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Charitable Lead Trust
A charity receives income from a donated asset for a certain number of years which is held in the trust that's been established. After the number of years comes to an end, the principal transfers to the beneficiaries of the donor. Doing this, keeps the wealth in the family by dramatically reducing the costs involved in transferring to beneficiaries. The charity can use the income earned by the money, but does not have access to the principal. Distribution is a taxable gift.
Insurance Industry News from ProgramBusiness.comNew Association Announces Charter Membership Drive
Over the past three and one-half years, a team of insurance professionals have been working on the creation of an association dedicated to the unique issues facing program administrators. These efforts were realized on January 1, 2002 with the launch of the Target Markets Program Administrators Association. The primary goal—to build an entity that entirely focused on five themes:
Technology Help members take maximum advantage of technology to further their enterprise’s interests. Skills Help members gain new skills or enhance existing ones. Meet the Markets Align with selected carriers who either specialize in programs or have dedicated units with a programs focus. The key here is to satisfy both the carrier appetites for a more efficient exchange of information and contacts as well as to provide decision level access to the membership base. Networking Capitalize on the collective expertise of the group to help and support individual association members. Cross-sell Provide opportunities for members to either add a new product to their portfolio or establish new distribution channels.
In its first full month of operations, the new association has: Hired an Executive Director (Ray Scotto) Partnered with Benfield-Blanch (the world’s largest independent reinsurance intermediary) to act as the exclusive provider of reinsurance services. Signed two insurance carrier/partners (AIG Programs Division and Clarendon). Signed the association’s first vendor/partner (Cost Financial). Enrolled thirty agencies as Charter Members. Established a dedicated web-site. Program administrators interested in learning more about the new association should access our web-site at http://www.targetmkts.com. The site provides a history of Target Markets, benefits/duties of membership, enrollment forms, and information regarding the Annual Target Markets Program Administrators Summit in Tempe, AZ. We anticipate a membership base of 250 program administrators before the Summit is held on October 21-23, 2002.
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