HomeMy WebLinkAbout10-31-07
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15056051047
REV-1500 EX (06-05)
PA Department of Revenue .
Bureau of Individual Taxes
PO BOX 280601
Harrisburg, PA 17128-0601
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death
INHERITANCE TAX RETURN
RESIDENT DECEDENT
OFFICIAL USE ONLY
County Code Year
File Number
210
7
o 0 8 0 3
Date of Birth
16426 373 4
Decedent's Last Name
o 8 1 9 200 7
SuffIX
12031927
Decedent's First Name
MI
M I C H ELI N I
(If Applicable) Enter Surviving Spouse's Information Below
Spouse's Last Name Suffix
ANN E MAR I E
Spouse's First Name
M I C H .E L I N I
F RAN CIS
MI
J
Spouse's Social Security Number
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
F\,4r IN APPROPRIATE OVALS BELOW
c:tt 1. Original Return c:::;:)
2. Supplemental Return
c:::;:)
3. Remainder Retum (date of death
prior to 12-13-82)
5. Federal Estate Tax Return Required
c:::;:)
4. Limited Estate
c:::;:)
f!P
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 Daytime Telephone Number
6. Decedent Died Testate
(Attach Copy of Will)
9. Litigation Proceeds Received
o
8. Total Number of Safe Deposit Boxes
:g.>
K E I T H
o. B R E N N E MAN
717
6978528
Firm Name (If Applicable)
S N E L B A K.E R & BR E N,E MA N
First line of address
P C
WILLS
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(-~
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4 4
W EST
M A INS T R E E T
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Second line of address
City or Post Office
State
ZIP Code
r,,)
M E C H A N I C S BUR G
P A
1 705 5
c..n
Correspondent's e-mail address:
Under penalties of perjury, I declare that I have examined this retum, including accompanying schedules and statements, and to the best of my knowledge and belief,
it is true, correct and complete. Declaration of preparer other than the personal representative is based on all information of which preparer has any knowledge.
SI NATURE OF PERSON R O~rz~ .---..~utor~.........!.!L1d;~..__..
achian Avenue, MechaniCsburg, PA 17055
F PREPARER OTHER THAN REPRESENTATIVE DATE
t~ M3~,7
ADDRESS
44 West Main Street, Mechanicsburg, PA 17055
PLEASE USE ORIGINAL FORM ONLY
Side 1
L
15056051047
15056051047
--.J
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15056052048
REV-1500 EX
Decedent's Name:
Anne Marie Michelini
RECAPITULATION
1. Real estate (Schedule A). ............................................
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) c::> Separate Billing Requested.. . . . . . .
8. Total Gross Assets (total Lines 1-7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9. Funeral Expenses & Administrative Costs (Schedule H). . . . . . . . . . . . . . . . . . . . .
10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I). . . . . . . . . . . . . . . . 10.
11. Total Deductions (total Lines 9 & 10)........ ....................... .... 11.
12. Net Value of Estate (Line 8 minus Line 11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.
13. Charitable and Governmental Bequests/See 9113 Trusts for which
an election to tax has not been made (Schedule J) . . . . . . . . . . . . . . . . . . . . . . . . 13.
14. Net Value Subject to Tax (Line 12 minus Line 13) . . . . . . . . . . . . . . . . . . . . . . . . 14.
TAX COMPUTATION. SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable
at the spousa I tax rate, or
transfers undi) Sec. 9116
(a)(1.2) X .0_ 3 0 2, 1 1 4 4 2
16. Amount of Line 14 taxable
at lineal rate X.O_
17. Amount of Line 14 taxable
at sibling rate X .12
18. Amount of Line 14 taxable
at collateral rate X .15
19. TAX DUE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
Side 2
L
15056052048
Decedent's Social Security Number
1 6 1 2 6 3 7 3 4
1. 1 6 4, 2 7 0 . 0 0
2. 1 4 1, 0 5 4 . 3 3
3. .
4. .
5. 1 2, 5 1 9 .9 0
6. 3, 4 2 9 · 1 6
7. 2 5 9 6 .6 1
8. 3 2 3, 8 7 0 .0 0
9. 2 1, 5 · 5 8
2 1, 7 5 5 .. 5 8
3 0 2, 1 1 4 .4 2
.
3 0 2, 1 1 4 4 2
.
15.
o .0 0
16.
.
17.
18.
0.0 0
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15056052048
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REV-1500 EX Page 3
Decedent's Complete Address:
DECEDENT'S NAME
Anne Marie Michelini
STREET ADDRESS 533 A 1 h' A
ppa ac lan venue
File Number
21-07-00803
--
Mechanicsburg
I STATE
PA
TZ'P
.-
CITY
17055
Tax Payments and Credits:
1. Tax Due (Page 2 Line 19)
2. Credits/Payments
A. Spousal Poverty Credit
B. Prior Payments
C. Discount
(1)
-0-
Total Credits (A + B + C ) (2)
3. Interest/Penalty if applicable
D. Interest
E. Penalty
Total Interest/Penalty ( D + E ) (3)
4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT.
Fill In oval on Page 2, Line 20 to request a refund. (4)
5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5)
B. Enter the total of Line 5 + 5A. This is the BALANCE DUE.
(5A)
(5B)
A. Enter the interest on the tax due.
-0-
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;.......................................................................................... 0 [X]
b. retain the right to designate who shall use the property transferred or its income; ............................................ 0 [X]
c. retain a reversionary interest; or.......................................................................................................................... 0 IX]
d. receive the promise for life of either payments, benefits or care? ...................................................................... 0 IX]
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death
without receiving adequate consideration? .............................................................................................................. 0 Iil
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? .............. 0 Iil
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which
contains a beneficiary designation? ........................................................................................................................ [iJ 0
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
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 exemot a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and
filing a tax return are still applicable even if the surviving spouse is the only beneficiary.
For dates of death on or after July 1, 2000:
The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a natural parent, an
adoptive parent, or a stepparent of the child is zero (0) percent [72 P.S. ~9116(a)(1.2)).
The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is four and one-half (4.5) percent, except as noted in
72 P.S. ~9116(1.2) [72 P.S. ~9116(a)(1)].
The tax rate imposed on the net value oftransfers to or for the use of the decedent's siblings is twelve (12) percent [72 P.S. ~9116(a)(1.3)]. A sibling is defined, under
Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption.
REV-1502 EX+ (6-9_
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE A
REAL ESTATE
ESTATE OF
FILE NUMBER
Anne Marie Michelini 21-07-00803
All real property owned solely or as a tenant In common must be reported at fair market value. Fair market value is defined as the price at which property would be
exchanged between a willing buyer and a willing seller, neither being compelled to buy or sell, both having reasonable knowledge of the relevant facts.
Real property which Is Jolntly-owned with right of survivorship must be disclosed on Schedule F.
ITEM
NUMBER
1.
DESCRIPTION
All that certain tract of land improved with a
residential dwelling commonly known and numbered as
533 Appalachian Avenue. Fair market (assessed) value:
VALUE AT DATE
OF DEATH
$164,270.00
TOTAL (Also enter on line 1, Recapitulation) $ 164,270.00
(If more space is needed, insert additional sheets of the same size)
REV-1503 EX+ (6-98*
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE B
STOCKS & BONDS
ESTATE OF
Anne Marie Michelini
All property jointly-owned with right of survivorship must be disclosed on Schedule F.
FILE NUMBER
21-07-00803
ITEM
NUMBER
1.
DESCRIPTION
VALUE AT DATE
OF DEATH
Wachovia Securities Investment Account No. 5876-0312
$141,054.33
TOTAL (Also enter on line 2, Recapitulation) $141,054.33
(If more space is needed, insert additional sheets of the same size)
REV-1508 EX+ (6-98)
'*
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
Anne Marie Michelini
FILE NUMBER
21-07-00803
ESTATE OF
Include the proceeds of litigation and the date the proceeds were received by the estate.
All property jolntly-owned with right of survivorship must be disclosed on Schedule F.
ITEM
NUMBER
1.
DESCRIPTION
American Express Travelers checks
VALUE AT DATE
OF DEATH
$ 500.00
2.
PNC Bank, N.A., checking account No. 500132559
3,449.90
3.
2003 Ford Taurus station wagon
8,570.00
TOTAL (Also enter on line 5, Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
12,519.90
REV-1509 EX+ (6-98.
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE F
JOINTLY-OWNED PROPERTY
Anne Marie Michelini
FILE NUMBER
21-07-00803
ESTATE OF
If 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. Francis J. Michelini
ADDRESS
RELATiONSHiP TO DECEDENT
Spouse
533 Appalachian Avenue
Mechanicsburg, PA 17055
B.
C.
JOINTLY-OWNED PROPERTY:
LETTER DATE DESCRIPTION OF PROPERTY %OF DATE OF DEATH
ITEM FOR JOINT MADE INCLUDE NAME OF FINANCIAL INSTITUTION AND BANK ACCOUNT NUMBER OR SIMILAR DATE OF DEATH DECD'S VALUE OF
NUMBER TENANT JOINT IDENTIFYING NUMBER. ATTACH DEED FOR JOINTLY-HELD REAL ESTATE. VALUE OF ASSET INTEREST DECEDENT'S INTEREST
1. A. 7/1/751 PNC Bank, N.A. checking account
No. 5140108008 $4,755.85 50% $2,377.92
2. A 8/1/75 PNC Bank, N.A. savings account
No. 5130176875 $2,102.47 50% 1,051.24
TOTAL (Also enter on line 6, Recapitulation) $ 3,429.16
(if more space is needed, insert additional sheets of the same size)
REV-1510 EX+ (6-98)
*'
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
Anne Marie Michelini
FILE NUMBER
21-07-00803
ESTATE OF
This schedule must be completed and filed if the answer to any of questions 1 through 4 on the reverse side of the REV-1500 COVER SHEET is yes.
ITEM
NUMBEF
1.
DESCRIPTION OF PROPERTY
INClUOE THE NAME OF THE TRANSFEREE. THEIR RELATIONSHIP TO DECEDENT AND
THE DATE OF TRANSFER. ATTACH A COPY OF THE DEED FOR REAL ESTATE.
DATE OF DEATH % OF DECO'S EXCLUSION
VALUE OF ASSET INTEREST (IF APPLICABLE)
TAXABLE
VALUE
Wachovia Securities IRA Account
No. 5876-0281 Beneficiary: Francis J.
Michelini, surviving spouse. Date of
Transfer: August 19, 2007 (date of death)
$2,596.61 100% -
$2,596.61
2. State Farm Life - Insurance Policy
Beneficiary: Francis J. Michelini,
surviving spouse. Date of Transfer:
August 19, 2007 (date of death)
29,430.09 100%
100%
-0-
3. Prudential Life Insurance Policy
Beneficiary: Francis J. Michelini,
surviving spouse. Date of Transfer:
August 19, 2007 (date of death)
2,086.00 100%
100%
-0-
TOTAL (Also enter on line 7 Recapitulation) $ 2 ,596.61
(If more space is needed, insert additional sheets of the same size)
REV-1511 EX+ (10-06>_
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE H
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
ESTATE OF
Anne Marie Michelini
FILE NUMBER
21-07-00803
ITEM
NUMBER
A.
Debts of decedent must be reported on Schedule 1
DESCRIPTION
1.
FUNERAL EXPENSES:
Gate of Heaven - cemetery lot and markers
2.
Malpezzi Funeral Home
B. ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions
Name of Personal Representative(s)
Street Address
Waived
City
State_Zip
Year(s) Commission Paid:
2.
Attorney Fees to Snel baker & Brenneman, P. C.
3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Claimant
Street Address
City
State _Zip
Relationship of Claimant to Decedent
4.
Probate Fees to Register of Wills
5.
Accountant's Fees and reserve
6.
T~~~~~~~~~ Advertise grant of Letters Testamentary:
A. Cumberland Law Journal: $ 75.00
B. The Sentinel: 174.58
Total:
7.
AMOUNT
3 , 77 2 .00
13,904.00
2,500.00
330.00
1,000.00
249.58
TOTAL (Also enter on line 9, Recapitulation) $ 21, 755.58
(If more space is needed, insert additional sheets of the same size)
REV-1513 EX+ (9-00)
'*
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE J
BENEFICIARIES
Anne Marie Michelini
FILE NUMBER
21-07-00803
ESTATE OF
NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY
I TAXABLE DISTRIBUTIONS pnclude outright spousal distributions, and transfers under
Sec. 9116 (a) (1.2)]
Francis J. Michelini
533 Appalachian Avenue
Mechanicsburg, PA 17055
RELATIONSHIP TO DECEDENT AMOUNT OR SHARE
Do Not List Trustee(s) OF ESTATE
surviving spouse 100% of Estate
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET
II NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET $
(If more space is needed, insert additional sheets of the same size)
-==-
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LAST' WILL AND TESTAMENT
OF
ANNE MARIE MICHELINI
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
11
'/
1
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 suitable 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 commoni such property may pass subject to such mortgage, pledge
or similar encumbrance.
SECOND: I
direct
that
inheritance,
all
estate,
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
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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 gi ve 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 me; 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 -
t'i'-t_
insuring and shipping any property referenced in this paragraph
shall be deemed to be a general estate administration expense.
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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 "t.,
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 -
~~l~~'t!f;"~;~~:(.::._.a"i'r"-,,
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,
FRANCIS 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 l't I
rea or personal, and
wheresoever situate, including any property over which I have a
power of appointment,
hereinafter samet l' mes refe d t
rre 0 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 h 11 b
s a e paid over to the
Trustees of the disclaimer trust for
the benefit of my husband,
- 4 -
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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 furniture and furnishings therein and with respect thereto
,
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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 ~h
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.
A community
(ii) Communi ty Trust
trust for the severely disabled.
(iii) Governmental Authority Any
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. 42U.S.C. ~1396p(d) (4) (A)).
(vii) Special Needs
Security Act
Goods and
services to maintain or improve Lucia Michelini'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
basic accommodations; telephone service; personal items;
furniture;
equipment;
supplies;
amusements;
entertainment;
- 6 -
~~,
services; luxuries; training; education; outings;
11ac-ations 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 -
1'~C~"'"'''':::;.'~:'~:~t=~nt ia
~t:-:- .,
~;
w;'
intended to grant the
~f
Trustees broad discretion over distributions, and this Trust shall
have
Trustees
no
construed as
a
support
trust.
The
not
be
f
obligation to pay for the support of Lucia Michelini, and no one
including Lucia Michelini and/or any Governmental Authorities may
f'
f:
t
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'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
unnecessarily exhausted prematurely leaving
nothing available to meet Lucia Michelini I s Special Needs. The
the Trust
is not
- 8 -
.f"
'1
,\
,,1
,,}4
-':il
J
j
'1
l
.j
J
;;:f
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 I 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.
(ii) At
the
death of
Lucia Michelini
or
cessation of the Trust while Lucia Michelini is living, the
Trustees
shall
distribute
the
appropriate
Governmental
to
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
If more than one State is entitled to
payment under SSA, each State shall recel've the 'f
proportlon 0 the
is described in SSA.
total SSA payment that equals the State I 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 -
>th
Nothing contained herein is
. SSA as finally determined.
to create, concede or acknowledge any liability, debt or
obligation for Medicaid reimbursement to a State, or any other
~
r
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, I2.er stirpes; 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 l1'kely (1') t d'
o 1squalify Lucia
Michelini for Public Assistance or prJ.'vate b f'
ene J.ts of substantial
- 10 -
i~,
(if) to be invaded, attached, liened, etc. despite
(f) or otherwise, the Trustees shall distribute the
(or any part thereof) in a'manner reasonably likely to meet
Michelini's
Special
Needs
without
jeopardizing
her
For instance, the Trustees
eligibility or risking invasion, etc.
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) SPENDTHRIF'l' 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
Public
Assistance
and
for
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 -
It...
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 advisablej
(ii) To the guardian of the person or of the
property of such beneficiaryj
(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 beneficiaryj
(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 "t.
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
proper and still currently applicable holding
beneficiary to be legaliy incapacitated to act in his own
appointing a guardian to act for him or her; or
(iil A
duly
executed,
witnessed
and/or
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 -
ll;,."
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.
cash
in
bank
(b) Keep
reasonable
amount
of
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
capacity, all without court authority.
- 14 -
tJ>~~
(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 said 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 -
~J:i"'"
(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
which
is
Trust
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
indirect
of
such
matters.
or
consequences
any
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
charitable deduction otherwise available for federal estate and
- 16 -
II
Ii
;
\1
I
i.l'-t;
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 it~,.
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
trustn) 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 -
f,>",
_..,....
~: 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
other
provisions
any
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 -
t:;..~",
~"""..~-,-,~~,,--~""" "-"",,
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 -
fi;v-,
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
Executors
and
substitute
Executors,
as
my
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 give 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 -
i~M.;..
~.
No Executor or Trustee shall be responsible for any act or
omission of any other Executor or Trustee.
EIGHTEENTH: No fid1!lciary 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)
incl uding the following page, this /R'Ii' day of '/t?vJc1
pages,
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.
a~~~~~~/
ANNE IE MICH LINI
We,
LLOYD P. EISEN
~I /? I '\ I ....J-. .e/ 2..-U
and f:::-fi/ '--" ' f-...--()' ( 1 , the
witnesses, sign our names to this instrument, and being duly
sworn, do hereby declare to the undersigned authority that the ~.i';
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 ej.ghteen (18) years of age or older, of sound
undue influence.
~.s.~
Wltness ~
STATE OF NEW JERSEY:
ss.
COUNTY OF ATLANTIC :
3430 Atlantic Avenue
Address
Atlantic city, New Jersey 08401
city, State
~D() ~ ~
Address
d, Yl ~ 10 -rQ?22-(
Clty, State
Subscribed, sworn to and acknowledged before me by ANNE
MARIE MICHELINI, the Testatrix, and subscribed and sworn to before
~) ,1 1 . '"' ~ /'- .-r-:-:
an? "C./v~ -....). tJ<-t:J,-'f..Lkl/t;J Q
of (Yf~v , 2006.
I?l~~ J;d JJIj)-L-
Notary Public
My Commission Expires:
me by
LLOYD P. EISEN
. t th;s ).. 0 K-La.y
Wl nesses, ~ era
NORMA S. GELBER
A Notary Public Of New Jersey
My Commission Expires April 2, 2007
- 23 -
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