HomeMy WebLinkAbout04-23-08
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15056041125
REV-1500 EX (06-05)
PA Department of Revenue '*
Bureau of Individual Taxes INHERITANCE TAX RETURN
PO BOX 280601
Harrisburg, PA 17128-0601 RESIDENT DECEDENT
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death
OFFICIAL USE ONLY
County Code Year
2 1 0 7
File Number
o 7 9 0
Date of Birth
079268460
Decedent's Last Name
P led g e r
Suffix
o 8 0 9 1 9 3 0
/"
Decedent's First Name
072 720 0 7
W a 1 t e r
MI
R
(If Applicable) Enter Surviving Spouse's Information Below
Spouse's Last Name Suffix
P led g e r
Spouse's Social Security Number
Spouse's First Name
J a n e
MI
R
10422 704 6
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
FILL IN APPROPRIATE OVALS BELOW
[XI 1. Original Return
D 4. Limited Estate
[XI 6. Decedent Died Testate
(Attach Copy of Will)
D 9. Litigation Proceeds Received
D 2. Supplemental Return D 3. Remainder Return (date of death
prior to 12-13-82)
D 4a. Future Interest Compromise (date of D 5. Federal Estate Tax Return Required
death after 12-12-82)
D 7. Decedent Maintained a Living Trust
(Attach Copy of Trust)
D 10. Spousal Poverty Credit (date of death D 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
8. Total Number of Safe Deposit Boxes
R i c h a r d
Firm Name (If Applicable)
R i c h a r d L.
L .
Bushman,
E s q
~
Bushman,
E s q
REGISTE~ ~LLS USE'" Y
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DJfrE FILED
-0
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First line of address
16767
Pat h
Valley
R 0 a d
Second line of address
P 0
Box
5 1
City or Post Office
S p r i n g
State ZIP Code
nc::)
-'q
Run
P A
1 7 2 6 2
Correspondent's e-mail address:
Under penalties of perjury, I declare that I have examined this return. 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.
IG RE OF PE~N R ~~~IB E FOR FILING RETURN D TE
~ lC. .JI.9-.. ~ B -oK
ESS
Rid Newville PA 17241
ADDRESS
16767
Road, PO Bo Spring Run
PLEASE USE ORIGINAL FORM ONLY
PA 17262
Side 1
L
15056041125
15056041125
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15056042126
REV-1500 EX
Decedenfs Name: Wa 1 t erR. Pledge r
RECAPITULATION
1. Real estate (Schedule A)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1.
2. Stocks and Bonds (Schedule B)
... ... ........................ .. .. 2.
3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) ..... 3.
4. Mortgages & Notes Receivable (Schedule D)
........................ 4.
5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E) ....... 5.
6. Jointly OWned Property (Schedule F) D Separate Billing Requested . . . . . " 6.
7. Inter-Vivos Transfers & Miscellaneous N,Q.!l;Probate Property
(Schedule G) U Separate Billing Requested. . . . . .. 7.
8. Total Gross Assets (total Lines 1-7)
........................... 8.
9. Funeral Expenses & Administrative Costs (Schedule H)
................ 9.
10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I)
. . . . . . . . . . . . 10.
11. Total Deductions (total Lines 9 & 10)
. . . . . . . . . . . . . . . . . . . . . . . . . . . 11.
12. Net Value of Estate (Line 8 minus Line 11) . . . . . . . . . . . . . . . . . . . . . . . . . 12.
13. Charitable and Governmental Bequests/Sec 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.
513004.84
TAX COMPUTATION. SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable
at the spousal tax rate, or
transfers under Sec. 9116 2 7 8 3 . 4
(a)(1.2) X.O _ 0 5 3 15.
16. Amount of Line 14 taxable 3 0 5 1 5 1 . 4 1
at lineal rate X .04L 16.
17. Amount of Line 14 taxable o . 0 0
at sibling rate X .12 17.
18. Amount of Line 14 taxable o . 0 0
at collateral rate X .15 18.
19. Tax Due
. . . . . . . . . . . . . . . . . . . . 19.
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
Side 2
L..
15056042126
Decedent's Social Security Number
079268460
474955.45
20211.03
4 0 5 1 6.2 4
535682.72
22677.88
22677.88
513004.84
o . 0 0
1 373 1 . 8 1
O. 0 0
o . 0 0
1 373 1 . 8 1
00
15056042126
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REV-1500 EX Page 3
Decedent's Complete Address:
File Number
21 07 0790
DECEDENrs NAME
Walter R. Pledger
STREET ADDRESS --~----------~-----_._-_.__...._---_.._--_._..._...-
20 Ridge Lane
_...__..__~_.._.__.._____..____..._ ,"n ..._.-. -..--..-..... .,.- .. --....-..-... ._...~..-- _.. .....-,-..---. ......-..,......-. ...... -.--..--..--.- --...--....
CITY -.---..---------...--...-.--. --....... -..-...---.----....--,..-...-.--...----
I STATE I ZIP
i
Newville I PA 17241
Tax Payments and Credits:
1. Tax Due (Page 2 Une 19)
2. Credits/Payments
A. Spousal Poverty Credit
8. Prior Payments
C. Discount
(1 )
13.731.81
Total Credits (A + 8 + C)
(2)
3.
0.00
(3)
(4)
(5)
(5A)
(58)
0.00
0.00
13.731.81
4.
5.
If Line 1 + Line 3 is greater than Line 2, enter the difference, This is the TAX DUE.
A. Enter the interest on the tax due.
8. Enter the total of Une 5 + 5A. This is the BALANCE DUE.
13.731.81
Make Check Payable to: REGISTER OF WILLS, AGENT
......"..~%1.._.>um__&..r
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 !XI
b. retain the right to designate who shall use the property transferred or its income; ..... .... ..... ...... . .... .. .... D 00
c. retain a reversionary interest; or ................................................................................................ D 00
d. receive the promise for life of either payments, benefits or care? ........................ ........ ............. .......... D r&J
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death
without receiving adequate consideration? ... ..................................... >............................................ .. D
3. Did decedent own an "in trust fori or payable upon death bank account or security at his or her death? ......... 0
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which
t . b f" d' t' ? I)(l
con alns a ene IClary eSlgna Ion. .................................................................................................. ~
!Xl
!Xl
o
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
.j'i~i.ijHil_~I~B;;~". ..".
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. ~g116(1.2) [72 P.S. ~9116(a)(1)].
The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is twelve (12) percent [72 P.S. 99116(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.
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REV-1503EX +(6-98)
*
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIO.ENT DECEDENT
SCM1E,D;U,L.E B
STOCKS & BONDS
ESTATE OF
Walter R. PledQer
FILE NUMBER
21 07 0790
All property jointly-owned with right of survivorship must be disclosed on Schedule F.
ITEM
NUMBER
t
DESCRIPTION
VALUE AT DATE
OF DEATH
474,955.45
Stocks held with Smith Barney
TOTAL (Also enter on line 2, Recapitulation) $
(If more soace is needed. insert additional sheets of the same size)
474..955.45
'REV'15Q8;EX.+. (~98)
.
COMMONWEALTH OF PENNSYLVANIA
INHI;RI,.~N~~ TNC RETURN
.. ',OeEENT
seMi.DULI E
CASH, SANK DEPOSITS, & MISC.
PERSO,NALPROPERTY .
ESTATE OF
Walter R. Pledger
FILE NUMBER
21 07 0790
Include the proceeds of litigation and the date the proceeds were received by the estate.
All property Jointly-owned With right of survivorship must be disclosed on Schedule F.
ITEM
NUMBER
1.
DESCRIPTION
Bank Deposit Program with Smith Barney - $5,018.91 & accrued interest of $12.67
VALUE AT DATE
OF DEATH
5,031.58
2.
OnStar refund
125.75
3.
CD with Smith Barney - Still Water Nat'l Bk and Trust
9,972.70
4.
CD with Smith Barney - Washington Mutual Bank NV
4,981.00
5.
Cumberland County VA
100.00
6.
TOTAL (Also enter on line 5, Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
20211.03
REV~t610ex ... (60098)
..
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIPENT [) _EOENT
ESTATE OF
Walter R. Pledger
SCH..!ULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
FILE NUMBER
21 07 0790
This schedule must be completed and filed If the answer to any of questions 1 through 4 on the reverse side of the REV -1500 COVER SHEET Is yes.
DESCRIPTION OF PROPERTY
ITEM INCI.UDE THE NAMe OF THE TIWlSFEREE. THEIR RELATIONSHIP TO DECEDENT AND DATE OF DEATH % OF DECO'S EXCLUSION TAXABLE
NUMBER THE DATE OF TRANSFER. ATTACH A COPY OF THE DEED FOR REAl ESTATE. VALUE OF ASSET INTEREST pF APPI.lCAlll.E) VALUE
1. Smith Barney IRA 40,516.24 100. 40,516.24
TOTAL (AlSO enter on line 7 RecaPitulation) $ 40516.24
IIf mnl'A c:nl:lt"O ill n~M inllArt ArlrlitinnAI !lhARt!; nf thA !lame size)
REV-1511 EX + (12-99)
..
SCM,EDU:LE M
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
. RESIDENT DECEDENT
ESTATE OF
WalterR. PledQer
Debts of decedent must be reported on Schedule 1.
ITEM
NUMBER
A.
DESCRIPTION
FUNERAL EXPENSES:
Fogelsanger-Bricker Funeral Home
1.
B.
FILE NUMBER
21 07 0790
AMOUNT
3,382.27
ADMINISTRATIVE COSTS:
Personal Representative's Commissions
Name of Personal Representative (s) Jane R. Pledger
Social Security Numbe~s)/EIN Number of Personal Representative(s) 104-22-7046
Street Address 20 Ridge Lane
City Newville State P A Zip 17241
Yea~s) Commission Paid: waived
Probate Fees filing fee of 2 codicils $30, Letters $410, filing fee of will $15, automation fee
$5, Short Certficates $20, JCP fee $10, filing fee of PA Inheritance Tax Return $15,
Accountanfs Fees
1.
2.
3.
Attomey Fees Richard L. Bushman, Esquire,
Family Exemption: (If decedenfs address is not the same as claimanfs, attach explanation)
Claimant Jane R. Pledger
Street Address 20 Ridge Lane
City Newville State P A
Relationship of Claimant to Decedent wife
4.
5.
6.
Tax Return Preparer's Fees
7.
8.
9.
10.
11.
Certified letter to DPW
Carlisle Sentinal - Estate Advertising
Cumberland County Legal Journal - Estate Advertising
Sherry Rosenberry, Notary Public
filing fee for First and Final Account
14,713.65
3,500.00
Zip 17241
505.00
5.20
102.76
75;00
14.00
380.00
TOTAL (Also enter on line 9, Recapitulation) $
(If more space is needed~lnsert additional sheets of the same size)
22.677.88
REV.,5,3EX+(*
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
W It R PI d
SCHEDULE J
BENEFICIARIES
a er elaer
RELA TIONSHIP TO DECEDENT AMOUNT OR SHARE
NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not List Trustee(s} OF ESTATE
I. TAXABLE DISTRIBUTIONS pnclude outright s~ousal distributions, and transfers under
Sec. 9116 (a)(1. )1
1. Jane R. Pledger Spousal 20.7,853.43
20 Ridge Lane
Newville PA 17241
2. Victoria P. Krenitsky. $86,568.86 + $72,860.85 Lineal 159.429.71
6539 Little Mountain Terrace
Chambersburg PA 17202
3. Linda S. Lowery Lineal 72,860.85
150 Holtzinger Lane
Juliane PA 16844
4. Walter E. Pledger Lineal 72,860.85
43 Misty Meadow Drive
Reinholds PA 17569
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18. AS APPROPRIATE, ON REV-1500 COVER SHEET
n. NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE
1.
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
1.
TOTAL OF PART II - ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET $
. .
FILE NUMBER
21 07 0790
(If more space IS needed, Insert additional sheets of the same size)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
I
SCMIi8\ILE K
LIFE ESTATE, ANNUITY
& TERM CERTAIN
Check Box 4 on Rev.1500 Cover Sheet
REV-1514 ex + (12~.
ESTATE OF FILE NUMBER
Walter R. Pledger 21 07 0790
This sChedule is to be used for all single life, joint or successive life estate and term certain calculations. For dates of death prior to 5-1-89,
actuarial factors for single life calculations can be obtained from the Department of Revenue, Specialty Tax Unit.
Actuarial factors can be found in IRS Publication 1457, Actuarial Values, Alpha Volume for dates of death from 5-1-89 to 4-30-99,
and in Aleph Volume for dates of death from 5-1-99 and thereafter.
Indicate the type of instrument which created the future interest below and attach a copy to the tax return.
lZJ Will D Intervivos Deed of Trust D Other
Jane R. Pled er
6/16/1930
77
[X] Life or DTerm of Years
o Life or 0 Term of Years
o Life or 0 Term of Years
o Life or 0 Term of Years
o Life or D Term of Years
1. Value of fund from which life estate is payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
2. Actuarial factor per appropriate table. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .48742
Interest table rate - D 3 1/2% D 6% D 10% D Variable Rate %
3. Value of life estate (Line 1 multiplied by Line 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
426,435.99
207.853.43
o Life or 0 Term of Years
o Life or D Term of Years
o Life or 0 Term of Years
o Life or 0 Term of Years
1. Value of fund from which annuity is payable .......................................... $
2. Check appropriate block below and enter corresponding (number) . . . . . . . . . . . . . . . . . . . . . . . . . . .
Frequency of payout - D Weekly (52) D Bi-weekly (26) D Monthly (12)
o Quarterly (4) D Semi-annually (2) D Annually (1) 0 Other ( )
3. Amount of payout per period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
4. Aggregate annual payment. Line 2 multiplied by Line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5. Annuity Factor (see instructions)
Interest table rate - 0 3 1/2% 0 6% 0 10% 0 Variable Rate %
6. Adjustment Factor (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7. Value of annuity -If using 3 1/2%,6%, 10%, or if variable rate and period
payout is at end of period, calculation is: Line 4 x Line 5 x Line 6 ...........................$
If using variable rate and period payout is at beginning of period, calculation is:
(Line 4 x Line 5 x Line 6) + Line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
NOTE: The values of the funds which create the above future interests must be reported as part of the estate assets on Schedules A through
G of this tax return. The resulting life or annuity interest(s) should be reported at the appropriate tax rate on Lines 13 and 15 through 18.
(If more space is needed, insert additional sheet! of the ::lame size)
...; \_r oJ, \_& LL., \r"~" \r'LI:IIU.~"'. IU L "",,,, ";~Uplll '~
LAST WILL AND TBSTAMBBT
I, WALTER R. PLEDGER, of Shippensburg Township, Cumberland
County, Pennsylvania, declare this to be my Last Will and Testament
and revoke any will or Codicil previously made by me.
ITEM I: I direct that all my just debts (except as may be
barred by a statute of Limitations) and my funeral expenses
(including ~y gravemarker and expenses of my last illness) shall be
paid from my residuary estate as soon as practicable after my
decease as a part of the administration of my estate.
ITEM II: I bequeath those articles of my household furniture
and furnishings and those articles of my personal effects. and
personal property as set forth in a separate memorandum (which is
signed by me, dated and makes specific reference to this Will and
memorandum, which I shall place with my will or deposit with my
attorney), to the persons therein designated.
ITEM III: I give and bequeath all of the remainder of my
tangible personal property, including but not limited to, any and
all automobiles and other motor vehicles, household goods and
furniture and furnishings, china, silverware, jewelry, ornaments,
works of art, books, pictures, wearing apparel and personal
effects, but excluding cash on hand and tangible evidences of
intangible personal property, together with any policies of
insurance applicable thereto including any prepaid premiums thereon
to my wife, JANE R. PLEDGER, or if she fails to survive me, to such
of my children as shall survive me, in as nearly equal shares as is
~
practicable. Should any child of mine pred:ecease me but leave
descendants who surv~ve me, such descendants shall receive, per
stirpes,' the share that their ancestor would have received.
ITEM IV: If my wife, JANE R. PLEDGER, survives me, I devise and
bequeath to my TRUSTEE, hereinafter named, to be held in a separate
TRUST (referred to herein as the "By-pass Trust") the maximum
amount that can pass at my death free of federal estate tax because
of the unified credit and all other credits or deductions
applicable to my estate other than the marital deduction, (provided
however that the credit for state death taxes shall be taken into
account only to the extent that doing so does not result in state
death taxes that would otherwise not be payable). The amount of
this By-pass Trust and its funding, administration and distribution
shall be governed by the terms and provisions that are more
specifically and completely specified and contained in Item XVII
below, which Item is incorporated herein by reference. The goal of
this By-pass Trust is to provide a relatively smooth flow of
distributions to my wife, which distributions over the anticipated
term of the By-pass Trust, may maintain to the extent practicable
her real spending power in the face of inflation. A second and
related goal is to maintain the real spending power of the
principal of the By-pass Trust for the remainder beneficiaries. It
is my intent by using this form of a By-pass Trust (that is a trust
which does not distinguish in investment goal or distribution
between the production of income and short and long term capital
2
~
gains) to eliminate any conflict of interest which the Trustee
might otherwise experience between attaining the two goals set
forth above.
ITEM V: I devise and bequeath all the residue of my estate of
every nature and wherever situate (sometimes herein referred to as
"Marital Deduction Share") to my wife, JANE R. PLEDGER, providing
she shall survive me by thirty (30) days.
ITEM VI: I remind my wife, JANE R. PLEDGER, (and her personal
representative, guardian, agent acting under a power of attorney or
other representative) that she may disclaim any part or all of this
Marital Deduction Share or of any property passing to her,
hereunder or otherwise as a result of or by virtue of my death. In
particular it may be desirable for her to disclaim a portion of the
Marital Deduction Share (ITEM V), or of other property passing
otherwise by reason of my death, and if she does so (either
personally or by her personal representative, guardian or agent
acting under a power of attorney) the disclaimed property or
portion shall pass as provided for in ITEM VII and as if she had
died before my death. A disclaimer may be desirable even if the
resul t of such disclaimer and passing should be the payment of
Federal Estate Taxes by my Estate.
ITEM VII: Any property disclaimed by my wife, JANE R. PLEDGER,
except as is otherwise specifically provided differently elsewhere
in this will (or any other applicable and relevant document), shall
pass as a part of ITEM IV above (the By-pass Trust).
ITEM VIII: Should my wife, JANE R. PLEDGER, predecease me, I
3
t:l
devise and bequeath all the residue of my estate of every nature
and wherever situate in equal shares to such of my children,
VICTORIA J. KRENITSKY, LINDA S. LOWERY, and WALTER E. PLEDGER, as
are living on the day of my death. Should any of my children,
VICTORIA J. KRENITSKY, LINDA S. LOWERY, and WALTER E. PLEDGER,
predecease me but leaving descendants who survive me, such
descendants shall receive, per stirpes, the share that such
predeceased child would have received had he or she survived me,
provided however that the share for any person under the age of
thirty (30) years shall be held, administered, and distributed in
accordance with ITEM XVII.C.12 below.
ITEM IX: If any property passes outright and not in Trust
(either under this will or otherwise) to a minor (which shall be
defined as anyone under twenty-one (21) years of age) and with
respect to which minor I am authorized to appoint a guardian and
have not otherwise specifically done so, I decline to appoint any
guardian but instead authorize my Executor to distribute such
property to a Custodian selected by my Executor (and my Executor
may act as such CUstodian) as Custodian for the minor under the
Pennsylvania Uniform Transfers to Minors Act. Provided, however,
that this appointment shall not supersede the right of any
fiduciary to distribute a share where possible to the minor or to
another for the minor's benefit.
ITEM X: I appoint my wife, JANE R. PLEDGER, Executrix of this
my Last will. Should she fail to qualify or cease to act as
4
w!
Executrix, I appoint my children, VICTORIA J. KRENITSKY, LINDA S.
LOWERY, and WALTER E. PLEDGER, Co-Executors of this my Last will.
ITEM XI: I appoint DAUPHIN DEPOSIT BANK AND TRUST COMPANY,
Trustee of any trusts created by this my Last will.
ITEM XII: I direct that my Executrix or Trustee or their
successors shall not be required to give bond for the faithful
performance of their duties in any jurisdiction.
ITEM XIII: Any corporate fiduciary shall be entitled to
compensation based upon its regular schedule of fees for such
services in effect from time to time during the period over which
its services are performed.
ITEM XIV: Any individual fiduciary shall be entitled to
reasonable compensation for his or her services rendered from time
to time and/or to reimbursement of out of pocket expenses.
ITEM XV: I specifically give unto my Attorney, HAMILTON C.
DAVIS, ESQUIRE, or should he be unable or unwilling to act, JOEL R.
ZULLINGER, ESQUIRE, (or the successor to their firm), as the case
may be, in his sole discretion, the right and authority to revoke
the appointment of any corporate fiduciary designated in my Will or
in any Codicil thereto, provided that he consult prior to doing so
with my wife and children and he simultaneously appoint a
substitute corporate fiduciary.
ITEM XVI: The interests of the beneficiaries hereunder shall
not be subject to anticipation or to voluntary or involuntary
5
~
alienation.
ITEM XVII: The By-pass Trust created by the provisions of Item
IV, above, (which is incorporated herein by reference and into
which the provisions hereof are incorporated so that both Items are
an integrated whole) shall be funded, held, administered and
distributed in accordance with the followings terms and provisions
and for the following uses and purposes:
A. The amount of the By-pass Trust shall be reduced by
the aggregate of (1) all items includable in my estate for
Federal Estate Tax purposes which either are taxable gifts
made during my lifetime or are disposed of in previous
articles of this Will or pass outside of this will but only if
such items do not qualify for the Federal Estate Tax marital
deduction or the Federal Estate Tax charitable deduction and
(2) the amount of any administration expenses claimed as
income tax rather than estate tax deductions, to the extent
that such would result in a material limitation on the rights
of my spouse or any charitable beneficiary.
B. My executor shall allocate and set aside or
distribute to the By-pass Trust any (up to all) assets (or
proceeds of assets) which do not qualify for the marital
deduction for Federal Estate taxes. But in no event shall
assets be distributed in kind to the By-pass Trust to the
extent the effect would be to permit diminution of the Marital
Deduction Share (created in ITEM V) by more than a pro-rata
6
thj?
,.....-
share of all depreciation occurring in my estate between
date of my death and the date of distribution to this By-pass
Trust. Any allocation of assets between this By-pass Trust
and the Marital Deduction Share shall, with respect to each
share, be comprised of assets having an aggregate market value
at the time of allocation fairly representative of the net
appreciation or depreciation in value to the date of
distribution of all assets then available for distribution.
c. My Trustee shall hold this By-pass Trust, IN TRUST,
for the following uses and purposes and under the following
terms and conditions:
1. Durina wife's life. My Trustee shall pay
the distribution amount set forth below to or for
the benefit of my wife, JANE R. PLEDGER, during her
life, in quarter-annual installments.
2. Distribution amount. The Trustee shall
pay to my wife in each tax year of this Trust
during her life an amount (herein the "DISTRIBUTION
AMOUNT") equal to five (5%) percent of the average
of the fair market values of the assets of the
Trust as of the close of the last business day of
the Trust's three previous tax years (or such
lesser number of tax years as are available for the
first three tax years of the Trust). In the case
of a short tax year, the distribution shall be
calculated as set forth in subparagraph 3. below.
7
~
In the case of contributions to or distributions
from the Trust, including initial funding, the
distribution amount shall be determined as set
forth in subparagraph 4. below.
3 . Short year. For a short tax year, the
distribution amount shall be based upon a prorated
portion of the distribution amount set forth above
comparing the number of days in the short tax year
to the number of days in the calendar year in which
the short tax year is a part.
4 . contributions and Distributions. In a tax
year in which assets are added to or distributed
from the Trust (other than the distribution amount)
(hereinafter "adjustment year"), the distribution
amount shall be increased (in the case of a
contribution) or decreased (in the case of a
distribution) by an amount equal to five (5%)
percent times the fair market value of the assets
contributed or distributed (as of the date or dates
of the contribution or distribution), multiplied by
a fraction, the numerator of which is the number of
days from the contribution or distribution to the
end of the tax year and the denominator of which is
the days in the tax year. Further, the year end
values for the two tax years preceding the
8
vi?
adjustment year shall be increased by the amount of
such addition, or decreased by the amount of such
distribution, for purposes of computing the average
values used in determining the distribution amount
for years following the adjustment year.
S. All computations of the Trust I s assets I
fair market value, or the value of any
contributions or distributions as set forth above,
shall include accounting income and principal, but
no accruals shall be required. If the Trust
includes assets for which there is not a ready
market, the Trustee shall adopt such method of
valuation as he deems reasonable in his discretion
under the circumstances.
6. Income earned in estate Drior to Trust
fundina. In addition to the distribution amount as
determined above, the net accounting income earned
in my estate and allocable to the residue shall be
paid to the Trust, and distributed to my wife in
addition to the distribution amount set forth
above.
7 . Source of distribution amounts. The
distribution amounts from the Trust shall be paid
first from net accounting income, next from net
realized short term capital gains, then from net
9
~
realized long term capital gains, and as necessary
from the principal of the Trust.
8. In the event my wife, JANE R. PLEDGER,
disclaims all or any portion of this Distribution
Amount, such disclaimed portion shall be payable in
equal shares to my children, VICTORIA J. KRENITSKY,
LINDA S. LOWERY, and WALTER E. PLEDGER, if they
shall be then living or to the descendants, per
stirpes, of any child not then living, upon the
same terms as are specified above and any
disclaimer of this DISTRIBUTION AMOUNT shall not
act to accelerate the remainder interests provided
for in subparagraph 12 below.
9. Discretionary distributions of additional
amounts. In addition to the distribution amounts
as set forth above, my Trustee may distribute such
additional amounts, if any, of accounting income,
capital gain or principal to or for the benefit of
wife, and my children and grandchildren (or their
spouses) as the Trustee, in his sole discretion,
deems advisable for the education, health, support
and maintenance in reasonable comfort of my wife,
children and grandchildren (or their spouses) after
taking into account other income or assets which
are available to them.
10.
Goals of Trust
10
and Trustee 's tl9~er to J
alter distribution rate. The goals of this Trust
are as specified in Item IV above. I have set the
distribution rate at five (5%) percent based upon
my hope that, over long periods of time, this
distribution rate can be maintained and still have
the distributions increase sufficiently to offset
inflation. If this goal is achieved, the principal
of the Trust will also have maintained its value.
I recognize that these goals will not be
attainable, every year or even over the long term.
I accept that the setting of the five (5%) percent
distribution rate is my own decision and recognize
that the two goals set forth above may not be
attainable, even if my Trustee acts with reasonable
prudence. If my Trustee becomes convinced that the
goals as set forth above cannot be attained (due to
substantial and long term changes in the investment
marketplace, because of inflation, deflation, or
other secular economic change which would make a
change in the percentage distribution rate used for
determining the distribution amount advisable) then
my Trustee shall have the discretion to modify such
distribution rate as he may deem necessary. Such a
change in distribution rate shall be within the
sole discretion of my Trustee given the investment
11
~
and distribution goals for this Trust. My Trustee
shall not be held accountable for such
discretionary act by any party provided that he has
acted in good faith.
11. My Trustee may apply any distributions
from this Trust for the benefit of my wife, JANE R.
PLEDGER, or my children or grandchildren (or their
spouses), should any of them by reason of age,
illness or any other cause in the opinion of my
Trustee be incapable of appropriately receiving or
disbursing it.
12. Upon the death of my wife, JANE R.
PLEDGER, the then remaining principal and any
undistributed income shall be distributed in equal
shares to such of my children, VICTORIA J.
KRENITSKY, LINDA S. LOWERY, and WALTER E. PLEDGER,
as shall then be living. However, if a child has
died before the death of the latter of my wife and
me but leaves descendants who are living at the
death of the latter of my wife and me, such
descendants shall receive, per stirpes, the share
that such child would have received had he or she
been then living, provided, however, that the share
for any person who shall not have attained the age
of thirty (30) years shall be held by my Trustee in
12
1
a separate Trust to be administered and distributed
in accordance with the provisions hereinafter set
forth.
Il
from his Trust in accordance with the
following formula:
i. At any time after attaining the
age of twenty-five (25) years and prior
to attaining the age of thirty (30)
years, such sums as shall not exceed one-
half (1/2) of the market value of the
principal as constituted on his twenty-
fifth (25th) birthday or on the creation
of his separate Trust, whichever shall
last occur;
ii. At any time after attaining the
age of thirty (30) years, any and all
principal remaining.
iii. Upon the death of any person,
his Trust shall terminate and the then
remaining principal shall be distributed,
per stirpes, to his then living issue,
or, if there shall be no such issue, to
my then living issue, per stirpes.
c. In addition to the beneficiary's
rights of withdrawal of Principal provided for
in subparagraphs i and ii above, any
grandchild of mine shall have the cumulative
right to withdraw from his separate Trust on
14
J
an annual basis, an amount of Principal equal
to that grandchild's EARNED INCOME for Federal
Income Tax Purposes for the prior calendar
year. This right of withdrawal may be
exercised by the grandchild by written notice
to the TRUSTEE making specific reference
hereto.
d. Anything herein to the contrary
notwithstanding, any provision of this Trust
would result in actuality in a violation of
the pennsylvania rule against perpetuities is
amended to require that the Trust be
terminated and the principal disbursed to the
persons then entitled to the income in the
proportions of their entitlement to income,
one day before the date of violation.
ITEM XVIII: All Federal, state and other death taxes payable
because of my death with respect to the property forming my gross
estate for tax purposes, whether or not passing under this Will,
including any interest or penalty imposed in connection with such
tax and not caused by negligent delay, shall be considered a part
of the expense of the administration of my estate and shall be paid
from the By-pass Trust portion of my estate under ITEM IV (or the
share under ITEM VIII) without apportionment or right of
reimbursement, except for the following specified death taxes,
15
i
which shall be payable from the sources specified herein (and if no
source is specified, from the source determined under the
provisions of Chapter 37 of the pennsylvania Probate, Estates and
Fiduciaries Code, as in effect on the date of execution of this
Will):
A. Any tax imposed by Chapter 13 of the Internal Revenue
Code of 1986, as amended, (herein "CODE") (generation-skipping
transfer tax) shall be payable from the property constituting
such taxable transfer (except as may be provided otherwise in
later provisions hereof or in relevant Trust instrument);
B. Any tax resulting from the inclusion in my estate of
any qualified retirement plan benefit under CODE Section
2039 (b) (whether such amounts are included in the probate
estate) and any tax resulting from excess retirement
accumulation under CODE Section 4980A(d), shall be payable by
the recipient(s) of any such benefits.
c. Any tax reSUlting from the inclusion of any property
in my estate under CODE Section 2044 and/or CODE Section
2056(b) (7) (certain property for which marital deduction was
previously allowed), whether or not such taxes are statutorily
payable by my estate or ~he recipient of any such property
shall be payable by the recipient of or from such property.
D. Any additional estate tax imposed by CODE section
2032A (valuation of certain farms, etc., real property) shali
be payable by the qualified heir or heirs whose actions result
16
vi?
in the imposition of such additional estate tax.
E. Any tax resulting from the inclusion in my estate
under CODE section 2040 of the value of any jointly owned
property shall be payable by the surviving joint tenant(s) of
such property.
F. Any tax resulting from the inclusion in my estate
under CODE Section 2042 of the proceeds of life insurance
shall be payable by the beneficiary(s) of such life insurance.
G. Any tax resulting from the inclusion in my estate
under CODE Section 2041 of the value of any property subject
to a Power of Appointment, shall be payable by the appointee
of such property.
H. Any tax payable from a trust or other source which
instrument specifically provides therein for the payment of
taxes shall be paid as provided for in the relevant
instrument.
I. I authorize my Executor, in my Executor's sole
discretion, to make' an election, in whole or in part, to cause
a Pennsylvania Inheritance Tax to be payable by my estate on
property passing to or for the benefit of my spouse or to
defer the Pennsylvania Inheritance Tax on such property. My
Executor shall be without liability to anyone for making or
failing to make such election.
ITEM XIX: My executors, trustees, custodians and guardians,
whether masculine or feminine, singular or plural, individual or
corporate, as may from time to time be qualified or acting, (herein
17
,R
sometimes referred to as "fiduciaries" or "fiduciary") shall have
the following powers in addition to those vested in them by law and
by other provisions of my will applicable to all property, whether
principal or income, including property held for minors,
exercisable without court approval, and effective until actual
distribution of all property:
A. General Manaqement and Investment Powers. The
Executor and Trustee shall have full power and authority to
manage and control any trust and my estate, to borrow money
from any source (including. the power to borrow from a Trustee
or any affiliate of a Trustee) and to sell, exchange, lease,
grant options, rent, mortgage, pledge, assign, transfer or
otherwise dispose of or encumber (including sales to a
Trustee) all or any part of any trust or my estate (for terms
extending beyond the termination of the trust or otherwise),
upon such terms and conditions as the Trustee may see fit.
The Trustee may invest and reinvest all or any part of any
trust in such stocks, common and preferred (including the
corporate stock of any corporate Trustee, or any of its
affiliates), debentures, shares or participations in any
common or mutual fund, interests in any general, limited, or
limited liability partnership or in any limited liability
company, bonds, notes, repurchase agreements and deposi t
accounts of any kind from or in any bank (including any
corporate Trustee, or any of its affiliates), savings and loan
18
0((
outright or in trust, such amounts of the principal
of this trust as she in her sole discretion shall
designate by written instrument delivered to my
trustee during her lifetime with specific reference
hereto.
d. As much of the principal of this trust as
my trustee may from time to time, in its
discretion, think advisable for the support and
maintenance in reasonable comfort of my wife, JANE
R. PLEDGER, and for the protection and preservation
of her property or during illness. or emergency
shall be either paid to her or else applied
directly for her benefit by my trustee.
e. If my wife, JANE R. PLEDGER, shall fail,
either wholly or in part, to exercise effectively
the power of appointment created in either sub-
paragraph b. or c. hereof, the unappointed
principal shall be added to, and thereafter treated
as part of, the principal of my residuary estate
passing under ITEM VII. hereof.
f. If any provision of this section shall
result in depriving my estate of the marital
deduction for Federal Estate Tax purposes, such
provision is hereby revoked and this section shall
be read as if any portion thereof inconsistent with
27
l
I .
allowance of the marital deduction for Federal
Estate Tax purposes is null and void.
4. The receipt for any distribution made in
conformity with the above provisions will fully discharge
trustee from any further liability for that distribution.
S. No fiduciary will exercise any discretionary
authority to distribute principal or income for the
benefit of any beneficiary to reimburse any governmental
entity which may have incurred expense for the benefit of
that beneficiary or pay any obligation of a beneficiary
if that expense or obligation is otherwise payable by any
governmental entity or pursuant to any governmental
program of reimbursement or payment.
6. TRUSTEE shall have the authority and power, with
a view towards administration of income taxes, to deal
with income other than the DISTRIBUTION AMOUNT in anyone
or more of the following ways:
a. To accumulate income;
b. To. distribute income to a custodian for
the benefit of minors (under 21), under the Uniform
Transfers for Minors Act of any appropriate state.
The Custodian may be the TRUSTEE or may be selected
by the TRUSTEE;
c. To distribute income to a person who is
twenty-one (21) years of age or older.
These powers2~Y be exercised or not exerCised~.......
, .
claiming to be interested in any trust hereunder.
S: If there are co-fiduciaries serving hereunder, they
may
delegate
any
and
all
management
duties
and
responsibilities to one of them. My co~fiduciaries may, for
example, designate one of them to maintain a bank account or
accounts, and in that instance the siqpature of only that
fiduciary shall be required to open and maintain such account,
to deposit funds to such account and to write checks on such
account.
T: In the event of any disagreement between or among my
fiduciaries, the decision of a majority of my fiduciaries
shall control.
No fiduciary shall be liable for any loss
resulting from a decision in which that fiduciary did not
join.
IN WITNESS WHEREOF, I hereunto set my hand and seal to this my
Last Will and Testament, written on thirty-one (31) sheets of
paper, dated this I (, ~ day of U [!;1.... 199~. _ ,
~ (SEAL)
Walter R. Pledger tI.
The preceding instrument, consisting of this and thirty (30)
other typewritten pages, each identified by the signature or
initials of the Testator, was on the day and date thereof signed,
published and declared by the Testator therein named, as and for
his Last Will, in the presence of us, who, at his request, in his
presence, and in the presence of each other have subscribed our
n~n(7~eto. residing at 4J/,r! & p~_
30
, .
COMMONWEALTH OF PENNSYLVANIA
SSe
COUNTY OF CUMBERLAND
I, WALTER R. PLEDGER, the Testator whose name is signed to the
attached or foregoing instrument, having been duly qualified
according to law, do hereby acknowledge that I signed and executed
the instrument as my Last Will: an that I signed it willinqlyand
as my free and vOluntary act for e purposes ~n expressed.
I{J.JL d. AL) ,
Walter R. Pledger
Sworn to or affirmed and acknowledged
before me by J18t.:1FJl,. tZ. () LEO tE72. , the
Testator, this/fIJ~ day of
IJtnlltdJ , 1997. NOTARIAL SEAL
~ TalA M. BROOkENS, NDtary PubIc
Shippensburo Boro, Cun""MI Co., PA
N . &pires NGy 8. 2000
COMMONWEALTH OF PENNSYLVANIA
SSe
and Ut.I 1.. p~
. '
the witnesses w ose names are s1gned to the attached or foregoing
instrument, being duly qualified according to law, do depose and
say that we were present and saw the Testator sign and execute the
instrument as his Last will; that the Testator signed willingly and
executed it as his free and voluntary act for the purposes therein
expressed; that each subscribing witness in the hearing and sight
of the Testator signed the will as a witness; and that to the best
of our knowledge the Testator was at the time eighteen (18) or more
years of age and of sound mind and und no constraint or undue
influence.
We,
,
,.s
cr~ l' $/J/t
Sworn to or affirmed andOsubscribed to. 7
befo~e me by .l:l:hmlt.Jl)tJ C RV,j and
U~, 1. ~MtL , witnesses, this
J'" "., day of -Ot:.t1J ~J:;7L , 1997.
NOTARIAL seAL
tNNA M. 8ROQICEH$, Nokary Public
5hippeMburg Boro. CIImberkmd Co., PA
My Commialon expires NtIy 8, 2000
32
FIRST CODICIL
TO
LAST WILL AND TESTAMENT
I, Walter R. Pledger, of Shippensburg Township, Cumberland
County, Pennsylvania , declare this to be the First Codicil to my
last will dated October 16, 1997.
ITEM I: I do hereby revoke the appointment of Dauphin Deposit
Bank & Trust Company as Trustee contained in ITEM XI of my last
will (which is dated October 16, 1997) and I do hereby nominate
and appoint Legg Mason Trust Company as Trustee of any trusts
created by my will" together with all of the powers and
authorizations therein given to my Trustee. .
ITEM II: ADDITIONAL POWERS OF TRUSTEES. In addition to all
powers given by law and by the provisions of my Will dated October
16, 1997, LEGG MASON TRUST COMPANY ("LMTC") AS TRUSTEE is
authorized:
A. To retain as a trust investment any assets which I
or anyone else transfers to the trust, including any securities
of Legg Mason, Inc. ("LMI"), or any parent, successor or
subsidiary of that corporation, without liability for any loss
ich may result from its retention.
B. I acknowledge that LMTC is an affiliate of Legg
Mason Wood Walker, Incorporated ("LMWW"), and that whenever LMTC
is acting as Trustee and exercises discretionary authority, it is
authorized to engage the services of LMWW and any of its
affiliates. These services include, but are not limited to,
management or advice with respect to investments in mutual funds
or other accounts offered, managed or administered by affiliates
of LMWW, acting as broker or dealer to execute transactions and
purchasing any securities currently written or issued by
affiliated corporations. LMTC may use an affiliate for any of the
preceding purposes, even though the costs associated with a
particular purpose rendered by an affiliate may not be the
lowest.
c. To invest in mutual funds offered or managed by an
affiliate of LMWW.'
D. To invest in assets which will produce a high
income yield, even though little or no appreciation in value may
result from those investments.
E. To exercise all conversion, subscription, voting
and other rights pertaining to any asset, including shares of any
mutual fund for which LMWW, or its affiliate is advisor; to grant
proxies with respect to any asset, including shares of any mutual
funds for which LMWW, or its afffliate, is advisor, and to enter
1 to any voting trust agreement or other similar arrangement.
F. To cause any asset to be registered in the name of
a nominee, including a nominee of LMTC or an affiliate of LMTC, a
clearing corporation, or a depository, or in book entry form, or
to hold any asset in unregistered form or in a form
2
. . .
permitting transfer by delivery.
G. To employ brokers, banks, custodians, investment
advisors, attorneys, accountants and other agents, including any
of the Trustees; to pay agent's fees and expenses out of the
trust assets; and to delegate any of their powers to any agent
(including those affiliated with LMTC). The authority to employ
investment advisors shall include those affiliates of LMWW and to
pay compensation and fees of that investment advisor out of the
trust assets without offset against the compensation of LMTC
(including those affiliated with LMTC) .
H. LMTC shall be entitled to receive reasonable
compensation for its services for each trust created under this
Will in accordance with its scheduled rates as published from
time to time, and in effect at the time the compensation is paid.
It shall also be entitled to receive reasonable additional
compensation for any services not required in the normal
administration of the trust, such as investigations it may make
in connection with the exercise of any discretionary authority
conferred upon the Trustees. If in any year, the commissions
which would otherwise be payable to LMTC are less than its
minimum annual commissions, it shall be paid an additional amount
which will cause the total commissions paid to it to equal its
minimum annual commission. This additional amount shall be
charged against the principal of the trust. Upon death of the
Spouse of the Estate, LMTC shall also be entitled to a reasonable
fee, commensurate with the time expended and the services
3
. '
performed, not exceeding one percent (1%) of the fair market
value of the principal of the trust at that time.
It is my intention that the foregoing "Additional Powers of
Trustees" be interpreted whenever possible as being supplementary
to and consistent with those fiduciary powers contained in ITEM
XIX of my Will dated October 16, 1997, and further it is my
intention that none of the foregoing "Additional Powers of
Trustees" shall not be interpreted in any manner which would
result in any share of my estate passing to my wife, Jane R.
Pledger, not qualifying for the Federal Estate Tax Marital
Deduction.
ITEM III: In all other respects, I hereby ratify, confirm and
republish my Will dated October 16, 1997, together with this First
Codicil, as and for my last Will.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this
~ day of
~~99_9~~ ~
/- ~SEAL)
Wal ter R. Pledger II
Signed, published, and declared on the daqe above specified
by the above named Walter R. Pledger as and for the First Codicil
to his last will dated October 16, 1997, in the presence of us,
who at his request, in his presence, and in the presence of each
other, have subscribed our names as witnesses hereto.
~t4
~1#h~,
residing at
,tIewv-, · / It" l;i..
(J-h~ ~ ·
residing at
4
. .
COMMONWEALTH OF PENNSYLVANIA
SSe
COUNTY OF CUMBERLAND
I, Walter R. Pledger, the Testator whose name is signed to
the attached or foregoing instrument, having been duly qualified
according to law, do hereby acknowledge that I signed and executed
the instrument as my Codicil to my last Will dated ; and that I
signed it willingly and as my ee and vo y act for the
purposes therein expressed.
( EAL)
Sworn to or affirmed and acknowledged
before me by WAt..fO<. tL PL.EDbEJt. , the
Testator, this 2...1~" day of
J ~ , 1999.
COMMONWEALTH OF PENNSYLVANIA
SSe
COUNTY OF CUMBERLAND
We, ~ e - )),orv ,....} and -rA-t;.A- 1<. tbLbTA'c.j ,
the witnesses whose names are signed to the attached instrument,
being duly qualified according to law, do depose and say that we
were present and saw the Testator sign and execute the instrument
as his Codicil; that the Testator signed willingly and executed
it as his free and voluntary act for the purposes therein
expressed; that each subscribing witness in 'the hearing and sight
of the Testator signed the Codicil as a witness; and that to the
best of our knowledge the Testator was at the time eighteen (18)
or more years of age and of sound mind and under no constraint or
undue influence. 4(2tYH1~ (:' <9-
-
-----
~~
)
Sworn to or affirmed and subscribed to
before me ~ ~U1N c.. .bAVIS a~d
J~'" ~ lie;.: . , w~ tnesses I th~s
21sr day of U L\.f ' 1999.
y~
. ary PubliCI HOT AAlAl SCAl
MNA M. BPOOiCENS, Notory Mn-:
~ ShiP1'HlMburo 80m. Cvmb-e-ri1,)~d 0.>,. PA
~ My (~mis.stol"\ fKp<r.tS. f<.tody 1=1, '2<,t;)J
i.,.....:.ot........;,.~~~r..~~.lc=;;:r......'%r~.".
5
. .
SECOND CODICIL
TO
LAST WILL AND TESTAMENT
I, WALTER R. PLEDGER, of Shippensburg Township, Cumberland
County, Pennsylvania, declare this to be the Second Codicil to my
last Will dated October 16, 1997.
ITEM I: My wife, JANE R. PLEDGER, and I have embarked on a
program of gifting for the benefit of our children. In the event
that this gifting program shall not have been complete during my
lifetime, I wish to provide in my Will for its completion and my
wife, JANE R. PLEDGER, intends to do the same in her Will. In
furtherance of these goals and in this context, should my wife,
JANE R. PLEDGER, survive me, I make the following gifts and direct
my Executor to take whatever actions are necessary in cooperation
with my wife to accomplish these:
A. I give and devise whatever portion, if any, that I
own at my death in the improved real estate
situated in Milo Township, Yates County, New York
(which has an address of: 526 East Lake Road, Penn
Yan, New York 14527), in equal shares to my
daughter, LINDA S. LOWERY, and my son, WALTER E.
PLEDGER.
B. I gi ve and bequeath to my daughter, VICTORIA J.
KRENITSKY,
a sum of money equal to the future
value, computed to the date of my death, of the
. .
, .
sum of
$70,000.00,
increased based upon a
reasonable rate of return from December 1, 1998,
to the date of my death. This adjustment is made
to take into consideration that the other two
children by virtue of the gifts during my lifetime
have already had the beneficial enjoyment and
appreciation of the gifted real estate and I hope
my children will understand and appreciate that
this is an attempt to be fair and treat them all
equal
while
giving
due
regard
for
their
preferences vis-a-vis ownership of the Penn Yan
property.
ITEM II: In all other respects, I hereby ratify, confirm and
republish my last Will dated October 16, 1997, together with my
First Codicil dated July 21,1999, and together with this Second
Codicil, as and for my Last Will.
set~d and seal this
. ~l:L..t.~ f~EAL)
Walter R. Pledger (j
Signed, published, and declared on the date above specified
by the above named Walter R. Pledger as and for the Second Codicil
to his last Will dated October 16, 1997, in the presence of us,
who at his request, in his presence, and in the presence of each
~~SC~: n::::d::9W::~:::~~~~: t>~,
~~
residing at ;:a .
2
. .
. .
~
COMMONWEALTH OF PENNSYLVANIA
ss.
COUNTY OF .CUMBERLAND
I, Walter R. Pledger, the Testator whose name is signed to the
attached or foregoing instrument, having been duly qualified according
to law, do hereby acknowledge that I sig ed and executed the instrument
as my Codicil to my last Will dated ; and that I' it willingly
and as my free and voluntary act for th purpos th xpressed.
Sworn to or affirmed and acknowledged
before me by WALTER R. PLEDGER, the
Testator, this ~ day of
r:ebY~ ' 2000. NOTARIAL seAl.
TRINA M. BROOKENS. Notaty Pub!it
ShIppemburg Ioro, Cumbettand ('".0., PA
rnit4ion Expfts NDy 8, 2000
~
Public
COMMONWEALTH OF PENNSYLVANIA
ss.
COUNTY OF CUMBERLAND
We, HAMILTON C. DAVIS and ttl./1l..,!2. I-h~ ' the
witnesses whose names are signed to the attached instrume t, being duly
qualified according to law, do depose and say that we were present and
saw the Testator sign and execute the instrument as his Codicil; that
the Testator signed willingly and executed it as his free and voluntary
act for the purposes therein expressed; that each subscribing witness in
the hearing and sight of the Testator signed the Codicil as a witness;
and that to the best of our knowledge the Testator was at the time
eighteen (18) or more years of ag~e and of sound mind and under no
constraint or undue influence. ./7'/ /1
~r (./fL--
~. ~lJ-'
Sworn to or affirmed and subscribed to
TON C. DAVIS and
, witnesses, this
, 2000.
iv-a
Public ~.. ........._
~ NOT AllAL SEAL
~ TRSNA M. BROOKENS, NoIory PubIc
ShIppenIbufo Iofo, CumlMdand Co., PA
NIt ConniIIion EIpI.- "., ., 2000
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