William Penn Life, 1993 (28. évfolyam, 1-11. szám)

1993-04-01 / 4. szám

Page 2, William Penn Life, April 1993

William Penn

LIFE

Official Publication of the William Penn Association Published Monthly Office of Publication:

709 Brighton Road Pittsburgh, PA 15233 Phone: 412/231-2979 Third Class U.S. Postage Paid Pittsburgh, PA Permit No. 2724

E. E. Vargo Editor-in-chief

George S. Charles, Jr. Frances A. Furedy Associate Editors

John E. Lovász Managing Editor

NATIONAL OFFICERS

E. E. Vargo National President

George S. Charles, Jr. National V.P./Secretary

Frances A. Furedy National V.P./Treasurer

Robert A. Kapinus Assistant Treasurer

BOARD OF DIRECTORS

Joseph P. Arvay Chairman

Michael J. Hrabar Vice Chairman

Roger G. Nagy Vice Chairman

Anthony C. Beke Charles S. Fabian Louis A. Fodor Elmer A. Furedy Michael R. Kara William J. Kovach Michael F. Tomcsak Elmer W. Toth Frank J. Wukovits, Jr.

Frank J. Radvany Secretary of the Board

AUDITING COMMITTEE Charles J. Furedy Robert A. Ivancso Co-Chairmen

Margaret H. Boso Secretary

Dennis A. Chobody Joseph Hamari Ernest J. Mozer, Sr.

CONSULTANTS

Bruce &. Bruce Company Actuary

Horovitz, Rudoy & Roteman

C.P.A.

Rothman Gordon Foreman &. Groudine, P.C.

General Counsel

Dr. Julius Kesseru Medical Director

Unsolicited articles, letters, manuscripts, pictures and other material submitted to the WILLIAM PENN LIFE are forwarded at the owner's risk, and the WILLIAM PENN LIFE expressly denies any responsibility for their safekeeping or return. The WILLIAM PENN LIFE reserves the right to edit, revise or reject any article submitted for publication.

Postmaster: If undelivered, please send form 3579 to: William Penn Association 709 Brighton Road Pittsburgh, PA 15233

Reservations for June tour due now

NORTH BRUNSWICK, NJ - Members and friends of the Association interested in traveling to Hungary this June with our William Penn tour group should make their reservations as soon as possible.

Spots are still available for the tour which is scheduled for June 24 to July 8. The travel agency handling the tour must know soon how many ^cople are going on the June trip so they can make the necessary arrangements.

Anyone interested in joining our tour group for June should complete the reservation form found in this issue and send it, along with their deposit, to Fugazy International Travel.

Those who cannot travel in

June are welcome to sign up for the William Penn’s second tour to Hungary scheduled for Sept. 9 to 23.

Both tours will leave from New York and land in Vienna, Austria, where guests will enjoy a two-day stay.

Each tour will then move on to explore many of Hungary’s finest cities and attractions. Your trip through Hungary will include visits to Esterházy Castle, Lake Balaton, the Herend porcelain factory and museum, the Tokay wine region, the Buda Hills and the Citadel.

Each tour will also include a four-day, four-night stay in Budapest during which guests will enjoy a dinner cruise along the

Danube River and a gala farewell banquet on the final night of the tour.

There will be English-speaking tour guides accompanying guests throughout the tour.

The cost for either tour is $2,899 per person*, based on double occupancy. The tour price includes round-trip airfare from New York, all hotels, breakfast daily, 12 lunches, 11 dinners, the farewell banquet, ground transportation in Europe and all sightseeing tours on the itinerary. Add-on airfares from departure cities other than New York will be available.

Accommodations will be at some of Hungary’s finest hotels

and travel between destinations will be on deluxe motorcoaches.

To reserve your space on either tour, complete the reservation form found in this issue and send it, along with your deposit of $350 per person, to: Fugazy International Travel, 770 U.S. Highway No. 1, North Brunswick, NJ 08902. Please make your check payable to "Fugazy International Travel.”

For more information about the tours, please call Fugazy Travel at 1-800-828-4488 (New Jersey residents can call 1-908- 828-4488).

*All airfares are subject to change without notice. Land prices are guaranteed at time of booking.

Save the Heritage Center

YES, I want to help save the Hungarian Heritage Center. I agree that its continued existence is vital to the preservation and promotion of our great Hungarian heritage and culture and to increasing public awareness of the valuable contributions Hungarian Americans have made in all fields of endeavor. Please accept my enclosed contribution.

NAME:

ADDRESS:

CITY/STATE/ZIP:

PHONE:__________________________________AMOUNT: $_______________

Make check payable to ‘American Hungarian Foundation.’ Send this form and your tax-deductible contribution ,j:

American Hungarian Foundation 300 Somerset Street P. O. Box 1084

New Brunswick, NJ 08903-1084

Columbus ready to host annual golf tournament

Continued from Page 1

auction raffle for a new set of golf clubs and bag.

During tournament play, golfers will have the chance to participate in various skill shot contests, including longest drive, longest

NOTICE

Effective April 1, 1993 the interest rate on Flexible Premium and Single Premium Deferred Annuity Contracts will be a competitive

6.5%

putt, closest to the line and closest to the pin. Of course, there will also be the hole-in-one contest.

The skill shot contests will be open to all golfers. However, to be eligible for the hole-in-one contest, a golfer must be a life benefit member of the William Penn Association as of June 1, 1993, with at least one year’s premium paid.

Those golfers planning to enter this year’s tournament and who are not currently members should contact their local branch coordinator for more information on becoming a life benefit member.

More information and entry forms will appear in upcoming issues of the William Penn Life.

Estate Planning: Why a Will?

By Emil W. Herman, Esq., General Counsel

Death is not the best way to begin a series of articles. However, just as death is a certainty, so too is it certain that there will be legal and tax ramifications, as well as the emotional traumas resulting from a death. Is Estate Planning necessary? Yes, if you have heirs or charities that you care to protect.

The Commonwealth of Pennsylvania, along with most states, provides for an intestate descent schedule. This schedule formulated by your state legislators, dictates the manner in which your property will be disposed of in the event that you should die without a Will. If you are aware of your state’s intestate descent schedule, you may be satisfied that the legislature have adequately provided a plan for you.

If property is owned jointly with a spouse, children or others, it will pass by operation of law upon your death. This is to say that the co-owner or joint tenant will receive the property without a need for a Will, and in most cases, without the necessity of probate.

Many married couples own property as joint tenants with right of survivorship. In Pennsylvania, this is referred to as a tenancy by entireties. Upon death of one spouse, the real estate or other property passes to the surviving spouse. But what happens in the event of a common disaster in which both husband and wife die?

If you are not satisfied with the intestate descent schedule of the Commonwealth or the state in which you live, or if you have not planned for a common disaster, a Will should be prepared. Other reasons for preparing a Will or revising an existing Will are the following:

1) As mentioned above, without a valid Will the descedent’s property goes to those people that the government believes the descedent would have wanted the property to go to had a Will been executed. By making a Will, a person can pass property in a different

manner than that provided by statute;

2) In a Will the testator (the person making the Will) can name the person who will be acting as the personal representative of the Estate, to carry out the directions of the Will, and to dispose of the property according to the Will’s provisions. The testator may want a bank or other professional, as opposed to the nearest relative that the state would appoint;

3) A Will can set out the terms of a trust for minor children or grandchildren. The birth of children or grandchildren and the need for such a trust is often times a reason why a Will should be prepared or an existing Will revised. The terms of a Testamentary Trust are very important. A child or grandchild may not have the maturity to handle large sums of money at 18 or 21. Inexperience in handling money can cause a child or grandchild to lose an opportunity to attend college. A Will can preserve assets for children and grandchildren;

4) When there are minor children, the Will can appoint a guardian in the event of a common disaster in which both parents die;

5) A Will provides tax planning opportunities that would not otherwise be provided;

6) A Will is a necessary adjunct to a Living Trust;

7) A Will can protect a spouse from imprudent investment decisions by allowing for trusts and appointment of fiduciaries, and

8) A Will permits a testator to make specific bequests of heirlooms, family memorabilia and other items of personal property.

The document (Will) itself may be informal, but must contain certain basic prerequisites, as will be set forth in future articles on this subject.

Emil W. Herman, Esq., is general counsel to William Penn Association, and senior member of the Pittsburgh law firm of Rothman Gordon Foreman & Grodine, P.C.