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HomeMy WebLinkAbout11-21-07 ----;-.----- '~'TH~- -----------------------.--------.--------------.------..-_____.M PENNSYLVANIA REV -1-500 DEPARTMENT OF REVENUE DEPT.28D601 INHERITANCE TAX RETURN .' HARRISBURG, PA 17128-0601 RESIDENT DECEDENT Fll!V-ll1llD El!I~ a=I'llW. USE ON-Y ~ ffi 51 fd Q CECECENI'S NAY: (lAST, FIRST, AND MlDOlE INmAl) Gr. Francis 0A1E OF DEATH (MM-OD-YEAR) OATEOF BRTH (MM-OD.YEARI 6/27/2005 5/8/1921 (IF APPI.ICASLE) SUMVlNG SPouses NAME (LAST, FIRST, AND MIDDLE I~L) ...iL - -OL 07il. _ __ OOLMY CODE YliM NIMlER socw. 8EClR1'Y NUMBER 013-14-4515 _ TIIIIleMIIMUIT. FILED IN DUPLlCtATl! WITH TIlE REGISTER OF WILLS SOCIAL SEClRrY NUMBER R. l!! [i] 1. o~ RIdurn D 2. SUppllm8nlll Relum D 3. RIImIInder R8llIITl (elite or dll8lll pltDrto 12-1$0112) ~ ~ D 04. LmIed EIlIIe 0 .... Futm I... CcmpnlrnIse (dIIe 01 deeIh ......ll1-1J.a2I D 6. FedtnI &I8Ie T. Relwn Required ~~ [iJ 8. DecldentDlldT...... (A_,luIIProl\Wl D 7. Dec:eclenU1IIIntlli*, al.ll4ngTIUIl (At1.chcapJIITIIIIt) _ 8. ToIaI NlImberofS_Depad e- !:i: D II. L.lllIIIICn~RecIMd D 10. SpouuIPuwertrCnlcllI..."'......_'WMl.1-'oIIl D 11. ElllctIIIlntataunderSec. 8113lA)1_....al THII SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAXINFORIIATION SHOULD BE DlRECreo TO: NAME COMPlETE M\lU1'G ADPftESS Thoma. X. Shorb Bs re SusquehaDD. Commerce Center Bast FIRM NAME (If Appbble) Stock and Leader lELEPHONE N.MIER 717-8U-9800 i ~ I 221 W. Philadephia St., Ste. 600 York, Pem1 lvania 17401-2994 1. R88I EsIIIIe {8clhedulII AI 0.00 30,296.01 0.00 0.00 87 .35 0.00 ~OHLY ~:o ,~~o '::d '-F; r- '-''''->-m L-:; :::0 (J) 7' 00 :~;~-" :--, :::0 - =-----4 ~ - .. 2. Slac:kI nI Banda (Schedule B) (1) (2) c::::>> -..I :z:: o < N 3. Closely Held CarparlIIlan, Parlnlnhlp ar ~l"","'ehtp (3) (04) -0 ::It ~ -n c"') ,." r .'- '"" ') (.:.) ""1 z 52 S ~ ~ w Dr:: 4. MOftllas- It NctM Rtlll8MIbII (ScheduIt D) B. CaIh, IIIflk ~III' w.c._ ......1 PIqIerty (Schedule E) (5) e. J_ OMlIId P/opIrIy (Schadule F) U SIIpII1IlIl BIlna RequeIted 7. Im.VIvoITnrlsfln &~- ~p~ m (SeI1IIlIUIe G ... L) (8) o 0.00 8. To1al GRIll ,..... (total LInee 1.7) II. Funll'll1 ~"Ad,,*,1elrlIIMl Cael8 (Sc:I1IIlIule H) (II) 10. Oebta of DeaIIdenI, Mortgage LIablIIIeI. a Lien. (8lNduIeQ (10) (8) 18.703.97 0.00 30,383.36 t 1. ToIIIl DlIdu~ (1al8l LIn.. 9 " 10) (11) (12) (131 18.703.97 11,679.39 11,679.39 12. Net Value of EmIa (Line 8 mInuI Line 11) 13. Charitabla and GawrnmantaI BequllllllSac 9113 ThIItI ftIr....1ch IIllliedlan to_ h.1lllt been mlldl (SchIIdule J) 14. N.t V..... 8tIbj8ctta Tax (line 12 mInue LM t3) SEE NmWCTICN8 ON REVERSE SIDE FOR APPLICM..E RATES (14) 0.00 t 6. Amount of Ul. 104 tlDlabIe III fhe 1pC1I1881t. Z ..... or .*'1IlIdw Sac. 8118 (a)(l.2) o ~ :::l a. . o u g 0.00 x.o L (16) 0.00 X.o .5 (18) 0.00 x .12 (17) 0.00 x .15 (18) (111) 0.00 0.00 0.00 0.00 0.00 16. Amaunt of line 104 IlIIfllblulllnul rille 17. Amount of Lil. 14 tlDlllble IIlIllllno I'IIe 18. Amount of Line 14 tlllCllblut caIIIlIwaI.... Ill. Tax Due 20. [!J C'~_-r',HLf~ tr' '\"".I-\f~[: Que rl~~tlf':;crlIJ..L u::.rJ,JVlr\I;:''iI.~E~~T 8W4N81.0a0 > > BE SURE TO ANSWER ALL QUESTIONS ON REVERSE SIDE AND RECHECK MATH oe: < Ct CI1Y C Bill Tax Payments and Credits: 1. Tax Due (Page 1 Une 19) 2. CredltslPayments A. Spousal Powrty Credit B. Prior payments C. Discount STATE PA ZIP 17011- (1) 0.00 0.00 0.00 0.00 Total Credits (A + B + C) (2) 0.00 3. InterestIPenalty If applicable D. Interest E. Penalty 0.00 0.00 TotallnterestlPenalty (D + E) (3) 0.00 4. If Line 2 is greater than Line 1 + Line 3, enter the dllference. this Is the OVERPAYMENT. Check box on Page 1 Line 20 to request a refund A. Enter the interest on the tax due. (4) (5) (SA) 0.00 5. If line 1 + Une 3 is greater than Una 2, enter the dilferenoe. this Is tl'!e TAX DUE. 0.00 0.00 B. Enter the total of Line 5 + 5A. ThIs Is the BALANCE DUE. (58) 0 . 00 Malee Check ~Ie to:. [,'~jp;~';~t3f:.}:;.~.[;t:-~'J;::t':i;:1~,J:,~,*'Li'yi;~:;t{~J)f{{~.~1i'~.~' ,,~j~"t~,. '.. ~ '.; ;..." , '. . PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN -rIM THE APPROPRIATE BLOCKS 1. Did decedent mBIul B 1nInIfer 1l1d: V. No a. reI:lIln the use or Income of the property nllfen ed;. . . . . . . . . . . . . . . . . . . . . .. D [j) b. retain the right to designate who shall us. the property 11wlIf8lTlld or blncame;. . . . . . . .. D [j c.retalnBl"llI\llII'IIalnblrelt;cr ............ .................... D [j d. receIve the promlle for'" of either piIyments. benefits or carrII . . . . . . . . . . , , . . . .. D [j 2. If death occurred IIfler December 12, 1982, did deced.,t transfer property within one ~ of death without receiving adequate CCIflIidenlIIIo? . . . . . . . . . . . . . . . . . . . . . . . . . . .. D [:iJ 3. DId decedent own ., "In truat for" or peyable upon death bank 8CCOl.I1t or HllUrtty 81 his or her deaIh? D [j 4. Old decedent own an Individual Retirement Account, annuity, or other IlOIl-pI'llbaIB property which ~~Ma~~~?.............. ........ ......... D [j F THE ANSWER TO AHY OF TtE ABOVE QUESTIONS IS YES, YOU MUST COIIFLETE SctEDU.E (J AND FR.E IT AlJ PART OF THE RE'IlRN. UncI. pen..... '" petjlllJ, I Mal.. 1MI1'- --*lId 1* relLIn, tldudInD -.."JIng ............ ........ IIld to fill t.l '" lily InlwIIdge Ifld bIilM. . 111M, __1IId ~. _..~~.iE.._.-J....- ~~::r.,..,::~ ~..B.S..~ -m 7Y 22'.. phi'a. SO., IJ;1TEn ~ Stock and Leader, ~u:~~~. ~~rce Ctr~B~.~~,.. 600. .~.. '. ,,~~: ,~..<.,.~~:a',:.,~.:~_,',,,,:~r~:;;_~~'l":;'~<.~,~..__. For dill.. ofd......llII or 1Itl... July " leu Ind bnn JIInllllY 1. 11l9l1, 1111._ m~ ontllen" w8lIDftl'llMllrltoorb'the un of the survIwt1g lpou1l1l3% (72 P.8. i lIt1 e (.) (1.1) (OJ. For dat.. or dllldh on or lIfter.lllnllllY t. 1l1tS, 1111_ nllelmpolld IlIIIhI nil..... Dftnlnlflrl to orb'the lII8 DftlluurvIWIg lpoIJII'-lI% (72 P.S.I"1S (I) (1.1) (Il)J The _ute d_ nat _Dt . trwtlt'8r to I SUrviving IpOIII8 from ta, 81\d the ItIII.rIary NqIIhrnIlnlI far dIIl:IDIurt Df..... 81\d fi&1g . lIKl'IIIIm -1t1I1IPPICIIbII_ . till aurvlVlnlllplllllllll the IlIIlr~. For dltlll of dellllt on or lifter July 1, 2000: Thl UDlIlllI ImpOl" on till nflt VlIlUI or ~ from . dew_" chid ~ yea of 11111 or yaung... 81l11ll11h to III' far the un "'I nlllul1ll plIIW1t, Illl1dopllw ~ or. 81epplll8lll oflle child II 0% (72 P.S. SIl118(1)(1.2)). The till llIle ImPOllll on thl net VlIlue of~toarflll'thl uaellfl1edllcldlnt'll!nell beneIIcIIrIIIll4.ll%, a:ept_nallId In 72 P.s. i ll118(1.2) [72 P.S, saHIl(IX1)). The till I1Ite Impoald IlIIlhe net.... Df".,..1o orfartheuIIllfthldlOldllnr.1IlIlIi1gI1112% (72 P.S. Sll11e(II(1.3)}. A sibling 'I lIIIInId. 1IIlder8ecllon 8102. '111\ Indlvklull wtIo h.1 at Ieut 0lII parent III CCIIllIllDll *" Ih. deoedenl, lIItIeth.. br bkxxI or CopIIDn. IWC84111.00D REV-1503 EX + .., COMMONWEAl. TH OF PENNSYLVANIA I~ANCETAX RElURN AESDENT DECEDENT ESTATE OF '---.'-'-"---' SCHEDULE 8.....----...---- --.-.-..------ .----- ----_.~ -.-.... STOCKS & BONDS -------..---.---. ---....~_._--~_.. . FI1.E NUMBER Pranc:ls 1. Gradv 21 01 0126 All property Jointly-owned with right of survivorship must be dlBc~ed on Schedule F. ~M ~ NUMBER --- ,...... 1.15 Shar.. A'1'&'1' DC COX Hew York Stock BxcbaDg. COSIP: 00206:R.102 VALUE AT PATE OF DEATli 353.25 2 48 Shares COIICAS'1' CORP HBW CIa A The R'ASDAQ Stock llarket LLC COSIP: 20030B101 1,499.76 3 600 Shar.. :rIllS'1'KIIIB:R.GY CORP COX New York Stock BxcJuUl.ge CUS%P: 331932107 28,443.00 3W41811.0ll0 TOTAL (Also en. on Hne 2, Rec8plluIatIon) $ (If more space Is needed, Insert addIIanaJ II1eeIa of the ssme size) 30,296.01 _.~~1~_~~~~__ . -.-.- -..----..-....-sc-liED"OL1:-J:-.------- -------.-------.------.--.-..--.---.--. CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY ~lH OF PENNSYLVANIA INti!FlfI"N<<:E TAX RE1\JRN RE8IlENTDECEDENT . ElTA 'FE OF P%'&Dci. 1. Q:radv FILE MINDER 21 07 0726 Include the pr0ceed8 of IIlIplIan nI tile dtU tile pra:eeda _ ~ ~ the..... AI 'wlth... rlahtafa ..-be dlaclaRd OIl Schedule F. ITEM NUMBER CESCRPT10N VALUE AT DATE OF DEAll-t 1 :refund of utility .ervice 87.35 TOTAL fAlao 8I1"r nl'l IIn. III g-uI8lJon\ S lIW48AD t.OOO (If IIlOnI ~ It nllllded, it_ ~ .... of the e.-1Izlt) 87.35 REV-11111 9+ (12-11) SCHEDULE H -..---. ------~-- ------..-.. --.--------FUNERAL EXPENSES-a-..-.----.---..... -..-..--...------.----.----.---- .----.--- ~~~~=r::ANIA ADMINISTRATIVE COSTS DEN!" ESTATE OF Frana.is 1. Qracly FLE NUMBER 21 07 0726 Debts of decedent mUlt be repoIt8d on Sc:hedule L rrEM NUMBER A DESCRIP110N AMOUNT 1. FUNERAL EXPENSES: Blltat. of Kaz'tba w. Grady Office of Catholic Cemeterie., install marker 225.00 Total from continuation Bchedule. . . . . . . . . . 14,509.07 1. ADMINISTRATIVE COSTS: Pltf'lIOO8l Representlllve'1 CammlllllllUI 1,520.00 B. NlIme of PlnanaI R~a) St.ohan P. Gradv SocIIII Security Number(s) I ElN Number of PenIonaI RepreI8IlIBIIv&(a) StreetAdlhss 512 Qale Road CIy Camp Bill YIIII'(I) CommIIsIon Paid: 2007 Attorney F_ Stale PA Zip 17011 2. 2,100.00 3. F8mlly exemption: (If decedent's 8lldr.1 II nol the ume. c:lBImant's. aII8ch expIeIl8IIcn) CIaIn1e'lt Slreet Adcha CIty StlIte ZIp ReJetlonshlp of ClIIIm81Ilo Decedent 4. Probate Feea 6. Accountant's F8IlS 8. Tax Return Preparer'& F8IlS 7. 1 AXG PiDaDCial Servic.. wire transfer f_ 25.00 Total from contuuation schedul.. . . . . . . . . . 3201.90 aw4MO 1.000 TOTAL (Also enter on line 9, (If mare spIce hl needed, Insert eddIIfonalsh88bs of the _ Iize) $ 18.703.97 . . ..-..------.-..-." --.------~.-....- .- -......... ,,.--~.~ "_ .___. _.~______ '__'d___ ......_____.___ . .--.---. --....- ..-..........- _._~--__..._.___.._~_A_.._._._.~... ._._.._._....______._. B.t~te Ofl rranc!. a. Grady Oii-14-4S15 Schedule H Part 1 (Page 2) Item No. Description Amount 2 Bstate Qf KartI1a W. Grady parthemore Puneral Home . Cremation Service., Inc., funeral expense 11,873..82 3 Bstate of Martha W. Grady reiDbursement for funeral l'1m.Cheon at W.at Shore Countxy Club 2,637.25 Total (Carry forward to main schedule) 14,50~.07 _.._---------.~-~._.__._-_._- ._~---_._---.-._~---_._-~.._-~_.- -..-.----------- ~_.._._._._._-.---_.._..-.._- ..._- --~----- -.---.------- -.-. ---- ,- ... -.--..--.. .-.. -- .----. ... Estate of: Francis R. Grady 013-14-4515 Schedule H Part 7 (Page 2) 2 Stock and Leader Costs: BVP Stock Pricing postage Expense Photoc~ Expense File xnventory File PA X:oh. Tax File Releases $ 7.40 22.50 45.00 15.00 15.00 20.00 124.90 3 Bstate of Jllartha W. Grady CUmberland County Register of Wills, probate f.es 140.00 .. C01IIllIerce Bank wire transfer fe. 10.00 5 AlG Financial Servic.. stock transfer f.e 50.00 Total (Carry forward to maiD schedule) 324.90 . . _1!!~V:l~~!~+ !12-~_. _..___ ._._ - ___n_._. . -_.--- .._._- ----SCHEDUlJ:r----..----...------ .. --.- ------... -..---------- COMMONVtof:At.1H OF PEtHM.VANIA DEBTS OF DECEDENT, ' ~~N MORTGAGE UABlLmES, & LIENS ESTAT! OF praDc:!is R. Qra~ FILE NUMEER 21 01 D'726 Report debts InclIJ'J'8d by the decedent prior to deeth which remained unpeld.. of the delle r:A deetll, including unrelmbul1l8d medical expenne. ITEM NlMlER 1. 50%18 ~ VALUE AT DAle OF DEATH 3W4BA1l 2.00II TOTAL CAlsoenlar on line 10, Recldulldlan) $ (If more IIpICe '- needed. InHrt eddIIlol18l8heelll of the aame 151ze) 0.00 REV-1613 8<+(9-00) ~_._.--,." --"-,,..---.. -.". . '~~~--"'-"---- SCHEDULE...J BENEFICIARIES , co~ 'i'H Of!I'ENN$YLVANIA IN-tERITANCETAX RETllRN RESIDENT DECEDENT ESTATE OF Francillt ~, Glrlldv NUMBER I NAME AND ADDRESS OF PERSON(S) RECEMNG PROPERlY TAXABLE DISTRIBUTIONS [include outright spousal distributions, and transfers under Sec. 9116 (8) (1.2)) FILE NUMBER 21 A' n7?6 RElATIONSHIP TO DECEDENT AMOUNT OR SHARE Do Not Lilt Trult8e(l) OF ESTATE . " ENTER DOUARAMOUNTS FOR DIS1RIBU1l0NS SHOWN ABOVE ON UNES 16 THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET II NON-TAXABlE DISTRIBUTIONS: A. SPOUSAL DISTRIBUTlONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS 1 Holy Cross College, a/k/a College of the Holy Cross Planned Giving Department Attn: Ana Alvarado, Director 1 College Street Worcester, MA 01610-2395 3W~BAI1.000 TOTAL OF PART n - ENTER TOTAL NON-TAXABLE DtSTR1BUT1ONS ON LINE 13 OF REV-1500 COVER SHEET (If more space Is needed. Insert eddl1lon81 sheets of the same size) $ 11. 679.39 ----.".- .-." ...... _.~--- .- .'-..-..-.....--- -,- ------.. .-. .-.-...-...,. .....--.-.-..- ,- "-'.-- .._~_.~- '---.-..---.-.- Estate df: Francis R. Grady 013-14-4515 . Schedule J Part 2 (Page 2) Item No. Description Amount Cash Bequest $ 20,000 prorated share is 57.143\ of , BequestHoly Cross College, a/k/a College of the Holy Cross Planned Giving Department Attn: Ana Alvarado, Director 1 College Street Worcester, XA 01610-2395 Cash Bequest $ 20,000 prorated share is 57.143\ of Bequest 6,673.95 2 The Harrisburg Foundation The David Grady Memorial Fund Attnl Mark Xain 200 North Third Street, P.O. Box 678 HarriSburg, PA 17108-0678 Cash Bequest $ 10,000 prorated share is 28.571\ of Bequest 3,336.92 3 The ODited Way Foundation of The Capital Region Attnl Debbie Brady, Vice President 2235 Mi1lenium Way Bnola, PA 17025 Cash Bequest $ 5,000 prorated share is 14.286\ of Bequest 1,668.52 . .. 2080 LINGLESTOWN ROAD HARRISBURG.PA 17110-9670 LAST WILL AND TESTAMENT OF FRANCIS R. GRADY I, FRANCIS R. GRADY, of Cumberland County, revoke any prior wills and codicils and declare this to be my Will. ARTICLE I Family Information I am married to Martha W. Grady, and any reference to my Wife shall be to her. My children born before the date of my Will are: Stephen P. Grady Michael F. Grady Suzanne Walsh ARTICLE II Tangible Personal Property A. General Gift of Tangibles. I give all my tangible personal property as follows: 1. To my Wife if she survives me. 2. If my Wife does not survive me, my Executor may sell any of my tangible personal property that my Executor (excluding, however, any Executor who is a child of mine) may determine I would not wish to have preserved for my children, and shall add the proceeds of any such sale to my estate. I give the balance of such property to such of my children as survive me, to be divided among them as they may agree in as nearly equal shares as practicable, or in the absence of agreement, as my Executor (excluding, however, any Executor who is a child of mine) shall determine. -1- ... ".,.--...'--~-----.........--'-",...,....,--~~--_...-,.,.-._..,...--...........~~...,...,..-.,..,.~. , -"-'___"'~"""""~-C""'~'_"""'_~_""""_"""""'_"'_,""".~,.,-:=.",..",,,_..,.,.,,,..,.~-,.,..-.,......_ B. Survivorship. Except when I may have specifically provided otherwise, any gift to an individual under this article shall take effect only if the individual survives me, and no anti-lapse rule shall apply. C. Gift Includes Insurance. A gift of property under this article includes my rights under any insurance policies related to such property or the proceeds of such policies. ARTICLE III Cash Legacies A. Unconditional Cash Legacies. I give the following cash gifts: 1. to Holy Cross College,Worcester,Mass,in memory of Francis R Grady,class of 1944, the sum of twenty thousand dollars ($20,000) 2. to To The Harrisburg Foundation,The David Grady Memorial Fund, the sum often thousand dollars ($10,000) , 3. to The United Way Foundation of The Capital Region in memory of Francis R Grady, the sum of five thousand dollars ($5,000) B. Survivorship. Except when I may have specifically provided otherwise, any gift to an individual under this article shall take effect only if the individual survives me, and no anti-lapse rule shall apply. ARTICLE IV Residue A. Spouse or Alternate. I give my residuary estate, real and personal, as follows: 1. If my Wife survives me, to her. 2. If my Wife disclaims all or part of this gift, the disclaimed property shall be paid to the Trustee of the Credit-Shelter Trust under this Will to be disposed of under the terms of that trust. -2- .~~C?/ { ,~.,_. '.orr" 3. lfmy Wife does not survive me, to my descendants who survive me, per stirpes. B. Simultaneous Death. lfmy Wife and I die simultaneously or under such circumstances that the order of our deaths cannot be determined, she shall be deemed to have survived me for purposes of this article. \ ARTICLE V Credit-Shelter Trust Property that is to be held as the Credit-Shelter Trust shall be held under this article and all references to "Credit-Shelter Trust" shall be to the trust held under this article. A. During My Wife's Life. The following provis~ons shall apply during my Wife's life: 1. The Trustee shall distribute to my Wife the net income of the trust at least annually. 2. The Trustee shall distribute to one or more of my Wife and my descendants as much of the principal of the trust as the Trustee may from time to time determine, in such amounts or proportions as the Trustee may from time to time select, for the recipient's health, education and support in his or her accustomed manner of living or maintenance. 3. If my Wife is living on December 31 of each year and so directs, the Trustee shall distribute to my Wife the greater of that amount referred to in Code Sec. 2514(e)(1) (currently, five thousand dollars ($5,000.00)) or that percentage referred to in Code Sec. 2514(e)(2) (currently, five percent (5%)) of the trust on that date. This right shall not accumulate from year to year and the limitation determined with reference to Code Sec. 2514(e)(1) (currently, five thousand dollars ($5,000.00)) shall be reduced to any smaller limit -3- ~"".,:" ":+",-,:.,~~..->t:_-~:"-,.";'~~c_,,..:'- ,'~~_.,""',"'., ," _~ J.':. that would result from taking into account fIrst all other powers held by my Wife that must, under Code Sec. 2514(e), be aggregated to determine the largest lapse that can occur without being treated as a release. 4. The Trustee may consider the needs of my Wife as more important than the needs of my descendants or any other benefIciary. B. Upon My Wife's Death. Upon the death of my Wife, the property then held in the Credit-Shelter Trust shall be distributed as follows: 1. to my descendants then living, per stirpes C. Spouse's Disclaimer. If my Wife disclaims her interest in the income and principal of all or a portion of the Credit-Shelter Trust, the disclaimed property shall be disposed of as if she had survived me and died immediately after my death. If my Wife makes a disclaimer limited to her right to mandatory income payments from the Credit-Shelter Trust as to all or a portion of the income of the trust, the disclaimed net income shall be disposed of by the Trustee under terms identical to those that apply to distributions of principal above, and any income not so distributed shaH from time to time be accumulated and added to principal. ARTICLE VI Takers of Last Resort My Executor or the Trustee shaH distribute any property that is not otherwise disposed of under my WiII to the persons who would have inherited my personal estate, and in the shares that they would have inherited it had I died a resident of the Commonwealth of Pennsylvania, unmarried and without a valid will, on the date on which expires the interest of the last benefIciary of the property under this Will. ARTICLE VII Maximum Duration for Trusts The Maximum Duration for Trusts means the longest period that property may be -4- ",; - -"'--~ ":"~....-,:,,,,.,~,~-':: ~ ~," . - ":, ; :_"~::-.'~'-;'~~:_~;~}~:~~';~"J'~'~ i~r:.",:;~<, ':-~,~:~: )f'!-:',,:.', __,~,~~_. accumulations, the suspension of alienation, and the like (including any applicable period in gross such as twenty-one (21) years or ninety (90) years). If under those rules the Maximum Duration for Trusts shall be determined (or alternatively determined) with reference to the death of the last survivor of a group of individuals alive on the date of my death, those individuals shall consist of my surviving Wife, all of my descendants living on the date of my death, and any surviving spouse of a descendant of mine ifboth the descendant and the spouse were living on the date of my death. In the case of any property I have appointed to a trust under this Will from another trust by exercising a power over the other trust, the date for determining measuring lives with respect to that property shall be the date that my power was created (rather than on the date of my death). ARTICLE VIII Executors and Trustees A. Initial Appointments. 1. I appoint my Wife, Martha W. Grady, to be an Executor of this Will and Trustee of each trust under this Will. 2. Multiple Executors or Trustees, whether named by me or by another Executor or Trustee, shall serve together and each may serve even if one or more of them shall fail or cease to serve for any reason. B. Successors. 1. I appoint Stephen P Grady to be the Successor Executor of this Will and the Successor Trustee of each trust under this Will, if and when all persons I have previously named shall fail to qualify or cease to act. 2. Any reference to "Executor" includes any successor, unless expressly indicated. -5- ._~ 4;.-_~.c;~., ;_0. -....,.'0" J'~,~7,~"_!'T' ~'-'7 "'_~_'_ '.: ~.. ~_".'~""_' .;;<',?l~)~,;_~:~I~',~'~~-:,~;.,.,-;;_~~~,,_, :~d_"~'.~'~_ "Y. ":~":-"-.~'-r' ",;;_.;.. ..... _'_,. " ." .: ..... :":~>__"" 3. .A successor Executor shall be entitled t~serve based on 'the . following rules: a. first, each Executor named by me in this Will shall be entitled to serve; b. second, a successor Executor named by me in this Will shall be entitled to serve; c. third, a then-serving Co-Executor effectively appointed by another Executor shall be entitled to continue serving; d. fourth, a successor effectively appointed by another Executor shall be entitled to serve. 4. Separate trusts hereunder may have different trustees pursuant to these provisions. 5. In the event that the sole Trustee of a trust is a beneficiary of the trust, the Trustee may appoint but shall not be required to appoint a Co- Tr!1stee as provided herein. A beneficiary's interest shall not be merged or converted into a legal life estate or estate for years because the beneficiary is the sole Trustee, but if this would still happen under applicable law, then a Co-Trustee shall be appointed in preference to such merger or conversion. C. Additional Provisions Regarding Changes in Fiduciaries. 1. Any Executor or Trustee may resign at any time without court approval and whether or not a successor has been appointed. 2. Each individual Executor and Trustee (including successors) shall have the right to appoint a successor individual Executor or Trustee by an instrument in writing, such appointment to take effect upon the death, resignation or incapacity of the appointing Executor or Trustee. An appointment may be changed or revoked until it takes effect. If! have named a successor or successors to the appointing Executor or Trustee in this Will, the -6- ,.~ '~:" :.;~,-'. "C_"<'~"";,-::-~_~ : '_;,,<~j.<~,_~:;._ 4. If the office of Executor or Trustee of a trust is vacant, and no successor takes office pursuant to any other provision of this Will, an individual or corporation with fiduciary powers may be appointed as Executor or Trustee by my Wife if then living and competent, otherwise by a majority of my adult descendants then living and competent. 5. An Executor or Trustee may be appointed pursuant to this article for a limited purpose or to hold only specified powers. D. Accountings and Other Proceedings. 1. I direct that my estate or a trust hereunder be subj ect to independent administration with as little court supervision as the law allows. My Executor and the Trustee shall not be required to render to any court annual or other periodic accounts, or any inventory, appraisal, or other returns or reports, except as required by applicable state law. My Executor and the Trustee shall take such action for the settlement or approval of accounts at such times and before such courts or without court proceedings as my Executor or the Trustee shall determine. My Executor or the Trustee shall pay the costs and expenses of any such action or proceeding, including (but not limited to) the compensation and expenses of attorneys and guardians, out of the property of my estate or the trust. The Trustee shall not be required to register any trust hereunder. 2. I direct that in any proceeding relating to my estate or a trust hereunder, service upon any person under a legal disability need not be made when another person not under a disability is a party to the proceeding and has the same interest as the person -7- -.'"' - ' ,.~, ':A"_:~>"i.~,':'";- __.~, ;. i-- . -. . ~' 'c' - ,J~,c:,-, : ;.'.., _.,;~" "',. <'..' metes Ull:svr the proceeding. The same rule shall apply to non-judicial settlements, releases, exonerations, and indemnities. E. Fiduciary Powers. My Executor and the Trustee may, without prior authority from any court, exercise all powers conferred by this Will or by common law or by any fiduciary powers act or other statute of the Commonwealth of Pennsylvania or any other jurisdiction whose law applies to this Will or to any trust hereby created. My Executor and the Trustee shall have absolute discretion in exercising these powers. Except as specifically limited by this Will, these powers shall extend to all property held by my Executor and the Trustee until the actual distribution ofthe property. The powers of my Executor and the Trustee shall include the following powers: 1. My Executor or the Trustee may sell or exchange any real or personal property contained in my estate, for cash or credit, at public or private sale, and with such warranties or indemnifications as my Executor or the Trustee may ~em advisable. 2. My Executor or the Trustee may grant security interests and execute all instruments creating such interests upon such terms as my Executor or the Trustee may deem advisable. 3. My Executor or the Trustee may make all tax elections and allocations my Executor or the Trustee may consider appropriate, including any election to treat a revocable trust created by me as part of my estate for income tax purposes; however, this authority is exercisable only in a fiduciary capacity and may not be used to enlarge or shift any beneficial interest except as an incidental consequence of the discharge of fiduciary duties. Tax elections and allocations made in good faith shall not require equitable adjustments. 4. My Executor or the Trustee may distribute any of my estate to a beneficiary under twenty-one (21) years of age by distribution to any appropriate person (who may be an Executor) chosen by my Executor or the Trustee as custodian under any appropriate -8- .."""4ff.'~:~::!::t~:;:::~~;;~ ;;cl'~7c:;fu"':~~~d'gfti~~~~ by law .My Executor or the Trustee may also sell any asset that cannot be held under this custodianship and invest the sales proceeds in assets that can be so held. 5. My Executor or the Trustee may divide and distribute the assets of my estate in kind, in money, or partly in each, without regard to the income tax basis of any asset and without the consent of any beneficiary. The decision of my Executor or the Trustee in dividing any portion of my estate between or among multiple beneficiaries shall be binding on all persons. F. Exoneration from Security. No Executor or Trustee shall be required to give bond or other security in any jurisdiction, and if despite this exoneration a bond is nevertheless required, no sureties shall be required. G. Additional General Provisions Regarding Fiduciaries. 1. "Interested Trustee" means for any trust a Trustee who is (i) a transferor of property to the trust, including a person whose qualified disc-laimer resulted in property passing to the trust; or (ii) a person who is or in the future may be eligible to receive income or principal pursuant to the terms of the trust. A Trustee described in (i) is an Interested Trustee only with respect to the transferred property (including income and gain on, and reinvestment of, such property). A person is described in (ii) even ifhe or she has a remote contingent remainder interest. A Trustee who is not an Interested Trustee is a "Disinterested Trustee. " 2. My Executor may make distributions directly from my estate to beneficiaries of a trust hereunder, but only at the direction of the Trustee authorized to make such distributions. 3. Under this Will, if two or more separate trusts with the same beneficiaries and same terms are created, either by direction or pursuant to the exercise of discretion, I intend that the separate trusts may but need not have the same investments and may -9- , ~O___ -~~ ~.~,,~. :..'":,..... <',_ - .~'~-.;.~~,_,,'.,;-."::~"C,~,.'<~d. :,';:~,~~'~;~~~-,L,:-,.;--~:~~;:~.",- ;,~;.:.)~ll/~,~~,::;,_::J*;+~~_~:~~.,j~~;_,~_:::,",.:,;_~:,~:'~;,.: ~~~_ but need not follow the'sa.Il'lepattern of distributions. The Trustee's powers shall be exercisable ,,",' .' .,.. " ," separately with respect to each trust. 4. Except to the extent specifically provided otherwise in this Will, references to my Executor or the Trustee shall, in their application to my estate or a trust hereunder, refer to all those from time to time acting as Executors or Trustees of that Trust and if two or more Executors or Trustees are eligible to act on a given matter they shall act by majority. In the exercise of discretion over distributions, if this Will provides that certain Trustees may participate in distributions limited by an ascertainable standard, while a different set of Trustees may participate in distributions for any purpose, if the two sets of Trustees (each acting by its own majority) want to distribute the same item of income or principal to different recipients, the distribution desired by the set of Trustees participating in distributions for any purpose shall prevail. 5. Individual Executors and Trustees shall receive compensation in accordance with the laws of the Commonwealth of Pennsylvania in effect; at the time of payment, unless the Executor or Trustee waives compensation; provided that my Wife and descendants shall serve without compensation. A corporate Executor or Trustee shall be compensated by agreement with the individual Executor or Trustee or in the absence of such agreement in accordance with its fee schedule as in effect at the time of payment. I authorize a corporate Executor or Trustee to charge additional fees for services it provides to my estate or a trust hereunder that are not comprised within its duties as Executor or Trustee, for example, a fee charged by a mutual fund it administers in which my estate or a trust hereunder invests, or a fee for providing an appraisal, or a fee for providing corporate finance or investment banking services. I also recognize that a corporate Executor or Trustee may charge separately for some services comprised within its duties as Executor or Trustee, for example a separate fee for investing cash balances or preparing tax returns. Such separate charges shall not be treated as -10- ; ;'\:l.::~;:~"r:; ,.~ /i "ili1ptdper"ot'excessi\ie"mere. y'l5'ecause'tIiey area compensation for service as Executor or Trustee. Insurance proceeds and ~etirement benefits payable to my estate shall not be subj ect to Executor's compensation. 6. No Executor or Trustee shall be liable to anyone for anything done or not done by any other Executor or Trustee or by any beneficiary. 7. The fact that an Executor or Trustee is active in the investment business shall not be deemed a conflict of interest, and purchases and sales of investments may be made through a corporate Executor or Trustee or through any firm of which a corporate or individual Executor or Trustee is a partner, shareholder, proprietor, associate, employee, owner, subsidiary, affiliate or the like, and property of my estate or a trust hereunder may be invested in individual securities, mutual funds, partnerships, private placements, or other forms of investment promoted, underwritten, managed, or advised by an Executor or Trustee or such a firm. 8. My Executor and the Trustee shall not be u,nder any duty to diversify investments regardless of any rule of law requiring diversification. 9. The fact that an Executor or Trustee (or a firm of which an Executor or Trustee is a member or with which an Executor or Trustee is otherwise affiliated) renders legal or other professional services to my estate or a trust hereunder shall not be deemed a conflict of interest, and my Executor or the Trustee may pay fees for such services to such Executor or Trustee or firm without prior approval of any court or any beneficiary and whether or not there is a Co-Executor or Co-Trustee to approve such payment. An attorney or other Executor or Trustee who also renders professional services shall receive full compensation for both services as Executor or Trustee and the professional services rendered, except as specifically limited by law. 10. No state law restraint on acts of self-dealing by a fiduciary shall apply to an Executor or Trustee who is my Wife or a descendant of mine. Except when -11- jjc;:~~,~,,~:w:~,._t,i~~ii:~iiibit~~1trJi~gf)~i~~~fb'A~mm~i~ ~tl~ira\i'2~ectitor or.tTttSteem~)i'erit~tttt@k_r,!_~~~~~,;, ,.~.\rf:<'-' -'C}"""_"'~ transactions on behalf of my estate or a trust hereunder in which that Executor or Trustee is personally interested so long as the terms of such transaction are fair to my estate or the trust. For example, such an Executor or Trustee may purchase property from my estate or the trust at its fair market value without court approval. 11. If I have given the Trustee discretion concerning distributions of income or principal, that discretion shall be absolute and uncontrolled, and subject to correction by a court only if the Trustee should act utterly without reason, or in bad faith, or in violation of specific provisions of this Will. If I have set forth general guidelines (as opposed to directions,or dollar limits) for the Trustee in making distributions, those guidelines shall be merely suggestive and shall not create an enforceable standard whereby a distribution could be criticized or compelled. It is my strong belief that the Trustee will be in the best position to interpret and carry out the intentions expressed herein under changing circumstances. This paragraph shall not, however, apply to any standards framed in terms of health, education, support (including support in an accustomed manner of living) or maintenance as those words shall create an ascertainable standard for federal tax purposes when applied to a trustee's power or a power held individually, although even in those cases the holder of the power shall have as much discretion as consistent therewith. An Interested Trustee may exercise discretion to make distributions to himself or herself subject to an ascertainable standard notwithstanding any contrary rule of law. 12. Notwithstanding any other provision of this Will, each Trustee is prohibited from making, voting on, or otherwise participating in any discretionary distribution of income or principal from a trust that would discharge or substitute for a legal obligation of that trustee, including the obligation to support a beneficiary of the trust. Subject to that, in exercising discretion over distributions, the Trustee may consider, or may disregard, other resources available to any beneficiary. -12- (~~ ~tJnfgss'I'1ia:Vesp;~2:1ficallYproVideddtnerw'ise;" . ascertainable standard governing its exercise, the Trustee's discretionary power to distribute income or principal in.c1udes the power to distribute all of such in.come and/or principal to one or more members of a class to the exclusion of others whether or not the terms of the trust specifically mention that possibility. 14. A Trustee may irrevocably release one or more powers held by the Trustee while retaining other powers. 15. Any Executor or Trustee may delegate to a Co":ExecutororCo- Trustee any power held by the delegatin.g Executor or Trustee, but oruyiftheCo-Execlltorqr ..... Co- Trustee is authorized to exercise ,the power delegated. A delegation may be revocable, but while it is in. effect the delegatin.g Executor or Trustee shall have no responsibility concemin.g the exercise of the delegated power. ARTICLE IX Definitions and Miscellaneous Provisions The following definitions and miscellaneous provisions shall apply under this Will: A. Children and Descendants. References to "children" and "descendants" shall include children and descendants whenever born. B. Surviving Spouse. An individual's "surviving spouse" means the person (if any) survivin.g the individual to whom the individual is married at the time of the individual's death. C. Tangible Personal Property. The term "tangible personal property" does not include personally held art, antiques, stamp and coin collections, and other collectibles. Such term does not include property primarily held for investment purposes, nor does it include any property held for use in. a trade or business, ordinary currency and cash, or bullion. -13- . "~":~':-:?:";:":?.4;., '~~:/C:'c. o '<'.:':":"::",;--<.-':'." - - ,',.,..>:'":_:"":",,,,:' . surviving or then living descendants "perstirpes" shall be divided into as there are children of the individual who are then living or who have died leaving surviving or then-living descendants. A share allocated to.a deceased child of the individual shall be divided further among such deceased child's surviving or then-living descendants in the same manner. E. Minor and Adult. Whether an individual is a minor or an adult shall be determined under the laws of the individual's domicile at the time in question. F. Disabled Trustee. A trustee is "disabled" (and serve as Trustee) when a written certification is in effect that the or mentally incapable of managing the affairs of the trust, whether of the Trustee's incompetence. 1. This certification shall be valid only if it is signed by at least two (2) physicians, each of whom has personally examined the trustee and at least one (1) of whom is board-certified in the specialty most closely associated with the alleged disability. 2. This certification need not indicate any cause for the trustee's disability. 3. A certification of disability shall be rescinded when a serving trustee receives a certification the former trustee is capable of managing the trust's affairs. This certification, too, shall be valid only ifit is signed by at least two (2) physicians, each of whom has personally examined the trustee and at least one (1) of whom is board certified in the specialty most closely associated with the former disability. 4. No person is liable to anyone for actions taken in reliance on the certifications under this paragraph, or for dealing with a trustee other than the one removed for disability based on these certifications. G. Gross Estate. "Gross estate" means my gross estate as determined for federal estate tax purposes (or for state death tax purposes where relevant). -14- c)Q,~ Signed, sealed, published and declared by FRANCIS R. GRADY, the testator above named, as and for his Codicil to ~tt)~ ~ C~ !I--~~. ~'/ 17//0 ( q zc;q brltk~~ ~ tflce ~ /-f/ /l) -15- ~~''''JL..w,'~~~~~~~~,.A:'i.,l,ljJ"')'~''''4~;:Q'''f~ill;;.ii'!.;''i\UIk (Contemporaneou~ . COMMONWEALTH OF PENNSYLVANIA ) ) ss: CUMBERLAND COUNTY ) ~ FRANCIS R. GRADY, .J~Q ~. . and" , ~ J.~~ .... . . .'. .,thetestatorand the.witnesses,respecti}'~lY"W~8s~Ilcirties' are subscribed to the foregoing instrument, being first duly sworn, d9h~r~lJ~<iep1ar~'tothcLi undersigned authority that,the t~statorsigI1e~and executedthe>insti}1Iri.~11.t~l:riE;WillaI1dthatlie" had signed willingly and that he executed it as his free and voluntary act for the purposes therein expressed, and that each of the witnesses, in the presence and hearing of the testator, signed the Will as witness and that to the best of each such witness's knowledge the testator was at that time eighteen (18) or more years of age, of sound mind, and under no constraint or undue influence. :;:-::-:~';-'$~~;;i'~:!~~~~!'fr~ Subscribed, sworn to and acknowledged before me by FRANCIS R. GRADY, the testator, and suqscribed and swo~ to before me by ~D- 2nlrlMV\.- and Sl€vOV\ d. S(hl Jv\.~~ , witnesses, this 30th day of November, 1999. Notarial Seal Usa Conway, Notary Public Susquehanna Twp., Dauphin County My Commission Expires Mar. 24, 2003 llytl~ Notary Public ) -16-