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Abstract: 

A donor-advised fund based in the Washington suburbs, the National Heritage Foundation (NHF), recently filed for Chapter 11 bankruptcy protection. This was due in part to a judgment against it in favor of a Texas couple that had made contributions to a charitable reverse split-dollar life insurance scheme that NHF had promoted heavily. A spokesman indicated that the bankruptcy filing would help enable NHF to pursue an appeal of that judgment without posting the full appeal bond otherwise required.

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