HomeMy WebLinkAbout01-16-07
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15056051058
REV.1500 EX (06-05)
PA Department of Revenue '*
Bureau of Individual Taxes
PO BOX 280601
Harrisburg, PA 17128-0601
ENTER DECEDENT INFORMATION BELOW
Social Number Date of Death
INHERITANCE TAX RETURN
RESIDENT DECEDENT
File Number
Date of Birth
04/15/2006
10/05/1923
Royer
MI
Decedent's Last Name
L
(If Applicable) Enter Surviving Spouse's Information Below
Last Name Suffix
Royer
First Name
MI
E
Loretta
~p<>.~~~:_~_~c:l~i~I_~~l.I~ty~ull1.~~.~
I
___.__J
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
FILL IN APPROPRIATE OVALS BELOW
<a> 1. Original Return
<:::)
2. Supplemental Return
c:::>
3. Remainder Return (date of death
prior to 12-13-82)
5. Federal Estate Tax Return Required
c:::>
c:::> 4a. Future Interest Compromise (date of
death after 12-12-82)
~ 7. Decedent Maintained a Living Trust
(Attach Copy of Trust)
CJ 10. Spousal Poverty Credit (date of death CJ 11. Election to tax under Sec. 9113(A)
between 12-31-91 and 1-1-95) (Attach Sch. 0)
CORRESPONDENT - THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
Name Daytime Telephone Number
Robert P. Grubb, Esq. r-(~1-~);~~=~1-~~-m--..-....mm
L--______._
6. Decedent Died Testate
(Attach Copy of Will)
9. Litigation Proceeds Received
8. Total Number of Safe Deposit Boxes
4. Limited Estate
~
c:::>
C)
Firm Name (If Applicable)
1-..-.-....---..........---.-..----.----.-.....-----------.--.....--...-
i Metzger, Wickersham, PC
L.....-.:__
First line of address
ZIP Code
REGISTER OF WILLS US~LY
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3211 North Front Street
Second line of address
P.O. Box 5300
City or Post Office
!
i Harrisburg
t....._....___..~_,...__.__M_MHHH"__"._____....____M__M......M......_
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17110-0300
Correspondent's e-mail address:
Under penalties of perjury, I dedare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief,
it is true, correct and complete. Declaration of preparer other than the personal representative is based on all information of which preparer has any knowledge.
SIGNATURE OF PERSON RESPONSIBLE FOR FILING RETURN DATE
ADDRESS
DATE
- /~....2c:;t:J
b, P.C., PO Box 5300, Harrisburg, PA 17110-0300
PLEASE USE ORIGINAL FORM ONLY
Side 1
L
15056051058
15056051058
---I
--.J
15056052059
REV-1500 EX
Decedent's Social Security Number
........._........._....................................... _..__.._____ _________. .. ___n.__ ,_____ _ .....__..
Decedent's Name:
RECAPITULATION
James
L Royer
183-18-1806
1. Real estate (Schedule A). ..... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1. ~._
2. Stocks and Bonds (Schedule B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 2.:
3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) . . . .. 3.!
4. Mortgages & Notes Receivable (Schedule D) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 4.
;
r-'"
i
5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E) . . . . . . .. 5. I
6. Jointly Owned Property (Schedule F) c::> Separate Billing Requested . . . . . .. 6.!
7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property
(Schedule G) c::> Separate Billing Requested.. . . . . .. 7.'
8. Total Gross Assets (total Lines 1-7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 8.!
25,018.00
2,074,950.00 i
i
i
2,099,968.00 :
,
9. Funeral Expenses & Administrative Costs (Schedule H). . . . . . .. . . . . . . . . . . . .. 9. i
i
10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I). . . . . . . . . . . . . . . . 10.1
7,620.00 i
i
11. Total Deductions (total Lines 9 & 10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.
12. Net Value of Estate (Line 8 minus Line 11) . . . . . . . . . . . . . . . .. . .. . . . . . . . . . . 12.1
13. Charitable and Governmental Bequests/See 9113 Trusts for which I
an election to tax has not been made (Schedule J) . . . . . . . . . . . . . . . . . . . . . . . . 13.1
i
14. Net Value Subjectto Tax (Line 12 minus Line 13) . . . . . . . . . . . . . . . . . . . . . . . . 14.1
TAX COMPUTATION. SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable
at the spousal tax rate, or
transfers under Sec. 9116
(a)(1.2) X .0 00
16. Amount of Line 14 taxable
at lineal rate X.O_
17. Amount of Line 14 taxable
at sibling rate X .12
18. Amount of Line 14 taxable
at collateral rate X .15
2,092,348.00 I
i
2,092,348.00
15.
0.00
16.
17.
18.
19. TAX DUE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.
0.00
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
<8>
L
15056052059
Side 2
15056052059
--.J
REV-1500 EX Page 3
Decedent's Complete Address:
File Number
DDL--,,-,~w"----'-.-l
DECEDENTS NAME DECEDENTS SOCIAL SECURITY NUMBER
James L Royer 183-18-1806
STREET ADDRESS
5225 Wilson Lane, Apt. 4119
CITY I STATE I ZIP
Mechanicsburg PA 17055
Tax Payments and Credits:
1. Tax Due (Page 2 Line 19)
2. Credits/Payments
A. Spousal Poverty Credit
8. Prior Payments
C. Discount
(1 )
0.00
Total Credits (A + 8 + C ) (2)
3. Interest/Penalty if applicable
D. Interest
E. Penalty
Total Interest/Penalty ( D + E ) (3)
4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT.
Fill in oval on Page 2, Line 20 to request a refund. (4)
5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5)
A Enter the interest on the tax due. (SA)
8. Enter the total of Line 5 + SA. This is the BALANCE DUE.
(58)
0.00
Make Check Payable to: REGISTER OF WILLS, AGENT
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred;.......................................................................................... [iJ D
b. retain the right to designate who shall use the property transferred or its income; ............................................ [iJ D
c. retain a reversionary interest; or.......................................................................................................................... [i] D
d. receive the promise for life of either payments, benefrts or care? ...................................................................... D [iJ
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death
without receiving adequate consideration? .............................................................................................................. D [iJ
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? .............. D iii
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which
contains a beneficiary designation? ........................................................................................................................ [iJ D
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
For dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse
is three (3) percent [72 P.S. ~9116 (a) (1.1) (i)].
For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is zero (0) percent
[72 P.S. ~9116 (a) (1.1) (ii)]. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and
filing a tax return are still applicable even if the surviving spouse is the only beneficiary.
For dates of death on or after July 1, 2000:
The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a natural parent, an
adoptive parent, or a stepparent of the child is zero (0) percent [72 P.S. ~9116(a)(1.2)].
The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is four and one-half (4.5) percent, except as noted in
72 P.S. ~9116(1.2) [72 P.S. 99116(a)(1)].
The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is twelve (12) percent [72 P.S. ~9116(a)(1.3)]. A sibling is defined, under
Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption.
REV-15lO EX. 16-.'.
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
ESTATE OF
Royer, James L.
This schedule must be completed and filed if the answer to any of questions 1 through 4 on the reverse side of the REV-1500 COVER SHEET is yes.
FILE NUMBER
DESCRIPTION OF PROPERTY
ITEM INCLUDE THE NAME OF THE TRANSFEREE. THEIR RELATIONSHIP TO DECEDENT AND
NUMBE THE DATE OF TRANSFER ATTACH A COPY OF THE DEED FOR REAL ESTATE.
3. LeTort Trust Account, valued as of the date of death as per the attached
statement ()f~~.T Ort ..M~~~g~rn~~t~~~. .Trust Go~..
4. Noll Financial Services - non qualified annunities valued as per the attached
statement of Noll Financial Services.
5. Vanguard IRA - valued as of the date of death as per the attached statement
of LeI Ort M~.~c:l9~r.!!~~t~D.~Iru~tGe>~
6. Western Southern IRA Annuity - valued as of the date of death as per the
attachE!ds!~t~.I!I~~t()t~~I()rt,M~~!9~1ll~~! ~nd,. Ir:u~t G().
TAXABLE
VALUE
1. GMAC demand notes - titled in the name of the James L. Royer Revocable
Living Tr:ust dtd~~-2QQ?!y~I~~d,~s ()f th~Q~te ()fdeathas per the attached
statement of LeTort Management and Trust Co.
362.703.00
2. Vanguard Mutual Fund(s) - titled in the name of the James L. Royer
Revocabl~ Liyi~gIru~t,Q!d,~..~..?9Q2,,,aluE!d a~ ()ft~e d,~tEl of death as per
the attached statement of LeTort Management and Trust Co.
TOTAL (Also enter on line 7 Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
2,074,949.97
REV-1509 EX. (6-llll*
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE F
JOINTLY-OWNED PROPERTY
ESTATE OF
Royer, James, L.
FILE NUMBER
If an asset was made joint within one year of the decedent's date of death, It must be reported on Schedule G.
A'Loretta E. Royer
5225 Wilson Lane, Apt. 4119
Mechanicburg, PA 17055
Spouse
RELATIONSHIP TO DECEDENT
SURVIVING JOINT TENANT(S) NAME
ADDRESS
B.
C.
JOINTLY-OWNED PROPERTY:
LETTER DATE
ITEM FOR JOINT MADE
NUMBER TENANT JOINT
DESCRIPTION OF PROPERTY
INCLUDE NAME OF FINANCIAL INSTITUTION AND BANK ACCOUNT NUMBER OR SIMILAR
IDENTIFYING NUMBER. ATTACH DEED FOR JOINTLY-HELD REAL ESTATE.
1.
A.
Federated Money Market - valued as per attached statement of La Tort
Mananement::md.IntstCo
Bank of America money market account - valued as per attached
statementoU. eToft MananementandlrustC() . . ..
M& T Bank checking account - valued as per attached statement of LeT ort
,MananPJllAotandIrustCo
TOTAL (Also enter on line 6, Recapitulation) $
(If more space is needed, insert add~ional sheets of the same size)
DATE OF DEATH
VALUE OF
DECEDENT'S INTEREST
5,739.00
18,625.00
654.00
25,018.00
REV.1511 EX+ (12.99.
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE H
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
ESTATE OF
Royer, James L.
FILE NUMBER
Debts of decedent must be reported on Schedule L
ITEM
NUMBER
A.
DESCRIPTION
AMOUNT
1.
FUNERAL..EXPENSES:
Parthemore Funeral Home, 1303 Bridge St., P.O. Box 431, New Cumberland, PA 17070
Culhane's Steak House - dinner following Viewing
West Shore County Club - Lunch following Memorial Service
2.
B. ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions
Name of Personal Representative(s)
Social Security Number(s)/EIN Number of Personal Representative(s)
Street Address
Year(s) Commission Paid:
3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Claimant
2. Attorney Fees
Street Address
State . Zip
Relationship of Claimant to Decedent
4. Probate Fees
5. Accountant's Fees
6. Tax Return Preparer's Fees
7.
TOTAL (Also enter on line 9, Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
7,620.05
REV-1513 EX. 19-00) ..
COMMONWEAlTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE J
BENEFICIARIES
ESTATE OF
Royer, James L.
NUMBER
I
NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY
TAXABLE DISTRIBUTIONS [indude outright spousal distributions, and transfers under
Sec. 9116 (a) (1.2)]
RELATIONSHIP TO DECEDENT
Do Not List Trustee(s)
FILE NUMBER
AMOUNT OR SHARE
OF ESTATE
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET
n NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE
1.
Loretta E. Royer, 5225 Wilson Lane, Apt4119, Mechanicsburg, PA 17055
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
100%
TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET
(If more space is needed, insert additional sheets of the same size)
01/15/2007 17:08 FAX 717 7617842
!"I;lSII.~ ~L\' 1,'15
. TIl: s is to renify that the information here given is correctly copied from an original certificate of death duly filed with me as
Local Registl'ar. The original cel1ificate will be forwarded to the State Vital Records Office:: for penn anent filing.
LeTORT GROUP LLC
141002
WARNING: It ;s illegal to duplicate this copy by photostat or photograph,
Fc:e for Ihis ~'~rlificnte, S6.00
No. Date
~/?r:
Local Re~
p
12410491
APR 1 7 2006
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COMMONWw..TH OF pIiNNSYLVANIA. DEPAfrrMENTOF H!ALTH . VITAL RE:CORDS
CERTIFICATE OF DEATH ,STATEALEHlIolB5A
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5.
Upper Allen Twp.
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Cumberland
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Loretta E. BOwseT
5225 Wilson Laue. Apt. 4119
Mechauiceburg, PA 1705.5
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Ches~er ao,.er
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Pe.nnAvlvania
UD'Der Allen
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Lo~etta E. Royer
IL ............1FhI; ,__,
Auna Doster
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5225 Wilson Lane. Apt. 4119. H8ehan1csburg. PA 17055
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(See Instructiona 8nd aamples on reverse)
A Family Tradition Of Caring
PARTHEMORE Funeral Home & Cremation Services, Inc.
Mrs. Loretta E. Royer
5225 Wilson Lane, Apt. 4119
Mechanicsburg, P A 17055
1303 Bridge Street
P.O. Box 431
New Cumberland, PA 17070
(717) 774-7721
(Fax) 774-5546
www.parthemore.com
4/1712006
We sincerely appreciate the confidence you have placed in us and will continue to assist you in every way
we can. Please feel free to contact us if you have any questions in regard to this statement. The following
is an itemized statement of the services, facilities, automotive equipment and merchandise that you selected
when making the funeral arrangements.
Terms
Ncl.30
Description
SERVICES & MERCHANDISE
Cremation with Memorial Service
Embalming
Gilbert W. Parthemore,
Founder
Total Services and Merchandise
Due Date
5/1712006
Account #
2006026.31
I
Amount
1
l-1. v.~-<" ·
(_co
'\)\"?
3,275.00
688.00
3,963.00
CASH ADVANCE ITEMS
Death Notice, Harrisburg Patriot
Death Notice, York
Death Notice, Lancaster
27 Certified Copies of Death Certificates
Clergy Honorarium
Organist Honorarium
Soloist Honorarium
Flowers, Basket Arrangement
Flowers, Red Roses
Cumberland County Coroner Fee, Cremation Authorization
~ \\\.1. Q.o~ I I
WL ~ll\~~d (}ff~ ~I
+fO~*" ~ Co(\~ct~~ ~0\14\}-Q., ~~if\
\'J~ clvCi0~ ~OV," ~~ ~< IOJ~. ~\.Q.oiJL
\~Ov.J ~ ~ ~ ~w~!
(}..,)oA \ Wo~ ..slOutcll[o,J l'ULW( J~~ ":.\ '.
o I Total CJ $5.578.55
~ r(\~lv\ I Payments/Credits $0.00
oil
~ i Balance Due $5.578.55
Gilbert J. Parthemore,
Supervisor
Stephen K. Parthemore,
CFSP
Bruce R. Parthemore,
Pre-Need Coordinator, epe
Total Cash Advances
Professional Memberships:
NFDA. PFDA
DCFDA · eCFDA
G~
The Rull' YOII Know.
The' Peoplt' YOII Trust
'f9*' \"v?J 0..
ck fl~ \'- 1cob
~ ~"l/
352.80
242.15
348.60
162.00
150.00
125.00
50.00
125.00
35.00
25.00
1,615.55
A/Ui~CULHANE .. S S IEAK HOUSE
Dining RooI
Check No Tab tau Server Tile lIutl!
145963 42 11 13 6:43:48 flll 411012006
&DESr . 1
4 lee lea 6.00
2 Co ffee 2 .~o
2 Btt I. ~ater 2.00
2 Lg 0111011 Rings 7.00
1 F resll Haddock 13.99
1 fjyster Sand. 6.99
1 Crab Cake Sand. 9.99
1 CUll . Soup Du JDur 2.25
1 Crabc:ake ApP. 8.99
1 Brld Salmm Filet 13.99
Greet.. Salad 1.25
Nell VOlt.. Strip 16.49
HESQU HE 2.00
Por terhouse (Meo) 16.49
MushrooQs & Onions J.OO
Ha.burger Steak 11.49
88ked Potato 1.50
Tossed Salad 2.25
Sauteed MushroOM 1. 75
Porterhouse (Med) 16.49
Mushroolls & On i DIIS 3.00
HESQUI TE 2.00
Porterhouse (Med) 17 .34
MESaUI TE 2.00
Food Sub..Total 170.75
3 Als- Chard. Rob HOlldavi 11. 25
2 Draft Labatt Blue 6.50
Beverage Sub..lotal 17.7S
sue JOIAL
SALES TAX
llltl. '..U
10.25
CtH-.l." TO 1 AL
198.75
fHAt,K \IOU
Brooke
Thank You!
[)tJn~t Forget Mom
On Mother#s Day!!
Open 11-8
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S~ \~G.)
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V\'est Shore Country Club
100 Brentwater Road
Camp Hill, PA 17011
Phone: 717-761-4530
Fax: 717-761-7234
I CJlenUOrg.~~tl.; -- -- - ---l-e.;.;t Da~--- r Telephone . 1;;----- --rc~~.; -- .
~~~~:n::-:l. -:;::-~e~::c:::O:: ~:U) I ;:~:~:~;t ::~::~:':5: HE~~)----
. ~~~-1~~5~~------
I -------...-.---
Party Name
I Royer Reception
Category
Lunch
90
12:00pm - Deli Buffet @ 16.25 1,462.50
Subtotal
Serv Chg
Taxes
Total
1,462.50
292.50
87.75
1,842.75
Paid
Balance
0.00
1,842.75
Please remit the "Total Balllnce Due" within 10 days ofrecelvbrg this invoice.
Send Check with full amount to West Shore Country Club, 100 Brentwater Road, Camp Hill, PA, 17011.
For any questions concerning this invoice, please reference the PO fl.
Thank you for this opportunity to serve you.
We appreciate your business.
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West Shore Country Club
100 Brentwater Road, Camp Hill PA 17011 - t'(717) 920-2891 f: (717) 761-7234
Page 1 of 1
- J J
I 0 ~tf.V' S ('
September 28, 2006
Jered L. Hock, Esquire
Metzger Wickersham
3211 North Front Street
P. O. Box 5300
Harrisburg, PA 17110-0300
LETORT
Management & Trust
Re: James L. Royer, Sr., deceased
Dear Mr. Hock:
The following information is provided to assist you in the preparation of the
Pennsylvania Inheritance Tax return for Mr. Royer.
1. Expenses for funeral etc. - $7,620.05 (paid invoices attached)
2. Mass Mutual Life Insurance statement for life insurance death benefits received
By the James Royer Revocable Trust. - total proceeds $67,547.00.
3. AUL - Noll Financial Services statement for date of death value of annuities
owned solely by Mr. Royer -. $778,348.00
4. Balance for the following accounts:
Joint Assets:
Federated money market - joint
Bank of America - money mkt - joint
M&T Bank - joint checking
$11,478.00
$37,250.00
$11,308.00
James L. Rover Trust Assets:
GMAC demand notes - Revocable Trust
Vanguard - Revocable Trust
LeTort - Revocable Trust
$362,703.00
$264,553.00
$363,004.00 (detail stInt)
James L. Rover IRA Assets:
Vanguard-IRA
Western Southern IRA annuity
$280,017.00 Loretta bene.
26,435.00 Loretta bene.
We have not received the original amendments to the trusts, please forward to our office
for safekeeping.
./
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3130 Morningside Dr. · Camp Hill, PA 17011 · 717.761.7626 . Fax 717.761.7842 . www.letorttrust.com
Experience
Reputation
Service
James. L. Royer
Date of Death Annuity Values
as of April 15, 2006
Account #
Type
Issue
Date Investment
Withdrawals
April 15th
2006 Value
2453 170 070 Non Qualified IV A
3/10/2000 $ 600,000 $
72,000 $ 440,248.64
Thomas C. "rim" Noll, CLU
Chartered financial COnsultant 2052 170 050 Non Qualified - Fixed 3/10/2000 $ 400,000 $ 220,112 $304,519.35
Tami Noll Russo
CPA-CFpe-CLU
$ 1,000,000 $ 292,112 $ 744,767.99
PHONE:
(717) 939-0968
FAX:
2051 258 993 Non Qualified - Fixed 12128/1991 $
5,000 $
$ 11,723.82
(717) 939-4344
OFFICE ADDRESS:
1420 Farmhouse Lane
Middletown, PA 17057
$ 21,746.16
$ 33,469.98
2051 293 686 Non Qualified - Fixed 12118/1992 $ 11,000 $
$ 16,000 $
MAIUNG ADDRESS:
P.O. Box 205
Highspire, PA 17034
WEB ADDRESS:
nolltinancialservices.com
E-MAIL:
nollfinancial@Comcast.net
Registered Representatives of
and securities offered through
OneAmerica Securities, Inc.,
Member NASD. SlPC.
A Registered Investment
Advisor, OneAmerican Square,
Indianapolis, IN 46206,
(317) 285-1877, which is not
affiliated with Noll Finandal
Services.
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SECOND AMENDMENT TO
REVOCABLE TRUST AGREEMENT OF
JAMES L. ROYER
WHEREAS, under date of May 8, 2002, JAMES L. ROYER, Grantor, then of Martin
County, Florida, and now of Cumberland County, Pennsylvania ("Grantor"), executed a
Revocable Trust or Trust Agreement under the terms of which Grantor reserved the right and
power to amend or revoke said Revocable Trust Agreement (as, i.e., set forth in Article ILC.2.
thereof);
WHEREAS, under date of August 11,2004, JAMES L. ROYER, Grantor, executed a
First Amendment to Revocable Trust Agreement of James L. Royer;
WHEREAS, Grantor finds it appropriate to execute a further, Second Amendment to
Revocable Trust Agreement of James L. Royer;
NOW THEREFORE, Grantor, under and by virtue of said Trust Agreement, does hereby
further amend said Trust Agreement, as previously amended, as follows:
FIRST
Article VII.A. is amended to read:
Upon Grantor's death or incapacity, LORETTA E. ROYER, JAMES L.
ROYER, JR., and LeTORT MANAGEMENT & TRUST COMPANY, a
Pennsylvania corporation and private trust company, with offices currently
located at 3130 Momingside Drive, Camp Hill, Pennsylvania 17011, shall serve
as successor co-Trustees, with all the rights, powers and immunities granted
herein. If LORETTA E. ROYER shall fail or cease to serve for any reason,
then JAMES L. ROYER, JR., CATHY E. ROYER, f/k/a CATHY E.
ARMSTRONG, and aforesaid LeTORT MANAGEMENT & TRUST
COMPANY shall serve as successor co-Trustees. Any entity serving as co-
Trustee may be removed, with or without cause, by a majority in interest of the
beneficiaries entitled to the income of the trust and any entity with Trust powers
shall be appointed as successor Trustee. Any Trustee may resign at any time by
giving thirty (30) days' written notice to Grantor, if living and competent, if not,
to Grantor's Spouse, if living and competent, otherwise to each beneficiary then
entitled to receive or have the benefit of the income from the trust. In case of the
351690-1
"
resignation, refusal or inability to act of any Trustee acting or appointed to act
hereunder after Grantor's death, the beneficiary or a majority in interest of the
beneficiaries then entitled to receive or have the benefit of the income from the
trust shall appoint any individual or institution with trust powers as Trustee if no
provision is made herein for a further successor. If Grantor or the beneficiaries
do not appoint a successor within thirty (30) days of the date of the notice of
resignation of a Trustee, the resigning Trustee or any beneficiary may petition a
court of competent jurisdiction to appoint a successor Trustee.
SECOND
In all other respects, Grantor does hereby readopt and republish the aforesaid Revocable
Trust of May 8,2002, as amended by the First Amendment to Revocable Trust Agreement of
James L. Royer.
THIRD
of
~
, 2006.
&~ ~1t)/'
James L. Royer, Grantor and Trustee
The foregoing was published, declared, and signed by JAMES L. ROYER as Grantor and
Trustee, having been apprised by the change in designation the entity co-Trustee, we the
undersigned do hereby, by signing this assent and signify and set forth our assent to said
amendment.
~.~
Loretta E. Royer
f.
es L. Royer, Jr.
e
Cathy r
3516:' _.--~ ~ e L.' Hock, Esquire - --
~c.~
f/k/a Cathy Armstrong
.....
COMMONWEALTH OF PENNSYLVANIA
COUNTYOF\'J AllPHIN
: SS.
On this ~day of At'r-~ \ ,2006, before me Angela M. Miller, the
undersigned officer, personally appeared Jered L. Hock, Esquire, known to me (or satisfactorily
proven) to be a member of the bar of the highest court of said state, Supreme Court 10
Number 19211, and a subscribing witness to the within instrument, and certified that he was
personally present when JAMES L. ROYER, whose name is subscribed to the within instrument,
executed the same; and that said person, JAMES L. ROYER, acknowledged that he executed the
same for the purposes therein contained.
In witness whereof, I hereunto set my hand and official seal.
f2 14 -rn --!n./I,<-- "
No~ Public
Notarial Seal
.Angela M.. Miller, Notary Public
CIty of Ramsburg, Dauphin County
My Commission Expires Oct. IS, 2006
35]690-]
FIRST AMENDMENT TO
REVOCABLE TRUSTAGREEMffiNT OF
JAMES L. ROYER
WHEREAS, under date of May 8,2002, JAMES L. ROYER, Grantor, then of Martin
County, Florida, and now of Cumberland County, Pennsylvania ("Grantor"), executed a
Revocable Trost or Trost Agreement under the terms of which Grantor reserved the right and
power to amend or revoke said Revocable Trost Agreement (as, i.e., set forth in Article IT.C.2.
thereof) ;
NOW THEREFORE, Grantor, under and by virtue of said Trost Agreement, does hereby
amend said Trost Agreement as follows:
FIRST
Article IIT.A., second sentence, is hereby amended to read:
All estate, inheritance and succession taxes attributable to property included in
Grantor's gross estate for federal estate tax purposes shall be apportioned in
accordance with law in effect on the date of Grantor's death in the jurisdiction of
which Grantor is a resident at the time of Grantor's death.
SECOND
Article IV.B., next to last sentence and last sentence, are hereby amended to read:
Upon the death of Grantor's Spouse, any part of the Family Trust not effectively
appointed, or the entire Family Trost and any additions thereto upon Grantor's
death if Grantor's Spouse shall not survive Grantor, shall be distributed as
follows: One-half (l/2) outright to Grantor's son, JAMES L. ROYER, JR., ifhe
survives Grantor by thirty days, and one-half (1/2) outright to Grantor's daughter,
CATHY E. ROYER, if she survives Grantor by thirty days. If Grantor's son,
JAMES L. ROYER, JR., is not living on the thirty-first day after Grantor's death,
his share outright in equal portions to his daughter, SARA ROYER, and his son,
DAVID JAMES ROYER. If Grantor's daughter, CATHY E. ROYER, is not
living on the thirty-first day after Grantor's death, her share outright in equal
309657-1
portions to her daughter, ERIN ARMSTRONG, and her son, MARK
BARTAKOVITS. Ifnone of Grantor's lineal descendents are then living, the
Trust shall be distributed to those persons entitled to Grantor's estate under the
laws of the jurisdiction of which Grantor is a resident at the time of Grantor's
death, as if Grantor died testate.
THIRD
Article V., first paragraph, first sentence, is hereby amended to read:
In the administration of the Trusts created by this Agreement, the Trustee shall be
governed by the provisions of the law of the situs of the Trust in effect at the time
of execution of this First Amendment to Revocable Trust Agreement that are not
in conflict with this Agreement, as amended, and shall have all additional powers
and protections granted by statutes to Trustee at the time of application that are
not in conflict with this Agreement, as amended. At the time of this Amendment,
the situs shall be deemed to be Pennsylvania.
FOURTH
Article V.I., last sentence, is hereby amended to read:
The decisions of the other Trustee, or if none, the successor Trustee or an
individual selected as provided by the law of the situs of the Trust, shall be
binding.
FIFTH
Article VLG., first sentence, is hereby amended to read:
The incapacity or incompetence of Grantor (or any other beneficiary hereunder)
shall be deemed to have occurred if the Trustee (the successor Trustee or Co-
Trustee other than Grantor if Grantor is then serving as Trustee or Co- Trustee)
receives written proof that 1) Grantor has been adjudicated as incompetent by a
court of competent jurisdiction in the state in which Grantor then resides, 2) a
guardian or conservator of Grantor's person or estate shall have been appointed
by a court of competent jurisdiction in the state in which Grantor then resides, or
a medical physician licensed to practice under the laws of the state in which
Grantor then resides shall certify to the Trustee, at the pertinent time and for any
pertinent period of time, that Grantor is for any cause unable properly to care for
Grantor or Grantor's property. The Trustee shall be under no duty to institute
any inquiry into Grantor's possible incapacity, but the expense of any such
inquiry, reasonably instituted, may be paid from the trust estate.
309657-1
SIXTH
If and to the extent that any other phrase, clause, sentence, or other provision of the
aforesaid Revocable Trust were otherwise to be interpreted as requiring the application of
Florida in a case where such application were otherwise unnecessary (in contrast, for example,
with the case of any real estate which I may hereafter acquire in Florida, in which instance
application of Florida law may to some extent be required), this Agreement shall be construed as
being governed by the law of the situs of the Trust.
In all other respects, Grantor does hereby readopt and republish the aforesaid Revocable
Trust of May 8, 2002.
IN WITNESS WHEREOF, Grantor has hereunto signed this Amendment this / I J-t.. day
of
A-uo<<s r
, 2004.
The foregoing was published, declared, and signed by JAMES L. ROYER as Grantor and
Trustee as and to be Grantor's First Amendment to Trust Agreement, and we, at Grantor's
request, in Grantor's presence, and in the presence of each other, hereby subscribe as attesting
witnesses.
"J71hu(fD' nun.'a 0
309657 -1
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF {)AuP\-t'J':-f\)
: SS.
On A-fl'J"~ II .2004, before me, a Notary Public, for the Commonwealth
of Pennsylvania, residing in Dauphin County, personally appeared JAMES L. ROYER, who in
due form of law acknowledged the foregoing First Amendment to Trust Agreement to be his act
and deed.
WITNESS my hand and notarial seal the day and year aforesaid.
OJ -Ill 1J1.)/I",
No~blic
30%57-1
Notarial Seal
Angela M. Miller, NotaIy Public
City of Harrisburg, Dauphin County
My Commission Expires Oct. IS. 2006
JAMES L. ROYER
REVOCABLE TRUST
Daniel J. Probst, Esq.
3300 PGA Boulevard, Suite 500, Palm Beach Gardens, FL 33410
(561) 624-2110
JAMES L. ROYER
REVOCABLE TRUST
THIS TRUST AGREEMENT made and entered into this ~/k day of ,147 '
2002, by and between JAMES L. ROYER, of Martin County, Florida, referred to as "Grantor," and
JAMES L. ROYER, with the successor trustee collectively referred to as the "Trustee," which term
shall refer to the acting trustee under this agreement.
ARTICLE I
TRUST PROPERTY
Grantor hereby transfers and delivers to the Trustee certain property, the receipt of which is
hereby acknowledged by the Trustee, such property to be held upon the terms and conditions and
with the powers and limitations set forth in this agreement. With the Trustee's consent, additional
property may from time to time be transferred to this trust by Grantor, during Grantor's lifetime or
at death, or by any other person. If any addition is made by will, the Trustee may accept the
statement of the personal representative that the assets delivered to the Trustee constitute all of the
property to which the Trustee is entitled, without inquiring into such personal representative's
administration or accounting. This trust may be referred to as the "JAMES L. ROYER
REVOCABLE TRUST."
ARTICLE II
ADMINISTRATION DURING GRANTOR'S LIFETIME
A. During Grantor's lifetime, the Trustee shall pay to or for Grantor's benefit so much
of the income or principal of the trust as Grantor shall from time to time direct the Trustee. If
Grantor does not provide the Trustee with such direction, or upon and during Grantor's incapacity
or incompetence, the Trustee shall pay to or for Grantor arid Grantor's spouse's benefit so much of
the income of the trust, and, to the extent necessary, so much of the principal as may be necessary
in the Trustee's discretion to insure the support in the accustomed manner of living, maintenance in
health, and reasonable comfort of Grantor and Grantor's spouse, LORETTA E. ROYER,
(hereinafter referred to as "Grantor's Spouse"). Any income not so paid by the end of the taxable
year shall be added to the principal of the trust. No beneficiary other than Grantor or the legal
representative of Grantor's estate shall have the right to question the Trustee's acts during Grantor's
lifetime.
B. The Trustee is authorized, in the Trustee's sole discretion, upon the incompetence or
incapacity of Grantor, to make gifts of the trust property to continue any gift program which Grantor
previously commenced, including consent gifts by Grantor's Spouse. Such gifts may be made
outright or in trust.
C. During Grantor's lifetime, Grantor retains:
1. The right to withdraw all or any part of the trust property and to revoke this
agreement entirely and the trusts hereby created and to receive from the Trustee all or any part of the
trust property, free from trust, by writing signed by Grantor and delivered to the Trustee.
2. The right and power to amend, change and supplement this agreement by
written agreement between Grantor and the Trustee executed in the same manner as this agreement.
3. The right and power to remove the Trustee, without cause, upon writing
signed by Grantor and delivered to the Trustee and to appoint a successor Trustee.
Any power retained by Grantor shall be exercised solely by the Grantor and no guardian appointed
for Grantor shall have the right to exercise any of such powers.
D. Despite the foregoing provisions, no alteration, modification, change or amendment
of this agreement shall increase or change the Trustee's duties, liabilities, responsibilities or
compensation until consented to in writing by the Trustee.
E. In order to claim homestead exemption rights pursuant to Section 196.031, Florida
Statutes, Grantor retains the right to use, possess, and occupy, as Grantor's personal residence during
Grantor's lifetime, any real property which may be owned by the trust and used. as Grantor's
residence. Grantor's reserved interest shall be construed as a "beneficial title in equity to real
property" as set forth in Section 196.031(1), Florida Statutes, or any successor statute.
ARTICLE III
ADMINISTRATION UPON GRANTOR'S DEATH
Upon and after the death of Grantor, the trust shall become irrevocable and the Trustee shall
make the following, dispositions from and of the trust estate, including any property passing to the
trust estate from Grantor's probate estate, and the proceeds of any life insurance or other death
benefits of which the Trustee is named beneficiary:
2
.'
A. The Trustee shall pay and distribute from the trust estate to the personal representative
of the estate of Grantor, or in the Trustee's discretion, pay directly, without seeking reimbursement
or recovery from any person, such sum or sums as may be required by the personal representative
with which to pay legal debts, (except debts which constitute encumbrances on real property),
expenses of Grantor's last illness and funeral, administration expenses (including ancillary) and those
administration expenses payable on account of Grantor's death with respect to assets which do not
pass under this trust. All estate, inheritance and succession taxes attributable to property included
in Grantor's gross estate for federal estate tax purposes shall be apportioned in accordance with the
Florida apportionment statute in effect on the date of Grantor's death. For purposes of apportioning
such tax among the respective beneficiaries of this trust in accordance with such statute, beneficiaries
of specific gifts or residuary gifts under this trust shall be treated in the same manner as they would
have been if such gifts were specific devises or residuary devises passing under a will. The Trustee
is authorized to estimate and set aside or deliver to the personal representative a fund for these
purposes, to enable the Trustee to make sooner distributions or to establish any separate trust fund
hereafter described. In determining ~e nature and amount of any expenses, claims, debts and tax
liabilities that may be due following or occasioned by Grantor's death, the Trustee may rely on the
written instructions of the personal representative of Grantor's probate estate. The Trustee need not
(but may) verify the validity or amount of any demand which may be made upon the Trustee by the
personal representative and the Trustee shall be exonerated for any liability or losses that might result
from reliance on the written instructions of such personal representative. The manner of payment
shall require no reimbursement or adjustment of accounts of the trust estate or of the shares that the
beneficiaries shall be entitled to receive in income or principal. The Trustee's selection of assets to
be sold for such purposes or to satisfy any pecuniary gifts shall not be subject to question by any
beneficiary .
B. If Grantor's Spouse survives Grantor, (and for purposes of this agreement, if the actual
sequence of their deaths cannot readily be determined, Grantor's Spouse shall be presumed to have
survived Grantor), the Trustee shall distribute to Grantor's Spouse, free oftrust, (hereinafter referred
to as the "Marital Share"), a sum equal to the amount by which the value of the property disposed
of by this agreement exceeds the aggregate of (1) the value of the property disposed of by the
3
preceding provisions of this agreement, (2) a sum equal to the largest amount, if any, that can pass
free of federal estate tax under this agreement by reason of the unified credit and the state death tax
credit (provided use of this credit does not require an increase in the state death taxes paid) allowable
to Grantor's estate, but no other credit, and after taking account of property disposed of by previous
provisions of this agreement and property passing outside of this agreement which is includable in
Grantor's gross estate and does not qualify for the marital or charitable deduction and after taking
account of charges to principal that are not allowed as deductions in computing Grantor's federal
estate tax and (3) Grantor's debts, expenses of administration and other charges payable from
principal by Grantor's personal representative or the Trustee, which reduce the value of property
disposed of by this agreement that may qualify for the marital deduction. The remainder of the trust
estate, if any, shall be held by the Trustee in a separate and new trust, the dispositive provisions of
which are set forth in the article entitled "Family Trust" and hereafter referred to as such.
1. For purposes of determining the pecuniary amount to be distributed as the
Marital Share in accordance with this article, the values fmally fixed in the federal estate tax
proceeding relating to Grantor's estate shall be used. Grantor recognizes that no sum may be
allocated to the Marital Share by this article, and that the sum so distributed may be affected by the
action of the Trustee and Grantor's personal representative in exercising certain tax elections. None
of the provisions of this article shall be construed as requiring any particular exercise or non-exercise
of tax elections, regardless of their effect on the determination of that amount.
2. For purposes of funding the Marital Share with the amount so determined
above, such amount may be satisfied in cash or in kind or partly in cash and partly in kind and in
installments or at one time and each asset distributed in kind shall be valued at the date of
distribution. Since the exact value of the individual items of Grantor's estate cannot be determined
until Grantor's federal estate tax return has been audited, the Trustee, after any such audit shall have
been made and final tax values established, may withdraw property from the Family Trust and add
it to the Marital Share or withdraw property from the Marital Share and add it to the Family Trust
to effect a proper distribution of the trust estate.
C. If Grantor's Spouse does not survive Grantor and is not presumed to have survived
Grantor, all the remaining trust estate shall be held by the Trustee under the provisions of the Family
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Trust. Any share of the residuary trust estate effectively disclaimed by Grantor's Spouse shall also
be distributed to the Family Trust. Any share of the residuary trust estate passing to the Family
Trust, which by its terms would then be distributable to a beneficiary of the Family Trust, may be
distributed directly to such beneficiary by the Trustee in order to avoid a needless transfer through
the Family Trust.
ARTICLE IV
FAMILY TRUST
The Trustee shall hold in trust, invest and reinvest any property designated to be held
hereunder, and apply the principal and income thereof, as follows:
A. The Trustee may pay so much of the income or principal of the Family Trust to or for
the benefit of Grantor's Spouse, at such times and in such manner as the Trustee may deem advisable
for the support in the accustomed manner of living, maintenance in health and reasonable comfort
of Grantor's Spouse. Any net income not distributed shall be periodically added to and commingled
with the principal of the Family Trust. In exercising this discretionary power, the Trustee may (but
need not) consider any other resources of the beneficiaries. No exercise of discretion in any year or
years shall constitute a precedent obligating the Trustee to similar action in any other year or years.
B. Upon the death of Grantor's Spouse, if surviving Grantor, the Family Trust, including
any amounts added to the Family Trust, shall be held in trust or distributed to or in trust for such one
or more of Grantor's lineal descendants with such powers and in such manner and proportions as
Grantor's Spouse may appoint by will making specific reference to this testamentary limited power
of appointment. Upon the death of Grantor's Spouse, any part of the Family Trust not effectively
appointed, or the entire Family Trust and any additions thereto upon Grantor's death if Grantor's
Spouse shall not survive Grantor, shall be distributed to Grantor's then living lineal descendants, in
equal shares per stirpes. If none of Grantor's lineal descendants are then living, the trust shall be
distributed to those persons entitled to Grantor's estate under the laws of the State of Florida at the
time for distribution if Grantor died intestate.
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ARTICLE V
TRUSTEE'S POWERS
In the administration of the trusts created by this agreement, the Trustee shall be governed
by the provisions of Section 737.402, Florida Statutes, in effect at the time of execution of this
agreement that are not in conflict with this agreement and shall have all additional powers and
protection granted by statute to trustees at the time of application that are not in conflict with this
agreement. In addition and not in limitation of any common law or statutory authority, the Trustee
shall have the following powers, all of which shall be exercisable in the Trustee's sole and absolute
discretion and without authorization or confirmation by any court or other person being required:
A. To manage, control, exchange, sell, rent, lease, convey, deed, mortgage, encumber,
lien, pledge, grant options to purchase, transfer, dispose or otherwise deal with any trust assets of any
kind, real, personal or mixed, in such manner and on such terms without limit as to time as the
Trustee may deem advisable, even for terms beyond the expected term of any trust, and to execute
and deliver instruments and to take or cause to be taken all action deemed necessary or proper in
connection with this power.
B. To invest in bonds, common or preferred stocks, notes, real estate mortgage, common
trust funds, shares of regulated investment companies, partnership interests (whether general, special
or limited), or other securities or property, real or personal, including participation in any common
trust fund administered by a corporate trustee hereunder or the creation of a money market deposit
or similar account with such trustee, without being limited by any statute or rule of law governing
investments by trustees.
C. To borrow money at interest rates then prevailing from any individual or institution,
or other source, irrespective of whether any such individual or institution is then acting as Trustee,
upon such terms as the Trustee shall deem necessary or convenient in the administration of the trust,
and to pledge any securities or other property held by the Trustee as security therefor. No lender
shall be bound to see or be liable for the application of the proceeds, and the Trustee shall not be
personally liable, but each such loan shall be payable only out of assets of the trust.
D. To buy, sell and trade in securities of any nature (including "short" sales) and
including puts, calls, straddles and other options, covered and uncovered, of every kind and nature,
6
"
on margin, and for such purpose to maintain and operate margin accounts with brokers, andto pledge
any securities held or purchased by the Trustee with such brokers as security for loans and advances
made to the Trustee.
E. To employ and compensate from the trust fund any investment counsel, custodians,
brokers, agents, and attorneys the Trustee may deem appropriate.
F. Except as specifically provided to the contrary herein, to make any allocation,
division or distribution required under the terms of any trust hereunder in kind or in money or partly
in each, and to determine the value of any property so allocated, divided or distributed. Shares of
any trust hereunder need not be satisfied by distribution of undivided shares in the trust assets. The
value of any share to be distributed may be of entire properties or undivided shares. The selection
and distribution of assets by the Trustee shall be binding and conclusive upon all parties and shall
not be subject to question by any beneficiary. The Trustee may consolidate any separate trust with
any other trust with substantially the same provisions for the same beneficiary or beneficiaries.
G. To lend money to the personal representative of Grantor's estate, with or without
security, and to purchase property from the personal representative of Grantor's estate and retain such
property for any period of time without limitation, and without liability for loss or depreciation in
value, notwithstanding any risk, or lack of productivity or diversification. The propriety of the
purchase, the nature and amount of such assets purchased, and the ascertaining of fair market value,
shall be solely within the discretion of the Trustee, and the Trustee shall incur no liability as a result
of such purchase or purchases, even though such assets are not investments in which trustees are
authorized by law or any rule of court to invest.
H. To pay the premiums, elect optional modes of settlement and exercise all rights of
ownership. of policies of insurance that are included in the trust, and with regard to all policies of
insurance that are payable to the trust, (1) execute and deliver receipts and other instruments and take
such action as may be appropriate to obtain possession and control of the policies, and (2) execute
and file proofs of claim required to collect the proceeds of insurance policies. The receipt of the
Trustee shall constitute full acquittance to insurance companies for all proceeds so paid. The Tmstee
7
shall be under no obligation to institute legal proceedings for the collection of proceeds of any policy
until and unless the Trustee has been indemnified to the Trustee's satisfaction for all costs and
expenses, including attorneys' fees.
I. The powers may be exercised even after termination of all trusts hereunder until
actual distribution of all trust principal, but not beyond the period permitted by an applicable rule
of law relating to perpetuities.
J. If any individual Trustee hereunder (other than Grantor) shall also have a.legal
obligation to support any potential beneficiary of any trust created hereunder (or for whom a fund
is held under a power to hold property during minority), then such Trustee shall be disqualified from
exercising any discretion granted herein with respect to distributions or accumulation of principal
or income of such trust or fund to or for such dependent. The decisions of the other Trustee, or if
none, the successor Trustee or an individual selected as provided in Section 737.402(4), Florida
Statutes, shall be binding.
ARTICLE VI
ADMINISTRATIVE PROVISIONS
A. No statute with respect to underproductive property shall apply to any trust created
hereunder. The Trustee is authorized to hold underproductive assets that are contributed to the trust
or are part of Grantor's estate, and to pay the cost of carrying that property from income. No
distributions are to be made in lieu of income from that property, no income is to be charged against
the proceeds of that property and all net proceeds are to be treated as princ~pal.
B. Except as otherwise provided in this agreement, all income accrued or undistributed
at the termination of any interest shall be treated as if it had been accrued or been received
immediately after that termination.
C. For all purposes of this agreement, in determining whether an individual is a child
or descendant of any other person, legal adoption before the person adopted reached the age of
twenty-one (21) years, but not thereafter, whether single or successive, shall be equivalent in all
respects to blood relationship.
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, .
D. The Trustee shall make such elections under the tax laws as the Trustee deems
advisable, without regard to the relative interests of the beneficiaries. No adjustment shall be made
between principal and income or in the relative interests of the beneficiaries to compensate for the
effect of elections under the tax laws made by the Trustee or Grantor's personal representative.
E. In disposing of any trust property subject to a testamentary power of appointment, the
Trustee may rely upon an instrument admitted to probate in any jurisdiction as the will of the donee
or may assume that he or she died intestate if the Trustee has no notice of a will within three (3)
months after his or her death.
F. If ~t any time a beneficiary eligible to receive net income or principal distributions
under the terms of this agreement is under legal disability, or in the opinion of the Trustee is
incapable of properly managing his or her fmancial affairs, then the Trustee may make those
distributions directly to the beneficiary, to a lawful guardian of the beneficiary, or to a custodian
selected by the Trustee for the beneficiary under a Uniform Transfers to Minors Act or similar
applicable law, or may otherwise expend the amounts to be distributed for the benefit of the
beneficiary in such manner as the Trustee considers advisable. As used throughout this instrument,
the term "lawful guardian" shall mean successively in the order named (i) the court-appointed
guardian of the estate, (ii) either parent, or (iii) the individual having personal custody (whether or
not a court-appointed guardian) where no guardian of the estate has been appointed.
G. The incapacity or incompetence of Grantor, (or any other beneficiary hereunder), shall
be deemed to have occurred if the Trustee (the successor Trustee or Co-Trustee other than Grantor
if Grantor is then serving as Trustee or Co- Trustee) receives written proof that (1) Grantor has been
adjudicated as incompetent by a judge of a circuit court of the State of Florida or by a court of
competent jurisdiction in the state in which Grantor then resides, (2) a guardian or conservator of
Grantor's person or estate shall have been appointed by a judge of the circuit court of the State of
Florida or by a court of competent jurisdiction in the state in which Grantor then resides, or a
medical physician licensed to practice under the laws of the State of Florida or under the laws of the
state in which Grantor then resides, shall certify to the Trustee, at the pertinent time and for any
pertinent period of time, that Grantor is for any cause unable properly to care for Grantor or Grantor's
9
property. The Trustee shall be under no duty to institute any inquiry into Grantor's possible
incapacity, but the expense of any such inquiry, reasonably instituted, may be paid from the trust
estate.
H. If any share of the trusts created herein becomes distributable to a beneficiary who
is incapacitated or under the age of twenty-one (21) years, then. such share shall immediately vest
in such beneficiary, but the Trustee, in the Trustee's discretion, shall retain possession of such share
while such beneficiary is incapacitated or under the age of twenty-one (21) years. In the meantime,
the Trustee shall use or expend and apply so much of the income and principal of each such share
as the Trustee deems necessary or desirable for the education, support and maintenance in health and
reasonable comfort of each such beneficiary, adding any income not so used to principal at the end
of each calendar year. If any such beneficiary dies before attaining the age of twenty-one (21) years
or gaining capacity, the remaining principal and income of his or her share shall be distributed to his
or her estate. The Trustee shall hold and administer each retained share in accordance with the
powers of investment and administration provided herein for the operation of trusts generally.
I. Except the right to disclaim or as may be provided by powers of appointment granted
herein, and except as to Grantor's interest herein, none of the principal or income of the trusts created
hereunder shall be subject to anticipation, assignment, mortgage or pledge in any manner by any
beneficiary or to the interference or control of any creditor of a beneficiary, or any spouse for
alimony or support, and shall not be reached by any legal or equitable or other process, including
bankruptcy proceedings, in satisfaction of any debt or liability of a beneficiary prior to receipt by the
beneficiary; but all payments of principal and income as provided herein shall be made by. the
Trustee to the beneficiaries designated in accordance with the provisions of the trusts herein
provided.
ARTICLE VII
PROVISIONS RELATING TO TRUSTEESIHP
A. Upon Grantor's death or incapacity, LORETTA E. ROYER, JAMES L. ROYER,
JR., and W ACHOVIA BANK, N .A. shall serve as successor co-Trustees, with all the rights, powers
and immunities granted herein. IfLORETT A E. ROYER shall fail or cease to serve for any reason,
then JAMES L. ROYER, JR., CATHYE. ARMSTRONG, and W ACHOVIABANK, N.A. shall
10
serve as successor co- Trnstees. Any entity serving as co-Trustee may be removed, with or without
cause, by a majority in interest of the beneficiaries entitled to the income of the trust and any entity
with Trust powers shall be appointed as successor Trustee. Any Trnstee may resign at any time by
giving thirty (30) days written notice to Grantor, ifliving and competent, if not, to Grantor's Spouse,
if living and competent, otherwise to each beneficiary then entitled to receive or have the benefit of
the income from the trost. In case of the resignation, refusal or inability to act of any Trnstee acting
or appointed to act hereunder after Grantor's death, the beneficiary or a majority in interest of the
beneficiaries then entitled to receive or have the benefit of the income from the trust shall appoint
any individual or institution with trust powers as Trustee if no provision is made herein for a further
successor. If Grantor or the beneficiaries do not appoint a successor within thirty (30) days of the
date of the notice of resignation of a Trustee, the resigning Trustee or any beneficiary may petition
a court of competent jurisdiction to appoint a successor Trnstee.
B. If more than one Trustee is serving, any Co-Trustee may delegate, in writing, full
power and authority, from time to time, to anyone or more of the other Trustees. In creating this
trust, Grantor confirms Grantor's utmost faith and confidence in the decisions of the Trustee and any
successors thereto, and should any Trustee see fit to delegate the Trustee's functions and powers to
one or more Co-Trustees, Grantor hereby ratifies and approves that action provided it is taken in
good faith and compliance with fiduciary duties. In the event of delegation of duties or authorization
of one or more of the Trustees, it shall not be necessary for all Trustees to sign documents which
pertain to trust assets, and the administrative Trustee or Trustees may conduct all trust business
without the necessity of joinder of the other delegating Trustee or Trustees. After any such
delegation, the delegating Trustee shall have no further responsibility with respect to the exercise
of any Trustee rights or powers so long as such delegation shall remain in effect. Any such
delegation may be revoked by a written instrument delivered to the other Trnstees at any time.
C. Every successor Trustee shall have all the powers, discretion and immunities given
the originally named Trustee. A successor Trustee may require a terminating Trustee to render a full
and final accounting. Each successor Trustee shall be vested with the powers and duties of the
trusteeship without the necessity of any other act, conveyance or transfer. No successor Trustee shall
be personally liable for any act or omission of any predecessor, but will be responsible and
11
accountable only for those assets under its control and custody. With Grantor's approval, ifliving
and not incapacitated, otherwise with approval of the beneficiary or a majority in interest of the
beneficiaries then entitled to receive or have the benefit of the income from the trust, a successor
Trustee may accept the account rendered and the property received as a full and complete discharge
to the predecessor Trustee without incurring any liability for so doing, and shall have no duty to
investigate or inquire into the acts of a former Trustee.
D. The parent, guardian or attorney-in-fact of Grantor or a beneficiary incompetent or
under disability shall receive notice and have authority to act for Grantor or the beneficiary under
this article only of the agreement.
E. Any corporate Trustee shall receive compensation for its services in accordance with
its schedule of fees in effect when such services are performed. The corporate Trustee shall receive
such compensation without regard to any compensation paid to any individual Trustee. In the sole
discretion of the corporate Trustee, such compensation may be charged currently or deferred. If any
corporate Trustee designated to act or at any time acting hereunder is merged with or transfers
substantially all of its assets to another corporation, or is in any other manner reorganized or
reincorporated, the resulting or transferee corporation shall become Trustee in place of its corporate
predecessor.
F. Regardless of any statute or rule of court now or hereafter in effect which may
provide otherwise, the Trustee shall not be required to give any bond or other security, or to qualify
before, be appointed by or, in the absence of a breach of trust, account to any court, or to obtain the
order or approval of any court for the exercise of any authority, power or discretion granted herein
or see to the application of any payment made.
G. No bank, savings association, trust company, brokerage firm, transfer agent, grantee,
purchaser or other person dealing with the Trustee shall have a duty to inquire into the existence of
facts upon which the Trustee's power or authority depends, the continued existence of the power, the
expediency of the transaction, the proper application of the proceeds or other consideration, or the
proper exercise of the power, nor shall any such third person be liable for relying on this trust
agreement. A certificate signed by Grantor or any Trustee under this trust agreement and
acknowledged before a notary public shall be conclusive evidence upon all persons and for all
12
pwposes of the facts stated in.the certificate respecting the terms of this trust agreement, the identity
of the Trustee or Trustees who, from time to time, are serving and the propertY constituting the trust
estate.
IN WITNESS WHEREOF, the parties hereto have signed this Agreement in duplicate, each
of which shall be deemed an original, in the presence of the witnesses, whose names are subscribed
below, on the day and year fITst above written, and the Trustee thereby evidencing acceptance of the
trust.
Ci~R~~Y
Grantor and Trustee
The foregoing was published, declared and signed by JAMES L. ROYER as Grantor and
Trustee as and to be Grantor's trust agreement, and we, at Grantor's request, in Grantor's presence
and in the presence of each other, hereby subscribe as attesting witnesses.
WIlNESSES:
~~
~
'. r;
16.. anOOr an rustee -
13
~
STATE OF FLORIDA
COUNTY OF PALM BEACH
The foregoing instrument was acknowledged, subscribed and sworn to before me this ~
day of f1~ ' 2002, by JAMES L. ROYER, as Grantor and Trustee,~ who is
personally kno to me or ( ) who has produced as
identification), who. acknowledged to and before me that the Grantor executed the same as such
Grantor for the purpose therein expressed, and who did take an oath.
NOTARY PUBLIC:
Name Printed:
State of Florida At Large (Seal)
My commission expires:
A~'}' DANJaJ. PROBST
i*{-c.-"':*E MY COMMISSION # DO On6B1
~~6c11 EXPIRES: March 8.2006
"Rr..til. Bonded Ttvu Notary Public UnaelWlilers
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