William Penn Life, 1993 (28. évfolyam, 1-11. szám)
1993-06-01 / 6. szám
Page 2, William Penn Life, June 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 Sc Bruce Company Actuary Horovitz, Rudoy Sc 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 Heritage Center needs your support NEW BRUNSWICK, NJ — The fight to keep open the American Hungarian Foundation’s Hungarian Heritage Center continues. With your support, we can achieve victory. The Foundation must raise $850,000 by Sept. 15 in order to forestall foreclosure proceedings on the Heritage Center. If it fails to reach this goal, the Center’s museum, archives, library, special exhibits and programs will be closed forever. The William Penn Association is appealing to you and all your fellow members to join us in the effort to save the Heritage Center. All contributions, no matter what the amount, will be greatly appreciated. Complete the form below and send in your donation now to: American Hungarian Foundation 300 Somerset Street P.O. Box 1084 New Brunswick, NJ 08903-1084 Your contribution makes a difference. We are counting on you. 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 to: American Hungarian Foundation 300 Somerset Street P. O. Box 1084 New Brunswick, NJ 08903-1084 ssUwn |xwn assncwOon »MtWM r ük iNfmUHC.e > wMnes National President E. E. Vargo (center) presents National Director Michael F. Tomcsak and Sales Representative Noreen Fritz with certificates testifying to their official designation as Fraternal Insurance Counsellors during a ceremony held recently at the Home Office. Member elected bishop LIGONIER, PA — The Rt. Rev. Francis Vitéz, pastor of the John Calvin Magyar Reformed Church in Perth Amboy, N.J., was recently elected bishop of the Calvin Synod in the United Church of Christ. Rev. Vitéz, a member of William Penn Branch 16 Perth Amboy, was elected May 14 at the synod’s annual meeting in Ligonier, Pa. He was born in Hungary and came to the United States in 1947. He did graduate work at Princeton and New York seminaries and has a doctorate from Pittsburgh Theological Seminary. Calvin Synod is the Hungarian ethnic Conference of the United Church of Christ, a denomination of more than 1.5 million members in the U.S. NOTICE To All WPA Sales Representatives Effective immediately, aII applications for William Penn Association insurance certificates must designate if the proposed insured is a smoker or a non-smoker. E. E. Vargo National President Estate Planning: Writing the Will By Emil W. Herman, Esq., General Counsel The Will was defined in the last article in this series as the legal document that specifies how a person intends to dispose of his or her real and personal property, that is, that property which he or she owns in his or her own name at the time of death. While one need only to be mentally competent to have the legal capacity to draw such a document, it takes much more to do so properly. First of all, it is necessary to view all of the assets of the testator (testatrix) including employee benefit plans and insurance policies, and them with federal and state tax laws. When the review, planning and coordination have been concluded, the testator (testatrix) and/or his or her professional may then get down to the task of actually writing the Will. The following is a brief explanation, not intended to be comprehensive, of various clauses that may appear in a typical Will: A. Introductory Clause The Introductory Clause should identify the testator (testatrix) by name and other names by which he or she may be known, establish the domicile of the testator (testatrix), declare the document to be an intended disposition of assets and revoke all prior Wills. B. Debts Clause The Debts Clause directs all of the testator’s (testatrix’s) debts and funeral expenses to be paid from the estate, by the heirs or otherwise, as directed. C. Tangible Personal Property Clause The Tangible Personal Property Clause disposes of the testator’s (testatrix’s) personal property by leaving specific items of property to individual beneficiaries, or by referring to the property in toto and dividing it by percentage among various beneficiaries. There is virtually no limit to the variations that this clause can take. This clause and the one below have specific federal income tax implications. D. Specific Bequest and Devise Clause The Specific Bequest and Devise Clause makes reference to specific properties and specific beneficiaries of these properties, whether they be personal property (bequests) or real property (devises). E. Residuary Clause The Residuary Clause disposes of "all of the rest, residue and remainder of (my) estate of whatsoever kind and nature, and wheresoever situate to. . . .” F. Appointment of Fiduciary Clause The Appointment of Fiduciary Clause is the very important provision for the designation of fiduciaries such as executor, trustee and guardian for minor children. G. Powers Clause The Powers Clause gives the fiduciary specific powers and authority over and above those provided by state law to enable the fiduciary to conserve and manage the testator’s (testatrix’s) property, except where limited as the testator (testatrix) may desire. H. Testator (Testatrix) Signing Clause The Testator (Testatrix) Signing Clause establishes that the document is intended to be a Last Will. This clause, at the end of the Will, meets statutory requirements that the testator’s (testatrix’s) signature appear at the logical conclusion of the Will. I. Attestation Clause Finally, the Attestation Clause is for the witnesses who, by their signatures, comply with statutory requirements or facilitate probate. Estates with federal tax raminifications contain other clauses (e.g., marital deduction, disclaimer, etc.) that go beyond the scope of this article. Minor beneficiaries may call for extensive trust provisions. Caution is advised. This article is not intended as an outline for your Will. While you might not be the first person to write your own Will, you might also be one of those persons whose Will is contested because it lacked statutory formality. The safer course is to have a professional translate your wishes into a document that meets all the legal requirements and formalities of a Will in the jurisdiction in which you reside. The next article in this series will discuss the role of life insurance in estate planning. to then coordinate
