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HomeMy WebLinkAbout08-29-07 PETITION FOR PROBATE AND GRANT OF LETTERS REGISTER OF WILLS OF CUMBERLAND COUNTY, PENNSYLVANIA Estate of Anne Marie Michelini File Number elJ w' 07- 0 ~tB also known as N / A , Deceased Social Security Number 164 - 2 6- 3 734 Petitioner(s), who is/are 18 years of age or older, apply(ies) for: (COMPLETE ~' or 'B' BELOW:) Executor Q \_c;-O ,~ j:) ~,~ \-,' C.:::'l c;.;~' -' []I A. Probate and Grant of Letters Testamentary and aver that Petitioner(s) is / ate the last Will of the Decedent dated M3rch 10. 2(U) and codicil(s) dated N/ A :P'" ,-- .:) ~ namcdiAth~ . \ r- '\ '1 "" ." N Except as follows, Decedent did not marry, was not divorced, and did not have a child born or adopted after execution cir.;tl,t~~trumen~offered for probate, was not the victim of a killing and was never adjudicated an incapacitated person: N / A /" 0 (State relevant circwnstances, e.g., renunciation, death of executor, etc.) ,')0 ('.:) 'Tl ~ , ') \:-1"': o B. Grant of Letters of Administration (lfapplicable, enter: c.t.a.; db.n.c.t.a.; pendente lite; durante absentia; durante minoritate) Petitioner(s) after a proper search has / have ascertained that Decedent left no Will and was survived by the following spouse (if any) and heirs: (If Administration, c.t.a. or d.b.n.c.t.a., enter date of Will in Section A above and complete list of heirs) Name Relationship Residence (COMPLETE IN ALL CASES:) Attach additional sheets ifnecessary. Decedent was domiciled at death in Cumber land County, Pennsylvania with his / her last Q..rincipal residence at 533 Appalachian Avenue. Mechanicsburg, Upper Allen Township, Pennsylvania (List street address, town/city, township, county, state, zip code) Decedent, then 79 f d. d August 19, 2007 years 0 age, Ie on at Mechanicsburg, Pennsylvania Decedent at death owned property with estimated values as follows: (If domiciled in PA) All personal property (If not domiciled in PA) Personal property in Pennsylvania (If not domiciled in PA) Personal property in County Value of real estate in Pennsylvania $ 1,000.00 $ $ $160,000.00 situated as follows: 533 Appalachian Avenue, Mechanicsburg, PA 17055 Wherefore, Petitioner(s) respectfully request(s) the probate of the last Will and Codicil(s) presented with this Petition and the grant of Letters in the appropriate form to the undersigned: T ed or rinted name and residence ,. . Francis J. Michelini 533 Appalachian Avenue Mechanicsburg, PA 17055 FormRW-02 rev. 10.13.06 Page 1 of2 Oath of Personal Representative COMMONWEALTH OF PENNSYL VANIA SS COUNTY OF CUMBERLAND The Petitioner(s) above-named swear(s) or affirm(s) that the statements in the foregoing Petition are true and correct to the best of the knowledge and belief ofPetitioner(s) and that, as personal representative(s) of the Decedent, Petitioner(s) will well and truly administer the estate according to law. before me the 29th day of Francis J. Michelini Sworn to or affirmed and subscribed Signature of Personal Representative File Number: vf/ - d(lY1- ()&J3 o Cn "i~ :~:=S ~/I ~) S >>- c:: GJ Signature of Personal Representative N \.0 u Estate of Anne Marie Michelini :::.5 --\ ~r:J , Deceased" N N o Social Security Number: 164-26-3734 DmeofDemh: August 19, 2007 August 29, 2007 AND NOW, , in consideration of the foregoing Petition, satisfactory proof having been presented before me, IT IS DECREED that Letters Testamentary are hereby granted to Francis J. Michelini in the above estate and that the instrument(s) dated March 10. 2006 described in the Petition be admitted to probate and filed of recor FEES $~:: Attorney Signature: Letters Short Certificate(s) . . . . . . . . $ Renunciation s) .......... $ /)..J' 6 . . . $ .. . $ . .. $ .. . $ ...$ .. . $ .. . $ .. . $ .. . $ J~ <.1 1'11 TOTAL .......... .. .. $ IS. ()(; /0. '1:> ..5w Attorney Name: Keith O. Brenneman Supreme Court LD. No.: 47077 Address: 44 W. Main Street Mechanicsburg, PA 17055 Telephone: 717-697-8528 Form RW-02 rev. 10.13.06 Page 2 of2 H105.805 REV (01/07) o 7--$fS LOCAL REGISTRAR'S CERTIFICATION OF DEATH WARNING: It is illegal to duplicate this copy by photostat or photograph. Certification Number This is to certify that the information here given is correctly copied from an original Certificate of Death duly filed with me as Local Registrar. The original certificate will be forwarded to the State Vital Records Office for permanent filing. w~~:i4L 8jJJ.jD"( Fee for this certificate, $6.00 P 13671197 Local Registrar Date Issued (") So -~ ;:g TO ~::;: F;:l , ,~~.~, ;? 1'---1 C':'J = --.J :en c.= GJ N \.D ,-~)C) ~c2-TI '- :JJ 0--1 -u N N c::> COMMONWEALTH OF PENNSYLVANIA. DEPARTMENT OF HEALTH. VITAL RECORDS CERTIFICATE OF DEATH (See Instructions and axample. on reverse) Hl()5.143 REV 1112006 TYPE I PRINT IN I'ERMAHENT BUCK INK 6. Dolo of Ilirlh T. end_or STATE FILE NUMBER 79y... llb. CounIy of lloaIh Dec:. 3, 1927 Lansford, PA "'FacOIyNomo(NnoI'_.r;-._end"""*l It.DecedenI'sUsual Krdof_ Halle maker 533 Appalachian Avenue 12.___.... 13.~r.Educ:aIion(Spdyorly_QIIdo~ 14........SlaOls'Maniod._Maniod. u.s. - F.....? ElomonIaIy I Secondary Co-12) College (1-4 or 5>) -. - CSpoa/)! DYes l!1No 4 Married Francis Michelini ="~ 17. SIaIo Permsylvania ~~ 17< [dv..._...... Upper Allen 11b.CounIy CUntlerland Township? 11..0No._....._ .......LMWof T", . 16. Decedents Mailing Adlh&s (SIr_. cIy IIoMl, saatt, q. code) 533 Appalachian Avenue Mechanicsburg, PA 17055 16 F_..NameCFilsI,_............1 Francis Sterner Cily/- ~ ~ 19. .........s Name (FnI, midlIe, JIlIiden sumamt) Anna Bonner 2Ob,-'MaiIir4J__C_<lyI_._.zlp_1 533 Appalachian Ave. Mechanicsburg, PA 17055 21<. Place of -'(Nameof....-y, aommy ..-....1 21.. l.ocab(Cily/_. _.zlp_1 PA 23< Dolo Sipd _. day. yearl 1l8ms24-26l1lU11:be~trvperaon . whoprlJl'lCUlC8Sd8aIh. 25. _P",""""",OoadC_ day. year) M. A st 19 2007 CAUSE OF DEATH (800 ........._ ond ..........) Ilem 27. Pari I: Enter Ihe ~~ - tIsea$es, ...... OC' c:ornplIcalionS - tIal dJedIy caosed Ile dealtl. DO NOT enter IemlirlaI events soch as cardiac &nest, -alOoy........__..._~~-:JlisIorly..........an_... ='~.=I-.:-;. . ~/tn.~(,~A1letl}-~~ DUe to (or as a consequence 01): 24. Tmeof Death 28. Was Case ReIernld ID MIdicaf Examiner I Coloner Iof a Reason Oller ltlIn Clemation or DonatIon? OYas ONo Ov" ON<> 3lN>.WofeAlllolpyFindings AvailablePriorloComplelion of Cause ~ Do"'? Ov" ON<> 31._~0ealI\ ONa""~ 0- O-O_Iowostigalian o Suiode 0 CooId NoIbe__ ApproUnlle inIeIval: Part H: Enter oItler simiicanI condiIicn& alIIIriUina m dIIIh 28. Did TobIa:o IJM ~ iI 0NIl1 Onsel 10 Dealh tllAnotresullingin..undlrtyingeaust~inPlrll 0 Ves DProbIbIy ON<> 0- 21.lIf__: O"'",__"",year o _.....~_ o ..."'_.........,-42..Y' of_ o ...",_...",_43"Y'''''''' ..... - O-'",."....._...posoyear 32<. 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WILL AND TESTAMENT OF ANNE MARIE MICHELINI r.~) I..D IJ r"~ N Cl I, ANNE MARIE MICHELINI, being of sound and disposing mind, memory and understanding, hereby make, publish and declare this writing as and for my Last Will and Testament hereby revoking, annulling and making void any and all Wills and Codicils heretofore by me made. FIRST: Except as provided for below, I direct that my just debts, funeral expenses (in connection with which I authorize my Executor to make a sui table monument or memorial for such amount as he may deem proper) and all costs and expenses of my last illness and of administering my estate be paid by my Executor, hereinafter named, as soon as can be conveniently done after my death. However, my Executor shall not be required to pay other than in accordance with its terms, any debt secured by a mortgage, pledge, or similar encumbrance on property owned by me at my death, or in which I have an interest as a tenant by the entirety, joint tenant with the right of survivorship, or tenant in common; such property may pass subject to such mortgage, pledge or similar encumbrance. SECOND: I direct that all estate, inheritance, transfer or succession taxes, or death duties, including any interest or penalty thereon ( "Taxes"), which may be assessed or imposed with respect to my estate or any part thereof, wheresoever situate, whether or not passing under my Will, including the taxable value of all policies of insurance on my life and all transfers, powers, rights or interests includable in my estate, for the purpose of such taxes shall be equitably apportioned among the legatees under my will and the recipients of any property passing other than under this Will which is taxable as part of my estate; so that each transferee shall be responsible for that portion of the taxes of my estate which such bequest or property generates (after taking into account any deduction or exemption to which any such transferee, bequest or property is entitled). So far as is practical, my Executor shall deduct the amount of such taxes allocable to each beneficiary from the amount distributable to such beneficiary and shall recover from all others for the benefit of my estate their allocable parts of such taxes. THIRD: (a) I give and bequeath all of my household furniture and furnishings, clothing, jewelry, automobiles, and all other items of personal use, together with all policies of insurance thereon, in accordance with a separate written list or memorandum in my handwriting or signed by me in existence at the time of my death. If no list or memorandum is located within thirty (30) days of my death and to the extent that any such written statement fails to dispose of all such tangible property, I give and devise the same to my husband, FRANCIS J. MICHELINI, to be his absolutely and forever. (b) If my husband, FRANCIS J. MICHELINI, should predecease me, I give all of such property and the insurance thereon not effectively disposed of by any such list or memorandum, or if there is no such list or memorandum, to those of my daughters, MICHELLI HARDIMAN and LISA SPENGLER, who shall survive mei to be divided among them as they may agree; or in the absence of such agreement within sixty (60) days of my death, as my Executor, hereinafter named, may deem appropriate; provided that any articles which my Executor considers unsuitable for distribution to my children shall be sold and the proceeds thereof shall be added to my residuary estate. All costs of safekeeping, - 2 - insuring and shipping any property referenced in this paragraph shall be deemed to be a general estate administration expense. Notwithstanding the foregoing, any furniture or furnishings located in and/or used on or in connection with the use and occupancy of my home located at 18 East 35th Street, Ocean City, New Jersey 08226, shall pass to and with the recipient of said home, as hereinafter provided. FOURTH: If my husband, FRANCIS J. MICHELINI, survives me and if my husband, FRANCIS J. MICHELINI, shall disclaim any portion of the bequest to him contained in subparagraph FIFTH (a) hereof in whole or in part, then the sum so disclaimed, together with any amounts which shall be payable to my Trustees under this paragraph from any other source shall be paid over to my Trustees, hereinafter named, who shall hold and administer the same under this disclaimer trust in accordance with the following terms and conditions: (1) The Trustee shall pay to or apply for the benefit of my said husband, FRANCIS J. MICHELINI, during his lifetime all of the net income from the trust estate in convenient installments but not less frequently than quarterly to be his absolutely and forever. (2) In addition, the Trustee, in its discretion, at any time and from time to time shall be authorized to payor apply for the benefit my husband, FRANCIS J. MICHELINI, from the principal of the trust estate, even to the point of completely exhausting same, such amounts as Trustee may deem advisable to provide adequately for the health, maintenance and support of my said husband, FRANCIS J. MICHELINI. (3) In addition, my husband, FRANCIS J. MICHELINI, shall have the power to require Trustee to distribute to him out of the principal of the trust estate such amount as he shall - 3 - demand in writing during each calendar year, but not more than Five Thousand Dollars ($5,000.00) or five (5%) percent of the value of the principal of the trust estate, whichever is greater. This distribution shall be made as soon as is reasonably convenient after the demand and the power granted to my husband, FRANCIS J. MICHELINI, by this subparagraph shall, to the extent unexercised in any year, lapse after December 31 of the year. (4) To the extent that any qualified retirement plan or individual retirement account ("IRA") benefits are payable to this trust for the benefit of my husband, FRANCIS J. MICHELINI, I hereby direct that my Trustee comply with the provisions of the Internal Revenue Code and the regulations promulgated thereunder as they may be from time to time amended, specifically, Regulation Section 1.401(a) (9)-1 et seq., in order that the trust be treated as the designated beneficiary with respect to the trust's interest in benefits payable to the Trustee hereof from such qualified retirement plan or IRA. (5) Upon the death of my husband, FRANC I S J . MICHELINI, the balance of the principal and undistributed income shall be paid over and distributed in accordance with subparagraph FIFTH (b) as if I had then died, not married, owning such property. FIFTH: (a) I give, devise and bequeath all the rest, residue and remainder of my estate, be it real or personal, and wheresoever situate, including any property over which I have a power of appointment, hereinafter sometimes referred to as my residuary estate, to my husband, FRANCIS J. MICHELINI, to be his absolutely and forever; provided, however, that if my husband, FRANCIS J. MICHELINI, shall disclaim this bequest in whole or in part, then the amount so disclaimed shall be paid over to the Trustees of the disclaimer trust for the benefit of my husband, - 4 - FRANCIS J. MICHELINI, under Paragraph FOURTH above to be held and administered in accordance with the terms and conditions contained therein. (b) In the event that my husband, FRANCIS J. MICHELINI, shall predecease me, I direct that the distribution referenced in subparagraph (a) above shall be null and void and I give, devise and bequeath my entire residuary estate as described hereinabove as follows: (i) If my daughter, LUCIA MICHELINI, survives me, then I give and bequeath any interest which I may own in my home located at 18 East 35th Street, Ocean City, New Jersey and the furni ture and furnishings therein and with respect thereto plus one-half of my residuary estate, but not less than One Hundred Fifty Thousand Dollars ($150,000.00) to the Trustees of the trust created for the benefit of my daughter, LUCIA MICHELINI, under Paragraph SIXTH hereof, to be held and administered in accordance with the terms and conditions contained therein; with the next One Hundred Fifty Thousand Dollars ($150,000.00) thereof, to be paid to my daughters, MICHELLE HARDIMAN and LISA SPENGLER, in equal shares, per stirpes and in default thereof to the trust for the benefit of my daughter, LUCIA MICHELINI, created under Paragraph SIXTH hereof; and the balance of my residuary estate, if any, to be paid to my daughters, MICHELLE HARDIMAN, LISA SPENGLER and LUCIA MICHELINI, in equal shares, per stirpes; provided, however, that any share set aside for my daughter, LUCIA MICHELINI, shall be paid over to the Trustees of the trust created under Paragraph SIXTH hereof for her benefit to be held and administered in accordance with the terms and conditions contained therein. (ii) If my daughter, LUCIA MICHELINI, shall predecease me, then and in such event, my residuary estate shall - 5 - be paid over and distributed to my daughters, MICHELLE HARDIMAN and LISA SPENGLER, in equal shares, per stirpes. SIXTH: (a) DEFINITIONS. The terms set forth herein shall be defined as follows: (i) Beneficiary Property Assets that would disqualify Lucia Michelini for Medicaid unless this Trust is considered to be described in SSA. (ii) Community Trust trust for the severely disabled. (iii) Governmental Authority Any A community federal, state, local, or foreign government, part of a government, or body authorized to act for a government. (iv) Public Assistance Benefits of a kind provided by a Governmental Authority to or for persons with certain disabilities, their spouses and dependents. (v) Representative A minor's or incompetent adult's parent, spouse, other relative with whom he/she resides. A Representative may receive notice for and exercise the rights hereunder of the minor or incompetent adult. (vi) SSA Social 1917(d) (4) (A) (i.e. 42 U.S.C. !H396p(d) (4) (A)). Security Act (vii) Special Needs Goods and services to maintain or improve Lucia Michelini I s comfort, welfare, care, or dignity which her sources of support wouldn't fund. Special needs include the luxuries and incidentals beyond basic needs that enrich the life of an individual such as, by way of example and not limitation, health care to supplement the kinds of basic health care services, therapies, and treatments typically provided to persons eligible for Public Assistance; upgrades from equipment; telephone supplies; service; personal items; basic accommodations; furniture; amusements; entertainment; - 6 - professional services; luxuries; training; education; outings; vacations and travel (including immediate family travel costs). However, as it is impossible to predict the varied special needs that could arise during Lucia Michelini's lifetime; the preceding list is not exhaustive, and the Trustees shall have broad discretion to construe Lucia Michelini's Special Needs consistent with the purpose and other provisions of this instrument. (b) TRUST PURPOSES & NOT A SUPPORT TRUST. (i) Lucia Michelini has substantial disabilities which give rise to various Special Needs and render her eligible for Public Assistance to pay for her basic support. Lucia Michelini could suffer a diminished quality of life if her Special Needs aren't met. If Lucia Michelini should lose eligibility for Public Assistance, this Trust could become the only fund available to pay for her support needs as well as her Special Needs. Consequently, if this Trust were to disqualify Lucia Michelini for Public Assistance this Trust could quickly be exhausted which wouldn't leave any funds for Lucia Michelini 's Special Needs. (ii) Therefore, the purpose of the Trust is to meet Lucia Michelini's Special Needs so that Lucia Michelini can live happily and comfortably at least commensurate with her current standard of living without disqualifying Lucia Michelini for Public Assistance and private programs to fund the basic needs of Lucia Michelini. The purpose of this Trust isn't to fund Lucia Michelini's support because disbursing the Trust for Lucia Michelini's support could leave nothing to meet Lucia Michelini's Special Needs. Rather than provide for Lucia Michelini's basic support, maintenance, and health care, this Trust is intended to supplement and not to replace Public Assistance, earnings, and other funding sources for the basic needs of Lucia Michelini. - 7 - (iii) This instrument is intended to grant the Trustees broad discretion over distributions, and this Trust shall not be construed as a support trust. The Trustees have no obligation to pay for the support of Lucia Michelini, and no one including Lucia Michelini and/or any Governmental Authorities may force the Trust to support Lucia Michelini. (iv) At all times this instrument shall be construed to facilitate the Trust's attainment of its purpose, and the Trustees shall administer, distribute, and invest the Trust in accordance with this instrument. (c) CONTRIBUTIONS INTO TRUST. The Trustees shall administer this initial transfer to this Trust and all subsequent transfers into Trust in accordance with these provisions. The Trustees may accept or rej ect any transfer into Trust as they determine to be in Lucia Michelini's best interests, but they shall hold any Public Assistance and earnings thereon separately from the rest of the Trust. (d) TRUST DISTRIBUTIONS. (i) The Trustees may distribute or accumulate any or all of the Trust I s income and principal as they deem appropriate to meet Lucia Michelini's Special Needs. The Trustees shall have absolute discretion over the timing, frequency, and amount of Trust distributions, but they shall exercise their discretion to carry out the purposes of this Trust. The Trustees may distribute the entire Trust during Lucia Michelini's lifetime, and they shall not take into account the interests of remainder beneficiaries or seek to preserve amounts for them. However, the Trustees shall consider the availability of other funds so that the Trust is not unnecessarily exhausted prematurely leaving nothing available to meet Lucia Michelini's Special Needs. The - 8 - Trustees may distribute in-cash or in-kind as appropriate to meet Lucia Michelini's Special Needs. Although the Trustees may make distributions directly to Lucia Michelini, they shall not have any obligation to do so, particular if outright distributions could disqualify Lucia Michelini for Public Assistance. The Trustees may make distributions that benefit other members of Lucia Michelini's household if the Trustees determine in good faith that same would facilitate meeting Lucia Michelini's Special Needs. For instance, the Trustees could purchase a television or pay vacation costs for a family member of Lucia Michelini who lives in her household. In addition, the Trustees may in their discretion own and hold as an investment herein a home which is Lucia Michelini's principal residence and pay the expenses normally incurred in owning and holding such a home like utilities, real estate taxes and insurance, etc. and may in their discretion permit Lucia Michelini to reside therein for so long as such home constitutes her principal residence, rent free. My Trustees may own and hold such home as Lucia Michelini's principal residence, even though it doesn't produce income. (i i) At the death of Lucia Michelini or cessation of the Trust while Lucia Michelini is living, the Trustees shall distribute to the appropriate Governmental Authorities the smallest amount, if any, which SSA then requires this Trust to pay to the "State" (as such term is used in SSA) if Lucia Michelini has received Medicaid on the basis that this Trust is described in SSA. If more than one State is entitled to payment under SSA, each State shall receive the proportion of the total SSA payment that equals the State's proportionate share of the aggregate Medicaid to be reimbursed per SSA. The Trustees reasonably may contest the Trust's liability under SSA, but they must distribute in accordance with SSA the smallest amount due - 9 - under SSA as finally determined. Nothing contained herein is intended to create, concede or acknowledge any liability, debt or obligation for Medicaid reimbursement to a State, or any other person or entity under SSA or otherwise and, in fact, it is believed that no such liability or obligation exists or will exist given the terms and conditions of this trust, the funding hereof with assets from my estate and current law. (iii) From the remaining Trust balance, the Trustees shall fund Lucia Michelini's respectful funeral and final resting if needed. The balance of the Trust shall be paid over and distributed to Lucia Michelini's then living issue, in equal shares, per stirpes i and in default thereof, to my then living issue in equal shares, per stirpes. Nevertheless, the Trustees shall retain in Trust any amount distributable to an individual . who would be disabled for purposes of the Supplemental Security Income ("SSI") program (even though he/she may not qualify for SSI for other reasons such as excess income or resources) and administer the retained amount for such person as if the distributee's name were substituted throughout this Paragraph for "Lucia Michelini". (iv) The Trust shall terminate when the balance in Trust is reduced to zero. ( e ) REFORMATION AND DISTRIBUTION TO PROTECT ELIGIBILITY. (a) Any provision of this Will that may disqualify Lucia Michelini for Public Assistance or private benefits of substantial value, shall be limited or void, ab initio, as required to avoid disqualification. (b) If the Trustees determine in good faith that this Trust (in whole or in part) is likely (i) to disqualify Lucia Michelini for Public Assistance or private benefits of substantial - 10 - value, or (ii) to be invaded, attached, liened, etc. despite subparagraph (f) or otherwise, the Trustees shall distribute the Trust (or any part thereof) in a manner reasonably likely to meet Lucia Michelini's Special Needs without jeopardizing her eligibility or risking invasion, etc. For instance, the Trustees could enroll Lucia Michelini in a Community Trust if she is qualified. The Trustees shall distribute in accordance with subparagraph (d) (ii) and (iii) any part of the Trust that the Trustees determine in good faith cannot be so distributed. The Trustees may (but aren't required to) seek court authorization of distributions hereunder. Trustees who are individuals shall not incur liability for their good faith exercise of or failure to exercise authority hereunder. (f) SPENDTHRIFT TRUST. Beneficiaries' interests hereunder aren't subject to claims of Governmental Authorities or creditors, their demands to distribute, or legal process and may not be encumbered or transferred. Except as provided in subparagraph (d) (ii), the Trustees may not pay Trust funds to reimburse Public Assistance or private benefits provided to Lucia Michelini or otherwise. The Trustees shall vigorously defend this Trust against any attempted invasion, attachment, lien, levy, etc. (g) AMENDMENT . The Trustees shall have the power to prospectively or retroactively amend this Trust and/or disclaim authority hereunder, but only to the extent consistent with the purpose of the Trust and reasonably required to prevent the Trust from disqualifying Lucia Michelini for Public Assistance and substantial private benefits. The provisions of this Paragraph shall govern any inconsistent or contrary provisions of any other portion of this Will, with respect to the trust created hereunder. - 11 - SEVENTH: (a) During the minority or incapacity of any beneficiary to or for whom income or corpus is authorized or directed to be paid, my Executor or Trustee may pay, transfer or assign same in anyone or more of the following ways: (i) Directly to such beneficiary such amounts as it may deem advisable; (ii) To the guardian of the person or of the property of such beneficiary; (iii) To a relative of such beneficiary upon the agreement of such relative to expend such income or corpus solely for the benefit of the beneficiary; (iv) By expending such income or corpus directly for the education, maintenance and welfare of such beneficiary; (v) To a Custodian chosen by my Executor or Trustee in accordance with the provisions of the New Jersey Uniform Gifts to Minors Act. (b) This paragraph shall not be construed to modify any specific provisions contained in any paragraph of this Will and shall not affect the vesting of any property in a beneficiary. The paYment or application of funds pursuant to this paragraph shall be a full and complete discharge of my Executor or Trustee with regard thereto. (c) For the purposes of this paragraph "minor" shall be deemed to include any person who has not attained the age of twenty-one (21) years. (d) Any fiduciary acting hereunder may treat any beneficiary hereof as "incapacitated" unless and until a court of competent jurisdiction determines otherwise if any such fiduciary is in possession of any of the following: - 12 - (i) A court order which such fiduciary deems to be jurisdictionally proper and still currently applicable holding any such beneficiary to be legally incapacitated to act in his own behalf or appointing a guardian to act for him or her; or (ii) A duly executed, witnessed and/or acknowledged written certificates which is then unrevoked, of at least one duly licensed physician (who represents that he is certified by a recognized medical board), certifying that such physician has examined the beneficiary and has concluded that by reason of accident, physical or mental illness, progressive or intermittent physical or mental deterioration or other similar cause, the beneficiary had, at the date thereof, become incapacitated to act rationally and prudently in his financial best interests. No fiduciary hereunder shall be under any duty to institute any examination into the incapacity of any beneficiary, but any such examination reasonably instituted shall be deemed made at the fiduciary's request with waiver by the beneficiary of all provisions of law relating to disclosure of confidential medical information needed in connection therewith and the expenses thereof may be paid from estate or trust assets, as the case may be. A physician's certificate, as aforesaid, may be revoked by a similar certificate to the effect that the beneficiary is no longer thus incapacitated, executed either: (i) by the original certifying physician, or (ii) another licensed board certified physician. A determination made in good faith by a fiduciary that a beneficiary hereunder is a minor or incapacitated shall be conclusive and binding on all parties interested herein. EIGHTH: In the administration of my estate and the trust established under the provisions of this Will, my Executor - 13 - and Trustee shall have the following powers in addition to the powers granted them by law: (a) Retain any property received hereunder and invest and reinvest in any property including, by way of illustration and not of limitation, common stocks up to one hundred (100%) percent thereof, and any form of life insurance, annuity or endowment policies; in so doing they may act without restriction to so- called legal investments and without responsibility for diversification. (b) Keep reasonable amount of cash in bank uninvested, if deemed advisable for the protection of principal. (c) Borrow money from any person, including any Executor or Trustee, and mortgage or pledge any property. (d) Add to the principal of any trust created hereunder any property received from any person by deed, will or in any other manner. (e) In the exercise of their discretion with respect to the use of principal for any beneficiary, take into account other property and income available to such beneficiary; in so doing, they may rely on written representations made to them by such beneficiary and their judgment as to amount of principal so used and the extent to which other resources are considered shall be conclusive as to all parties in interest. (f) Make distributions in cash or in kind or partly in each, pro rata or non-pro rata, without regard to any law creating a preference for one kind of distribution as to another. (g) Exercise all power, authority and discretion given by this Will after termination of any trust created herein until same is fully distributed and/or disclaim any property or interest therein and/or power or discretion, held in a fiduciary III III' ~ ~ (h) To sell any real or personal property on any terms, at public or private sale, for cash or by the extension of credit for any length of time, and with or without security. ( i ) To exchange, partition, lease, sublease, mortgage, pledge, encumber, improve or otherwise alter any real or personal property. Leases or subleases may be made for periods of time extending beyond the probable period of administration of my estate, or the probable duration of any trust created by this Will, without regard to any restrictions imposed by law. (j) It is also my wish and I do so order and direct that immediately after my death my said Executor shall make adequate and proper provisions for the support and maintenance of the beneficiaries of my estate out of the principal, or income of my estate consistent with the provisions of this Will, as my Executor shall deem best, without the necessity of applying to any court for permission to make such distributions in advance. (k) My Executor shall, in his discretion, determine whether to elect under Section 2056(b) (7) of the Internal Revenue Code to qualify any specific portion of any trust, whether created under this Will or by any other instrument, for the federal estate tax marital deduction. Generally, I anticipate that my Executor will elect to minimize the estate tax payable by my estate. However, I would expect that some consideration be given to the estate tax payable in my sald husband I s estate upon his death especially if he should die prior to the time the election is made. The determination of my Executor with respect to the exercise of the election shall be conclusive upon all affected persons. (1) To pay, collect, defer, extend, adjust, settle, arbitrate or compromise any claim by or against me or my estate or trust. - 15 - (m) To distribute the principal and accumulated income of any trust created hereunder to the Trustee of any other trust created under the Last will and Testament of any other person or under any other Indenture of Trust which is substantially similar in terms to a trust created hereunder, thereby terminating the trust created hereunder. (n) For convenience of administration, to hold any two or more trust funds created hereunder in solido. (0) To join in or consent to income and gift tax returns filed with or by my surviving spouse, and to pay any part or all of the income or gift tax due upon such returns. (p) In his discretion, without the need of obtaining court approval, to take any action and make any elections to take administration and other expenses as deductions on either the income or estate tax returns of my estate in such manner as he shall determine and to thereby allocate the benefits and burdens of any such actions and elections among the various beneficiaries of my estate, and to make adjustments in the rights of any beneficiaries, or between the income and principal accounts, to compensate for the consequences of any such actions, elections or any investment or administrative decisions that my Executor and/or Trustee believes has had the effect of directly or indirectly preferring one beneficiary or group of beneficiaries over others; provided, however, that nothing required herein shall require my Executor and/or Trustee to make any reimbursement or adjustment to any beneficiary or group of beneficiaries as a result of the direct or indirect consequences of any such matters. Notwithstanding the foregoing, the power set forth in subparagraph may not be exercised in such a way so as to reduce or otherwise adversely affect my estate's qualification for the marital or chari table deduction otherwise available for federal estate and - 16 - gift tax purposes, it being my intention that my personal representative shall not exercise this discretion so as to violate Treas. Reg. 20.2056(b)-4(a), or any subsequent similar provision in effect from time to time. (q) To allocate the exemption from federal tax on generation-skipping transfers provided by Section 2631 of the Internal Revenue Code of 1986, et seq., to any property with respect to which I am treated as the transferor in such amounts as my Executor may determine without regard to whether such property is part of my probate estate. I recognize that it may be difficult or impossible at the time when such allocation must be made to ascertain how it will affect any generation-skipping tax which may be assessed, and that such allocation might benefit transferees other than under my probate estate at the expense of the beneficiaries of my probate estate. Therefore, my Executor shall not be liable to any beneficiary or transferee with respect to the exercise of this power to allocate. (r) If pursuant to any provisions of this Will a trust would be established to which any part of my GST exemption (provided for in Section 2631(a) of the Internal Revenue Code of 1986, as amended) would be allocated (hereinafter referred to as a "GST Trust"), and if after such allocation the inclusion ratio of such trust for generation-skipping transfer tax purposes would not be zero, then my fiduciaries may, but shall not be required to, establish two separate trusts, each to be administered in accordance with the provisions applicable to the GST Trust, with one trust having an inclusion ratio of one and the other trust having an inclusion ratio of zero. Assets that would have constituted the GST Trust shall be allocated between the two separate trusts as necessary to establish the prescribed inclusion - 17 - ratios, and shall be valued for such purpose as of the date of allocation. In addition, if pursuant to any provisions of this Will any portion of any trust created hereunder is required to be added to the principal of any other trust created hereunder (such latter trust being hereinafter referred to as the "recipient trust") and if the inclusion ratios (for generation-skipping transfer tax purposes) of such trusts are not identical, then my fiduciaries, in lieu of making such addition, may, but shall not be required to, hold such portion in a separate trust, to be administered in accordance with the provisions applicable to the recipient trust. (s) Generally, with respect to any property at any time held hereunder, to do any and all acts and things and to execute any and all written documents which my Executor or my Trustees would be entitled to do were such property owned absolutely by my Executor or my Trustees. (t) To retain and/or employ investment advisors upon such terms and conditions as they shall determine in their discretion to manage the assets of the estate or any trust created hereunder. (u) To transfer the situs of any trust created hereunder to any jurisdiction other than the original situs designated herein if the Trustee deems it in his discretion to be in the best interests of anyone or more of the beneficiaries of this trust or any separate trust created hereunder. (v) To allocate all or any part of the aggregate basis increase, if any, provided in Section 1022 of the Internal Revenue Code available at the time of my death to any property comprising my gross estate in such manner as my Executors in their absolute discretion shall deem equitable. - 18 - NINTH: Notwithstanding anything contained to the contrary in any statute, no person shall be deemed to survive me if he or she dies within three (3) months after my death and no person shall be deemed to survive a beneficiary under this Will if he or she dies within three (3) months after the death of such beneficiary. TENTH: No rights of the beneficiaries hereunder shall be subject to assignment or anticipation or liable for any indebtedness or obligation of any beneficiary or subject to attachment or order, decree or process of court on account of or for the purpose of collecting any such indebtedness or obligation and my Executor and Trustee shall not be required to make any disbursement to any assignee or creditor of beneficiary or otherwise than into the hands of the beneficiary in person. ELEVENTH: Notwithstanding any other provisions hereof, the Trustee, in his discretion, at any time may terminate any trust created herein if the amount thereof is less than Fifty Thousand Dollars and 00/100 ($50,000.00). Upon such termination, the Trustee shall pay the principal and any accumulated or undistributed income of such trust to the person or persons entitled at that time to the income therefrom in the proportions to which they were then entitled to receive the income and upon such termination the rights of all other persons who might otherwise have an interest as succeeding life tenant or in remainder shall cease. This paragraph shall not apply to the Special Needs Trust created for the benefit of my daughter, LUCIA MICHELINI. TWELFTH: I hereby nominate, constitute and appoint my husband, FRANCIS J. MICHELINI, to be the Executor of this my Last Will and Testament. In the event that my husband, FRANCIS J. MICHELINI, should predecease me or should fail to qualify for this - 19 - appointment for any reason or if having qualified should renounce or become disqualified, incapacitated or fail to survive the full administration of my estate, then I nominate my daughters, MICHELLE HARDIMAN and LISA SPENGLER, or the survivor of them, as Successor Co-Executrices in his place. THIRTEENTH: (a) I hereby nominate, constitute and appoint my husband, FRANCIS J. MICHELINI, as Trustee of the trusts created in this instrument. In the event that my husband, FRANCIS J. MICHELINI, should predecease me or should fail to qualify for this appointment for any reason or if having qualified should renounce or become disqualified, incapacitated or fail to survive the full administration of the trusts, then I nominate my daughters, MICHELLE HARDIMAN and LISA SPENGLER, or the survivor of them, as Successor Co-Trustees in his place with all his powers and duties. (b) The current competent qualified acting Trustee or Trustees hereunder from time to time may, pursuant to a written instrument duly executed and acknowledged, designate one or more individuals and/or corporate banking or trust institutions to serve as Successor Trustee or Successor Co-Trustees hereunder (and may fix the order in which such individuals and/or corporate banking or trust institutions shall serve) to succeed such Trustee or Trustees (where no successor or successors are designated herein), or in the case where a Successor Trustee or Successor Co- Trustees are named in subparagraph (a) above, to succeed such Successor Trustee or Successor Co-Trustees, in the event that the named Trustees hereinabove shall die, resign, become incapacitated or shall otherwise be disqualified from serving as a Trustee or Co-Trustee hereunder for any reason. Such appointment may be altered from time to time by the Trustees who made such appointment or by any Successor Trustee or Trustees acting - 20 - hereunder from time to time, except that in no circumstances may this provision be utilized to remove a Trustee then serving hereunder. FOURTEENTH: In the event that any ancillary Executors shall be required in the administration of my estate under this Will, then I nominate, constitute and appoint as my ancillary Executors and substitute ancillary Executors, the same persons named herein as my Executors and substitute Executors, notwithstanding that it or they, or any of them, are not a resident of the State in which the appointment of such ancillary Executors shall be required. If my Executors are unable to act as ancillary Executors for any reason, then I authorize my Executors to appoint an individual or corporate fiduciary capable of so acting. If I have any ancillary Executors, then all of the provisions of this Will shall be read as if separately stated with respect to such ancillary Executors, excepting where otherwise directed in this Will or manifestly inapplicable. FIFTEENTH: Any fiduciary herein shall be entitled to receive reasonable compensation in accordance with the statutory fees in effect from time to time for services rendered, except that any corporate fiduciary shall also be entitled to be reimbursed for reasonable out-of-pocket costs and expenses. SIXTEENTH: I direct that no fiduciary appointed by me should be required to gi ve a bond or other security for the faithful performance of their duties in any jurisdiction. SEVENTEENTH: Insofar as may be permitted by law, no Executor or Trustee shall be liable for any loss by reason of any act or omission in connection with the administration of my estate, or any of the trusts or powers created hereunder or for any loss or injury to any property, unless such loss arises out of or relates to such Executor's or Trustee's own willful misconduct. - 21 - No Executor or Trustee shall be responsible for any act or omission of any other Executor or Trustee. EIGHTEENTH: No fiduciary at any time acting hereunder shall be required to file periodic accountings in any court, but such fiduciary may do so at any time or times if such fiduciary shall deem the filing of any such accounting advisable in its discretion. NINETEENTH: Wherever necessary or appropriate in the context hereof, references in this Will to the singular shall include the plural and references to the masculine gender shall include the feminine and neuter and vice versa. I, ANNE MARIE MICHELINI, the Testatrix, sign my name to this instrument consisting of twenty-three (23 ) pages, including the following page, this //- if day of ~c:l 2006, and being duly sworn, do hereby declare to the undersigned authority that I sign and execute this instrument as my Last Will and that I sign it willingly, that I execute it as my free and voluntary act for the purposes herein expressed, and that I am eighteen (18) years of age or older, of sound mine, and under no constraint or undue influence. ~~~~~~~./ IE MICH'LINI We, LLOYD P. EISEN ~/// '"'" / r c::::- I ,J--. .e/ Z-Q and ~/ r/ ~, ~(J , the witnesses, sign our names to this instrument, and being duly sworn, do hereby declare to the undersigned authority that the Testatrix signs and executes this instrument as her Last Will and that she signs it willingly, and that each of us, in the presence and hearing of the Testatrix, hereby signs this Will as witness to the Testatrix I s signing, and that to the best of our knowledge, - 22 - the Testatrix is ei hteen (18) years of age or older, of sound undue influence. 3430 Atlantic Avenue Address Atlantic City, New Jersey 08401 City, State ~cS.~ Witness ~()b &1/L ~ Address ~ n~ /VS-06'2Z( City, State STATE OF NEW JERSEY: ss. COUNTY OF ATLANTIC : Subscribed, sworn to and acknowledged before me by ANNE MARIE MICHELINI, the Testatrix, and subscribed and sworn to before me by and ~~.:s ~~CJ Ofn/~ ,2006. mPvmt:L~~ Notary Public My Commission Expires: LLOYD P. EISEN wi tnesses, this) 0 ~y NORMA S. GELBER A Notary Public Of New Jersey My Commission Expires April 2, 2007 - 23 -