William Penn Life, 1996 (31. évfolyam, 1-12. szám)

1996-04-01 / 4. szám

• I . 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 Frances A. Furedy Editor4n-Chief George S. Charles, Jr. Associate Editor John E. Lovász Managing Editor NATIONAL OFFICERS Frances A. Furedy Acting National President National VP./Treasurer George S. Charles, Jr. National V.P./Secretary BOARD OF DIRECTORS Michael J. Hrabar Chairman Roger G. Nagy Vice Chairman Elmer A. Furedy Vice Chairman Anthony C. Beke Louis A. Fodor Barbara A. House Michael R. Kara Andrew W. McNelis George F. Mirkovich Michael F. Tomcsak Elmer W. Toth Frank J. Wukovits, Jr. Frank J. Radvany Secretary of the Board AUDITING COMMITTEE Charles J. Furedy Chairman Margaret H. Boso Secretary Dennis A. Chobody Joseph Hamari Robert A. Ivancso Ernest J. Mozer, Sr. CONSULTANTS Bruce &. Bruce Company Actuary Horovitz, Rudoy &l Roteman C.P.A. Rothman Gordon Foreman &l 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 Heritage Center exhibits work of Eva Szombory NEW BRUNSWICK, NJ — Éva Szombory, one of Hungary’s lead­ing graphic artists, is being hon­ored with a major retrospective exhibition at the Hungarian Heri­tage Center Museum in New Brunswick. The exhibition is on loan from the Hungarian Stamp Museum in Budapest and will be on view at the Heritage Center until Sept. 22. Ms. Szombory’s designs, most notably a series of ecology and environmental protection stamp designs, have won her interna­tional acclaim. Her life work en­compasses book covers, story book illustrations, commercial logos, and Hungarian postage stamp designs depicting treasures of the Hungarian National Muse­um, old Hungarian jewelry, glass­ware, lace and wildflowers of various continents. In 1995, she was honored with an exhibition of her life work at the Hungarian Stamp Museum and received a medallion of dis­tinction. The art of Éva Szombory is an "Anniversary Series Exhibition” celebrating the 40th anniversary of the American Hungarian Foun­dation. For more information, call (908) 846-5777. The Best Bargain On Hungarian Language Instruction You’ll Find Anywhere! WPA Hungarian Language Camp August 4 to 10,1996 Penn Scenic View, Rockwood, PA 25 Hours of Instruction in the Hungarian Language Indoor Lodging & Three Meals a Day Plus, All Instructional Materials All For ONLY s200.00! Open to all William Penn life benefit members age 18 or older. YES, I want to learn Hungarian. Please register me for this course. Name:__________________________________________Phone: (_______)__________________________ Address:________________________________________________________ Certificate No.:_____________________________________Branch:__________________________________ Level of Instruction Desired: □ Beginner □ Intermediate Send this form, along with your deposit of $50 per person, to: Language Camp, William Penn Association, 709 Brighton Road, Pittsburgh, PA 15233 Deadline for reservations - July 1, 1996 Two for tbe price of one By Emil W. Herman, Esq., General Counsel This month, I will address two questions frequently asked which have easy answers. If you stop at the easy answer, however, you will have done yourself and your heirs a disservice. What does it mean when someone dies testate or intestate? Easy Answer If you die having executed a Will which is admitted to probate, you are considered to have died testate. The directions contained in your Will will be followed, including who should serve as your personal representative (called an executor or executrix) and guardian for your minor children and how your estate will be distributed. If you die never having prepared a Will, you are considered to have died intestate, and your estate will be distributed according to the law of the state in which you reside at your death. Your personal representative (administrator or administratrix) and guardian for your minor children will be appointed by the Court, or determined according to the laws of that state. Complicated Answer If you die having prepared a Will, but it cannot be admitted to probate, you will be considered to have died intestate. Reasons why a Will may not be admitted to probate include: (1) the original Will cannot be found; (2) pages of the original Will are missing or torn or obliterated; and (3) the Will was not witnessed by the right number of people, or was not authenticated in the manner in which the state in which you reside requires. Your estate plan will be ignored, and your estate distributed as if you never prepared a Will. If your estate plan consists of a Trust, either revocable or irrevocable, the assets of that Trust will be distributed according to the terms of that Trust. If you own anything, however, which was never transferred into the Trust, for example, because you forgot or because you purchased or inherited it after the Trust was in place, you will be considered to have died intestate as to those assets, and they will be distributed as if you died intestate. Hint If you want to be able to determine how your estate will be distributed at your death and who will have charge of your estate and your minor children, have an estate plan, be sure that it meets all the requirements of the local probate court, and be sure that the original is in good condition and can be easily located. When should I update my estate plan? Easy Answer Every ten (10) years. Complicated Answer A change in the tax laws generally is a sign to revisit your estate plan. Additionally, whenever some change has occurred in your life or the life of your spouse or beneficiaries which could affect how you would want them treated at your death, you should revisit your estate plan. For example, if some or all of your minor children have reached adulthood, you may want to reconsider who should serve as guardian for any remaining minors, or who should now be your personal representative. If, as a result of a disability, one of your children has special needs, you may want to structure an estate plan that assures that that child will always be taken care of, or which "disinherits” the child so that they will always qualify for public assistance. If the land you own in Florida becomes the centerpiece of a major development, making it and you more valuable, the tax consequences of your estate plan need to be revisited. If your in-laws won the lottery, or your father’s business tripled in value, and you will receive a significant inheritance as a result, it’s time to revisit your own estate plan to determine how to treat that windfall inheritance. If your son becomes addicted to drugs or alcohol, or marries someone you think is a golddigger, you may want to structure your estate to prevent an outright distribution, and instead appoint a trustee to oversee all distributions. Hint Maintain a close relationship with your attorney or financial advisor and ask them whether it is time to revisit your estate plan. Emil W. Herman, Esq., is general counsel to William Penn Association and senior partner of the Pittsburgh law firm of Rothman Gordon Foreman & Groudine, P.C. If you have any topics you would like us to consider for this column, please send them to: Emil W. Herman, Esq., Rothman Gordon, Third Floor, Grant Building, Pittsburgh, PA 15219. Topics will be considered based on space considerations, interest to all readers, and appropriateness for general legal discussions.

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