Life Partners IRA Holder Partnership 10-Q 13 Nov 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Nov. 09, 2020
Cover [Abstract]
Entity Registrant Name	Life Partners Position Holder Trust Life Partners IRA Holder Partnership, LLC
Entity Central Index Key	0001692144
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2020
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Entity Common Stock Shares Outstanding		0
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-55783
Entity Address State Or Province	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 Incorporation State Country Code	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 ($)	Sep. 30, 2020	Dec. 31, 2019
Life insurance policies	$ 164,043,435	$ 172,242,734
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Cash	958,103	772,800
Maturities receivable	18,502,275	29,547,497
Prepaids and other assets	229,801	237,066
Restricted cash and cash equivalents	108,233,224	79,989,380
Life insurance policies	164,043,435	172,242,734
Total assets	291,966,838	282,789,477
Notes payable	24,881,214	25,771,182
Premium liability	24,733,870	33,183,289
Maturity liability	7,439,494	8,259,865
Accounts payable	234,778	216,169
Distributions payable	210,448	341,568
Accrued expenses	3,670,387	2,282,650
Commitments and Contingencies (Note 2)	0	0
Total liabilities	61,170,191	70,054,723
Net assets	230,796,647	212,734,754
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]
Total assets	138,832,700	128,442,454
Distributions payable	210,436	234,292
Total liabilities	359,981	289,032
Net assets	138,472,719	128,153,422
Investment in Life Partners Position Holder Trust	138,832,700	128,442,454
Due to the Life Partners Position Holder Trust	$ 149,545	$ 54,740

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Change in fair value of life insurance policies	$ (3,612,125)	$ 22,008,024	$ 56,257,932	$ 61,422,521
Other income	112,099	372,968	504,527	932,584
Total (loss) income	(3,500,026)	22,380,992	56,762,459	62,355,105
Interest expense	186,612	265,113	586,535	858,885
Administrative and filing fees	264,261	255,227	800,521	763,918
Legal fees	341,488	507,036	1,545,808	1,801,818
Professional fees	1,385,662	1,091,609	4,315,521	3,946,275
Bad debt expense	(841,050)	0	(914,643)	0
Other general and administrative	106,455	2,585,586	300,484	2,855,981
Total expenses	1,443,428	4,704,571	6,634,226	10,226,877
(Decrease) increase in net assets resulting from operations	(4,943,454)	17,676,421	50,128,233	52,128,228
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]
Professional fees	4,000	8,031	21,700	30,492
(Decrease) increase in net assets resulting from operations	(3,089,879)	10,133,305	28,730,692	31,708,265
Equity (loss) income from Life Partners Position Holder Trust	(3,085,879)	10,151,504	28,801,641	31,832,105
State and local taxes	$ 0	$ 10,168	$ 49,249	$ 93,348

STATEMENTS OF CHANGES IN NET AS

STATEMENTS OF CHANGES IN NET ASSETS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Net assets, beginning of period	$ 237,671,546	$ 203,680,150	$ 212,734,754	$ 169,006,596
Conversion of debt to units	0	0	0	221,747
Distributions to unit holders	(2)	0	(30,000,002)	0
Redemption of units	(1,931,443)	0	(2,066,338)	0
Net (decrease) increase in net assets resulting from operations	(4,943,454)	17,676,421	50,128,233	52,128,228
Net assets, end of period	$ 230,796,647	$ 221,356,571	$ 230,796,647	$ 221,356,571
Number of units	1,235,547,612	1,233,410,261	1,235,547,612	1,233,410,261
Net assets per unit	$ 0.19	$ 0.18	$ 0.19	$ 0.18
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]
Net assets, beginning of period	$ 141,971,875	$ 123,578,418	$ 128,153,422	$ 102,003,458
Net (decrease) increase in net assets resulting from operations	(3,089,879)	10,133,305	28,730,692	31,708,265
Net assets, end of period	$ 138,472,719	$ 133,711,723	$ 138,472,719	$ 133,711,723
Number of units	743,227,521	746,634,100	743,227,521	746,634,100
Net assets per unit	$ 0.19	$ 0.18	$ 0.19	$ 0.18
Distribution to IRA Partnership Interest Holders - net	$ 1,807	$ 0	$ (17,963,473)	$ 0
Redemption of IRA Partnership Member Interests	(411,084)	0	(447,922)	0
(Decrease) increase in net assets	$ (3,089,879)	$ 10,133,305	$ 28,730,692	$ 31,708,265

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Net increase in net assets resulting from operations	$ 50,128,233	$ 52,128,228
Change in fair value of life insurance policies	56,257,932	61,422,521
Prepaids and other assets	7,265	(17,016)
Assumed tax liability	0	(978,620)
Premium liability	(8,449,419)	(5,112,645)
Maturity liability	(820,371)	(5,541,014)
Accounts payable	18,609	(280,244)
Distributions payable	(131,120)
Accrued expenses	1,414,436	1,272,441
Net cash flows used in operating activities	(14,090,299)	(19,951,391)
Premiums paid on policies	(46,115,294)	(30,024,314)
Net proceeds from maturities of policies	121,617,747	90,389,848
Net cash flows provided by investing activities	75,502,453	60,365,534
Payments on notes payable	(916,667)	(9,889,269)
Redemption of Units	(2,066,338)	0
Distribution to Unitholders	(30,000,002)	0
Net cash flows used in financing activities	(32,983,007)	(9,889,269)
Net increase in cash	28,429,147	30,524,874
Cash and cash equivalents, beginning of period	80,762,180	51,894,131
Cash and cash equivalents, end of period	109,191,327	82,419,005
Cash	958,103	770,613
Restricted cash and cash equivalents	108,233,224	81,648,392
Total cash and cash equivalents	109,191,327	82,419,005
Cash paid for interest	26,796	726,000
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]
Net increase in net assets resulting from operations	28,730,692	31,708,265
Net cash flows used in operating activities	23,856	0
Net cash flows provided by investing activities	18,411,395	0
Net cash flows used in financing activities	(18,435,251)	0
Cash	0	0
Investment in Life Partners Position Holder Trust	28,801,641	31,832,105
Due to Life Partners Position Holder Trust	94,805	123,840
Distributions from Life Partners Position Holder Trust	17,963,473	0
Sale of Life Partners Position Holder Trust units	447,922	0
Distributions to IRA Partnership Interest Holders	(17,987,329)	0
Redemption of Partnership Member Interests	(447,922)	0
Cash, beginning of period	0	0
Cash end of period	$ 0	$ 0

Operations and Summary of Signi

Operations and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Note 1 - Operations and Summary of Significant Accounting Policies	Note 1 - 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. 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 September 30, 2020, and December 31, 2019, there were 6,921 and 9,678 holders of the 1,235,547,612 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. At September 30, 2020 and December 31, 2019, the Trust’s portion of the portfolio consists of positions in 2,764 and 2,896 life insurance policies, respectively with aggregate fair values of $164.0 million and $172.2 million and aggregate face values of approximately $1.0 billion and $1.1 billion, 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) pandemic has not had a material adverse effect on the Trust’s operations during the nine months ended September 30, 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. Due to closure of government offices in certain states the Trust is seeing some delays in receipt of maturities. Through the third quarter of 2020 as a result of the pandemic the delays were limited to the state of New York and New Jersey where the government offices are significantly short-staffed. These delays have 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 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. Unit Redemption On September 16, 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 on September 16, 2020 in conjunction with the Court’s order previously approved on April 10, 2020, the Trustee elected to redeem the Trust Units and Partnership Member Interests of all holders with fewer than 4,000 of such Units and/or Member Interests, all holders outside the United States and Canada, and other holders with special circumstances. In third quarter of 2020, the Trust redeemed 10,183,928 Units for a total of $1.9 million. For the nine months ended September 30, 2020, the Trust has redeemed 10,933,345 units for of $2.1 million. There were no redemptions for the nine months ending September 30, 2019. 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 unit holder obligations for unpaid premiums. Summary of Significant Accounting Policies Basis of Presentation In the opinion of management, the financial statements of the Trust as of September 30, 2020 and for the three and nine months ended September 30, 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 Accounting Standards Codification (“ASC”) 325-30, Investments in Insurance Contracts provided by the 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’ 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 uncollectibility. After all attempts to collect a receivable have failed, receivables are written off against the allowance. At September 30, 2020 and December 31, 2019, the allowance for doubtful accounts was $1.7 million and $3.2 million respectively, 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 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 September 30, 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 fractional holders to default on their premium obligations, increasing the Trust’s positions and its premium payment burden. The Trust management continues 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. Reclassifications Certain reclassifications have been made to the 2020 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2020, and December 31, 2019, the Trust has $108.2 million and $80.0 million, respectively, in restricted cash and cash equivalents. The restricted cash accounts are for: maturities, premium reserves, premium obligations, distributions payable and collateral deposits.

Life Insurance Policies

Life Insurance Policies	9 Months Ended
	Sep. 30, 2020
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Note 4 - Life Insurance Policies	Note 4 - Life Insurance Policies As of September 30, 2020, the Trust owns an interest in 2,764 policies of which 420 are life settlement policies and 2,344 are viaticals (the “PHT Portfolio”). The PHT Portfolio’s aggregate face value is approximately $1.0 billion as of September 30, 2020 of which $0.8 billion is attributable to life settlements and $0.2 billion is attributable to viaticals. The PHT Portfolio’s aggregate fair value is $164.0 million as of September 30, 2020 of which $159.0 million is attributable to life settlements and $5.0 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 $1.1billion 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 September 30, 2020 and December 31, 2019: As of September 30, 2020: Remaining Life Expectancy (Years) Number of Life Insurance Policies Face Value Fair Value 0-1 — $ — $ — 1-2 1 46,395 34,191 2-3 4 3,470,208 1,555,099 3-4 88 132,532,278 31,262,474 4-5 190 432,479,240 88,070,320 Thereafter 2,481 456,796,569 43,121,351 2,764 $ 1,025,324,690 $ 164,043,435 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 September 30, 2020, are as follows: 2020 $ 15,942,266 2021 65,374,515 2022 61,725,596 2023 56,722,889 2024 49,377,133 Thereafter 185,358,257 Total $ 434,500,656 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	9 Months Ended
	Sep. 30, 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 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 September 30, 2020. 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 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 September 30, 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 $8.5 million and $0.1 million at September 30, 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 2017. 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 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 September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019, are as follows: As of September 30, 2020 As of December 31, 2019 Assets: Investments in Life Insurance Policies Level 1 $ — $ — Level 2 $ — $ — Level 3 $ 164,043,435 $ 172,242,734 Total Fair Value $ 164,043,435 $ 172,242,734 Quantitative Information about Level 3 Fair Value Measurements Life insurance policies September 30, 2020 December 31, 2019 Fair Value $ 164,043,435 $ 172,242,734 Face Value $ 1,025,324,690 $ 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 26.3 % 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 and servicing company compensation). As of September 30, 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. We compare actual to expected mortalities to evaluate and refine our mortality multipliers; such that they reasonably “validate” based on our analysis of trends. In first quarter of 2020, we transitioned from the Select tables to the Ultimate tables from the VBT, and we 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 the 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 allows the Trust to now pay the fees periodically, rather than being deferred until 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 September 30, 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 September 30, 2020 and December 31, 2019 would be as follows: As of September 30, 2020 Weighted Average Life Change in Fair As of Life Expectancy Months Adjustment Expectancy FairValue Value -5% $ 178,740,681 $ 14,697,246 No change 4.7 years $ 164,043,435 — +5% $ 148,768,030 $ (15,275,405 ) As of December 31, 2019 As of Life Expectancy Months Adjustment Weighted 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 ) 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 portfolio, servicing cost 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 September 30, 2020 and December 31, 2019 would be as follows: As of September 30, 2020 Rate Adjustment Fair Value Change in Fair Value +2% $ 155,519,901 $ (8,523,534 ) No change $ 164,043,435 — -(2)% $ 173,529,024 $ 9,485,589 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 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 September 30, 2020: Carrier Percentage of Face Value Percentage of Fair Value Carrier Rating Transamerica Financial Life Insurance 9.9 % 12.9 % A+ The Lincoln National Life Insurance 9.7 % 11.1 % 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 September 30, 2020 and 2019: 2020 2019 Balance at July 1, $ 166,888,015 $ 188,397,206 Realized gain on matured policies 11,320,725 45,753,913 Unrealized gain (loss) on assets held (14,932,850 ) (23,745,889 ) Change in estimated fair value (3,612,125 ) 22,008,024 Matured policies, net of fees (14,453,568 ) (54,271,732 ) Premiums paid 15,221,113 10,906,047 Balance at September 30, $ 164,043,435 $ 167,039,545 The following table provides a roll-forward of the fair value of life insurance policies for the nine months ended September 30, 2020 and 2019: 2020 2019 Balance at January 1, $ 172,242,734 $ 186,251,760 Realized gain on matured policies 90,790,340 89,521,377 Unrealized loss on assets held (34,532,408 ) (28,098,856 ) Change in estimated fair value 56,257,932 61,422,521 Matured policies, net of fees (110,572,525 ) (110,659,050 ) Premiums paid 46,115,294 30,024,314 Balance at September 30, $ 164,043,435 $ 167,039,545 Other Fair Value Considerations

Operations

Operations	9 Months Ended
	Sep. 30, 2020
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]
Note 1 - Operations	Note 1 - 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. 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 743,227,521 and 746,634,100 units as of September 30, 2020 and December 31, 2019, respectively, of the Trust’s outstanding units totaling 1,235,547,612 and 1,235,715,080 as of September 30, 2020 and December 31, 2019, respectively. The sole purpose of the Partnership is to hold Trust interests to permit holders of Member 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 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 COVID-19 pandemic has not had a material adverse effect on the Trust’s operations during the nine months ended September 30, 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. Due to closure of government offices in certain states the Trust is seeing some delays in receipt of maturities. Through the third quarter of 2020 as a result of the pandemic the delays were limited to the state of New York and New Jersey where the government offices are significantly short-staffed. These delays have 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 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. Unit and Member Interest Redemption On September 16, 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 Trustee and Manager, when financially or administratively practicable. Pursuant to the Court’s order on September 16, 2020 in conjunction with the Court’s order previously approved on April 10, 2020, the Manager elected to redeem Partnership Member Interests of all holders with fewer than 4,000 of such Member Interests, all holders outside the United States and Canada, and other holders with special circumstances. In third quarter of 2020, the Partnership redeemed 2,176,265 Member Interests for $411.1 thousand. For the nine months ended September 30, 2020, the Partnership has redeemed 2,380,918 Member Interests for $447.9 thousand. There were no redemptions in 2019. 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.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 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 September 30, 2020 December 31, 2019 (Unaudited) (Audited) Investment in life insurance policies $ 164,043,435 $ 172,242,734 All other assets 127,923,403 110,546,743 Total assets $ 291,966,838 $ 282,789,477 Total liabilities $ 61,170,191 $ 70,054,723 Net assets $ 230,796,647 $ 212,734,754 Income Statement Data Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Nine months Ended September 30, 2020 Nine months Ended September 30, 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Change in fair value of life insurance policies $ (3,612,125 ) $ 22,008,024 $ 56,257,932 $ 61,422,521 Other income 112,099 $ 372,968 $ 504,527 $ 932,584 Total income $ (3,500,026 ) $ 22,380,992 $ 56,762,459 $ 62,355,105 Total expenses $ 1,443,428 $ 4,704,571 $ 6,634,226 $ 10,226,877 Net increase in net assets resulting from operations $ (4,943,454 ) $ 17,676,421 $ 50,128,233 $ 52,128,228 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 September 30, 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)	9 Months Ended
	Sep. 30, 2020
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Basis of Presentation	In the opinion of management, the financial statements of the Trust as of September 30, 2020 and for the three and nine months ended September 30, 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 Accounting Standards Codification (“ASC”) 325-30, Investments in Insurance Contracts provided by the
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’ 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 uncollectibility. After all attempts to collect a receivable have failed, receivables are written off against the allowance. At September 30, 2020 and December 31, 2019, the allowance for doubtful accounts was $1.7 million and $3.2 million respectively, 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 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 September 30, 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 fractional holders to default on their premium obligations, increasing the Trust’s positions and its premium payment burden. The Trust management continues 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.
Reclassifications	Certain reclassifications have been made to the 2020 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.
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]
Distributions Payable
Income Taxes
Use of Estimates
Risks and Uncertainties
Equity Method Accounting
Due to Life Partners Position Holders Trust

Life Insurance Policies (Tables

Life Insurance Policies (Tables) - LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]	9 Months Ended
	Sep. 30, 2020
Trust's life insurance policies grouped by remaining life expectancy	As of September 30, 2020: Remaining Life Expectancy (Years) Number of Life Insurance Policies Face Value Fair Value 0-1 — $ — $ — 1-2 1 46,395 34,191 2-3 4 3,470,208 1,555,099 3-4 88 132,532,278 31,262,474 4-5 190 432,479,240 88,070,320 Thereafter 2,481 456,796,569 43,121,351 2,764 $ 1,025,324,690 $ 164,043,435 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	2020 $ 15,942,266 2021 65,374,515 2022 61,725,596 2023 56,722,889 2024 49,377,133 Thereafter 185,358,257 Total $ 434,500,656

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2020
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Future scheduled principal payments of notes payable and sinking fund contributions	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) - LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]	9 Months Ended
	Sep. 30, 2020
Change in estimated fair value	As of September 30, 2020 Weighted Average Life Change in Fair As of Life Expectancy Months Adjustment Expectancy FairValue Value -5% $ 178,740,681 $ 14,697,246 No change 4.7 years $ 164,043,435 — +5% $ 148,768,030 $ (15,275,405 ) As of December 31, 2019 As of Life Expectancy Months Adjustment Weighted 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 September 30, 2020 Rate Adjustment Fair Value Change in Fair Value +2% $ 155,519,901 $ (8,523,534 ) No change $ 164,043,435 — -(2)% $ 173,529,024 $ 9,485,589 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 September 30, 2020 As of December 31, 2019 Assets: Investments in Life Insurance Policies Level 1 $ — $ — Level 2 $ — $ — Level 3 $ 164,043,435 $ 172,242,734 Total Fair Value $ 164,043,435 $ 172,242,734
Quantitative information about Level 3 fair value measurements	Life insurance policies September 30, 2020 December 31, 2019 Fair Value $ 164,043,435 $ 172,242,734 Face Value $ 1,025,324,690 $ 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 26.3 % 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 9.9 % 12.9 % A+ The Lincoln National Life Insurance 9.7 % 11.1 % 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	2020 2019 Balance at July 1, $ 166,888,015 $ 188,397,206 Realized gain on matured policies 11,320,725 45,753,913 Unrealized gain (loss) on assets held (14,932,850 ) (23,745,889 ) Change in estimated fair value (3,612,125 ) 22,008,024 Matured policies, net of fees (14,453,568 ) (54,271,732 ) Premiums paid 15,221,113 10,906,047 Balance at September 30, $ 164,043,435 $ 167,039,545 2020 2019 Balance at January 1, $ 172,242,734 $ 186,251,760 Realized gain on matured policies 90,790,340 89,521,377 Unrealized loss on assets held (34,532,408 ) (28,098,856 ) Change in estimated fair value 56,257,932 61,422,521 Matured policies, net of fees (110,572,525 ) (110,659,050 ) Premiums paid 46,115,294 30,024,314 Balance at September 30, $ 164,043,435 $ 167,039,545

Significant Accounting Polici_2

Significant Accounting Policies (Tables) - LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]	9 Months Ended
	Sep. 30, 2020
Balance sheet data	September 30, 2020 December 31, 2019 (Unaudited) (Audited) Investment in life insurance policies $ 164,043,435 $ 172,242,734 All other assets 127,923,403 110,546,743 Total assets $ 291,966,838 $ 282,789,477 Total liabilities $ 61,170,191 $ 70,054,723 Net assets $ 230,796,647 $ 212,734,754
Income statement data	Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Nine months Ended September 30, 2020 Nine months Ended September 30, 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Change in fair value of life insurance policies $ (3,612,125 ) $ 22,008,024 $ 56,257,932 $ 61,422,521 Other income 112,099 $ 372,968 $ 504,527 $ 932,584 Total income $ (3,500,026 ) $ 22,380,992 $ 56,762,459 $ 62,355,105 Total expenses $ 1,443,428 $ 4,704,571 $ 6,634,226 $ 10,226,877 Net increase in net assets resulting from operations $ (4,943,454 ) $ 17,676,421 $ 50,128,233 $ 52,128,228

Operations (Details Narrative)

Operations (Details Narrative)	Dec. 09, 2016shares	Sep. 30, 2020USD ($)integershares	Sep. 30, 2020USD ($)integershares	May 27, 2020shares	Dec. 31, 2019USD ($)integershares
Capital Units, Outstanding		1,235,547,612	1,235,547,612		1,235,715,080
Life Settlement Contracts, Fair Value Method, Number of Contracts | integer		2,764	2,764		2,896
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Capital Units, Outstanding		1,235,547,612	1,235,547,612		1,235,715,080
Allowance for doubtful accounts | $		$ 1,700,000	$ 1,700,000		$ 3,200
Distribution | $		$ 30,000,000	$ 30,000,000
Number of trust units redeemed		10,183,928	10,933,345
Life Settlement Contracts, Investment Method, Face Value | $		$ 100,000,000	$ 100,000,000		$ 110,000,000
Life Settlement Contracts, Fair Value Method, Number of Contracts | integer		2,764	2,764		2,896
Number of unit holders | integer		6,921	6,921		9,678
Unit redemption, threshold, maximum number of trust units per interest holder				4,000
Capital Units, Issued	1,012,355,948
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]
Capital Units, Outstanding		743,227,521	743,227,521		746,634,100
Distribution | $		$ 17,600,000	$ 17,600,000
Number of trust units redeemed		2,176,265	2,380,918
Unit redemption, threshold, maximum number of trust units per interest holder				4,000

Life Insurance Policies (Detail

Life Insurance Policies (Details)	Sep. 30, 2020USD ($)integer	Dec. 31, 2019USD ($)integer
Number of life insurance policies
0-1 | integer	0	0
1-2 | integer	1	1
2-3 | integer	4	5
3-4 | integer	88	79
4-5 | integer	190	194
Thereafter | integer	2,481	2,617
Number of Life Insurance Policies | integer	2,764	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	3,470,208	4,956,008
3-4	132,532,278	106,480,951
4-5	432,479,240	401,541,262
Thereafter	456,796,569	616,520,712
Life insurance policies, face value	102,532,469,000,000,000	112,954,532,800,000,000
Life Settlement Contracts, Fair Value, Fiscal Year Maturity [Abstract]
0-1	0	0
1-2	34,191	32,546
2-3	1,555,099	1,243,470
3-4	31,262,474	26,699,382
4-5	88,070,320	81,093,500
Thereafter	43,121,351	63,173,836
Fair value of life insurance policies	$ 164,043,435	$ 172,242,734

Life Insurance Policies (Deta_2

Life Insurance Policies (Details 1)	Sep. 30, 2020USD ($)
Estimated premiums to be paid
2020	$ 15,942,266
2021	65,374,515
2022	61,725,596
2023	56,722,889
2024	49,377,133
Thereafter	185,358,257
Total	$ 434,500,656

Life Insurance Policies (Deta_3

Life Insurance Policies (Details Narrative)	Sep. 30, 2020USD ($)integer	Dec. 31, 2019USD ($)integer
Number of life insurance policies | integer	2,764	2,896
Face value	$ 102,532,469,000,000,000	$ 112,954,532,800,000,000
Life insurance policies	$ 164,043,435	$ 172,242,734
Life Settlement Contracts
Number of life insurance policies | integer	420	483
Face value	$ 80,000,000	$ 90,000,000
Life insurance policies	$ 159,000,000	$ 168,700,000
Viatical Settlement Contract
Number of life insurance policies | integer	2,344	2,413
Face value	$ 20,000,000	$ 20,000,000
Life insurance policies	$ 5,000,000	$ 3,500,000

Notes Payable (Details)

Notes Payable (Details)	Jun. 30, 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 ($)	1 Months Ended	9 Months Ended
	Jan. 30, 2019	Sep. 30, 2020	Dec. 31, 2019	Mar. 28, 2017
Ordered trustee's fees				$ 5,500,000
Veritex Credit Facility | Secured Debt
Debt term	2
Stated interest rate	600.00%
IRA Notes | Secured Debt
Stated interest rate		300.00%
Notes payable		$ 24,900,000	$ 24.9
Debt face amount		35,900,000
Notes Payable for Chapter 11 Trustee Fees | Secured Debt | 2017
Repayments of notes payable		2,800,000
Notes Payable for Chapter 11 Trustee Fees | Notes Payable, Other Payables
Stated interest rate				300.00%
Debt face amount				$ 2,800,000
Debt discount				$ 200,000
Sinking Fund Notes Payable | Secured Debt
Notes payable		$ 8,500,000	$ 100,000
Revolving Credit Facility | Veritex Credit Facility | Secured Debt
Line of credit maximum borrowing	$ 15,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Life insurance policies	$ 164,043,435	$ 172,242,734
Life insurance policies, face value	102,532,469,000,000,000	112,954,532,800,000,000
Fair Value, Inputs, Level 3
Life insurance policies	164,043,435	172,242,734
Fair Value, Inputs, Level 3 | Fair Value, Recurring
Life insurance policies	164,043,435	172,242,734
Life insurance policies, face value	$ 102,532,469,000,000,000	$ 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	263.00%	247.00%
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Discount Rate, Viaticals | Valuation Technique, Discounted Cash Flow
Measurement input	273.00%	257.00%
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Mortality Rate, Life Settlements | Valuation Technique, Discounted Cash Flow | Minimum
Measurement input	9000.00%	9000.00%
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Mortality Rate, Life Settlements | Valuation Technique, Discounted Cash Flow | Maximum
Measurement input	10000.00%	11000.00%
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Mortality Rate, Viaticals | Valuation Technique, Discounted Cash Flow
Measurement input	35000.00%	35000.00%
Fair Value, Inputs, Level 1
Life insurance policies	$ 0	$ 0
Fair Value, Inputs, Level 2
Life insurance policies	$ 0	$ 0

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 1) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Life expectancy sensitivity analysis
Life insurance policies	$ 164,043,435	$ 172,242,734
LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Life expectancy sensitivity analysis
Average life expectancy	4.7 years	4.8 years
Impact of -5% in life expectancy, fair value	$ 178,740,681	$ 188,372,343
Life insurance policies	164,043,435	172,242,734
Impact of +5% in life expectancy, fair value	148,768,030	155,482,251
Impact of -5% change in life expectancy, change in fair value	14,697,246	16,129,609
Impact of +5% change in life expectancy, change in fair value	(15,275,405)	(16,760,483)
Discount rate
Impact of +2% in discount rate, fair value	155,519,901	163,300,406
Impact of -2% in discount rate, fair value	173,529,024	182,200,298
Impact of +2% change in discount rate, change in fair value	(8,523,534)	(8,942,328)
Impact of -2% change in discount rate, change in fair value	$ 9,485,589	$ 9,957,564

Fair Value Measurements (Deta_3

Fair Value Measurements (Details 2)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Face Value of Life Insurance Policies | Transamerica Financial Life Insurance
Concentrations risk percentage	99.00%	96.00%
Face Value of Life Insurance Policies | The Lincoln National Life Insurance
Concentrations risk percentage	97.00%	104.00%
Fair Value of Life Insurance Policies | Transamerica Financial Life Insurance
Concentrations risk percentage	129.00%	127.00%
Carrier rating	A+	A+
Fair Value of Life Insurance Policies | The Lincoln National Life Insurance
Concentrations risk percentage	111.00%	124.00%
Carrier rating	A+	A+

Fair Value Measurements (Deta_4

Fair Value Measurements (Details 3) - LIFE PARTNERS POSITION HOLDER TRUST Parent [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Beginning balance	$ 166,888,015	$ 188,397,206	$ 172,242,734	$ 186,251,760
Realized gain on matured policies	11,320,725	45,753,913	90,790,340	89,521,377
Unrealized gain (loss) on assets held	(14,932,850)	(23,745,889)	(34,532,408)	(28,098,856)
Change in estimated fair value	(3,612,125)	22,008,024	56,257,932	61,422,521
Matured policies, net of fees	(14,453,568)	(54,271,732)	(110,572,525)	(110,659,050)
Premiums paid	15,221,113	10,906,047	46,115,294	30,024,314
Ending balance	$ 164,043,435	$ 167,039,545	$ 164,043,435	$ 167,039,545

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	Sep. 30, 2020	Dec. 31, 2019
Increase (decrease) on portfolio fair value due to change in valuation technique	$ (5)
Discount rate increase (in percentage)		200.00%
Measurement Input, Mortality Rate | Male
Measurement input			10000.00%	11000.00%
Measurement Input, Mortality Rate | Female
Measurement input			9000.00%	9000.00%
Measurement Input, Mortality Rate | Regardless of Gender
Measurement input			35000.00%	35000.00%

Significant Accounting Polici_3

Significant Accounting Policies (Details) - LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member] - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Total assets	$ 138,832,700		$ 128,442,454
Total liabilities	359,981		289,032
Net assets	138,472,719	$ 141,971,875	128,153,422	$ 133,711,723	$ 123,578,418	$ 102,003,458
Equity Method Accounting [Member]
Investment in life insurance policies	164,043,435		172,242,734
All other assets	127,923,403		110,546,743
Total assets	291,966,838		282,789,477
Total liabilities	61,170,191		70,054,723
Net assets	$ 230,796,647		$ 212,734,754

Significant Accounting Polici_4

Significant Accounting Policies (Details 1) - LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member] - Equity Method Accounting [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Change in fair value of life insurance policies	$ (3,612,125)	$ 22,008,024	$ 56,257,932	$ 61,422,521
Other income	112,099	372,968	504,527	932,584
Total income	(3,500,026)	22,380,992	56,762,459	62,355,105
Total expenses	1,443,428	4,704,571	6,634,226	10,226,877
Net increase in net assets resulting from operations	$ (4,943,454)	$ 17,676,421	$ 55,071,687	$ 52,128,228