HomeMy WebLinkAbout07-09-0815056041147
REV-1500 EX (06-05) OFFICIAL USE ONLY
PA Department of Revenue County Code Year File Number
Bureau of Individual Taxes INHERITANCE TAX RETURN 2 1 0 7 1 0 9 3
PO BOX.280601
Harrisburg, PA 17128-0601 RESIDENT DECEDENT
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death Date of Birth
222440145 10092007 02141907
Decedent's Last Name Suffix Decedent's First Name MI
BELLANCA MARY G
(If Applicable) Enter Surviving Spouse's Information Below
Spouse's Last Name Suffix Spouse's First Name MI
BELLANCA LEONARD
Spouse's Social Security Number
2 2 2 2 4 9 9 7 7 THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
FILL IN APPROPRIATE OVALS BELOW
® 1. Original Return ^ 2. Supplemental Return ^ 3. Remainder Return (date of death
prior to 12-13-82)
4. Limited Estate 4a. Future Interest Compromise
^ (date of death after 12-12-82) ^ 5. Federal Estate Tax Return Required
^ g Decedent Died Testate ® ~ Decedent Maintained a Living Trust 0 8. Total Number of Safe De o
(Attach Copy of Will) (Attach Copy of Trust) p Slt Boxes
^ 9. Litigation Proceeds Received ^ 1 p. Spousal Poverty Credit (date of death
between 12-31-91 and 1-1-95) ^ 11. Election to tax under Sec. 9113 A
( )
(Attach Sch. O)
,C,ORRESPONDENT -THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
name
Daytime Telephone Number
RICHARD E. CONNELL 717232731 ~
Firm Name (If Applicable) ~ ~
BALL , M U R R E N & C O N N E L L ~
REGISTER O[~.yID
It
LS US~@NLY -- -;
~
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First line of address ~~ c~> ~j f `--~ ; j
~
23 03 MARKET STREET `` 'c~,~
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C.-'' C. ~ t ~ ._~ ,~ -n
Second line of address ~ ~` ?
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City or Post Office State ZIP Code DATE FILED ~
CAMP HILL PA 17011
Correspondent's a-mail address: C O ri n e l l C~ b m C - l a w .Tie t
Under penalties of perjury, I declare that 1 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.
SIGNA RE OF PERSON RESPONSIBLE FO I).ING R TURN ~ QTF~
G Leonard C. Bellanca/'%- D~
112 Leyton Way, Mech~s~rg, PA 17055
SIGNAT OF PREPA OTHE N RE ESEI,ITAT DAT
Richard E. Connell, Esquire
ADDRESS
2303 Market Street, Camp Hill, PA 17011
Side 1
15056041147 15056041147 J
REV-1500 EX
15056042148
oe~ede~rs Name: B E L LA N C A, MARY G.
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) ^ Separate Billing Requested ............. 6.
7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property
(Schedule G) ^ 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.
TAX COMPUTATION -SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable
at the spousal tax rate, of
transfers under Sec. 9116
(a)(1.2) X .00 15.
16. Amount of Line 14 taxable
at lineal rate X .045 16.
17. Amount of Line 14 taxable
at sibling rate X .12 17.
18. Amount of Line 14 taxable
at collateral rate X .15 18.
19. Tax Due ....................................................................................:................................ 19.
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT.
Decedent's Social Security Number
222440145
156,926.90
564,095.39
0.00
721,022.29
8,247.14
33,460.76
41,707.90
679,314.39
679,314.39
0.00
0.00
~~~~~
Side 2
15056042148 15056042148 J
REV-1500 EX Page 3
Decedent's Complete Address:
File Number 21 - 07 - 1093
Bellanca, Mary G. _
STREET ADDRESS
4905 East Trindle Road
CITY STATE ZIP
Mechanicsburg PA 17055
Tax Payments and Credits:
1. Tax Due (Page 1 Line 19)
2. CreditslPayments
A. Spousal Poverty Credit
B. Prior Payments
C. Discount
(1) 0.00
3. Interest/Penalty if applicable Total Credits (A + B + C) (2) 0.00
p, Interest
E. Penalty
Total InteresUPenalty (D + E) (3) 0.0 0
4, If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. (4)
Check box on Page 2 Line 20 to request a refund
5, If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5) 0.00
A, Enter the interest on the tax due. (5A)
g. Enter the total of Line 5 + 5A. This is the BALANCE DUE. {5B) Q , Q Q
Make Check Payable to: REGISTER OF W/LLS, AGENT
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred :.................................................................................. (^ ~x~
b. retain the right to designate who shall use the property transferred or its income :.................................... ^ ~x
c. retain a reversionary interest; or .................................................................................................................. [~ ~~
d. receive the promise for life of either payments, benefits or care? .............................................................. ~ [~
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without
receiving adequate consideration? ....................................................................................................................... ^
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death?......... ^
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which
contains a beneficiary designation? ...................................................................................................................... ^ ~~
IF THE ANSWER TO ANY OF THE ABOVE 4UESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
For dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the
surviving spouse is three (3) percent [72 P.S. §9116 (a) (1.1) (i)).
For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is zero
(0) percent [72 P.S. §9116 (a) (1.1) (ii)J. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements
for disclosure of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary.
For dates of death on or after July 1, 2000:
The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a
natural parent, an adoptive parent, or a stepparent of the child is zero (0) percent [72 P.S. §9116 (a) (1.2)].
The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is four and one-half (4.5) percent,
except as noted in 72 P.S. §9116 1,2) [72 P.S. §9116 (a) (1)].
The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is twelve (12) percent [72 P.S. §9116 (a) (1.3)]. 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.
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE B
STOCKS & BONDS
ESTATE OF Bellanca, Mary G.
FILE NUMBER
21 - 07 - 1093
All property jointly-owned with right of survivorship must be disclosed on Schedule F.
ITEM DESCRIPTION
NUMBER
1 rVanguard
a. Energy Fund Investor (367.062 shares)
Unit Value - $82.23 each
2
3
4
Vanguard
b. PRIMECAP Core Fund (3430.291 shares)
Unit Value - $14.42 each
Vanguard
c. Windsor II Fund Investor (860.270 shares)
Unit Value - $38.40 each
Vanguard
d. Selected Value Fund (2033.552 shares)
Unit Value - $22.34 each
5 Lucent - 390 shares
i Unit Value $4.653 each
UNIT VALUE ~ VALUE AT DATE OF
DEATH
30,183.51
46,464.80
33,034.37
45,429.55
1,814.67
TOTAL (Also enter on line 2, Recapitulation) j 156,926.90
SCHEDULE E
CASH, BANK DEPOSfTS, & MISC.
COMMONWEALTH OF PENNSYLVANIA PERSONAL PROPERTY
INHERITANCE TAX RETURN
RESIDENT DECEDENT
FILE NUMBER
ESTATE OF Bellanca, Matt' G. 21 - 07 - 1093
Include the proceeds of litigation and the date the proceeds were received by the estate. All property jointly-owned with the right of
survivorship must be disclosed on schedule F.
ITEM VALUE AT DATE OF
NUMBER DESCRIPTION
DEATH
1 Vanguard 564,095.39
Prime Money Market Fund
TOTAL (Also enter on Line 5, Recapitulation) ~ 564,095.39
SCHEDULE F
COMMONWEALTH OF PENNSYLVANIA JOINTLY-OWNED PROPERTY
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Bellanca, Mary G.
FILE NUMBER
21 - 07 - 1093
If an asset was made joint within one year of the decedent's date of death, it must be reported on schedule G.
A
SURVIVING JOINT TENANT(S) NAME
Leonard Bellanca
ADDRESS
4905 East Trindle Road
Mechanicsburg, PA 17055
JOINTLY OWNED PROPERTY:
ITEM LETTER DATE C~FfSCRlPT.10~ C~F PRO~ERTY
Include name o Inanclal Ins I u Ion an bank account number % OF DATE OF DEATH
DATE OF DEATH
NUMBER FOR JOINT MADE
or similar identifying number. Attach deed forjointly-held real DECD'S VALUE OF
VALUE OF ASSET INTEREST DECEDENT'S INTEREST
TENANT JOINT estate. _
1 A 03/10/2005 Wachovia Sank N.A. 26,835.31 0% 0.00
RELATIONSHIP TO DECEDENT
Husband
TOTAL (Also enter on line 6, Recapitulation) ~ 0.00
SCHEDI~.E H
FUNF~tAL EXPENSES &
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN ~~ ~~
RESIDENT DECEDENT
ESTATE OF Bellanca, Mary G.
FILE NUMBER
21 - 07 - 1093
Debts of decedent must be reported on Schedule I.
ITEM i
NUMBER ~ FUNERAL EXPENSES: DESCRIPTION
AMOUNT
A. 1 i Malpezzi Funeral Home
B.
1
2
3
a.
5.
6.
7.
1
ADMINISTRATIVE COSTS:
Personal Representative's Commissions
Social Security Number(s) / EIN Number of Personal Representative(s):
Street Address
City State Zip
Year(s) Commission paid
Attorney's Fees Ball, Murren & Connell
Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Claimant
Street Address
City State Zip
Relationship of Claimant to Decedent
Probate Fees Register of Wills -Cumberland County
Accountant's Fees
Tax Return Preparer's Fees
Other Administrative Costs
TOTAL (Also enter on line 9, Recapitulation)
7,026.56
610.58
610.00
8,247.14
SCHEDULEI ~
DEBTS OF DECEDENT, MORTGAGE
COMMONWEALTH OF PENNSYLVANIA LIABILITIES & LIENS
INHERITANCE TAX RETURN ~
RESIDENT DECEDENT
FILE NUMBER i
ESTATE OF Bellanca, Mary G. 21 - 07 - 1093
Include unreimbursed medical expenses.
ITEM ~ DESCRIPTION
NUMBER AMOUNT
1 Internal Revenue Service 32,664.00
(2007 personal income tax paid after date of death)
2 Pennsylvania Department of Revenue 784.00
(2007 personal income tax paid after date of death}
3 Burick/Azizkhan, M.D. 12.76
TOTAL (Also enter on Line 10, Recapitulation) ~ 33,460.76
REV-1513 EX+ (9-00)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Bellanca, Mary G.
SCHEDULE)
BENEFICIARIES
FILE NUMBER
NUMBER ~ NAME AND ADDRESS OF PERSON(S)
RECEIVING PROPERTY
I. TAXABLE DISTRIBUTIONS [include outright spousal
distributions, and transfers
under Sec. 9116 (a) (1.2)]
1i
2
3
4
5
~ 21 - 07 - 1093
RELATIONSHIP TO SHARE OF ESTATE AMOUNT OF ESTATE
DECEDENT (Words) ($$$)
Do Not List Trustee(s) i
Enter dollar amounts for distributions shown above on lines 15 through 18, as appropriate, on Rev 1500 cover sheet
II. NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS
NOT BEING MADE
1 i Transfer to Spousal Trust under Trust (attached) f 679,314.39
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET 679,314.39
STATE OF SOUTH CAROLINA }
REVOCABLE TRUST AGREEMENT
COUNTY OF BEAUFORT )
THIS TRUST AGREEMENT, made and entered into April 15, 1997, by and
between MARY G. BELLANCA (hereafter referred to as the "Grantor"), and MARY G.
BELLANCA and LEONARD BELLANCA (hereafter referred to as the "Initial Co-
Trusfees"), sets forth the terms and trusts upon which property received by the Trust for
the purpose of this Agreement is to be held.
NAME OF TRUST
This Trust shall hereafter be referred to as the "Mary G. Bellanca Revocable
Trust dated April 15, 1997_"
WITNESSETH:
THE GRANTOR HEREBY DECLARES that the Grantor is married to
LEONARD BELLANCA, who is hereafter referred to as the "Grantor's spouse."
THE GRANTOR HEREBY DECLARES that LEONARD C. BELLANCA, of
Mechanicsburg, Pennsylvania, JAMES A. BELLANCA, of Winnetka, Illinois, JOSEPH J.
BELLANCA, of Malvern, Pennsylvania, PAUL M. BELLANCA, of Honolulu, Hawaii, and
MARY ANN SLATTERY, of Midliothian, Virginia, are children of the Grantor and, together
with any children hereafter adopted by the Grantor, are hereafter referred to as the
"'Grantor's children." Any person not included in the definition of "Grantor's children" in the
preceding sentence has been intentionally omitted and neither such person, nor any issue
thereof, shall be entitled to share in any bequest or privilege granted to any or all of the
Grantor's children, or their issue, pursuant to the terms of this Agreement.
All funds and other properties hereafter delivered, transferred, conveyed or
bequeathed to this Trust, or to any person or entity as the Trustee hereof, at any time or
from time to time, by the Grantor or by any other person or entity (hereafter referred to, in
total, as the "Trust Estate"}, are to be held by the Trustee, IN TRUST, and are to be
invested, reinvested, administered and distributed upon the terms and conditions set forth
below:
ARTICLE I
A. The Grantor, while serving as Initial Trustee or Co-Trustee, may manage, invest,
and distribute income and principal however the Grantor so desires. Whenever any
other person or entity is serving as Trustee, the Trustee shall be obligated to
distribute all net income to the Grantor in convenient insta{Iments not less
frequently than quarter-annually. Unless the Grantor has been determined to be
incompetent pursuant to the provisions of ARTICLE XVIII hereafter, and so remains,
the Trustee shall also be obligated to distribute to the Grantor such principal of the
Trust Estate as the Grantor requests in writing from time to time; provided, however,
such request(s) may not be made by any representative, agent, conservator, or
attorney-in fact of the Grantor.
B. Notwithstanding the foregoing, whenever the Trustee determines, in the Trustee's
sole judgment, that because of any physical or mental illness or disability the
Grantor is not fully capable of managing financial matters, the Trustee may apply
income for the benefit of the Grantor, distributing only the balance to the Grantor.
In addition, the Trustee steal{ then also apply such sums from the principal of the
Trust Estate as the Trustee reasonably determines are reasonable and appropriate
from time to time to provide the medical care and standard of living to Grantor set
forth hereafter in ARTICLE VII, taking into consideration any other resources readily
available to the Grantor which are known to the Trustee. Wherever used in this
- 2 -
Paragraph "B", the term "Trustee" shall also include any Co-Trustee serving with
the Grantor.
C. Upon the death of the Grantor, the Trustee sha{I take whatever action is necessary
to collect the proceeds of any insurance policies on the Grantor's life which are in
the Trust Estate. to order to facilitate prompt collection of such sums, the Trustee
shall furnish the necessary proof of death to the respective insurance companies
and is authorized and empowered to do any and all things that in the Trustee's
discretion are necessary to collect such proceeds, including, but not limited to, the
power to execute and deliver releases, receipts, and ail other necessary papers.
No insurance company which has issued a policy of insurance owned by this Trust
shall be required to inquire into the terms of this Trust Agreement, nor to see that
the policy proceeds are in fact applied or disposed of in accordance with the terms
of this Trust. The receipt of the Trustee issued to any insurance company with
respect to any policy shall be a complete release of such company from liability with
respect to such policy and shall be binding upon all persons interested in the Trust.
The Trustee is authorized to institute legal proceedings to collect the proceeds of
the policies, provided that the Trustee may require, before instituting such
proceedings, that the expenses, including legal fees, which such Trustee
reasonably expects to incur in such action be advanced or guaranteed to the
Trustee. The Trustee is also authorized to compromise and settle any claims arising
in connection with the policies on any terms such Trustee considers satisfactory
and the Trustee's decision shall be binding upon all persons interested in the Trust.
The Trustee shall not be liable for any failure to collect the entire proceeds of any
policy provided the Trustee has made a good faith and diligent attempt to do so.
- 3 -
ARTICLE !I
A. Unless the Grantor has been determined to be incompetent pursuant to the
provisions of ARTICLE XVlll hereafter, and so remains, the Grantor may, by a
written instrument duly executed and witnessed during the Grantor`s life:
1. Add property to, or remove property from, this Trust; and
2. amend this Trust Agreement to change the beneficiaries, their respective
shares, the plan of distribution, or any other provision; and
3. revoke this Trust in its entirety or any provision hereof, and add or substitute
additional provisions hereto.
B. The right to amend or revoke this Trust shall be personal to the Grantor, and may
not be exercised by any representative, agent, conservator, or attorney-in-fact. No
change which increases the duties or changes the compensation of any corporate
Trustee shall be effective without the consent of the Trustee.
ARTICLE III
Upon the death of the Grantor, the Trustee shall pay the Grantor's funeral
expenses, the reasonable expenses of any administration of the Grantor's estate, and any
Federal or State estate, inheritance, succession, death or similar taxes payable by reason
of the Grantor's death, together with any interest thereon or other addition thereto, without
reimbursement from any beneficiary. Written statements by the Executor of such sums
due and payable by the estate shall be sufficient evidence of their amount and propriety
for the protection of the Trustee. All payments made by the Trustee hereunder shall be
- 4 -
made first from the Grantor's Residuary Trust Estate, as an expense of administration,
without apportionment, except that any Federal or State estate, inheritance, succession,
death or similar taxes payable pursuant to this Article Ili, and any interest thereon or
addition thereto, shall be paid first from Trust "A".
ARTICLE 1V
A. Upon the death of the Grantor, the Trustee shall, after making any distributions
pursuant to ARTICLE III hereof, distribute the following specific bequests {any
bequest to a Beneficiary who does not survive the Grantor as hereafter provided
shall lapse and become part of the Grantor's Residuary Trust Estate):
1. To the beneficiaries named in any Memorandum signed by the Grantor,
designating recipients of specific items of tangible personal property,
whether such Memorandum was executed before or after the date of this
Instrument, any items of tangible personal property designated therein which
are owned by the Trust, notwithstanding any other provision of this
instrument. The provisions of such Memorandum shall be deemed to
supersede any conflicting provisions of this Instrument, and shall be binding
upon all of the beneficiaries of this Trust_ If the successor Trustee acting
upon the death of the Grantor does not receive, or is otherwise not in
possession of, the original Memorandum within sixty (60) days after the date
of death of the Grantor, the Trustee may distribute the tangible personal
property pursuant to the terms of this Instrument, without further liability or
obligation with respect thereto.
2. If the Grantor's spouse survives the Grantor by thirty (30) days, to Trust "A"
a sum equal to the dollar amount, if any, which can pass free of federal
- 5 -
estate tax by reason of the unified credit and the state death tax credit
allowable to the Grantor's estate (the "credit shelter amount"), reduced by
the aggregate of (i) all items includible in such estate for federal estate tax
purposes which either are disposed of in previous Articles of this Agreement
or by the Will of the Grantor or which pass outside of either Instrument, but
only if such items do not qualify for the federal estate tax marital deduction
or the federal estate tax charitable deduction, and (ii) the amount of any
administration expenses claimed as income tax rather than estate tax
deductions. For the purpose of computing the sum passing to the Trustee,
the values of assets as finally determined for federal estate tax purposes
shall be used. The Trustee then serving as Trustee under this Instrument
shall likewise serve as Trustee of Trust "A" unless otherwise provided
hereafter.
3. If the Grantor's spouse does not survive the Grantor, then to each of the
following who is living, or in existence if an entity, on the date of death of the
Grantor:
NONE
B. Upon the death of the Grantor, the Trustee shall, after making any distributions
pursuant to ARTICLE III and pursuant to Paragraph "A" of this ARTICLE IV,
distribute the remaining assets of the Trust, including undistributed income (herein
referred to as the "Residuary Trust Estate"), as follows:
1. If the Grantor's spouse survives the Grantor by thirty (30) days, to the
Grantor's spouse, free of trust; provided, however, if upon the death of the
Grantor there shall exist a Trust of which the Grantor's spouse is the Grantor
and a current income beneficiary, then this bequest shall be distributed to
such Trust, subject to all of the terms and provisions thereof.
- 6 -
2. If the Grantor's spouse does not survive the Grantor by thirty (30} days, to
the Beneficiaries, and as provided, in Paragraph "F" of ARTICLE V hereof,
subject to the provisions of Paragraph "G" of said ARTICLE V.
ARTICLE V
Trust "A" shall be held, administered and distributed as follows:
A. The Trustee shall pay to or apply for the benefit of the Grantor's spouse, for such
spouse's lifetime, all of the net income from Trust "A", in convenient installments but
no less frequently than quarter-annually. Further, the Grantor's spouse shall be
entitled to use any tangible personal property, and to live in any real property,
owned by the Trust for as long as the Grantor's spouse may desire to do so, without
charge and without liability except for gross negligence or intentional damage. To
determine "net incomes, there shall be deducted from the gross income, in addition
to other ordinary Trust expenses, all expenses of ownership and use applicable to
such real property.
B. {n addition, the Trustee shall also make payments of principal to the Grantor's
spouse, or expend the same for the benefit of such spouse, in such amounts and
at such times as the Trustee determines are reasonable and necessary to provide
to the Grantor's spouse: (1}full, high quality medical care including, whenever
reasonable and to the extent reasonably needed, private nurses and private care,
and (2} maintenance and support in reasonable comfort.
C. With respect to Paragraph "B" of this Article V, the Trustee shall give primary
consideration to the needs (including, but not limited to, such financial obligations
as debt repayment and income tax liability} and best interests of the Grantor's
- 7 -
spouse. Notwithstanding the foregoing, in making such determinations the Trustee
shat{ take into account any other income and assets of the Grantor's spouse known
to the Trustee. Notwithstanding Paragraph "B" of this Article V, with respect to any
distribution of principal for the medical care of the Grantor's spouse, the Trustee is
strictly prohibited from making any payments: (a) for medical car the cost of which
is payable by any govemmenta! entity or pursuant to any governmental program of
reimbursement or payment, or (b} in reimbursement to any government entity which
may have incurred expense for the benefit of the Grantor's spouse pursuant to any
governmental program of reimbursement or payment for medical care.
D. The Grantor's spouse may at any time, by written notice, require the Trustee to
make any nonproductive property of this Trust reasonably productive within a
reasonable time.
E. Upon the death of the Grantor's spouse, any undistributed income of the Trust shall
be distributed to any Revocable Trust, existing on the date of death of the Grantor's
spouse, of which such spouse was the Grantor and current income beneficiary or,
if there is none, then to the estate of the Grantor's spouse.
F. Upon the death of the survivor of the Grantor and the Grantor's spouse, the Trustee
shalt divide the Residuary Trust Estate or the remaining Trust Principal, as
appropriate, into equal separate shares so as to provide one (1 }share for each of
the Grantor's children then {wing and one (1 } share for each of the Grantor's
children then deceased who shalt leave issue then living, such issue to take their
deceased parent's share by representation. Such shares shall be distributed to the
beneficiaries thereof except as otherwise provided herein.
- 8 -
G. Notwithstanding the provisions of Paragraph F of this ARTICLE W, with respect to
any Trust share allocated to MARY ANN SLATTERY, the Trustee shall hold such
share, 1N TRUST, for the lifetime of the beneficiary, to be administered and
distributed as follows:
1. Ali income shall be distributed to or for the benefit of the beneficiary not less
frequently than quarter annually. The beneficiary may at any time, by written
notice, require the Trustee to make any nonproductive Trust property
reasonab{y productive within a reasonable time.
2. Principal of the Trust shall be distributed to or for the benefit of the
beneficiary at such times, and in such amounts, as the Trustee, in such
Trustee's discretion, shall determine to be reasonable and appropriate for
the education, medical care, and support and maintenance in reasonable
comfort of the beneficiary; provided, however, with respect to any distribution
of principal for the medical care of the beneficiary, the Trustee is strictly
prohibited from making any payments: (a} for medical car the cost of which
is payable by any governmental entity or pursuant to any governmental
program of reimbursement or payment, or (b) in reimbursement to any
government entity which may have incurred expense for the benefit of the
beneficiary pursuant to any governmental program of reimbursement or
payment for medical care.
3. Upon the death of the beneficiary, the Trustees shall distribute the then
remaining principal of the Trust share of such beneficiary, if any remains, to
his or her then living issue by representation, or if such beneficiary has died
leaving no such issue, then to the Grantor's then living issue, by
representation, except that the share of any child or grandchild of the
- 9 -
Grantor for whose benefit a trust shall then exist hereunder shall be added
to such trust, to be administered and disposed of as if a part thereof from
inception.
ARTfCLE VI
In the administration of any property, real or personal, farming a part of this
Revocable Trust, or any Trust subsequently established hereunder, the Trustee shall, in
addition to and not by way of limitation of the powers provided by law, have the following
powers, to be exercised in the Trustee`s sole discretion and without approval of any Court:
1. To retain, temporarily or permanently, any or all property received by the Trustee
in the form in which it was received; to acquire by purchase, exchange or otherwise
and retain, temporarily or permanently, any kind of realty or personalty, wherever
located; to invest and reinvest in stocks (common or preferred) and bonds, without
being limited to investments authorized by law, and in investment companies and
mutual funds, ready asset funds, and legal and discretionary common trust funds
(including investment companies and common trust funds maintained by any
corporate Trustee or any affiliate thereof without the necessity of notice to
beneficiaries); and to deposit funds in one or more savings or other banks
(including any corporate Trustee or any affiliate thereof without the necessity of
notice to beneficiaries} in any form of interest-bearing account or deposit;
2. To sell, exchange or otherwise dispose of real property and personalty, publicly or
privately, for any purpose (including the distribution or division of the asset,
reduction of carrying costs of the Trust, securing cash needed for other Trust
purposes, or to protect against loss of value thereof), wholly or partly on credit and
for any consideration deemed reasonable and appropriate by the Trustee;
- 10 -
3. To vote (if a corporation, through officers, employees or agents of the Trustee), in
person or by general, limited or discretionary proxy, in connection with any stocks
or other securities constituting assets of any Trust hereunder;
4. To manage real property in such manner as the Trustee shall deem best, with
authority - to lease the same or grant easements with respect thereto, to erect,
after, repair or demolish buildings, to adjust boundaries, to dedicate streets or other
ways for public use without compensation, to improve, repair, subdivide and vacate
any of said property, to impose such easements, restrictions, conditions,
stipulations and covenants as the Trustee may see fit, to insure the property (and
improvements thereon and contents thereof} with casualty, liability and other
insurance in such amounts as the Trustee deems reasonable, to retain persons to
inspect, treat, clean, and maintain the property and any improvements thereon
without liability for any neglect, omission, misconduct, or default of any such person
provided the same was selected and retained with reasonable care, and to pay all
expenses related to the use and%or ownership of such property. Upon request of
the Grantor, or, if the Grantor is deceased or has been determined to be
incompetent pursuant to the provisions of ARTICLE XVIII hereafter and so remains,
then upon the request of the Grantor's spouse (unless such spouse has likewise
been determined to be incompetent and so remains}, the Trustee shall sell any
property which constitutes the personal residence of the Grantor or, upon the
Grantor's death or residence in a nursing facility, of the Grantor's spouse, and
purchase such substitute therefor of comparable or lower price, or lease such
substitute therefor, as is likewise requested;
5. To determine, in the Trustee's so{e discretion, what shall be fairly and equitably
charged or credited to income and what to principal, and in making that
determination to emp{oy an accountant or attorney-in-law and to rely upon the
opinion thereof;
- 11 -
6. To make any payment or distribution directly to any beneficiary or to apply the same
for such beneficiary's benefit;
7. To distribute principal and income in kind or in money, or partly in each, or by way
of undivided inferests;
8. To renew, assign, alter, extend, compromise, release, with or without consideration,
or submit to arbitration, obligations or claims, including taxes, held by or asserted
against the Trust or which affect Trust assets;
9. if a corporation, to hold property in the Trustee's own name or in the name of
nominees, or with respect to stock certificates to hold the same in the form of street
certificates;
10. To borrow money, from the Trustee if a corporation, or from others, and pledge or
mortgage any property, for the payment of estate taxes, debts, legacies or
expenses, or for any purpose which the Trustee deems reasonable and appropriate
to facilitate the administration of the Trust or to avoid the untimely sale of Trust
assets;
11. To abandon, in any way, property which the Trustee determines is not worth
protecting;
12. To collect, receive and receipt far rents, issues, profits, and income of the Trust
Estate; to retain such reserves for trust expenses and liabilities as the Trustee
deems reasonable and appropriate;
13. To insure the assets of the Trust Estate, including insurance against any damage
or loss that may occur during delivery to beneficiaries;
- 12 -
14. To employ and compensate agents, accountants, investment advisors, brokers,
attorneys, tax specialists, Realtors, and other advisors deemed by the Trustee
needful for the proper administration of the Trust Estate, and to do so without
liability for any neglect, omission, misconduct, or default of any such agent or
professional representative provided the same was selected and retained with
reasonable care;
15. To hold and retain the principal of the Trust Estate undivided until actual division
shat! become necessary in order to make distribution; to hold, manage, invest and
account for the several shares or parts thereof by appropriate entries on the
Trustee's books of account; and to allocate to each share or part of share its
proportionate part of all receipts and expenses; provided, however, the carrying of
several trusts as one shat! not defer the vesting in title or in possession of any
share or part of any share thereof;
16. To continue to hold any stock, memberships, securities, notes or obligations of any
closely held corporation or limited liability company which Grantor may own in
whole or in part, and to cooperate fully in the management and operation of said
corporation or limited liability company; to sell, collect, or otherwise {iquidate such
stock, memberships, securities, notes or obligations if deemed advisable, for such
amounts and upon such terms as the Trustee deems reasonable and appropriate;
17. To sell Trust assets to the current income beneficiary upon such terms as the
Trustee deems reasonable and appropriate;
18. In the event that Co-Trustees shall be serving hereunder, all decisions shall be
made with the unanimous approval of the Co-Trustees; provided, however,
whenever the Grantor is serving as Ca-Trustee, either Co-Trustee may act alone;
provided further, however, if the Grantor's spouse is serving as Co-Trustee of Trust
- 13 -
"A", any discretion to be exercised by the Co-Trustees of Trust ~A" shall be
exercised solely by the remaining Co-Trustee. The provisions of this Paragraph
shall not limit the right of any Co-Trustee to authorize another Co-Trustee to
execute documents on his or her behaifi pursuant to a Power of Attorney.
19. In the Trustee's discretion, to make gifts on behalf of the Grantor to the Grantor's
children, grandchildren, or to any charity or church, giving due consideration to the
financial needs of the Grantor and the recipient known to the Trustee and further
limited as to each gift to the amount of the Federal Gift Tax Exclusion for such year.
20. In general, to exercise alt powers in the management of the Trust Estate of this
Revocable Trust or any Trust subsequently established hereunder which any
individual could or would exercise in his own right, in the reasonable and prudent
management of his own property, upon such terms and conditions as the Trustee
may deem best, and to do all acts, and execute all documents, which the Trustee
may deem necessary or proper to carry out the purposes of this Trust Agreement.
ARTICLE Vli
Any Trustee of this Revocable Trust (except the Grantor), in distributing
principal, exercising discretion, determining reasonableness and need, deciding whether
or not to exercise authority granted herein, or considering investment of Trust assets, shall
be obligated to give primary consideration to the needs and best interests of the Grantor,
including the providing of fuii, high quality medical care including, whenever reasonable
and to the extent reasonably needed, private nurses and private care sufficient to provide
the Grantor with peace of mind and adequate personal attention and, to the extent
possible, taking into consideration the total assets of the Trust and the health and life
- 14 -
expectancy of the Grantor, to the providing of support in reasonable comfort, that is, a
standard of living comparable to that enjoyed by the Grantor on the date hereof.
ARTICLE Vlll
In no case shall any person dealing with a Trustee of this Revocable Trust
or of any Trust created pursuant to this Instrument, in relation to any part of the Trust
Estate, be obliged to see to the application of any money or other property paid or
delivered to the Trustee thereof, or be obliged to see that the terms of any such Trust have
been complied with. No such person shat{ be required, and no person not a beneficiary
or not acting for a beneficiary shall be entitled, to inquire into the necessity or expediency
of any act of a Trustee. The performance by the Trustee then serving of any act, or the
execution by any such Trustee of any instrument, in relation to the Trust Estate of such
Trust shall be conclusive evidence in favor of any person dealing with such Trustee that
the Trustee had the power and authority to perform such act or to execute such instrument.
A written statement of a Trustee at any time as to any fact relative to the Trust may also
be relied upon and shall also be conclusive evidence in favor of any transfer agent and
any other person dealing in good faith with the Trustee in reliance upon such statement_
ARTICLE IX
The rights, powers, authority, duties and obligations established by this
Instrument sha11 apply to the Initial Trustee and to all successor Trustees. No bond shall
be required of any Trustee for the faithful performance of the duties hereunder. Any
successor to the trust business of any corporate fiduciary designated herein or acting
hereunder shall succeed to the capacity of its predecessor without conveyance or transfer.
Any Trustee serving hereunder shall be entitled to reimbursement of expenses reasonably
incurred and reasonable compensation for services rendered (if a corporation, in
- 15 -
accordance with its standard fee schedule in effect at the time that such services are
rendered or, if none, then the compensation shall be as provided by South Carolina law).
No Trustee sha{I be responsible or liable for the actions or accounts of any previous
Trustee, or of the Executor of the Grantor's estate. Unless requested in writing by a
beneficiary, no Trustee shall be obligated to inquire into such acts or omissions or to
ascertain that the property transferred to such Trustee is the entire trust property. No
Trustee shall be liable for the exercise of any powers or discretion unless such exercise
shall be made in bad faith or shall constitute gross negligence, unless otherwise
specifically provided herein.
ARTICLE X
No interest in principal or income payable, or to become payable, to any
beneficiary of any Trust created by this Instrument shall be subject to anticipation,
assignment, pledge, sale or transfer in any manner. No beneficiary shall have the power
to anticipate or encumber such interest. No such interest, while in the possession of the
Trustee, shall be liable for, or subject to, the debts, contracts, obligations, liabilities or torts
of any beneficiary.
ARTICLE Xt
Ail questions pertaining to the validity, construction or administration of any
Trust created by this instrument shall be determined in accordance with the laws of the
State of South Carolina_
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ARTICLE Xlf
A_ Any Trustee may resign at any time by executing a Resignation Declaration in form
recordable in the Office of the RMC for Beaufort County, South Carolina, and
immediately delivering the original executed document to the current income
beneficiary {or, if the Trustee is the Grantor, then to the Successor Trustee), or to
the legal guardian or attorney-in-fact thereof. The Grantor and any individual
Trustee or Co-Trustee may resign immediately; the resignation of any Corporate
Trustee or Co-Trustee shall become effective on the thirtieth (30th) day following
the date of execution of the Resignation Declaration unless otherwise approved by
the current income beneficiary. The Resignation Declaration shall clearly identify
and reference this Trust Agreement, shall clearly identify the resigning Trustee,
and, in the case of the Grantor or an individual Trustee or Co-Trustee, set forth the
effective date of the resignation. The execution and delivery of the Resignation
Declaration may be undertaken by an Attorney-in-Fact of a resigning Trustee, and
any such execution and delivery of documents shall be binding upon the resigning
Trustee (subject to Paragraph E of this Article as to the Grantor). Any resigning
Trustee shall be obligated to use best efforts to facilitate the transfer of assets and
Trust records and shall promptly prepare and deliver a final accounting.
B. At such time as the Grantor shall resign as Trustee, or sooner be determined to be
incompetent pursuant to the provisions of ARTICLE XVIII hereafter, LEONARD C.
BELLANCA sha{I commence serving as Successor Co-Trustee hereunder or, if
LEONARD BELLANCA is not then serving, then LEONARD C. BELLANCA shall
commence serving as the sole Successor Trustee hereunder. Upon the death of
the Grantor, LEONARD C. BELLANCA shall serve as sole Trustee hereunder. If
the designated Successor Trustee shall be unable or unwilling to serve or to
continue to serve in such capacity, the following shall serve as Successor thereto,
- 17 -
as long as they are willing and able to do so, in the order of succession designated,
it being the intention of the Grantor to fill vacancies as they arise: first -JAMES A.
BELLANCA; second -JOSEPH J. BELLANCA; third -PAUL M. BELLANCA.
C. If all of the foregoing Trustees andfor Co-Trustees shall be unwilling or unable to
serve or continue to serve in such capacity, the Grantor, or if the Grantor is
deceased or incompetent as aforesaid, then the Grantor`s spouse or, if such spouse
is deceased or incompetent as aforesaid then the eldest child of the Grantor then
living and competent, shall promptly appoint a successor Trustee which is a trust
company or a financial institution possessing a trust department or a trust company
subsidiary of a securities brokerage company (except that the Grantor may appoint
any person or entity whomsoever).
D_ A Successor Trustee shall, prior to commencing service as a Successor Trustee,
execute a Confirmation of Successor Trustee and record the same in the Office of
the RMC for Beaufort County, South Carolina, to which shall be attached the
Resignation Declaration of the preceding Trustee. Such Confirmation of Successor
Trustee shall contain an accurate identification of the Trustee, the Trustee's
address, telephone number and fax number as applicable, and the date upon which
the Successor Trustee sha{{ commence serving in such capacity; the Instrument
shall also clearly identify and reference this Trust Agreement and shall include an
acceptance by the Trustee of the obligations established hereunder.
E. If the Grantor has ceased to serve as Trustee but is still living, the Grantor may
thereafter commence re-serving as Trustee by delivering written notice of
termination to the current Trustee, which notice shall clearly identify and reference
this Trust Agreement and the effective date that the Grantor shall recommence
serving as Trustee, and also recording the same in the Office of the RMC for
- 18 -
obligated to promptly notify the next succeeding beneficiary of income or principal as to
the name and address of the new Trustee.
ARTICLE XIV
With respect to any tangible persona{ property owned by the Trust, the
Grantor's spouse shall be entitled to possession thereof fior as long as such spouse
desires, and during such possession (a) the Grantor's spouse shall be responsible for the
care, maintenance, and repair of such property, and all expenses applicable to the
ownership or use thereof, (b) the Grantor's spouse shall have no liability with respect to
such property except for intentional damage or destruction or conveyance, with or without
consideration, to any person other than the Trustee hereof, and (c} the Trustee shall
possess no liability whatsoever with respect to such property. When such property is
returned to the custody of the Trustee the Trustee shall distribute the same by dividing
such property in as nearly equal shares a may be practical so as to provide one share for
each child of the Grantor then living and one share for each child of the Grantor who,
being deceased, has left children then living, such children to be al{ocated their deceased
parent's share in as nearly equal shares as may be practical. The Trustee shall give due
consideration to any preferences expressed by the Grantor's children and grandchildren
to the extent reasonably possible; the discretion exercised by the Trustee in connection
therewith shall be exclusive and absolute, and no decision made by the Trustee may be
challenged by any beneficiary hereunder. As to any beneficiary under the age of 21 years,
the Trustee may, in the Trustee's sole discretion, sell the property allocable to such
beneficiary (including to other beneficiaries} and distribute the sale proceeds to the
beneficiary in lieu thereof.
- 20 -
ARTICLE XV
The Grantor's spouse is specifically authorized to disclaim all, or any part,
of any bequest made to said spouse by delivery of a written Instrument setting forth such
disclaimer in such manner as is necessary to qualify the same as a "qualified disclaimer"
under Section 2518 of the Internal Revenue Cade of 1986, as amended, or any successor
to such Section; in such event, the assets so disclaimed shall be distributed as if the
Grantor's spouse did not survive the Grantor and said spouse shall possess no right to
restrict, influence or place any condition upon such distribution.
ARTICLE XVI
Whenever the word "Trustee", or any modifying or substitute pronoun
thereof, is used in this Instrument, such word or pronoun shall (1) refer to the person or
entity then properly serving, or authorized to serve, in such fiduciary capacity pursuant to
the provisions of this Agreement, (2} be held and taken to include both the singular and
plural, and the masculine, feminine, and neuter gender thereof, as appropriate, and (3)
apply equally to any Trustee{s} herein named, to any Trustee(s) hereafter designated as
permitted by this Agreement, and to any successor thereof.
ARTICLE XVII
If any share hereunder shall vest in absolute ownership in a beneficiary who
has not then attained the age of twenty-one (21) years, the Trustee is authorized and
empowered, in the Trustee's uncontrolled discretion, to hold the share so vested in such
person, or any part thereof, in a separate Trust for the benefit of such person,
notwithstanding that such share may consist of investments not authorized by law for trust
funds. During the term of such Trust, the Trustee shalt apply all or such part of the
- 21 -
income, and principal as necessary, as the Trustee shall determine to be reasonably
needed for the support, maintenance, medical care, and education of such beneficiary,
taking into account to the extent the Trustee deems appropriate the resources of the
beneficiary's parent(s). Any undistributed income shall be accumulated. At such time as
the beneficiary shall attain the age of twenty-one (21) years, or sooner die, the Trustee
shall pay over the principal and any accumulated income thereof to the beneficiary or to
his or her estate, as applicable. The authority conferred upon the Trustee by this
ARTICLE XVII shall be construed as a power only, and shall not operate to suspend the
absolute vesting of ownership in such beneficiary. With respect to the administration of
such Trust, the Trustee shall have all of the powers vested in the Trustee, and all of the
obligations established with respect to a Trust beneficiary, under the provisions of this
Agreement. If pursuant to any Trust created hereunder, income or principal shalt become
distributable to a person under the age of 21 years, or to a person under legal disability,
or to a person not adjudicated incompetent but who, by reason of illness or mental or
physical disability, may, in the opinion of the Trustee, be unable properly to administer
such amounts, then the same, or any portion thereof, may, in the discretion of the Trustee,
be applied for the benefit of the beneficiary and/or a11, or the remaining portion thereof,
shall be distributed by the Trustee in one or more of the following ways, as the Trustee
deems best:
(1) Directly to such beneficiary; or
(2) To the parent(s) or legally appointed guardian of such
beneficiary.
- 22 -
ARTICLE XVIII
In the event that the Grantor is determined to be incompetent, the Grantor
shall cease to serve as Trustee under this Agreement. If two physicians, one of which is
the regular physician of the Grantor, declare in writing that the Grantor is unable to
undertake most financial affairs (investments, gifts, purchases, sales, payment of bills,
incurring of expenses, etc.) in a competent manner, or is unable to protect financial assets
to meet future needs, the Grantor shall be deemed to have been determined to be
incompetent for the purposes of this Agreement. The term "regular physician of the
Grantor" shall refer to any physician who has treated the Grantor, and/or examined the
Grantor's health, at least three (3) times during a period of time which begins no more than
two (2) years before the determination of incompetency and, in addition, has examined the
Grantor's mental and/or physical health, as appropriate (or secured competent
examination thereof}, within thirty (30} days prior to such determination of incompetency.
Notwithstanding the foregoing, any judicial determination of incompetency, or of
competency, shall supersede any determination hereunder rnade within one (1) year
before or after such judicial determination. The foregoing provisions shall likewise apply
to any individual who is serving, or is to serve, as Trustee or Co-Trustee hereunder, if any.
ARTICLE XIX
Every Trustee (except the Initial Trustee} shall maintain accurate accounts
and records and sha{I prepare an account of the administration of the Trust not less
frequently than annually and render the account to each person entitled to receive Trust
income during the period of the account and each person who would be entitled to
distribution of principal if the Trust had terminated on such date. Such statement shall set
forth a complete inventory of the property then constituting the Trust Estate and shall
reflect all receipts and disbursements of income and principal of the Trust Estate. The
- 23 -
assent by ail persons so entitled to receive the account shall make such account, in the
absence of fraud or manifest error, binding and conclusive upon all persons then having,
or who may thereafter have, any interest, vested or contingent, in the income or principal
of the Trust Estate: The failure of any such person (1) personally or (2) by his or her
attorney-in-facf, or (3} if a minor by his or her parent or legal guardian, or (4) if under
disability by his or her legal guardian or conservator, or (5) if deceased by his or her
personal representative, to mail a written objection to any such account within sixty (60)
days after receipt thereof shall be deemed to be an assent by such person.
ARTICLE XX
Notwithstanding any other provision hereof, in the event any Trust held
hereunder shall, in the opinion of the Trustee, become uneconomic or otherwise
inadvisable to administer as a Trust, the Trustee, in the Trustee's absolute discretion, is
authorized to terminate such Trust and distribute the remaining principal to or for the
benefit of the beneficiaries then entitled or eligible to receive the income and in the same
proportion. In such event, no remainder beneficiary shall possess any claim against the
income beneficiary or the Trustee.
ARTICLE XXI
Notwithstanding anything set forth in this Instrument to the contrary, all Trusts
created hereunder shall terminate no later than twenty-one (21) years after the death of
the last survivor of the Grantor's spouse, children and grandchildren living on the date of
the Grantor's death, at which time the Trustee shall distribute the remaining principal to
or for the benefit of the beneficiaries then entitled or eligible to receive the income
therefrom.
- 24 -
IN WITNESS WHEREOF, the Grantor and the initial Co-Trustees have set
their hands and seals to this Trust Agreement on the date first set forth above.
IN THE PRESENCE OF:
GRANTO -MARY G. BELLANCA
~ ~ ~~~ .
INITIAL CO ~%, RUSTEE -MARY G. BELLANCA
`~,~ f~>
i l ~~ , "" ~~fN y / V
INITIAL CO-TRUSTEE -LEONARD BELLANCA
STATE OF SOUTH CAF~tOLINA )
COUNTY OF BEAUFORT )
PROBATE
Grantor, Initial Co-Trustee
PERSONALLY appeared before me the undersigned witness who, under
oath, says that (s)he saw the within named Grantor and Initial Co-Trustee, MARY G.
BELLANCA, sign, seal, and as her act and deed, deliver the within Trust Agreement, and
that (s)he with the other witness subscribed above witnessed the execution thereof.
~~~ Q~
(Witness}
SWORN to before me this 15~'
day of April, '997. ,
~~~
Notary P lic for`South C~rolin
My Commission Expires:% ~ `.~`~
- 26 -
r \~ /, r
,~ ~~
STATE OF SOUTH CAROLINA
COUNTY OF BEAUFORT
PROBATE
Initial Co-Trustee
PERSONALLY appeared before me the undersigned witness who, under
oath, says that (s)he saw the within named Initial Co-Trustee, LEONARD BELLANCA,
sign, seal, and as his act and deed, deliver the within Trust Agreement, and that (s)he with
the other witness subscribed above witnessed the execution thereof.
(~
Witness}
SWORN to before me this 15th
day of Aprii},1997.
~.. ~ f~`
Notary Public fo South aro i
My Commission Expires ~~ ~'~'
C:tdata\W P~ATA\PETER\BALI.MICA\TRUST.SHE.wpd
- 27 -
~,~
BAST iN~LL l-~ND TESTAMENT \`"~ ~_
OF
MARY G. BELLANCA
(, MARY G. BELLANCA, currently a resident of and domiciled in the Town
of Hilton Head Island, County of Beaufort, State of South Carolina, do hereby make,
publish and declare this to be my Last Will and Testament.
ARTICLE 1
I am married to LEONARD BELLANCA, who is referred to in this Instrument
as my "spouse." LEONARD C. BELLANCA, of Mechanicsburg, Pennsylvania, JAMES A.
BELLANCA, of Winnetka, Illinois, JOSEPH J. BELLANCA, of Malvern, Pennsylvania,
PAUL M. BELLANCA, of Honolulu, Hawaii, and MARY ANN SLATTERY, of Midliothian,
Virginia, together with any children whom i may adopt after my execution of this
Instrument, are referred to in this Instrument as my children, and no other individual,
regardless of relationship to me, shall be entitled to share in any bequest or devise made
to my children, or to any of them.
It is my wish that, upon my death, I be cremated and my ashes disposed of
as determined by my Executor.
ARTICLE ll
I revoke all Wills and Codicils previously made by me. I direct that my just
debts (as determined by my Executor), the expenses of my last illness and funeral, and the
expenses of the administration of my estate be paid as soon as practicable after my death
from my residuary estate. If at the time of my death any real property herein bequeathed
is subject to a mortgage, 1 direct that the beneficiary receiving the mortgaged property shall
- 2 -
~ Lr ~-~ .
~~ ,_, .
take it subject to the mortgage and the indebtedness secured thereby and shalt not be
entitled to have such indebtedness paid out of my general estate. I direct that all estate,
inheritance, or other taxes assessed upon or with respect to any property or interest in
properly included in my estate for such tax purposes shall be paid as provided in the Trust
referenced in, or created pursuant to, Article V of this Instrument.
ARTICLE III
i direct that, to the extent permitted by the Probate Code of South Carolina,
my Executor, Beneficiaries and Heirs abide by any Memorandum, signed by me,
designating the recipients of specific items of tangible personal property which t awn at the
time of my death, whether such Memorandum is executed before or after the date of this
Instrument. I further direct that, if any named recipient shall not survive me, the bequest
to that recipient shall be deemed to have lapsed, and the items of tangible personal
property designated for such recipient shall, unless otherwise provided in the
'~ Memorandum, become part of my remaining tangible personal property bequeathed by this
Instrument.
ARTICLE IV
I hereby bequeath all of my tangible personal property (except currency) not
otherwise bequeathed by separate Memorandum to beneficiaries who have survived me,
including but not limited to furniture, furnishings, collections, antiques, paintings,
silverware, china, glass, books, jewelry, wearing apparel, automobiles, boats, and all
insurance policies thereon, to my spouse if my said spouse survives me by thirty (30) days.
If my said spouse does not so survive me, I bequeath all of said tangible persona! property
to my children who survive me, to be divided among them by my Executor in as nearly
equal shares as may be practical. 1 request, but do not require, that my Executor give due
regard to any preferences expressed by my children; the discretion of my Executor shat!
- 2 -
be exclusive and absolute, and no decision made by my Executor may be challenged by
any beneficiary hereunder. The cost of storing and insuring any of my tangible personal
property shall be an administrative expense payable from my residuary estate; costs of
delivery shall be borne by the beneficiary receiving the same.
ARTICLE V
I bequeath the remainder of my property, real and personal, tangible and
intangible, of whatever nature and wherever it may be located, whether acquired before
or after the execution of this Instrument, including any specific devise or bequest
established by this instrument which lapses (referred to in total as my "residuary estate")
to the then Trustee or Trustees under that certain Trust Agreement executed by me as
Grantor prior to the execution of this Instrument and dated the 15"' day of April, 1997. The
Trustee or Trustees shall add the property bequeathed and devised by this Article to the
corpus of the above described Trust and shall hold, administer and distribute said property
in accordance with the provisions of the said Trust Agreement, including all amendments
thereto. In the event that, for any reason, the bequest and devise under this Article is
ineffective and invalid, then 1 bequeath the same to my eldest son, LEONARD C.
BELLANCA as Trustee, to be held, administered and distributed in accordance with the
provisions of the above described Trust Agreement, which provisions are incorporated by
this reference and made a part of this Instrument to the same extent as if set forth in their
entirety in this Instrument. If for any reason such person or entity is unable or unwilling to
serve as Trustee, I hereby nominate, constitute and appoint as successor or substitute
Trustee that person or entity which is next designated in ARTICLE XII of the above
referenced Trust Agreement that is willing and able to so serve; if there be none, then I
appoint that trust company, financial institution possessing a trust department or trust
company subsidiary of a securities brokerage company designated in a written instrument
filed with the court having jurisdiction over this Will and signed by my spouse, or, if my
- 3 -
spouse fails to act in a timely manner, signed by or on behalf of my oldest living child, or
if he or she fails to act in a timely manner, by the court having jurisdiction of the probate
of my estate. I hereby refrain from exercising any power of appointment that I may have
had at the time of my death.
ARTICLE VI
I hereby nominate my husband, LEONARD BELLANCA as Executor of this
my Will. If for any reason such nominee is unable or unwilling to serve or to continue to
serve in such capacity, I nominate my eldest son, LEONARD C. BELLANCA as alternate
or successor Executor. I direct that no person nominated as Executor hereunder shall be
required to post any bond or other security for the faithful performance of such duties. My
Executor shall receive reimbursement of all expenses reasonably incurred to undertake
the duties of Executor.
My Executor is specifically authorized and empowered to exercise all of the
powers in the management of my Estate which any individual could exercise in the
management of similar property owned in his own right, upon such terms and conditions
as to my Executor may deem best, and to execute and deliver any and all instruments and
to do all acts which my Executor may deem proper or necessary to carry out the purposes
of this my Will, without the necessity of a court order. My Executor is specifically
authorized to sell real property and personal property, regardless of value, without court
approval whenever the Executor, in his or her sole discretion, determines that such sale
will facilitate distribution of the estate, prevent loss of value, or otherwise be in the best
interests of the beneficiaries.
IN WITNESS WHEREOF, 1, MARY G. BELLANCA, sign my name to this
Instrument consisting of 5 typewritten pages (the following page included} this 15~' day of
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.,
~,y~_~,
April, 1997, and being first duly sworn, do hereby declare to the undersigned authority that
I sign this Instrument as my Last Will and Testament and that I sign it willingly, that I
execute it as my free and voluntary act for the purposes therein expressed, and that 1 am
eighteen years of age or older, of sound mind, and under no constraint or undue influence.
MARY G. BELLANCA, Testatrix
We, Vet t C,~(~ ~:~P 1, r~c(~ and ~,~ ~ . V v b~ ,the
witnesses, sign our names to this Instrument and at least one of us, being first duly sworn,
does hereby declare, generally and to the undersigned authority, that the above Testatrix
signed and executed this Instrument as the Last Wili and Testament of said Testatrix, and
that said Testatrix signed it willingly, and that each of us, in the presence and hearing of
the Testatrix, hereby signs this Will as witness to the execution hereof by the Testatrix,
and that to the best of our knowledge the Testatrix is eighteen years of age or older, of
sound mi ,and nde~r no constraint or undue influence.
re rd ng a -~'~
itn s
residing at cS
(Witness)
STATE OF SOUTH CAROLINA
ACKNOWLEDGMENT
COUNTY OF BEAUFORT
Subscribed, sworn to and acknowledged before me by MARY G.
B LL . CA, t e Testatrix, and subscribed and sworn to before me by
I { Lf , a witness, this ~ day of ~-t'K/~1 t...._~ ,
1997.
(SEAL)
Notary Pu lic for Sout Carolina
My Commission Expires: ~ C~~
C:ldatatWPDATA1PEfER16Al[AtJCAtWIl.t.9iE,wpd
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Beaufort County, South Carolina. If the Grantor was determined to be incompetent
pursuant to the provisions of ARTICLE XVIII hereafter, the Grantor must first be
determined to be competent in the same manner, in which event the notice must
also be executed by finro physicians who, by their execution, are approving the
action undertaken by the Grantor pursuant to such notice. The notice must be
signed by the Grantor, and may not be executed by any representative, agent,
conservator, or Attorney-in-Fact of the Grantor.
ARTICLE XIU
Notwithstanding the provisions of ARTICLE X11, the current income
beneficiary (or a majority thereof if more than one) of any Trust created hereunder,
personally or, if a minor or under disability, by attorney-in-fact, shall have the absolute
right at any time to discharge any Trustee or Co-Trustee of such Trust, without cause,
provided that such current income beneficiary (or a majority thereof if more than one)
promptly appoints as successor Trustee the next succeeding Trustee or Co-Trustee
designated by the Grantor in ARTICLE Xlt hereof or, if there be none, then a trust
company or a financial institution possessing a trust department or a trust company
subsidiary of a securities brokerage company. However, the Grantor may appoint any
person or entity whomever to serve as successor Trustee. The income beneficiary (or
majority thereof if more than one) shall deliver to the current Trustee written notice of
Termination, which notice shall clearly identify and reference this Trust Agreement, clearly
identify the terminated Trustee, and set forth the effective date of the termination. The
Successor Trustee shall execute and record with the RMC for Beaufort County, South
Carolina, a Confirmation of Successor Trustee, to which there shall be attached a copy of
the notice delivered to the terminated Trustee or Co-Trustee. The current Trustee shall be
obligated to use best efforts to facilitate the transfer of assets and Trust records and shat(
promptly prepare and deliver a final accounting. The current income beneficiary shall be
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ARTICLE XXII
In the event that it cannot be readily determined whether or not a beneficiary
named hereunder has survived the Grantor, it shall be presumed that the beneficiary did
not survive the Grantor for purposes of this Agreement.
ARTICLE XXIII
Notwithstanding anything else to the contrary hereinabove, the Grantor's
spouse may not undertake any action, individually or in the capacity of Co-Trustee, which
would result in the inclusion of the assets of Trust "A" in such spouse's estate. This Article
shall not limit the right of the Grantor's spouse to make any available election upon the
Grantor's death.
ARTICLE XXlV
It is the intention of the Grantor (1) that this Instrument not be deemed to be,
or treated as, the Last Will and Testament of the Grantor, (2) that no Probate of this
Instrument be required or undertaken, and {3} that the assets, the title to which are held
in the name of the Trust or in the name of the Trustee as Trustee (whether or not such title
is publicly recorded}, shall not be treated as assets of the Estate of the Grantor or made
subject to Probate.
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