Posted March 1st, 1998

In The News…

The latest on the Texas lawsuit

Interest in the Texas lawsuit regarding gift annuities, once the hot topic of conversation in gift planning circles, may have subsided, but the case continues. On December 8, 1997, the United States Supreme Court remanded an unfavorable judgment to the Fifth Circuit Court of Appeals. The Supreme Court directed the Appeals Court to reconsider the judgment in light of the Charitable Donations Antitrust Immunity Act of 1997. All nine justices of the Supreme Court concurred on this decision.

Source: Charitable Accord Memorandum, from Terry
Simmons, president, and the Board of Charitable Accord
January 15, 1998

Finding the key to living longer

Willard Scott wishes a handful of them happy birthday every day. They are centenarians, better known as 100-year-olds. According to the Census Bureau, centenarians are the fastest-growing age group. It is estimated that by 2030, half a million Americans will celebrate their 100th birthday. And this may be of special interest to gift planners: One in 26 baby boomers, in other words approximately 3 million people born between 1946 and 1964, are expected to reach 100. Statistics like these have recently sparked the interest of scientific researchers to find what makes certain people live into their second century.

One of the earliest findings of the research on the 100-plus group is that the aging process appears to slow down after age 80. Additionally, the risk of contracting a chronic disease decreases for people in their 80s. Researchers have also discovered that many women 100 or over had children after they turned 40.

Studies are also trying to determine if there is a “centenarian personality.” Early results from personality tests reveal that most 100-year-olds rarely become stressed or angry, do not waste time worrying, have a good sense of humor, and are conscientious in both their personal and profesional lives.

Source: USA Today, December 29, 1997

Top ten foundations

Here is a ranking of the top ten private foundations based on current assets as of December 31, 1997:

  • Lilly Endowment
  • Ford Foundation
  • David and Lucile Packard Foundation
  • W.K. Kellogg Foundation
  • Robert Wood Johnson Foundation
  • Pew Charitable Trusts
  • Robert W. Woodruff Foundation
  • John D. and Catherine T. MacArthur Foundation
  • Rockefeller Foundation
  • Andrew W. Mellon Foundation

Source: The Chronicle of Philanthropy, January 29, 1998

The publisher of Give & Take is not engaged in rendering legal or tax advisory service. For advice and assistance in specific cases, the services of your own counsel should be obtained. Articles in Give & Take may generally be reprinted for distribution to board members and staff of nonprofit institutions and other non-donor groups. Proper credit must be given. Call for details.

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