HomeMy WebLinkAbout05-01-07
.
...J
15056051058
REV-1500 EX (06-05)
PA Department of Revenue '*
Bureau of Individual Taxes
PO BOX 280601
Harrisburg, PA 17128-0601
ENTER DECEDENT INFORMATION BELOW
Social Number Date of Death
OFFICIAL USE ONLY
C~~nt.t~~e Year
INHERITANCE TAX R,ETURN 21 06
RESIDENT DECEDENT
File Number
08/01/2006
Decedent's Last Name
Rovegno
(If Applicable) Enter Surviving Spouse's Information Below
Last Name Suffix
,~p()~~EI'~,,~~~,I,,~EI,(;U,~ty ,I'J,~'!l,~Elr""
0727
Date of Birth
04/13/1928
Decedent's First Name
Lawton
MI
C
~p()llse's",~i,r~t",I'J,13'!lEl
MI
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WillS
c;::) 4a. Future Interest Compromise (date of
death after 12-12-82)
c:::') 7, Decedent Maintained a Living Trust
(Attach Copy of Trust)
c;::) 10. Spousal Poverty Credit (date of death c;::) 11. Election to tax under Sec. 9113(A)
between 12-31-91 and 1-1-95) (Attach Sch. 0)
CORRESPONDENT - THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
Name D.a)ltil:ne Telephone Number
FILL IN APPROPRIATE OVALS BELOW
~ 1. Original Retum
c:::;
2. Supplemental Retum
<==) 4. Limited Estate
c.a:>
6. Decedent Died Testate
(Attach Copy of Will)
9. Litigation Proceeds Received
<==)
Tricia D Naylor
Finn Name
Law Office of John C Os'2.l.J 5tow ie L..
First line of address
104 S Hanover St
or Post Office
c;::)
3. Remainder Return (date of death
prior to 12-13-82)
5. Federal Estate Tax Return Required
c:::>
6. Total Number of Safe Deposit Boxes
i (717) 243-7437 i"-)
:. ,(~)-... .....- .... ..,....:g5
r..-"GISTER"~I~E-ON~
~ - '; /<
C)
'-;-j
~
a
ZIP Code
17013
-~~
DATE'FILED CJ1
" '\:0
tum, Including accompanying schedules and statements, and to the best of my knowledge and belief,
an the personal representative Is based on all Information of which preparer has any knowledge.
TURN DATE
-Of
DATE
--/- D.,
13
PLEASE USE ORIGINAL FORM ONLY
Side 1
L
15056051058
15056051058
...J
~
....J
15056052059
REV-1500 EX
Decedent's Social Security Number
Decedent's Name:
RECAPITULATION
Lawton
C Rovegno
i 411-31-9111
1. Real estate (Schedule A). ..... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2.
3. 108,706.59
4. 48,625.60
5. 133,131.07
6. 30,000.00
2. Stocks and Bonds (Schedule B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) . . . . .
4. Mortgages & Notes Receivable (Schedule D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E) . . . . . . . .
6. Jointly Owned Property (Schedule F) c::> Separate Billing Requested . . . . . . .
7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property
(Schedule G) <=l Separate Billing Requested. . . . . . .. 7. i
273,707.52
8. Total Gross Assets (total Lines 1-7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 8..
594,170.78
9. Funeral Expenses & Administrative Costs (Schedule H)..................... 9. i 28,550.34 .
10. Debts of Decedent, Mortgage liabilities, & Liens (Schedule I). . . . . . . . . . . . . . . . 10. : 25,793.60
11. Total Deductions (total Lines 9 & 10)....... ............................ 11.
'''''''~W'''~''''__._A''~'~,,_.m'~'W.~.'.'N~W'
54,343.94
12. Net Value of Estate (Line 8 minus Line 11) . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . 12. :
13. Charitable and Governmental Bequests/Sec 9113 Trusts for which ,,-___--"^''''"mmm,''^w_~_.
an election to tax has not been made (Schedule J) . . . . . . . . . . . . . . . . . . . . . . . . 13.
539,826.84
35,000.00
504,826.84 .
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. or
transfers under Sec. 9116
(a)(1.2) X .0_ 15.
16. Amount of Line 14 taxable
at lineal rate X.O 45 16.
17. Amount of Line 14 taxable
at sibling rate X .12 17.
18. Amount of Line 14 taxable
at collateral rate X .15 18.
22,717.21
19. TAX DUE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . 19.
22,717.21
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
c:;)
L
15056052059
Side 2
15056052059
...J
REV-1500 EX Page 3
Decedent's Complete Address:
DECEDENrs NAME
Lawton C Rovegno
STREET ADDRESS
1 Alliance Drive #307
File NUI!1R!r ,^,_",_,^^.,
[OS-l10727 ^ ^^ __J
DECEDENrS SOCIAL SECURITY NUMBER
411-31-9111
CITY
Carlisle
STATE
PA
ZIP
17013
Tax Payments and Credits:
1. Tax Due (Page 2 line 19)
2. Credits/Payments
A. Spousal Poverty Credit
B. Prior Payments
C. Discount
(1)
22,717.21
20,000.00
1,052.60
Total Credits (A + 8 + C ) (2)
3. Interest/Penalty if applicable
D. Interest
E. Penalty
21,052.60
Total Interest/Penalty ( 0 + E ) (3)
4. If line 2 is greater than line 1 + line 3, enter the difference. This is the OVERPAYMENT.
Fill In oval on Page 2, Line 20 to request a refund. (4)
5. If line 1 + line 3 is greater than line 2. enter the difference. This is the TAX DUE.
8. Enter the total of line 5 + 5A. This is the BALANCE DUE.
(5)
(5A)
(58)
1,664.61
A. Enter the interest on the tax due.
1,664.61
Make Check Payable to: REGISTER OF WILLS, AGENT
PLEASE ANSWER THE FOllOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred;.......................................................................................... D [Kl
b. retain the right to designate who shall use the property transferred or its income; ............................................ D [Kl
c. retain a reversionary interest; or.......................................................................................................................... D (iJ
d. receive the promise for life of either payments, benefits or care? ...................................................................... D (iJ
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death
without receiving adequate consideration? .............................................................................................................. D [KJ
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? .............. [KJ D
4. Did decedent own an Individual Retirement Account, annuity. or other non-probate property which
contains a beneficiary designation? ........................................................................................................................ D [KJ
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
For dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse
is three (3) percent [72 P.S. ~9116 (a) (1.1) (i)].
For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is zero (0) percent
[72 P.S. ~9116 (a) (1.1) (ii)]. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and
filing a tax return are still applicable even if the surviving spouse is the only beneficiary.
For dates of death on or after July 1, 2000:
The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a natural parent, an
adoptive parent, or a stepparent of the child is zero (0) percent [72 P.S. ~9116(a)(1.2)J.
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)J. 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-1504 EX+ (6-98*
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE C
CLOSELY-HELD CORPORATION,
PARTNERSHIP OR
SOLE-PROPRIETORSHIP
ESTATE OF
Rovegno, Lawton C
FILE NUMBER
21-06-0727
Schedule C-1 or C-2 (including all supporting information) must be attached for each closely-held corporation/partnership interest of the decedent, other than a
sole-proprietorship. See instructions for the supporting information to be submitted for sole-proprietorships.
ITEM NUMBER
NUMBER DESCRIPTION
1. Rovegno Real EstatePartners. Partnership
VALUE AT DATE
OF DEATH
2 Rovegno Properties, Partnership
-50,262.41
158,969.00
TOTAL (Also enter on line 3, Recapitulation)
(If more space is needed, insert additional sheets of the same size)
108,706.59
REV-1506 EX'" (9-0.
COMMONWEAlTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE C-2
PARTNERSHIP
INFORMATION REPORT
ESTATE OF
Rovegno, Lawton C
FILE NUMBER
21-06-0727
1. Name of Partnership Rovegno Real Estate Partners
Address 133 W Locust St
City Mechanicsbu/'Q
2. Federal Employer 1.0. Number 25-1739608
3. Type of Business Residential Real Estate
4.
5.
Date Business Commenced
Business Reporting Year 2006
State PA Zip Code 17055
Product/Service apartment rental
A. Lawton C Rovegno
B. Richard L Rovegno
C. John S Rovegno
D.
25
50
25
25
50
25
87,691.00
188,891.00
88,115.00
6. Value ofthe decedent's interest $
-50.262.41
7. Was the Partnership indebted to the decedent? ................................. )8( Yes 0 No
If yes, provide amount of indebtedness $ 40,332.71
8. Was there life insurance payable to the partnership upon the death of the decedent? ..,.. l& Yes 0 No
If yes, Cash Surrender Value $ Net proceeds payable $
Owner of the policy
9. Did the decedent sell or transfer an interest in this partnership within one year prior to death or within two years if the date of death was
prior to 12-31-82?
DYes )i:l No
Transferee or Purchaser
Attach a separate sheet for additional transfers and/or sales.
If yes, 0 Transfer 0 Sale
Percentage transferred/sold
Consideration $
Date
10. Was there a written partnership agreement in effect at the time of the decedent's death? .. . . , . JlJ Yes 0 No
If yes, provide a copy of the agreement.
11. Was the decedent's partnership interest sold? .....,...........,.....,.............,. 0 Yes JlJ No
If yes, provide a copy of the agreement of sale, etc.
12. Was the partnership dissolved or liquidated after the decedent's death? ...,.,..,....,.'... 0 Yes :KI No
If yes, provide a breakdown of distributions received by the estate, including dates and amounts received.
13. Was the decedent related to any of the partners? ...,....,..,..."..........".......:KI Yes 0 No
If yes, explain partners are his son
14. Did the partnership have an interest in other corporations or partnerships? . . . . . , . , . , . . . . Yes -id. No
If yes, report the necessary information on a separate sheet, including a Schedule C-1 or C-2 for each interest.
THE FOLLOWING INFORMATION MUST BE SUBMITTED WITH THIS SCHEDULE
A, Detailed calculations used in the valuation of the decedent's partnership interest.
SG c.. o..ttoch m ent s
z-?
B. Complete copies of financial statements or Federal Partnership Income Tax returns (Form 1065) for the year of death and 4 preceding years.
C. If the partnership owned real estate, submit a list showing the complete address/es and estimated fair market value/s. If real estate appraisals have
been secured, attach copies.
D. Any other information relating to the valuation of the decedent's partnership interest.
REV-1506 EX+ (9-0*,
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE C-2
PARTNERSHIP
INFORMATION REPORT
ESTATE OF
Rovegno, Lawton C
FILE NUMBER
21-06-0727
1. Name of Partnership Rovegno Properties
Address 401 F LOlJlhAr ~I
City Carlisle
2. Federal Employer 1.0. Number 23-2470361
3. Type of Business Office Real Estate
4.
Date Business Commenced 6/21/96
Business Reporting Year 2006
State P A
Zip Code 17013
ProducUService Office rental
5.
A. Lawton C Rovegno
B. Richard L Rovegno
37
63
37
63
147,335.00
387,441.00
c.
D.
6. Value of the decedent's interest $
158.969.00
7. Was the Partnership indebted to the decedent?
If yes, provide amount of indebtedness $
.....,.......,.................. .
II Yes 0 No
8,293.00
8. Was there life insurance payable to the partnership upon the death of the decedent? ..... 0 Yes !Q No
If yes, Cash Surrender Value $ Net proceeds payable $
Owner of the polley
9. Did the decedent sell or transfer an interest in this partnership within one year prior to death or within two years if the date of death was
prior to 12-31-82?
DYes iI No
Transferee or Purchaser
Attach a separate sheet for additional transfers and/or sales.
If yes, 0 Transfer 0 Sale
Percentage transferred/sold
Consideration $
Date
10. Was there a written partnership agreement in effect at the time of the decedent's death? . . . . .. IiZI Yes 0 No
If yes, provide a copy of the agreement.
11. Was the decedent's partnership Interest sold? ....................................... 0 Yes IiZI No
If yes, provide a copy of the agreement of sale, etc.
12. Was the partnership dissolved or liquidated after the decedent's death? ................... 0 Yes It! No
If yes, provide a breakdown of distributions received by the estate, including dates and amounts received.
13. Was the decedent related to any of the partners? .................................... il Yes 0 No
If yes, explain partner is his son
14. Did the partnership have an interest in other corporations or partnerships? . . . . . . . . . . . . . . (es l5iLNo
If yes, report the necessary information on a separate sheet, including a Schedule C-1 or C-2 for each interest.
A. Detailed calculaUons used in the valuation of the decedent's partnership interest.
B. Complete copies of financial statements or Federal Partnership Income Tax returns (Form 1065) for the year of death and 4 preceding years.
C. If the partnership owned real estate, submit a list showing the complete address/es and estimated fair market value/s. If real estate appraisals have
been secured, attach copies.
D. Any other information relating to the valuation of the decedent's partnership interest.
REV.1507 EX+ (6-98) .
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE D
MORTGAGES & NOTES
RECEIVABLE
ESTATE OF
Rovegno, Lawton C
FILE NUMBER
21-06-0727
All property Jointly-owned with right of survivorship must be disclosed on Schedule F.
DESCRIPTION
loan made 4/28/06 to Rovegno Real Estate Partners
40,000.00
8,292.89
"ev',,'_I_,"""'-'<,i', ",-.",..>,." """,." "",-,,,,,,,,""',;; ..".".X't""",M',O""""."".".",,,,_,,,,,O_",,,,>i<,,,,,%O><,-.;t"~_',".:i'",,'"_''"''''...<;"..d """"".~':"';;.=m~" .,C::'"-;,.~~'i:~_'".i'_.,*X.;.."''>':'''''''_,,,:,,>,,,,,~m.,..:<>'.~"""'''~!:,<:""",.U~.",'!.~,~:'~'-''';;
TOTAL (Also enter on line 4, Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
48,625.60
REV-1508 EX+ (8-98) '*
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
ESTATE OF
Rovegno, Lawton C
FILE NUMBER
21-06-0727
Include the proceeds of litigation and the date the proceeds were received by the estate.
All property Jointly-owned with right of survlvo/'llhlp must be disclosed on Schedule F.
ITEM
NUMBER DESCRIPTION
"~",^,"""W.".m".-m"=^~~,~. m...m..",.._,,-'W~^~^~ "~m,'^,w.."wmn"'."AW' WW,'.<W'm."'" ,.. ""=,~"",~,,,,,','.w..m".__'A""""_'
1! ,American Home Bank Money Market Checking Account #110949
I
interest on item #1
Bank Checking Account #106001765
,.., '~;' '.'~.' *''-'''''<.' 'c.,," .-" __,', ..,' ",..,_.?,/"v;;u".."""'."':"'_".""""""_W'~~',.,,'u',,,,,,,><.,,,-,=^,,,,: ':,,,",~.<.: ,,,,,,'~":<""""",,:'"
Security payment for July
bank interst
Long Term Care Final Reimbursement
auto insurance refund
Long Term Care Premium Refund
Funeral Home overpayment reimbursement
Affinity Practice term life insurance refund
131 Bell South refund
burial benefit
Pointe at Carlisle refund
~""';,\'~:;r<<;"l"",,<<<:';':''''''.'''j~:,'''"''-'l . '.'." - .;: ~,..;; ~"':'l;',-.~, '$l/".,>:.;o' _.. "','c.' .''''...c',,;';' ""--~' ,_!;.~;,,~. ~ 'k'm'-~" ,',' 'R., ~"V ;';f'< -. '"",;'~",,,, .; ,.:.- "',n-;.,,',:, ,.,... ;";.'.: .' .-;,,> ''',",,' ".\. '"'<'''''';M-'>':,~~''''' < '. ",:." """,<,_,,",,, >k<.:' .<. ....v ..,'~.
TOTAL (Also enter on line 5, Recapitulation) $
(If more space Is needed, Insert addnlonal sheets of the same size)
VALUE AT DATE
OF DEATH
82,006.72
140.80
721.00
4.57
700.00
1,704.97
62.90
100.00
14.94
115.69
1.90
300.00
32,500.00
3,450.00
REV-1509 EX+ (6-9~.
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE F
JOINTLY-OWNED PROPERTY
ESTATE OF
Rovegno, Lawton C
FILE NUMBER
21-06-0727
It an asset was made Joint within one year of the decedent's date of death, It must be reported on Schedule G.
SURVIVING JOINT TENANT(S) NAME
A.iRichard L Rovegno
ADDRESS
!112 Spring Farm Circle
iCarlis/e, PA 17013
Son
B':John S Rovegno
:1002 Hillside Dr
ICarlisle, PA 17013
Son
JOINTLY.OWNED PROPERTY:
LETTER
ITEM FOR JOINT
NlJ.lBER TENANT
1. A.
DATE
MADE
JOINT
DESCRIPTION OF PROPERTY
INCLUDE NAME OF FINANCIAL INSTITUTION AND BANK ACCOUNT NUMBER OR SIMILAR
IDENTIFYING NUMBER, ATTACH DEED FOR JOINnY-HELO REAL ESTATE,
DATE OF DEATH
VALUE OF ASSET
90,000.00
''''''j
Iqqv'
'. ww. ",. ...,,~J
[~::~[~['.]
---.--..--!
I
..J
RELATIONSHIP TO DECEDENT
%OF
DECO'S
INTEREST
DATE OF OEATH
VALUE OF
DECEDENTS INTEREST
Lease # 1 C.201
,
. """",J
TOTAL (Also enter on line 6, Recapitulation) $
(If more space is needed, insert addKional sheets of the same size)
30,000.00
REV-1510 EX+ (6-98*
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
ESTATE OF
Rovegno, Lawton C
FILE NUMBER
21-06-0727
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.
DESCRIPTION OF PROPERTY
INCLUOE THE NAME Of THE TRANSfEREE. THEIR RELATIONSHIP TO DECEOENT NlJ
THE CATE Of TRANSFER ATTACH A COPY Of THE DEED FOR REAL ESTATE.
!Evelyn B Rovegno Trust, Spouse, transferred to trust 10/28/2004 see
~!!~ched valuatiQ~. -aHa d,ments. ;:1,:,1<1 ._
iLoan from Evelyn B Rovegno, Trust to Rovegno Real Estate Partners made i
l4!~8.!~. . .11
TAXABLE
VALUE
162,792.57
TOTAL (Also enter on line 7 Recapitulation)
(If more space Is needed, insert additional sheets of the same size)
REV.1511 EX+ (12.99.
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE H
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
ESTATE OF
Rovegno, Lawton C
FILE NUMBER
21-06-0727
Debts of decedent must be reported on Schedule I.
ITEM
NUMBER
A.
DESCRIPTION
F.U.N.EBAL.f.XP.E~SfS:
'Hoffman Roth Funeral Home
Honor Guard
1.
B. ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions
Name of Personal Representative(s)
Social Security Number(s)/EIN Number of Personal Representative(s)
Street Address
City
Year(s) Commission Paid:
2.
Attorney Fees
3. Family Exemption: (If decedent's address Is notlhe same as clalmanrs, attach explanation)
Claimant
Street Address
City
.Zlp
Relationship of Claimant to Decedent
4.
Probate Fees
5. Accountanrs Fees
6. Tax Return Preparer's Fees
7.
lL.~~_~L~~~~rtising
;Diversified Appraisal Services
for cabin
81
91
10i :Janet Frantz, Tax Collector RE tax for cabin
11 'Orrstown bank service fees
12PA DCNR - cabin lease renewal
TOTAL (Also enter on line 9, Recapitulation)
(If more space is needed, insert additional sheets of the same size)
AMOUNT
1,605.56
500.00
22,616.00
765.00
175.73
2,000.00
28,550.34
REV.1512 EX+ (12.03) *'
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE I
DEBTS OF DECEDENT,
MORTGAGE LIABILITIES, & LIENS
ESTATE OF FILE NUMBER
Rovegno, Lawton C 21-06-0727
Report debts Incurred by the decedent prior to death which remained unpaid as of the date of death, Including unreimbursed medical expenses.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1. o MBNA Credit Card final payment
2 'Chapel Pointe at Carlisle, final bill
3 i USAA Auto insurance
4 Met-Ed
5 Bell South
9,473.18
1,993.19
336.60
109.06
68.56
7
365.06
87.36
8
Final payroll
Payroll taxes
6,115.14
4,501.35
718.00
9
10'
Compensation Insurance audit premium
Air- FL property alc maintenance
858.56
45.00
Frantz, Tax Collector. RE tax 1340 Pine Grove Rd. Gardners, PA
Ritter, Maintenance of FL property
90.00
765.00
14
15
111.60
16
11.75
17
33.58
18
19 'City of Vero Beach FL utilities
20
final bill
41.63
21
150.00
TOTAL (Also enter on line 10, Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
25,973.60
REV-l513 EX+ (9-00) '*
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE J
BENEFICIARIES
ESTATE OF
Rovegno, Lawton C
NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY
I TAXABLE DISTRIBUTIONS pnclude outright spousal distributions, and transfers under
~~C;, ~ll~(!IL(1.?)J
!Richard L Rovegno 112 Spring Farm Circle, Carlisle, PA 17013
FILE NUMBER
21-06-0727
RELATIONSHIP TO DECEDENT AMOUNT OR SHARE
Do Not List Trustee!s) OF ESTATE
290516.71
2
John S Rovegno 1002 Hillside Dr, Carlisle, PA 17013
214310.13
II
504826.84
ENTER DOLlAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET
NON.TAXABLE DISTRIBUTIONS:
A. SPOUSAl DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
'Carlisle Theatre 44 W High St. Carlisle, PA 17013
35000.00
(If more space is needed, insert additional sheets of the same size)
35000.00
TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET
Estate ofRovegno, Lawton C
Listing ofInheritance Tax Return Attachments:
1. Last Will & Testament of Lawton C. Rovegno
2. Schedule C-2 Rovegno Real Estate Partners Valuation
3. Rovegno Real Estate Partners Real Estate Appraisal
4. Rovegno Real Estate Partners 2006 Partnership Tax Return
5. Rovegno Real Estate Partners 2005 Partnership Tax Return
6. Rovegno Real Estate Partners 2004 Partnership Tax Return
7. Rovegno Real Estate Partners 2003 Partnership Tax Return
8. Rovegno Real Estate Partners Partnership Agreement
9. Schedule C-2 Rovegno Properties Valuation
10. Rovegno Properties Real Estate Appraisal
11. Rovegno Properties 2006 Partnership Tax Return
12. Rovegno Properties 2005 Partnership Tax Return
13. Rovegno Properties 2004 Partnership Tax Return
14. Rovegno Properties 2003 Partnership Tax Return
15. Rovegno Properties Partnership Agreement
16. Schedule F Jointly held property lease
17. Schedule G Trust valuation
18. Last Will & Testament of Evelyn B. Rovegno
File # 21-06-0727
A++ach men+- 2.
Estate ofRovegno, Lawton C
Schedule C-2 Attachment
File # 21-06-0727
Rovegno Real Estate Partners Partnership Valuation
The total value of this partnership interest was determined by using the net asset
approach. The total value of the partnership (as of the Date of Death) is:
$1,526,000.00
(1,516,722.00)
(110,914.95)
(40,332.71)
(91,397.00)
(1,948.00)
2,369.00
23,792.00
8,055.00
49.00
$(201,049.66)
Appraised value of real estate (appraisal attached)
Mortgage value
Loan from Evelyn Rovegno Trust + accrued interest
Personal Loan from Lawton Rovegno + accrued interest
Due to Rovegno's of Carlisle
Due to Rovegno Properties
Orrstown Bank Checking Account #114995
Orrstown Bank Money Market #108800066
Orrstown Bank Net Security Deposit Acct # 824658
Petty cash
The decedent's 25% partnership interest is: ($50,262.41)
At+Qc.h merit 3 ....
Diversified Apprai$al Services
1,','1.
I
IJSji
Real Estate Appraisers and Consultants
35 ,East High Street
Carlisle, PA 17013-3052
(717) 249-2758
FAX (717) 258-4701
/--
October 16, 2006
1',',1
, J
:1
a'
;a!
RE: Restricted Use Appraisal Report
133 West Locust Street
Mechanicsburg, Pennsylvania
TO: The estate of Lawton C. Rovegno
FM: Larry E. Foote
At your request, I have appraised the captioned property. The restricted use ap-
praisal report of a limited appraisal, which follows this letter, is submitted in support of
my opinion of Market Value of the Leased Fee Interest in the property, as of August 1,
2006.
I hereby certify that, to the best of my knowledge and belief, the data, facts, and
opinions set forth therein, are accurate, subject to the Statement of Assumptions and Lim-
iting Conditions that is also made a part of the report, and that the indicated Market Value
of the subject property, as of August 1, 2006 is:
ONE MILLION FIVE HUNDRED TWENTY-SIX THOUSAND DOLLARS
$1,526,000
This restricted use appraisal has been made using the Departure Provision in ac-
cordance with the guidelines set forth by the Appraisal Standards Board and is in con-
formity with the standards of professional practice of the National Association of Real-
tors Appraisal Section. I appreciate your having considered me for this assignment and
trust that you find the report entirely satisfactory.
Larry E. Foote
Certified General Appraiser
GA-000014-L
3
-1
THE INCOME APPROACH
The income approach is a method of converting income streams into present
worth. Income. and expense data for the subject property has been collected from the
property owner and adjusted to include a vacancy factor and a replacement reserve ex-
pense. Analysis of this data resulted in an annual net operating income of$148,514.
Using this approach, the net operating income should be sufficient to cover total
mortgage payments and offer a return on equity investment. The net operating income is
capitalized to obtain an estimate of value by income approach.
Using the band of investment technique to develop a capitalization rate, the ap-
praiser contacted lending institutions to determine the availability and terms of invest-
ment capital, and the equity return desired by investors in this type investment. It was
found that eighty percent of the property value could be borrowed at seven and one-half
percent interest per annum for a term of twenty years, adjusted at the end of five years.
Also, investors desire an equity yield of ten percent.
The mortgage constant under the above terms would be .096671. Applying the
band of investment technique, the overall capitalization rate is developed in the following
manner:
.80 x .096671 = .077337
.20 x .100000 = .020000
.097337
Based upon the above, capitalizing the net operating income at the overall capi-
1;1
.~
.C:::
...,
talization rate of .097337 indicates a value of $148,514 + .097337 = $1,525,771.29.
30
Therefore, the Market Value of the subject property by the income app,roach is best esti- .
mated at $1,526,000.
~
~
c:
....
31
INCOME AND EXPENSE SUMMARY
SCHEDULED INCOME:
3 apartments @ $580 mo.
5 apartments @ $625 mo.
2 apartments @ $670 mo.
24 apartments @ $680 mo.
2 apartments @$715 mo.
4 apartments @ $725 mo.
3 apartments @ $760 mo.
10 apartments @ $770 mo.
6 apartments @ $835 mo.
Less vacancy and credit loss @ 5%
Gross Income
$ 20,880
37,500
16,080
195,840
17,160
34,800
27,360
92,400
60,120
25.107
OPERATING EXPENSES:
Advertising
Automobile
Bank fees
Clothing
Dues
Property insurance
Maintenance
Office expenses
Payroll
Telephone
Professional services
Supplies
Property taxes
Trash removal
Utilities
Water
Replacement reserve @ 3%
Total Operating Expenses
11,559
940
239
1,916
622
10,759
69,314
2,631
77,000
4,877
21,490
22,134
40,049
4,659
40,147
5,872
14.311
NET OPERATING INCOME:
32
$477,033
328.519
~
JE
c::
,..,
$148,514
1'=
','.
AttQc.hme.nf ~
Estate ofRovegno, Lawton C
Schedule C-2 Attachment
File # 21-06-0727
Rovegno Properties Partnership Valuation
The total value of this partnership interest was determined by using the net asset
approach. The total value of the partnership (as of the Date of Death) is:
$1,634,000.00
(1,056,540.00)
(8,293.00)
(104,691.00)
(50,000.00)
(4,711.00)
7,221.00
10,612.00
1,948.00
100.00
429,646.00
Appraised value of real estate (appraisal attached)
Mortgage value
Personal loan from Lawton Rovegno
Sovereign Bank LOC # 5165917-42
Sovereign Bank Loan #5165917-75
Due to Rovegno's Of Carlisle
Sovereign Bank Checking Account # 1741065755
Sovereign Bank Money Market #1744042902
Due from Rovegno Real Estate Partners
Petty cash
The decedent's 37% partnership interest is: $158,969.08
I
I
I
I
I
I
I
I
I
I
I
A+tachment
/0
Diversified Appraisal Services
Real Estate Appraisers and Consultants
. 35 East High Street
Carlisle, PA 17013.3052
(717) 249-2758
FAX (717) 258-4701
October 16,2006
TO: The estate of Lawton C. Rovegno
FM: Larry E. Foote
RE: Restricted Use Appraisal Report
401 East Louther Street
Carlisle. Pennsylvania
At your request, I have appraised the captioned property. The restricted use ap-
praisal report of a limited appraisal, which follows this letter, is submitted in support of
my opinion of Market V alu~ of the Leased Fee Interest in the property, as of August 1.
2006.
I hereby certify that, to the best of my knowledge and belief, the data, facts, and
opinions set forth therein. are accurate. subject to the Statement of Assumptions and Lim-
iting Conditions that is also made a part of the report, and that the indicated Market Value
of the subject property, as of August 1.2006 is:
ONE MILLION SIX HUNDRED TIllRTY-FOUR THOUSAND DOLLARS
$1.634,000
This restricted use appraisal has been made using the Departure Provision in ac-
cordance with the guidelines set forth by the, Appraisal Standards Board and is in con-
formity with the standards of professional practice of the National Association of Real-
tors Appraisal Section. I appreciate your having considered me for this assignment and
trust that you find the report entirely satisfactory.
Respectfully submitted.
Larry . Foote
Certified General Appraiser
GA-000014-L
3
.80 x .096671 = .077337
.20 x .100000 = .020000
.097337
THE INCOME APPROACH
The income approach is a method of converting income. streams into present
worth. Income and expense data for the subject property has been collected from the
property owner and adjusted to include a vacancy factor and a replacement reserve ex-
pense. Analysis of this data resulted in an annual net operating income of$159.089.
Using this approach. the net operating income should be sufficient to cover total
mortgage payments and offer a return on equity investment. The net operating income is
capitalized to obtain an estimate of value by income approach.
Using the band of investment technique to develop a capitalization rate. the ap-
praiser contacted lending institutions to determine the availability and terms of invest-
ment capital, and the equity re~ desired by investors in this type investment. It was
found that eighty percent of the property value could be borrowed at seven and one-half
percent interest per annum for a term of twenty years. adjusted at the end of five years.
Also. investors desire an equity yield often percent.
The mortgage constant under the above terms would be .096671. Applying the
band of investment technique. the overall capitalization rate is developed in the following
manner:
Based upon the above, capitalizing the net operating income at the overall capi-
~J
~i
~i
#
I
talization rate of .097337 indicates a value of $159.089 + .097337 = $1,634,414.46.
28
Therefore, the Market Value of the subject property by the income approach is best esti-
mated at $1,634,000.
:J:I
~.
ml
;;1
r
29
INCOME AND EXPENSE SUMMARY
SCHEDULED INCOME:
BUILDING "A":
1 unit @ $2,300 mo. $27,600
1 unit @ $2,200 mo. 26,400
1 unit @ $2,420 mo. 29,040
1 unit @ $650 mo. 7,800
1 unit @ $1,600 mo. 19,200
1 unit @ $5,480.33 mo. 65,764
BUILDING "B":
1 unit @ $525 mo. 6,300
1 unit @ $525 mo. 6,300
1 unit @ $950 mo. 11,400
1 unit @ $750 mo. 9,000
1 unit @ $350 mo. 4,200
1 unit @ $450 mo. 5,400
1 unit @ $850 mo. 10,200
1 unit @ $800 mo. 9,600
BUILDING "C":
1 unit@ $1,000 mo. 12,000
1 unit @ $450 mo. 5,400
1 unit @ $760 mo. 9,120
1 unit @ $350 mo. 4,200
1 unit @ $450 mo. 5,400
1 unit @ $1,150 mo. 13,800
BUILDING "D":
1 unit @ $725 mo. 8,700
1 unit @ $1,775 mo. 21,300
BUILDING "E":
1 unir@ $695 mo. 8,340
1 unit @ $900 mo. 10,800
: 1 unit @'$2,650 mo. 31,800
1 unit @ $2,000 mo. 24,000
1 unit@ $1,100 mo. 13,200
1 unit @ $450 mo. 5,400 ::!!
BUILDING "F": ~.
1 unit@ $37.10 mo. 445 ~!a
1 unit @ $200 mo. 2,400 ~I
BUILDING "G": ;:;
1 unit @ $425 mo. 5,100
BUILDING "H":
1 unit @ $1,500 mo. 18,000
30
BUILDING "f':
1 unit @ $575 mo.
BASEMENT StORAGE:
1 unit @ $1,060 qtr.
1 unit @ $1,367.40 qtr.
Less vacancy and credit loss @ 5%
Gross Income
OPERATING EXPENSES:
Advertising
Bank charges
Elevator inspection
Property insurance
Maintenance
Office expenses
Payroll
Telephone
Professional services
Real estate commissions
Repairs
Supplies
Real estate taxes
Trash removal
Utilities
Replacement reserve @ 3%
Total Operating Expenses
NET OPERATING INCOME: '
31
6,900
12,720
16,409
23.682
1,334
703
130
10,386
51,319
8,115
67,300
49
21,730
900
4,508
15,603
31,025
9,812
54,454
13.499
I':
;~
t'
r,
i'
t
i"'
t~
f:'
i!
f:
~
$449,956
290.867
$159,089
Sfli
-,
j!!::
~:
I
;.
AtTac.hment I~
9105-FM-SP0067 Rev. 412000
7B-K.170
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF CONSERVATION AND NATURAL RESOURCES
BUREAU OF STATE PARKS
DCNR
STATE PARK CAMP LEASE NO.
1-C-201
THIS AGREEMENT executed this day of ,20 , by and between the
Commonwealth of Pennsylvania, acting through the Department of Conservation and Natural Resources, Bureau of State
Parks, hereinafter referred to as "DEPARTMENT" and Lawton C.. [yG/,'" B. and John S. Rovegno. 1 Alliance Drive Apt
307. Carlisle. PA 17013 and l3ichard L. Rovegno. 112 Spring Farm Circle. Carlisle. PA 17013
hereinafter referred to as "LESSEE".
WITNESSETH
WHEREAS, the Bureau of State Parks is authorized to grant Leased Campsites under Conservation and Natural
Resources Act No. 18 of 1995, P.L. 89 Section 303a(4).
NOW THEREFORE, in consideration of the foregoing and of the terms and conditions hereinafter, the parties mutually
agree as follows:
SECTION ONE: GENERAL CONDITIONS
1. DESCRIPTION AND LOCATION OF PR.OPERTY: DEPARTMENT does hereby let unto LESSEE, all of that
certain tract of land situated in Pine Grove Furnace State Park,
Cooke Township, Cumberland County,
as depicted on the Draft of Survey, 6000-FM-SP0072, attached hereto and made a part hereof.
2. TERMS OF AGREEMENT: The term of this AGREEMENT shall be from date of execution, until
October 15. 2006 , and shall automatically renew for an additional nine subsequent annual terms beginning
October 16. 2006 and ending October 15.2015
3. TERMINATION BY LESSEE: LESSEE may terminate this AGREEMENT at any time by providing
DEPARTMENT with thirty (30) days advance written notice of such intention to terminate. DEPARTMENT shall not
reimburse LESSEE for any pre-paid rent.
4. TERMINATION BY DEPARTMENT: DEPARTMENT shall have the right to terminate this AGREEMENT at
the end of any annual term by providing LESSEE with six (6) months written notice of such intention to terminate whenever
the leasing of the premises constitute an obstacle or hindrance to DEPARTMENT in the management of development of
the state park, or for such purpose as will best serve the interest of the general public. DEPARTMENT may terminate this
AGREEMENT at any time upon written notification of such intention to LESSEE, in the event of LESSEE's breach of any of
the conditions herein set forth.
5. RENTAL FEE: LESSEE shall pay to DEPARTMENT an annual rental of Two Hundred
Dollars ($200.00 ) for each term this AGREEMENT is in effect. Said rent shall be paid by check or money order
made payable to the .Commonwealth of Pennsylvania" and SUbmitted to the Comptroller, Department of Conservation and
Natural Resources, P.O. Box 8005, Harrisburg, PA 17105-8005, in advance of each term.
6. FEE INCREASES: DEPARTMENT shall have the right to increase the annual rental fees at the end of any
annual term, by providing LESSEE with sixty (60) days advance written notice of such increase.
7. SERVED NOTICES ON DEPARTMENT: All notices required to be served on DEPARTMENT by the
provision of this lease may be served on the Park Manager personally, or may be served by sending a letter addressed to:
Department of Conservation and Natural Resources I clo ParK Manager, Pine Grove furnace 5t~t8 P~rK,
1100 Pine Grove Road Gardners. PA 17324
Address
8. SERVED NOTICES ON LESSEE: All notices required to be served on. LESSEE by the provision of this
lease shall be served by sending a letter to LESSEE at the aforementioned address, or at the most recent address on
record.
p~"", 1 nf ~ p~"",c:
9105-FM-SP0067 Rev. 412000
, 9. INGRESS AND EGRESS: LESSEE shall have free ingress and egress through and over the
aforementioned state park, at any points designated by DEPARTMENT for the use of the premises herein leased, but
DEPARTMENT does not assume any oblig.ation to provide or maintain any roads for access to the leased site, nor to
provide any utilities, including a water supply.
10. PERMANENT RESIDENCY: LESSEE shall utilize the leased premises for health and recreation only, and
not as a permanent residence or domicile, and LESSEE and all members of a group holding this lease shall maintain legal
citizenship and residence in the Commonwealth. Failure to maintain legal citizenship and a residence, other than that
located on the site herein leased, shall constitute a material breach of this AGREEMENT.
11. USE OF PREMISES: LESSEE shall conduct no business of any character from or on the leased premises
or state park, nor to use or manage said premises, or permit said premises to be used or managed in any way which would
bring discredit or unfavorable comment or criticism upon DEPARTMENT. DEPARTMENT shall be the sole judge of what
constitutes a breach of this condition, and shall give LESSEE written notice of such a breach. If LESSEE does not correct
such breach within thirty (30) days of receipt of said written notice, DEPARTMENT shall have the right to terminate this
AGREEMENT.
12. SEWAGE DISPOSAL SYSTEM: LESSEE shall obtain the written permission of DEPARTMENT for the
installation or modification of any sewage disposal system, including but not limited to outside latrines.
13. GUIDELINES, LAWS, AND REGULATIONS: LESSEE shall obey all laws and regulations now in effect or
hereafter enacted, adopted or promulgated relating to state parks, forest, fish, game, public health and other environmental
matters, including the Guidelines for State Park Camp Leases, which are attached hereto and made a part hereof; and
LESSEE hereby assumes the responsibility for the obedience of said laws, regulations and guidelines by glJests and other
users of leased premises.
14. RENOVATIONS: LESSEE may renovate or make additions to the existing building only with the prior
written consent of DEPARTMENT.
15. GUIDELINES: LESSEE shall maintain the building on leased premises and otherwise operate according to
the standards set forth in Guidelines for State Park Camp Leases.
16. AGENT OR TRUSTEE FOR A GROUP: In the event that LESSEE shall accept and hold this lease as
agent or trustee for the club or group which he represents, LESSEE will be subject to the wishes of the majority of said club
or group and to all valid claims therefrom.
17. REMOVAL OF IMPROVEMENTS AFTER TERMINATION: LESSEE may, within ninety (90) days after the
termination of this lease for any cause, remove the improvements placed upon the premises by LESSEE. If LESSEE
intends to remove said improvements, he must so notify the Park Manager and coordinate all work activities with the Park
Manager. Upon failure to remove or otherwise dispose of said improvements within ninety (90) days after termination of
this AGREEMENT, the improvements shall become the property of DEPARTMENT and DEPARTMENT is especially
authorized and empowered to enter and take immediate possession of same without any further obligation to LESSEE.
18. SUBLETTING OR ASSIGNMENT OF LEASE: LESSEE shall not assign this AGREEMENT in whole or in
part, or sublet any portion of the leased premises without the written consent of DEPARTMENT. Any assignments or
subletting made by LESSEE without consent hereinbefore provided shall not vest any right or interest of the assignee or
sublessee in or to the leased premises.
19. COMMONWEAL THLAWS: It is hereby understood and agreed that no rights are granted by this
AGREEMENT which shall in any way be so construed as to impair the powers, privileges or duties of DEPARTMENT or its
representatives in the execution of the laws of the Commonwealth now in force or hereafter enacted or adopted with
reference to the Commonwealth and protection, maintenance, utilization, or development of the state park and the leased
premises.
20. INDEMNIFY AND SAVE HARMLESS: LESSEE shall at all times hereafter indemnify and save harmless
the Commonwealth from and against any and all criticism, detriment, damage, loss, claims, demands, suits, and expenses
not herein provided, for which the Commonwealth may suffer, sustain or be subjected to, directly or indirectly, by reason of
the operation, management or execution of any of the provisions herein.
21. CONFESS JUDGEMENT: Upon failure of LESSEE to pay the rent provided for herein as and when due,
LESSEE hereby confe~~e~ juagement in favor of DEPARTMENT for ~u"h ront ana wajvoi1 tho llonont of all appftJ;~ement,
stay and any exemption laws of this Commonwealth as well as the right of inquisition on real estate and authorizes and
empowers DEPARTMENT to collect, as well the rent due hereon, an attorney's commission of five percent (5%) and all
costs of collection.
22. The paragraph headings are for reference only and are intended to have no legal force or effect.
pgn~ ? nf ~ Pi:ln~c:
9105-FM-SP0067 Rev. 412000
SECTION TWO: SPECIAL CONDITIONS
IN WITNESS WHEREOF, the parties hereto have signed and sealed these presents as of the day and year first
above written.
ATTEST
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF CONSERVATION AND NATURAL RESOURCES
BUREAU OF STATE PARKS
BY
Roger Ficf<es. Director
---------------..-----------------------------------------------------------------------------------------------------------------------------.-
APPROVED AS TO LEGALITY AND FORM:
~/O
OFFICE OF ATTORNEY GENERAL .
CHIEF/ASSISTANT COUNSEL
DEPARTMENT OF CONSERVATION AND NATURAL RESOURCES
P~n"'. ':\ nf ':\ P~n"'c:
o
wt-,,<o
:::lZ<o"<t
0:::== 'N
()~oCO
oo~~
c(
Lt'l
i;w~o
IX: ::J 1.0 "":
::J.J~~
o>~ ...~
W 100>
en ~~
w
w
J: CO
gg co~
~ 9.>... g
~>CI)N~
-02 ~...
C'lS0::1-"r"' 41
~> '0u;.Q
41 CI) ...J C ::s S
E .! "C C) C) 41
ns~"'41::S'"
aJ5~>0<(g.
.c CJ CJ .. fJ)
... 41 .- 0:: .r:
'S- fJ) c.::: . ca Gi
>< aJ41~
fJ) ns ~ C,O C
I-::s~oc
41 0 41 0
ca CJ > 41 .-
...~wcaca
aYl..... o..:!
o C'lS
41 >
E
ns
z
~-Woc;;
~o...-
0:::...: cO
,:E c.. 0>
- ...-
i:e8~
0"'" " ,
...........-co
, 0>
:i:~oc;;
(!) en '~ ~
s:c(...-~
G)G)<O<O
u-::sese
.;: ........ .....
c.. Q u9'co
>>":1' 0
....0
:g~ g
~O) ,0.
at1)~
~~
cOM
co"<t
~~
01.0
~C!
N('I)
<00>
<00>
O'i..,f
~~
1"-...-
NCO
coco
cOo;
0>0>
1"-.....
N co,
coco
cOo;
0>0>
1"-...-
NCO
coco
~~
<0<0
sese
..... .....
coco
80
'00
0'
08
c!.o
~uj
NO
~"<t
...- '
N<O
('1)10
"""
I"- "
NO>
~~
IO~
c:q1.O
..... '
COl"-
0>
1.O;b
c:q1.O
...- '
COl"-
0>
'''<t
lOCO
c:q1O
(Or-.:
0>
<0<0
sese
..... .....
--
COCO
8
"<t "
1"-0
"':0
~ :;.
...-
o
co
cO
co
~
1.0"0
NO) 10
~~ci
...-NI.O
<00<0
..,fcr:i..,f
I./')...-N
~~~
IOION
~NO
, (') co
N..,fcO
...-('1)0>
..........N
c:q0'1 0,'
o 0 co
N('I)cO
.....(')0>
N"<tN
0>1"-0
...: ,co
N~cO
..... 0>
<0<0<0
sesese
.,....~ ,-
cocoQ3
o
0'<00
o co '
. .0
0<00
1.0<00
"<t "<t 10"
N
g c:
g. ~~ g,
8 co~ '" ::J
0'.... 0
t- N~ co 0
:::>.....g,...." 9
~::J,,~ W
<( ::JO '-'0 u:
() 1Uo ~a::w
0:: ::Ew t-UJCO 0:::
UJ ~o (I)::Ese 0
::E::E ~ I ::::l::ECO 0
~ :c<(, ..,f z~ ~ R ~ ::E
<9 c: '-'..... ~
~~;:g,~ ~~ ~ ~Q
a.~~ 5& <tlJ.J(~ cog
t-IoNOt-co>r!:::Ea. >-;::
_w.......t-zozr- 00::: t-.....
(1)0 Q)::l::lCOOo~O ,z Q)
g~~.a I os::!(I)ffi~()a.~.a
.- UJ ~ co ~ () ,... <( Z "<t ~ 0::: co
:9-oco::E~(I)""::E<(c:coo!::::E
ij~s:~co~ ~c!)::E g,t-()~~
, ~ ~ ~" ~ t:: a:: i ffi m 5 ~ 0: ::::l ~
o co co ..,f () () ::E ..J, ..J () ::E a. (I) ..,f
Q.,
'iij
'::J
()
o
:E
o
a::
<0
co
1.0
1.0
o
COO
>-w
oc!)
a.N
"<tco
co"<t
NI"-
~~
0>('1)
or:-
.....0::1
O>~
1.00
CON
"<t1.O
NN
10 10
"<t<D0
000 ::::>
u: ~'~
...-....."<t
co 1.0 0
N('I)<O
100><0
lOCO CO
AHachmen t 1"1
('I)
LO
M
"<t
N
~
f'
Lt'l
N
0'\
f'
..
~
.....
~
..J
~
o
I-
en
W
::J
....
~
~
C2
:J
o
w
en
....
c(
I-
o
I-
f'
Lt'l
N
0'\
f'
..
~
...-
~
ui
CIl
Q),
e:
Q)
! ~
~ !E
.. S
o CIl
ij',>'
~ lij
8 '0
III ~
J!l tJl
'Q; 5
~ Q)
,C :Q
~ ''6
~ 5
_ c-
o Q)
C :6
.g 5
~ ~
:E~
Q) :s
25=
.!l! .l9
~ :Q
~ ~
,!!1 III
~ ~
~ ~
ti ~
~, 8
s "0 J!i
~ tll :;
:s ~ ~
~ ~ ~
Q) .3
~ .~'~
e: 0
al 'Q. Q)
e: 0 Q)
:fi >. i:
.0 e: ~
o ~ III
CIl g ,6,
~ e: g
€ ,g CIl
III .-
: E 8
Q) .9 C
CIl C C'Il
5 'Qj E
'i :6 .g
E ~ &
~ ~ ~
;-za.
~ttachmenT
LAST WILL AND TESTAMENT
OF
LAWTON C. ROVEGNO
I, LAWTON C. ROVEGNO, of Cumberland County, Pennsylvania, do make,
publish and declare this as and for my Last Will and Testament, hereby expressly
revoking all wills and codicils made by me heretofore, and dispose of my estate as
follows:
ITEM I: I direct the payment of my just debts and funeral expenses, including a
suitable and proper grave marker, as soon as conveniently can be done following my
decease.
ITEM 2: I direct that all State and Federal Transfer Inheritance Tax, Estate Tax,
Succession Tax or any other tax, including any interest, assessments or penalties thereon,
that may become due and payable by virtue of my death, or by virtue of the passing of
any property either under my Last Will and Testament, or in any other manner, shall be
paid from my residuary estate, just as if such taxes were my debts, and no beneficiary
shall be required to payor refund any part thereof.
ITEM 3: I give and bequeath certain items of household articles unto these
persons who are named in a memorandum which can be found with this will. All other
household articles I give and bequeath to my surviving children as they may determine.
Any undivided and undistributed items shall pass to the residue of my estate.
ITEM 4: I give and bequeath items of tangible personal property unto those
persons who are named in a memorandum which can be found with this will. All other
1
tangible personal property I give and bequeath unto my surviving children as they may
determine. Any undivided and undistributed items shall pass into the residue of my
estate.
ITEM 5: I give and bequeath $50,000 to the Carlisle Theatre. This amount shall
be reduced by any amounts that I have given to the Carlisle Theatre from the date of this
will until the date of my death. It is my desire that this money be deposited in the
Theatre's Endowment Fund.
ITEM 6: All of the rest, residue and remainder of my estate of whatsoever nature
and wheresoever situate, I give, devise and bequeath unto my surviving children in equal
shares; provided, however, my son, RICHARD L. ROVEGNO, shall receive all of my
partnership interests in ROVEGNO REAL ESTATE PARTNERSIDP, or any successor
entity, as well as all of my partnership interests in ROVEGNO PROPERTIES, or any
successor entity, and my son, JOHN S. ROVEGNO, shall receive my primary residence,
or the net proceeds of the sale of that property whether it is sold before or after my death.
If a son does not survive me but leaves issue who survive me, my deceased son's share
shall be distributed to his issue, per stirpes, subject to the provisions oflTEM 9. Ifa son
does not survive me and does not leave issue who survive me, my deceased son's share
shall be distributed to my issue, per stirpes.
ITEM 7: I further direct, anything hereinbefore to the contrary notwithstanding,
that in the event any or all of the distribution of my estate (except as provided in Items 3
and 4 above) be to a beneficiary or beneficiaries, other than my sons, while he, she or
they are still under the age of thirty (30) years, that distribution of the share of each such
2
beneficiary be instead to my Trustees to be held by them in a separate and distinct trust
for each such beneficiary for the following purposes:
A. My Trustees shall accumulate the net income earned on each trust and shall
add the same to the corpus until the beneficiary of said trust has reached the
age of twenty-one (21) years. Thereafter, the Trustees shall distribute the net
income earned on each trust to the beneficiary of that trust in regular
installments, and at least quarter-annually.
B. In the sole and uncontrolled discretion of my Trustees, they may utilize both
the income and/or principal of each trust for the health, maintenance,
education and support of the beneficiary of that trust. It is my desire, but not
my direction, that my Trustees encourage any and all of the beneficiaries of
the trusts created by this Will to further their education along those lines
which interest .each beneficiary and provide for higher education (college,
professional, technical or any other forms of higher education) of any or all of
my beneficiaries, up to the extent or limit of principal and income of the trust
of which he or she is a beneficiary.
C. My Trustees may pay over from time to time such of the principal of the
beneficiary's trust as he or she may request in writing, provided the intended
use is for a purpose which the Trustees believe will promote his or her
welfare, such as the purchase of a home, establishing a business or profession,
etc.
D. My Trustees shall make expenditures for any beneficiaries without the
intervention of a guardian.
3
E. My Trustees may pay the reasonable burial expenses, including a suitable and
proper grave marker, for the beneficiary of any trust which has not been
terminated by previous distribution, and if my Trustees, in the exercise of their
sole discretion, choose to pay the same, they shall charge the expense thereof
against the trust of that beneficiary.
F. The beneficiary of each such trust shall have the right to withdraw in one or
more installments up to one-third (113) of the market value of the principal of
his or her trust after attaining the age of twenty-four (24) years and prior to
attaining the age of twenty-seven (27) years. And the beneficiary of each such
trust shall have the right to withdraw in one or more installments up to one-
half(1I2) of the balance of the market value of the principal of his or her trust,
after attaining the age of twenty-seven (27) years and prior to attaining the age
of thirty (30) years. And the beneficiary of each such trust shall have the right
to withdraw in one or more installments the balance of his or her trust after
attaining the age of thirty (30) years. The market value of the principal shall
be determined by my Trustees when the beneficiary, upon reaching each of
the permitted ages for withdrawals, makes the first withdrawal for the age
category.
G. In the event any beneficiary or beneficiaries subject to the provisions of this
Item die prior to having received full distribution of his or her trust, leaving
issue surviving, my Trustees shall divide the balance then remaining in the
deceased beneficiary's trust into as many equal shares as the deceased
beneficiary leaves issue surviving and shall hold each portion, so divided, in a
4
separate and distinct trust for each such issue under the same terms and
conditions as my Trustees held the trust of the deceased beneficiary which.
was divided pursuant to this provision
H. In the event any beneficiary or beneficiaries subject to the provisions of this
Item dies prior to having received full distribution ofhis or her trust, without
leaving issue surviving, the balance ofhis or her trust shall go first to the
surviving brothers and sisters of said beneficiary and to the surviving issue of
any deceased brothers and sisters of said beneficiary, per stirpes; and in the
event said beneficiary leaves none of the aforesaid surviving, second, to my
then living children and to the then living issue of any of my deceased
children, per stirpes. The share of the recipient shall be added to the trust
already existing for said recipient and shall be administered and/or distributed
in accordance with its terms, providing, however, that if such trust has already
been tenninated by prior distribution, then said shares shall be distributed
outright to such recipients. And if no trust already exists for any such recipient
who is under the age of twenty-one (21) years, the share of such recipient
shall be held in trust, admini~ered and distributed by the Trustees herein
named and in the manner herein provided for beneficiaries oftrusts.
I. And in the event there are no beneficiaries who qualify under the provisions
of the previous paragraph by representation or otherwise, then all balances
remaining shall be distributed as follows:
1. One-half (l/2) unto my heirs-at-law as then determined under the
Intestate Laws of the Commonwealth of Pennsylvania then in effect; and
5
2. 0ne-balf(l/2) unto my wife's heirs- at-law as then determined under the
Intestate Laws of the Commonwealth of Pennsylvania then in effect.
ITEM 8: Should my wife, my sons and the issue of my sons all fail to survive me,
then and in that event, I give, devise and bequeath all the rest, residue and remainder of
my estate of whatsoever nature and wheresoever situate, as follows:
A. One-half(1I2) unto my heirs-at-law as then determined under the Intestate Laws
of the Commonwealth of Pennsylvania then in effect; and
B. One-half (l/2) unto my wife's heirs-at-law as then determined under the Intestate
Laws ofthe Commonwealth of Pennsylvania then in effect.
ITEM 9: In the administration of my estate and the trusts herein created, my
Executor and Trustees shall have the following powers without leave of court in addition
to, but not in limitation ot: the powers granted by law to the Executors and Trustees of
estates and trusts, which powers shall continue after the termination of my estate and the
trust or trusts provided for herein until actual distribution of the assets:
A. To receive in the estate and to receive and retain in the trusts any assets, real or
persoilal, to which I may be entitled at the time of my death, which my Executor
or Trustees may deem for the best interest of the estate or trusts without being
required to convert said assets into so-called "legal investments".
B. To invest and reinvest in such securities as a prudent man of intelligence and
discretion would buy for himself for investment, and not for speculation, giving
due regard to the safety of the principal and the adequacy of the income, and
without being limited to the so-called "legal investments" of the Commonwealth
of Pennsylvania, said investment authority to include the right to invest in any
6
Discretionary or Legal Common Trust Fund that may be administered and
managed by a Corporate Executor or Corporate Trustee.
C. To sell or buy real estate without Court order at public or private sale; to make,
execute and deliver .or receive good and sufficient deeds of conveyance and give
or receive good title therefore; to reinvest the proceeds as if they had originated in
personal property; to mortgage or encumber any real estate held in trust, or
comprising part of my estate, borrowing the necessary funds from any source; to
improve any property or otherwise expend principal funds for the upkeep and
welfare of any properties; to release, vacate and abandon the same; to grant and
acquire licenses and easements with respect thereto; to make improvements to or
upon the same; and in general to do all things necessary in the management of the
properties as if they are the owners thereof, including the right to let property and
to make leases for any term including beyond the terms of the trusts. The
purchaser shall not be required to see to the proper application of proceeds but
may pay the same over to the Executor or Trustees selling the same.
D. To make distribution hereunder in cash or of property and securities in kind at fair
market value at the time of such distribution and in such a manner as to be fair,
equitable and just to all concerned.
E. Income accrued on any property received by my Trustees either at the inception
of the trust or as an addition thereto shall be treated as income and not as
principal. Upon the death of any beneficiary of income, any undistributed income
in the hands of my Trustees held for such beneficiary at the time of his or her
death shall be paid to the person or persons for whose benefit the principal
7
producing such income is continued in trust or to whom it is distributed under the
terms of this will.
F. To exercise any election or privilege given by the federal and other tax laws,
including but not limited to, the consent on gift tax returns to have any gift made
by my spouse considered as made in part by me for gift tax purposes, the filing of
joint income tax returns, the payment of any portion of income or gift tax due
under such returns, the election of the alternate valuation for federal estate tax
purposes, the election to claim deductions. for federal estate tax or for federal
income tax purposes, and the election of the method of payment of pension,
profit-sharing, HR-IO, individual retirement account, and any other similar
benefits. In addition, my fiduciaries, in their sole discretion, may make or not
make equitable adjustment among the beneficiaries, without the consent ofthe
beneficiaries, for the exercise or non-exercise of any election or privileges. In
particular, the Executor is authorized:
i. To allocate any of my exemption from the Federal Generation
Skipping Transfer Tax provided in Section 2631 of the Internal
Revenue Code of 1986, as amended (the "Code"), which is available at
the time of my death to any property as to which I am deemed to be
the transferor under the provisions of Section a 2652(a) of the Code,
including any property transferred during my life as to which I did not
make an allocation prior to my death.
ii. Property may be subject to allocation under Subparagraph i of this
ITEM 9F. whether or not it is included in my probate estate. All
8
. .
allocations under Subparagraph i of this ITEM 9F. shall be in the sole
discretion of my Executor, who shall have the power to omit any such
property from any such allocation. Any decision made by my Executor
shall be binding on all persons.
G. In Executor's and/or Trustees' sole discretion, Executor and/or Trustees may
continue to operate any business or businesses which I may own or in which I
may have an interest, whether as sole owner or as partner or as shareholder for
such period or periods as Executor and/or Trustees, in Executor's and/or Trustees'
sole discretion, may consider the same advisable, including the right to delegate
discretionary powers to any manager or employee, without any responsibility or
liability to my estate or Trustees, heirs, legatees, devisees or remaindermen for
errors in judgment during the operation thereof by virtue of the authority granted
Executor and/or Trustees under the provisions hereof. In the operation of said
business or businesses, Executor and/or Trustees, in Executor's and/or Trustees'
sole discretion, may continue to operate such business or businesses the same as I
have done prior to my death or may expand or contract said business, including
the right to merge said business, by itself or jointly with others, as Executor
and/or Trustees may then find advisable, in Executor's and/or Trustees' sole
discretion, under the then business conditions. This authorization is intended to be
construed broadly so as not to hamper all business decisions in connection
therewith, it being my intention to authorize my Executor and/or Trustees to do
and take whatever steps are necessary in the conduct of said business or
businesses.
9
. .
ITEM 10: No assignment or order by any beneficiary by way of anticipation of
any of the principal or income of the trusts herein created shall be valid; but the income
and principal shall be paid directly to the beneficiaries entitled to receive it, and the
income and principal shall not be subject to attachment, execution, levy, sequestration,
hypothecation, garnishment or other process while in the hands of my Trustees.
ITEM 11: I~ for any reason, a guardian over the estate of a beneficiary or
beneficiaries is needed or required, my Trustees shall be the guardians of the estate of
such beneficiary or beneficiaries, with the same rights, powers, privileges, duties and
responsibilities as I have given to them as Trustees.
ITEM 12: All references in my will to son, children and issue shall include those
born or adopted, either before or after the date of my will. Adopted persons shall be
considered as children of their adoptive parents, and they and their descendants shall be
considered as issue of their adoptive parents, regardless of the date of the adoption.
ITEM 13: I nominate, constitute and appoint my son RICHARD L. ROVEGNO,
to be the sole Executor of this, my Last Will and Testament. Ifmy son is unable or
unwilling to serve as Executor, I appoint my son, JOHN S. ROVEGNO, to be the sole
Executor. Ifneither of my sons is able or willing to serve as executor then JOHN C.
OSZUSTOWICZ shall serve. Ifneither my sons nor JOHN C. OSZUSTOWICZ is able
to willing to serve as Executor then TRICtA D. NAYLOR shall serve. No Executor or
Trustee shall be required to give bond.
ITEM 14: I appoint JOHN C. OSZUSTOWICZ as my trustee and I appoint
TRICIA D. NAYLOR as alternate trustee if JOHN C. OSZUSTOWICZ is unable or
unwilling to act.
10
. ~
ITEM 15: Wherever the context requires, the masculine gender shall include the
feminine and neuter gender, and vice versa, and the singular shall include the plural, and
vice versa.
IN WIlNESS WHEREOF, I have hereunto set my hand and sealthis ~ day
of .. }lln~
. 2004.
&~.f-. c Ti~e~
WT N C. ROVEGNO
Signed, sealed, published, acknowledged and declared by the above-
named Testator, LA wrON C. ROVEGNO, 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 thereto.
Of < "5;;.<15 SfM:"',} /{rI. r'046.1..
Of ~#\'1~1' LJeJ. (JAY/'sh. J p.~ /1~/~
11
. ' .
COMMONWEALTH OF PENNSYLVANIA
)
)
)
ss:
COUNTY OF CUMBERLAND
I, LA wrON C. ROVEGNO, Testator, who signed the foregoing instrument,
having been duly qualified according to law, acknowledge that I signed and executed the
instrument as my free and voluntary act for the purposes therein contained.
~~ C ~eJ'V'-n
ON C. ROVEGNO
Sworn to or affirmed and
Acknowledged before me by
LA wrON C. ROVEGNO the
Testator, this ~ day
of ,June. ,2004.
(-L. e ~
Notary Public
. NOTARIAL SEAL.
KIMBERLY R. LEO, = PublIc
CaI'We Boro, CUmbee CcMJtv
My CaQImIakia.Expha Oct. 10.. - .
. . . .
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF CUMBERLAND
)
)
)
SS:
We, the undersigned witnesses who signed the foregoing instrument, being duly
qualified according to law, depose and say that we were present and saw Testator sign
and execute the instrument as his Last Will and Testament; that he signed and executed it
willingly as his free and voluntary act for the purpose therein expressed; that each ofus in
his sight and hearing signed the Will as witnesses; that Testator is known to each of us;
and that to the best of our knowledge and observation the Testator was at the time of
sound mind and under no constraint or undue influence.
Sworn to or affirmed and subscribed
tObefore~eb~uJJ ~a~\in
an<:f17, t",..., . '1 ev WItnesses,
this ~ day of \.. \\ t..n.p ~ , 2004.
_Y L- <e. l.A..AJ
Notary Public
NarARlALifAL
=-~~~=
My Corm1I8sIon ExpIrII Oct. 10,.' 12