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Term Life Insurance As A Charitable Gift

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Term Life Insurance As A Charitable Gift

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By Sharon Taylor

Typically, when we take out term life insurance it is purchased while we are younger and just starting our families. After some years, a policy becomes old and outlives its original intention: perhaps your spouse no longer needs financial security or your children are now financially independent. In these cases, individuals decide to leave their term life insurance policies as gifts to their favorite charities. This is particularly beneficial to individuals who have large financial assets as they can use their contributions as tax deductions for their estates.

There are several ways in which to give a gift of life insurance to a charitable cause. First, you can purchase a new term life insurance policy altogether, leaving the charity of your choice as the beneficiary. Or, you can simply change the beneficiary of your existing term life insurance policy. Upon your death, the named charity would receive full face value of your policy.

When you list a charity as your beneficiary, you will need to have the following information:

1. The full legal name of the charitable organization.

[youtube]http://www.youtube.com/watch?v=K4nxBJAPe0k[/youtube]

2. The charity’s permanent mailing address. 3. Your charity’s federal tax identification number. 4. Your relationship to the beneficiary: to be listed as ‘charity’

Charities always have someone in charge of organizing and accepting gifts and donations. You can be certain that they will be happy to help you should you have any questions on the gift giving process or need help in filing any forms.

Rules for Paid or Unpaid Policies

If you choose to name a charity as the beneficiary of an already existing paid-in-full term life insurance policy, you may be able to deduct an amount equal to the fair market value of the policy, or your cost basis, whichever is less. Since your charity becomes the owner of your policy, the proceeds will not be included in your estate for tax purposes.

If you are still making annual premium payments on your policy, you may be able to deduct an amount equal to the approximate cash value of the policy or the policy’s cost basis, whichever is less, in the year in which you make the gift. Again, the proceeds will not be included in your estate for tax purposes. You may also be able to deduct any future premium payments.

Group Term Life Insurance

If you participate in a group term life insurance policy through your workplace, you can donate your excess coverage to your favorite charity as well. Many employers provide generous life insurance coverage as a fringe benefit to their employees. However, most employers do not tell you that you are also required to pay income tax on the cost of coverage over $50,000.00.

How do you avoid paying these taxes? There is a special rule that excuses this extra tax if you donate the excess coverage to charity. ‘Excess coverage’ is an excellent way to donate to your favorite charity. The best part is that you pay no out of pocket expenses for premiums. You get all the benefits of giving while also saving money in taxes at the same time. For more information on ‘excess coverage’ contact your company’s benefits department.

Using your term life insurance policy as a gift to your favorite charity enables you to make tax deduction and/or to gain other financial benefits to your estate. Be sure to talk to a financial advisor to ensure that both your family and your favorite charity both benefit by your financial decisions.

About the Author: Sharon Taylor is a veteran author and writes about life insurance and other financial management topics for eQUOTE Life Insurance, a leading Internet resource for free life insurance rates, quotes and information.

Source: isnare.com

Permanent Link: isnare.com/?aid=147340&ca=Finances

  • 7 Aug, 2021
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Woman finds human finger in bowl of chili at Wendy’s restaurant

Story sources
  • Maria Alicia Gaura and Dave Murphy. “Wendy’s diner finds human finger in her chili” — San Francisco Chronicle, March 24, 2005
  • Chuck Carroll and Sandra Gonzales. “Exposure to `finger’ in chili would pose little risk, official says” — San Jose Mercury News, March 23, 2005
  • Dan Reed, Knight Ridder Newspapers. “Woman finds human finger in Wendy’s chili” — Kansas City Star, March 23, 2005
  • “Woman Eating Chili Bites Into Human Finger” — Associated Press, March 23, 2005
  • “Diner finds human finger in bowl of chili” — MSNBC, March 24, 2005

Thursday, March 24, 2005

San Jose, California — A woman eating a bowl of chili at a Wendy’s restaurant bit into a chewy bit that turned out to be a human finger. She immediately spat it out, warned other patrons to stop eating, and upon recognizing the object as a finger, vomited.

“I’m more of a Carl’s Jr. person,” the 39-year-old Las Vegas woman, Anna Ayala, told Knight Ridder. She said this incident was her first visit to a Wendy’s restaurant. Ayala described how she found the finger, “Suddenly something crunchy was in my mouth,” she continued, “and I spit it out.”

According to Devina Cordero, 20, after Ayala found the finger, she ran up to her and Cordero’s boyfriend and said, “Don’t eat it! Look, there’s a human finger in our chili.”

“We went up to the counter and they told us it was a vegetable,” Cordero continued. “The people from Wendy’s were poking it with a spoon.”

The restaurant is located at 1405 Monterey Highway, just south of downtown San Jose.

Wikinews reporter David Vasquez drove his car up to the drive-thru menu and found that chili was still on the menu, at a price of US$1.19 for a small serving. He also witnessed workers unloading supplies from a semi-trailer truck in the restaurant’s parking lot, and carting them into the back door of the establishment.

According to Ben Gale, director of environmental health for Santa Clara County, the finger did not come from any of the employees at the restaurant. “We asked everybody to show us they have 10 fingers and everything is OK there,” he said. The found portion of the finger likely belonged to a woman because of its long and manicured fingernail, also found in the food.

Officials seized the food supply at the restaurant and are tracing it back to the manufacturer, where they believe the finger may have gotten mixed in with the raw ingredients used to prepare the chili. The restaurant’s operators were later permitted to re-open after preparing new chili prepared from fresh ingredients.

As this story was filed, there was no mention of the incident on the Wendy’s corporate web site. Wendy’s issued a statement through a spokesman.

“Food safety is of utmost importance to us,” said Wendy’s spokesman Joe Desmond. He referred to the incident as an “unsubstantiated claim.”

“We are cooperating fully with the local police and health departments with their investigation. It’s important not to jump to conclusions. Here at Wendy’s we plan to do right by our customers,” Desmond said.

According to county health officials, the unfortunate woman who bit into the finger is doing fine, despite her initial reaction. Officials also noted that the finger would have been cooked at a high enough temperature to destroy any viruses.

The Santa Clara county medical examiner reported that the finger had a solid fingerprint, although investigators did not say if a search of fingerprint databases would be performed to find the owner of the finger.

This article features first-hand journalism by Wikinews members. See the collaboration page for more details.
This article features first-hand journalism by Wikinews members. See the collaboration page for more details.

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Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.

This page is archived, and is no longer publicly editable.

Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.

Retrieved from “https://en.wikinews.org/w/index.php?title=Woman_finds_human_finger_in_bowl_of_chili_at_Wendy%27s_restaurant&oldid=1035018”
  • 5 Aug, 2021
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Brookfield, Wisconsin man charged with stealing toilet and urinal parts

Saturday, March 30, 2013

Yesterday, the Milwaukee County district attorney charged Cory J. Feerick, a 33-year-old from Brookfield, Wisconsin, with five misdemeanor counts of stealing US$35,000 worth of flush valves from fast food restaurants and university toilets and urinals. If convicted, Feerick could spend to 9 to 45 months in jail, and pay between US$10,000 and US$50,000 in fines.

Initially arrested in late January following a local news television story on the thefts, he stands accused of stealing parts worth between US$300 and US$600 each from locations that included Milwaukee Area Technical College, Waukesha County Technical College, ITT Technical Institute, University of Wisconsin-Milwaukee, Marquette University, the Pick ‘n Save on Capitol Drive in Brookfield, and the Arby’s also located on Capitol Drive in Brookfield.

Feerick was dubbed the “Backpack Bathroom Bandit” by the media because video showed him committing the thefts while wearing a backpack. The thefts reportedly took place in September and October of last year, with several area police departments involved in investigating them.

Retrieved from “https://en.wikinews.org/w/index.php?title=Brookfield,_Wisconsin_man_charged_with_stealing_toilet_and_urinal_parts&oldid=1868763”
  • 5 Aug, 2021
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US Supreme Court declares same-sex marriage legal

Sunday, June 28, 2015

On Friday, the United States Supreme Court declared same-sex marriage legal in all fifty US states. More than 30 states already permitted gay marriage. The Supreme Court ruled by a five-to-four vote that bans on same-sex marriage were not constitutional. The majority decision was delivered by Justice Anthony Kennedy.

Same-sex marriage was banned in more than a dozen states. Justices Sotomayor, Ginsburg, Kagan, Breyer and Kennedy voted in favour while Justices Roberts, Alito, Scalia and Thomas voted against.

Kennedy’s decision brought tears to the eyes of some lawyers in the courtroom. However, Justice Antonin Scalia in his dissenting opinion derided the majority decision: “The opinion is couched in a style that is as pretentious as its content is egotistic. […] Of course, the opinion’s showy profundities are often profoundly incoherent.”

When the decision was made, police allowed people outside the court to wave the rainbow flag on the court plaza. Demonstrators outside the court chanted “Love has won”. This decision made the United States the 21st country to legalise same-sex marriage.

President Barack Obama responded to the decision: “Today we can say, in no uncertain terms, that we have made our union a little more perfect.”

After this decision, Facebook introduced a new tool to add rainbow coloring to one’s profile picture to celebrate this victory. Mark Zuckerberg posted on Facebook “I’m so happy for all of my friends and everyone in our community who can finally celebrate their love and be recognized as equal couples under the law”.

Later, companies like Google, Yahoo, Tumblr and Vine tweeted with hashtag “#LoveWins”. That night, the White House had the rainbow projected on the outside of the building to celebrate the decision.

Retrieved from “https://en.wikinews.org/w/index.php?title=US_Supreme_Court_declares_same-sex_marriage_legal&oldid=4576678”
  • 5 Aug, 2021
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Top Uses Of Propane Gas In Clinton

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byadmin

Propane gas occurs naturally on the composition of air on earth, but it one of the most versatile and widely used gases. It is used for most outdoor activities and in the primary industries for multiple purposes. From pool heaters, bathrooms, laundry rooms to kitchen appliances propane gas is in almost everything in a home. Besides home appliances, propane gas in Clinton is also in large-scale applications like furnaces, in hospitals, manufacturing facilities, warehouses and many buildings that require high energy levels.

The primary use of propane gas in Clinton is for heating purposes by homeowners who provide heat and power for their homes. Propane furnaces and space heaters utilize propane for increasing a home’s comfortability. It also warms floors using radiant floors which consist of heated water pumped underneath floor boards. The heat makes the house warmer and cleaner.

Secondly, cooking is made easier and faster by propane. Cooking gas in glass cylinders, propane-fueled ovens and ranges ensure one has control over the temperatures and also stoves that utilize propane are safer because they allow quick cooling of the burners when the heat has been turned off.

Thirdly, propane in high-performance dryers enhances efficiency in energy-saving features. The heating capacity of propane gas ensures drying of clothes without discoloring fabrics as compared to electric dryers. These machines also have sensing controls that shut the dyers once the clothes are dry.

Additionally, water heaters outwit electrical models because temperature adjusting is more precise and have heating elements that are more long-lasting. Propane water heaters are flexible and able to serve bathrooms, bathtubs, pools, sinks and other out building tasks.

Lastly, propane is used in generators because power outage happens, anytime and anywhere, therefore, causing a lot of inconveniences and health risks. Generators are a reliable source of energy in case of a blackout, and they either use propane or natural gas. Gas can serve the home lighting system for days and even weeks depending on the amount of gas installed. The portability and flexibility of propane gas make it a perfect choice for both internal and external appliances. For more information visit East River Energy.

  • 4 Aug, 2021
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Category:Education

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Retrieved from “https://en.wikinews.org/w/index.php?title=Category:Education&oldid=4458237”
  • 4 Aug, 2021
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Wikinews interviews candidate for New York City mayor Vitaly Filipchenko

Wednesday, June 16, 2021

In early May, Wikinews extended an invitation to Vitaly Filipchenko, an independent candidate in the 2021 New York City mayoral election, set to take place November 2nd, alongside other candidates. Filipchenko answered some questions about his policies and campaign during a phone interview.

Filipchenko, registered on the New York City Campaign Finance Board as Vitaly A. Filipchenko, is the first Russian candidate for New York City mayor, being born in Tomsk, Siberia in 1973, according to news agency Sputnik. He has since naturalised as a United States citizen. According to the web site, Filipchenko has been educated in road construction and maintenance and owns a moving services company; he describes himself on his web site as a “small business owner”. On his web site’s platform page, he says that “[m]y English may not be perfect – but my platform is.”

Incumbent Democrat mayor Bill de Blasio, who won re-election in the 2017 New York City mayoral election by 66.5%, cannot run for a third term under term limits. As of April 28, 22 candidates are currently running, the majority of whom are also Democrats. Ahead of the June Democratic primary for New York City mayor, a poll conducted May 23 and 24 by WPIX and Emerson College of 12 Democratic candidates with a margin of error of 3.2 per cent has former commissioner for the New York City Department of Sanitation Kathryn Garcia and Borough President of Brooklyn Eric Adams leading with 21.1% and 20.1%, respectively.

Retrieved from “https://en.wikinews.org/w/index.php?title=Wikinews_interviews_candidate_for_New_York_City_mayor_Vitaly_Filipchenko&oldid=4626119”
  • 3 Aug, 2021
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Html Email Newsletters A How To Guide To Creating Them

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By Julia Gulevich

What is an email newsletter? An email newsletter is kind of like a regular newspaper but it delivers news directly to our email electronically. These newsletters arent just the news. Email newsletters are available for just about every kind information.

Most companies have an email sign up for their email newsletter that allows them to send you updates on company policies, changes and information on topics you request. Email newsletters might be about health, technology, sports, general information or varying articles of interest.

[youtube]http://www.youtube.com/watch?v=cxM9CDY3Quc[/youtube]

So now that you know what an email newsletter is all about. Lets start figuring out how to create one. The first step is to decide your email newsletters lay out. You want the email newsletter to be something that everyone is going to want to read. Therefore, you must design your email newsletter to be attractive and appealing. There are several ways you can accomplish this. You can have your newsletter professionally designed, can download email newsletter creator software, or you can create one on your own. In regards to email newsletters, it is usually best to have them professionally designed.

One of the things to consider in your email newsletter design is that the internet is visually oriented. There are few sites that are only text based. Therefore, customers, and subscribers to your email newsletter are going to be expecting your newsletter to match the types of things they see on the internet. There are more complicated ways of doing email newsletters, but why not start out with something basic like an HTML email newsletter.

When the internet was in its infancy, HTML email newsletters would have been something almost impossible because email was only set up to do text. Even now, youll often get a message asking if you want to send or receive an email in either text or HTML. These days, knowledge of HTML isnt even needed to create an HTML email newsletter. There are HTML editors available and even most word processors come with an HTML editor or tagging feature. There are a variety of things to choose from. Features such as heading changes, allowing you to alter the titles and headings of your HTML email newsletter. Adding text enhancements, web links are also easy to do in your HTML newsletter. Most word processors have a function for adding links to your HTML email newsletter while all feature text enhancements like underlining. With the addition of HTML features to common word processors, there is no reason why you cant get started creating your own HTML email newsletter. It will do wonders in spreading the information about your site, or what you have to offer, as well as updates and general news of interest.

About the Author: Author is a technical expert associated with development of email marketing utilities:

Get Bulk Email Software

. Did you find those tips useful? You can learn a lot more here

Download HTML Email Newsletter Guide

Source:

isnare.com

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  • 2 Aug, 2021
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California employees owe state US$13.3 million in unpaid loans

Sunday, April 24, 2011

The California Controller’s office reports that eleven state agencies have given US$13.3 million in pay and travel advances that have not been collected.

Governor Jerry Brown issued an executive order to recover uncollected loans by the agencies. A press release from the governor’s office states, “The Governor’s Executive Order seeks to recover taxpayer dollars by directing state agencies and departments to clear salary and travel advances within 30 days through an expense claim.” Any outstanding balance will be deducted from employees’ paychecks under the governor’s order after the 30 days.

Under California state law, state employees are permitted to receive advances for hardship, travel, and other circumstances. These advances cannot be collected by agencies after three years without the employee’s consent.

State Controller John Chiang said in a statement, “The state’s poor debt collection and accounting practices are fleecing public coffers at a time when vital public programs are being decimated by unprecedented budget cuts.” Chiang’s office expects there will be more money unaccounted for, including some from the California Highway Patrol (CHP). California state law mandates that anyone convicted of driving under the influence of alcohol is required to pay for the investigation. The CHP has not collected this money.

The California Department of Transportation, also called Caltrans, has the largest debt of the eleven agencies: $3.2 million. Cal Fire, or the California Department of Forestry and Fire Protection, “had an outstanding balance of $1.44 million as of June 30, 2008. An overwhelming portion of that balance was related to employee salary and travel advances,” according to a controller’s office audit.

Chiang’s office had informed former California governor Arnold Schwarzenegger there were outstanding debts, but Schwarzenegger’s administration did not take action.

All eleven agencies have agreed to hand over any delinquent accounts to the controller’s office, who will collect these debts.

Retrieved from “https://en.wikinews.org/w/index.php?title=California_employees_owe_state_US$13.3_million_in_unpaid_loans&oldid=4629244”
  • 2 Aug, 2021
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British white paper on public health

Wednesday, November 17, 2004

ENGLAND — UK Health Secretary John Reid has proposed widespread legislative and health care changes in a new white paper on public health released Tuesday. Titled “Choosing Health”, the paper details government plans to restrict smoking in public places, limit ‘junk food‘ advertisements to children, make available “lifestyle trainers”, campaign against sexually transmitted diseases and tobacco, and improve food labelling.

The white paper comes after extensive public comment that involved 150,000 people.

Smoking would be restricted in enclosed public spaces, restaurants, workplaces, and some pubs. The ban would be enacted gradually, affecting government and NHS buildings in 2006, enclosed public places in 2007, and private property in 2008. Permanent exemption would be granted to pubs that do not serve prepared food — though not at the bar — as well as private clubs, a decision that has provoked some to call the measure incomplete. Up to 90% of pubs are expected to be affected. The Scottish executive proposed a complete ban on smoking in enclosed public places last week, and Ireland has already banned smoking in pubs and restaurants.

Food advertisements targeted to children would be banned until 9pm, under the White Paper’s proposals. The restriction is a measure to tackle rising rates of childhood obesity. The government also intends to develop voluntary standards on food and drink advertisements to children with industry, only threatening legislation if an acceptable standard is not reached by 2007. Additionally, low income families would receive vouchers for fresh fruit, vegetables, milk, and infant formula. School lunches would also be held to stricter nutritional standards. Reid has warned that unless childhood obesity is tackled, “we face the prospect of children having shorter life expectancy than their parents”.

Food labelling would also be improved, with a “traffic light” system implemented. Packaged food would be evaluated based on its fat, sugar, and salt content.

The paper is unusual for suggesting a more holistic approach to health care, offering for the first time “lifestyle trainers.” The National Health Service would be funding with an additional £1bn to make people’s overall lives healthier, which is expected to save £30bn in preventable illness.

The paper additionally makes mention of reducing accidents, which affected 2.7m people last year and is a leading cause of child death, curb binge drinking, and reduce substance abuse among youths.

The paper has been criticized by many parties. The Tory Shadow Health Secretary has criticized the Labour government’s comprehensiveness and creation of a “new nanny state approach”. He has additionally described it as “gimmicks”. The Liberal Democrats have accused the government of not being comprehensive enough. It has also been criticized by the British Medical Association as being implemented too slowly, saying “When lives need saving, doctors act immediately”.

Mr. Reid has argued against the nanny state label, saying “In a free society, men and women ultimately have the right within the law to choose their own lifestyle, even when it may damage their own health. But people do not have the right to damage the health of others, or to impose an intolerable degree of inconvenience or nuisance on others … This is a sensible solution which balances the protection of the majority with the personal freedom of the minority in England”.

The full white paper “Choosing Health” can be read here.

Retrieved from “https://en.wikinews.org/w/index.php?title=British_white_paper_on_public_health&oldid=4627124”
  • 1 Aug, 2021
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