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Home My WebLink About04-23-07 . '. --.J :LSDSbDlf:L:Llf7 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 Security Number Date of Death OFFICIAL USE ONLY County Code Year INHERITANCE TAX RETURN RESIDENT DECEDENT 2 1 0 6 File Nurrber 0682 Decedent's Last Name Suffix Date of Birth 01051926 Decedent's First Name MI CARL T Spouse's First Name MI ELEANOR L 174208039 07232006 RAFFENSPERGER (If Applicable) Enter Surviving Spouse's Information Below Spouse's Last Name Suffix RAFFENSPERGER Spouse's Social Security Number 203104733 THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS FILL IN APPROPRIATE OVALS BELOW [!] 1. Original Retum 0 2. Supplemental Retum 0 3. Remainder Return (date of death prior to 12-13-82) 0 4. Limited Estate 0 4a. Future Interest Compronise 0 5. Federal Estate Tax Return Required (date of death after 12-12-82) [K] 6. Decedent Died Testate 0 7. Decedent Maintained a Uving Trust 0 8. Total Number of Safe Deposit Boxes (Attach Copy of Will) (Attach Copy of Trust) 0 9. Litigation Proceeds Received 0 10. ~:A ~~~~~~~dt ~~~5r death 0 11. Election to tax under Sec. 9113(A) (Attach Sch. 0) ~ORRESPONDENT . THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO: ame Daytime Telephone Num~. JON M. GRUBER 71729a~293 ~~ , "9; ~=~: Firm Name (If Applicable) RUSSELL, KRAFFT &: GRUBER, LLP REGISTER ~~i.s uikoNL Y ,c..:. \' ,-, I. .: \...... First line of address -::' 930 RED ROSE COURT, SUITE 300 Second line of address ( J.~ c DATE FILED City or Post Office LANCASTER State PA ZIP Code 17601 Correspondent's e-mail address: j m g @ r k g I a w . com Under penalties of pe~ury. I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowled~ 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. SIG E OF PERSO ONSIBlE FOR FiliNG RETURN DATE Daniel H. Raffensperger 12 Meadowbrook Lane, Ellzabethtown, PA 17022 SIGNATURE OF PREPARER OTHE N REPRESENTATIVE DATE Jon M. Gruber Rose Court, Suite 300, Lancaster, PA 17601 Side 1 L laSDSbDlflal.lf7 laSDSbDlf:Lllf7 ....J , I, ' \ .-J J.SD5bDlf21lf6 REV-1500 EX Decedent's Name: Car IT. R a ff ens per g e r RECAPITULATION 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. 5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E)................ 5. 6. Jointly Owned Property (Schedule F) 0 Separate Billing Requested............. 6. 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (Schedule G) 0 Separate Billing Requested............. 7. 8. Total Gross Assets (total lines 1-7)....................................................................... 8. 9. Funeral Expenses & Administrative Costs (Schedule H)......................................... 9. 10. Debts of Decedent, Mortgage liabilities, & liens (Schedule I)................................ 10. 11. Total Deductions (total Lines 9 & 10)...................................................................... 11. 12. Net Value of Estate (Line 8 minus Line 11 )............................................................. 12. 13. Charitable and Governmental Bequests/See 9113 Trusts for which an election to tax has not been made (Schedule J)................................................. 13. 14. Net Value Subject to Tax (Line 12 minus Line 13)................................................. 14. TAX COMPUTATION - SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, of transfers under Sec. 9116 (a)(1.2) X .00 16. Amount of line 14 taxable at lineal rate X .045 17. Amount of line 14 taxable at sibling rate X .12 18. Amount of Line 14 taxable at collateral rate X .15 449,887.88 44,929.22 o .00 o .00 19. Tax Due.................... ........................................................................ ......................... 19. 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT. Side 2 L lSDSbDlf21lf6 Decedenfs Social Security Number 174208039 13,750.00 485,803.91 499,553.91 4,736.81 4,736.81 494,817.10 494,817.10 15. 0.00 16. 2,021.81 0.00 17. 18. 0.00 2,021.81 D lSDSbDlf211f6 --.J I', J I, REV-1500 EX Page 3 Decedent's Complete Address: File Number 21-06-0682 DECEDENT'S NAME Carl T. Raffensperger STREET ADDRESS 325 Wesley Drive, Apt. 3131 Bethany Village CITY I STATE IZIP Mechanicsburg PA 17055 Tax Payments and Credits: 1. Tax Due (Page 1 Line 19) 2. Credits/Payments A. Spousal Poverty Credit B. Prior Payments C. Discount (1 ) 2,021.81 0.00 Total Credits (A + B + C) (2) 0.00 3. InteresUPenalty if applicable D. Interest E. Penalty TotallnteresUPenalty (0 + E) 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. Check box on Page 2 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. A. Enter the interest on the tax due. B. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (3) (4) (5) (5A) (58) 2,021.81 2,021.81 Make Check Payable to: REGISTER OF WILLS, AGENT PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS D [!J 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. 1. Did decedent make a transfer and: a. retain the use or income of the property transferred;.................................................................................. b. retain the right to designate who shall use the property transferred or its income;.................................... c. retain a reversionary interest; or.................................................... .................... ............................. ............. d. receive the promise for life of either payments, benefits or care?.............................................................. 2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without receiving adequate consideration?...................................................................................................................... Yes No ~ ~ 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. 99116 (a) (1.1) (ii)]. The statute does not exemot 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. ~9116 (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.150~ EX+ (6-98) . SCHEDULE. STOCKS & BONDS COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT Raffensperger, Carl T. FILE NUMBER 21-06-0682 ESTATE OF All property jolntly-owned with right of survivorship must be disclosed on Schedule F. ITEM CUSIP VALUE AT DATE NUMBER NUMBER DESCRIPTION UNIT VALUE OF DEATH 1 250 shares of Continental Press Stock.. 250 shares @ 55.00 13,750.00 $55.00/shr TOTAL (Also enter on Line 2, Recapitulation) 13,750.00 (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 B (Rev. 6-98) I ' , Rev-1Is;b EX+ (6-98) . .eMI!DULI! a INTER-VIVOS TRANSFERS & MISC. NON-PROBATE PROPERTY COMMONWEALTH OF PENNSY\..VANIA INHERITANCE TAX RETURN RESIDENT DECEDENT Raffensperger, Carl T. FILE NUMBER 21-06-0682 ESTATE OF 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. ITEM ...,..."'v"" IIUN OF I""KU....t:K I Y 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. 1 American International Group Annuity #AN 440,874.69 100.000 440,874.69 200343 - beneficiary is Residual Trust UWO Carl T. Raffensperger; primary beneficiary of trust is Eleanor L. Raffensperger, wife of decedent 2 Revocable Living Trust Agreement dated 44,927.06 44,927.06 07/30/2003 - Funds located at the Union National Community Bank; beneficiaries are Fred C. Raffensperger and Amy R. Mean, children of decedent Accrued income on Item 2 through date of death 2.16 2.16 TOTAL (Also enter on Line 7, Recapitulation) 485,803.91 (If more space is needed, additional pages ofthe same size) Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule G (Rev. 6-98) , REV.11S1 EX+ (12.99) . SCHEDULE H FUNERAL EXPENSES & ADMINISTRATIVE COSTS COMMONWEAL TH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT Raffensperger, Carl T. Debts of decedent must be reported on Schedule I. FILE NUMBER 21-06-0682 ESTATE OF ITEM DESCRIPTION AMOUNT NUMBER A. FUNERAL EXPENSES: See continuation schedule(s) attached 4,165.00 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. Attorney's Fees Russell, Krafft & Gruber, LLP 3. Family Exemption: (If decedent's address is not the same as daimant's, attach explanation) Claimant Street Address City State Zip Relationship of Claimant to Decedent 4. Probate Fees 256.00 5. Accountant's Fees 6. Tax Return Preparer's Fees 7. Other Administrative Costs 315.81 See continuation schedule(s) attached TOTAL (Also enter on line 9, Recapitulation) 4,736.81 Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule H (Rev. 6-98) . Rev-150i EX+ (6-98) '* .eMI!DULI! H.A FUNERAL EXPENSES continued COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT Raffensperger, Carl T. FILE NUMBER 21-06-0682 ESTATE OF ITEM NUMBER DESCRIPTION AMOUNT 1 Hoover Funeral Homes & Crematory, Inc_ - funeral bill 4,165.00 Subtotal 4,165.00 Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule H-A (Rev. 6-98) , . Rev.1502 EX+ (6.98) '* SCHEDULI! H.87 OTHER ADMINISTRATIVE COSTS continued COMMONWEALTH OF PENNSV\.VANlA INHERITANCE TAX RETURN RESIDENT DECEDENT Raffensperger, Carl T. FILE NUMBER 21"()6"()682 ESTATE OF ITEM NUMBER DESCRIPTION AMOUNT 1 Cumberland Law Journal. estate notice 75.00 2 Russell Krafft & Gruber LLP . reimbursement for photocopies 3.50 3 Russell Krafft & Gruber LLP . reimbursement for short certificate purchased 11/16/06 4.00 4 The Patriot-News - estate notice 233.31 Subtotal 315.81 Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule H-B7 (Rev. 6-98) REV.1'5~3 EX+ {9-(0) ESTATE OF NUMBER I. 1 2 3 4 . SCHI!DULE J BENEFICIARIES COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT Raffensperger, Carl T. NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY TAXABLE DISTRIBUTIONS pndude outright spousal distributions,!. and transfers under Sec. ~116(a)(1.2)] Amy R. Mead 467 Atlantic Street East Northport, NY 11731 Eleanor L. Raffensperger Bethany Village 325 Wesley Drive, Apt. 3131 Mechanicsburg, PA 17055 Fred C. Raffensperger 17 Peverell Street Apt. #3 Dorchester, MA 02125 Residuary Trust UWO Carl T. Raffensperger c/o Jon M. Gruber & Daniel H. Raffensperger, Trustees 930 Red Rose Court, Suite 300 RELATIONSHIP TO DECEDENT Do Not list TNstHls' Daughter Spouse Son Trust FILE NUMBER 21"()6"()682 SHARE OF ESTATE AMOUNT OF ESTATE (Words) ($$$) 1/2 of the Revocable Living Trust p. prop. ; Residuary Trust 1/2 of the Revocable Living Trust 100% of residue Total Enter dollar amounts for distributions shown above on lines 5 through 18, as appropnate, 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 0.00 TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET Copyright (c) 2002 form software only The Lackner Group. Inc. Form PA-1500 Schedule J (Rev. 6-98) If. _.. I " . J 1fiast ~iU atW cmtstamtnt I, CARL T. RAFFENSPERGER, of Derry Township, Dauphin County, Pennsylvania, revoke my prior Wills and declare this to be my Last Will and Testament. FIRST: I make the following gifts of tangible personal property: \ A. I give my golf clubs to my grandson, SHAWN MEADE. B. I give my automobiles, household and personal effects and other tangible personalty of like nature to my wife, ELEANOR L. RAFFENSPERGER, if she survives me by thirty (30) days. If my said she does not survive me by thirty (30) days, I give all the tangible personal property owned by me at my death to such of my children and stepchildren as survive me, to be divided among them as they may agree; or, in the absence of agreement, articles as to which they disagree shall be sold and the proceeds thereof added to my residuary estate. SECOND: I give the residue of my estate to DANIEL H. RAFFENSPERGER and JON M. GRUBER, in trust, to be held, administered and distributed as follows: A. If my wife, ELEANOR L. RAFFENSPERGER, survives me, then during her lifetime: (1) The net income shall be paid to her at least monthly; (2) As much of the principal as my trustees may think desireable from time to time for the welfare, comfort and support of my wife are to be paid to or for her benefit. My primary consideration is that my wife be able to maintain the standard of living to which she was accustomed at the time of my death. B. Upon my wife's death, the balance remaining in the trust at her death, including undistributed income, shall be distributed as follows: (1) Seventy-five percent (75%) thereof shall be divided equally between FRED ~RAFFENSPERGER and AMY R. MEADE. If either of my said children is not living at the time of my death, but has left a child or children then surviving, the share of said deceased child shall be distributed to his or her then living child or children. If such deceased child leaves no surviving child or children, said share shall be added to the share of my then living child, or the issue of any deceased child, per stirpes. (2) Twenty-five percent (25%) thereof should be divided equally among TODD W. LEHMAN, JON V. LEHMAN, and LOUISE M. LEHMAN. - 1 - , " If any of my said stepchildren is not living at the time of my death, but has left a child or children then surviving, the share of such deceased stepchild shall go to his or her then living child or children. If such deceased stepchild leaves no such surviving child or children, said share shall be added to the share of my then living stepchildren, or the issue of any deceased stepchild, per stirpes. C. If my wife does not survive me, the residue of my estate shall be distributed according to Paragraph SECOND B (1) and (2) above. THIRD: During the administration of my estate and the trust created herein, my personal representative and my trustees, and their successors, shall have the following powers in addition to any other powers given herein or by law, each of which shall be exercised without any order of Court: A. To retain and to distribute in kind any or all of the assets of my estate. B. To invest in income producing real estate, and any securities, stocks or other personal property, including common trust funds, which he may deem for the best interest of the estate or trust, according to the standards of prudent investment. C. To sell at public or private sale, to exchange, to lease, or to give options for any periods of time, for any or all of the property of my estate, for such prices and upon such terms and conditions as he thinks proper herein. D , To borrow money from any person or institution, and to mortgage or pledge any or all of the property of my estate. E. To compromise any claim or controversy. F. To exercise any option, right, or privilege granted in insurance policies or in other investments. G. My trustees can apply the net income of the trust created herein for the maintenance and education of the beneficiary of the trust created herein, should such person by reason of illness or any other cause, in the opinion of my trustees, be incapable of disbursing it. H. All shares of the principal and income hereby given shall be free from anticipation, assignment, pledge or obligations of the beneficiaries, and shall not be subject to any execution or attachment. I. To distribute in cash or in kind or partly in each. J. My trustees can apply the net income of the trust created herein for the support of the beneficiary of the trust created herein, should such person by reason of illness or any other cause, in the opinion of my trustees, be incapable of disbursing. - 2 - K. All shares of the principal and income hereby given shall be free from anticipation, assignment, pledge or obligations of the beneficiaries, and shall not be subject to any execution or attachment. FOURTH: I direct that all inheritance or estate taxes which may become payable on any property passing under this Will shall be paid by the beneficiary of such property. FIFTH: I appoint DANIEL H. RAFFENSPERGER, executor of this Will. If he should fail to qualify or cease to act as executor or trustee, I appoint M & T INVESTMENT GROUP, executor or trustee in his place. I direct that no fiduciary acting hereunder shall be required to enter bond in any jurisdiction. IN WIlNESS WHEREOF, I have unto this my Last Will and Testament, typewritten on four (4) pages, set my hand and seal, this ..L1l1L day of Nt v & 1113 ~~ , 2005. /- ,/~.JT() , (f.i--U .. jr~J~ (SEAL) CARL T. RAFF PE~tER Signed, sealed, published and declared by the above-named, CARL T. RAFFENSPERGER, as and for his Last Will and Testament and in the presence of us, who at his request and in his presen<;.e, and in the presence of each other, have subscribed our names as witnesses thereto. ~ b residing at ~~(lr7'-~\-~L.\fl-- I /' -Sf~ ['L~~ reSidingat#-t'~ ~1 ? f;) J / - 3 - . ,.,.,. " \ COMMONWEALTH OF PENNSYLVANIA ) ) SS: COUNTY OF LANCASTER ) ~ We, CARL T. RAFFENSPERGER, iC-l:- cr: fJv D~1 and J U>>J.(,.,1 ~. f.., (',., ~ '-c./ C1. 1./ f!.-Y"- , the Testator and the witnesses, respectively, whose names are signed to the 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 that he 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 the Will as witnesses and that to the best of the witnesses' knowledge, the Testator was at that time eighteen (18) years of age or older, of sound mind and under no 7traint or iie infl~ence. l CWf / \I/:J..<- /'" L CARL T. RAFFENSfERGl2R, Testator ~fb- Witness \ " q~2C~ ":)M1ess Sworn to and acknowledged before me by CARL T. RAFFENSPERGER, the Testator, and subscribed and sworn to before me by the witnesses, this ~ day of Nt)"'1.~~~"-- , 2005. f'(\, ~ ~. KuFCLS- Notary Public NOTARIAL SEAL ~ MICHAEL G. McFAlL, NoI8iy PWIIc EIIzabethtown, Lancaster COW!ty My CommlS8I~~..~~i:~s M~ 19,2000 106941.2 - 4- I. G: \U sers\slbV mg\A G REEMENTS- TR U STS\R,'l ro' .. 'spergerC arl Revocable-trust agt. wpd: 07/30/0 3 ,'\ . CARL T. RAFFENSPERGER REVOCABLE LIVING TRUST ~HIS REVOCABLE LIVING TRUST AGREEMENT, entered into this ~ ~ay of ,2003, by and between CARL T. RAFFENSPERGER, of the County of Dauphin and 0 onwealth of Pennsylvania, hereinafter called "Settlor", and CARL T. RAFFENSPERGER, of the County of Dauphin and Commonwealth of Pennsylvania, hereinafter referred to as "Trustee." Reference in this Trust to the "Trustee" shall be deemed a reference to whomever is serving as Trustee, Co-trustees, whether original, alternate, or successor. The initial primary Beneficiary of this Trust Estate shall be CARL T. RAFFENSPERGER. CARL T. RAFFENSPERGER, the Settlor, is the beneficiary of a share under the Irrevocable Trust of ELIZABETH T. RAFFENSPERGER which, ifhe had not survived, would have been distributed to his children, FRED C. RAFFENSPERGER and AMY R. MEAD. The Settlor is desirous of following the intentions of his mother in regard to the disposition of his share of her trust. The effective date of this Trust shall be the date of execution of this Trust Agreement. I. Trust Property A. Original Trust Estate. The Settlor acknowledges that he has transferred to the Trustee without consideration the sum of One and nolI 00 Dollars ($1.00) which is the original corpus of the Trust Estate. B. Additions to Trust Estate. Additional property may be added to the Trust Estate at any time by the Settlor, or by any person or persons, by inter vivos or testamentary transfer. All such original and additional property is referred to herein collectively as the Trust Estate, and shall be held managed and distributed as herein provided. C. Character of Property Unchanged (1) Retention of Property Character. During the life of the Settlor, any property transferred to this Trust shall retain its original character and, in the event of revocation, the Trustee shall distribute such property to the Settlor based on the same property rights he has prior to transfer to the Trust. (2) Gifts Treated as Revocation. Any and all gifts of Trust assets shall constitute a revocation by the Settlor as to Trust administration over such property, whether such gift , \ is made by a Settlor or by the Trustee at written direction of the Settlor. II. Original and Successor Trustee A. Original Trustee. The original Trustee under this Declaration of Trust shall be CARL T. RAFFENSPERGER to serve with all the powers, authority, and obligations contained within this Trust Agreement. In the event of the death of CARL T. RAFFENSPERGER, or, if for any reason whatsoever he ceases to serve, the Successor Trustee can serve. In the event of the death of the above Trustee, or if for any reason whatsoever he ceases to serve as Trustee hereunder, the Settlor nominates and appoints DANIEL H. RAFFENSPERGER to serve as Trustee hereunder without the approval of any Court. B. Discharge or Replacement of Trustee. Discharge or replacement of a Trustee shall be by delivery to such Trustee of thirty (30) days written notice of such discharge or replacement, accompanied by the name of the intended Successor Trustee. A majority of the adult income Beneficiaries and/or the Guardian of any minor income Beneficiaries may, without liability to themselves, approve the accounts and give full release and discharge to any discharged, replaced, or resigned Trustee and this shall be binding upon all persons whomsoever. C. Resignation or Mer~er of Trustee. The Trustee of any Trust hereunder, including any Successor Trustee, may resign by delivery to all of the then income Beneficiaries of such Trust on thirty (30) days written notice of resignation. In the event of the resignation of the last named Successor Trustee, such income Beneficiaries who are adults shall have the right to appoint a Trustee; provided that if no such income Beneficiaries are adults, then such appointment shall be made by the parents or legal guardians of such income Beneficiaries; provided, further, that in the event of a dispute among such income Beneficiaries, their parents or their Guardians, the majority shall prevail. A discharged or resigned Trustee shall serve as Trustee until its Successor shall accept office and shall execute all instruments and do all acts necessary to vest title of the Trust Estate in the Successor Trustee without Court accounting. D. Duties and Responsibilities of Successor Trustee. No Successor Trustee shall have any responsibility for any acts or omissions of any prior Trustee and no duty to audit or investigate the accounts or administration of any such Trustee; nor, unless in writing requested to do so by a person having a present or future beneficial interest under a Trust hereunder, any duty to 2 , " take action to obtain redress for breach of trust. It is the intent of the original Trustee and Settlor that the Successor Trustee shall not be required to obtain Court approval, discharge, or pursue any other Court proceedings at the request of income Beneficiaries without first attempting to obtain releases from the majority of the adult income Beneficiaries with such release and discharge being completely adequate as to all responsibilities incumbent upon the Trustee. However, under any circumstances any claim or action against any previous Trustee must in any event be asserted or filed by any Beneficiary within one (1) year after the appointment of a Successor Trustee. E. Bond. No Trustee shall be required to post bond or any other security for the faithful performance of any duties or obligations of such office. III. Initial Trust The Trustee shall hold, manage, invest, and reinvest the Trust Estate and shall collect the income thereof; and shall, upon demand of the Settlor, pay to the Settlor during his life all net income of the Trust Estate. In the event the Settlor does not demand payment of the income, then the Trustee may in his discretion accumulate such income and such income shall become part of the Trust Estate. The Trustee shall further pay principal, up to the whole thereof, to the Settlor upon written request. IV. Revocation and Amendment The Settlor, during his life, may at any time and upon successive occasions, revoke this Trust in whole or in part. The Settlor may alter or amend any of its provisions. Any Amendment may be similarly canceled or amended. If a Settlor is incompetent, such power to revoke, alter, or amend the Trust may be exercised by the attorney-in-fact or Guardian of the property at the direction of a Court of competent jurisdiction. V. Distribution on Death of Settlor Upon the death of Settlor, the Trustee shall distribute the trust assets as follows: A. Division. (I) Funds for Estate Costs. Upon the death of the Settlor, the Trustee is directed to pay all legal debts (except unmatured notes and/or mortgages on real estate) and all expenses of the last illness, funeral, and burial as well as all estate, inheritance, succession, or other death taxes imposed upon, or in relation to, any property required by any tax law to be paid as a result of this tax, and then distribute the remaining assets of the Estate including any accumulation 3 \ , I.. thereon as stated below: (2) Remaining Assets of the Trust Estate. ( a) The remaining assets of the trust estate shall be distri buted in equal shares between the following of my children: FRED C. RAFFENSPERGER and AMY R. MEAD. If either of my said children is not living at the time of my death, but has left a child or children then surviving, the share of such deceased child shall go to his or her then living child or children. If such deceased child leaves no such surviving child or children, said share shall be added to the share of my then living children or the issue of any deceased child, per stirpes. (b) I make no provision in this trust for my wife, ELEANOR L. RAFFENSPERGER, not from any absence of love and affection, but because I have otherwise provided for her. (3) Grandchildren's Trust. If any of Settlor's grandchildren entitled to distribution shall be under the age of twenty-one (21) years, the share of such grandchild shall be held by the Trustee appointed under this TRUST, IN FURTHER SEPARATE TRUST (separate trusts or shares) for each grandchild, for the following uses and purposes: (a) If a grandchild is under age twenty-one (21), to expend and apply so much of the net income (any income not expended or applied to be accumulated and added to principal) and so much of the principal of each such share or trust as the Trustee shall consider advisable for the support and education of that child until he or she attains the age of twenty-one (21 ) years at which time distribution shall be made to such grandchild. (b) If any such grandchild shall die before receiving final distribution of his or her entire share, the undistributed balance shall be distributed outright to his or her surviving issue, in equal shares, per stirpes, and in default of any such issue then to the Settlor's then living issue, per stirpes. The share of any grandchild whose original share is then being held, IN TRUST, to be added to, and treated as a part of that trust. (c) lfmy Trustee, in my Trustee's sole discretion, determines that it is desirable to do so, my Trustee may end any trust under this deed. This may be done by paying the then remaining principal and income of that trust to the person then eligible to receive the income or, if there is more than one person, to them in such amounts or proportions as my Trustee may think appropriate. If any person is a minor or is, in my Trustee's opinion, disabled by illness or other cause and unable to properly manage the funds, my Trustee may pay the funds to his or her parent or guardian or to any person or organization taking care of the person. In the case of a minor, my Trustee also may deposit the funds in a savings account in the minor's name payable to the minor at majority, or appoint and pay the funds to a custodian for the minor under the Uniform Transfers 4 to Minors Act of any state. VI. Trust Powers A. Introduction. The Trustee shall have the following powers, duties, and discretions in addition to those otherwise granted herein or by law except as herein specifically restricted. Notwithstanding the fact that the Trustee is granted broad Powers under this Article, it is the intent of the original Settlor that these Powers only be utilized in such a way as to meet the needs of the various kinds of financial and distribution responsibilities imposed upon the Trustee in this Trust Agreement. It is assumed and imposed upon the Trustee that under any and all circumstances the Trustee shall follow the Prudent Man Rule and perform all acts within the limits of the fiduciary responsibility imposed on a Trustee. B. Management Powers (1) General Property Powers. The Trustee shall have such power and is authorized to do all such acts, take all such proceedings, and exercise all such rights and privileges in the management of the Trust Estate as if the absolute owner thereof, including without limiting the generality of the terms, the right to manage, control, sell, convey, exchange, partition, assign, divide, subdivide, improve, or repair; to grant options and to sell upon deferred payments; to lease for terms and purposes within or extending beyond the duration of the Trust, including the exploration for and removal of oil, gas, and other minerals; to enter into community oil leases, pooling and unitization agreements; to create restrictions, easements, and other servitudes; to compromise, arbitrate, or otherwise adjust claims in favor of or against the Trust; to institute compromise and defense actions and proceedings at the expense of the Trust Estate; and to carry such insurance as the Trustee may deem advisable. (2) Authoritv to Grant Power of Attornev. The Trustee is authorized to delegate any powers under this Trust Agreement to an Attorney-in-Fact pursuant to a Special Power of Attorney for the purpose of carrying out the delegated assignment specified in the Special Power of Attorney. The Special Power of Attorney may be issued for any purpose by the Trustee to the recipient of such power; provided, however, that such power shall be limited to the carrying out the terms and conditions of this Trust Agreement. Any third party receiving a Power of Attorney from the Trustee shall have a right without further investigation to rely upon any such power received by the third party. (3) Determination of Income and Principal. The Trustee shall have the power and the authority to determine income and principal, and to determine how receipts and disbursements, including the fees of the Trustee, shall be credited, charged, or apportioned as between income and principal; however, each such determination shall be made in accordance with 5 the Law of the State of the situs of the Trust and the decision and the accounts of the Trustee in accordance with said provisions shall be binding on all persons in interest. Notwithstanding the foregoing, the Trustee shall: (a) Allocate to principal all dividends or other payments made by any corporation or mutual investment company that are designated by the company as a distribution of capital gains; and (b) Where a premium has been paid or a discount received in connection with the purchase of a bond, amortize such premium or discount by making an appropriate charge or credit to income as the case may be. (4) Loans (a) To Trust. The Trustee shall have the power, in the Trustee's discretion, to advance funds to any Trust herein created for any Trust purpose. Such advances shall bear interest at current rates and be a first lien on principal and to be repaid out of principal as an expense of the Trust. (b) To Beneficiaries. The Trustee may, at any time and upon successive occasions, loan such sums to the Beneficiaries or any of them as the Trustee shall deem advisable and in the best interest of the Beneficiaries, such loan or loans, if made, to bear interest at the prevailing rate and to be unsecured or secured as the Trustee may, in the Trustee's discretion, direct. The Trustee shall have wide discretion in the making or denial of any such loan and the Trustee's judgment in the matter shall be conclusi ve and binding on any Beneficiary requesting such loan. Notwithstanding the foregoing power to make loans, such lending authority as authorized herein shall not be available in those situations where it specifically violates the terms of the Trust or which in any way would diminish the value of any interest of any Ben- eficiary . (5) Power to Engage Agents and Professional Services. The Trustee shall have the power and authority to employ and compensate from the Trust Estate any agents, assistants, accountants, attorneys, or any other kinds of professionals or experts that the Trustee may deem appropriate in the Trustee's sole discretion to protect and manage the Trust property. (6) Right of Trustee to Petition Court. Notwithstanding any other provision of this Trust, the Trustee is specifically authorized in his sole discretion to file a Petition with a Court of competent jurisdiction for instructions and approval of any transaction concerning the Trust Estate, including, but not limited to, purchases, sales, accounting, distributions, tax questions, trust 6 10. ,I, administration, or any other question, which in the sole discretion of the Trustee should be determined by the Court. The Trustee shall incur no expense in making such a Petition to the Court provided such Petition is made in good faith. (7) Trustee's Authority Regarding Trust Divisions. The Trustee shall have authority upon making any divisions of the Trust Estate into separate shares for the purposes of distribution, or any other purpose, to apportion and allocate the assets of the Trust Estate in cash or in kind, partly in cash and partly in kind, or an undivided interest, and in such manner as the Trustee in the Trustee's sole discretion deems advisable. The Trustee may sell such property as the Trustee deems necessary to make any such division or distribution. In making any division or partial or final distribution of the Trust Estate, the Trustee shall be under no obligation to make a pro rata division, or to distribute the same assets to Beneficiary(ies) similarly situated. The Trustee shall have the authority in the Trustee's discretion to make a non-pro rata division between Trust or Trust shares and non-pro rata distribution to such Beneficiary(ies); provided, however, that the respective share allocated to separate Trusts or Trust shares distributed to such Beneficiary(ies) shall have equivalent or proportionate fair market value. (8) Restriction on Use of Certain Assets. Any portion of the Trust Estate which was received from any qualified plan as described in ~2039 of the Internal Revenue Code of 1986 as amended or any subsequent, like, or similar law may not be used for any purpose described in this Article, the use of which would result in incltision of said funds in the taxable Federal Estate of the Settlor so long as other sources of funds are available. Further, any portion of the Trust Estate which was received from payment of insurance policies on the deceased Settlor's lives may not be used for any purpose described in this Article, the use of which would result in the imposition of a death tax so long as other sources of funds (with the exception of proceeds from qualified plans as described in the foregoing paragraph) are available; provided, however, to the extent the Trust Estate includes insurance in excess of the amount of insurance exemption available under the Pennsylvania Revenue and Taxation Code, the insurance proceeds may be used for such purposes. C. Investment Powers. ( I ) General. The Trustee shall have the power to invest and reinvest principal and income, to purchase or acquire therewith every kind of property, real, personal, or mixed, and every kind of investment, specifically including, but not by way of limitation, shares in one or more mutual funds, in any common trust funds administered by the Trustee, or any other common funds, corporate obligations of every kind, and stock, preferred or common, which persons of prudence, discretion, and intelligence acquire for their own account. The Trustee is further authorized to buy, sell, and trade in securities of any 7 . ' ,tt nature (including short sales) on margin, and for such purposes may maintain and operate margin accounts with brokers, and may pledge any securities held or purchased by it, with such brokers, as security for loans and advances made to the Trustee. The Trustee is further authorized to receive any property, whether real, personal, or mixed, through any foreclosure sale, or at any Trustee's or pledgee's sale under a Deed of Trust, or under any judicial sale, in which property the Trustee may have an interest as a lien holder, or otherwise, and to hold and resale such property as the Trustee deems appropriate. The enumeration of the authority granted to the Trustee shall not limit any general or implied powers existing under applicable Laws or by the intent of the Settlor as expressed in this Trust. The Trustee, subject to the discharge of all fiduciary obligations, is vested with all the rights, powers, and privileges which an absolute owner would have. (2) Powers Relating to Real Estate. The Trustee shall have the power to sell, transfer, convey and/or assign any interest held by the Trust Estate in real estate. Such a transfer may be in fee simple or made in the form of a life estate or in any other form of interest deemed appropriate by the Trustee. However, any transfer shall be made in accordance with the terms and conditions of this Trust Agreement, and it must not violate the specific responsibility of the Trustee. The Trustee shall further have authority to purchase title insurance and to enter any type of escrow arrangement necessary in the purchase and sale of real estate. The Trustee shall have authority to receive as an asset of this Trust Estate, any real estate as principal by purchase at a Trustee's sale, or by deed-in-lieu of foreclosure, real property covered by any Mortgage then in default. Such property may be accepted in full satisfaction of the encumbrances thereon at the discretion of the Trustee. (3) Authority to Borrow and Encumber. The Trustee shall have the power to borrow money for any Trust purpose upon such terms and conditions as the Trustee may deem proper. The Trustee shall further have the authority to obligate the Trust Estate for repayment of any borrowed funds. The Trustee shall further have authority to encumber the Trust Estate or any of its property by Mortgage, Deed of Trust, pledge, or otherwise including the use of the filing of a Form UCC-I using such procedure to consummate the transaction as the Trustee nlay deem advisable and in the best interest of the Trust Estate. The Trustee shall also have authority to execute and deliver Promissory Notes or other evidence of the indebtedness of this Trust and to sign all necessary documents demonstrating security interest to any individual or institution in conjunction with such borrowing. (4) Powers Re~arding Securities. The Trustee shall have authority to purchase securities of any kind deemed appropriate by the Trustee for the benefit of the Trust Estate. The Trustee shall further have all of the rights, powers, and privileges of an owner, including the 8 right to vote stock, give proxies, pay assessments, and other sums deemed by the Trustee to be necessary for the protection of the Trust Estate. The Trustee shall have authority to participate in voting trusts, pooling agreements, foreclosures, reorganizations, consolidations, mergers, and liquidations, and, in connection therewith, to deposit securities with and transfer title to any protective or other committee under such terms as the Trustee may deem advisable; to exercise or sell stock subscription or conversion rights; to open an account with a brokerage firm of the choosing of the Trustee in the Trustee's name, in its own behalf for the purpose of purchasing and selling of all kinds of securities and authorizing such accounts and/or the delivery of securities or money therefrom and received from said Trustee; and to retain as an investment any securities or other property received through the exercise of any of the foregoing powers. The Trustee are further authorized to sign, deliver and/or receive any documents necessary to carry out the powers contained within this Paragraph. The Trustee shall have authority to retain and hold all or any stocks, bonds, or securities of any kind or nature which are part of the Trust Estate whether the same are or are not of the character or class regarded by the Law as legal investment or any time and from time to time, in his discretion, the Trustee may sell and dispose of all or any part thereof. (5) Powers to Invest in Special Funds. The Trustee shall have authority to invest through any financial institution in any special fund sponsored by such institution or which is recommended by such institution and to grant any necessary authority to the financial institution and/or brokerage firm involved in such special fund to allow the Trustee to invest assets of the Trust Estate in such funds. (6) Exercise Stock Options. The Trustee is expressly authorized in the Trustee's sole discretion to exercise any option to purchase stock under any stock option purchase plan in which any decedent Beneficiary is a participant or may hold such option rights to the extent that any such option rights may be exercised by the Trustee even though the stock involved is stock of a corporation which may be serving as corporate Trustee hereunder, regardless of the amount of such stock or the percentage of the Trust Estate which may be invested in such stock before or after any purchase under such option. (7) Authority Re2arding Life Insurance and Annuities and Casualty Insurance. The Trustee is authorized in the Trustee's discretion to maintain and/or purchase policies ofHfe insurance and/or annuities on the life or for the benefit of any Trust Beneficiaries and to hold and pay for the same as an investment and asset of the Trust, at any time and upon successive occasions, the premiums to be charged against income or principal, as the Trustee shall determine. The Trustee shall have the following powers, duties, and discretions with respect to policies of life insurance held as part of the Trust Estate: 9 , \' (a) The Trustee may pay premiums, assessments. or other charges with respect to such policies, together with all other charges upon such policies or otherwise required to preserve them as binding contracts but shall be under no duty to do so; (b) In the event that the Trustee intends not to pay any premium, assessment, or other charge with respect to any policy held by it, or otherwise intends to cancel, convert, or substantially modify any such policy, it shall first give the insured, or the Guardian of the property of an insured under disability, at least fifteen (15) days' advance written notice of its intention to take such action; (c) Any amounts received by the Trustee with respect to any policy as dividend shall be treated as principal; (d) The Trustee shall accept any payments due it under any settlement arrangement made before or after the death of the insured and may exercise any rights available to it under such arrangement; (e) The Trustee shall accept any payments due it under any settlement arrangement made before or after the death of the insured and may exercise any rights available to it under such arrangement; (t) The Trustee may compromise, arbitrate, or otherwise adjust claims upon any policies and may, but shall not be required to, exercise any settlement options available under such policies. The receipt of the Trustee to the insurer shall be a full discharge and the insurer is not required to see to the application of the proceeds; and (g) The Trustee shall further have authority to purchase and carry insurance of such kinds in and such amounts as the Trustee in the Trustee's sole discretion considers advisable and, at the expense of the Trust Estate, to protect the assets of the Trust Estate and the Trustee personally against hazard. D. Administrative Powers (1) Distributions to or for a Minor or Incompetent. If at any time any Beneficiary entitled to receive income and/or principal hereunder shall be a minor or an incompetent or a person whom the Trustee deems to be unable to wisely or properly handle funds if paid to him or her directly, the Trustee may make any such payments, in the Trustee's discretion, in anyone or more, or any combination, of the following ways: (a) Directly to such Beneficiary, or 10 4.' r .. (b) To the natural Guardian or the legally appointed Guardian of the Property, or other fiduciary of the person or Estate of such Beneficiary, or (c) To any person or organization furnishing support for such Beneficiary, or (d) By the Trustee retaining the principal and making expenditures directly for the support of such Beneficiary. The Trustee shall not be required to see to the application of any funds so paid or applied or obtain receipts from the payee. The decision of the Trustee as to direct pay- ments or application of funds in the manner herein prescribed shall be conclusive and binding upon all parties when made in good faith. The Trustee is requested to make all such disbursements in a way calculated to dispense with the necessity of guardianship proceedings. The Trustee may, in his sole and absolute discretion, require such reports and take such steps as it may deem requisite to assure and enforce the due application of such money to the purposes aforesaid. (2) Powers Regarding Taxes and Estate Expenses. Upon the death of a Beneficiary, any estate, inheritance, succession or other death taxes, duties, charges, or assessments, together with interest, penalties, costs, Trustee's compensations and attorney's fees which shall become due by reason of the Trust Estate or any interest therein being includable in the Estate of the original Settlor or a Beneficiary. Such taxes and expenses may be paid from the Trust Estate by the Trustee in the Trustee's discretion unless other adequate provision shall have been made therefor. Any such payments shall be charged to the principal of the Trust Estate. The Trustee may make such payments directly or to the Executor or other fiduciary of the Beneficiary(ies) and may rely upon the written statement of such fiduciary as to the amount and propriety of such taxes, interest, penalties, and other costs. The decision of the Trustee as to any such payments shall be conclusive and binding upon all parties interested in this Trust or such Estate. (3) Adiustment for Tax Consequences. The Trustee shall have the power, in the Trustee's absolute discretion, to take any action and to make any election to minimize the tax liabilities of this Trust and its Beneficiaries and to allocate the benefits among the various Beneficiaries and to make adjustments in the rights of any Beneficiaries or between the income and principal accounts, to compensate for the consequence of any tax: election or any investment or administrative decision that the Trustee believe has had the effect of directly or indirectly preferring one Beneficiary or group of Beneficiaries over others. (4) Payment of Trust Expenses. The Trustee shall have the authority to pay all costs, charges, and expenses of the Trust Estate together with reasonable compensation for the 11 , I'. Trustee's services hereunder, including services in whole or partial distribution of the Trust Estate. The Trustee may reimburse itself from principal or accumulated income for any loss or expense incurred by reason of the Trustee's ownership or holding of any property of this Trust. (5) Budget Income and Expenses. The Trustee shall have the power to budget the estimated annual income and expenses of the Trust or Trust share in such manner as to equalize as far as possible periodic income payments to Beneficiaries. (6) Commence or Defend Litigation. The Trustee may commence or defend such litigation with respect to the Trust or any property of the Trust as the Trustee may deem advisable at the expense of the Trust. (7) Compromise Claims. The Trustee may compromise or otherwise adjust any claims or litigation against or in favor of the Trust. (8) Notification of Trustee. Until the Trustee shall receive written notice of any birth, marriage, death, or other event upon which the right to payment from this Trust may depend, the Trustee shall incur no liability for disbursements of distributions made or omitted in good faith. (9) Interest. The Trustee shall not pay interest on any distributions required to be made in the Trust Agreement. (10) Disbursement for Funeral and Last Illness. The Trustee may pay for the last illness, funeral and burial or cremation expenses of the Settlor or any other Beneficiary of this Trust unless adequate provision shall have been made therefore through their Probate Estate or otherwise. E. Actions Taken in Good Faith by Trustee. To the extent that any action is taken by the Trustee, the Trustee shall be held harmless for any liability; provided, however, that such action was taken after appropriate due diligence in obtaining necessary facts and information prior to making such decision; and provided further, that the information given to the Trustee upon which decisions are made and actions are taken are from sources which could be relied upon in the normal course of business. It is the intent of the Settlor that the Trustee may act freely under all and any of the powers and authority granted in this Trust Agreement as to all matters concerning the Trust Estate after forming a reasonable judgment based upon all of the circumstances of any particular situation as to the wisest and best course to pursue in the interest of the Trust and the Beneficiary(ies). The Trustee shall exercise such powers at all times in its individual capacity in the interest of the Beneficiary(ies) hereunder where there is not an inherent conflict of interest by virtue of such acts, 12 , '.'\ and provided further, the Trustee are not accepting fees from other sources other than fees from acting as Trustee. Any potential outside fee shall be fully disclosed to the Beneficiary(ies) of the Trust and the Trustee must receive a written waiver from the Beneficiary(ies) before accepting any other fee. VIII. General Provisions The administration of any Trust provided for herein shall be subject to the following general provisions: A. Definitions (I) Children and Issue. The words "children" and "issue" ifused herein shall include children and issue of children, legally adopted children, and the lawful issue of legally adopted children. The word "living" shall include unborn persons in the period of gestation. (2) Support. The term "support" as used herein shall include proper support, maintenance, medical care, and education, including private grade, secondary or high schools, private or public institutions of higher learning at both undergraduate and graduate levels, professional education, vocational, and trade schools depending upon the abilities and ambitions of the respective Beneficiary. (3) COIJ>US and/or Principal. The terms "corpus" and "principal" as used throughout this Trust Agreement are intended to be treated as having the same definition. B. Annual Accounting. The Trustee shall render an accounting on demand from any Beneficiary of the Trust except that the Trustee shall not be required to account more often than annually. C. Spendthrift Clause. The interests of the Beneficiaries in the principal and/or income of the Trust shall not be subject to the claim or claims of their creditors or others, shall not be subject to legal process, and may not be voluntarily or involuntarily alienated or encumbered before actual receipt by the Beneficiary. D. Partial Invalidity. If any provision of this instrument is void, invalid, or unenforceable, the remaining provisions shall nevertheless be valid and carried into effect. If any Trust herein established exceeds the longest pennissible period, it shall persist in its period for the longest period permissible, then terminate. 13 , , " I , ~ ' .,,' E. Headings. The headings in this instrument are for convenience only and are not part of the text. F. Situs of Trust. The situs of the Trust Estate shall be Pennsylvania. The situs of the Trust Estate may be transferred from Pennsylvania to such other jurisdiction within the United States as the majority of the income beneficiaries may designate, however, only upon written notice given to the Trustee, and effective only upon resignation of the Trustee and the appointment of a Successor Trustee qualified to act. G. Counterparts. This Agreement may be executed in any number of counterparts and each shall constitute an original of one and the same instrument. H. Application to Oq>hans' Court Division. Ifany disputes arise as to interpretation of this Agreement, or there is need to obtain Court approval of any accounting or any interpretation in regard to this Agreement, the Settlor direct the Trustee to make application to the Orphans Court Division of the Court of Common Pleas of Lancaster County, Pennsylvania where the trust was created; it being the intention of the Settlor that the Orphans Court Division of the Court of Common Pleas of Lancaster County, Pennsylvania shall not assume continuing jurisdiction, 1. Number and Gender. As used in this Trust Agreement, the masculine, feminine, and neuter gender, and the singular and plural number shall each be deemed to include the others when the context so indicates. 1. Trust Shares or Subshares. For purposes of simplicity. the Settlor has used in this Trust Agreement the tenns "shares" and there may be "subshares." The Settlor intends, however, that each share or subshare may be a separate Trust. This is to witness that I, CARL T. RAFFENSPERGER, have read the provisions of the Carl T. Raffensperger Revocable Living Trust Agreement and understand the provisions therein. IN WITNESS WHEREOF, the provisions of this Declaration of Trust shall bind CARL T. RAFFENSPERGER, as Settlor, and CARL T. RAFFENSPERGER, as Trustee; Successor Trustee assuming the role of Trustee hereunder, and the Beneficiaries of this Trust, as well as their successors and assigns. Dated thi~ day of I/,,} IJ Lv ,.,.~((( , ,2003, at Lancaster County, Pennsylvania. (!fL ~ IJL- Settlor: ,', /j / .. i' l' '" " ~' c~~~. AAFF~~~'~~ 14 . , " . . . ., , .7 Lv I r Ivr'~f ?fA~. ~ COMMONWEALTH OF PENNSYLVANIA COUNTY OF LANCASTER Tru~tee: , ~ ,0 (. . J- /~. / ? ~~~.'~F:~~"~ ) ) ss: ) BEFORE ME, the undersigned, a Notary Public in and for said County and State, personally appeared CARL T. RAFFENSPERGER, personally known to me or proved to me on the basis of satisfactory evidence, to be the person whose name is subscribed to the within instnunent and acknowledged that they executed the same. WITNESS my hand and official seal. ,~ I ,'(/ ,") NotIItIII Sell Sheny L BIIke, NoIIry Pldc East ~ Twp., lM1c8IIrOU1ly My 00-,-.,1liiio. , e,.... MIr. 24, 'l1X11 MImber. ~ ~_Mlft H*rIII 15 ~ ~~t~~~~tJ~n~1 Last statement: August 06, 2003 This statement: September 06, 2003 Total days in statement period: 31 Page 1 of 1 0000972118 (0) 1.1111111.111..11.1.1..1.1..1.1111.111.11...11111.1111111..111 CARL T RAFFENSPERGER REV LIVING TRUST C/O CONTINENTAL PRESS 520 E BAINBRIDGE ST ELIZABETHTOWN PA 17022-2299 Direct inquiries to: 717 492-2222 Union National Community Bank PO Box 0567 Mount Joy PA 17552-0567 ... JOIN US ON SA TURDA Y, OCTOBER 17 FROM 12:00 UNTIL 3:00 PM TO CELEBRATE 150 YEARS OF BANKING! THE CELEBRATION WILL BE HELD AT THE MOUNT JOY OFFICE. ... Classic Club Checking Account number Low balance A verage balance A vg collected balance Interest paid year to date 0000972118 Beginning balance $1,000.00 Total additions $86,354.84 Total subtractions $83,193.00 Ending balance $7.05 $1,000.00 98,007.05 0.00 $ 99,007.05 CREDITS Date Description 08-11 Deposit 09-06 ' Interest Credit Additions 98,000.00 7.05 DAILY BALANCES Date 08-06 Amount 1,000.00 Date 08-11 Amount 99,000.00 Date 09-06 Amount 99,007.05 INTEREST INFORMATION Annual percentage yield earned Interest-bearing days Average balance for APY Interest earned 0.10% 31 $83,193.55 $7.05 Thank you fo, banking w./th Un/on National Community Bank EDP-111 (REV 08011 VER-F G"\Users\slb\Jmg\AGREEMENTS. TR USTS\Ra ergerCarlFirslAmendRevocTrust" wpd. 8/4/03 FIRST AMENDMENT TO THE CARL T. RAFFENSPERGER REVOCABLE LIVING TRUST This first Amendment to the Carl T. Raffensperger Revocable Living Trust is as follows: Paragraph II-A is amended to provide as follows: Jffor any reason Daniel H. Raffensperger ceases to serve as trustee hereunder, Jon M. Gruber shall be Successor Trustee; if for any reason he ceases to serve as Successor Trustee hereunder, the Union National Community Bank shall serve as Successor Trustee. The service of such Successor Trustees shall be without the approval of any court. Paragraph V -A( 1) is deleted and in lieu thereof I provided as follows: (1) Funds for Estate Costs. Upon the death of the Settlor, the Trustee is directed to pay, or reimburse my estate for any estate, inheritance, succession or other death taxes imposed upon, or in relation to, any property required by any tax law to be paid as a result of this trust or the property in this trust, and then distribute the remaining assets of the estate, including any accumulation thereon as stated below: (3) I restate all the other provisions of my Revocable Living Trust dated July 30, 2003. IN WITNESS WHEREOF, the provisions of this First Amendment to the Carl T. Raffensperger Revocable Living Trust shall bind CARL T. RAFFENSPERGER, as Settlor, and CARL T. RAFFENSPERGER, as Trustee; Successor Trustees asswning the role of Trustee hereunder, and the Beneficiaries of this Trust, as well as their successors and assigns. Dated this -1L day of L ~~~ ,2003, at Lancaster County, Pennsylvania. ~i~~ Settlor.:, /,'~ r: /'1 CA~ T, RAF~~~~~~' ~' -- Trustee,: ( ; /"'\. C', . r .) A '- (J - ,I. fit .o-+~ CARL T. RAFFENS GER '-. . '. G :\Users\slb\Jmg\AGREEMENTS- TRUSTS\Ra ergerCarlFirstAmendRevocTrust. wpd: 8/4/03 FIRST AMENDMENT TO THE CARL T. RAFFENSPERGER REVOCABLE LIVING TRUST This first Amendment to the Carl T. Raffensperger Revocable Living Trust is as follows: Paragraph II-A is amended to provide as follows: If for any reason Daniel H. Raffensperger ceases to serve as trustee hereunder, Jon M. Gruber shall be Successor Trustee; if for any reason he ceases to serve as Successor Trustee hereunder, the Union National Community Bank shall serve as Successor Trustee. The service of such Successor Trustees shall be without the approval of any court. Paragraph V -A( 1) is deleted and in lieu thereof I provided as follows: (1) Funds for Estate Costs. Upon the death of the Settlor, the Trustee is directed to pay, or reimburse my estate for any estate, inheritance, succession or other death taxes imposed upon, or in relation to, any property required by any tax law to be paid as a result of this trust or the property in this trust, and then distribute the remaining assets of the estate, including any accumulation thereon as stated below: (3) I restate all the other provisions of my Revocable Living Trust dated July 30, 2003. IN WITNESS WHEREOF, the provisions of this First Amendment to the Carl T. Raffensperger Revocable Living Trust shall bind CARL T. RAFFENSPERGER, as Settlor, and CARL T. RAFFENSPERGER, as Trustee; Successor Trustees assuming the role of Trustee hereunder, and the Beneficiaries of this Trust, as well as their successors and assigns. Dated this ~ day of c~~~ ,2003, at Lancaster County, Pennsylvania. w~~~ Settlor: /-:' 0 r /,1 CARL ~ RAF~:~~~~ ,- ~ Truste~,: i ! /""\ L', / T .) "- (f.-I.- _, \. ~~/~ CARL T. RAFFENS GEK '--- . Continental Press Educational Publishers April 12, 2007 Jon M. Gruber Russell, Krafft & Gruber, LLP 930 Red Rose Court, Suite 300 Lancaster, P A 17601 Re: Estate of Carl T. Raffensperger, Deceased Date of Death: July 23, 2006 Dear Mr. Gruber: The decedent held 250 shares of The Continental Press, Inc. stock. The fair market value as of July 23, 2006, the date of death was $55.00 per share. This is the price which the shareholders authorized to be paid for any shares being redeemed during 2006. Very truly yours, \J\ .J~ ~~J \)0 ~Fo ) ,- I M. Gene McFail, V.P., CFO 520 East Bainbridge Street · Elizabethtown, PA 1 7022 · www.continentalpress.com 800.233.0759 ph · 888.834.1303 fax . www.seedlingpub.com I1DI AI<; Annuity Insuranl'e <':ompany PO. Box X71 Amarillo. Tnas 791OS-0X71 XOO~.:!~~9\)1l October 2,2006 Russell, Krafft & Gruber, LLP Attn: John M Gruber Hempfield Center Ste 300 930 Red Rose Court Lancaster PAl 7601 RE: AIG Annuity Insurance Company Policy Number: AN200343 Deceased: Carl Raffensperger Dear Mr, Gruber: The Internal Revenue Service requires reporting of all death benefits for federal estate tax purposes. Form 712 is prepared for regular life insurance contracts only. Since this contract was an annuity, the Form 712 is not applicable. Listed below is the death benefit information for the above-referenced annuity contact. Type of Annuity Contract: Date of Issue: Contract Owner's Name(s): Original Investment: Cash Value as of Date of Death on 7/23/06: Total Payment for Death Benefit on 9/5/06: Proceeds made payable to: Non QualifiedTax Deferred Annutiy 11/ 1/2000 Carl Raffensperger $559,000.00 $440,442.42 $440,874.69 Eleanor L Raffensperger Trust unde rthe Will of Carl T Raffensperger ~./-, " r.~J --t Y M'y \If~' \, ~~ 0" The annuitant was taking interest payments monthly starting 1/10/2000 and also did a withdrawal of $120,123.0.0 from the principle on 4/24/06 If you have any questions please contact our customer servIce representatives, at 1-800-424-4990. We appreciate this opportunity to serve you. Sincerely, ~~ ~ Peggy Baker AlG Annuity Insurance Company AIG Allllui(y III.\I/HII/CI' COli/pm/.\' Ml'll/hl'I' ofAlllerinl/1 11/("milliol/lIl Gmllf'. !Ill'. !>> UnionNational COMMUNITY BANK September 11, 2006 101 EAST MAIN STREET PO. BOX 567 MOUNT JOY, PA 17552 TEL 7]7-653-1441 Russell, Krafft & Gruber LLP Attn: Melissa-Ann Smith Hempfield Center, Suite 300 930 Red Rose Court Lancaster PA 17601 RE: Estate of - Carl T. Raffensperger Date of Death - July 23, 2006 Dear Melissa-Ann: There follows the information you requested on the accounts of Carl T. Raffensperger as of July 23, 2006. The account is a Living Trust solely owned: Opened Balance Acr Int Ytd Int Rate DDA 972118 07/26/03 44,927.06 2.16 13.39 0.10% There is no safe deposit box on record. If you should have any questions, please do not hesitate to call. Sincerely, UNION NATIONAL COMMUNITY BANK ~~'-I){.~~ Lisa M. Slusser VP, Operations Manager LMS:alb