Life Partners IRA Holder Partnership 10-Q 12 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	May 08, 2021
Document Information Line Items
Entity Registrant Name	Life Partners Position Holder Trust
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	Jun. 30, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Entity Common Stock Shares Outstanding		0
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity File Number	000-55783
Entity Tax Identification Number	81-6950788
Entity Incorporation State Country Code	TX
Entity Address Address Line 1	2001 Bryan Street
Entity Address Address Line 2	Suite 1800
Entity Address City Or Town	Dallas
Entity Address State Or Province	TX
Entity Address Postal Zip Code	75201
City Area Code	214
Local Phone Number	560-5404
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC [Member]
Document Information Line Items
Entity Registrant Name	Life Partners IRA Holder Partnership, LLC
Entity File Number	000-55784
Entity Tax Identification Number	81-4644966

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Jun. 30, 2021	Dec. 31, 2020
LIFE PARTNERS POSITION HOLDER TRUST [Member]
Assets
Cash	$ 863,272	$ 950,399
Maturities receivable	24,423,912	34,144,775
Prepaids and other assets	714,715	564,985
Restricted cash and cash equivalents	93,888,103	99,496,379
Life insurance policies	197,372,067	159,179,912
Total assets	317,262,069	294,336,450
Liabilities
Notes payable	16,138,211	16,138,211
Premium liability	24,507,239	30,708,458
Maturity liability	3,205,143	5,871,936
Accounts payable	416,990	479,922
Distributions payable	265,468	255,305
Accrued expenses	490,773	2,979,480
Total liabilities	45,023,824	56,433,312
Net assets	272,238,245	237,903,138
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC [Member]
Assets
Cash	0	0
Total assets	162,740,833	143,078,791
Liabilities
Distributions payable	90,370	109,934
Total liabilities	435,570	363,981
Net assets	162,305,263	142,714,810
Investment in Life Partners Position Holder Trust	162,740,833	143,078,791
Due to the Life Partners Position Holder Trust	$ 345,200	$ 254,047

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
LIFE PARTNERS POSITION HOLDER TRUST [Member]
Income
Change in fair value of life insurance policies	$ 9,037,626	$ 47,243,737	$ 63,140,482	$ 59,870,057
Other income	77,180	133,305	749,515	392,428
Total income	9,114,806	47,377,042	63,889,997	60,262,485
Interest expense	121,040	186,612	242,990	399,923
Administrative and filing fees	5,934	277,510	265,934	536,260
Legal fees	176,757	393,208	474,591	1,204,320
Professional fees	1,474,442	1,427,749	3,071,385	2,929,859
Bad debt expense (recovery)	(237,156)	(51,159)	(238,927)	(73,593)
Other general and administrative	79,412	72,997	285,418	194,029
Total expenses	1,620,429	2,306,917	4,101,391	5,190,798
Increase in net assets resulting from operations	7,494,377	45,070,125	59,788,606	55,071,687
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC [Member]
Income
Professional fees	4,000	4,000	17,000	17,700
Increase in net assets resulting from operations	4,272,178	26,683,724	34,723,540	31,820,571
Equity income from Life Partners Position Holder Trust	4,330,767	26,736,973	34,795,129	31,887,520
Expenses
State and local taxes	$ 54,589	$ 49,249	$ 54,589	$ 49,249

STATEMENTS OF CHANGES IN NET AS

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
LIFE PARTNERS POSITION HOLDER TRUST [Member]
Net assets, beginning of period	$ 269,966,496	$ 222,736,316	$ 237,903,138	$ 212,734,754
Distributions to unit holders	(5,000,005)	(30,000,000)	(25,000,005)	(30,000,000)
Redemption of units	(222,623)	(134,895)	(453,494)	(134,895)
Net increase in net assets resulting from operations	7,494,377	45,070,125	59,788,606	55,071,687
Net assets, end of period	$ 272,238,245	$ 237,671,546	$ 272,238,245	$ 237,671,546
Number of units	1,232,734,745	1,244,721,402	1,232,734,745	1,244,721,402
Net assets per unit	$ 0.22	$ 0.19	$ 0.22	$ 0.19
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC [Member]
Net assets, beginning of period	$ 161,120,468	$ 133,290,269	$ 142,714,810	$ 128,153,422
Net increase in net assets resulting from operations	4,272,178	26,683,724	34,723,540	31,820,571
Net assets, end of period	$ 162,305,263	$ 141,971,875	$ 162,305,263	$ 141,971,875
Number of units	736,914,422	745,392,290	736,914,422	745,392,290
Net assets per unit	$ 0.22	$ 0.19	$ 0.22	$ 0.19
Distribution to Partnership member interest holders	$ (2,991,068)	$ (17,965,280)	$ (14,955,327)	$ (17,965,280)
Redemption of Member Interests	$ (96,315)	$ (36,838)	$ (177,760)	$ (36,838)

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
LIFE PARTNERS POSITION HOLDER TRUST [Member]
Net increase in net assets resulting from operations	$ 59,788,606	$ 55,071,687
Change in fair value of life insurance policies	(63,140,482)	(59,870,057)
Prepaids and other assets	(149,730)	(438,802)
Premium liability	(6,201,219)	(5,720,891)
Maturity liability	(2,666,793)	(505,885)
Accounts payable	(62,932)	16,291
Distributions payable	10,163	(199,000)
Accrued expenses	(2,488,707)	977,823
Net cash flows used in operating activities	(14,911,094)	(10,668,834)
Premiums paid on policies	(31,007,507)	(30,894,181)
Net proceeds from maturities of life policies	65,676,697	64,741,222
Net cash flows provided by investing activities	34,669,190	33,847,041
Payments on notes payable	0	(916,667)
Redemption of Units	(453,494)	(134,895)
Distributions to unit holders	(25,000,005)	0
Net cash flows used in financing activities	(25,453,499)	(1,051,562)
Net (decrease) increase in cash	(5,695,403)	22,126,645
Cash and cash equivalents, beginning of period	100,446,778	80,762,180
Cash and cash equivalents, end of period	94,751,375	102,888,825
Cash	863,272	820,873
Restricted cash and cash equivalents	93,888,103	102,067,952
Total cash and cash equivalents	94,751,375	102,888,825
Cash paid for interest	0	26,796
Cash, beginning of period	950,399
Cash end of period	863,272
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC [Member]
Net increase in net assets resulting from operations	34,723,540	31,820,571
Net cash flows used in operating activities	19,564	234,292
Net cash flows provided by investing activities	177,760	36,838
Net cash flows used in financing activities	(197,324)	(271,130)
Net (decrease) increase in cash	0	0
Equity income from Life Partners Position Holder Trust	(34,795,129)	(31,887,520)
Due to the Life Partners Position Holder Trust	91,153	301,241
Redemption of units by Life Partners Position Holder Trust	177,760	36,838
Distributions to IRA Partnership Member Interest holders	(19,564)	(234,292)
Redemption of Partnership Member Interests	(177,760)	(36,838)
Cash, beginning of period	0	0
Cash end of period	$ 0	$ 0

Operations and Summary of Signi

Operations and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
LIFE PARTNERS POSITION HOLDER TRUST [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 June 30, 2021, and December 31, 2020, there were 6,632 and 6,497 holders of the 1,232,734,745 and 1,226,958,714 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 June 30, 2021 and December 31, 2020, the Trust’s portion of the portfolio consists of positions in 2,663 and 2,739 life insurance policies, respectively with aggregate fair values of $197.4 million and $159.2 million and aggregate face values of approximately $1.0 billion. 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 six months ending June 30, 2021. The extent to which the Trust will be impacted by the outbreak will largely depend on future developments, which are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning the severity of the outbreak and actions by government authorities to contain the outbreak or treat its impact, among other things. COVID-19 has not impacted the Trust’s ability to realize maturity receivables and pay its premium obligations or other expenses. The Trust will continue to monitor the impact of risk associated with mortality experience, default on future premium obligations by the continuing fractional holders which would increase the Trust’s premium obligations and any risk associated with default on payment obligations by the insurance policy carriers. Tender Offer On June 24, 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. The Trust redeemed 1,420,990 Units for a total of $222.6 thousand and 749,417 units for a total of $134.9 thousand for three months ending June 30, 2021, and June 30, 2020, respectively. Included in the redemption total above for second quarter of 2021, the Trust redeemed 368,173 units for $70.2 thousand held by the Life Partners Creditors’ Trust. The Life Partners Position Holder Trust and the Life Partners Creditors’ Trust share the same Trust Governing Board. The redemption was executed to reduce the administrative burden of the Life Partners Position Holder Trust and to facilitate the expected termination of the Life Partners Creditor’s Trust. The units were redeemed at the same price per unit as all other redemptions performed at the same or similar time and in line with the Motion approved by the U.S. Bankruptcy Court for the North District of Texas. The Trust redeemed 2,636,103 Units for a total of $453.5 thousand and 749,417 units for a total of $134.9 thousand for six months ending June 30, 2021, and June 30, 2020, respectively. Included in the redemption total above for six months ending June 30, 2021, the Trust redeemed 1,156,938 units for $220.1 thousand held by the Life Partners Creditors’ Trust. Distributions In the first quarter of 2021, the Trust's Governing Trust Board and Trustee approved a distribution of $20.0 million to the holders of Units in the Trust. In the second quarter of 2021, the Trust’s Governing Trust Board and Trustee approved an additional $5 million distribution. On April 20, Summary of Significant Accounting Policies Basis of Presentation In the opinion of management, the financial statements of the Trust as of June 30, 2021, and for the three and six months ended June 30, 2021, and 2020 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, 2020, 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 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 uncollectability. After all attempts to collect a receivable have failed, receivables are written off against the allowance. At June 30, 2021 and December 31, 2020, the allowance for doubtful accounts was $0.5 million and $1.0 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 fractional holders pending payment to those fractional holders, including a reserve for unallocated funds from the inception of Trust. Distributions Payable Distributions payable are distributions declared by the Trust pending payment to Unit holders. Income Taxes No provision for state or federal income taxes 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 June 30, 2021, and December 31, 2020. 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. Accounting Guidance Not Yet Adopted In June 2016, the FASB issued new guidance (ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments), effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Notable amendments in this update will change the accounting for impairment of most financial assets and certain other instruments in the following ways: · financial assets (or a group of financial assets) measured at amortized cost will be required to be presented at the net amount expected to be collected, with an allowance for credit losses deducted from the amortized cost basis, resulting in a net carrying value that reflects the amount the entity expects to collect on the financial asset at purchase · credit losses relating to available-for-sale fixed maturity securities will be recorded through an allowance for credit losses, rather than reductions in the amortized cost of the securities. The allowance methodology recognizes that value may be realized either through collection of contractual cash flows or through the sale of the security. Therefore, the amount of the allowance for credit losses will be limited to the amount by which fair value is below amortized cost because the classification as available for sale is premised on an investment strategy that recognizes that the investment could be sold at fair value, if cash collection would result in the realization of an amount less than fair value · the income statement will reflect the measurement of expected credit losses for newly recognized financial assets as well as the expected increases or decreases (including the reversal of previously recognized losses) of expected credit losses that have taken place during the period. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount · disclosures will be required to include information around how the credit loss allowance was developed, further details on information currently disclosed about credit quality of financing receivables and net investments in leases, and a rollforward of the allowance for credit losses for available-for-sale fixed maturity securities as well as an aging analysis for securities that are past due The amendments in this ASU may be early adopted during any interim or annual period beginning after December 15, 2018. The Trust is currently evaluating the impact of this new accounting guidance on its financial statements and does not plan to early adopt.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
LIFE PARTNERS POSITION HOLDER TRUST [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	6 Months Ended
	Jun. 30, 2021
LIFE PARTNERS POSITION HOLDER TRUST [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 June 30, 2021, and December 31, 2020, the Trust has $93.9 million and $99.5 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	6 Months Ended
	Jun. 30, 2021
LIFE PARTNERS POSITION HOLDER TRUST [Member]
Note 4 - Life Insurance Policies	Note 4 - Life Insurance Policies As of June 30, 2021, the Trust owns an interest in 2,663 policies of which 384 are life settlement policies and 2,279 are viaticals (the “PHT Portfolio”). The PHT Portfolio’s aggregate face value is approximately $1.0 billion as of June 30, 2021, 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 $197.4 million as of June 30, 2021, of which $187.6 million is attributable to life settlements and $9.8 million is attributable to viaticals. As of December 31, 2020, the Trust owned an interest in 2,739 policies of which 407 are life settlement policies and 2,332 are viaticals. The PHT Portfolio’s aggregate face value was approximately $1.0 billion as of December 31, 2020, of which $0.8 billion was attributable to life settlements and $0.2 billion was attributable to viaticals. The PHT Portfolio’s aggregate fair value was estimated at $159.2 million as of December 31, 2020, of which $153.7 million was attributable to life settlements and $5.5 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 June 30, 2021, and December 31, 2020: As of June 30, 2021: Remaining Life Expectancy (Years) Number of Life Insurance Policies Face Value Fair Value 0-1 — $ — $ — 1-2 1 46,395 37,259 2-3 2 2,096,047 1,450,023 3-4 64 97,769,967 30,937,537 4-5 164 343,622,154 87,764,786 Thereafter 2,432 509,511,837 77,182,462 2,663 $ 953,046,400 $ 197,372,067 As of December 31, 2020: Remaining Life Expectancy (Years) Number of Life Insurance Policies Face Value Fair Value 0-1 — $ — $ — 1-2 1 46,395 34,398 2-3 6 7,221,086 2,249,751 3-4 93 154,462,044 37,115,382 4-5 200 426,793,251 84,401,748 Thereafter 2,439 408,906,636 35,378,633 2,739 $ 997,429,412 $ 159,179,912 Estimated premiums to be paid by the Trust for its portfolio during each of the five succeeding calendar years and thereafter as of June 30, 2021, are as follows: 2021 $ 32,433,408 2022 64,015,649 2023 59,565,484 2024 51,997,816 2025 44,356,043 Thereafter 168,970,185 Total $ 421,338,585 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	6 Months Ended
	Jun. 30, 2021
LIFE PARTNERS POSITION HOLDER TRUST [Member]
Note 5 - Notes Payable	Note 5 - Notes Payable To provide for short term capital needs of the Position Holders Trust, if any, effective January 30, 2019, the Position Holders Trust entered into a $15.0 million revolving credit facility with Veritex Community Bank of Dallas (“Veritex Credit Facility”), Texas. The Veritex Credit Facility, is secured by a lien on the Position Holder Trust’s assets, had an initial 2-year term and, as to any amounts drawn thereunder, bore interest at the rate of 6% per annum. Effective January 29, 2021, the Trust renewed the revolving credit facility for an additional 2-year term. As part of the renewal, the revolving credit facility was increased to $25.0 million and shall bear interest at the rate of 5% per annum. The Veritex Credit Facility will continue to be secured by a lien on the Position Holder Trust’s assets. There are no amounts outstanding as of June 30, 2021 and December 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 June 30, 2021, and December 31, 2020, the outstanding balances of the New IRA notes was $16.1 million. The sinking fund associated with these notes had balances of $5.3 million and $0.3 million at June 30, 2021 and December 31, 2020, respectively. Future scheduled principal payments on the long-term debt are as follows as of June 30, 2021: Years Ending December 31, Long-Term Debt 2021 $ — 2022 — 2023 — 2024 — 2025 — Thereafter 16,138,211 Total $ 16,138,211

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
LIFE PARTNERS POSITION HOLDER TRUST [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 June 30, 2021 and December 31, 2020, are as follows: As of June 30, 2021 As of December 31, 2020 Assets: Investments in Life Insurance Policies Level 1 $ — $ — Level 2 $ — $ — Level 3 $ 197,372,067 $ 159,179,912 Total Fair Value $ 197,372,067 $ 159,179,912 Quantitative Information about Level 3 Fair Value Measurements Life insurance policies June 30, 2021 December 31, 2020 Fair Value $ 197,372,067 $ 159,179,912 Face Value $ 953,046,400 $ 997,429,412 Valuation Techniques Discounted cash flow Discounted cash flow Unobservable Inputs Discount rate, Mortality assumptions Discount rate, Mortality assumptions Weighted average discount rates Life Settlements 15.0% 26.7% Viaticals 20.0% 27.3% Mortality assumptions - 2015 VBT mortality multipliers: Life Settlements 85% - 90% 90% - 100% 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 Ultimate table 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 June 30, 2021, the default mortality multipliers used are 90% for the life settlement males, 85% for the life settlement females, and 350% for the viaticals regardless of gender. As of December 31, 2020, the default mortality multipliers used are 100% for the life settlement males, 90% for the life settlement females, and 350% for the viaticals regardless of gender. On a quarterly basis, the Trust compares actual mortalities to expected mortalities to refine its analysis. 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 monthly net cash flows with interest and survivorship were discounted to arrive at the PHT Portfolio’s estimated value as of June 30, 2021 and December 31, 2020. 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 June 30, 2021 and December 31, 2020 would be as follows: As of June 30, 2021 As of Life Expectancy Months Adjustment Weighted Average Life Expectancy Fair Value Change in Fair Value -5% $ 213,065,056 $ 15,692,989 No change 5.1 years $ 197,372,067 — +5% $ 180,936,824 $ (16,435,243 ) As of December 31, 2020 As of Life Expectancy Months Adjustment Weighted Average Life Expectancy Fair Value Change in Fair Value -5% $ 173,516,265 $ 14,336,353 No change 4.7 years $ 159,179,912 — +5% $ 144,277,667 $ (14,902,245 ) 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 June 30, 2021 and December 31, 2020 would be as follows: As of June 30, 2021 Rate Adjustment Fair Value Change in Fair Value +2% $ 183,222,542 $ (14,149,525 ) No change $ 197,372,067 — -2% $ 213,655,628 $ 16,283,561 As of December 31, 2020 Rate Adjustment Fair Value Change in Fair Value +2% $ 151,012,859 $ (8,167,053 ) No change $ 159,179,912 — -2% $ 168,255,950 $ 9,076,038 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. Starting in the first quarter of 2021, the Trust’s actuarial firm, Lewis and Ellis, modified the discount rate used to value the portfolio and applied a consistent discount rate in the second quarter of 2021. This change had a material impact on the fair value of the Trust’s portfolio. These changes were made as a result of i) The full on-boarding by NorthStar of the Trust’s portfolio, which produced more clarity into premium streams, the Trust’s ability to track insureds and thus deaths. ii) The majority of premium streams have been fully optimized. This not only improves clarity into the Trust’s payment obligations, it also resulted in cost savings for the Trust. iii) The importance of having specific LEs for the senior life settlement portion of the portfolio has been diminished by the fact that the average age of the insureds has now surpassed the age of 90, and iv) the Trust has now exited bankruptcy which increases the marketability of the Trust’s portfolio. 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 June 30, 2021: Carrier Percentage of Face Value Percentage of Fair Value Carrier Rating Transamerica Financial Life Insurance 10.5 % 14.0 % A+ The Lincoln National Life Insurance 8.9 % 10.2 % 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, 2020: Carrier Percentage of Face Value Percentage of Fair Value Carrier Rating Transamerica Financial Life Insurance 10.2 % 13.5 % A The Lincoln National Life Insurance 10.0 % 11.5 % 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 June 30, 2021 and 2020: 2021 2020 Balance at April 1, $ 200,436,921 $ 178,822,344 Realized gain on matured policies 20,959,867 61,223,914 Unrealized loss on assets held (11,922,241 ) (13,980,177 ) Change in estimated fair value 9,037,626 47,243,737 Matured policies, net of fees (28,146,887 ) (74,545,261 ) Premiums paid 16,044,407 15,367,195 Balance at June 30, $ 197,372,067 $ 166,888,015 The following table provides a roll-forward of the fair value of life insurance policies for the six months ended June 30, 2021 and 2020: 2021 2020 Balance at January 1, $ 159,179,912 $ 172,242,734 Realized gain on matured policies 44,781,048 79,469,615 Unrealized gain (loss) on assets held 18,359,434 (19,599,558 ) Change in estimated fair value 63,140,482 59,870,057 Matured policies, net of fees (55,955,834 ) (96,118,957 ) Premiums paid 31,007,507 30,894,181 Balance at June 30, $ 197,372,067 $ 166,888,015 Other Fair Value Considerations

Operations

Operations	6 Months Ended
	Jun. 30, 2021
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC [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 736,914,422 and 737,912,834 units as of June 30, 2021, and December 31, 2020, respectively, of the Trust’s outstanding units totaling 1,232,734,745 and 1,226,958,714 as of June 30, 2021, and December 31, 2020, 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 novel coronavirus (COVID-19) pandemic has not had a material adverse effect on the Trust’s operations during the six months ending June 30, 2021. The extent to which the Trust will be impacted by the outbreak will largely depend on future developments, which are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning the severity of the outbreak and actions by government authorities to contain the outbreak or treat its impact, among other things. COVID-19 has not impacted the Trust’s ability to realize maturity receivables and pay its premium obligations or other expenses. The Trust will continue to monitor the impact of risk associated with mortality experience, default on future premium obligations by the continuing fractional holders which would increase the Trust’s premium obligations and any risk associated with default on payment obligations by the insurance policy carriers. Tender Offer On June 24, Member Interest 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. In second quarter of 2021, the Trust redeemed 506,922 Units held by the Partnership for a total of $96.3 thousand. In turn, the Partnership redeemed member interest of $96.3 thousand in the second quarter of 2021. In second quarter of 2020, the Trust redeemed 204,653 Units held by the Partnership for a total of $36.8 thousand. In turn, the Partnership redeemed member interest of $36.8 thousand in the second quarter of 2020. Included in the redemption total above for second quarter of 2021, the Trust redeemed 237,060 units for $45.0 thousand held by the Life Partners Creditors’ Trust. The Life Partners Position Holder Trust and the Life Partners Creditors’ Trust share the same Trust Governing Board. The redemption was executed to reduce the administrative burden of the Life Partners Position Holder Trust and to facilitate the expected termination of the Life Partners Creditor’s Trust. The units were redeemed at the same price per unit as all other redemptions performed at the same or similar time and in line with the Motion approved by the U.S. Bankruptcy Court for the North District of Texas. For the six months ended June 30, 2021, the Trust redeemed 935,579 Units held by the Partnership for a total of $177.8 thousand. In turn, the Partnership redeemed member interest of $177.8 thousand in the six months ended June 30, 2021. For the six months ending June 30, 2020, the Trust redeemed 204,653 Units held by the Partnership for a total of $36.8 thousand. In turn, the Partnership redeemed member interest of $36.8 thousand in the six months ended June 30, 2020. Included in the redemption total above for six months ended June 30, 2021, the Trust redeemed 627,686 units for $119.3 thousand held by the Life Partners Creditors’ Trust. Distributions In the first quarter of 2021, the Trust's Governing Trust Board and Trustee approved a distribution of $20.0 million to the holders of Units in the Trust. In the second quarter of 2021, the Trust’s Governing Trust Board and Trustee approved an additional $5 million distribution. On April 20,

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC [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 June 30, 2021 December 31, 2020 (Unaudited) (Audited) Investment in life insurance policies $ 197,372,067 $ 159,179,912 All other assets 119,890,002 135,156,538 Total assets $ 317,262,069 $ 294,336,450 Total liabilities $ 45,023,824 $ 56,433,312 Net assets $ 272,238,245 $ 237,903,138 Income Statement Data Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Change in fair value of life insurance policies $ 9,037,626 $ 47,243,737 $ 63,140,482 $ 59,870,057 Other income 77,180 133,305 $ 749,515 $ 392,428 Total income $ 9,114,806 $ 47,377,042 $ 63,889,997 $ 60,262,485 Total expenses $ 1,620,429 $ 2,306,917 $ 4,101,391 $ 5,190,798 Net increase in net assets resulting from operations $ 7,494,377 $ 45,070,125 $ 59,788,606 $ 55,071,687 Distributions P ayable 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 June 30, 2021, nor December 31, 2020. 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) - LIFE PARTNERS POSITION HOLDER TRUST [Member]	6 Months Ended
	Jun. 30, 2021
Basis of Presentation	In the opinion of management, the financial statements of the Trust as of June 30, 2021, and for the three and six months ended June 30, 2021, and 2020 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, 2020, 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
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 uncollectability. After all attempts to collect a receivable have failed, receivables are written off against the allowance. At June 30, 2021 and December 31, 2020, the allowance for doubtful accounts was $0.5 million and $1.0 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 fractional holders pending payment to those fractional holders, including a reserve for unallocated funds from the inception of Trust.
Distributions Payable	Distributions payable are distributions declared by the Trust pending payment to Unit holders.
Income Taxes	No provision for state or federal income taxes 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 June 30, 2021, and December 31, 2020.
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.
Accounting Guidance Not Yet Adopted	In June 2016, the FASB issued new guidance (ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments), effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Notable amendments in this update will change the accounting for impairment of most financial assets and certain other instruments in the following ways: · financial assets (or a group of financial assets) measured at amortized cost will be required to be presented at the net amount expected to be collected, with an allowance for credit losses deducted from the amortized cost basis, resulting in a net carrying value that reflects the amount the entity expects to collect on the financial asset at purchase · credit losses relating to available-for-sale fixed maturity securities will be recorded through an allowance for credit losses, rather than reductions in the amortized cost of the securities. The allowance methodology recognizes that value may be realized either through collection of contractual cash flows or through the sale of the security. Therefore, the amount of the allowance for credit losses will be limited to the amount by which fair value is below amortized cost because the classification as available for sale is premised on an investment strategy that recognizes that the investment could be sold at fair value, if cash collection would result in the realization of an amount less than fair value · the income statement will reflect the measurement of expected credit losses for newly recognized financial assets as well as the expected increases or decreases (including the reversal of previously recognized losses) of expected credit losses that have taken place during the period. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount · disclosures will be required to include information around how the credit loss allowance was developed, further details on information currently disclosed about credit quality of financing receivables and net investments in leases, and a rollforward of the allowance for credit losses for available-for-sale fixed maturity securities as well as an aging analysis for securities that are past due The amendments in this ASU may be early adopted during any interim or annual period beginning after December 15, 2018. The Trust is currently evaluating the impact of this new accounting guidance on its financial statements and does not plan to early adopt.

Significant Accounting Polici_2

Significant Accounting Policies (Policies) - LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC [Member]	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021, nor December 31, 2020.
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.

Life Insurance Policies (Tables

Life Insurance Policies (Tables) - LIFE PARTNERS POSITION HOLDER TRUST [Member]	6 Months Ended
	Jun. 30, 2021
Estimated premiums to be paid by the Trust for its portfolio	As of June 30, 2021: Remaining Life Expectancy (Years) Number of Life Insurance Policies Face Value Fair Value 0-1 — $ — $ — 1-2 1 46,395 37,259 2-3 2 2,096,047 1,450,023 3-4 64 97,769,967 30,937,537 4-5 164 343,622,154 87,764,786 Thereafter 2,432 509,511,837 77,182,462 2,663 $ 953,046,400 $ 197,372,067 As of December 31, 2020: Remaining Life Expectancy (Years) Number of Life Insurance Policies Face Value Fair Value 0-1 — $ — $ — 1-2 1 46,395 34,398 2-3 6 7,221,086 2,249,751 3-4 93 154,462,044 37,115,382 4-5 200 426,793,251 84,401,748 Thereafter 2,439 408,906,636 35,378,633 2,739 $ 997,429,412 $ 159,179,912
Trust's life insurance policies grouped by remaining life expectancy	2021 $ 32,433,408 2022 64,015,649 2023 59,565,484 2024 51,997,816 2025 44,356,043 Thereafter 168,970,185 Total $ 421,338,585

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2021
LIFE PARTNERS POSITION HOLDER TRUST [Member]
Future scheduled principal payments of notes payable and sinking fund contributions	Years Ending December 31, Long-Term Debt 2021 $ — 2022 — 2023 — 2024 — 2025 — Thereafter 16,138,211 Total $ 16,138,211

Fair Value Measurements (Tables

Fair Value Measurements (Tables) - LIFE PARTNERS POSITION HOLDER TRUST [Member]	6 Months Ended
	Jun. 30, 2021
Quantitative information about Level 3 fair value measurements	As of June 30, 2021 As of December 31, 2020 Assets: Investments in Life Insurance Policies Level 1 $ — $ — Level 2 $ — $ — Level 3 $ 197,372,067 $ 159,179,912 Total Fair Value $ 197,372,067 $ 159,179,912
Assets measured at fair value on recurring basis	Life insurance policies June 30, 2021 December 31, 2020 Fair Value $ 197,372,067 $ 159,179,912 Face Value $ 953,046,400 $ 997,429,412 Valuation Techniques Discounted cash flow Discounted cash flow Unobservable Inputs Discount rate, Mortality assumptions Discount rate, Mortality assumptions Weighted average discount rates Life Settlements 15.0% 26.7% Viaticals 20.0% 27.3% Mortality assumptions - 2015 VBT mortality multipliers: Life Settlements 85% - 90% 90% - 100% Viaticals 350% 350%
Change in estimated fair value	As of June 30, 2021 As of Life Expectancy Months Adjustment Weighted Average Life Expectancy Fair Value Change in Fair Value -5% $ 213,065,056 $ 15,692,989 No change 5.1 years $ 197,372,067 — +5% $ 180,936,824 $ (16,435,243 ) As of December 31, 2020 As of Life Expectancy Months Adjustment Weighted Average Life Expectancy Fair Value Change in Fair Value -5% $ 173,516,265 $ 14,336,353 No change 4.7 years $ 159,179,912 — +5% $ 144,277,667 $ (14,902,245 ) As of June 30, 2021 Rate Adjustment Fair Value Change in Fair Value +2% $ 183,222,542 $ (14,149,525 ) No change $ 197,372,067 — -2% $ 213,655,628 $ 16,283,561 As of December 31, 2020 Rate Adjustment Fair Value Change in Fair Value +2% $ 151,012,859 $ (8,167,053 ) No change $ 159,179,912 — -2% $ 168,255,950 $ 9,076,038
Credit exposure to insurance companies	Carrier Percentage of Face Value Percentage of Fair Value Carrier Rating Transamerica Financial Life Insurance 10.5 % 14.0 % A+ The Lincoln National Life Insurance 8.9 % 10.2 % 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, 2020: Carrier Percentage of Face Value Percentage of Fair Value Carrier Rating Transamerica Financial Life Insurance 10.2 % 13.5 % A The Lincoln National Life Insurance 10.0 % 11.5 % 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 June 30, 2021 and 2020: 2021 2020 Balance at April 1, $ 200,436,921 $ 178,822,344 Realized gain on matured policies 20,959,867 61,223,914 Unrealized loss on assets held (11,922,241 ) (13,980,177 ) Change in estimated fair value 9,037,626 47,243,737 Matured policies, net of fees (28,146,887 ) (74,545,261 ) Premiums paid 16,044,407 15,367,195 Balance at June 30, $ 197,372,067 $ 166,888,015 The following table provides a roll-forward of the fair value of life insurance policies for the six months ended June 30, 2021 and 2020: 2021 2020 Balance at January 1, $ 159,179,912 $ 172,242,734 Realized gain on matured policies 44,781,048 79,469,615 Unrealized gain (loss) on assets held 18,359,434 (19,599,558 ) Change in estimated fair value 63,140,482 59,870,057 Matured policies, net of fees (55,955,834 ) (96,118,957 ) Premiums paid 31,007,507 30,894,181 Balance at June 30, $ 197,372,067 $ 166,888,015

Significant Accounting Polici_3

Significant Accounting Policies (Tables) - LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC [Member]	6 Months Ended
	Jun. 30, 2021
Schedule of summarized Trust financial data of Balance Sheets	Balance Sheet Data June 30, 2021 December 31, 2020 (Unaudited) (Audited) Investment in life insurance policies $ 197,372,067 $ 159,179,912 All other assets 119,890,002 135,156,538 Total assets $ 317,262,069 $ 294,336,450 Total liabilities $ 45,023,824 $ 56,433,312 Net assets $ 272,238,245 $ 237,903,138
Schedule of summarized Trust financial data of Income Statement	Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Change in fair value of life insurance policies $ 9,037,626 $ 47,243,737 $ 63,140,482 $ 59,870,057 Other income 77,180 133,305 $ 749,515 $ 392,428 Total income $ 9,114,806 $ 47,377,042 $ 63,889,997 $ 60,262,485 Total expenses $ 1,620,429 $ 2,306,917 $ 4,101,391 $ 5,190,798 Net increase in net assets resulting from operations $ 7,494,377 $ 45,070,125 $ 59,788,606 $ 55,071,687

Operations and Summary of Sig_3

Operations and Summary of Significant Accounting Policies (Details Narrative)	Dec. 09, 2016shares	Jun. 24, 2021$ / sharesshares	Jun. 30, 2021USD ($)integershares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)integershares	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)integershares	Apr. 20, 2021USD ($)
Life Settlement Contracts, Investment Method, Face Value			$ 1,000,000,000		$ 1,000,000,000		$ 1,000,000,000
Allowance for doubtful accounts			$ 500,000		$ 500,000		$ 1,000,000
Life Settlement Contracts, Fair Value Method, Number of Contracts | integer			2,663		2,663		2,739
LIFE PARTNERS POSITION HOLDER TRUST [Member]
Life Settlement Contracts, Investment Method, Face Value			$ 197,400,000		$ 197,400,000		$ 159,200,000
Redemption of units			$ 222,600	$ 749,417,000	$ 453,500	$ 749,417,000
Number of trust units redeemed | shares			1,420,990		2,636,103
Trust interests, purchase price | shares		66,964,507
Purchase price per unit | $ / shares		$ 0.15
Capital Units, Outstanding | shares			1,232,734,745		1,232,734,745		1,226,958,714
Capital Units, Issued | shares	1,012,355,948
Total redemption unit			$ 134,900	134,900	$ 134,900	134,900
Life Settlement Contracts, Fair Value Method, Number of Contracts | integer			2,663		2,663		2,739
Number of unit holders | integer			6,632		6,632		6,497
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC [Member]
Redemption of units				204,653,000		204,653,000
Number of trust units redeemed | shares			506,922		935,579
Capital Units, Outstanding | shares			1,232,734,745		1,232,734,745		1,226,958,714
Redeemed member interest			$ 96,300	36,800	$ 177,800	36,800
Capital Units, Issued | shares					736,914,422		737,912,834
Total redemption unit			96,300	$ 36,800	$ 177,800	$ 36,800
Trust's Governing Trust Board Subsidiary [Member]
Distribution								$ 20,000,000
Increase in distributions								25,000,000
Cash distribution								15,000,000
Additional distribution			20,000		5,000
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member]
Redemption of units					$ 81,400
Number of trust units redeemed | shares					428,657
Creditors [Member] | Life Partners Creditors' Trust IRA [Member]
Redemption of units			$ 45,000		$ 119,300
Number of trust units redeemed | shares			237,060		627,686
Creditors [Member] | LIFE PARTNERS POSITION HOLDER TRUST Parent [Member]
Redemption of units			$ 70,200		$ 220,100
Number of trust units redeemed | shares			368,173		1,156,938
Subsidiary [Member] | Life Partners IRA Holder Partnership, LLC [Member] | Redeemed [Member]
Trust interests, purchase price | shares		99,702,160
Purchase price per unit | $ / shares		$ 0.15
Trust's Governing Trust Board's Parent [Member]
Distribution								20,000,000
Increase in distributions								$ 5,000,000

Restricted Cash and Cash Equi_2

Restricted Cash and Cash Equivalents (Details Narrative) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
LIFE PARTNERS POSITION HOLDER TRUST [Member]
Restricted cash and cash equivalents	$ 93.9	$ 99.5

Life Insurance Policies (Detail

Life Insurance Policies (Details)	Jun. 30, 2021USD ($)integer	Dec. 31, 2020USD ($)integer
Number of life insurance policies
0-1 | integer	0	0
1-2 | integer	1	1
2-3 | integer	2	6
3-4 | integer	64	93
4-5 | integer	164	200
Thereafter | integer	2,432	2,439
Number of Life Insurance Policies | integer	2,663	2,739
Life Settlement Contracts, Fair Value Method, Face Value, Fiscal Year Maturity [Abstract]
0-1	$ 0	$ 0
1-2	46,395	46,395
2-3	2,096,047	7,221,086
3-4	97,769,967	154,462,044
4-5	343,622,154	426,793,251
Thereafter	509,511,837	408,906,636
Life insurance policies, face value	953,046,400	997,429,412
Life Settlement Contracts, Fair Value, Fiscal Year Maturity [Abstract]
0-1	0	0
1-2	37,259	34,398
2-3	1,450,023	2,249,751
3-4	30,937,537	37,115,382
4-5	87,764,786	84,401,748
Thereafter	77,182,462	35,378,633
Fair value of life insurance policies	$ 197,372,067	$ 159,179,912

Life Insurance Policies (Deta_2

Life Insurance Policies (Details 1)	Jun. 30, 2021USD ($)
Estimated premiums to be paid
2021	$ 32,433,408
2022	64,015,649
2023	59,565,484
2024	51,997,816
2025	44,356,043
Thereafter	168,970,185
Total	$ 421,338,585

Life Insurance Policies (Deta_3

Life Insurance Policies (Details Narrative)	Jun. 30, 2021USD ($)integer	Dec. 31, 2020USD ($)integer
Number of life insurance policies | integer	2,663	2,739
Face value	$ 953,046,400	$ 997,429,412
Life insurance policies	$ 197,372,067	$ 159,179,912
PHT Portfolio [Member]
Number of life insurance policies | integer	2,663	2,739
Face value	$ 1,000,000,000	$ 1,000,000,000
Life insurance policies	$ 197,400,000	$ 159,200,000
Life Settlement Contracts
Number of life insurance policies | integer	384	407
Face value	$ 800,000,000	$ 800,000,000
Life insurance policies	$ 187,600,000	$ 153,700,000
Viatical Settlement Contract
Number of life insurance policies | integer	2,279	2,332
Face value	$ 200,000,000	$ 200,000,000
Life insurance policies	$ 9,800,000	$ 5,500,000

Notes Payable (Details)

Notes Payable (Details)	Jun. 30, 2021USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2021	$ 0
2022	0
2023	0
2024	0
2025	0
Thereafter	16,138,211
Total	$ 16,138,211

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - Secured Debts - USD ($) $ in Millions	1 Months Ended
	Jan. 29, 2021	Jan. 30, 2019	Jun. 30, 2021	Dec. 31, 2020
IRA Notes [Member]
Notes payable			$ 16.1
Stated interest rate			3.00%
Debt face amount			$ 35.9
Sinking Fund Notes Payable
Notes payable			$ 5.3	$ 0.3
Veritex Credit Facility
Stated interest rate	5.00%	6.00%
Debt term		2 years
Line of credit maximum borrowing	$ 25	$ 15
Extended debt term	2 years

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Life insurance policies	$ 197,372,067	$ 159,179,912
Fair Value, Inputs, Level 1
Life insurance policies	0	0
Fair Value, Inputs, Level 2
Life insurance policies	0	0
Fair Value, Inputs, Level 3
Life insurance policies	197,372,067	159,179,912
Fair Value, Inputs, Level 3 | Fair Value, Recurring
Life insurance policies	197,372,067	159,179,912
Life insurance policies, face value	$ 953,046,400	$ 997,429,412
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Discount Rate, Life Settlements | Valuation Technique, Discounted Cash Flow
Measurement input	15.00%	26.70%
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Discount Rate, Viaticals | Valuation Technique, Discounted Cash Flow
Measurement input	20.00%	27.30%
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Mortality Rate, Life Settlements | Valuation Technique, Discounted Cash Flow | Minimum
Measurement input	85.00%	90.00%
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Mortality Rate, Life Settlements | Valuation Technique, Discounted Cash Flow | Maximum
Measurement input	90.00%	100.00%
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Mortality Rate, Viaticals | Valuation Technique, Discounted Cash Flow
Measurement input	350.00%	350.00%
LIFE PARTNERS POSITION HOLDER TRUST [Member]
Life insurance policies	$ 197,372,067	$ 159,179,912

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 1) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Discount rate
Investment in life insurance policies	$ 197,372,067	$ 159,179,912
LIFE PARTNERS POSITION HOLDER TRUST [Member]
Discount rate
Investment in life insurance policies	$ 197,372,067	$ 159,179,912
Average life expectancy	5 years 1 month 6 days	4 years 8 months 12 days
Impact of -5% in life expectancy, fair value	$ 213,065,056	$ 173,516,265
Impact of +5% in life expectancy, fair value	180,936,824	144,277,667
Impact of -5% change in life expectancy, change in fair value	15,692,989	14,336,353
Impact of +5% change in life expectancy, change in fair value	(16,435,243)	(14,902,245)
Impact of +2% in discount rate, fair value	183,222,542	151,012,859
Impact of -2% in discount rate, fair value	213,655,628	168,255,950
Impact of +2% change in discount rate, change in fair value	(14,149,525)	(8,167,053)
Impact of -2% change in discount rate, change in fair value	$ 16,283,561	$ 9,076,038

Fair Value Measurements (Deta_3

Fair Value Measurements (Details 2)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Concentrations risk percentage	10.00%
Face Value of Life Insurance Policies | Transamerica Financial Life Insurance
Concentrations risk percentage	10.50%	10.20%
Face Value of Life Insurance Policies | The Lincoln National Life Insurance
Concentrations risk percentage	8.90%	10.00%
Fair Value of Life Insurance Policies | Transamerica Financial Life Insurance
Concentrations risk percentage	14.00%	13.50%
Carrier rating	A+	A
Fair Value of Life Insurance Policies | The Lincoln National Life Insurance
Concentrations risk percentage	10.20%	11.50%
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Beginning balance	$ 200,436,921	$ 178,822,344	$ 159,179,912	$ 172,242,734
Realized gain on matured policies	20,959,867	61,223,914	44,781,048	79,469,615
Unrealized gain (loss) on assets held	(11,922,241)	(13,980,177)	18,359,434	(19,599,558)
Change in estimated fair value	9,037,626	47,243,737	63,140,482	59,870,057
Matured policies, net of fees	(28,146,887)	(74,545,261)	(55,955,834)	(96,118,957)
Premiums paid	16,044,407	15,367,195	31,007,507	30,894,181
Ending balance	$ 197,372,067	$ 166,888,015	$ 197,372,067	$ 166,888,015

Fair Value Measurements (Deta_5

Fair Value Measurements (Details Narrative)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Discount rate increase (in percentage)	2.00%
Actual life expectancy less	5.00%
Actual life expectancy more	5.00%
Life expectancy estimate increases	5.00%
Life expectancy estimate decreases	5.00%
Percentage of total fair value	10.00%
Concentrations risk percentage	10.00%
Measurement Input, Mortality Rate | Male
Measurement input	90.00%	100.00%
Measurement Input, Mortality Rate | Female
Measurement input	85.00%	90.00%
Measurement Input, Mortality Rate | Regardless of Gender
Measurement input	350.00%	350.00%

Significant Accounting Polici_4

Significant Accounting Policies (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Investment in life insurance policies	$ 197,372,067	$ 159,179,912
LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member] | Equity Method Accounting [Member]
Investment in life insurance policies	197,372,067	159,179,912
All other assets	119,890,002	135,156,538
Total assets	317,262,069	294,336,450
Total liabilities	45,023,824	56,433,312
Net assets	$ 272,238,245	$ 237,903,138

Significant Accounting Polici_5

Significant Accounting Policies (Details 1) - LIFE PARTNERS IRA HOLDER PARTNERSHIP, LLC Subsidiary [Member] - Equity Method Accounting [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Change in fair value of life insurance policies	$ 9,037,626	$ 47,243,737	$ 63,140,482	$ 59,870,057
Other income	77,180	133,305	749,515	392,428
Total income	9,114,806	47,377,042	63,889,997	60,262,485
Total expenses	1,620,429	2,306,917	4,101,391	5,190,798
Net increase in net assets resulting from operations	$ 7,494,377	$ 45,070,125	$ 59,788,606	$ 55,071,687