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Home My WebLink About06-08-09 (2)_l 15056051058 REV-1500 EX to6-a,, OFF)CrAL ~SE or,~r PA Department of Revenue Coun Code Year File Number Bureau of Individual Taxes H PO BOX 280601 INHERITANCE TAX RETURN Harrisburg, PA 17128-0601 RESIDENT DECEDENT 21 09 0160 ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death Cate of Birth 202-28-2309 11 / 19/2008 12/01 /1922 Decedent's Last Name Suffix Decedent's First Name MI SCHREIBE(S GLADYS R (If Applicable) Enter Surviving 5pouse's Information Below Spouse's Last Name Suffix Spouse's First Name Mt Spouse's Social Security Number THIS RETURN MUST 8E FILED IN DUPLICATE WITH THE REGISTER OF WILLS FILL IN APPROPRIATE OVALS BELOW 1 1 Orrgina! Retum 2. Supplemental Retum 3. Remainder Return (date of death prior to 12-13-82) 4. Limited Estate 4a. Future Interest Compromise (date of 5. Federal Estate Tax Retum Required death after 12-12-82) U, GVGUG~iI U,C ~GJIU IC .. (Attach Copy of Witl) ~ UGVCUC~iI IV,Oi I:tl1,iCU tl LAY lily T, u.>l (Attach Copy of Trust) u. iVlu, irl,i i... Vi u~ vu~U ul..~u.~il ~.u„l„~ 9. Litigation Proceeds Received 10. Spousal Poverty Credit (date of death 11. Election to tax under Sec. 9113(A) between 12-31-91 and 1-1-95) (Attach Sch. O) CORRESPONDENT - THIS SECTION MUS7 BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED T0: Name Daytime Telephone Number CHARLENE FEUCHTENBERGER (717) 530-2614 Firm Name (If Applicable) REGISTER OF WILLS i1SE ONLY ., . C l ORRSTOWN BANK ,~ < :; First line cf address . ' ~n c -~ r_ 77 EAST KING STREET r : ~:. - , , I Second line of address " ~ ~- ~ C.~ \; , P.O. BOX 250 j City or Post Office State ZIP Code uHrtHLcU~`~' - - : -i ~ ~ SHiPPENSBURG PA 17257 -_ 4~l Correspondent's e-mail address: Cfeuchtenberger@orrStown.COm 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 Lhan the personal representative is based on all information of which preparer has any knowledge. SIGN RE OF PERSON ESPONSIBLE FOR FI NG RETURN DATE __ lv_-~~ -Uc, ---- _-__ .__ -- -- _- --_ --_--- - - - F- _ __ ADDRESS , - _ -°2 ~1- ~~-~~ -.~~- - '_ _ ,~~__ _ /_ ?_ 013_ _ _ I URE O P PARER OTHER TH ~ REjZRESENTATIVE /~ ~ ^~E / /~ __ ESS I ~~ ~ LEASE USE ORIGWAL FORM ONLY Side 1 15056051058 15056051058 J 15056052059 REV-1500 EX Decedent's Social Security Number Decedent's Name: GLADYS R SCHREIBEIS _. _. _ _ 202-28-2309 _. RECAPITULATION i. Real estate (Schedule A) . .............. 1. 141,000.00 2. Stocks and Bonds (Schedule B) ..................................... .. 2. 3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) ... .. 3. n nncrt~~,.~~ R rv~„ ~r,~ RPCPi;,ahle (Schedule D) ,~s_ 4_ 5. Cash, Bank Deposits 8 Miscellaneous Personal Property (Schedule E) ...... .. 5. 2,235.00 6. Jointly Owned Property (Schedule F) Separate Billing Requested ..... .. 6. 382,335.44 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (Schedule G) Separate Billing Requested...... .. 7. 83,266.49 8. Total Gross Assets (total Lines 1-7) .................................. .. 8. 608,836.93 9. Funeral Expenses & Administrative Costs (Schedule H) ................... .. 9. 30,709.30 10. Debts of Decedent, Mortgage Liabilities, 8 Liens (Schedule !) . 10. 4,885.62 11. Total Deductions (total Lines 9 8 10) ................................. .. 11. 35,594.92 12. Net Value of Estate (Line 8 minus line 11) ............................ .. 12. 573,242.01 13. Charifable and Governmental Bequests/Sec 9113 Trusts for which an election to tax has not been made (Schedule J) ...................... 13. t4. Net Value Subject to Tax (Line 12 minus Line 13) ...................... .. 14. 573,242,41 TAX COMPUTATION -SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or transfers under Sec. 9116 (a)(1.2) X .0_ _ 15. 16. Amount of Line 14 taxable at lineal rate X .045 573,242.10. 16. 25,795.89 at sibling rate X .12 17. 18. Amount of Line 14 taxable at collateral rate X .15 18. 19. TAX DUE .... ...................................... 19. 25,795.89 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT 15056052059 Side 2 15056052059 REV-1500 EX Page 3 File Number Decedent's Complete Address: 21 09 0160 DECEDENTS NAME DECEDENTS SOCIAL SECURITY NUMBER GLADYS R SCHREIBEIS _ _ 2.0_2_-28-2309 STREET ADDRESS 30 ABBEY COURT CITY... _ - - _ _ _ STATE ZIP CARLISLE PA 17013 Tax Payments and Credits: 1. Tax Due (Page 2 Line f9J (1) 25,795.89 2. CreditsJPayments - 4. Snn!!sal PfIVPr<V (~rPt~it B. Prior Payments __ _ - ___ C. Discount Total Credits (A + B + C) (2) 3. Interest,'Penalty if applicable D. (nterest E. Penalty ~.~--- otal nteres enalty (D + E } (3) 4. Ii Line t is greater than Line 1 + Lines, enter the difference. This is the OVERPAYMENT. Fill in oval on Page 2, Line 20 to request a refund. (4} 5. If Line i r Line 3 is oreater than Line 2. enter the difference. This is the TAX DUE. (5) 25,795.89 A. Enter the interest on the tax due. (5A) B. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (5B) 25,795.89 Make Check Payable to: REGISTER OF WILLS, AGENT PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1. Did decedent make a transfer and: Yes No a. retain the use or income of the property transfened :.......................................................................................... ^ ^c b. retain the right to designate who shall use the property transferred or its income : ............................................ ^ 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? ........................................................................... ......... ^ tX l .......................... 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? .................... ...................................... x^ ^ .............................................................. {F THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. For dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is three (3) percent [72 P.S. §9116 (a) (1.1) (i)]. For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is zero (O) percent [72 P.S. §9116 (a) (1.1) (ii)]. 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 ~ , 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)]. Asibling is defined, under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption. P.E'•J i5~2 EX+ X11-GSi ~`-'r pennsylvania SCHEDULE A DEPARTMENT OF REVENUE INHERITANCE Tnx RETURN REAL ESTATE RESIDENT DECEDENT ESTATE OF FILE NUMBER SCHREIBEIS, GLADYS R. 21-09-0160 All real property owned solely or as a tenant in common must be reported at fair market value. Fair market value is defined as the price zt which property would be exchanged between a willing buyer and a willing seller, neither being compelled to buy or sell, both having reasonable knowledge of the relevant facts. Real property that is jointly-owned with right of survivorship must be disclosed on Schedule F. Attach a copy of the settlement sheet if the property has been sold. ITEM Include a copy of the deed showing decedent's interest if owned as tenant in common. VALUE AT DATE hUM°ER OF DEATH DESCRIPTION ~ RESIDENCE APPRASIAL: 30 ABBEY COURT CARLfSLE. PA I 141,000.00 If more space is needed, insert additional sheets of the same size. APPRAISAr. REPORT 30 ABBEY COURT CARLISLE, PENNSYLVANIA PREPARED FOR THE ESTATE OF GLADYS SCHREIBEIS BY LARRY E. FOOTE DIVERSIFIED APPRAISAL SERVICES 35 EAS"1, HIGH S"I~REET, SUITE 101 CARLISLE, PEN?~~SYLVANIA ]7013-3052 (7I 7) 249-2758 ~t ~; COPY SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS i.OCA'fION: TAX PARCEL NUMBER: i1~1PiZGV Eti1Eiv"i'S: PROPERTY RIGHTS 30 Abbey Court Carlisle, Pennsylvania 40-24-0759-001.-UG4-1 One-story sing,ie-family dwelling. Fee simple interest. OWNERSHIP HISTORY: The subject property is owned by Gladys Schreibeis. "I'he property was purchased on August I , 1495 for a reported consideration of $116,000 and ownership transferred on Deed Book 125, Page 1073. SCOPE OF THE ASSIGNMENT: The scope of the assignment included an analysis of the subject's area, an inspection of the subject property, an estimation of the property's highest and best use, consideration of all three approaches to value, and the application of those relevant to the valuation of the subject. OBJECTIVE. To estimate the market value of the subject property as un~~~4uluu~reU. EFFECTIVE DATE: November 19. 2008. HIGHEST AND BEST USE: Continued use as asingle-family residence. COST APPROACH: N.A. SALES APPROACH: $141,000 INCOME APPROACH: N.A. FINAL VALUE CONCLUSION: $141,000 APPRAISAL CERTIFICATION I hereby certify that upon application for valuation by: THE ESTATE OF GLADYS SCHREIBEIS the undersigned personally inspected the following described property: r"iil that ~cltain piece; ur palcei of lzul~l, with the inlpiuvcln~lit~ tilctcun crccte~l, situate in South Middleton Township, Cumberland County, Pennsylvania, bounded and described as follows: Beginning at a point along common areas of "I"he Villas and at edge of Lot G-3; thence along said common areas, North 14 degrees 12 minutes 10 seconds East 26.00 feet; thence along Lot G-5, South 75 degrees 47 minutes SO seconds East 82.7 feet to a point at common lands of The Villas; thence along common lands, South 14 degrees 12 minutes 10 seconds West ..~ nn r r ~ , r ~ ~ , - ~U.vv 1Gli tU a~vuli dl LUt U-~, i1~Glll,t; atW1~ LUl Ll-~, :~Ulltl ~J UC~IGCJ -t/ 111111UtGJ ~V JCI.UIIUJ West 82.75 feet to a point, the place of beginning. Being designated as Lot G-4 on a Subdivision Plan recorded in Cumberland County Plan Book 52, Page 124, containing 2,234.25 square feet and being known as 30 Abbey Court, Carlisle. Pennsylvania. To the best of my knowledge and belief the statements contained in this report are true and correct, and that neither the employment to make this appraisal nor the compensation is rrnnt;r1nPnt ,.:^On tl~e ~.al„~ ...-r.,.7 ~n~ tii,ar - - ~t~ ~ a i. ,. ~ ~ ~.. , r ~.. , r • D""" r • •.~•, rn.pv~... u, uii..+ tii • iii Lij opinion ti ~, ,vlarl~l.l v al Ul, aJ U1 tvUV~C;11tUC:l 19, 2008 is: ONE HUNDRED FORTY-ONE THOUSAND DOLLARS $141,000 The property was appraised as a whole; subject to the contingent and limiting conditions rnltlined herein. ~ .~~~~ Larry E. Foote Certified General Appraiser GA-000014-L 3 /'~ INTENDED USE OF THE APPRAISAL The intended use of this appraisal is to estimate the Market Value of~ the subject property as of November 19, 2008. Market Value is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. Buyer and seller are typically motivated. b. Both parties are well informed or well advised, and each acting in what he considers his own best interest. c. A reasonable time is allowed for exposure in the open market. d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto. e. The price represents the normal consideration for the property sold !'[` 7 t_ _. ', 1 ... ,. ,.., ,, r:..., ~., ,, .~~,..n nr one o n(~ aci ~~nc «ra ntPf~ uliulii~iuu vy Jii~.~..u,v. .,,.,.....~ ........ v ... .~., CC...e__...,._ ~.. by anyone associated with the sale. Source: Office of the Comptroller of the Currency, 12 CFI §34.42(f). HIGHEST AND BEST USE Highest and Best Use is defined by the Appraisal Terminology and Handbook, published by the Appraisal Institute, as "the most profitable likely use to which a property can be put". The opinion of such use may be baked on the highest and most profitable continuous use to which the property is adapted and needed, or likely to be in demand, in the reasonable near future. However, elements affecting value that depend upon events or a combination of occurrences which, while within the realm of possibility, are not fairly sho~~m to be reasonably probable; should be excluded from consideration. Also, if the intended use is dependent on an uncertain act of another person, the intention cannot be considered. Based on the above definition and after seeing the site, neighborhood, and area, it is my opinion that the present use of the subject is its Highest and Best Use. 4 ,..,,~ ; ~: i r` f ~f f f~' I SITE DATA ADDRESS: 30 Abbey Court "1~OWNSHIP: South Middleton COUNTY: Cumberland STA"TE: Pennsylvania I_,OT SIZE: .OS acre. SEWERS: Public utility. WATER: Public utility. LANDSCAPING: Typical for the area, with a sodded Iawn, trees and shrubs. DETRIMENTAL INFLUENCES None. Pride of ownership is evident throughout the neighborhood. DESCRIPTION OF IMPROVEtiIENTS L;,vi,t~ri1~ t~~:~1,1~11 111~1v- DIIti-~tuly jlllj~'lc-ldlllll~' Il ~YClllllg GUIItAI1ll11~ ~1p~rUXlnla [Cl~ l ,~ 14 square feet of gross living area above grade with an attached one-car garage. CONDITION: Exterior: Good Interior: Good ROOMS: First Floor: Living room, eat-in kitchen, two bedrooms, laundry room and two full bathrooms. Basement: None. This dwelling is constructed upon a concrete slab. EXTERIOR: Foundation: Concrete slab. Walls: Brick and vinyl siding. Sash: Vinyl-clad therrrlopanes. Gutters: Aluminum, painted. Roof Gable, with shingles. 5 !.: P~ITERIOR, PRINCIPAL ROOMS: Flooring: Carpet Walls: Painted drywall. Ceilings: Painted drywall. Trim: Painted wood. KITCHEN: Cabinets: Oak, natural finish. Counters: Formica Walls: Drywall; painted. Flooring: Vinyl Sink: Double-bowl, stainless steel. BATHROOMS: Flooring: Vinyl Walls: Drywall, papered. Bathtub: Built-in, with shower or shower stall. Lavatory: Vanity Water closet: Two-piece. Medicine cabinet: Wall-mounted. 1 T1~ 'T~T\ r~ Tl t ..Lr~~.,~~. uu~cuvaiu ~ic:~ui~. COOLING: Central air conditioning. HOT WATER: Electric, 50-gallon. FLF,CTRIC: Circuit breaker system, 200-ampere. OTHER: Attached to the rear of the dwelling is a concrete patio. GENERAL CONDITION: All improvements are considered to be in good condition nn the interior and on the exterior, with mechanical systems appearing to be adequate and functioning properly. 6 THE APPRAISAL PROCESS Three approaches to value are generally included in an appraisal report. These techniques include the cost approach, sales comparison approach, and income approach to value. The cost approach to value is based on the assumption that the reproduction cost of a building plus land value, tends to set the upper limit to value. A key assumption is that a newly constructed buildine would have advantages over the existing building, therefore an evaluation focuses upon disadvantages or deficiencies (depreciation) of the existing building compared to anew facility. Due to the age of the subject improvements, the cost approach is considered to be inappropriate and has, therefore, not been included in the development of this appraisal report. The sales comparison approach to value assumes that under normal conditions, a given number of parties acting intelligently and voluntarily, tend to set a pattern from which value can be estimated. Application of this approach relies on a comparison of the subject with a sufficient number of recent transactions of comparable properties in the market, based on a common unit, such as price per square foot of building area. The income approach concerns itself with present worth of the future potential benefits of a property. The initial estimate involves the net income; which a fully informed person is justified in assuming the property will produce during its remaining useful life. This estimated net income is then capitalized into a value estimate, based upon the level of risk as compared ~,rith that of a sin>ilar t}ape and class. Since homes similar to the subject are not typically utiii~.ed as incuinc-producing investment properties, tiie iiicume approach to vaiue is considered to be inappropriate and has, therefore, not been included in the development of this appraisal report. 7 - ~ f.: SALES COMPARISON APPROACH In arriving at this conclusion of the value of the subject property, the appraiser made a survey of properties that have sold in the area of the subject property. Consideration was given and adjustments were made on each comparable sale as to time of sale, size, location, as well as all other factors that might affect value. A resume of some of the sales considered by the appraiser is as follows: SALE NO. Location: Date of Sale Sale Price: Size: Unit Price: Jt~LC i~V. ~: Location: Date of Sale Sale Price: Size: Unit Price: SALE NO. 3: Location: L~dtc; Uf SA1C Sale Price: Size: Unit Price: 34 Abbey Court, Carlisle. July 29, 2008. $140,900 1,540 square feet. $91.49 per square foot. 7 Abbey Court, Carlisle. March 13, 2008_ $ l 27,000 1,313 square feet. $96.73 per square foot. 15 Abbev Court. Carlisle. OI:,tUUC[ 23, 2006. $127,500 1,347 square feet. $94.65 ner square forn. "fhe appraiser, in addition to the sales listed, also considered several additional sales in arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this page are dollar adjustments reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. After making all of the necessary adjustments, it is the appraisers considered opinion that the indicated value of the subject property by the Sales Comparison Approach is $141,000. 8 I SALES COMPARISON ANALYSIS ~ ITEM i COMPARABLE #I ~ SUBJECT COMPARABLE #2 ~- COMPARABLE #3 _ ~ j _ _ 30 Abbey Court 34 Abbe Court y __ _ 7 Abbe Court y 24 Abbey Court ! Address I Carlisle 'I Carlisle ~ i ! Carlisle ~~ Carlisle Proximity ro Subject Same street Same street ~ Same street ~ ,, c:'r,c. ~ N.:1. _ ..r,.,, -- = $,~~,,v0 t,.e ,_.._. .._ - $Iu,GOG ~r bi5--. t,uuu ! Price ! Sq. Ft GLA N A -- ~ $91.49 - $96.73 $100.40 - Data Source ~, -tlnspec-Iron ~ Courthouse & Central Penn 'v1LS Courthouse & Central Penn MLS Courthouse records - -~ --- ADJUSTMENTS DESCRIPTION ~ DESCRIPTION $ Adjust. DESCRIPTION $ Adjust. DESCRIPTION $ Adjust. Sates or Financing ! I Concessions Nnne ~ ! Nnne I !I l 1 None Date of Sale ~ Mime As of 1 1-19-OS 7-29-03 ~ ; -- - 3-13-08 I - --- _ _ 4-Z8-06 _ _ - Location Average Similar Similar Similar Site /View OS acre ~ _ _- 05 acre _,_ 05 acre i , .OS acre Desien and Appeal ~ One-story condo i ~ ~ Similar ~ Similar S.milar j Construction -- Brick & vinyl siding -- Brick & vinyl sidin ~ Stone & vinyl siding ~ - Brick 3c vinyl siding ~ I --- - 1 I - ---- i I I ! Age ! 1 S years ~ ~ 17 years ~ ~ -- - 2 ! years ~ ~ 13 years Condition i Good Similar i Similar Similar Above Grade m Count R Tot. _ Bed. Bath ~ Tot. Bed. Bath Tot. Bed. Bath Tot. Bed. Bath ~ oo 4 2 2 -- 4 2 j 2 j 4 2 2 i 4 2 2 i i Gross Living Area i 1,514 square feet ~ i -~-_- 1,540 square feet ~ 1,313 square feet ~ ~- +10,100 ---- r 1,514 square feet , ~- Basement &Finished I j f - i ~ Rooms Below Grade ~ Concrete slab Simlar ~ Similar I I ~ Similar i j Functional Utility- - l Average T Similar ~ - _ i_C~m7ar e;T;}y Heating / Coolies Bsbd. elec. w/con. air Similar i Similar Similar I Garage / Camort One-car eatage Similar Similar _ ~ Similar I Porches. Patios ~ ~ --- - -- , Pools, etc. I Patio _ I Patio ~ ~ Enclosed porch I -2,000 ~ Patio CnPri~l Fnrrrn~ Tvn~rgl Fnr the _ ~ ~ Effrcientltems - ._--_ ---- region. -----------.--- ~ Similar ~ ~ Similar ~ Similar ~ Fire lace(s) None Similar Similar ___ Similar Chher (e.g- kitchen i I equip., remodeling) ~ Buili-ins. ~ Similar ~ Similar Similar Ne[ Ad . (total) -0- +8,100 p -_- , Indicated Value , . _ j of Subject _ 140,900 135,100 152,000 FINAL INDICATED VALUE OF SUBJECT PROPERTY: $141,000 Comparable sale number one is the most recently sold similar property and has, therefore, been given the most consideration in arriving at my final opinion of value. 9 CORRh:LATION Correlation may be defined as "the bringing together of parts in a proper relationship." The parts of this appraisal report are the following approaches to value your appraiser used: Value Indicated by Cost Approach N.A. Value Indicated by Sales Comparison Approach $141,000 Value Indicated by Income Approach N.A. These approaches are representative of the market value of the subject property. f have carefully reexamined each step in each method, and I believe the conclusions accurately reflect the attitude of typical purchasers of this type property in this neighborhood. It is my belief that this reexamination has confirmed the original conclusions. The Cost Approach will result in an excellent estimate if all elements are figured accurateiy, because no prudent person wiii pay more for a property than the cost to produce a substitute property with equal desirability and utility. Purchasers of the type of dwelling typical of the subject property are more concerned with amenities than with hypothetical replacement of the property. Due to the age of the subject improvements, the Cost Approach is considered to be inappropriate and has not been included in this appraisal report. The Sales Comparison Approach was based on several recent sales of properties similar to that of the subject, all of which are located in the same general area. The adjusted sales prices are most consistent under comparison. This approach is the most reliahl~ because it r~i;C:.i~ ti1~ r:,a:,tiJil:i Ofty~i~ai ~i)Uyc,i~ dnu ~c;ii~i~ 111 ii1C IILd1nCi. The Income Approach is most applicable to income producing properties or properties that are primarily utilized for income nmdncinQ purpn~e~ Purchasers of income producing properties are willing to pay no more for a particular property than the net operating income will support. Since the majority of properties similar to the subject are not utilized for income producing purposes, this approach to value has not. been included in this appraisal report. Therefore, as a result of this appraisal and analysis, it is this appraiser's considered judgment and opinion that the Market Value of the subject properly, as of November 19, 2008, is: ONE HUi~IDRED FORTY-ONF_; 'THOUSAND DOLLARS $141,000 10 UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS SUBJECT TO THIS APPRAISAL 1. I assume no responsibility for matters legal in nature, nor do 1 render any opinion as to the title, which is assumed to be marketable. The property is appraised as though under responsible ownership. 2. The legal description used herein is correct. 3. I have made no survey of the property, and the boundaries are taken from records believed to be reliable. 4. I assume that there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more or less valuable. I assume no responsibility for such conditions or for engineering which might be required to discover such factors. ~. the intormat~on, estimates, and opinions turn~shed to me and contained in this report were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy can be assumed by me. 6. "Phis report is to be used in its entirety and only for the purpose for which it was rendered. 7. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or the firm ~~~ith ~~~hich he is connected) shall be reproduced, published, or disseminated to the public through advertising media, public relations media, news media, sales media; or any other public means of communication, without the prior written consent and approval of the appraiser. 8. This appraisal was prepared for the exclusive use of the client identified in this appraisal report. The information and opinions contained in this appraisal set forth the appraiser's best judgment in light of the information available at the time of the preparation of this report. Any use of this appraisal by any other person or entit}, or any reliance or decisions based on this appraisal are the sole responsibility and at the sole risk of the third party. The appraiser accepts no responsibility for damages suffered by any third party as a result of reliance on or decisions made or actions taken based on this report- _- -_ .r i CERTIFICATE OF APPRAISAL Your appraiser hereby certifies that: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased proiessionai analyses, opinions, and conclusions. 3. I have no present of prospective interest in the property that is the subject of this report. and no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. ~. iviy engagement rn this assignment was not contingent upon developing or reporting predetermined results. 6. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. To the 'vi;5t of ii-y iu~uwiedge and belies, the statements of fact contained in this appraisal report, upon which the analyses, opinions, and conclusions expressed herein are based, are true and correct. 8. This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions, and conclusions contained in this report. 9. This appraisal report has been made in conformity with the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation, and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the National Association of Realtors Appraisal Section. 12 10. No one other than the undersigned prepared the analyses, conclusions, and opinions concerning real estate that are set forth in this appraisal report. Larry E. Foote Certified General Appraiser GA-000014-L 13 i PRIVACY NOTICE Pursuant to the Gramm-Leach-Billey Act of 1999, effective July 1, 2001, appraisers, along with all providers of personal financial services are now required by federal law to inform their clients of the policies of the firm with regard to the privacy of client nonpublic personal information. As professionals, we understand that your privacy is very important to you and are pleased to provide you with this information. In the course of performing appraisals, we may collect what is known as ` nonpublic personal information" about you. This information is used to facilitate the services that we provide to you and may include the information provided to us by you directly or received by us from others with your authorization. We do not disclose any nonpublic personal information obtained in the course of our engagement with our clients to nonaffiliated third parties, except as necessary or as required by law. By way of example, a necessary disclosure would be to our independent contractors, and in certain situations, to unrelated third party consultants wt~o need to ictiow ti~at infurmation w assist us in providing appraisal services to you. All of our independent contractors and any third party consultants we engage are informed that any information they see as part of an appraisal assignment is to be maintained in strict confidence within the firm. A disclosure required by law would be a disclosure by us that is ordered by a court of competent jurisdiction with regard to a legal action to which you are a party. We will retain records relating to professional services that we have provided to you for a reasonable time so that we are better able to assist you with vour needs. In order to protect yuur n~npuuiic }~ctsuuai infonnaiiun fiuni uiiautiiuri~cd a~~c„ by tiiiru panics, we maintain physical, electronic and procedural safeguards that comply with our professional standards to insure the security and integrity of your information. 14 --~ ~ r j` LARRY E. FOOTE REAL ESTATE ANVRAISER FXNERIENCi~; 1979-Present: Chief Appraiser, Diversified Appraisal Services, Carlisle, Pa. Principal Broker, LaRue Development Company, Carlisle, Pa. 1976-1979: Associate Broker, Colonial Realty, Carlisle, Pa. 1972-1976: Realtor Associate, Jack Gaughen Realtor, Carlisle, Pa. Appraisal experience included nndevelopPd land, farms., huilding lots, single-fa^.il~~ d~.~~c!linbs, mobile home parks, medical centers, nursing homes, motels, apartment buildings and complexes, office buildings, service stations, veterinary clinics, rehabilitation centers, retail buildings. daycare centers, warehouses, and manufacturing facilities. EDUCATION: Bachelor of Business Administration, Pennsylvania State University, 1976. Associate Bachelor of Business Administration, Harrisburg Area Community College, 1974. v ~r..~... , u. i~J ~~. .~I.t ITV/ 11111 J~.IIUUI, IIVJ. CertiFcate, Pennsylvania Realtors Institute, GRl }, GRl Il, GIZI III. Certificate.. Realtors National Marketing Institute, CI 141, Ci 102, CI 103, CI 104, CI 10~. Standards of Professional Practice, American Institute of Real Estate Appraisers. Keal Estate Appraisal Principles, American Institute of Real Estate Appraisers. Residential Valuation, American Institute of Real Estate Appraisers. Appraisal Procedures; Appraisal Institute. Principles of Income Property Appraising, Appraisal Institute. Case Studies in Real Estate Valuation, Appraisal Institute- RepO.^. A~~r;*,;;;n and ~~alL..:lv7 .~~(laij'il~, ~~pprai5~li ifl~tliUi%. PROFESSIONAL LICENSES: General Appraiser #GA-000014-L, Commonwealth of Pennsylvania. Keal Estate Broker #RB-029729-A, Commonwealth of Pennsylvania- PROFESSIONAL DESIGNATIONS: GRI: Graduate of the Pennsylvania Realtors Institute, awarded by the Pennsyl- vania Association of Realtors. CRS: Certified Residential Specialist, awarded by the Realtors National Market- ing Institute of the National Association of Realtors. CCIM: Certified Commercial Investment Member, awarded by the Realtors National Marketing institute of the National Association of Realtors. PROFESSIONAL. ORGANIZATION AFFILIA'T'IONS; National Association of Realtors Appraisal Section. Greater Ilarrisburg Association of Realtors. Pennsylvania Association of Realtors. National Association of Realtors. Realtors National Marketing Institute. 15 PAST CLIENTS: Borough of Carlisle Keystone Financial Mortgage Cornerstone Federal Credit Union Pennsylvania State Bank Commerce Bank Cumberland-Perry Association for Retarded Citizens Carlisle Suburban Authority Members t`' Federal Credit Union Pennsylvania National Bank Evans Financial Corporation Greenawalt ~ Company, CPA Smith's Transfer Corporation Carlisle Uepartnrent of Parks and Recreation Executive Relvcation Services Carlisle Area School District Messiah Homes, incorporated ERA Eastern Regional Services Pennsylvania Turnpike Commission Chase Home Mort~a~e Comoration Defense .Activities Federal Credit Union Pennsylvania State Employees Credit Union PNC Mortgage Corporation F&M Trust Company National City Mortgage Corporation Washington Mutual Home Loans, Inc. Prudential Relocation Services Lender's Choice Market Intelligence; Incorporated United "Telephone Emplovees Federal Credit 1 ln~nn Cumberland County Commissioners Allstate Enterprises Mortgage Corporation Dic(~kinson Coifege PPG lr~d u:>u iC~, iiiClli jlUl dil,d Gettysburg College Redevelopment Authority of Cumberland County Record Data Appraisal Services, Incorporated First United Federal Savings Association Fulton Bank United States Marshall Service GMAC Mortgage Corporation Orrstown Bank Letterkenny Federal Credit Union BancPlus Mortgage Corporation Coldwell Banker Relocation Services, Incorporated Central Pennsylvania Savings Bank Mellon Bank Provident Home Mortgage Corporation Drovers Bank 16 American Nome Bank Trans Union M&T Mortgage Corporation Cody Financial Mortgage Services Waypoint Bank Northwest Savings Bank Blue Bali National Bank Adams County National Bank Countrywide Home Loans Aacrow Mortgage Various law firms and individuals T.~ ~_, _~ ~. ,.,~~_ _ ,r _ _- PHOTOGRAPH OF THE SUBJECT IMPROVEMENTS 17 rCtMp~R~`gLE SA®~ 1 Lv''"- '.a11 MpA~BLE:.,.SAiE NO. 3 C~ 18 Zqp m g46 4: '-~f ~ ~4 ~~~~ ~ ~ a r- 6~ ~ ~ ~ star ~' 9p r. ~j a ~G` ~` f~ ~N CS' _ '~~ ~ ~r~~i y~i ~ a ~~~ t~dY~~ ~f ~~nks Q~4 ~ Y Pac~"~ r 4~ ~a~G~ "' o Emerak~ C;, r, ~~ .r,~ W~ ~~sr Pa Subject ~'~ r F_c:ex L a '~ ~,r ~~ b~ "- ,;~ C~'~~eY . ~ ~~rpt~y t}. v z ~' Co~oentry b! 9~; '" 6 .;,;ate pAa.p, ~~'L F A~~ ~9 REV-1508 EX+ (6-98) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY ESTATE OF FILE NUMBER SCHREIBEIS, GLADYS R. 21-09-0160 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. (If more space is needed, insert additional sheets of the same size) REV-1509 EX+ (6-98) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE F JOINTLY-OWNED PROPERTY ESTATE OF FILE NUMBER SCHREIBEIS, GLADYS R- 21-09-0160 If an asset was made joint within one year of the decedent's date of death, it must be reported on Schedule G. SURVIVING JOINT TENANT(S) NAME i ADDRESS RELATIONSHIP TO DECEDENT A. RUTH KOVACS A C. 379 WILSON STREET CARLISLE, PA 17013 JOINTLY-OWNED PROPERTY: DAUGHTER ITEM NUMBER LETTER FOR JOINT TENANT DATE MADE JOINT DESCRIPTION OF PROPERTY INCLUDE NAME OF FINANCIAL INSTITUTION AND BANK ACCOUNT NUMBER OR SIMILAR IDENTIFYING NUMBER. ATTACH DEED FOR JOINTLY-HELD REAL ESTATE. DATE GF DEATH VALUE OF ASSET i GF DECG'S INTEREST DATE OF DEATH b'AL'JE GF DECEDENT'S INTEREST A. 10131/94 ORRSTOWN BANK, JOINT ACCOUNT #50 00 0292 0 07 756,835.71 50% 378,417.86 g. ACCURED INTEREST ON LINE ITEM 1 4,994.85 50% 2,497.43 2 A. 05/02!89 ORRSTOWN BANK, JOINT CHECKING ACCOUNT #641235 2,840.30 50% 1,420-15 TOTAL (Also enter on line 6, Recapitulation) 15 382,335.44 (If more space is needed, insert additional sheets of the same size) ORRSTOWN FINANCIAL ADVISORS A Tr~itign ~~~ce~l~tce Giad~s c reibe~ ut ovacs ., 4`. .Account : 50 00 0392 0 07 Account Holdings as of: i I/19f2008 Date of Death: 11/19/2008 Cusip No. Security I~`ame 030371 108 AM VANGUARD CORP 043440997 OB DAILY DEP-FDIC >>~ i2S / IUb UI I hIAiV1VNUS SRS 1 256206103 DODGE & COX INTL S"FK 268648102 EMC CORP ?9089R103 FORWARD EM GROWTH 3 1331 VXG6 FFCB 5.2 4/19/10 ~ 1 ~~ I VZQ2 FFCE3 6°io Si 18; i ~ 31331X7_V7 FFC135.62°%6!1/15 3 i 33XFAX4 FWLB 5.4°% 4/28/1 1 133XFKV7 FHLB 5.75 S/22/13 ~i=+i~veu rr_u~irc~~it;~i~ vf~~ur 31428Q101 FED TONAL RETURN BD 369604BC6 GE 5 25°'° 1?/6/2017 36966RV94 GE 4°io 2i 15;2012 40429XUM6 HSBC F'IN 5%4/15/11 4662SHDF4 JPM 5.15 t0%01/15 >96Z78101 MIDDLEBY CORP 60914N621 FED MONEY MKT-INC h91476BD4 PNC CORP 5.5 928/12 70 1 094 1 04 PARKER HANNIFIN ^n^cs ln~ nil ~~~r"nC`rl~nrcn r, "i"n 754212108 RAVEN INDS INC 77956Hl04 T RO~,'v'E INTL BD FUND 855244109 STARBUCKS CORP abiub~i iu i i iwi iiOicTONS i~~C 90297;304 US BANCORP 9:?2018>04 VG WINDSOR II AD S7 922031810 VG IT INVESTGRD ADM 922031816 VG S"T' INVESTGRD ADM 9220 ; 1869 YANG INFLATION R 119 922038203 VG GLOBAL EQUITY FD 922908496 VANGUARD 500 IX SiG g8189B100 XCF.,F. ENERGY G4776G 101 INGERSOLL RAND A 665422100 NOBLE CORP DA"I Shares /Par DOD Value Unit Price Accrued Income 800.0000 $7,980.00 59.98 91,678.8300 591,678.83 1.00 51 1 1.15 GOO.OU~O Si6,70u.OV SSiSG 139.0500 52,996.53 SZ 1.55 200.0000 52,000.00 510.00 2,3592720 517,317.06 57.;4 20,000.0000 520,775.00 510;_88 586.67 2,000.0000 52,382.75 S i 0 i .>; 54_ I ;' 50,000.0000 550,687.50 5101 ~S 51,211 3 20,000.0000 520,275.00 5101.38 563.00 20,000.0000 520,306.00 5101.>3 5565.42 I ,yJU.~ULU J /, ~ U`k.L~ .'JJ_UO J 1, 1 uU.J-* 7,104.1880 569,763_ l3 59.82 55?2 ?? 50,000.0000 545,09950 590.20 5'36_ I I 50,000.0000 545,572.00 591.14 $343.33 50,000.0000 547.427.00 594.85 50,000.0000 544,956.00 589.91 100.0000 53,117.00 53 I _37 4.156.0000 54,156.00 51.00 5422 50,000.0000 549.244.50 598.49 5366.67 200.0000 57,090.00 5;5.45 ((fi~n /~~~n JUV.V Vv c'o c I ~ nn .JV,.i r.VV c~-~o ~n _. u.>J 300.0000 58,559.00 528.53 1,846.7220 516,509.69 58.94 100.0000 5843.00 58.43 I V .il 1 J. V V 100.0000 52,549.00 525.19 436.6780 513.829.59 $31.67 x,449.1800 517,090.16 58.34 554.78 2,345.2150 522;725.13 59.69 56124 2,740.3100 530,773.68 51121 468.3840 55,283.37 51128 2 12.1440 513,609.04 S64. ! 5 300.0600 $5,388.00 517.96 300.0000 54,440.00 514.80 $54.00 100.0000 52,639.00 526.39 54.00 Total: 5756,835.71 $4,994.85 F3 REV-1570 EX+ (fi-98) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE G INTER-VIVOS TRANSFERS & MISC. NON-PROBATE PROPERTY ESTATE OF FILE NUMBER SCHREIBEIS, GLADYS R. 21-09-0160 This schedule must be completed and filed if the answer to any of questions t through 4 on the reverse side of the REV-1500 COVER SHEET is yes. ITEM NUMBER DESCRIPTION OF PROPERTY INCLUDE THE NAME OF THE TRANSFEREE, THEIR RELATIONSHIP TO DECEDENT AND THE DATE OF TRANSFER- ATTACH A COPY Of THE DEEC FOR REAL ESTATE. DATE OF DEATH VALUE OF ASSET % OF DECD'S EXCLUSION INTEREST pF APPUCAeIE; TAXABLE VALUE I I ORRSTOWN BANK, IRA ACCOUNT #14 00 1809 0 07 83,266.49 100 83,266.49 I BENEFICIARY: RUTH KOVACS, DAUGHTER 1 TOTAL (Also enter on line 7 Recapitulation} $ I 83,266.49 (lf more space is needed, insert additional sheets of the same size} ORRSTOV'VN FINANCIAL ADVISORS A Tradition of Excellence Account: 14 00 1809 0 07 Gladys Schreibeis IRA ~~° Investments Holdings as of 11/19/2008 (DOD) Cusip No. Security Name Shares /Par DOD Price DOD Value 19765/830 COLUMBIA MIDCAP VAL 91.01 70 $ 7.47 $6 79.90 L5b20b103 DODGE & COX IN FL J I K b4.181U y2U.~o ~ 1,31b.y2 280898103 FORWARD EM GROWTH 103.1210 $7.00 $721.85 314182677 FED KAUFFMAN A #66 696.9 510 $3.10 $2,160.55 Jy „V r~~n1 `n r~rni ~`Ti inn nr~ / t cal v.cC~in C^fl ~v' rl i Ql v l l 471023655 )ANUS CONTRARIAN FD 150.8200 $8.49 81,280.46 471023846 JANUS OVERSEAS FUND 28.7 i90 $21.59 $6'11.34 60934N625 FED MONEY MKT-PRI 0.6900 $1.00 $0.69 60934N621 FED MONEY MKT-INC 3,337.3300 $1.00 $3,337.33 741479109 T ROWE GROWTH STK 40 499. 7430 $17.24 $8,615.5 7 779547108 T RCWE PR EQTY IN FD 619.5800 $15.04 89,318.48 77954M105 T ROWE CAP APP 278.9130 $12.80 $3,570.09 77g5591n3 ? RO~n~~ oQ _ nlr~ni Fan, 25.036n $`~~.3Q $I,`'33.ng 77956H104 T ROWE INTL BD FUND 309.1970 $8.93 $2, 761.13 922031810 VG IT INVESTGRD ADM 1,`276.5050 $8.35 810.658.82 97?031836 VG ST INVESTGRD ADM 1 .22E-9070 89.68 81 1 .876.46 922031869 YANG INFLATION #119 168.6040 $11.20 $1,888.36 922908496 VANGUARD 500 IX SIG 152.9240 $61.62 $9,423.18 922908702 VG SM CAP INDEX #48 115.1490 $17.24 $1,985.1 7 TOj-/BLS 1 ~~ COMPLETED 1~Y: $83,266.49 ~-"CHARLENE L. FEUCHTENBER~~R FIDUCIARY OFFICER DATE: 1/21/2009 REV-151t EX+(12-99) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE H FUNERAL EXPENSES & ADMINISTRATIVE COSTS ESTATE OF FILE NUMBER SCHREIBEIS, GADYS R. 21-09-0160 Debts of decedent must be reported on Schedule I. ITEM I NUMBER DESCRfPT10N AMOUNT A. FUNERAL EXPENSES: t e. 1 2. 3. 4. 5. 6. ~. s. 9. 10. 16,935.00 0934350 City SHIPPENSBURG State PA zip 17257 ADMINISTRATIVE COSTS: Personal Representative's Commissions Name of Personal kepresentauve(s) v' ~~ ~~ ' ~ ° °' ~ ~~~" °' ~~ ~ ~~" ~ ' Social Security Number(s)!EIN Number of Personal Representative(s) 23 Street Address 77 EAST KING STREET Year(s) Commission Paid: 2009 Attorney Fees Family Exemption: (If decedent's address is not the same as claimant's, attach explanation) Claimant Street Address City State Relationship of Claimant to Decedent Prohate Fees Accountant's Fees Tax Retum Preparer's Fees ADVERTISING LETTERS TESTAMETARY REIMBURSE RUTH KOVACS FOR VARIOUS EXPENSES APPRAISAL FEES/ REAL ESTATE MAINTENANCE REAL ESTATE TAXESI FEES FOR SETTLEMENT Zip 310.00 262.54 1,703.24 1,243.12 10,255.40 TOTAL (Also enter on line 9, Recapitulation) I $ 30,709.30 (If more space is needed, insert additional sheets of the same size) F ~'d-:57~. '2-0&~ j~ pennsylvania SCHEDULE I Ci7 °EP"RT"E"T °F RE~E"°~ DEBTS OF DECEDENT, I""ERIT"NCE Tax RETURN MORTGAGE LIABILITIES & LIENS RESIDENT DECEDENT ESTATE OF FILE NUMBER SCHREIBEIS, GLADYS R. 21-09-0160 Report debts incurred by the decedent prior to death that remained unpaid at the date of death, including unreimbursed medical expenses. ITEM ~ UAIUE A7 DATE NUMBER ___ DESCRIPTION CF DEATh ' UTILITIES. WATER AND SEWER FEES PENNSYLVANIA DEPARTMENT OF REVENUE iNT~nNr',L nE'v'EiJUi_ aCn'viCL 2008 TAX PREPARATION FEE WEST SHORE EMS -CARLISLE REIMBURSEMENT FOR HOUSE EXPENSE TRUST DEPARTMENT FEE OF DATE OF DEATH ~ 43.56 1,062.36 1,194.on 300.00 888.62 497.43 799.65 If more space is needed, insert additional sheets of the same size. REV 1513 EX (11-G8} . i Pennsylvania SCHEDULE ~ V DEPARTMENT OF REVENUE BENEFICIARIES INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER SCHREIB EIS, GLADYS 11-09-0160 RELATIONSHIP TO DECEDENT AMOUNT OR SHARE NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE I TAXABLE DISTRIBUTIONS [Include outright spousal distributions and transfers under Sec. 9116 (a) (1.2).] 1. RUTH KOVACS, 379 WILSON STREET, CARLISLE, PA 17013 DAUGHTER 100%RESIDUE $573,242.01 ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18 OF REV-1500 COVER SHEET, A S APPROPRIATE. II NON-TAXABLE DISTRIBUTIONS: A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN 1. B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS 1. TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. $ If more space is needed, insert additional sheets of the same size. LAST ~'~'ILL ANh TESTAMENT .t, OF ~-' =~ ~_ _ ~~ ~_ ~_.r - -- GLADYS SCHREIBEIS .~ `~ ~~~ - - -> ~ ; --f, -~; ---- - J ...F. I, GLADYS SCHREIBEIS, a resident of Carlisle, Cumberland County 1 ~ ~'~ ; ~ -., .;__ ..~ .s Pennsylvania being of sound mind, memory and understanding, do hereby make, publish and declare this to be my Last Will and Testament, hereby revoking all Wi11s and Codicils heretofore made by me. ITEM 1: I direct that all my just debts, the expenses of my last illness .end funeral expenses he paid as soon after my decease as the same can conveniently be done. ITEM 2: I direct that there shall be paid out of my residuary estate all estate, inheritance and like taxes together with any interest or penalty thereon imposed by the government of the United States, or any state or territory thereof, or by any foreign government or political subdivision thereof. in respect to all property required to be included in my gross estate for estate, inheritance or like tax purposes by any of such governments; whether the property passes under this Will or otherwise, excluding, however, any property over which I have a taxable power of appointment, provided, ho~~,~ever, that no residuar}~ benefcia~-~~ shall b}~ reason of this prevision be denier ti]e benefit of any deduction, credit; favorable rate of tax or other benefit which by law enures to such beneficiary. ITEM 3: I give, devise and bequeath all of the rest, residue and remainder of my estate, real, personal and mixed, of whatsoever kind and nature, and wheresoever situate GLADY SCHREIBEIS LAST WILLAIv'D TESTAMENT OF GLADYS SCHREIBEIS at the time of my death, unto my husband, LEE SCHREIBEIS, provided, however, that he survives me and is living sixty (60) days after the date of my death. ITEM 4: If and in the event that my husband, LEE SCHREIBEIS, does not survive me and is not living sixty (60) days after the date of my death, then and in such event, I give, devise and bequeath all of the rest; residue and remainder of my estate, real; personal and mixed, of whatsoever kind and nature, and wheresoever situate at the time of my death, unto my daughter, RUTH S. KOVACS, provided however, that she survives me and is living sixty (60) days after the date of my death. ITEM 5: If and in the event that my daughter, RUTH S. KOVACS, does not survive me and is not living sixty (60) days after the date of my death, then and in such event; I give; devise and bequeath the interest in my estate, which such deceased daughter would have received, if living, as follows: a. Twenty-five percent (25%} of my estate unto my son-in-law, DONALD hOVACS: and b. Seventy-Five percent (75%) of my estate unto ORRSTOWN BANK, as Trustee in Tn~st, for the benefit of my grandchildren, JULIA R. KOVACS and HANNAH J. KOVACS. GLAI~~ ~~ HRET~3E1~ 2 LAST WILL AND TESTAMENT OF GLADYS SCHREIBEIS The Trustee shall hold one such share as a separate Trust for the benefit of each living grandchild of mine. In each Tnist thus established for a then living grandchild of mine, the Trustee shall quarterly pay to or for the benefit of such grandchild all of the income and so much of the principal of said Trust, as, in the discretion of the Trustee, maybe necessary to maintain such grandchild in the proper station in Life; including proper support, maintenance; medical care and college or higher education. Upon such grandchild attaining the age of thirty (30) years, the Trustee shall pay to such grandchild one-half (lit) of the then principal. Upon such grandchild attaining the age of thirty-five (35) years, the Trustee shall pay to such grandchild the balance of the then principal and said Trust shall terminate. Should a grandchild die before final distribution of the assets of said Trust, but be survived by then living issue, the Trustee shall quarterly pay the net income from said Tn~st to or for the benefit of'said issue, pier stit`pes, livi,,g at each time of ,1~..-!erly q ~- - distribution; as soon as any one of said issue attains the age of twenty-one (21) years, and in no event later than twenty (20) years following the death of my grandchild, the Tnistee shall pay over all of the then assets in the Trust to the then living issue of my deceased ~, /1~~ GLADI~S SCHREIBEIS LAST WILL AND TESTAMENT OF GLADYS SCHREIBEIS grandchild, per siirpes. Should a grandchild of mine die before final distribution and not be survived by then living issue the provisions of subparagraph (2) herein shall obtain. If at any time before final distribution of the assets of any of the Trusts established for my grandchildren, there are no living beneficiaries of said Trust, the Trust shall terminate, and its assets shall be added to the other then existent Trust(s) created herein for the benefit of my grandchildren. Provided, that if any of said Trusts herein created has previously been terminated by payment of its principal to its beneficiary, said beneficiary who received payment of the principal of that Trust shall be considered an "existent Trust" for the purpose of this paragraph and shall be entitled to receive all of the assets of the terminated Trust. ITEM 6: The Trustee shall possess, among others, the following powers: A. To vary or to retain investments, including the stock of any corporate Trustee named herein, when deemed desirable by the Trustee, and to invest in S::CCI b0I1lIS, :~IuC}~'~; ilUi's, I'ea} C'~:u`.C IliU1~~a+1~J Cyr S_CUr1t1CS or In such of}l~r ~,rnn~rty~ real or personal as the Trustee shall deem wise, without being restricted to so-called "legal investments" and without being limited to any statute or Wile of law regarding investments by fiduciaries. GLAD~~S SCHREIBEIS 4 LAST WILL AND TESTAMENT OF GLADYS SCHREIBEIS B. In order to affect a division of the principal of a Trust or far any other purpose, including any final distribution of a Trust, the Tnistee is authorized to make said division or distributions of the personality and realty partly or wholly in kind. In the event of division or distribution is made in kind, such division or distribution shall he made at the fair market value of the property at the date of division or distribution. Should it appear desirable to partition any real estate, the Trustee is authorized to make, join in and consummate partitions of lands, voluntarily or involuntarily, including giving of mutual deeds, recognizances, or other obligations with as wide powers as can be exercised by an individual owner in fee simple. C. To sell either at public or private sale and upon such terms and conditions as the Trustee may deem advantageous to a Trust, any or all real or personal estate or interests therein owned by a Trust severally or in conjunction with other persons, and to consummate said sale or sales by sufficient deeds or other instruments to the purchaser er parch?secs, Con~;e«n~~ a fee simple i~tie, free and Clear of ~~I1 trust and without obligation or liability of the purchaser or purchasers to see to the application of the purchase money, or to make inquiry into the validity of said sale or sales; also, to make, execute, acknowledge and deliver any and all deeds, assignments, options or other writings which may be necessary or desirable in carrying out any of the powers conferred GLADES SCHREIBEIS LAST WILL ANA TESTAMENT OF GLADYS SCHREIBEIS upon the Trustee in this paragraph or elsewhere in this instrument. D. To mortgage real estate, and to make leases of real estate, extending beyond the term of the Trusts hereunder. E. To borrow money from any party, including the Trustee, to pay indebtedness of a Trust and taxes, and to assign and pledge assets of a Trust therefor. F. To pay all costs, taxes, expenses and charges in connection with the administration of a Trust, including a reasonable compensation to agents. G. To assign to and hold in trust an undivided portion of any asset. H. To do all other acts in its judgment deemed necessary or desirable for the proper and advantageous management, investment and distribution of the Trusts. ITEM 7: If and in the event that my daughter, RUTH S. KOVACS, her husband, DONALD J. KOVACS and their two (2) daughters, JULIA R. KOVACS and HANNAH J. KOVACS, do not survive me and are not living sixty (60) days after the date cf my death; then and in such e~vert_ I give, de~~ise and bedueath the following to the individuals and institutions listed below: a. To my nephew, ROBERT SCHREIBIS, if he shall survive me, the sum of Twenty-Thousand Dollars (520;000.00); ., `~i .. ., ~.-~u~~;,a ,~ ~-.~`, i.r.t GL YS SCHREIBEIS' 6 LAST WILL AND TESTAMENT OF GLADYS SCHREIBEIS b. To my niece, JOAN MANSFIELD, if she shall survive me, the sum of Twenty-Thousand Dollars ($20,000.00); and The balance of my residuary estate shall be divided in equal shares among the following: ALLISON UNITED METHODIST CHURCH, of Carlisle, Pennsylvania, which sum of money shall be for the sole use of the church in Carlisle, Pennsylvania; SALVATION ARMY of Carlisle, Pennsylvania; THE UNNERSITY OF PITTSBURGH, Pittsburgh, Pennsylvania; UNNERSITY OF MICHIGAN, Ann Arbor, Michigan; 5. AMERICAN RED CROSS, National Headquarters; 6. UNITED NEGRO COLLEGE Fi1ND; 7. UI~TICEF; AND 8. GOODWILL INDUSTRIES OF AMERICA, National Headquarters. These bequests are unrestricted and the Board of Trustees or other governing body may use and expend the same in any manner it deems appropriate. ITEM 8: I hereby nominate, constitute and appoint my husband, LEF, SCHREIBIS, Executor of this my Last Will and Testament, with full power to do any and all things necessary for the complete administration of my estate, and direct that no bond or other surety is required of him in this or any other jurisdiction for his performance of this office. If and in the event that my husband, LEE SCHREIBEIS, does not survive me ~' ,y` GLADIFS SCHREIBEIS 7 LAST WILL AND TESTAMENT OF GLADYS SCHREIBEIS and is not living sixty (60) days after the date of my death, or does not complete his duties as Executor, then and in such event, I hereby nominate, constitute and appoint my daughter, RUTH S. KOVACS, Executrix of this my Last Will and Testament, with full power to do any and all things necessary for the complete administration of my estate, and direct that no bond or other surety is required of her in this or anv other jurisdiction for her performance of this office. If and in the event that my daughter, RUTH S. KOVACS, does not survive me and is not living sixty (60) days after the date of my death, or does not complete her duties as Executrix, then and in such event, I hereby nominate, constitute and appoint my son-in-law, DONALD J. KOVACS, Executor of this my Last Will and Testament, with full power to do any and all things necessary for the complete administration of my estate, and direct that no bond or other surety is required of him in this or any other jurisdiction for his performance of this office. ITEM 9: If any provision of this Will or of any Codicil hereto is held to he inoperative, invalid or illegal, it is my intention that all the remaining provisions thereof shall continue to be fully operative and effective, so far as is possible and reasonable. ;:; y „ _ . GLADl~"S SCHREIBEIS LAST WILL AND TESTAMENT OF GLADYS SCHREIBEIS IN WITNESS WHEREOF, I, GLADYS SCHREIBEIS, the Testatrix; have to this my Last Will and Testament, typewritten on nine (9) consecutively numbered pages, ~ ri. subscribed my name and affixed my seal this ; j day of February; 2006. ,. ~~ ~ (, } GLADES SCHREIBEIS Signed, sealed, published and declared by the above named GLADYS SCHREIBEIS, as and for her Last Will and Testament, in the presence of us, who have hereunto subscribed our names at her request, as witnesses hereto, in the presence of the said Testatrix, and of each other. .--- t. ,{ ';,~', C" {e ~,~~'~: -;~' ~~ ~~c ~ ,~r~ ~,~ kj ~~_t,~sidinp at ~t~~ ~ ~- ~' ~ ~ ~,~tl-e / r d b °' ~ ~, f ~ `. /7 / _ } f( `- , _ ~- ;:.. ~ ~1~-~ ~ ~ ( ,~~ ._.:~Y.s,~____ residing at ~-;z` ~ i-~ ~t_~r_=.~~LG ~ ? ! ~>~ ~c r l ~. ~,: 9