Texas Insurance Code 102.152 – Treatment of Annuity as Charitable Gift Annuity; Estoppel
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Terms Used In Texas Insurance Code 102.152
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
In any litigation or other proceeding brought by or on behalf of a donor or the donor’s heirs or distributees, an annuity that the donor has treated as a charitable gift annuity in a filing with the United States Internal Revenue Service shall be considered to be a charitable gift annuity issued by a charitable organization, as described by Subchapters A and B and Section 101.053(b).