William Penn Life, 1993 (28. évfolyam, 1-11. szám)
1993-08-01 / 8. szám
Page 2, William Penn Life, August 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 Barbara A. House Michael R. Kara 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 &t Bruce Company Actuary Horovitz, Rudoy & Roteman C.P.A. Rothman Gordon Foreman Sc 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 Golf— The weekend’s activities raised $3,327 for the Association’s scholarship fund. Friday’s putting contest raised $403, the raffle netted $724, and another $2,200 was donated by members, businesses, and branches which sponsored golf holes. We thank all those golfers and guests who participated in the putting contest and raffle and each of the following hole sponsors: Allegheny Business Machines Joseph P. Arvay Branch 14 Cleveland, OH Branch 19 New Brunswick, NJ Branch 129 Columbus, OH Branch 336 Harrisburg, PA Computer Specialties Corp. Louis A. Fodor Barbara &. Elmer A. Furedy Horovitz, Rudoy &. Roteman COOKBOOK HUNGARIAN SPECIALTIES and OTHER FAVORITES Net proceeds to benefit the William Penn Association Scholarship Foundation DONATION: $5.00/copy Send check or money order to: WILLIAM PENN SCHOLARSHIP FUND P.0. Box 438 New Brunswick, NJ 08903 National Director Michael J. Hrabar (left) and other members enjoy the buffet at the golfers reception held July 23. (Photo by Louis A. Fodor) Member scores hole-in-one-------From Page 1 Michael J. Hrabar Kidder, Peabody William C. Kohut John L. Lovász Roger G. Nagy Paine Webber Inc. Prudential Securities E. H. Rees, Jr. Rothman Gordon Foreman &. Groudine, P.C. Jim Szuch United Industrial Group Betty &. A1 Vargo We also thank the officers and members of Branch 129 Columbus for sponsoring an enjoyable reception on Friday and for all their help in planning and running the tournament. Our thanks also go to the Home Office employees and other volunteers who worked at the hotel and golf course. WEST MIFFLIN, PA - He may not have won a car for what he did, but golfer and William Penn member Fred L. Gabocy isn’t complaining. On Friday, July 23, Mr. Gabocy enjoyed a thrill relatively few golfers ever experience when he scored a hole-in-one on the 163- yard 16th hole at Irwin Country Club in Irwin, Pa. The member of Branch 89 Homestead, Pa., made the parthree shot with a four wood. On hand to witness the ace were his playing partners Elmer Virag, Jim Chadwick and Jack Stephan. If Mr. Gabocy would have scored his hole-in-one a day later and at the 13 th hole at the Turnberry Golf Club in Pickerington, Ohio, he would have won a new car in the Association’s hole-inone contest. Still, Mr. Gabocy was deservedly excited about his accomplishment and said he might try his luck at next year’s William Penn golf tournament. Letter to the Editor Member thanks Association for WPFASF grant Thank you for the scholarship awarded to me for the last four years. It has been a great deal of help. I graduated from Edinboro University this past May with a Bachelor of Science degree in art education. As a dean’s list student, I was involved in many activities on campus. I was a student member of the National Art Education Association and the Pennsylvania Art Eduation Association. I am still an active member of these organizations. I was also a member of the Student Government Association and served on many committees for the university. Outside the university, I am a member of the Pennsylvania State Education Association. Most importantly, I still make time for my Hungarian heritage. I have been a Hungarian folk dancer since the age of three. As a member of the William Penn Association Magyar Folk Dancers, I am able to share my culture with others. I also teach the junior dance group. At the present time I am looking for an education position in the Pittsburgh area. This fall, I plan to continue my education at the University of Pittsburgh, working towards a master’s degree in education. Once again, thank you for the scholarship and for keeping the Hungarian heritage alive. Malvene Heyz McKeesport, PA Estate Planning and Life Insurance By Emil W. Herman, Esq., General Counsel In the last issue of William Penn Life, we offered an overview of life insurance planning. With this article, we begin to examine specific uses of life insurance to meet the unique needs of a particular type of client. Our first client is the small business owner. Harry and his sister, Helen, founded and manage a chain of food stores together. Each of them has at least one child who is able and willing to become a participant in his or her parent’s business. Each of them has at least one child who is involved in an unrelated field. Helen and Harry wish to treat all of their children equally while doing no disservice to the business which they have worked so hard to develop. The balance of this article will identify several of the many and often highly sophisticated ways in which insurance provides assistance. Before Helen and Harry die, they must create a market for their business, that is, find someone who will buy their interest from their estates. Both of them have identified potential buyers, the children who will be their "successors.” As the owner and beneficiary of a policy of insurance on the life of his or her parent, the successor obtains the funds necessary to purchase the business interest from the deceased parent’s Estate. The Estate then holds cash which may be divided among all the decedent’s children (including the successor) equally. The insurance is not included in the parent’s estate. The parent and the successor often enter into an agreement (termed a "Buy-Sell Agreement”) under which the successor is obligated to purchase the parent’s business interest for a specified amount and the parent’s Estate is obligated to sell that business interest for the same amount. Insurance is purchased by the successor in the exact amount of the contract obligation. A properly drawn Buy-Sell Agreement can fix the value of the parent’s business interest for federal estate tax purposes. Sometimes the Agreement is between the business and its owner. Life insurance continues to serve as the funding vehicle since it offers to the business the opportunity to satisfy its funding obligation without reducing its working capital or its credit or bonding position. The business, rather than the successor, is the owner and beneficiary. Judicious drafting of the Agreement will insure that the proceeds are not included in the valuation of the business in the insured’s estate. It will also minimize adverse tax consequences to the business. In the next issue, we will consider the use of insurance in employee benefit planning. Again, if there is a specific use of insurance which you would like us to consider, please let the editor know. Emil W. Herman, Esq., is general counsel to William Penn Association and senior member of the Pittsburgh law firm of Rothman Gordon Foreman & Groudine, P.C. Hegedűs Home in New Brunswick. Burial was in Franklin Memorial Park in North Brunswick, N.J. Memorial contributions may be made to the Bayard Street Presbyterian Church, P.O. Box 1207, New Brunswick, NJ 08903, or to the William Penn Fraternal Association Scholarship Foundation, Inc.
