HomeMy WebLinkAbout06-12-06 (3)
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COMMONWEALTH OF
PENNSYLVANIA
DEPARTMENT OF REVENUE
DEPT, 280601
HARRISBURG. PA 17128-0601
REV.1500
INHERITANCE TAX RETURN
RESIDENT DECEDENT
OFFICIAL USE ONLY
FILE NUMBER
II 2006
COUNTY CODE YEAR
SOCIAL SECURITY NUMBER
0238
NUMBER
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DECEDENT'S NAME (LAST, FIRST, AND MIDDLE INITIAL)
Durnan, Joseph H
DATE OF DEATH (MM-DD-YEAR)
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
057 -07 -8284
DATE OF BIRTH (MM-DD-YEAR)
01-31-2006
02-05-1906
REGISTER OF WILLS
SOCIAL SECURITY NUMBER
(IF APPLICABLE) SURVIVING SPOUSE'S NAME ( LAST, FIRST AND MIDDLE INITIAL)
[!] 1. Original Return
o 4. Limited Estate
[!] 6. Decedent Died Testate (Attach
copy of Will)
o 9. Litigation Proceeds Received
o
o
[!]
o
o 3. Remainder Retum (date of death prior to 12-13-82)
o 5. Federal Estate Tax Return Required
o 8. Total Number of Safe Deposit Boxes
o 11. Election to tax under Sec. 9113(A) (Attach Sch 0)
2. Supplemental Return
4a. Future Interest Compromise (date of death after
12-12-82)
7. Decedent Maintained a Living Trust (Attach
copy of Trust)
10 Spousal Poverty Credit (date of death between
. 12-31.91 and 1-1-{l5)
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COMPLETE MAiliNG ADDRESS
301 MARKET STREET
POBOX 109
LEMOYNE, PA 17043
(1 ) None
(2) None
(3) None
(4) None
(5) 5,539.74
(6) None
(7) 259,973.49
(8)
(9) 13,594.14
(10) 8,853.72
265,513.23
NAME
EDMUND G. MYERS
FIRM NAME (If appiceble)
Johnson Duffie Stewart & Weidner
TELEPHONE NUMBER
(717) 761-4540
OFFICIAL USE ONLY
1. Real Estate (Schedule A)
2. Stocks and Bonds (Schedule B)
3. Closely Held Corporation, Partnership or Sole-Proprietorship
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4. Mortgages & Notes Receivable (Schedule D)
5. Cash, Bank Deposits & Miscellaneous Personal Property
(Schedule E)
6. Jointly Owned Property (Schedule F)
o Separate Billing Requested
7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property
(Schedule G or L) 0 Separate Billing Requested
8. Total Gross Assets (total Lines 1-7)
9. Funeral Expenses & Administrative Costs (Schedule H)
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10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I)
11. Total Deductions (total Lines 9 & 10)
(11)
22,447.86
243,065.37
0.00
12. Net Value of Estate (Line 8 minus Line 11)
(12)
13. Charitable and Govemmental Bequests/See 9113 Trusts for which an election to tax has
not been made (Schedule J)
14. Net Value Subjectto Tax (Line 12 minus Line 13)
(13)
(14)
243,065.37
SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES
15.Amount of Line 14 taxable at the spousal tax rate, 0.00 x .00 (15)
or transfers under Sec. 9116(a)(1.2)
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0 .045 (16)
i= 16.Amount of Line 14 taxable at lineal rate 243,065.37 x
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ll.. 17. Amount of Line 14 taxable at sibling rate 0.00 x .12 (17)
==
0
0 18. Amount of Line 14 taxable at collateral rate 0.00 x .15 (18)
x
~ 19. Tax Due
(19)
0.00
10,937.94
0.00
0.00
10,937.94
CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT.
Copyright 2002 form software only The Lackner Group, Inc.
Form REV-1500 EX (Rev. 6-00'
'cy
Decedent's Complete Address:
STREET ADDRESS
303 Messiah Circle
CITY Mechanicsburg
I STATE PA
I ZIP 17055
Tax Payments and Credits:
1. Tax Due (Page 1 Line 19)
2. Credits/Payments
A. Spousal Poverty Credit
B. Prior Payments
C. Discount
8,000.00
421.05
Total Credits (A + B + C)
3. Interest/Penalty if applicable
D. Interest
E. Penalty
TotallnterestlPenalty (D + E) (3)
4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. (4)
Check box on Page 1 Line 20 to request a refund
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. (5A)
B. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (5B)
Make Check Payable to: REGISTER OF WILLS, AGENT
(1 )
10,937.94
(2)
8,421.05
2,516.89
2,516.89
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;.................................................................................. 0 [!]
b. retain the right to designate who shall use the property transferred or its income;.................................... 0 [!]
c. retain a reversionary interest; or.................................................................................................................. 0 [!]
d. receive the promise for life of either payments, benefits or care?............................................................. 0 [!]
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without
receiving adequate consideration?............... ............................................. .......................................................... 0 [!]
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death?......... 0 [!]
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which
contains a beneficiary designation? .................................. ... ................. ....................................... ......... ........ ........ [!] 0
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
Under penatties of pe~ury. I declare 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 ADDRESS
Ma Alice Cassidy
~~
SIGNATURE OF PE ON RESPONSIBLE FOR FILING RETURN
25 Conway Drive
Mechanicsburg, PA 17055
ADDRESS
DATE
~~-
SIGNATURE OF PRE PARER OTHER THAN REPRESENTATIVE
ED D G. MYERS
fb
ADDRESS
DATE
Johnson Duffie Stewart & Weidner
301 Market Street
Camp Hill, PA 17011
0(ffo('"
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 3% [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 Sl .. - -~^""A is 0%
[72 P.S. ~9116 (a) (1.1) (ii)]. The statute does not exemDt a transfer to a surviving spouse from tax, and the statutory requ
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
natural parent, an adoptive parent, or a stepparent of the child is 0% [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 4.5%, except
~9116 1.2) [72 P.S. ~9116 (a) (1 )].
The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12% [72 P .5. ~9116 (a)
defined under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blo
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Rev-16G8 EX+ (1-'8)
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SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
Durnan, Joseph H
FILE NUMBER
21-2006-0238
ESTATE OF
Include the proceeds of litigation and the date the proceeds were received by the estate.
All property jolnUy-owned with the right of survivorship must be disclosed on schedule f.
ITEM
NUMBER DESCRIPTION
1 PNC Bank Checking Account No. 50-0459-6801
VALUE AT DATE
OF DEATH
5.539.74
TOTAL (Also enter on Line 5, Recapitulation)
5.539.74
(If more space is needed, additional pages of the same size)
Copyright (c) 2002 form software only The Lackner Group, Inc.
Form PA-1500 Schedule E (Rev. 6-98)
Rev-1610 EX+ (6-88)
.
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
COMMONWEALTH OF PENNSYlVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
Durnan, Joseph H
FILE NUMBER
21-2006-0238
ESTATE OF
This schedule must be completed and filed Wthe answer to any of questions 1 through 4 on the reverse side of the REV-1500 COVER SHEET is yes.
ITEM ION OF -", DATE OF DEATH % OF DECO'S EXCLUSION TAXABLE
NUMBER INCLUDE NAME OF TRANSFEREE, THEIR RELATIONSHIP TO DECEDENT AND VALUE OF ASSET INTEREST (IF APPLICABLE) VALUE
THE DATE OF TRANSFER. ATTACH A COPY OF THE DEED FOR REAL ESTATE.
Revocable Trust Agreement dated November 18,
1997 by Joseph Durnan, Grantor - Valuation as
of Dateof Death is attached to this Return
1 9,330.739 shares of Blackrock Government 100,771.98 100.771.98
Income Fund B
2 18,734 shares of First TR SR & LN & HI 2 CA 158,489.64 158,489.64
3 Money Market Account No. 1993-0474 711.87 711.87
TOTAL (Also enter on Line 7, Recapitulation) 259,973.49
(If more space is needed, additional pages of the same size)
Copyright (c) 2002 form software only The Lackner Group, Inc.
Form PA-1500 Schedule G (Rev. 6-98)
REV.1151 EX+ (12-.8)
*'
SCHEDULE H
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
Durnan, Joseph H
Debts of decedent must be reported on Schedule I.
FILE NUMBER
21-2006-0238
ESTATE OF
ITEM DESCRIPTION AMOUNT
NUMBER
A. FUNERAL EXPENSES:
See continuation schedule(s) attached 8,269.94
B. ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions
Social Security Number(s) I EIN Number of Personal Representative(s):
Street Address
City State Zip
-
Year(s) Commission paid
2. Attomey's Fees Johnson Duffie Stewart & Weidner 5,000.00
3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Claimant
Street Address
City State Zip
Relationship of Claimant to Decedent
4. Probate Fees 83.00
5. Accountant's Fees
6. Tax Retum Preparer's Fees
7. Other Administrative Costs 241.20
See continuation schedule(s) attached
TOTAL (Also enter on line 9, Recapitulation) 13,594.14
Copyright (c) 2002 form software only The Lackner Group, Inc.
Form PA-1500 Schedule H (Rev. 6-98)
Rev.1602 EX+ (8-88)
.
SCHEDULE H.A
FUNERAL EXPENSES
continued
COMMONWEALTH OF PENNSYlVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Durnan, Joseph H
FILE NUMBER
21-2006-0238
ITEM
NUMBER
DESCRIPTION
AMOUNT
1
Holy Rood Cemetery
55.00
2
Malpezzi Funeral Home
8.214.94
Subtotal
8.269.94
Copyright (c) 2002 form software only The Lackner Group, Inc.
Form PA-1500 Schedule H-A (Rev. 6-98)
Rev-1602 EX+ (6-88)
*'
SCHEDULE H.B7
OTHER
ADMINISTRATIVE COSTS
continued
COMMONWEALTH OF PENNSYlVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
Durnan, Joseph H
FILE NUMBER
21-2006-0238
ESTATE OF
ITEM
NUMBER
DESCRIPTION
AMOUNT
1
Cumberland County Register of Wills Office - Filing Fees for Inheritance Tax Return
($15.00) and Inventory ($15.00)
30.00
2
Cumberland Law Journal - Notice of Estate Administration
75.00
3
The Patriot News - Notice of Estate Administration
136.20
Subtotal
241.20
Copyright (c) 2002 form software only The Lackner Group, Inc.
Form PA-1500 Schedule H-B7 (Rev. 6-98)
R.Y-1&12 EX+ (6-118)
.
SCHEDULE I
DEBTS OF DECEDENT,
MORTGAGE LIABILITIES, & LIENS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
Durnan, Joseph H
FILE NUMBER
21-2006-0238
ESTATE OF
Includ. unrelmbursed m.dlcl' .xp.n....
ITEM
NUMBER DESCRIPTION
1 A. Ottavino Corp.
VALUE AT DATE
OF DEATH
350.00
2 Capital Area Health Association
20.10
3 Central PA Pulmonary
5.35
4 CoCo's Pizza
89.60
5 Daniel F. Cassidy
848.98
6 Elizabeth Howerton
192.02
7 Internal Revenue Service - 2005 Federal Taxes
1.065.00
8 J. Richard Durnan
250.00
9 Messiah Village
3,131.60
10 Messiah Village
1,477.34
11 Moffet Heart & Vascular
18.54
12 Pennsylvania Department of Revenue - 2005 State Income Taxes
315.00
13 U.S Treasury - 2005 Federal Income Tax Return
1,065.00
14 Verizon Telephone
25.19
TOTAL (Also enter on Line 10, Recapitulation)
8,853.72
(If more space is needed, additional pages of the same size)
Copyright (c) 2002 form software only The Lackner Group, Inc.
Form PA-1500 Schedule I (Rev. 6-98)
REV-1613 EX+ (9-00)
ESTATE OF
NUMBER
I.
1
2
3
4
5
.
SCHEDULE ..
BENEFICIARIES
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
Durnan, Joseph H
NAME AND ADDRESS OF
PERSON(S) RECEIVING PROPERTY
TAXABLE DISTRIBUTIONS [include outright spousal
distributions, and transfers
under Sec. 9116(a)(1.2)]
FILE NUMBER
21-2006-0238
SHARE OF ESTATE AMOUNT OF ESTATE
(Words) ($$$)
RELATIONSHIP TO
DECEDENT
Do Not List Trustee's)
Mary Alice Cassidy
25 Conway Drive
Mechanicsburg, PA 17055
Daughter
1/5th of residue
of estate
J. Richard Durnan
3661 24th Place W #405
Seattle, WA 98199
Son
1/5th of residue
of estate
Paul H. Durnan
85 South Marion Place
Rockville Centre, NY 11570
Son
1/5th of residue
of estate
R. Emmett Durnan
4900 Neblina Drive
Carlsbad, CA 92008
Son
1/5th of residue
of estate
Elizabeth Durnan-Howerton
6515 Brawner Street
Me Lean, VA 22101
Daughter
1/5th of residue
of estate
Total
Enter dollar amounts for distributions shown above on lines 15 through 18, as appropriate, on Rev 1500 cover sheet
II. NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT
BEING MADE
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET
0.00
Copyright (c) 2002 form software only The Lackner Group, Inc.
Form PA-1500 Schedule J (Rev. 6-98)
ESTATE OF JOSEPH H. DURNAN
SCHEDULE OF EXHIBITS
EXHIBIT A Last will & Testament of Joseph H Durnan
signed on October 20th, 1998.
EXHIBIT B Revocable Trust Agreement dates November 18th,
1997 by Joseph H Durnan, Grantor
EXHIBIT C Amendment to Revocable Trust Agreement dates
November 18th, 1997 by Joseph H Durnan,
Grantor dated October 20th, 1998.
EXHIBIT D PNC Investments Valuationfor Trust as of Date
of Death
EXHIBIT A
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of
JOSEPH H. DURNAN
I, JOSEPH H. DURNAN, of Upper Allen Township, Cumberland County, Pennsylvania, being of
sound and disposing mind, memory and understanding, do hereby make, publish and declare this as and for
my Last Will and Testament, hereby revoking and making void any and all Wills or Codicils at any time
heretofore made by me.
ARTICLE I
I direct the payment of my legally enforceable debts and expenses of my last illness and funeral
from my Estate as soon after my death as conveniently may be done.
ARTICLE IT
I give and bequeath my household and personal effects and other tangible personalty of like
nature (not including cash or securities), together with any existing insurance thereon, unto those of my
children, J. RICHARD DURNAN, MARY ALICE CASSIDY, PAUL H. DURNAN, ELIZABETH
DURNAN - HOWERTON, and R. EMMETT DURNAN, who survive me, to be divided among them
as they may agree, and in the absence of such agreement, I direct that my Executor or Successor to
determine the manner and method of distribution of same.
ARTICLE ill
I give, devise and bequeath all the rest, residue and remainder of my estate, of whatsoever nature
and wheresoever situate, unto the then-acting trustee of my Revocable Trust Agreement dated November
18, 1997, amended Dcl3i;JJv W, 1998, and any other amendments thereto or substitutions
therefore, in Trust, to be administered by said Trustees under the provisions of said Trust Agreement. If
no such agreement is in effect at the time of my death, I give, devise and bequeath all the rest, residue and
remainder of my estate, unto MARY ALICE CASSIDY, and should she not then be living or fail to
qualify or cease to so act, then unto ELIZABETH HOWERTON, as Trustee under and subject to the
terms and conditions of a Trust, which terms and conditions shall be exactly the same as those specified
in the aforesaid Trust Agreement, as amended, as it existed at the time of the execution of this Will or of
the last codicil hereto, with like effect as if those terms and conditions were set forth and incorporated
herein verbatim.
ARTICLE IV
I name, constitute and appoint my daughter, MARY ALICE CASSIDY, Executrix of this my
Last Will and Testament. Should my daughter, MARY ALICE CASSIDY, fail to qualify or cease to so
act, then I name the first of my other children, in the following order, who qualifies as alternate Executor
(Executrix) of this my Last Will and Testament:
A. ELIZABETH DURNAN - HOWERTON;
B. J. RICHARD DURNAN;
C. PAULH.DURNAN;and
D. R. EMMETT DURNAN.
I direct that none of the fiduciaries named herein shall be required to post bond for the faithful
administration of the duties required in any jurisdiction.
ARTICLE V
My Executrix and Trustee (hereafter Fiduciaries) shall have the following powers in addition to
those vested in them by law or by other provisions of this Will applicable to all property, whether principal
or income, including property held for minors, exercisable without court approval and effective until actual
distribution of all property:
A. To retain as an inves1ment any and all property, real and personal, owned by me at my
death.
2
B. To invest and reinvest, including principal and accumulated income, in stocks, bonds,
mortgages, securities or other property, real and personal, without being limited to the classes of securities
or investments in which fiduciaries are authorized by law to invest.
C. To sell any and all real estate held as an asset of my estate at such times, at public or private
sale, for such prices and upon such terms as shall be deemed advisable, and to make, execute and deliver
any deed or deeds therefor, conveying title thereto in fee simple absolute or for any lesser estate, to any
purchaser or purchasers.
D. To sell, exchange, lease, encumber, option or otherwise dispose of all or any portion of my
estate in such manner and upon such terms and conditions as shall be deemed advisable and to make,
execute and deliver deeds, mortgages, leases, assignments and other documents necessary to effect any of
the powers granted herein.
E. To make distribution of my estate to any person entitled thereto in kind, in cash or partly in
kind and partly in cash, as shall be deemed advisable, and to this end the allocation of assets in kind shall be
at the sole discretion of my Fiduciaries.
F. To register or carry any investments held hereunder in my Fiduciary's own name or in the
name of a nominee or nominees. All such investments shall be designated upon the records of my
Fiduciaries so that the estate to which the investment belongs shall appear clearly at all times.
G. To vote by person or proxy any and all stock held in my estate and to participate in any
reorganization or merger of companies or corporations whose stock is so held.
H. To make such elections, decisions, concessions and settlements in connection with all
income, estate, inheritance, gift, generation skipping or other tax refunds and the payment of such taxes,
without obligation to adjust the distributive share of any person thereby affected.
L To compromise, arbitrate or abandon any claim or controversy without court approval.
3
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ARTICLE VI
Except as otherwise provided in the Trust Agreement referred in Article ill, I direct my Executrix
to payout of the principal of my residuary estate all federal estate, state inheritance and other death taxes,
including interest and penalties, imposed upon or with respect to my estate or any property in which I
may have a taxable interest, including any property not forming a part of my testamentary estate but
included in my gross estate for death tax purposes, except any property over which I have a taxable power
of appointment, at such time and in such manner as my Executrix at her sole discretion deems advisable,
and no such taxes or any portion thereof so paid shall be collected from or paid by any other person,
persons or corporations by way of reimbursement, proration, apportionment or otherwise.
IN WITNESS WHEREOF, I have hereunto set my hand and seal to this, my Last Will and
Testament, this2D~y of O~ ,1998.
~J-e~/'I ~~EAL)
JO~H HtbURNAN
Signed, sealed, published and declared by the above-named Testator, as and for his Last Will and
Testament, in the presence of us, who at his request, in his presence and in the presence of each other, have
hereunto subscribed our names as witnesses.
~~
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4
ACKNOWLEDGMENT
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF CUMBERLAND
SS.
We, JOSEPHH. DURNAN,r.Jn\.LfdG. ~~and ~\~h ~. ~.l-.i~, the Testator
and the witnesses, respectively, whose names are signed to the attached or foregoing instrument, being first
duly sworn, do hereby declare to the undersigned authority that the Testator signed and executed the
instrument as his Last Will and Testament and that he had signed willingly and that he executed it as his free
and voluntary act for the purposes therein expressed, and that each of the witnesses, in the presence and
hearing of the Testator, signed this Last Will and Testament as witness and that to the best of hislher
lmowledge the Testator was at that time eighteen (18) years of age or older, of sound mind and under no
constraint or undue influence.
,.1 ;J //}.
~/41/- ~h,~
JQSEPH . DURNAN
Wi~~
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Subscribed, sworn to and aclmowledged before me by JOSEPH H. DURNAN, Testator, and
EtlN\.L).rd e,. ('{lu\~ and ~~ph +4 . vU~-\~h+) ~R.. , witnesses, this /llJ'1-J.-l.day
of ~bGr , 1998.
D-wcY !I~
Notary Public
My Commission Expires:
5
NOTARIAL SEAL
DAWN L MAYKO, ~ Public
Lemoyne Borough Cumberland Co.
My CoInmlssion expIres Mar. 19,2001
;J J-I ()
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REVOCABLE TRUST AGREEMENT
DATED November ~, 1997
BY JOSEPH B. DORNAN, AS GRANTOR
This is a TRUST AGREEMENT made this 1'5
day of November,
1997, between JOSEPH H. DURNAN, residing at 36 Intervale Street,
Rockville Centre, New York 11570, as Grantor (hereinafter referred
to as "Grantor"), and PAUL H. DURNAN, residing at 84 South Marion
Place, Rockville Centre, New York 11570 and JOSEPH H. DURNAN,
residing at 36 Intervale Street, Rockville Centre, New York 11570,
as Trustee (hereinafter referred to as "Trustee" or "the Trustee") .
ARTICLE I
ORIGINAL TRUST ESTATE
Grantor transfers and assigns to the Trustee all his right,
title, and interest in the assets listed on Schedule A attached to
this agreement (these assets, together with any additional assets,
being referred to as the "Trust Estate"). The Trustee acknowledge
receipt of the Trust Estate and agree to hold and administer all
assets in accordance with the terms of this agreement, IN TRUST for
the uses and purposes and subject to the provisions and conditions
hereinafter set forth.
This is a
made thi s ..J...B.-
this agreement
REVOCABLE TRUST AGREEMENT
DATED November~, 1997
BY JOSEPH R. DURRAN, AS GRANTOR
residing at
ntervale Street,
Rockville Centre, New
as Grantor
ereinafter referred
to as "Grantor"),
DURNAN ,
13.. ~litJtQB:-,;,.
~, Rockville
and JOSEPH H. DURNAN,
residing at 36 Intervale Str et, Rockv' Ie Centre, New York 11570,
as Trustee (hereinafter ref err d
s "Trustee" or "the Trustee") .
Grantor transfers a
o the Trustee all his right,
title, and interest in
Schedule A attached to
any additional assets,
being referred
s the "Trust Estate"). The Trustee acknowledge
assets in
the terms of this a eement, IN TRUST for
all
rust Estate and agree to
the uses
purposes and subject to the provi 'ons and conditions
,/
ARTICLE II
ADDITIONAL PROPERTY
subject to acceptance by the Trustee, Grantor or any other
person from time to time may add cash, securities, insurance
policies, or any other assets to the Trust Estate by deed, gift or
will. The additional assets will be held, invested, administered,
and distributed according to the terms of this agreement.
Said
additions shall be listed in a Rider similar in form to Schedule
"B" attached to this Trust Agreement.
ARTICLE III
RIGHTS RESERVED BY GRANTOR
A. Alteration. Revocation or Amendment. Grantor reserves
the right to alter, amend, or revoke this agreement, at any time
and from time to time, without the consent of the Trustee or any
person, by giving written notice to Trustee to that effect.
Notwithstanding the above, the duties, responsibilities, and rate
of compensation of Trustee may not be modified without Trustee's
written consent.
B. Power OVer Trust Assets. Except as otherwise provided in
paragraph C below, Grantor also reserves the right to require
changes in investments and to withdraw any or all assets of the
Trust Estate.
C. Suspension of Grantor's Ri9hts. If, at any time during
the continuance of this Trust, Grantor is adjudicated incompetent
2
by a court of appropriate jurisdiction, h~.r personal powers of
alteration, amendment, revocation, and right to withdraw income or
assets will be suspended during that incompetency. If, at any time
a successor Trustee or Co-Trustee has a reasonable basis to believe
that Grantor is suffering from any mental or physical incapacity or
incompetency that would affect such Grantor's judgment concerning
the assets of the Trust Estate, said Trustee shall gi ve such
Grantor written notice to that effect, and such Grantor's right to
alter, amend or revoke this Trust or to demand paYments from the
Trust Estate will be suspended until the issue of such Grantor's
competence is determined by a court of appropriate jurisdiction.
In reasonably determining any incapacity or incompetency, a Co-
Trustee, successor Co-Trustee or a successor Trustee may rely
conclusively upon the opinion of a medical doctor retained by said
'Trustee to make such a determination. If a Grantor's powers of
alteration, amendment, revocation, and withdrawal are suspended as
provided above, such Grantor's duties and powers as Trustee will
also be suspended until those powers are restored.
D. Personal Nature of Reserved Rights. No person (including
a guardian or conservator of the Grantor) other than Grantor
personally may exercise any of the rights reserved to Grantor by
the provisions of this ARTICLE.
3
ARTICLE IV
~HINISTRATION DURING C:RANTOR I S LIFETIHE
During Grantor's lifetime, the Trustee shall hold, manage,
invest, and reinvest all assets of the Trust Estate and shall
collect and receive the interest, income, and profits therefrom,
upon the following terms and for the following purposes:
A. Payment to Grantor. The Trustee shall pay any part or
all of the net income from the Trust Estate to Grantor, or to other
persons designated by Grantor, that the Grantor may from time to
time request. In addition, the Trustee shall pay to Grantor any
part or all of the principal of the Trust Estate that Grantor
requests in writing delivered to the Trustee prior to Grantor's
death.
B. ~rantor Incqpacity or Incompetency. If Grantor becomes
incapacitated or incompetent at any time so that his personal
powers of alteration, amendment, revocation, and withdrawal are
suspended under the conditions set forth in ARTICLE THREE, then,
for as long as that incapacity or incompetency continues, the Co-
Trustee, successor Co-Trustee or successor Trustee (as the case may
be) shall pay to or apply for the benefit of such Grantor any sums
from the income or principal of the Trust Estate that said Co-
Trustee, successor Co-Trustee or successor Trustee, in their
absolute discretion, deem appropriate for such Grantor's care,
support, and maintenance and for any other purposes that said Co-
4
Trustee, successor Co-Trustee or successor Trustee consider
necessary to provide for and to manage the everyday needs and
requirements of Grantor, taking into consideration the standard of
living to which he is accustomed at that time.
These paYments may include direct paYments to any
landlord, hotelkeeper or hospital including additional charges for
private room; for services rendered in connection with any dental,
medical, and nursing care, including private duty nurses or home
health aides; for services rendered in furnishing food, clothing,
transportation, legal or accounting services, or any other required
services, including, but not limited to, hiring a geriatric case
manager, provided the Co-Trustee, successor Co-Trustee or Successor
Trustees receive proper substantiation by those performing the
services; and for the preparation of tax returns and paYment of any
and all taxes which Grantor may be. obligated to pay under any
applicable state or federal laws. PaYment or use of any portion of
the income or principal of the Trust Estate for any of the purposes
expressed above is an appropriate use by said Co-Trustee, successor
Co-Trustee or Successor Trustees of the Trust corpus and shall not
be subject to challenge by any person or entity.
C. Accumulation. Any accumulated net income is
incorporated into the principal of this trust, to
administered, and distributed according to all of
conditions, and limitations.
to be
held,
be
its
terms,
5
ARTICLE V
ADMINISTRATION AFTER GRANTOR'S DEATH
Upon Grantor's death, the Trustee shall continue to hold the
remaining Trust Estate and may make distributions from principal
and accumulated income as follows:
A.
Transactions with Grantor's Estate.
The Trus tee, in
their absolute discretion and whether or not they also serve as
personal representative of Grantor's estate, may purchase on behalf
of the Trust any property belonging to that estate or make any
loans to the personal representative of that estate to provide
liquidity for payment of any claims, taxes, administration
expenses, or other indebtedness of Grantor's estate. Any purchase
or loan will be made on the terms and conditions that the Truste~,
in their absolute discretion, deem appropriate, provided that any
purchase of assets must be for adequate consideration in money or
money's worth, and any loan must be made only with adequate
interest and security. The Trustee will not be liable for any loss
to the Trust Estate caused by its acting in accordance with this
article, except for losses occasioned by its own gross neglect or
willful misconduct.
B. Payment of E~enses and Taxes. To the extent that, in
the T~stee' absolute discretion, it is inadvisable to use some or
all of the residuary assets of Grantor's estate to pay any or all
administration expenses of Grantor's estate, the expenses of his
last illness and burial, and any or all state and federal estate,
6
inheritance, or transfer taxes payable by reason of his death,
including any related interest and penalties, but excluding any
taxes assessed or imposed under Chapter 13, Subtitle B of the
Internal Revenue Code of 1986, as amended (referred to in this
agreement as "the Codell) or to the extent that Grantor's residuary
("'
o l) Yy,C
estate is insufficient to pay those amounts, the Trustee may rely
on a written statement signed by Grantor's personal representative
i'\,\' ~
if;:"':
as to the adequacy of the assets of Grantor's residuary estate to
pay those expenses, costs and taxes.
The Trustee may rely on a
written statement signed by Grantor's personal representative as to
the adequacy of the assets of Grantor's residuary estate to pay
those expenses, costs and taxes. Notwithstanding any provision of
this Trust Agreement to the contrary, the Trustee are specifically
directed to use in paYment of all applicable federal estate taxes
any United States Treasury Bonds that are redeemable at par in
paYment of federal estate tax.
C. Administration and Distribution of Trust Estate. After
making provision for the paYments described above, the Trustee
shall administer and distribute the remaining Trust Estate as
provided below.
ARTICLE VI
REMAINING TRUST ESTATE
The Trustee shall distribute the remaining Trust Estate as
follows:
7
"
A. Except as otherwise specifically disposed of all of the
Grantor's household property and personal effects of every kind,
including without
limitation all
of Grantor I s
furniture,
furnishings, clothing, jewelry and objects of art shall be
distributed free of trust to( my issue, then living, per stirpes. ~\.' (: ' (
,./-'.'
B. I give all the rest, residue and remainder of my property \
and estate, both real and personal, of every kind and whereve~
located, to which I shall be in any manner entitled at the time of
w#- J) ~
... J ('I""~A~,t
1"'/- I i
o /"(1....,'..
[.i
r71"1>
my death (collectively referred to as my "residuary estate") as
follows:
a. One third (1/3) to my wife, MARY E. DURNAN, if she
. lJN, ~ I r-. (4 ~,,,{',, vvvf ./<'''''-1/r.l
surv~ ves me.
b. Two thirds (2/3) to my issue, then living, per stirpes.
Any share to which my wife, MARY E. DURNAN(hereinafter
referred to as the "beneficiary" or "said beneficiary"), shall be
entitled shall be held, in Trust, by my Trustee, hereinafter named,
and shall be administered as follows:
(a) My Trustee shall hold such property and invest and reinvest
the same and pay to, or apply for the benefit of, the beneficiary
so much of the net income and/or principal of the Trust, whether
the whole or a lesser amount, as my Trustee, in said Trustee's sole
and absolute discretion, shall determine. Any income not utilized
shalflbe accumulated and shall be added to the principal of the
trust:
/J "
(~ I ~\(I
,nl"lu{A,l
(b) In exercising his discret!9n under this ARTICLE, my Trustee is
authorized to provide for the needs of the beneficiary, over and
above basic maintenance, support, medical, dental, psychiatric and
psychological care, provided by or paid for by any local, state or
federal government or agency or department thereof. To this end,
my Trustee is authorized, but not required, to provide such
8
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:IV f'L( "'.1
!
r r (.
(
t~ ( ;~:~..~ i-;~-
resources as will contribute to and make the beneficiary's life as
pleasant, comfortable and happy as feasible. Nothing herein shall
preclude my Trustee from purchasing those services and items which
promote the beneficiary's happiness, welfare and development,
including, but not limited to, vacation and recreation trips away
from said beneficiary's place of residence, expenses for a
traveling companion, entertainment expenses, clothing and
transportation costs.
(c) It is my intent that my Trustee use the principal and income
of the trust for the beneficiary, to promote said beneficiary's
happiness, welfare and development without in any way reducing the
provision of services or financial assistance for basic
maintenance, support, medical, dental, psychiatric or psychological
care the beneficiary receives or may receive without charge from
any local, state, or federal government or agency or department
thereof, and without using any portion of the income or principal
of the trust to reimburse any local, state or federal government or
agency or department thereof for such maintenance, support or care
received by the beneficiary.
(d) It is my intent that neither the income nor principal of the
trust is to be considered the beneficiary's income or assets for
any purpose, including the determination of income or assets as
stated in any rules and regulations promulgated by any local, state
or federal government or agency or department thereof. I intend
for the trust funds to serve as a vehicle for increasing the
beneficiary's well-being and not to serve as a substitute for
benefits otherwise available to said beneficiary or for said
beneficiary's benefit.
(e) Under no circumstances shall my Trustee exercise his
discretion to utilize funds for the payment of such services that
would otherwise be borne by any publicly funded program or by an
institution. '/
..-- --..------ -----\
(f) Trust principal shall not be subject to any Court directed
invasion pursuant to the provisions of the New York Estates, Powers /
and Trusts Law Section 7-1.6, or any other statute of New York or
any other state of dthEL'United_Bta-tes-d-oE--Arner-ica.---- ---
(g) .In the event of a lawful determination by a Court or agency of
competent authority that the income or principal of the trust is
liable for basic maintenance, support, medical, dental, psychiatric
or psychological care for the beneficiary that would otherwise be
provided by any local, state or federal government or any agency or
department thereof, said trust shall terminate, and my Trustee
shall pay the then principal of the trust, together with any
accumulated income, to J. RICHARD DURNAN, ALICE CASSIDY, PAUL H.
9
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(Tj"
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, ~(
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h'"
\-/ ,,,/
f.I /
DURNAN, ELIZABETH HOWERTON and R. EMMETT DURNAN~~'- .----
t
(h) Upon the death of the beneficiary, I direct that the
undistributed principal and any accrued income shall be distributed
to my issue, then living, per stirpes.
f----- ~
~...~ S-f'r-v ',' C( Iv,'\
ARTICLE VII
SURVIVAL PROVISION
If any beneficiary named in this agreement fails to survive
Grantor by six months, that person is to be deemed to have
predeceased Grantor for the purpose of this agreement.
ARTICLE VIII
DONEE OF A POWER DORING MINORITY
/
W~ever any property vests pursuant to the provisions of this
/. ;
/, s '
Trust( iJ:r1a person under the age of twenty-one (21) years, a person
\ -J
acting hereunder as Trustee shall have the right to hold such
property as donee of a power during minority with the same rights,
powers, authority, discretion and immunities, and subject to the
same duties, as are conferred or imposed upon such fiduciary in
this Trust. If such property is so held, said donee shall invest
and reinvest such property for the benefit of such person under the
age of twenty-one (21) years, shall receive the income therefrom
and payor apply to or for the benefit of such person such part or
all of the net income thereof and such part or all of such property
10
as said donee may, from time to time, in said donee's discretion,
determine. Any undistributed property shall be distributed to such
person at age twenty-one (21) years or, if he or she shall die
before attaining age twenty-one (21) years, shall upon his or her
death be distributed to his or her estate.
Said donee shall be entitled to receive such compensation as
said donee would be entitled to receive if said donee were holding
the property as Trustee and shall not be required to render
periodic accounts to any court.
Any provisions in this ARTICLE notwithstanding, said donee
may, instead of holding property distributable to a person under
twenty-one (21) years under such power, distribute such property to
a parent or guardian of such person under twenty-one (21) years, or
to a custodian for such person under the Uniform Gifts to Minors
Act (or similar statute) of any jurisdiction. The Trustee shall
have full right, power and authority to select such custodian, who
may be the Trustee.
Any provision of this ARTICLE to the contrary notwithstanding,
if not already distributed, all accrued and undistributed income
and the entire principal of every Trust Estate then held hereunder
shall be paid over and distributed outright and free of the Trust
not later than the end of the day immediately preceding the
expiration of twenty-one (21) years from and after the death of the
last survivor of Grantor, Grantor's children and Grantor's
,-
children's'issue living at the time of Grantor's death.
Such
11
payment and distribution shall be made to the person or persons for
whose benefit the Trust Estate or Estates respectively shall then
be held hereunder.
ARTICLE IX
PROTECTION OF BENEFICIARIES
No principal or income payable or to become payable pursuant
to the provision of the Trust created by this Agreement shall be
subject to anticipation, alienation or assignment by any
beneficiary thereof or to attachment by or to the interference or
control of any creditor of any such beneficiary or to be taken
and/or reached by any legal or equitable process in satisfaction of
any debt or liability of such beneficiary prior to the actual
receipt of such principal or income by the beneficiary.
ARTICLE X
TRUSTEE SUCCESSION
. Any Trustee may resign at any time by giving thirty (30) days
written notice to Grantor and the beneficiary currently entitled to
income, including the natural or legal guardians for said
beneficiary (the "beneficiary" or "beneficiaries").
The notice
will be sufficient if mailed to the beneficiary at that
beneficiary's last known mailing address by certified mail, return
receipt. Grantor may remove any Trustee by giving written notice
to that Trustee.
12
During any period that Grantor's personal powers relative to
the Trust are suspended as provided in ARTICLE THREE, and following 7
Grantor's death, (anci) PAUL H. DURNAN, will continue to serve as
\. ./
Trustee.
If PAUL H. DURNAN, Trustee resigns, fails, or ceases to serve
as Trustee, then I appoint ALICE CASSIDY as Successor Trustee. If
ALICE CASSIDY, Trustee refuses to serve, resign, fail, or cease to
serve, then beneficiaries currently entitled to income (or their
natural or legal guardians) may appoint a successor Trustee. If
said beneficiaries (or their natural or legal guardians) do not
appoint a successor within thirty (30) days of the death, refusal
to serve, or notice of removal or resignation of successor Trustee,
the terminating Trustee shall, or any beneficiary currently
entitled to income (or his or her natural or legal guardian), may
petition a court of competent jurisdiction to appoint a successor
Trustee.
A successor Trustee ~ire a terminating Trustee or
his personal representative to re~~er a full ~nd__fi~~_~~~~,=-~ting.
The successor Trustee will not be liable for any inconsistencies or
irregularities in the administration of the trust by any prior
Trustee, but will be responsible and accountable only for those
assets under its control and custody.
13
rJ i{
(
tfJ!
ARTICLE XI
POWERS AND DUTIES OF THE Trustee
A. The Grantor hereby confers upon the Trustee hereunder,
with respect to the management and administration of any property,
all of the powers conferred by Section 1.1-1.1 of the Estates,
Powers and Trusts Law or comparable statute of the State of New
York in effect during the life of this Trust, and, in addition
thereto, the following discretionary powers without limitation by
reason of specification:
(i) To retain any such property, real and personal,
including savings accounts, money market accounts, stocks, bonds
and any other form of financial investment, without being limited
to
investments
authorized
Trust
funds
and
without
for
diversification as to kind or amount.
(ii) To buy or sell or otherwise dispose of property,
real and personal,
at public or private sale,
for such
consideration and upon such terms, including credit, as the Trustee
shall deem advisable; and to grant options for the sale or
disposition thereof for such period of time as the Trustee may deem
advisable.
(iii) To manage and lease real property for periods
beginning presently or in the future, without regard to statutory
restrictions on leasing.
(iv) To deposit funds in the savings department of any
14
bank without limitation as to time or amount.
(v) To borrow or lend money from or to any source,
including the Trustee, and to pledge or mortgage any property for
any purpose at reasonable terms.
(vi) To delegate powers to agents or others to the extent
permitted by law and to pay them for services and reimburse them
for expenses, employ and pay compensation of accountants,
custodians, social workers, geriatric care managers, legal and
investment counsel and any and all other agents which, in the sole
and absolute discretion of the Trustee, said Trustee may decide to
employ.
B. The Trustee shall keep accurate records showing all
receipts and disbursements and other transactions involving the
Trust Estate or Estates and shall furnish annually to each
beneficiary currently entitled to income, (1) a statement of the
receipts and disbursements affecting such beneficiary's interest in
the Trust, and (2) a complete inventory of the Trust Estate then
held for the benefit of such beneficiary.
c. No person, firm or corporation dealing with the Trustee
or a nominee of the Trustee or performing any act pursuant to
action taken or order given by the Trustee or such nominee shall be
obliged to inquire as to the propriety, validity or legality
thereof hereunder, nor shall any such person be liable for the
application of any money or other consideration paid to the Trustee
or such nominee, but, instead, may rely upon any action taken by
15
the Trustee or such nominee pursuant to the powers and authorities
conferred upon it under the provisions of this Trust in all
respects as if the same were completely unlimited.
No transfer
agent or registrar of any security held hereunder shall be required
to inquire as to the propriety, validity or legality of any
transfer made by the Trustee or such nominee.
D. The Co-Trustee may act severally.
ARTICLE XII
COMPENSATION AND BOND
A. The Trustee hereunder shall be entitled to receive as
compensation for their services the commissions provided by law,
unless payment of such commissions shall be waived, and shall also
be entitled to reimbursement for reasonable expenses said Trustee
incur which are necessary in order to carry out their duties.
B. The Trustee shall not be required to furnish a bond,
undertaking or other security for the faithful performance of said
Trustee' duties in any jurisdiction.
C. The terms "Trustee" and "Trustee" shall include Co-
Trustee, successor Co-Trustee, successor Trustee, or persons
appointed as additional Trustee.
ARTICLE XIII
DECLARATION OF TRUST
To maintain the confidentiality of the dispositive provisions
16
of this Trust, the Grantor has authorized and directed the Trustee
to execute the Declaration of Trust annexed hereto and to deliver
or record this Declaration when evidence of the Trust must be
presented.
ARTICLE XIV
MISCELLANEOUS
A. Whenever necessary or appropriate, the use herein of any
gender shall be deemed to include the other genders and the use
herein of either the singular or the plural shall be deemed to
include the other. Headings are inserted solely for convenience of
reference and shall not constitute part of this Trust nor affect
its meaning.
B. All questions relating to the validity and construction
of this agreement, the determination of the share of any
beneficiary, the dates, powers, authority and discretion of the
Trustee, and all other matters arising in connection therewith,
shall be governed by, and the Trust Estate shall be administered in
(~ /
accordance with, the laws of the State of New York.
c. This agreement extends to and is----binding upon the
personal representatives, successors, and assigns of Grantor and of
Trustee.
D. Four originals of this Trust Agreement have been executed
simultaneously.
17
IN WITNESS WHEREOF, the parties hereto have hereunto set their
respecti ve hands and seals, as of the day and year first above
written.
6/~ IA- ~,. 'I/dt"1hfJA^--
EPH . DtJ'RNAN, Gran tor
A~~ t-f /a{~zJh--
~~~:. Trustee,
PAUL H. DORNAN, Trustee
STATE OF NEW YORK
ss. :
COUNTY OF NASSAU
On this IS day of November 1997, before me personally came
JOSEPH II. DlJRNAN, to me known and known to me to be the individual
described in, and who executed, the foregoing instrument, and she
did duly acknowledge to me that ~e e am .~
No
ss. :
EMILY F. FRANCHINA
Notary Public, State of New York
No 01.FR..4B55197
Qualified in ~~~u G9.!lnlY
Commission Expires~~'11'1 (/
STATE OF NEW YORK
COUNTY OF NASSAU
On this I S day of November, 1997, before me personally came
PAUL B. DORNAN, to me known and known to me to be the individual
described in, and who executed, the foregoing ins nt, and he
did duly acknowledge to me that he~t s me
Notary Public
EMILY F. FRANCHINA
Notary Public, Stl'lte of New York
No. O1-FR 4B55197
. Qualifiadin Nassa}J..<f~l}tJ9
Commission Expires ;!5f ac.., I 'I" .
18
ASSIGNMENT
FOR VALUABLE CONSIDERATION, the undersigned does hereby
assign, transfer, grant and set over to PAUL H. DORNAN and JOSEPH
H. DORNAN, or their successors, as Trustee of ~ JOSEPH H. DURNAN
REVOCABLE TRUST AGREEMENT, dated November ~, 1997, Grantor's
furniture, furnishings, and household goods, including any similar
interest in personal automobiles, jewelry, silver, books, pictures,
works of art, paintings, and tangib~e personal property, currently
located primarily at 36 Intervale Street, Rockville Centre, New
York.
Dated:
)J;ved;>f2,( If 1997
Receipt of the above listed item(s)
is hereby acknowledged by:
Dated:
!lJDW~4t:/~ /6/997
R/i)J~/, J
*rustee
T#V ~
19
SCHEDULE A
A Trust Agreement dated November /2?, 1997, between JOSEPH H.
DURNAN, as Grantor, and PAUL H. DURNAN and JOSEPH H. DURNAN, as Co-
Trustee, includes the following property:
1. Check # for $ dated , 1997
payable to PAUL H. DURNAN and JOSEPH H. DURRAN, as Co-T~tees of
the REVOCABLE TRUST OF JOSEPH H. DORNAN DATED November ~, 1997.
Receipt of the above listed item(s)
is hereby acknowledged by:
Dated:
II/I 9/q 7
I
20
SCHEDULE B
D
A Trust Agreement dated November 11L-, 1997, between JOSEPH H.
DURNAN, as Grantor, and PAUL H. DURNAN and JOSEPH H. DURNAN, as Co-
Trustees, includes the following additional property:
Receipt of the above listed item(s)
is hereby acknowledged by:
Dated:
PAUL H. DORNAN
JOSEPH H. DURNAN
21
011345-00001110.13.98/EGM/DLM/114665.1
(C~b9Jr
AMENDMENT TO
REVOCABLE TRUST AGREEMENT
DATED NOVEMBER 18~ 1997 BY JOSEPH H. DURNAN. AS GRANTOR
THIS AMENDMENT TO REVOCABLE TRUST AGREEMENT DATED NOVEMBER 18, 1997 BY
JOSEPH A. DURNAN, AS GRANTOR is made this 'U~ day of D~ , 1998 between JOSEPH
H. DURNAN, of Upper Allen Township, Cumberland County, Pennsylvania, (hereafter "Settlor"), and JOSEPH H.
DURNAN, PAUL H. DURNAN, Rockville Center, New York, and MARY ALICE CASSIDY, Mechanicsburg,
Pennsylvania (hereafter "Trustees" ) .
WITNESSETH:
WHEREAS, Settlor executed a Revocable Trust Agreement dated November 18, 1997 ("Agreement") with
Paul H. Duman and Joseph H. Duman as Trustees, and the parties wish to amend the Agreement as permitted pursuant
to Article ill thereof;
WHEREAS, Paul H. Duman, Trustee, wishes to resign as Trustee, and Settlor wishes to substitute Mary Alice
Cassidy as Successor Trustee which office she is willing to undertake;
WHEREAS, Settlor and Trustees agree that all assets currently held in Trust pursuant to said Agreement shall
continue to be held in Trust pursuant to the terms and conditions of the Agreement and this Amendment thereto;
NOW THEREFORE IN CONSIDERATION of the mutual promises and covenants set forth herein, the
Settlor and Trustees agree as follows:
ITEM I-RECITALS. The recitals are incorporated herein.
ITEM II- RESIGNATION OF PAUL H. DURNAN AS TRUSTEE AND APPOINTMENT OF MARY ALICE
CASSIDY AS SUCCESSOR TRUSTEE. By execution of this Amendment, Paul H. Duman resigns from his office as
Trustee and Mary Alice Cassidy accepts appointment as Successor Trustee, such resignation and appointment made and
accepted by the parties without any written notice otherwise required by the Agreement.
ITEM III - REVOCATION OF ARTICLES III THROUGH XIV. Articles ill through Article XIV of the Agreement
are hereby revoked and in lieu thereof the following provisions are substituted:
ARTICLE ill
RIGHTS RESERVED BY SETTLOR
A. Alteration. Revocation or Amendment. Settlor reserves the right to alter, amend or revoke this
Agreement at any time and from time to time without the consent of the Trustee(s) or any person, by giving written
notice thereof to the Trustees then serving. However, notwithstanding the foregoing, the duties, responsibilities and
rate of compensation of Trustee(s) may not be modified without trustees' written consent.
B. Power Over Trust Assets. Except as otherwise provided in Paragraph C, Settlor reserves the
right to determine the nature and character of the Trust investments and to change the same from time to time.
C. Sus.pension of Settlor's Riihts. If Settlor is adjudicated incompetent by a Court of appropriate
jurisdiction, or if Settlor is incapacitated as that term is defined hereafter, Settlor's personal powers reserved in
Paragraphs A and B hereof shall be suspended until such time as Settlor is adjudicated competent or the incapacity has
ceased.
ARTICLE IV
ADMINISTRATION DURING LIFETIME OF SETTLOR
A. Net Income. Trustees shall pay to or apply for the benefit of Settlor for and during his lifetime
all of the net income from the Trust Estate in quarter-annual or other convenient installments. As much of the net
income, if any, as Settlor may request shall be added to the principal and invested as such.
B. Principal. Trustees shall pay to or apply for the benefit of Settlor, in addition to the net
income, such amounts from the principal of the Trust Estate, up to the whole thereof, as Settlor may from time to time
request.
C. Incapacity of Settlor. If Settlor is incapacitated by reason of age, illness or any other cause,
Trustees shall apply for the benefit of Settlor as much of the net income and principal as Trustees may from time to
time deem advisable for the support of Settlor to maintain the standard of living to which he is accustomed. Any excess
income shall be added to principal and invested as such. The term incapacity or incapacitated means mental or physical
incapacity as determined by the written certifications of two persons duly licensed to practice medicine in the state in
which Settlor is then present that each has examined Settlor and determined that Settlor is mentally or physically
incapable of acting on his own behalf. The incapacity shall be deemed to cease upon similar certifications that the
incapacity has ceased.
ARTICLE V
ADMINISTRATION AFTER DEATH OF SETTLOR
A. Irrevocability. Upon and after the death of Settlor, this Agreement shall become irrevocable
and shall not be altered or amended.
B. Payments to Estate of Settlor. If upon the death of Settlor the Executor of his estate certifies to
Trustees that the probate estate of Settlor is insufficient to pay the debts, pre-residuary bequests and expenses of
administration, Trustees shall pay to the Executor such amount as the Executor certifies as being the deficiency, and
Trustees shall be under no duty to inquire into the validity of the certification. After deducting Trust administration
expenses payable after the death of Settlor, the remaining principal and any property received by Trustees from the
estate of Settlor or from any other source shall constitute the Trust Estate and shall be held and distributed as provided
in this Article.
C. Personalty. Trustee shall distribute Settlor's household and personal effects and other tangible
personalty of like nature unto those of Settlor's children who survive to be divided among them as they may agree, and
in the absence of such agreement, Trustees are directed to determine the manner and method of distribution of same.
2
D.
issue, per stirpes.
Distribution. Trustee shall distribute the remaining Trust Estate unto Settlor's then-living
E. Beneficiary Under 21. In the event that any beneficiary shall not have reached the age of
twenty-one (21) years at the time for distribution of his or her share, distribution of said share may be made in the
discretion of Trustees after considering the age and needs of the beneficiary, either directly to the beneficiary or to a
Custodian under the Pennsylvania Uniform Transfers to Minors Act, 20 Pa. C.S.A S 5301 et seq., or the applicable
Uniform Gifts to Minors Act or Uniform Transfers to Minors Act in the state of residence of such beneficiary as the case
may be. The Trustees may designate as such Custodian any institution or person, including my Trustee, qualified to act as
a Custodian for such beneficiary under such Act in effect at the time such distribution is made. A receipt for any payment
or distribution so made shall be a full discharge therefor to Trustees, who shall not be responsible to see to, or be liable for,
the application of such proceeds thereafter.
ARTICLE VI
ADMINISTRATIVE PROVISIONS
A. Undistributed income on Termination of Beneficial Interest. Whenever the right of any
beneficiary to payments from the net income or principal of the Trust Estate shall terminate, either by reason of death
or other cause, any accrued or undistributed net income from the Trust Estate undistributed by the Trustees on the date
of such tennination shall be held, administered, and distributed by the Trustees in the same manner as if such income
had accrued and been received by the Trustees after the date such beneficiary's right to receive payments from the trust
terminated.
B. Spendthrift Provision. Except as otherwise expressly provided in this Agreement, no
beneficiary of any Trust provided for this Agreement shall have any right, power, or authority to alienate, encumber, or
hypothecate his or her interest in principal or income of such trust in any manner, nor shall such interest of any
beneficiary be subject to claims of his or her creditors or liable to attachment, execution, or other process oflaw.
C. Beneficiary Incapacity. If any beneficiary to whom the Trustees are directed to distribute any
share of Trust principal is, in the opinion of the Trustees, incapable of properly managing his or her own affairs, his or
her share shall vest in him or her indefeasibly, but the Trustees shall continue to hold such share until, in the opinion of
the Trustees, no incapacity exists, with all the powers granted to them as Trustees herein and with authority to use both
income and principal for the beneficiary's health, education, maintenance, and support. Payments may be made to the
guardian of the beneficiary when the payments are made, without liability on the part of the Trustees to see to the
application of said payments by the guardian.
D. Distribution in Kind or in Cash. On any [mal or partial distribution of the assets of the Trust
Estate and on any division of the assets of the Trust Estate into shares or partial shares the Trustees may distribute such
assets in kind, may distribute undivided interests in such assets, or may sell all or any part of such assets and make
distribution in cash or partly in cash and partly in kind. The decision of the Trustees, either prior to or on any division
or distribution of such assets, as to what constitutes a proper division of such assets of the Trust Estate shall be binding
on all persons in any manner interested in any Trust provided for in this Agreement. .
ARTICLE VII
POWERS OF TRUSTEES
A. Retain Investments of Settlor. The Trustees are authorized to retain in the Trust for such time
as they may deem advisable any property, received from the Settlor, whether or not such property is of the character
3
permitted by law for the investment of Trust funds, and to operate at the risk of the Trust Estate any business or
property received from the Settlor.
B. Control by Settlor. So long as the Settlor is a Trustee and is not incapacitated, the decision of
the Settlor as Trustee shall prevail and be binding upon any Co-Trustee as to all matters concerning the Trust Estate,
without any liability on the part of any Co-Trustee for such decision by the Settlor. The Settlor may resign as Trustee
at any time by filing his written resignation with the remaining Trustee or Trustees, and shall be relieved of and
discharged from all future duties as Co-Trustee. In the event of the death, resignation, or incapacity of the Settlor, all
rights and powers of the Trustees shall vest in and be exercised only by the remaining Co-Trustee or Trustees or any
successor Trustee.
C. Mana~ement of Trust Pro..perty. The Trustees shall, with respect to any and all property which
may at any time be held in Trust pursuant to this Agreement, whether such property constitutes principal or
accumulated income of any Trust provided for this Agreement, have power, exercisable after consultation with and
approved by the Settlor if acting as a Trustee, or if not, in the remaining or successor Trustee's discretion at any time
and from time to time on such terms and in such manner as the Trustees may deem advisable, to:
(a.) Sell, convey, exchange, convert, improve, repair, manage, operate, and control of such
property .
(b.) Lease for terms within or beyond the term of any Trust provided for in this Agreement
and for any purpose, including exploration for and removal of gas, oil, and other minerals; and enter into any covenants
and agreements relating to the property so lease or any improvements which may then or thereafter be erected on such
property.
(c.) Encumber or hypothecate for any Trust purpose by mortgage, pledge, or otherwise.
(d.) Carry insurance of such kinds and in such amounts at the expense of the Trust as the
Trustees may deem advisable.
(e.) Commence or defend at the expense of the Trust such litigation with respect to any
such Trust or any property of the Trust Estate as may be deemed advisable.
(f.) Invest and reinvest the Trust funds in such property as the Trustee may deem
advisable, whether or not of the character permitted by law for the investment of Trust funds.
(g.) Vote and give proxies to vote any securities held by them in Trust pursuant to this
Agreement, having voting rights.
(h.) Pay any assessments or other charges levied on any stock or other security held in
Trust pursuant to this Agreement.
(i.) Exercise any subscription, conversion, or other rights or options which may at any
time attach, belong, or be given to the holders of any stocks, bonds, securities, or other instruments held in Trust
pursuant to this Agreement.
(j.) Participate in any plans or proceedings for the foreclosures, reorganization,
consolidation, merger, or liquidation of any corporation or organization that has issued securities held in trust pursuant
to this Agreement, and incident to such participation to deposit securities with and transfer title of securities to any
protective or other committee established to further or defeat any such plan or proceeding.
4
(k.) Enforce any mortgage or pledge held in Trust pursuant to this Agreement and at any
sale under any such mortgage, or pledge to bid and purchase at the expense of any Trust provided for in this Agreement
any property subject to such security instrument.
(1.) Compromise, submit to arbitration, release with or without consideration, and
otherwise adjust any claim in favor of or against any Trust provided for in this Agreement.
(m.) Subject to any limitations expressly set forth in this Agreement and the faithful
performance of their fiduciary obligations do all such acts, take all such proceedings, and exercise all such rights and
privileges as could be done, taken, or exercised by an absolute owner of the Trust property.
D. Power to Borrow Money. The Trustees shall have power to borrow money from any person,
firm, or corporation for Trust administration or Trust business purposes only, on such terms and conditions as the
Trustees may deem proper and to obligate the Trust to repay such borrowed money.
E. Dealin~s with Settlor's Estate. The Trustees are authorized to purchase securities or other
property from and to make loans and advancements from the Trust Estate with or without security to the Executor or
other representatives of the Settlor's estate.
F. Determination of Principal and Income. Except as otherwise specifically provided in this
Agreement, the Trustees shall have full power and authority to determine, in their discretion, what shall constitute
principal ofthe Trust Estate, gross income form the Trust Estate, and net income ofthe Trust Estate distributable under
the terms of this Agreement. The determination of the Trustees as to what constitutes principal, gross income, or net
income of the Trust Estate shall, except as may be otherwise expressly provided in this Agreement, be conclusive and
binding on all persons in any manner interested in any Trust created or to be created pursuant to this Agreement.
G. Taxes and EJ\penses of Trust. All property taxes, assessments, fees, charges, and other
expenses incurred by the Trustees in the administration or protection of the Trust created by this Agreement, including
the compensation of the Trustees provided for in this Agreement, shall be a charge on the Trust Estate and shall be paid
by the Trustees prior to [mal distribution of the Trust Estate in full out of the principal or in full out of the income of
the Trust Estate, or partially out of the principal and partially out of the income of the Trust Estate, in such manner and
proportions as the Trustees may deem to be advisable. The determination of the Trustees to pay such expenses and
charges from the principal or income of the Trust Estate or partially from each shall be conclusive and binding on all
persons in any manner interested in any trust created by or pursuant to this Agreement.
H. Death Taxes. The surviving or successor Trustee may, in his or her discretion, pay any or all
estate, inheritance, succession, or other death taxes imposed because of the death of the Settlor from the principal of the
Trust Estate regardless of the property or interests in property, whether connected with this Trust or not, that gave rise
to such taxes.
ARTICLE vm
TRUSTEES SUCCESSION
A. Succession. Either Trustee may resign at any time by giving thirty (30) days written notice to
Settlor and the other Trustee, said notice sufficient if mailed to Settlor and the other Trustee by certified mail, return
receipt requested. Settlor may remove any Trustee by giving written notice to such Trustee, provided that Settlor shall
not exercise his power to remove a Trustee unless Settlor appoints one of his then-living children as successor Trustee.
In the event of the resignation or incapacity of Settlor, death or inability of the other Trustee to so serve, Settlor hereby
designates ELIZABETH DURNAN - HOWERTON as successor Trustee.
5
B. Powers and Duties. Any successor Trustee appointed as provided in Section A shall, upon
such appointment being made, immediately succeed to all title of the Trustees to the Trust Estate and to all powers,
rights, discretions, obligations and immunities of the Trustees under this Agreement with the same effect as if such
success or Trustee was originally named as a Trustee herein. Such successor Trustee shall not be liable for any acts or
omissions of the Trustee whom successor Trustee replaces.
ARTICLE IX
COMPENSATION OF TRUSTEES
The Settlor shall not be entitled to any compensation for his services as Trustee. Any other Trustee
shall be entitled to receive reasonable compensation for her or his services under this Agreement, such compensation
not to exceed the amount that would be permitted by a Court of competent jurisdiction.
ARTICLE X
BOND
No bond shall be required of the original Trustees hereunder or of any successor Trustee; or if a bond is
nonetheless required by law, no surety shall be required on such bond.
ARTICLE X
MISCELLANEOUS
A. Applicable Law. All questions relating to the validity and construction of this Trust Agreement, the
determination of the shares of any beneficiaries, the dates, powers, authority in discretion of the Trustee, and all other
matters arising in connection therewith shall be govern by, and the Trust Estate shall be administered in accordance
with the laws of the Commonwealth of Pennsylvania.
B. ~. The situs of the property of any trust created hereunder may be maintained in any jurisdiction, in
the Trustees sole discretion, and thereafter transferred at any time or times to any jurisdiction selected by the Trustees.
Upon any such transfer of situs, the Trust Estate may thereafter, at the election of the Trustee, be administered
exclusively under the laws of the jurisdiction to which it has been transferred. Accordingly, if the Trustee elects to
change the situs of any Trust hereunder, said Trustee is hereby relieved of any requirement of having to qualify in any
other jurisdiction and of any requirement of having to account in any court of such other jurisdiction.
C. Invalidity. Should any provision of this Trust Agreement be or become invalid or unenforceable, the
remaining provisions of this Agreement shall be and continue to be fully effective.
D. Intez:pretation. Whenever used herein, the singular shall include the plural, the plural the singular and
the use of any gender shall be applicable to all genders.
ITEM III -RATIFICATION. Except as expressly modified by this Amendment, the Agreement shall remain in full
force and effect.
6
II
IN WITNESS WHEREOF, and with intent to be legally bound hereby, the parties have hereunto set their
hands and seals as of the day and year ftrst above written.
Signed, Sealed and Delivered
In the Presence of"
(S" C~
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(~.;;.
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SETTLOR:
( 8"/ [J) Ii)
JOSEPH H. DURNAN
(SEAL)
lRUSTEES
IS/, J'/fb
JOSEPH H. DURNAN
(SEAL)
(SEAL)
PAUL H. DURNAN
\ ~/ 11t.n-~-
MARY ALICE CASSIDY
(SEAL)
7
0. PNC1NVESTMENTS
Member NASD and SlPC
March 6, 2006
Mary Alice Cassidy
25 Conway Drive
Mechanicsburg, P A 17055
SUBJECT: Mary Alice Cassidy
VIA Dated 10-20-98
For Joseph H Duman
RE: Date of Death Valuation
Dear Mrs. Cassidy:
Please find below the requested information:
Date of Death Value (01/31/2006):
9,330.739 Shares BLACKROCK GOVT INC B
18,734. Shares FIRST TR SR LN & HI 2 CA
PNGBX@ $10.80 per share
FSRLAX @ 8.46 per share
In Investment Account Number 1993-0474 there is a money market balance of $711.87.
Please do not hesitate to contact me if I can provide you with further service.
Sincerely,
C~~
Charles E Little, CFP
Vice President
Senior Financial Consultant
The information contained herein has been obtained from sources we believe to be
reliable, but do not guarantee it to be accurate, correct, complete or timely, and shall not
be responsible for the results obtained from it's use.
A member of The PNC Financial Services Group
2 East Main Street Mechanicsburg Pennsylvania 17055
www.pncinvestments.com
Important Investor Information: Securities and brokerage services are provided by PNC Investments LLC,
member NASD and SIPC. Annuities and other insurance products are offered by PNC Insurance Services, Inc.
a licensed insurance agency.
[I.MaY Loo: Value ,
. , .No Bank Guarantee