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HomeMy WebLinkAbout06-09-09 (2) 5056051058 REV-1500 EX (06-05) OFFICIAL USE ONLY PA Department of Revenue Coun Code Year File Number Bureau of Individual Taxes N PO BOX 280601 INHERITANCE TAX RETURN Harrisburg, PA 17128-0601 RESIDENT DECEDENT 21 0~ 0049 ENTER DECEDENT INFORMATION BELOW Social Security Number _ _ Date of Death Date of Birth _ 162-05-9836 ! 09/17/2008 i ' 12/29/1918 Decedent's Last Name Suffix Decedent's First Name MI _ _ James :Bayard p (If Applicable) Enter Surviving Spouse's Information Below Spouse's Last Name Suffix Spouse's First Name MI James 'Lois J Spouse's Social Security Number THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS FILL IN APPROPRIATE OVALS BELOW t~ i 1. Original Return 2. Supplemental Return 3. Remainder Return (date of death prior to 12-13-82) 4. Limited Estate ~'J 4a. Future Interest Compromise (date of 5. Federal Estate Tax Return Required death after 12-12-82) Cib 6. Decedent Died Testate Cwt 7. Decedent Maintained a Living Trust _ 0 8. Total Number of Safe Deposit Boxes (Attach Copy of Will) (Attach Copy of Trust) 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 MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO: Name Daytime Telephone Number Clyde B. James ; (410) 695-1798 Firm Name (If Applicable) i ~ - REGISTER OF WIL SE ONLY n C ~0 u ~ First line of address 'tn h ~ C ~ 987 Summer Hill Dr I ~ t . ~~ ~ Second line of address.... ~ ,--.r.30 City or Post Office Gambrills -a ..:~ I ~ ,. _ i ~ t ~; L ~.~,~ (' C`.-t ~ ' ..'.J ;", r.,r~ _.y 3 r~~ ~.. ? ~_' ~ _ ~`i Correspondent's a-mail address: Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and complete. Declaration f preparer other than the personal representative is based on all information of which preparer has any knowledge. SIGNATU RSO R S E OR FILING RETURN E q ~/ 6~ 0 / ~O ~D~S~ r IS SIGNATU A O AN ES TIV D T Co 3 09 ADDRE ~ //~ I~76rnu. . L~-na ,t~i a/~ LyCU!t S~_ , ~If.~e ~D ~y~1~t,c~icct~ . ~Q - /7/~/ PLEASE USE ORIGINAL FOkM ONLY Side 1 15056051058 15056051058 State ZIP Code ~----- MD 21054 DATE D ` Q Ch 15056052059 REV-1500 EX Decedent's Social Security Number Decedent's Name: Bayard D James 162-05-9836 _ RECAPITULATION . .._..~_._~..v_.___ 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. ' 232,683.74 6. Jointly Owned Property (Schedule F) t~a Separate Billing Requested .... ... 6. 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property ~ -`- (Schedule G) c`~ Separate Billing Requested..... ... 7. ; 4,364.62 8. Total Gross Assets (total Lines 1-7) .................................. .. 8. ' 237,048.36 9. Funeral Expenses & Administrative Costs (Schedule H) ................... .. 9. ' 25,401.90 10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) .............. .. 10. '', 1,989.21 11. Total Deductions (total Lines 9 8 10) ................................. .. 11. 27,391.11 12. Net Value of Estate (Line 8 minus Line 11) ............................ .. 12.' 209,657.25 13. Charitable and Governmental Bequests/Sec 9113 Trusts for which an election to tax has not been made (Schedule J) ...................... .. 13. 63,830.52 14. Net Value Subject to Tax (Line 12 minus Line 13) ...................... .. 14. 145,826.73 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. I 16. _ -_ _ Amount of Line 14 taxable - - _ ~ m.a ___ . _ at lineal rate X .0 45 131,826.73 16. ' 5,932.21 '' 17. Amount of line 14 taxable ~ - - . at sibling rate X .12 0.00 , 17. 0.00 18. e _ m,.v . _ ~ Amount of Line 14 taxable 14,000.00 , at collateral rate X .15 - 1g. __ _ _., . __ _ _._, 2,100.00 19. TAX DUE ....................................................... ..19. 8,032.21 _. 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT 15056052059 Side 2 15056052059 REV-1500 EX Page 3 Decedent's Complete Address: File Nurr~bel ~, ___ ~., ~ 21 € i 0 „0049 DECEDENT'S NAME DECEDENTS SOCIAL SECURITY NUMBER Bayard D James 162-05-9836 STREET ADDRESS Chapel Point at Carlisle 770 S. Hanover Street CITY STATE ZIP Carlisle PA 17013 Tax Payments and Credits: 1. Tax Due (Page 2 Line 19) (1) 2. Credits/Payments A. Spousal Poverty Credit B. Prior Payments C. Discount Total Credits (A + B + C) (2) 3. InteresUPenalty if applicable D. Interest E. Penalty Total InteresUPenalty (D + E) (3) 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. Fill in oval on Page 2, Line 20 to request a refund. (4) 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5) A. Enter the interest on the tax due. (5A) B. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (5B) Make Check Payable to: REGISTER OF WILLS, AGENT 8,032.21 8,032.21 8,032.21 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 :................................................................................... ....... ^ 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? ........................................................................................................ ...... ^ 3. Did decedent own an "intrust 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 ^ IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN For dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is three (3) percent [72 P.S. §9116 (a) (1.1) (i)]. For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is zero (0) percent [72 P.S. §9116 (a) (1.1) (ii)]. The statute does not exem~ 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)]. Asibling isdefined, under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption. REV-1508 EX+ (6-98) SCHEDULE E COMMONWEALTH OF PENNSYLVANIA p CASH, BANK DEPOSITS & MISC. INHERITANCE TAX RETURN PERSONAL PROPERTY RESIDENT DECEDENT ESTATE OF FILE NUMBER Bayard D. James 2009-00049 Include the proceeds of litigation and the date the proceeds were received by the estate. All property jointly-owned with right of survivorship must be disclosed on Schedule F. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1. Susquehanna Bank (Checking Account #148016194) 30,336.01 2. Susquehanna Bank (CD Account #335172079) 1,113.21 3. Susquehanna Bank (CD Account#335188437) 11,061.66 4. Susquehanna Bank (CD Account #403500003328) 74,279.79 5. Susquehanna Bank (CD Account #403500003336) 74,362.09 6. Susquehanna Bank (CD Account #403500003310) 37,278.61 7. Refund -Chapel Point 3,070.50 8. Sovereign Bank -Sullivan Funeral Home (Tee from Bayard James) 1,181.87 TOTAL (Also enter on line 5, Recapitulation) $ I 232,683.74 (If more space is needed, insert additional sheets of the same size) REV-1510 EX+ (6-98) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE G INTER-VIVOS TRANSFERS & MISC. NON-PROBATE PROPERTY ESTATE OF FILE NUMBER Bayard D. James 2009-00049 This schedule must be completed and filed if the answer to any of questions 1 through 4 on the reverse side of the REV-1500 COVER SHEET is yes. ITEM NUMBS DESCRIPTION OF PROPERTY INCLUDE THE NAME OF THE TRANSFEREE, THEIR RELATIONSHIP TO DECEDENT AND THE DATE OF TRANSFERATTACHACOPYOFTHEDEEDFORREALESTATE. DATE OF DEATH VALUE OF ASSET % OF DECD'S INTEREST EXCLUSION )IF APPLICABLE) TAXABLE VALUE 1• Sovereign Bank (Account #05788113206) (IRA) 1,744.69 100 1,744.69 2. Sovereign Bank -The James Family Trust (Account #5071149162) 2,619.93 100 2,619.93 TOTAL (Also enter on line 7 Recapitulation) S I 4,364.62 (If more space is needed, insert additional sheets of the same size) EV-1511 EX+ (12-99) • SCI~IEDULE H COMMONWEALTH OF PENNSYLVANIA FUNERAL EXPENSES & INHERITANCE TAX RETURN ADMINISTRATIVE COSTS RESIDENT DECEDENT ESTATE OF FILE NUMBER Bayard D. James 2009-00049 Debts of decedent must be reported on Schedule I. ITEM NUMBER DESCRIPTION AMOUNT A. FUNERAL EXPENSES: t' Sullivan Funeral Home 5,947.87 B. ADMINISTRATIVE COSTS: 1. Personal Representative's Commissions (Waived) Name of Personal Representative(s) Clyde B. James Social Security Number(s)/EIN Number of Personal Representative(s) street Address 987 Summer Hill Dr. City Gambrills .state MD Z;p 21054 Year(s) Commission Paid: N/A 2. Attorney Fees 16,000.00 3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation) Claimant Street Address City State .Zip Relationship of Claimant to Decedent 4. Probate Fees 335.00 5. Accountant's Fees 6. Tax Return Preparer's Fees 1,000.00 ~. Administrative expenses to travel to courthouse to probate Will 110.00 a. Miscellaneous Postage, Filing Fees and Costs 150.00 s. Legal Advertisement in Cumberland Law Journal 75.00 10. Legal Advertisement in The Sentinel 59.07 11. Jan Brown & Associates (DPW issues) 1,725.00 TOTAL (Also enter on line 9, Recapitulation) S 25,401.94 (If more space is needed, insert additional sheets of the same size) REV-1512 EX+ (12-03) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE 1 DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS ESTATE OF FILE NUMBER Bayard D. James 2009-00049 Report debts incurred by the decedent prior to death which remained unpaid as of the date of death, including unreimbursed medical expenses. (If more space is needed, insert additional sheets of the same size) REV-1513 EX+ (g-00) SCHEDULE J COMMONWEALTH OF PENNSYLVANIA BENEFICIARIES INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER Bayard D. James 2009-00049 RELATIONSHIP TO DECEDENT AMOUNT OR SHARE NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not Llst Trustee(s) OF ESTATE I TAXABLE DISTRIBUTIONS [include outright spousal distributions, and transfers under Sec. 9116 (a) (1.2)] 1 • Sara Love, c!o Susan James Love, 14012 W. 55th Terrace, Shawnee, KS 66216 granddaughter 10,000 2. Jennifer Love Jamison, c/o Susan James Love, 14012 W. 55th Terrace, Shawnee, granddaughter 10,000 KS 66216 3• Karna Hoffman, 6587 Lynes Road, Dillsburg, PA 17019 not related 14,000 4 James Family Trust (dated March 26, 1994) For the benefit of • Clyde B. James (987 Summer Hill Dr., Gambrills, MD) son and daughter remainder Susan J. Love (14012 W. 55th Terrace, Shawnee, KS) II ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET NON-TAXABLE DISTRIBUTIONS: A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE Lois Jean James (elective shares less insurance and other offsets) 53,830.52 ($69,885.75 - $16,055.23 (insurance)) B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS Regent University, 1000 Regent University Drive, Virginia Beach, VA 234114 10,000.00 TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET I E 63,830.52 (If more space is needed, insert additional sheets of the same size) LAST WILL AND TESTAMENT OF BAYARD DICKINSON JAMES I, BAYARD DICKINSON JAMES, of Silver Springs Township, Cumberland County, Pennsylvania, being of sound and disposing mind; memory and understanding, do make, publish and declare this to be my Last Will and Testament, hereby revoking and making void all former Wills or Codicils by me at any time heretofore made. ITEM I: I direct that my funeral be conducted in a manner corresponding with my estate and situation in life, and that all my just debts and funeral expenses be fully paid as soon as conveniently may be done after my decease. All estate, inheritance, succession and other death taxes which shall become payable by xeason of my death, shall be paid out of my estate as an administration expense. ITEM II: I give, devise and bequeath my entire estate, whether real property or personal property, of every kind, name and description, whatsoever and wheresoever situated, which I now own or hereafter acquire, to BAYARD DICKINSON JAMES and LOIS JEAN SIMPSON JAMES as Trustees of The James Family Trust, to be held, managed and disposed of in accordance with the provisions of said Trust which was established by a Declaration of Trust dated March 26, 1994, between BAYARD DICKINSON JAMES and LOIS JEAN SIMPSON, as the Settlors, and BAYARD DICKINSON JAMES and LOTS JEAN SIMPSON JAMES as the Trustees, and which is now in existence. ~v~ ~~~- BA~ARD DICKINSON JAMES' ~.. Page 1 of 5 Pages ITEM III: I direct that my Executrix or Alternate Executor distribute net proceeds thereof as follows: 1. To my granddaughter, FARA LOVE, Ten Thousand ($10,000) Dollars; 2. To my granddaughter, JENNIFER LOVE JAMISON, Ten Thousand ($10,000) Dollars; and "~ ITEM ITV: I nominate, constitute and appoint my spouse, LOIS JEAN SIMPSON JAMES, to be the Executrix of this, my Last Will and Testament, hereby authorizing and empowering my said Executrix to compound, compromise, and settle and adjust all claims and demands which may be presented against my estate or which may be due to my estate; and to sell at private or public sale, lease or exchange, at such prices and upon such terms of credit or otherwise as she may deem best, the whole or any part of my real or personal property; and to execute, aclaiowledge and deliver deeds or other proper instruments of conveyance thereof to the purchaser or purchasers, all without license or leave of court. In connection with the sale of any real estate, I authorize my Executrix to employ real estate brokers and to pay them standard commissions far their services. I request that no bond be required of my said Executrix. In the event that my spouse, LOIS JEAN SIMPSON JAMF,S, does not survive me, shall be incapable of serving as Executrix, shall elect not so to serve, or for any reason is unable to complete the administration of my estate, then I appoint CLYDE BAYARD JA~~fE5 as Alternate Executor, to serve with the same powers aforesaid and also to serve without bond. AY ' DICKINSON JAMES' -! IN WITNESS WHEREOF, I have hereunto set my hand to this, my Last Will and Testament, consisting of this and the preceding 2 pages, at the bottom of which I have also set Page 2 of 5 Pages my signature for greater security and bettet identification this day of ~ ~ .., 2006. ;'? ; j L' J AY DICKINSON AIv1ES J ` ` ~ ! _. r/, Signed, sealed, published and declared by BAYAR:D DICKINSON JAMES, Testator above named, as and for his Last Will and Testament, in the presence of us, who, at his request, and in lus presence, and in the presence of each other, have hereunto subscribed oLtr names as witnesses. Witness: ,~~~rr Address: ~-7Gf7 ~Os~y Witness: ~.J , J Address: ti ~ L, C"'- Page 3 of 5 Pages AFFIDAVIT COMMONWEALTH OF PENNSYLVANIA COUNTY OF DAUPHIN SS: We, G~'1~~tt,Znm. ~ ~rn3.-rl~ .~ and vt/~ t~'~i~.. ! ~n ~Tl~( , the witnesses, whose names are subscribed to the attached Last Will and Testament, being duly qualified according to law, do depose and say that we were present and saw the Testator sign acid execute this instrument as his Last Will and Testament, that he signed willingly, and that he executed. it as his free and voluntary act for the purposes therein expressed, and that each of us, ui the hearing and sight of the Testator, signed his Last Will and Testament as a witness, and that to the best of our knowledge Testator was at the time eighteen (18) or more years of age, of sound mind anal under no constraint or undue influence. ih ess ~~ `~ Witness won ~ or affirmed to, and subscribed before me, a Notary Public, this ~~- " ~y of r.... /, Notary Pub is V ~o M Nw ~~t;t'~t or• PENNSnvatatA My Commission Expires: Notarial seat 5`~9phmuc L. Gaffey, Notary Public Paxtan~ Burro, T}auphin County My Conim~saion Expires Sept 26, 2QO6 hlarnber, lsenrisylvan{a Assoclatlon of Notaries Page 4 of 5 Pages AFFIDAVIT COMMONWEALTH OF PENNSYLVANIA COUNTY OF DAUPHIN SS: ~L. On this, the ~L' day of •` ~(~ ,2006, before me, a Notary Public, personally appeared BAYARD DICKINSON JAMES, having been duly qualified according to law, acknowledged the foregoing Last Will and Testament to be his act and deed, and desired that the same might be recorded as such. WITNESS my hand and notarial seal. Notary Public My Commission Expires: c oriw~t.~ or P~NNSny,~A Notarial Scat Stephanie ~-• (3af3by, Natery Pubtic Pex Boca Da C MY Cotnm~tscion k~pir~ hit. ~ 2006 ~` ~~ ~ ~ Notaries Page 5 of 5 Pages .,, FIRST COllICIL TO WILL OF BAYARD DICKINSON JAIVI~S I, Bayard Dickinson. James; of Cumberland County, Pennsylvania, declare this to be the First Codicil to my Will dated September 26, 2006. Addition of Provision 1. The following provisions are added to Item III of my Last Will and Testament: 3. To REGENT UNIVERSITY in Virginia Beach, Virginia the sum of. TEN `-'I~IOUSAND DOLLARS ($10,000.00); 4. To, KARMA M. HOFF1VlAN, the sum of FOtJRTEEN THOUSAND DOLLARS Republication of Will '?. In every other respect, I confum and republish my Will dated September 26, 2006. "-, ~~ Ba and ickinson James I1;~ted:.Tu1y 16, 2007 Page 1 of 3 Pages ACKNOWLEDGMENT COMMON WEALTH OF PENNSYLVANIA ) SS: COUNTY OF DAUPHIN ) . I, Bayard Dickinson James, the testatox whose name is signed to the foregoing instrument, having been duly qualified according to law, do hereby acknowledge that I signed and executed the instrument as my First Codicil to my Will dated September 26, 2006, and that I signed it willingly and as my free and voluntary act for the purposes expressed in it. ~~ B and ickinson James ~ Sworn or affirmed to, and acknowledged before me by Bayard Dickinson James, this I6rh day of July, 2007. My Commission Expires: Ap~~4 I S1 ~ of d Notary Public (SEAL) COMMONWEALTH OF PENNSYLVANIA Notarial Se~^ Gait F, Hess, Notary Public Hampden Tvvp., Cumberland County My Commission Expires Apr.15, 2010 Member, Pennsylvania Association of Notaries :Page 2 of 3 Pages AFFIDAVIT We, ~~l2 r.~1 ~ ,yyJu i=-P~f Y and ~ f~9~cES E- ~ICEDm~ F' the witnesses, whose names are signed to the attached First Codicil To Will, being duly qualified accordirg to law, do depose and say that we were present and saw the testatrix sign and execute this instrument as his First Codicil To WiII; that he signed willingly, and that he executed it as his free and voluntary act for the purposes therein expressed, and that eacli of us, in the hearing and sight of the testator signed the instrument as a witness; and that to the best of our knowledge testator was at the time eighteen (18) or More years of age, of sound mind and under no constraint or undue influence. Witness r .Witness Sworn or affirmed to, and acknowledged before. me, a Notary Public, this/~ ~~ day of ,iuly i o, ?007. Notary Public (SEAL) 1v1y Commission Expires:~p,+2 iL /S~ ~ d ~a COMMONWEALTH OF PENNSYLVANIA Notarial Seal C3ail F. Hess, Notary Pt~lic Hampden Twp., Cumberland County My Commission Expires Apr.1 S, 2010 Member, Pennsylvania Association of Notaries Page 3 of 3 Pages `/ ;~ COSY THE 7A1V~S FAN~.Y TRUST DEC:LARA'TION OF TRUST 1_ We, BAYARD DICKINSON JAMES, Au$b~d. and LOI$ JEAN SIMPSON JAN.~:S, Wife, of 1 Pheasant Street, Township of Silver Springs, County of Cumberland, Commonwealth of Pennsylvania, referred . to hereinafter as. Grantors and/or Joint Trustees, hereby declare that we are Joint Trustees of the property referred to in this Declaration of Trust agreement as the trust estate, which is more fully set forth in the Schedule of Trust Estate Assets attached hereto and made a part hereof, 2 . We hereby declare ~ that we hold the trust estate created by this Declaration of Trust agreement and a.ll our right-to, title to and interest in the trust estate in trust for the use and benefit of Susan. Lee James Love, Shawnee Mission, Kansas, and of Clyde $ayard James , of Ra Hover;' Pennsylvania . 3. IIpon the death 6f one of the beneficiaries named in paragraph 2 above, all right to, title to and interest in the trust estate .created by this Declaration of Trust agreement shall be held, in trust for the use and benefit of the survz-'vor •of the two beneficiaries named in paragraph 2 above. 4. Upon tYie death. of the surviving beneficiary (as deterni~.n:ed iri paragraph 3 above) , five (5~) percent of the trust property shall be, g~.ven outright to Regent IIniversity of Virginia Beach, Virginia, and the remainder of the trust property shall be equally divided among and., except as hereinafter provided, held or distributed to the Grantors' then living lineal or legally adopted descendants, per stirpes. The trustees sha~.l pay the income from any retained .share to or for the benefit of the beneficiary thereof during the period that such share is retained, and at the end of such period the principal thereof shall be distributed to such beneficiary. 5. For purposes of this trust agreement, Lo~.s Jean Simpson James shall be deemed to be the last surviving spouse, unless there is conclusive proof to the contrary. 6. The share for any grandchild of the Grantors at any time apportioned shall be retained by the'trustees until the grandchild reaches the age of thirty (3~0) years . But in any ever~t• 'the trust shall. termine.te ,twenty (20) years after the death of both Grantors.. `7.. Upon the death of any lineal descendent .for whom`a''txust share is being retained, the trustees shall apportion and distribute the principal thereof per stirpes among the then living lineal or legally adopted descendents of that person, and if there be nave, then per stirpes among the then living lineal descendents of the Grantors. 8. In the event that the income to be received by any beneficiary from the trust estate or his or her share thereof, and from other sources known to the trustees, shall be considered at any time by the trustees to be insufficient for the support, maintenance and education. of any such beneficiary or of any person being supported by any such beneficiary, the trustees shall pay to such beneficiary from time to time such amounts from the beneficiary's share of the trust estate as the trustees shall deem sufficient for such purposes. 9. The Grantors reserve the right during their joint lives and during the life of the survivor of them to amend, modify or revoke this Declaration of Trust agxeement i.n whole or an part, without the consent of any beneficiary and without giving notice to any beneficiary hereunder, by a writing ar writings signed and acknowledged by the Grantors or the survivor, to be effective upon delivery to either Trustee. 10. Upon the death of both Co-Trustees, Clyde Bayard James of Hanover, Pennsylvania, and Susan Lee James Love of Shawnee Mission, Kansas, shall serve as Successor Go-Trustees. And Successor Trustee shall .have all of the powers and authorities granted to the Trustees or the surviving Trustee as set forth in the provisions of this Declaration of Trust. ].1.. The Trustees of this Declaration of 't'rust have all of the discretionary powers necessary and appropriate to administer this Trust, including but not limited to, the power to sell, mortgage, encumber, pledge, hypothecate, lease, rent or improve, invest and reinvest the trust estate property when such action is deemed to be in the best interest and furtherance of the Trust purposes. The Trustees may pay income or principal Co the beneficiaries or for their benefit, and shall have no obligation to confirm the use of such payments for the use and welfare of any beneficiary. In the event this Declaration of Trust provides for more than one Trustee, the exercise of any anal all powers, authorities, discretions and rights granted to said Trustees shall not be construed to 'require the Trustees to act in unison in order to exercise any Trust power, but each Trustee may individually exercise any of the Trust powers. In the event of a physical or mental incapacity or death of one of the co-Trustees, the survivor shall continue as the Sole Trusted to the rue ees undertthis Declarat on of l~s the powers gran Any person serving as Trustee hereunder shall. serve without bond. 12. No interest of a Beneficiary of this Tr~a.st can be alienated. No Beneficiary can assign, Pledge; encumber or otherwise transfer an interest in the Trust estate, nor shall such interest be~5a~-cee~'ngstwhether at law ordin equity. °therwise subs ect to y p 13. Each Beneficiary hereunder shall be liable for his (her) proportionate share of any estate tax that may be imposed by any state or federal entity upon the share of the Trust estate held for or distributed to a•Beneficiary upon the death of the Grantors or the survivor of the Grantors . ~ . 14 eted 9.ns accoradance w t then laws of t he a Commonwealah of interpr Pennsylvania. 15. This trust shall be Down as "The James Fam3-lY Trust'° 16. We hereby declare that this Declaration of Trust fully and accurately sets forth the manner in which our trust estate shall be held, managed, di~~,~~~ed by the Trustees. tea. , ~ ~ • .` • , ''C'' Lois can Simps~ James B ', d Dicka.nson Jamees :• Grantor/Trustee Grantor/Trustee 1' f,, . County of t ..~,...~v/««~ City of ~~Pc,~t4N,~ ~/r; State of ~~ ~ ~ ~~ ~~ f 19~~, Bayard Dickinson James and Lois Jean Simpson. James, Grantors and Joint Truseementf the trust estate created by this Declaration of Trust agr came before me and acknowledged that it was their free act and deed to execute this agreement. Y~°"~ Not ry Public -------~ hb`~ ~tJ.~3.:~or.~y?tom ~ r.:t'C~:.~,s.~en'L.x~x,''~-.k.';li~. i5~5 ~~ v~, "3 ~ ~~ . ~~ ~~. 2 c~ .oo ~~~ s~ . ~~ #~y 12.