fees | Notes Payable, Other Payables
Stated interest rate					3.00%
Debt face amount					$ 2,800,000
Debt discount					$ 200,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Life insurance policies	$ 159,179,912	$ 172,242,734
Fair Value, Inputs, Level 1
Life insurance policies	0	0
Fair Value, Inputs, Level 2
Life insurance policies	0	0
Fair Value, Inputs, Level 3
Life insurance policies	159,179,912	172,242,734
Fair Value, Inputs, Level 3 | Fair Value, Recurring
Life insurance policies	159,179,912	172,242,734
Life insurance policies, face value	$ 99,742,941,200,000,000	$ 112,954,532,800,000,000
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Discount Rate, Life Settlements | Valuation Technique, Discounted Cash Flow
Measurement input	26.70%	24.70%
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Discount Rate, Viaticals | Valuation Technique, Discounted Cash Flow
Measurement input	27.30%	25.70%
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Mortality Rate, Life Settlements | Valuation Technique, Discounted Cash Flow | Minimum
Measurement input	90.00%	90.00%
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Mortality Rate, Life Settlements | Valuation Technique, Discounted Cash Flow | Maximum
Measurement input	100.00%	110.00%
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Mortality Rate, Viaticals | Valuation Technique, Discounted Cash Flow
Measurement input	350.00%	350.00%
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Life insurance policies	$ 159,179,912	$ 172,242,734

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Life expectancy sensitivity analysis
Life insurance policies	$ 159,179,912	$ 172,242,734
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Life expectancy sensitivity analysis
Life insurance policies	$ 159,179,912	$ 172,242,734
Discount rate
Average life expectancy	4 years 8 months 12 days	4 years 9 months 18 days
Impact of -5% in life expectancy, fair value	$ 173,516,265	$ 188,372,343
Impact of +5% in life expectancy, fair value	144,277,667	155,482,251
Impact of -5% change in life expectancy, change in fair value	14,336,353	16,129,609
Impact of +5% change in life expectancy, change in fair value	(14,902,245)	(16,760,483)
Impact of +2% in discount rate, fair value	151,012,859	163,300,406
Impact of -2% in discount rate, fair value	168,255,950	182,200,298
Impact of +2% change in discount rate, change in fair value	(8,167,053)	(8,942,328)
Impact of -2% change in discount rate, change in fair value	$ 9,076,038	$ 9,957,564

Fair Value Measurements (Deta_3

Fair Value Measurements (Details 2)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Face Value of Life Insurance Policies | Transamerica Financial Life Insurance
Concentrations risk percentage	10.20%	9.60%
Face Value of Life Insurance Policies | The Lincoln National Life Insurance
Concentrations risk percentage	10.00%	10.40%
Fair Value of Life Insurance Policies | Transamerica Financial Life Insurance
Concentrations risk percentage	13.50%	12.70%
Carrier rating	A	A+
Fair Value of Life Insurance Policies | The Lincoln National Life Insurance
Concentrations risk percentage	11.50%	12.40%
Carrier rating	A+	A+

Fair Value Measurements (Deta_4

Fair Value Measurements (Details 3) - LIFE PARTNERS POSITION HOLDER TRUST Parent [Member] - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Beginning balance	$ 172,242,734	$ 186,251,760
Realized gain on matured policies	116,516,353	106,836,877
Unrealized gain (loss) on assets held	(48,860,066)	(35,629,018)
Change in estimated fair value	67,656,287	71,207,859
Matured policies, net of fees	(143,525,300)	(129,965,627)
Premiums paid	62,806,191	44,748,742
Ending balance	$ 159,179,912	$ 172,242,734

Fair Value Measurements (Deta_5

Fair Value Measurements (Details Narrative) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Increase (decrease) on portfolio fair value due to change in valuation technique	$ 5
Discount rate increase (in percentage)		2.00%
Measurement Input, Mortality Rate | Male
Measurement input			100.00%	110.00%
Measurement Input, Mortality Rate | Female
Measurement input			90.00%	90.00%
Measurement Input, Mortality Rate | Regardless of Gender
Measurement input			350.00%	350.00%

Significant Accounting Polici_4

Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Life insurance policies	$ 159,179,912	$ 172,242,734
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]
Total assets	143,078,791	128,442,454
Total liabilities	363,981	289,032
Net assets	142,714,810	128,153,422	$ 102,003,458
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member] | Equity Method Accounting [Member]
Life insurance policies	159,179,912	172,242,734
All other assets	135,156,538	110,546,743
Total assets	294,336,450	282,789,477
Total liabilities	56,433,312	70,054,723
Net assets	$ 237,903,138	$ 212,734,754

Significant Accounting Polici_5

Significant Accounting Policies (Details 1) - LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member] - Equity Method Accounting [Member] - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Change in fair value of life insurance policies	$ 67,656,287	$ 71,207,859
Other income	608,269	2,773,673
Total income	68,264,556	73,981,532
Total expenses	9,417,789	10,575,682
Net increase in net assets resulting from operations	$ 58,846,767	$ 63,405,850