Life Partners IRA Holder Partnership 10-Q 13 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2020shares
Entity Information [Line Items]
Entity Registrant Name	Life Partners Position Holder Trust
Entity Central Index Key	0001692144
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	0
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Life Partners IRA Holder Partnership, Llc
Entity Information [Line Items]
Entity Registrant Name	Life Partners IRA Holder Partnership, LLC
Entity Central Index Key	0001705222

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash	$ 923,338	$ 772,800
Maturities receivable	22,853,083	29,547,497
Prepaids and other assets	186,777	237,066
Restricted cash and cash equivalents	87,240,685	79,989,380
Life insurance policies	178,822,344	172,242,734
Total assets	290,026,227	282,789,477
Liabilities
Notes payable	24,881,214	25,771,182
Premium liability	31,342,993	33,183,289
Maturity liability	7,743,619	8,259,865
Accounts payable	248,098	216,169
Distributions payable	251,062	341,568
Accrued expenses	2,822,925	2,282,650
Commitments and Contingencies (Note 2)
Total liabilities	67,289,911	70,054,723
Net assets	222,736,316	212,734,754
Life Partners IRA Holder Partnership, Llc
Assets
Investment in Life Partners Position Holder Trust	133,593,001	128,442,454
Total assets	133,593,001	128,442,454
Liabilities
Distributions payable	180,889	234,292
Due to the Life Partners Position Holder Trust	121,843	54,740
Total liabilities	302,732	289,032
Net assets	$ 133,290,269	$ 128,153,422

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income
Change in fair value of life insurance policies	$ 12,626,320	$ 15,761,303
Other income	259,123	196,835
Total income	12,885,443	15,958,138
Expenses
Interest expense	213,311	302,058
Administrative and filing fees	258,750	250,000
Legal fees	811,112	834,021
Professional fees	1,502,110	1,691,620
Other general and administrative	98,598	139,635
Total expenses	2,883,881	3,217,334
Increase in net assets resulting from operations	10,001,562	12,740,804
Life Partners IRA Holder Partnership, Llc
Income
Equity income from Life Partners Position Holder Trust	5,150,547	8,502,878
Expenses
Professional fees	13,700	18,461
State and local taxes	0	41,180
Increase in net assets resulting from operations	$ 5,136,847	$ 8,443,237

STATEMENTS OF CHANGES IN NET AS

STATEMENTS OF CHANGES IN NET ASSETS - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Change In Assets [Roll Forward]
Net assets, beginning of period	$ 212,734,754	$ 169,006,596
Conversion of debt to units	0	(47,911)
Net increase in net assets resulting from operations	10,001,562	12,740,804
Net assets, end of period	$ 222,736,316	$ 181,699,489
Net asset value per unit:
Number of units	1,243,505,906	1,227,739,011
Net assets per unit	$ 0.18	$ 0.15
Life Partners IRA Holder Partnership, Llc
Change In Assets [Roll Forward]
Net assets, beginning of period	$ 128,153,422	$ 102,003,458
Net increase in net assets resulting from operations	5,136,847	8,443,237
Net assets, end of period	$ 133,290,269	$ 110,446,695
Net asset value per unit:
Number of units	745,831,204	747,774,432
Net assets per unit	$ 0.18	$ 0.15

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net increase in net assets resulting from operations	$ 10,001,562	$ 12,740,804
Adjustments to reconcile net increase in net assets to net cash used in operations:
Change in fair value of life insurance policies	(12,626,320)	(15,761,303)
Change in assets and liabilities:
Prepaids and other assets	50,289	68,772
Assumed tax liability	0	(978,620)
Premium liability	(1,840,296)	(930,049)
Maturity liability	(516,246)	1,707,122
Accounts payable	31,929	410,826
Distribution payable	(90,506)	0
Accrued expenses	566,974	443,059
Net cash flows used in operating activities	(4,422,614)	(2,299,389)
Cash flows from investing activities:
Premiums paid on policies	(15,526,986)	(14,675,084)
Net proceeds from maturities of life settlements	28,268,110	24,915,775
Net cash flows provided by investing activities	12,741,124	10,240,691
Cash flows from financing activities:
Payments on notes payable	(916,667)	(4,916,667)
Net cash flows used in financing activities	(916,667)	(4,916,667)
Net increase in cash	7,401,843	3,024,635
Cash and cash equivalents, beginning of period	80,762,180	51,894,131
Cash and cash equivalents, end of period	88,164,023	54,918,766
Supplemental cash flow information:
Cash	923,338	849,024
Restricted cash and cash equivalents	87,240,685	54,069,742
Total cash and cash equivalents	88,164,023	54,918,766
Cash paid for interest	26,796	21,566
Life Partners IRA Holder Partnership, Llc
Cash flows from operating activities:
Net increase in net assets resulting from operations	5,136,847	8,443,237
Adjustments to reconcile net increase in net assets to net cash used in operations:
Income (Loss) from Equity Method Investments	(5,150,547)	(8,502,878)
Change in assets and liabilities:
Due to Life Partners Position Holder Trust	67,103	59,641
Net cash flows used in operating activities	53,403	0
Cash flows from financing activities:
Distributions to IRA Partnership unit holders	(53,403)	0
Net cash flows used in financing activities	(53,403)	0
Net increase in cash	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Supplemental cash flow information:
Total cash and cash equivalents	$ 0	$ 0

Operations and Summary of Signi

Operations and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operations and Summary of Significant Accounting Policies	Operations and Summary of Significant Accounting Policies Operations Life Partners Position Holder Trust (the “Position Holder Trust” or 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. , dated as of October 27, 2016, which we call the “Plan,” that was confirmed by order of the United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division (“Bankruptcy Court”) on November 1, 2016, as amended. The Trust holds and manages individual insurance policies from third parties. 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 March 31, 2020, and December 31, 2019, there were 9,716 and 9,678 holders of the 1,243,505,906 and 1,235,715,080 units outstanding, respectively. The Trust owns a portfolio of life insurance policies; a portion of the policies is encumbered by the beneficial interest of continuing fractional interest holders. The Trust’s portion of the portfolio consists of positions in 2,870 and 2,896 life insurance policies, with aggregate fair values of $178.8 million and $172.2 million and aggregate face values of approximately $1.1 billion and $1.1 billion at March 31, 2020, and December 31, 2019, respectively. The fair value of the interests in the life insurance policies owned by continuing fractional interest holders are not reflected in the Trust’s financial statements. 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 novel coronavirus (COVID-19) outbreak did not have a material adverse effect on the Trust's operations for the first quarter of 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. The Trust does not believe the COVID-19 will have any material impact on timing of receipt of maturities. The Trust will continue to monitor the impact of risk associated with 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 In the opinion of management, the financial statements of the Trust as of March 31, 2020 and for the three months ended March 31, 2020 and 2019 include all adjustments and accruals, consisting only of normal, recurring accrual adjustments, which are necessary for a fair presentation of the results for the interim periods. These interim results are not necessarily indicative of results for a full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") have been condensed in or omitted from this report pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). These financial statements should be read together with the consolidated financial statements and notes thereto included in the Trust's Annual Report on Form 10-K for the year ended December 31, 2019 and the Plan. 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 requires 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 . Any resulting changes in estimates are reflected in operations in the period the change becomes apparent. Fair Value of Life Insurance Policies The Trust follows ASC 820, Fair Value Measurements and Disclosures , in estimating the fair value of its life insurance policies, which defines fair value as an exit price representing the amount that would be received if an asset were sold or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. 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’ longevity, anticipated future premium obligations 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 on receipt of an insured party’s death notice or verified obituary and determined based on the difference between the death benefit and the policy’s estimated fair value at maturity. Premiums Receivable The Trust assumed the Debtors’ receivables related to life insurance policy premiums and service fees that were paid to 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. 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 March 31, 2020 and December 31, 2019, the allowance for doubtful accounts was $3.2 million, which fully offset 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 yet 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 factional holders pending payment. Distributions Payable Distributions payable are distributions declared by the Trust pending payment. Income Taxes No provision for state or federal income taxes from operations 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 withhold amounts otherwise due to Unit holders and remit them directly to state or federal tax authorities. Such payments on behalf of the Unit holders 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 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 March 31, 2020, and December 31, 2019. Use of Estimates The preparation of these financial statements, in conformity with 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 continuing to evaluate any potential impact; however, such future revisions could have a material impact on the valuation. The Trust maintains the majority of its cash 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. Recently Adopted Accounting Guidance In August 2018, the FASB issued ASU 2018-13, "Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement" which modified the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. The update removed or modified some existing disclosure requirements and added other requirements including requiring disclosure of the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty have been applied prospectively as of March 31, 2020 and December 31, 2019 for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments were applied retrospectively to all periods presented upon their effective date. There is no significant impact to the Trust's disclosures associated with the adoption of ASU 2018-13.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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	3 Months Ended
	Mar. 31, 2020
Cash and Cash Equivalents [Abstract]
Restricted Cash and Cash Equivalents	Restricted Cash and Cash EquivalentsThe Plan imposes restrictions on the Trust to maintain certain funds in segregated accounts. As of March 31, 2020, and December 31, 2019, the Trust has $87.2 million and $80.0 million, respectively, in restricted cash and cash equivalents. The restricted cash accounts are for: maturities, premium reserves, premium obligations, and collateral deposits.

Life Insurance Policies

Life Insurance Policies	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
Life Insurance Policies	Life Insurance Policies As of March 31, 2020, the Trust owns an interest in 2,870 policies of which 470 are life settlement policies and 2,400 are viaticals (the “PHT Portfolio”). The PHT Portfolio’s aggregate face value is approximately $1.1 billion as of March 31, 2020 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 $178.8 million as of March 31, 2020 of which $174.0 million is attributable to life settlements and $4.8 million is attributable to 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’s aggregate face value was approximately $1.1 billion as of December 31, 2019 of which $0.9 billion was attributable to life settlements and $0.2 billion was attributable to viaticals. The PHT Portfolio’s aggregate fair value was estimated at $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: Note 6 – Fair Value Measurements, below for a more detailed discussion of this change in estimating the insureds’ longevity. The following tables summarize the Trust's life insurance policies grouped by remaining life expectancy as of March 31, 2020 and December 31, 2019: As of March 31, 2020: Remaining Life Expectancy (Years) Number of Life Insurance Policies Face Value Fair Value 0-1 — $ — $ — 1-2 1 46,395 33,134 2-3 7 6,641,466 2,144,809 3-4 74 96,706,937 24,381,542 4-5 193 421,423,814 87,342,134 Thereafter 2,595 599,760,266 64,920,725 2,870 $ 1,124,578,878 $ 178,822,344 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 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 calendar years and thereafter as of March 31, 2020, are as follows: 2020 $ 49,279,936 2021 67,254,447 2022 63,434,679 2023 58,438,802 2024 50,742,670 Thereafter 192,225,170 Total $ 481,375,704 The Trust is required to pay premiums to keep its portion of life insurance policies in force. 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. Additionally, as the continuing fractional holders default on their future premium obligations, the Trust’s premium liability will increase. The Plan requires that the continuing fractional holders pay premium calls within 60 days of the day the Trust sends an invoice. The failure of a continuing fractional holder to timely pay a premium call on a position results in a premium default with respect to that position. 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	3 Months Ended
	Mar. 31, 2020
Notes Payable [Abstract]
Notes Payable	Notes Payable To provide for short term capital needs of the Position Holder Trust, if any, effective as of January 30, 2019, the Position Holder Trust entered into a $15 million revolving credit facility with Veritex Community Bank of Dallas, 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 March 31, 2020. In accordance with the Plan, the Trust issued New IRA notes of $35.9 million in December 2016 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 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. As of March 31, 2020, and December 31, 2019, the outstanding balances of the New IRA notes was $24.9 million. The sinking fund associated with these notes had balances of $2.3 million and $0.1 million at March 31, 2020 and December 31, 2019, respectively. 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 is in the form of a note payable in the amount of $2.8 million and is due in three equal annual payments on January 1 beginning in 2019. The note does not bear interest as ordered by the Court, thus the note has been discounted by $0.2 million, based on an implied interest rate of 3%. On January 11, 2019 the Trust paid the first installment and on December 27, 2019 the Trust paid the second installment. On January 27, 2020 the Trust paid the final installment and the note has now been completely satisfied. Future scheduled principal payments on the long-term debt are as follows as of March 31, 2020: Years Ending December 31, Long-Term Debt 2020 $ — 2021 — 2022 — 2023 — 2024 — Thereafter 24,881,214 Total $ 24,881,214

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 March 31, 2020 and December 31, 2019, are as follows: As of As of Assets: Investments in Life Insurance Policies Level 1 $ — $ — Level 2 $ — $ — Level 3 $ 178,822,344 $ 172,242,734 Total Fair Value $ 178,822,344 $ 172,242,734 Quantitative Information about Level 3 Fair Value Measurements Life insurance policies March 31, December 31, Fair Value $ 178,822,344 $ 172,242,734 Face Value $ 1,124,578,878 $ 1,129,545,328 Valuation Techniques Discounted cash flow Discounted cash flow Unobservable Inputs Discounted rate, Mortality assumptions Discounted rate, Mortality assumptions Weighted average discount rates Life Settlements 23.6% 24.7% Viaticals 25.6% 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 retained Lewis & Ellis, Inc. as its principal actuaries. The following is a summary of the methodology used to estimate the assets’ 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 and servicing company compensation). As of March 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. In first quarter of 2020, we have shifted from the Select tables to the Ultimate tables from the VBT, and we have 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. 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 Trust also continues to monitor historical deaths on a quarterly basis. We will compare actual to expected mortalities to refine our mortality multipliers; such that they reasonably “validate” based on our analysis of trends. The servicing company is paid 2.65% of each maturity as compensation. All estimated cash flows of the Policies are net of such compensation. The monthly net cash flows with interest and survivorship were discounted to arrive at the PHT Portfolio’s estimated value as of March 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 The table below reflects 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 estimate increases by 5% or decreases by 5%, the change in estimated fair value of the life insurance policies as of March 31, 2020 and December 31, 2019 would be as follows: As of March 31, 2020 Weighted Average Life Expectancy Fair Value Change in Fair Value As of Life Expectancy Months Adjustment -5% $ 194,653,176 $ 15,830,832 No change 4.8 years $ 178,822,344 — +5% $ 162,381,250 $ (16,441,094) As of December 31, 2019 Weighted Average Life Expectancy Fair Value Change in Fair Value As of Life Expectancy Months Adjustment -5% $ 188,372,343 $ 16,129,609 No change 4.8 years $ 172,242,734 — +5% $ 155,482,251 $ (16,760,483) Cost of Insurance Over the past several years, various insurers have increased the cost of insurance tables used in certain of their policies. The PHT Portfolio has not been exempt from these increases. Because the cost of insurance affects the premiums paid, an increase in the cost of insurance negatively impacts the affected policies’ valuation. The fair value estimates take into account all known increases in the cost of insurance. 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 PHT's 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 percentage points and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of March 31, 2020 and December 31, 2019 would be as follows: As of March 31, 2020 Fair Value Change in Fair Value Rate Adjustment +2% $ 168,726,909 $ (10,095,435) No change $ 178,822,344 — -(2)% $ 190,147,372 $ 11,325,028 As of December 31, 2019 Fair Value Change in Fair Value Rate Adjustment +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 Trust's fair value analysis, 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 March 31, 2020: Carrier Percentage of Face Value Percentage of Fair Value Carrier Rating Transamerica Financial Life Insurance 9.7 % 12.5 % A+ The Lincoln National Life Insurance 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 9.6 % 12.7 % A+ The Lincoln National Life Insurance 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 three months ended March 31, 2020 and 2019: 2020 2019 Balance at January 1, $ 172,242,734 $ 186,251,760 Realized gain on matured policies 18,245,701 20,473,991 Unrealized losses on assets held (5,619,381) (4,712,688) Change in estimated fair value 12,626,320 15,761,303 Matured policies, net of fees (21,573,696) (25,238,083) Premiums paid 15,526,986 14,675,084 Balance at March 31, $ 178,822,344 $ 191,450,064 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	3 Months Ended
	Mar. 31, 2020
Life Partners IRA Holder Partnership, Llc
Entity Information [Line Items]
Operations	Operations The Life Partners IRA Holder Partnership, LLC (the “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. (the “Debtors”), dated as of October 27, 2016, which we call the “Plan,” that was confirmed by order of the United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division (“Bankruptcy Court”) on November 1, 2016. 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 Partnership held 745,831,204 and 746,634,100 units as of March 31, 2020 and December 31, 2019, respectively, of the Trust’s outstanding units totaling 1,243,505,906 and 1,235,715,080 as of March 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 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 novel coronavirus (COVID-19) outbreak did not have a material adverse effect on the Partnership's operations for the first quarter of 2020. The extent to which the Partnership 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.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Life Partners IRA Holder Partnership, Llc
Significant Accounting Policies	Significant Accounting Policies Equity Method Accounting The Partnership accounts for its investment in the Trust using the equity method of accounting in accordance with Accounting Standards Codification (ASC) 323, Investments – Equity Method and Joint Ventures. 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. The following table presents summary financial information for the Trust: Balance Sheet Data March 31, December 31, (Unaudited) (Audited) Investment in life insurance policies $ 178,822,344 $ 172,242,734 All other assets 111,203,883 110,546,743 Total assets $ 290,026,227 $ 282,789,477 Total liabilities $ 67,289,911 $ 70,054,723 Net assets $ 222,736,316 $ 212,734,754 Income Statement Data Three Months Ended Three Months Ended (Unaudited) (Unaudited) Change in fair value of life insurance policies $ 12,626,320 $ 15,761,303 Other income $ 259,123 $ 196,835 Total income (loss) $ 12,885,443 $ 15,958,138 Total expenses $ 2,883,881 $ 3,217,334 Net increase in net assets resulting from operations $ 10,001,562 $ 12,740,804 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. In certain instances, however, the Partnership may be required under applicable state laws to remit directly to state tax authorities amounts otherwise due to members prior to any distributions. Such payments on behalf of the members are deemed distributions to them. The Partnership currently includes franchise taxes as part of the state and local tax expense. 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 March 31, 2020 nor 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. The 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 and changes in other assumptions to 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 life insurance policies could result in material effects to the Partnership’s financial position and results of operations.

Operations and Summary of Sig_2

Operations and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Basis of Presentation	Basis of Presentation In the opinion of management, the financial statements of the Trust as of March 31, 2020 and for the three months ended March 31, 2020 and 2019 include all adjustments and accruals, consisting only of normal, recurring accrual adjustments, which are necessary for a fair presentation of the results for the interim periods. These interim results are not necessarily indicative of results for a full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") have been condensed in or omitted from this report pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). These financial statements should be read together with the consolidated financial statements and notes thereto included in the Trust's Annual Report on Form 10-K for the year ended December 31, 2019 and the Plan.
Investments in Life Insurance Policies	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 . Any resulting changes in estimates are reflected in operations in the period the change becomes apparent.
Fair Value of Life Insurance Policies	Fair Value of Life Insurance Policies The Trust follows ASC 820, Fair Value Measurements and Disclosures , in estimating the fair value of its life insurance policies, which defines fair value as an exit price representing the amount that would be received if an asset were sold or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. 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’ longevity, anticipated future premium obligations and the discount rate. See Note 6, “Fair Value Measurements.”
Income Recognition	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 on receipt of an insured party’s death notice or verified obituary and determined based on the difference between the death benefit and the policy’s estimated fair value at maturity.
Premiums Receivable	Premiums Receivable The Trust assumed the Debtors’ receivables related to life insurance policy premiums and service fees that were paid to 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. 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 March 31, 2020 and December 31, 2019, the allowance for doubtful accounts was $3.2 million, which fully offset 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 Maturities receivable consist of the Trust’s portion of life insurance policy maturities that occurred, but payment was not yet received as of the end of the reporting period.
Premium Liability	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 Liability Maturity liabilities are maturities collected on behalf of continuing factional holders pending payment.
Distributions Payable	Distributions Payable Distributions payable are distributions declared by the Trust pending payment.
Income Taxes	Income Taxes No provision for state or federal income taxes from operations 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 withhold amounts otherwise due to Unit holders and remit them directly to state or federal tax authorities. Such payments on behalf of the Unit holders are deemed distributions to them.
Use of Estimates	Use of Estimates The preparation of these financial statements, in conformity with 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	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 continuing to evaluate any potential impact; however, such future revisions could have a material impact on the valuation. The Trust maintains the majority of its cash 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.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance In August 2018, the FASB issued ASU 2018-13, "Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement" which modified the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. The update removed or modified some existing disclosure requirements and added other requirements including requiring disclosure of the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty have been applied prospectively as of March 31, 2020 and December 31, 2019 for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments were applied retrospectively to all periods presented upon their effective date. There is no significant impact to the Trust's disclosures associated with the adoption of ASU 2018-13.
Life Partners IRA Holder Partnership, Llc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Distributions Payable	Distributions Payable Distributions payable are distributions declared by the IRA Partnership pending payment.
Income Taxes	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. In certain instances, however, the Partnership may be required under applicable state laws to remit directly to state tax authorities amounts otherwise due to members prior to any distributions. Such payments on behalf of the members are deemed distributions to them. The Partnership currently includes franchise taxes as part of the state and local tax expense. 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 March 31, 2020 nor December 31, 2019.
Use of Estimates	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	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. The 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 and changes in other assumptions to 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 life insurance policies could result in material effects to the Partnership’s financial position and results of operations.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Entity Information [Line Items]
Distributions Payable	Distributions Payable Distributions payable are distributions declared by the Trust pending payment.
Due To Life Partners Position Holders Trust	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	Income Taxes No provision for state or federal income taxes from operations 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 withhold amounts otherwise due to Unit holders and remit them directly to state or federal tax authorities. Such payments on behalf of the Unit holders are deemed distributions to them.
Use of Estimates	Use of Estimates The preparation of these financial statements, in conformity with 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	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 continuing to evaluate any potential impact; however, such future revisions could have a material impact on the valuation. The Trust maintains the majority of its cash 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.
Life Partners IRA Holder Partnership, Llc
Entity Information [Line Items]
Distributions Payable	Distributions Payable Distributions payable are distributions declared by the IRA Partnership pending payment.
Income Taxes	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. In certain instances, however, the Partnership may be required under applicable state laws to remit directly to state tax authorities amounts otherwise due to members prior to any distributions. Such payments on behalf of the members are deemed distributions to them. The Partnership currently includes franchise taxes as part of the state and local tax expense. 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 March 31, 2020 nor December 31, 2019.
Use of Estimates	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	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. The 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 and changes in other assumptions to 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 life insurance policies could result in material effects to the Partnership’s financial position and results of operations.
Equity Method Accounting	Equity Method Accounting The Partnership accounts for its investment in the Trust using the equity method of accounting in accordance with Accounting Standards Codification (ASC) 323, Investments – Equity Method and Joint Ventures. 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.

Life Insurance Policies (Tables

Life Insurance Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
Trust's life insurance policies grouped by remaining life expectancy	The following tables summarize the Trust's life insurance policies grouped by remaining life expectancy as of March 31, 2020 and December 31, 2019: As of March 31, 2020: Remaining Life Expectancy (Years) Number of Life Insurance Policies Face Value Fair Value 0-1 — $ — $ — 1-2 1 46,395 33,134 2-3 7 6,641,466 2,144,809 3-4 74 96,706,937 24,381,542 4-5 193 421,423,814 87,342,134 Thereafter 2,595 599,760,266 64,920,725 2,870 $ 1,124,578,878 $ 178,822,344 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 2,896 $ 1,129,545,328 $ 172,242,734
Estimated premiums to be paid by the Trust for its portfolio	Estimated premiums to be paid by the Trust for its portfolio during each of the five succeeding calendar years and thereafter as of March 31, 2020, are as follows: 2020 $ 49,279,936 2021 67,254,447 2022 63,434,679 2023 58,438,802 2024 50,742,670 Thereafter 192,225,170 Total $ 481,375,704

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Payable [Abstract]
Future scheduled principal payments of notes payable and sinking fund contributions	Future scheduled principal payments on the long-term debt are as follows as of March 31, 2020: Years Ending December 31, Long-Term Debt 2020 $ — 2021 — 2022 — 2023 — 2024 — Thereafter 24,881,214 Total $ 24,881,214

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Assets measured at fair value on recurring basis	The balances of the Trust's assets measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019, are as follows: As of As of Assets: Investments in Life Insurance Policies Level 1 $ — $ — Level 2 $ — $ — Level 3 $ 178,822,344 $ 172,242,734 Total Fair Value $ 178,822,344 $ 172,242,734 Quantitative Information about Level 3 Fair Value Measurements Life insurance policies March 31, December 31, Fair Value $ 178,822,344 $ 172,242,734 Face Value $ 1,124,578,878 $ 1,129,545,328 Valuation Techniques Discounted cash flow Discounted cash flow Unobservable Inputs Discounted rate, Mortality assumptions Discounted rate, Mortality assumptions Weighted average discount rates Life Settlements 23.6% 24.7% Viaticals 25.6% 25.7% Mortality assumptions - 2015 VBT mortality multipliers: Life Settlements 90% - 100% 90% - 110% Viaticals 350% 350%
Quantitative information about Level 3 fair value measurements	The table below reflects 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 estimate increases by 5% or decreases by 5%, the change in estimated fair value of the life insurance policies as of March 31, 2020 and December 31, 2019 would be as follows: As of March 31, 2020 Weighted Average Life Expectancy Fair Value Change in Fair Value As of Life Expectancy Months Adjustment -5% $ 194,653,176 $ 15,830,832 No change 4.8 years $ 178,822,344 — +5% $ 162,381,250 $ (16,441,094) As of December 31, 2019 Weighted Average Life Expectancy Fair Value Change in Fair Value As of Life Expectancy Months Adjustment -5% $ 188,372,343 $ 16,129,609 No change 4.8 years $ 172,242,734 — +5% $ 155,482,251 $ (16,760,483)
Change in estimated fair value	If the weighted average discount rate increased or decreased by 2 percentage points and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of March 31, 2020 and December 31, 2019 would be as follows: As of March 31, 2020 Fair Value Change in Fair Value Rate Adjustment +2% $ 168,726,909 $ (10,095,435) No change $ 178,822,344 — -(2)% $ 190,147,372 $ 11,325,028 As of December 31, 2019 Fair Value Change in Fair Value Rate Adjustment +2% $ 163,300,406 $ (8,942,328) No change $ 172,242,734 — -(2)% $ 182,200,298 $ 9,957,564
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 March 31, 2020: Carrier Percentage of Face Value Percentage of Fair Value Carrier Rating Transamerica Financial Life Insurance 9.7 % 12.5 % A+ The Lincoln National Life Insurance 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 9.6 % 12.7 % A+ The Lincoln National Life Insurance 10.4 % 12.4 % A+
Changes in fair value for Trust's life insurance policies	The following table provides a roll-forward of the fair value of life insurance policies for the three months ended March 31, 2020 and 2019: 2020 2019 Balance at January 1, $ 172,242,734 $ 186,251,760 Realized gain on matured policies 18,245,701 20,473,991 Unrealized losses on assets held (5,619,381) (4,712,688) Change in estimated fair value 12,626,320 15,761,303 Matured policies, net of fees (21,573,696) (25,238,083) Premiums paid 15,526,986 14,675,084 Balance at March 31, $ 178,822,344 $ 191,450,064

Significant Accounting Polici_3

Significant Accounting Policies (Tables) - Life Partners IRA Holder Partnership, Llc	3 Months Ended
	Mar. 31, 2020
Entity Information [Line Items]
Balance sheet data	The following table presents summary financial information for the Trust: Balance Sheet Data March 31, December 31, (Unaudited) (Audited) Investment in life insurance policies $ 178,822,344 $ 172,242,734 All other assets 111,203,883 110,546,743 Total assets $ 290,026,227 $ 282,789,477 Total liabilities $ 67,289,911 $ 70,054,723 Net assets $ 222,736,316 $ 212,734,754
Income statement data	Income Statement Data Three Months Ended Three Months Ended (Unaudited) (Unaudited) Change in fair value of life insurance policies $ 12,626,320 $ 15,761,303 Other income $ 259,123 $ 196,835 Total income (loss) $ 12,885,443 $ 15,958,138 Total expenses $ 2,883,881 $ 3,217,334 Net increase in net assets resulting from operations $ 10,001,562 $ 12,740,804

Operations and Summary of Sig_3

Operations and Summary of Significant Accounting Policies (Details)	Dec. 09, 2016shares	Mar. 31, 2020USD ($)HoldersPoliciesshares	Dec. 31, 2019USD ($)PoliciesHoldersshares	Mar. 31, 2019shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of units issued | shares	1,012,355,948
Number of unit holders | Holders		9,716	9,678
Number of units outstanding | shares		1,243,505,906	1,235,715,080	1,227,739,011
Number of life insurance policies | Policies		2,870	2,896
Life insurance policies		$ 178,822,344	$ 172,242,734
Aggregate face value of life insurance policies		1,100,000,000	1,100,000,000
Allowance for doubtful accounts		$ 3,200,000	$ 3,200,000

Restricted Cash and Cash Equi_2

Restricted Cash and Cash Equivalents (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Cash and Cash Equivalents [Abstract]
Restricted cash and cash equivalents	$ 87,240,685	$ 79,989,380	$ 54,069,742

Life Insurance Policies (Detail

Life Insurance Policies (Details)	Mar. 31, 2020USD ($)Policies	Dec. 31, 2019USD ($)Policies
Number of Life Insurance Policies
0-1 | Policies	0	0
1-2 | Policies	1	1
2-3 | Policies	7	5
3-4 | Policies	74	79
4-5 | Policies	193	194
Thereafter | Policies	2,595	2,617
Total | Policies	2,870	2,896
Face Value
0-1	$ 0	$ 0
1-2	46,395	46,395
2-3	6,641,466	4,956,008
3-4	96,706,937	106,480,951
4-5	421,423,814	401,541,262
Thereafter	599,760,266	616,520,712
Face value of life insurance policies	1,124,578,878	1,129,545,328
Fair Value
0-1	0	0
1-2	33,134	32,546
2-3	2,144,809	1,243,470
3-4	24,381,542	26,699,382
4-5	87,342,134	81,093,500
Thereafter	64,920,725	63,173,836
Fair value of life insurance policies	$ 178,822,344	$ 172,242,734

Life Insurance Policies (Deta_2

Life Insurance Policies (Details 1)	Mar. 31, 2020USD ($)
Estimated premiums to be paid
2020	$ 49,279,936
2021	67,254,447
2022	63,434,679
2023	58,438,802
2024	50,742,670
Thereafter	192,225,170
Total	$ 481,375,704

Life Insurance Policies - Narra

Life Insurance Policies - Narrative (Details)	Mar. 31, 2020USD ($)Policies	Dec. 31, 2019USD ($)Policies
Product Information [Line Items]
Number of life insurance policies | Policies	2,870	2,896
Face value	$ 1,124,578,878	$ 1,129,545,328
Life insurance policies	$ 178,822,344	$ 172,242,734
Life Settlement Contracts
Product Information [Line Items]
Number of life insurance policies | Policies	470	483
Face value	$ 900,000,000	$ 900,000,000
Life insurance policies	$ 174,000,000	$ 168,700,000
Viatical Settlement Contract
Product Information [Line Items]
Number of life insurance policies | Policies	2,400	2,413
Face value	$ 200,000,000	$ 200,000,000
Life insurance policies	$ 4,800,000	$ 3,500,000

Notes Payable (Details)

Notes Payable (Details)	Mar. 31, 2020USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2020	$ 0
2021	0
2022	0
2023	0
2024	0
Thereafter	24,881,214
Total	$ 24,881,214

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)	Jan. 30, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Mar. 28, 2017
Debt Instrument [Line Items]
Notes payable		$ 24,881,214			$ 25,771,182
Ordered trustee's fees						$ 5,500,000
Repayments of notes payable		916,667	$ 4,916,667
Veritex Credit Facility | Secured Debt
Debt Instrument [Line Items]
Debt term	2 years
Veritex Credit Facility | Secured Debt | Secured Debt
Debt Instrument [Line Items]
Stated interest rate	6.00%
Veritex Credit Facility | Secured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit maximum borrowing	$ 15,000,000
Notes payable		$ 0
IRA Notes | Secured Debt
Debt Instrument [Line Items]
Stated interest rate		3.00%
Notes payable		$ 24,900,000			24,900,000
Debt face amount		35,900,000
Sinking Fund Notes Payable | Secured Debt
Debt Instrument [Line Items]
Notes payable		$ 2,300,000			$ 100,000
Notes Payable for Chapter 11 Trustee Fees | Secured Debt
Debt Instrument [Line Items]
Repayments of notes payable				$ 2,800,000
Notes Payable for Chapter 11 Trustee Fees | Notes Payable, Other Payables
Debt Instrument [Line Items]
Stated interest rate						3.00%
Debt face amount						$ 2,800,000
Debt discount						$ 200,000

Fair Value Measurements (Detail

Fair Value Measurements (Details)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance policies	$ 178,822,344	$ 172,242,734
Face value of life insurance policies	1,124,578,878	1,129,545,328
Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance policies	0	0
Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance policies	0	0
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance policies	$ 178,822,344	$ 172,242,734
Level 3 | Measurement Input, Discount Rate, Life Settlements | Valuation Technique, Discounted Cash Flow | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input	0.236	0.247
Level 3 | Measurement Input, Discount Rate, Viaticals | Valuation Technique, Discounted Cash Flow | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input	0.256	0.257
Level 3 | Measurement Input, Mortality Rate, Viaticals | Valuation Technique, Discounted Cash Flow | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input	3.50	3.50
Level 3 | Minimum | Measurement Input, Mortality Rate, Life Settlements | Valuation Technique, Discounted Cash Flow | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input	0.90	0.90
Level 3 | Maximum | Measurement Input, Mortality Rate, Life Settlements | Valuation Technique, Discounted Cash Flow | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input	1	1.10

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 2) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Life expectancy sensitivity analysis
Average life expectancy	4 years 9 months 18 days	4 years 9 months 18 days
Impact of -5% in life expectancy, fair value	$ 194,653,176	$ 188,372,343
No change, fair value	178,822,344	172,242,734
Impact of +5% in life expectancy, fair value	162,381,250	155,482,251
Impact of -5% change in life expectancy, change in fair value	15,830,832	16,129,609
Impact of +5% change in life expectancy, change in fair value	(16,441,094)	(16,760,483)
Discount rate
Impact of +2% in discount rate, fair value	168,726,909	163,300,406
No change, fair value	178,822,344	172,242,734
Impact of -2% in discount rate, fair value	190,147,372	182,200,298
Impact of +2% change in discount rate, change in fair value	(10,095,435)	(8,942,328)
Impact of -2% change in discount rate, change in fair value	$ 11,325,028	$ 9,957,564

Fair Value Measurements (Deta_3

Fair Value Measurements (Details 3)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
The Lincoln National Life Insurance | Face Value of Life Insurance Policies
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentrations risk percentage	9.70%	9.60%
The Lincoln National Life Insurance | Fair Value of Life Insurance Policies
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentrations risk percentage	12.50%	12.70%
Carrier rating	A+	A+
Transamerica Financial Life Insurance | Face Value of Life Insurance Policies
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentrations risk percentage	10.00%	10.40%
Transamerica Financial Life Insurance | Fair Value of Life Insurance Policies
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentrations risk percentage	11.50%	12.40%
Carrier rating	A+	A+

Fair Value Measurements (Deta_4

Fair Value Measurements (Details 4) - Life Settlement Contracts - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 172,242,734	$ 186,251,760
Realized gain on matured policies	18,245,701	20,473,991
Unrealized losses on assets held	(5,619,381)	(4,712,688)
Change in estimated fair value	12,626,320	15,761,303
Matured policies, net of fees	(21,573,696)	(25,238,083)
Premiums paid	15,526,986	14,675,084
Ending balance	$ 178,822,344	$ 191,450,064

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	Mar. 31, 2020USD ($)	Dec. 31, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impact on portfolio due to change in valuation technique	$ 5
Compensation percent	2.65%
Measurement Input, Mortality Rate | Male
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1	1.10
Measurement Input, Mortality Rate | Female
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.90	0.90
Measurement Input, Mortality Rate | Regardless of Gender
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	3.50	3.50

Operations (Details)

Operations (Details) - shares	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Entity Information [Line Items]
Number of units outstanding	1,243,505,906	1,235,715,080	1,227,739,011
Life Partners IRA Holder Partnership, Llc
Entity Information [Line Items]
Number of units outstanding	745,831,204	746,634,100	747,774,432

Significant Accounting Polici_4

Significant Accounting Policies (Details) - Life Partners IRA Holder Partnership, Llc - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Assets
Investment in life insurance policies	$ 178,822,344	$ 172,242,734
All other assets	111,203,883	110,546,743
Total assets	290,026,227	282,789,477
Total liabilities	67,289,911	70,054,723
Net assets	$ 222,736,316	$ 212,734,754

Significant Accounting Polici_5

Significant Accounting Policies (Details 1) - Life Partners IRA Holder Partnership, Llc - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Change in fair value of life insurance policies	$ 12,626,320	$ 15,761,303
Other income	259,123	196,835
Total income (loss)	12,885,443	15,958,138
Total expenses	2,883,881	3,217,334
Net increase (decrease) in net assets resulting from operations	$ 10,001,562	$ 12,740,804