HomeMy WebLinkAbout04-29-10 (2)15056041192
REV-1500 Ex {06-05) OFFICIAL USE ONLY
PA Department of Revenue County Cotle Year File Num ber
Bureau of Individual Taxes INHERITANCE TAX RETURN
Po Boxzaoeol 2 1 0 9 0 2 2 4
Harrisburg, PA 17128-0801 RESIDENT DECEDENT
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death Date of Binh
184 12 2380 02 06 2009 04 18 1922
Decedent's Last Name Suffix Decedent's Frst Name MI
Yorlets Mrs Dorothy S
(If Applicable) Enter Surviving Spouse's information Below
Spouse's Last Name Suffix Spouse's Frst Nama MI
Spouse's Social Security Number THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
FILL IN APPROPRIATE OVALS BELOW
~ 1. Original Return p 2. Supplemental Retum O 3. Remainder Retum (date of death
prior to 12-13-82)
O 4. Limited Estate O 4a Future Interest Compromise (date of O 5. Federal Estate Tax Retum Required
death after 12-12-82)
~ 6. Decedern Died Testate ~ 7. Decedent Maintained a Living Trust 8. Total Number of Safe Deposit Boxes
(Attach Copy of Will) (Attach Copy of Trust)
p 9. Litigation Proceeds Received O 1l). Spousal Poverty Credit (date of death O 11. Election to tax under Sec. 9113(A)
between 12-31-91 and 1-1-95) (Attach Sch. O)
CORRESPONDENT - Thls sectlon must be completed. All Correspondence and ConNdentlal Tax Information Should be Directed to:
Name Daytime Telephone Number
Elyse E • Rogers, Esquire 717 67~ 5801 .~°.. „~
'?
Fnn Name (If Applicable) -+-
REGISLE'p WILLS US'Q~1NLY G-r r
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~:
Keefer Wood Allen & Rahal, LLP '~ ~ ~ ``_ ~
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Frst line of address cf?
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635 N• 12th Street, Suite 400 .3
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Second line of address ~
' •• ~y
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City or Post Office
Lemoyne
State ZIP Code
PA 17043
DATE FILED
Correspondern's a-mail address: erogers@keefefWOOd.com
Under penalties of perjury,) declare that) have examine this return, including co anyinp schedules and statements, and to the beat of my knowletlpe and belief,
it is true, correct and complete. Declaration of the prep~r otherthan pers~al a asentat~e is based on all information of which preparer has any knowledge.
SIGNATURE OF PFRRON RESPONSIBLE FOR FILI ETUR~TJ-~T DATE
i~
r .ate. , w.,~. v. v, wy•
635 North 12th treet, Suite 4C
15056041192
PA 17043
iSE USE ORIGINAL FORM ONLY
Side 1
15056041192
J a~
Rev-1500 EX
15D56O42193
Decedent's Name: Dorothy S. Yorlets Mrs
RECAPITULATION
1. Real estate (Schedule A) . • • . • • • • • • ............................... 1.
2. Stocks and Bonds (Schedule B)•••••.•••••••••••••••••••••••••••••• 2.
3. Gosely 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.
e. Jointly Owned Property (Schedule ~ O Separate Billing Requested .. • ... 6.
7. Irner-Vivos Transfers & Miscellaneous Non-Probate Property
(Schedule G) O Separate Billing Requested ...... 7,
8. Total Gross Assets (total Lines 1-7) ................................ 8.
9. Funeral 6cpenses & Administrazive Costs (Schedule H) • . • • • • . • • . • ......... 9.
10. Debts of Decedern, 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 BequestsJSec 9113 Trusts for which
an election to tax has not been made (Schedule J) • • • ................... . 13.
14. Net Value Subject t0 Tax (Line 12 minus Line 13) ...................... . 14.
TAX COMPUTATION -SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable
az the spousal tax rate, or
transfers under Sec. x118
(a)(1.2) X .00 D • D D 15.
16. Amount of Line 14 taxable
az lineal rate x .045 1, 4 31, 0 5 3.9 3 1 s.
17. Amourn of Line 14 taxable
at siblingrateX.12 2,DDD•DD 17,
18. Amourn of Line 14 taxable D
D D
•
az 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
184 12 2380
0.00
18,720.13
0.00
0.00
23,761.61
a•DD
1,773,129.54
1,815,611.28
35,984.84
345,572.51
381,557.35
1,434,D53.93
1,ooo•Do
1,433,053.93
D•Do
64,397.43
240.00
0.OD
64,637.43
O
Side 2
15056042193 15056042193
Rev-1500 EX Page 3
Decedent's Complete Address:
Fle Number
21 09 0224
DECEDENTS NAME
Doroth S. Yorlets Mrs DECEDENTS SOCIAL SECURITY NUMBER
184-12-2380
STREET ADDRESS
100 Mt. Allen Drive
CITY
Mechanicsburg STATE
PA ZIP
17055
Tax Payments and Credits:
1. Tax Due (Page 2 Line 19)
2. Credits/Paymerns
A Spousal Poverty Credit
B. Prior Payments
C. Discount
0.00
0.00
0.00
Total Credits (A + B + C)
3. Irnerest/Penalty if applicable
D. I merest 0.00
E. Penalty 0.00
Total Interest/Penalty (D + E)
4. If Llne 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT.
FIII In oval on Page 2, Llne 20 to request a refund.
5. If Line 1 + Une 3 is greazer than Line 2, erner the difference. This is the TAX DUE.
A. Erner the irnerest on the tax due.
B. Erner the total of Line 5 + BA. This is the BALANCE DUE.
(1)
64,637.43
(2) 0.00
(3) 0.00
(4)
(s) 64,637.43
(sA) 0.00
(s6) 64,637.43
Make Check Payable to: REGISTER OF WILLS, AGENT
-- . ~ ~3y
~ .. ~. ~ t, .: , _. ' '"" .,~~ , , .. . *~~i+;-. i`, ,~+~;$"v `~~3 _~Y'~~ ~~'~`F ..i ~ ~ ~~" .:i+t, x., ~ ~; %'. <. f :'~6 ~'~„f t~ a <..,a"~'" x .~ x"d"~d ,'~ ..t"S~d'~d~
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedern 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 Rs 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 wfthout receiving adequate conslderazlon? ............................... ..... ^
3. Did decedern own an "intrust fob' or payable upon death bank account or security az his or her deazh? ^
4. Did decedent own an Individual Retiremern Account, annuity, or other ran-probate property
which contains a beneficiary designation? • • ................................... ..... ® ^
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES„Syy, 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. Sect. 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)
peroern [72 P.S. Sect. 9118(a)(1.1)(II)]. The statue does not exempt a transfer to a surviving spouse from tax, and the statutory requiremerns for disclosure
of assets and filing a tax return are still applicable even H the surviving spouse is the only beneficiary.
For dates of death on or after July 1, 2000:
The tex rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger az death to or for the use of a nazural parent,
an adoptive parent, or a stepparent of the child is zero (0) peroern [72 P.S. Sect. 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 rested
in 72 P.S. Sect. 9116(1.2) [72 P.S. Sect. 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. Sect. 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.
REV -1503 EX+(8-BB)
SCHEDULE B
COMMONWEALTH OF PENNSYLVANIA STOCKS & BONDS
INHERITANCE TAX RETURN
R ESID ENT DECED ENT
ESTATE OF FILE NUMBER
Dorothy S. Yorlets Mrs 21 09 0224
(If more space is needed, insert additional sheets of the same size)
REV-isoa EX+(e-eal
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESID ENTDECEDENT
SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
ESTATE OF FILE NUMBER
Dorothy S. Yorlets Mrs 21 09 0224
Include the proceeds of litigation and the date the proceeds were received by the estate.
All property jointly-owned with right of suMvorship must be disclosed on Scheduel F.
(If more space is needed, insert additional sheets of the same size)
REV-1510 EX+(e-88)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCETAX RETURN
RESID ENT DECED ENT
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
ESTATE OF
FILE NUMBER
Dorothy S. Yorlets Mrs 21 09 0224
This schedule must he completed and filed if the answer to any of q uestions 1 through 4 on the reverse side of tha REV-1500 COVE R SH E ET is ves.
ITEM
NUM DESCRIPTION OF PROPERTY
INCLUDENAMEOFTRANSFEREE,RELATIONSHIPTODECEDENT&
DATEOFTRANSFER.ATTACHCOPYOFDEEOFORREALESTATE
DATE OF DEATH
VALUE OF ASSET
kOFDEC'S
INTEREST
EXCLUSION
(IFAPPLICABLE)
TAXABLE
VALUE
1 Yorlets Trust C, Trust created by Decedent's 280,697.54 100 280,697.54
late husband, John C. Yorlets. No election to
pay inheritance tax was made for this trust at
the time of his death. A copy of the trust
agreement is attached. The assets in this trust
are being distributed to Decedent's children,
Nancy Livingston and Donald Yorlets, in equal
shares.
2 29.6% Interest in Yorlets Farm, 401 Mulberry 1,492,432.00 100 0.00 1,492,432.00
Drive, Mechanicsburg, PA
Total appraised value $5,042,000
The above item is in the name of the Dorothy S.
Yorlets Revocable Trust
TOTAL (Also enter on line 7, Recapitulation) I 1,773,129.54
(If more space is needed, insert additional sheets of the same size)
REV-1517 EX+(10-08)
SCHEDULE H
COMMONW EALTH OF PENNSYLVANIA FUNERAL EXPENSES &
INHERITANCETAX RETURN ADMINISTRATIVE COSTS
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Dorothy S. Yorlets Mrs 21 09 0224
Debts of decedent must be reported on Schedule I.
ITEM
NUMBER DESCRIPTION AMOUNT
A. FUNERAL EXPENSES:
1 Gingrich Memorials 130.00
2 Nancy Livingston, reimbursement for payment of funeral expenses 228.12
(clothes/I u ncheon/flowers)
3 Myers Funeral Home 12,750.00
B. ADMINISTRATIVE COSTS:
1. Personal Represernative's Commissions
Name of Personal Represernative(s)
Street Address
atY State _ Zip
Year(s) Commission Paid:
2. Attorney Fees 20,000.00
3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
palmarn
Street Address
city State Zlp
Relationship of paimarn to Decedent
a. Probate Fees 216.50
5. Accournarn's Fees
6. Tax Return Preparel's Fees
See schedule attached 2,660.22
TOTAL (Also erner on line 9, Recapitulation) 35,984.84
(If more space is needed, insert additional sheets of tha same size)
Estate of: Dorothy S. Yorlets Mrs
Schedule H, Part B -Administrative Costs
Miscellaneous Expenses
Page 2
21 09 0224
Item
Number Descriptlon Amount
7 The Sentinel, legal advertising 102.58
8 Cumberland Law Journal, legal advertising 75.00
9 Aon Risk Services (29.6%) 24,72
10 Debra Basehore Wiest, tax collector (29.6%) 641.90
11 Goodville Mutual Casualty Co, insurance (29.6%) 414.99
12 Diversified Appraisal 1,200.00
13 Keefer Wood Allen & Rahal, LLP, out of pocket expenses 201.03
TOTAL. (Carry forward to main schedule) ...... 2,660.22
REV -1512 EX. (12-03)
COMMONWEALTH OF PENNSYLVANIA
INH ERITANCE TAX RETURN
RESIDENTDECEDENT
SCHEDULE I
DEBTS OF DECEDENT,
MORTGAGE LIABILITIES, & LIENS
ESTATE OF FILE NUMBER
Dorothy S. Yortets Mrs 21 09 0224
Report debts Incurred by decedent prior to death which remained unpaid as of date of death, Including unrelmburssd medipl expenses.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1 Funds due Yortets B QTIP 64,467.00
2 ~ Funds due Yortets Trust C ~ 280,697.54
3 I Holy Spirit Hospital I 50.00
4 Capital Area Halth Association 20.00
5 ~ Cardin 8~ Miller Physical Therapy PC ~ 110.00
6 ~ Verizon ~ 40.97
7 I Orphopedic Institute of PA I 5.00
8 Alert Pharmacy 182.00
TOTAL (Also erner on line to, Recapitulation) 1 345,572.51
(If more space is needed, insert additional sheets of the same size)
REV -1513 EX+18-00)
SCHEDULE J
COMMONWEALTH OF PENNSYLVANIA BENEFICIARIES
INHERRANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Dorothy S. Yorlets Mrs 21 09 0224
RELATIONSHIP TO DECEDENT AMOUNT OR SHARE
NUMBE NAME AND ADDRESS OF PERSONS RECEIVING PROPERTY Do Not List Tru s OF ESTATE
r TAXABLE DISTRIBUTIONS [include outright spousal distributions, and
transfers under Sec. 9116(a)(1.2)]
See schedule attached
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15TH ROUG H 19, AS APPROPRIATE, ON REV-1500 COVER SH EET
ri NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SEC. 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
1 Trinity Lutheran Church 1 000.00
'
132 Main Street
Mechanicsburg, PA 17055
TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET 1,000.00
(If more space is needed, insert additional sheets of the same size)
Page 2
Estate of: Dorothy S. Yorlets Mrs 21 09 0224
Schedule J, Part I -Taxable Distributions
Amount or Share
Num. Name and Address of Person(s) Receiving Property Relationship to Decedent of Estate
Patricia H. Souder Sister-in-law 1,000.00
107 Messiah College
Mechanicsburg, PA 17055
Rozella McLane Sister 1,000.00
c/o Peggy Souder
2215 Boxwood Lane
Mechanicsburg, PA 17055
Colleen Yorlets Granddaughter 10,000.00
P.O. Box 205
New Oxford, PA 17350
Kate Livingston Granddaughter 10,000.00
5460 Davidsburg Road
Dover, PA 17315
Rachel Yorlets Granddaughter 10,000.00
P.O. Box 205
New Oxford, PA 17350
Kyle Livingston Grandson 10,000.00
5460 Davidsburg Road
Dover, PA 17315
Nancy Livingston Trust Daughter 555,178.20
Nancy Livingston, Trustee
5460 Davidsburg Road
Dover, PA 17315
Donald L. Yorlets Trust Son 555,178.20
Donald L. Yorlets, Trustee
P.O. Box 205
New Oxford, PA 17350
Nancy Livingston Daughter 140,348.76
5460 Davidsburg Road
Dover, PA 17315
Donald L. Yorlets Son 140,348.77
P.O. Box 205
New Oxford, PA 17350
Estate of Dorothy S. Yorlets
Date of Death: February 6, 2009
Pennsylvania Inheritance Tax Return
Shares of Beneficiaries
Net Value Subject to Tax $ 1,433,053.93
Comprised of:
Yorlets Trust C (John C. Yorlets Trust) $ 280,697.54
Dorothy S. Yorlets Revocable Trust $ 1,152,356.39
"Preresiduary" gifts payable from
Dorothy S. Yorlets Revocable Trust* $ 42,000.00
Balance, Dorothy S. Yorlets Trust $ 1,110,356.39
One-Half: Donald L. Yorlets Trust $ 555,178.20
One-Half: Nancy Livingston Trust $ 555,178.20
Disposition, John C. Yorlets Trust C
One-half: Donald L. Yorlets $ 140,348.77
One-half: Nancy Livingston $ 140,348.76
*Note: Glenn L. Souder predeceased Mrs. Yorlets
Attached hereto is a request for extension to pay Pennsylvania inheritance tax
which was submitted to the Pennsylvania Department of Revenue on November 5,
2009. As of the date of the filing of this return, the Department of Revenue has
failed to respond to this request for extension.
ROBERT L. WELDON
EUGENE E. PEPINSKY, JR.
JOHN H. ENOS ~
GARY E. FRENCH
BRADFORD DORRANCE
JEFFREY S. STOKES
ROBERT R. CHURCH
STEPHEN L. GROSE
R. SCOTT SHEARER
ELYSE E. ROGERS
CRAIG A. LONGYEAR
JOHN A. FEICHTEL
STEPHANIE KLEINFELTER
DONALD M. LEWIS ]Q
ERIC R. AUGUSTINE
TODD F. TRUNTZ
LAUREN S. WELDON
KEEPER WOOD ALLEN &RAHAL, LLP
ATTORNEYS AT LAW
ESTABLISHED IN 1878
635 NORTH 12T" STREET, SUITE 400
OF COUNSEL:
LEMOYNE, PA 17043
N. DAVID RAHAL
SAMUEL C. HARRY
PHONE 717-612-5800 CHARLES W. RUBENDALL II
FAX 717-612-5805 _
HARRISBURG OFFICE:
EIN NO. 2 3-071613 5 210 WALNUT STREET
WwW.k8Bf8fWOOd.COm HARRISBURG. PA 17101
November 5, 2009
PHONE 717-255-8000
J. Paul Dibert
Pennsylvania Department of Revenue
Inheritance Tax Division
5t'' Floor, Strawberry Square
Harrisburg, PA 17128
717-612-5801
erogers ~+ keeferwood.com
Re: Estate of Dorothy S. Yorlets
Date of Death: February 6, 2009
Request for Extension of Time for Payment of Inheritance Tax
Pursuant to Section 9150
Dear Paul:
'The undersigned is counsel for Donald L. Yorlets and Nancy Livingston, Co-
Executors of the Estate of Dorothy S. Yorlets. Mrs. Yorlets, a long time resident of
Messiah Village, passed away on February 6, 2009.
At the time of Mrs. Yorlets' death, her liquid assets consisted of the following:
784.582 shares Vanguard Wellington
Fund -fair market value $18,720.13
Susquehanna Bank checking account $20,258.76
Miscellaneous Refunds, etc. ~ 3.502.85
Total $42,481.74
I am attaching a copy of the Disbursements of Principal from the estate
accounting so that you can see that the estate's expenses to date equal $24,766.17.
J. Paul Dibert
November 5, 2009
Page 2
As you can see, Mrs. I'orlets has not yet been gone a year and liquid assets in the
estate are close to depleted.
In addition to the limited liquid assets, Mrs. Yorlets owned, through her
revocable trust, a 29.6% undivided tenants in common interest in a farm located in
Silver Spring Township, Cumberland County. We have recently obtained an
appraisal for the fax~m valuing it at $5,042,000. The farm is improved with a
residence which is not in habitable condition, as well as a number of outbuildings in
varying condition. Based on this appraisal, we estimate inheritance tax will be
$74,621.
The other undivided tenants in common interests in the farm are owned by
the co-executors individually, their respective children, and trusts established by
Mrs. Yorlets' late husband, John C. Yorlets. Mr. Yorlets died on March 1, 1999.
The farmland is currently leased to a farmer. Income produced by the farm
barely covers payment of applicable property taxes. In 2009, the county/township
taxes were $2,168.59 and the school taxes were $5,978.45.
As I have worked with the Yorlets family for a long period of time, I am most
willing to work with the family with respect to the timing of payment of my fees.
We intend to ask to be reimbursed for our out-of-pocket expenses in connection with
the administration of the estate on a periodic basis.
When Mr. Yorlets died, his estate (and the trusts created under his estate
planning documents) had fairly good liquidity. However, Mrs. Yorlets resided at
Messiah Village for approximately 10 years prior to her death. Except for the liquid
funds referenced in this letter, all funds were exhausted in connection with her
care. There was a brief' period of time after Mr. Yorlets' death when modest cash
gifts were made to children and grandchildren, but no transfers of that type had
occurred within 7 years prior to Mrs. Yorlets' death.
The purpose of this letter is to request an extension for time to pay the
Pennsylvania Inheritance Tax, pursuant to the provisions of 72 P.S. § 9150, which
provides as follows:
The Department may, for reasonable cause, extend the
time for payment of any part of the inheritance tax and
may, if deemed necessary for the protection of the interest
of this Commonwealth, require the transferee in present
J. Paul Dibert
November 5, 2009
Page 3
possession or, if a trust is involved, the trustee, to file a
bond in the name of the Commonwealth with sufficient
surety, in an amount not exceeding twice the tax
computed when the bond is given at the highest rate
possible in the specific contingencies involved (reduced by
the amount of any partial payment made) and conditioned
for the payment of the tax as such postpone due date,
together with interest from the due date to the payment
date ... .
Actual legal title to the portion of the farm includible in Mrs.Yorlets' estate
for Pennsylvania Inheritance Tax purposes is in her revocable trust, of which the
co-executors of her estate also happen to be the co-trustees. They would certainly
offer the security to the Commonwealth in the form of a mortgage on Mrs. Yorlets'
interest in the farm, although I believe the Commonwealth is adequately protected
by its inchoate lien on the farm.
We all know that the economy is not in good condition right now and that the
sale on a property like the Yorlets farm is at the present time exceedingly difficult,
if not impossible. The Yorlets have worked formally and informally over the years
with a number of persons who know that the farm is available for sale, although it
is not currently listed for sale with an agent or broker.
It is the plan of'the family to more actively market the farm for sale when
economic conditions improve.
The Executors are making a payment on account of inheritance tax in the
amount of $10,000. We respectfully request an extension of time to pay the balance
of the inheritance tax not paid until thirty (30) days after closing on the sale of the
Yorlets farm. If you require any additional information, please do not hesitate to
contact me.
c~ r
Enclosure
cc: Donald L. Yorlets
Nancy Livingston
Sincerely yours,
~.
~~ ~~ ~
Elyse E Rogers ~~
DISBURSEMENTS OF PRINCIPAL
Estate of Dorothy S. Yorlets
For Period 2/6/2009 Through 11/5/2009
Administration Expenses (Prin)
03/24/2009 Donald Yorlets, reimbursement for probate fee and
payment to assessment office
09/30!2009 Keefer Wood Allen & Rahal, LLP, out of pocket expenses
09/30/2009 Diversified Appraisal
Page 1
$ 1,617.53
Farm Expenses
03/18/2009 Goodville Mutual Casualty Co, farm and ranch insurance
04/06/2009 Debra Basehore Wiest, tax collector (county/township)
04/17/2009 Aon Risk Services
09/02/2009 Debra Baseshore Wiest, tax collector (school)
9,632.55
Debts of Decedent
04/02/2009 Alert Pharmacy
04/03/2009 Orthopedic Institute of PA
04!03/2009 Verizon
04/20/2009 Cardin & Miller Physical Therapy PC
04/30/2009 Capital Area Health Association
08!04/2009 Holy Spirit Hospital
09/30/2009 Capital Area Health Associates
216.50
201.03
~ inn nn
1,402.00
2,168.59
83.51
5,978.45
182.00
5.00
40.97
110.00
10.00
50.00
10.00
407.97
Funeral Expenses (Prin)
02/09/2009 Myers Funeral Home
03/18/2009 Nancy Livingston, reimbursement for payment of funeral
expenses (clothes/luncheonlflowers)
04/06/2009 Myers Funeral Home
$ 12,575.00
228.12
175.00
John C.Yorlets Jr. &
Dorothy Yorlets Ten Ent
5460 Davidsburg Rd
Dover, PA 17315-4145
Page > 1 of 1
Vdt1,$,Lidl'd"
Client Services: 800-6B2-2739
Total report value: $18,720.13
(Total report value inGudes any accrued dividends.)
-' IYBIrI~ -' FWOOIXMS3WUnl ~ ~: L!$i6 ~„ ,. ~7~dS~ i~rt ilk "hEi a ~i ix>t~',t"i9ifi'~~,':
Number gpened ' 3htjEes ~Sh~-~ « ~~Cir3*' ~~[~'~en s~`,
Wellington Fund Inv 0021-00973766109 05/14/1974 784.582 $23.86 $18,720.13 -
1799528568 04/02/2009 14:26:05
Vanguard
Date of Death: 02/06/2009 Estate of : Dorothy S. Yorleta Estate
Valuation Date: 02/06/2009 Account: 91461
Processing Date: 04/14 /2D09 Report Type : Date of Death
Number of Securities: 1
File ID: Yorlets, Dorothy S. Estate Vanguard
Shares Security Mean and/or Div and int Security
or Par Description High/Ask Low/Bid Adjustments Accruals Value
1) 784.582 VANGUARD/WELLINGTON FD INC (921935102)
COM
Mutual Fund (as quoted by NASDAQ)
02/06/2009 23.86000 Mkt
23.860000 18,720.13
Total Value:
Total Accrual:
Total: $18,720.13
$0.00
$18,720.13
Page 1
This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions,
please contact EVP Systems at (818) 313-6300 or www.evpsys.com. (Revision 7.1.D)
PROPERTY DESCRIPTION
In addition to the requirements on the instructions page, please also submit:
• Claim form, completed and signed
• Completed, signed, and notarized Affidavit and Indemnification Agreement.
• Original death certificate for owner highlighted above.
• Original short certificate, obtained from the Register of Wills office at the county courthouse showing
that letters of administration or testamentary were granted and updated within the last two years.
• A photocopy of your signature identification in the form of a SIGNED Social Security card or driver's
license
~... ~ ,
,. .,
(A) Original Owner's Name (B) Original Owner's Address as Reported
YORLETS DOROTHY 248 MULBERRY DR MECHANICSBURG PA 1705
(C) Bolder Reporting Funtls (D) Last Transaction Date
WESTERN UNION FINANCIAL SVCS 05/15/1996
(E) Holder Address and Contact (F) Type of Funds Reported
WESTERN UNION UINCLAIMED PROPERTY P O BOX 66 MONEY ORDER
ENGLEWOOD CO 80155-6605 (G) Certificate, Policy or Check Number
KARLA R ROYCE 9123369998
(720)332-3292 (H) Amount Reported $2,000.00
Total Shares Claimed
0.0000 Total Cash Claimed $2,000.00
RETURN CLAIM FORM AND DOCUMENTATION TO:
... • . • w . w I1 !\___ AI1w"I ~ 1.. .~~...~~. f1A A7An! Aff /1 "I
n... !
~ ~~ rnnnn
Susquehanna
April 3, 2009
ELYSE E. ROGERS, ESQUIRE
635 NORTH 12T" ST SUITE 400
LEMOYNE, PA 17043
RE: Dorothy S. Yorlets Estate
SS#: 184-12-2380
DOD: February 6, 2009
To Whom It May Concern:
Susquehanna Bank
28 North Cedar Street
P.O. Box 1000
Lititz, PA 17543-7000
Toll free 800.311.3182
In response to your letter of April 1, 2009, here is the above customer account information as of
February 6, 2009.
Account #1
• Account Title: Dorothy S. Yorlets
• Account Type/# Ckg/6100208983
• Date Opened I Maturity Date: 5/17/99
• Interest Rate: .25%
• Account Balance": 20,255.07
• Accrued Interest: 3.69
• YTD Interest: 5.28
*Account balance does not include accrued interest.
Nancy Livingston & Donald L. Yorlets were added as POAs on 4/12/07.
There is no safe deposit box in the name of this decedent.
If I can be of further assistance, please feel free to call.
Sincerely, 1~%'`(,it/~
Janet M. Peters
Support Services Supervisor
1-717-625-6295
JMP/Ijr
TRUST SETTLEMENT
AND
DISTRIBUTION AGREEMENT
AGREEMENT made this 3 day of ~ 2003 by and between
NANCY LIVINGSTON and DONALD L. YORLETS, Trustees under a Revocable
Agreement of Trust of John C. Yorlets, Jr. dated February 25, 1995.
WITNESSETH
WHEREAS, Nancy Livingston and Donald L. Yorlets ("Trustees") are the acting
Trustees under a Revocable Deed of Trust dated February 25, 1995 created by Dorothy
S. Yorlets, Nancy Livingston, and Donald L. Yorlets as Guardians of the Estate of John
C. Yorlets, Jr., an incompetent, now deceased, and Dorothy S. Yorlets, Nancy
Livingston, and Donald L. Yorlets as Trustees; and
WHEREAS, John C. Yorlets, Jr. died March 1, 1999; and
WHEREAS, the Revocable Agreement of Trust ("the Trust") provides for the
division of the assets subject to the Agreement of Trust into three (3) shares, to be
known as Yorlets Trust A, Yorlets Trust B, and Yorlets Trust C; and
WHEREAS, the statute of limitations on the Federal Estate Tax Return for the
Estate of John C. Yorlets, Jr. has expired, without the issuance by the Internal
Revenue Service of a Closing Letter; and
WHEREAS, the parties desire to fund the trusts to be created under the
Revocable Agreement of Trust.
NOW THEREFORE, intending to be legally bound, the parties hereto agree as
follows:
1. The assets subject to the Trust shall be divided among Yorlets Trust A,
Yorlets Trust B-Non-QTIP, Yorlets Trust B-QTIP, and Yorlets Trust C as
-1-
set forth in a memorandum dated July 29, 2003, attached hereto and
made a part hereof as Exhibit "A".
2. Trustees hereby acknowledge that they, in their capacities as Co-Trustees
of Yorlets Trust A, Yorlets Trust B-Non-QTIP, Yorlets Trust B-QTIP, and
Yorlets Trust C have received (effective upon actual receipt) the amounts
to which they, in their capacities as Trustees, are entitled under the
Trust.
3. Trustees state that they have reviewed the accounting of Yorlets
Revocable Trust in the form attached hereto and made a part hereof as
Exhibit "B". Trustees waive their right to have the informal account filed
with the Register of Wills and accept and approve it with the same force
and effect as if it had been filed in the Office of the Register of Wills,
audited in the Orphans' Court, adjudicated and confirmed absolutely, and
the amount paid to them had been duly awarded to them by Order of
Court.
4. Trustees acknowledge that they shall refund to Yorlets Revocable Trust
any amount which may be necessary in the future to discharge any
obligations and liabilities of Yorlets Revocable Trust or of the Estate of
John C. Yorlets, Jr. of which they may hereafter receive notice.
5. Trustees intend that this Agreement shall be governed by the laws of the
Commonwealth of Pennsylvania and shall be legally binding upon
Trustees, their heirs, successors and assigns. ,
Donald L. Y~o~et~, Trustee
Nancy Liv gston, Tr ee
-2-
COMMONWEALTH OF PENNSYLVANIA
ss.
COUNTY OF ~~~~'^^`}`
On this, the ~~ day of ~ ~2,CQ~~r~~ , 2003, before me,
the undersigned officer, a Notary Public in and for said county and state, personally
appeared DONALD L. YORLETS, known to me or satisfactorily proven to be the
person whose name is subscribed to the within instrument, and acknowledged that she
executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
~~~\~ ~.~
Notary Public
NOTARIAL SEAL ~~
PATRICIA D. OLYARNIK, Notary Public
Hampden Twp., Cumberland County
My Commission Expires August 27, 2005
COMMONWEALTH OF PENNSYLVANIA
ss.
COUNTY OF Cam.-~~~~~'`""~`
On this, the ~r day of ~~~Z..GQ..r-~r~r , 2003, before me,
the undersigned officer, a Notary Public in and for said county and state, personally
appeared NANCY LIVINGSTON, known to me or satisfactorily proven to be the person
whose name is subscribed to the within instrument, and acknowledged that she
executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
--(rte ~~ _ . •__.
_ Notary Public
NOTARIAL SEAL
PATRICIA D. OLYARNIK, Notary Public
Hampden Twp., Cumberland County
My Commission Expires August 27, 2005
-3-
MEMORANDUM
Date: July 29, 2003
To: Nancy Livingston
Donald Yorlets
From: Elyse E. Rogers
Re: John C. Yorlets, Jr./Yorlets Trusts Final Distributions
This memorandum sets forth proposed final distributions from the John C. Yorlets
Estate and the Yorlets Revocable Trust, dividing the assets among Trust A, Trust
B, and Trust C.
The Estate has been cleared to a zero balance. The Estate owed your mother about
$10,000, and your mother does owe the Trust a substantial sum. The $10,000 debt
of the Estate to your mother has been offset against her debt to the Trust, reducing
the amount carried as a debt owed by her to the Trust.
We have posted Trust transactions through June 30, 2003, and all
recommendations are based on the Trust as of June 30, with values adjusted to that
date. We have used the figure of $1,009,436 for the Trust's one half interest in the
farm, as we discussed when we met.
The following tables are updated from the December 2, 2002 Memo I prepared for
you.
Assets on Hand, June 30, 2003 (See Attached Accounting) for Division among
Trusts A, B, and C~
Yorlets Trusts -Principal Balances for Division
Per Attached Trust Assets on Hand (Principal) $ 1,486,440
Excess Executor's Fees $ 17,760
Principal Invasion for Dorothy Yorlets $ 193,563
Reserves for Expenses $ (5,000)
Total $ 1,692,763
Division of Assets Among Trusts, Based on Assets on Hand, June 30, 2003
Trust Percentage June 30, 2003
Yorlets Trust A ~'~~~ 35.563% $ 601,998
Yorlets Trust B-Non-QTIP ~`~{ a 19.8905% $ 336,699
Yorlets Trust B-QTIP 9.0365% $ 152,966
Yorlets Trust C 35.510% $ 601,100
Total 100% $ 1,692,763
Division of Undivided Tenants in Common Interests in Farm Among Trusts
Trust's interest in Farm $ 1,009,436 50%
To Trust A $ 584,238 28.94%
To Trust B-Non-QTIP $ 336,699 16.68%
To Trust B-QTIP $ 88,499 4.38%
To Trust C -0- 0%
Allocation of Assets Among Trusts, June 30, 2003
Allocation of Assets and Deemed
Assets to Trusts
Trust C ~ $ 601,100
Principal invasions $ 193,563
Brokerage Account (excluding
$5,000 cash, allocated to Trust A,
below) $ 206,819
Loan to Dorothy Yorlets $ 200,718
$ 601,100
Trust B-QTIP $ 152 966
Loan to Dorothy Yorlets $ 64,467
Farm $ 88,499
$ 152,966
Trust B-Non-QTIP $ 336,699
Farm $ 336,699
$ 336,699
Trust A $ 601,998
Farm $ 584, 238
Excess Executor Fees $ 17,760
Cash $ 5,000
Less Reserve $ (5,000)
$ 601,998
SUMMARY OF ACCOUNT
Yorlets Trust C
For Period 01/01/2004 Through 10/02/2006
Fiduciary
Acquisition
Page Value
Principal -----------
Receipts 1-3 $380,197.68
Net Gain (or Loss) on Sales or
Other Dispositions 4-6 26,196.24
Other Receipts 0.00
$406,393.92
Less Disbursements:
Administration Expenses (Prin) 7 $7,463.71
Fees and Commissions (Prin) 7 3,556.50
Other Expenses (Prin) 7 2,214.00
13,234.21
Balance before Distributions
$393,159.71
Distributions to Beneficiaries 8-9 112,462.17
Principal Balance on Hand 10
$280,697.54
Income
Receipts 11-14
$ 5,738.67
Less Disbursements 0.00
Balance before Distributions
$ 5,738.67
Distributions to Beneficiaries 15-16 5,738.67
Income Balance on Hand $ 0.00
Combined Balance on Hand $280,697.54
RECEIPTS OF PRINCIPAL
Yorlets Trust C
As of 10/02/2006
Assets Listed in Inventory
(Valued as of date received)
Cash on Hand
Distribution from John Yorlets Est
Common Stocks
Investors First/Small Cap Fund Inc.
2,611 Units
Royce Value Tr Inc.
1,880 Units
Mutual Funds
vanguard Inflation Protected
1,992.032 Units
Vanguard Short Term U.S. Treasury
5,361.896 Units
Corporate Bonds
Merrill Lynch Medium Term Nts
200,000 Units
Miscellaneous Property
Loan to Dorothy Yorlets
TOTAL INVENTORY
$ 22,846.25
23,612.80
$ 25,035.00
57,027.64
Page 1
Fiduciary
Acquisition
Value
$ 15,487.72
46,459.05
82,062.64
22,274.00
200,718.00
$367,001.41
1
f
RECEIPTS OF PRINCIPAL Page 2
Yorlets Trust C
As of 10/02/2006
Receipts Subsequent to Inventory
(Valued when received)
01/30/2004 Fruit of the Loom Payment 01/30/04 $ 200.67
05/18/2004 Fruit of the Loom Payment 05/18/04 84.03
12/27/2005 Fruit of the Loom Payment 12/27/05 - capital
gains 326.54
03/01/2005 Fruit of the Loom payment 03/01/05 - capital
gains 62.83
TOTAL RECEIPTS SUBSEQUENT TO INVENTORY
-____--_--_ $ 694
0
.
7
RECEIPTS OF PRINCIPAL
Yorlets Trust C
As of 10/02/2006
Adjustment to Carrying Values
12/31/2004 Adjusted carrying value of Merrill Lynch Med
Term Nts for OID for years 1999-2004
1999 $1,082.61
2000 $1,940.34
2001 $2,098.67
2002 $2,269.92
2003 $2,455.16
2004 $2,655.50
Total $12,502.20
Adjusted Value
Value per Inventory
TOTAL ADNSTMENTS TO CARRYING VALUES
SUMMARY
Total Inventory
Total Receipts Subsequent To Inventory
Total Adjustments To Carrying Values
TOTAL RECEIPTS OF PRINCIPAL
$ 34,776.20
22,274.00
Page 3
$ 12,502.20
$ 12,502.20
$367,001.41
694.07
12,502.20
$380,197.68
GAINS AND LOSSES ON SALES OR OTHER DISPOSITIONS
Yorlets Trust C
For Period 01/01/2004 Through 10/02/2006
03/03/2004 Sale of 1880 shares of Royce Value Tr Inc.
1,880 Units
Net Proceeds $ 34,459.05
Fiduciary Acquisition Value 23,612.80
-----------
Net Gain
03/09/2004 Sale of Investors First Fd Inc.
2,611 Units
Net Proceeds $ 35,282.62
Fiduciary Acquisition Value 22,846.25
-----------
Net Gain
06/04/2004 Sale of 1992.032 shares of Vanguard Inflation
Protected Securities Fund
1,992.032 Units
Net Proceeds $ 24,586.52
Fiduciary Acquisition Value 25,035.00
Net Loss
12/28/2004 Sale of 1000 Vanguard Short Term US Treasury
Fund
1,000 Units
Net Proceeds $ 10,425.00
Fiduciary Acquisition Value 10,635.72
Net Loss
03/08/2005 Redemption of Stearns Bk NA St Cloud Minn Ctf
Dep 3/8/05 dated 9/8/04
Net Proceeds $ 30,000.00
Fiduciary Acquisition Value 29,956.21
-----------
Net Gain
Gain
$ 10,846.25
12,436.37
Page 4
Loss
$ 448.48
210.72
41.79
GAINS AND LOSSES ON SALES OR OTHER DISPOSITIONS
Yorlets Trust C
For Period 01/01/2004 Through 10/02/2006
05/17/2005 Sale of 2000 shares of Vanguard Short Term US
Treasury Fund
2,000 Units
Net Proceeds $ 20,805.00
Fiduciary Acquisition Value 21,271.45
Net Losa
09/26/2005 Redemption of Discover Bk Greenwood Del CD
dated 09/25/02 matures 09/26/05
Net Proceeds $ 30,000.00
Fiduciary Acquisition Value 29,962.50
-----------
Net Gain
11/22/2005 Sale of 2361.896 shares of Vanguard Short
Term US Treasury Fund
2,361.896 Units
Net Proceeds $ 24,363.39
Fiduciary Acquisition Value 25,120.47
Net Loas
04/27/2006 Redemption of $10,000 Capital Crossing Bk
Boston 06/28/06
Net Proceeds $ 9,972.40
Fiduciary Acquisition Value 10,000.01
Net Loss
06/28/2006 Redemption of Capital Crossing Bk Boston
06/28/06
Net Proceeds $ 10,000.00
Fiduciary Acquisition Value 9,979.13
-----------
Net Gain
Gain
37.50
20.87
06/30/2006 Sale of Merrill Lynch Med Term Ntas Zero Cpn
200,000 Units
Page 5
Loss
$ 466.45
757.08
27.61
GAINS AND LOSSES ON SALES OR OTHER DISPOSITIONS Page 6
Yorlets Truat C
For Period 01/01/2004 Through 10/02/2006
Gain Loss
----
Net Proceeds $ 39,500.00
Fiduciary Acquisition Value 34,776.20
-----------
Net Gain
$ 4,723.80
Total Gains and Losses $28,106.58
$1,910.34
Less Loss (1,910.34)
Net Gain
$ 26,196.24
DISBURSEMENTS OF PRINCIPAL
Yorlets Trust C
For Period 01/01/2004 Through 10/02/2006
Administration Expenses (Prin)
01/12/2004 Management fee
04/13/2004 Management fee
07/12/2004 Management fee
10/14/2004 Management fee
01/14/2005 Pershing Investment, management fee
04/13/2005 Pershing Investment, management fee
06/01/2005 Reimbursement of out of pocket expenses paid
to Keefer Wood Allen & Rahal, LLP
07/11/2005 Pershing Investment,
10/10/2005 Pershing Investment,
01/09/2006 Pershing, management
04/04/2006 Pershing, management
07/12/2006 Pershing, management
management fee
management fee
fee
fee
fee
Fees and Commissions (Prin)
12/31/2004 Keefer, Wood Allen & Rahal, LLP
06/01/2005 Reimbursement of fees paid to Keefer Wood
Allen & Rahal, LLP
Other Expenses (Prin)
04/01/2005 Reimbursement of 2004 PA 41 income taxes
TOTAL DISBURSEMENTS OF PRINCIPAL
$ 1,000.00
1,000.00
1,000.00
1,000.00
706.00
631.00
64.71
558.00
484.00
413.00
338.00
269.00
$ 2,605.50
951.00
Page 7
$ 7,463.71
3,556.50
2,214.00
$ 13,234.21
DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES
Yorlets Trust C
For Period 01/01/2004 Through 10/02/2006
To: Dorothy S. Yorlets
Distribution
01/02/2004 Cash
$ 5,000.00
02/02/2004 Cash
4,634.27
03/01/2004 Cash
4,510.94
04/01/2004 Cash
4,805.25
05/03/2004 Cash
4,876.51
06/01/2004 Cash
4,680.06
07/01/2004 Cash
4,874.37
08/02/2004 Cash
4,878.79
09/01/2004 Cash
4,872.05
10/01/2004 Cash
4,865.54
11/01/2004 Cash
4,863.88
12/01/2004 Cash
4,863.17
01/03/2005 Cash
4,704.51
02/01/2005 Cash
4,865.23
03/01/2005 Cash
4,886.30
04/01/2005 Cash
2,433.78
05/02/2005 Cash
4,873.09
06/01/2005 Cash
3,759.40
07/01/2005 Cash
4,764.60
08/01/2005 Cash
4,912.29
09/01/2005 Cash
4,915.26
10/03/2005 Cash
4,658.64
11/01/2005 Cash
4,843.46
12/01/2005 Cash
4,920.76
Page 8
RECEIPTS OF INCOME
Yorlets Truat C
For Period 01/01/2004 Through 10/02/2006
Dividends
Investors First/Small Cap Fund Inc.
01/30/2004 Dividends
02/27/2004 Dividends
Pershing Investment
01/15/2004 Dividends
02/13/2004 Dividends
03/15/2004 Dividends
04/15/2004 Dividends
05/14/2004 Dividends
06/15/2004 Dividends
07/15/2004 Dividends
08/13/2004 Dividends
09/15/2004 Dividends
10/15/2004 Dividends
11/15/2004 Dividends
12/31/2004 Dividends
01/14/2005 Dividends
02/15/2005 Dividends
03/15/2005 Dividends
04/15/2005 Dividends
05/13/2005 Dividends
05/19/2005 Dividends
05/31/2005 Dividends
$ 365.54
365.54
731.08
0.19
0.32
0.68
2.83
2.57
2.56
1.67
2.50
7.22
7.49
6.53
7.31
4.48
6.19
17.50
16.56
9.11
2.65
18.09
Page 11
RECEIPTS OF INCOME
Yorlets Trust C
For Period 01/01/2004 Through 10/02/2006
06/30/2005 Dividends
07/29/2005 Dividends
08/31/2005 Dividends
09/30/2005 Dividends
10/31/2005 Dividends
11/30/2005 Dividends
12/30/2005 Dividends
01/31/2006 Dividends
02/28/2006 Dividends
03/31/2006 Dividends
04/28/2006 Dividends
05/31/2006 Dividends
06/30/2006 Dividends
07/31/2006 Dividends
08/31/2006 Dividends
09/29/2006 Dividends
10/02/2006 Dividends
Vanguard Inflation Protected
03/29/2004 Dividends
Vanguard Short Term U.S. Treasury
02/02/2004 Dividends
03/01/2004 Dividends
04/01/2004 Dividends
05/03/2004 Dividends
$ 34.44
28.30
19.69
14.28
24.01
29.76
52.27
29.35
37.94
27.67
16.09
29.95
13.26
30.68
36.28
63.88
4.71
609.03
$ 79.68
123.20
114.39
120.66
117.37
Page 12
RECEIPTS OF INCOME
Yorlets Trust C
For Period 01/01/2004 Through 10/02/2006
06/01/2004 Dividends
07/01/2004 Dividends
08/02/2004 Dividends
09/01/2004 Dividends
10/01/2004 Dividends
11/01/2004 Dividends
12/01/2004 Dividends
01/04/2005 Dividends
02/01/2005 Dividends
03/01/2005 Dividends
04/01/2005 Dividends
05/02/2005 Dividends
06/01/2005 Dividends
07/01/2005 Dividends
08/01/2005 Dividends
09/01/2005 Dividends
10/03/2005 Dividends
11/01/2005 Dividends
11/22/2005 Dividends
Total Dividends
Interest
Capital Crossing Bk Boston 06/28/06
04/27/2006 Interest
06/28/2006 Interest
$ 123.07
119.54
125.45
127.24
128.63
130.30
125.57
130.29
107.51
96.69
110.35
107.85
87.19
59.41
65.03
65.71
64.71
67.92
49.36
2,367.44
$ 219.67
284.22
503.89
Page 13
$ 3,787.23
RECEIPTS OF INCOME
Yorlets Trust C
For Period 01/01/2004 Through 10/02/2006
Discover Bk Greenwood Del
09/26/2005 Interest
$ 261.37
Stearns Bk NA St Cloud Minn Ct
03/08/2005 Interest
238.03
US Treas Bill dated 03/23/06
09/21/2006 Rdemption of US Treas Bills dated 03/23/06
117.83
US Treas Bills 08/24/06
08/24/2006 Redemption of US Treasury Bill dated 02/23/06
133.12
US Treas Bills dated 01/26/06
07/27/2006 Redemption of US Treas Bills 07/27/06
129.22
US Treasury Bill 06/09/05
06/09/2005 Redemption of US Treasury Bill 06/09/05
200.96
US Treasury Bill 4/21/05
10/20/2005 Redemption of US Treasury Bills 10/20/05
dated 4/21/05
37.64
US Treasury Bill dtd 07/21/05
01/19/2006 Redemption of US Treasury Bill dated 07/21/05
40.13
US Treasury Bills 02/17/05
02/17/2005 Redemption of US Treasury Bill 02/17/05
126.64
US Treasury Bills 08/19/04
08/19/2004 Redemption of US Treasury Bill 08/19/04
54.75
US Treasury Bills 09/09/04
09/09/2004 Redemption of US Treasury Bill 09/09/04
107.86
Total Interest
TOTAL RECEIPTS OF INCOME
Page 14
$ 1,951.44
$ 5,738.67
To: Dorothy S. Yorlets
Distribution
02/02/2004 Cash
03/01/2004 Cash
04/01/2004 Cash
05/03/2004 Cash
06/01/2004 Cash
07/01/2004 Cash
08/02/2004 Cash
09/01/2004 Cash
10/01/2004 Cash
11/01/2004 Cash
12/01/2004 Cash
01/03/2005 Cash
02/01/2005 Cash
03/01/2005 Cash
04/01/2005 Cash
05/02/2005 Cash
06/01/2005 Cash
07/01/2005 Cash
08/01/2005 Cash
09/01/2005 Cash
10/03/2005 Cash
11/01/2005 Cash
12/01/2005 Cash
01/03/2006 Cash
DISTRIBUTIONS OF INCOME TO BENEFICIARIES
Yorlets Trust C
For Period 01/01/2004 Through 10/02/2006
365.73
489.06
194.75
123.49
119.94
125.63
121.21
127.95
134.46
136.12
136.83
295.49
134.77
113.70
352.22
126.91
224.89
235.40
87.71
84.72
341.36
156.54
79.24
52.27
Page 15
DISTRIBUTIONS OF INCOME TO BENEFICIARIES Page 16
Yorlets Trust C
For Period 01/01/2004 Through 10/02/2006
02/01/2006 Cash
$ 193.43
03/01/2006 Cash
37.94
04/03/2006 Cash
27.87
05/01/2006 Cash
16.09
06/01/2006 Cash
29.95
07/03/2006 Cash
297.48
08/01/2006 Cash
66.96
09/01/2006 Cash
63.88
10/02/2006 Cash
644.68
-----------
ota for Dorothy S. Yorlets
$ 5,738.67
TOTAL DISTRIBUTIONS OF INCOME TO BENEFICIARIES
$ 5,738.67
REVOCABLE AGRF.EMFNT OF TRIIST
j THIS REVOCABLE AGREEMENT OF TRUST made and entered
into as of this aS'~' day of -~~'c~~.~- 1995, by and between
DOROTHY S. YORLETS, NANCY LIVINGSTON, and DONALD L. YORLETS as
Guardians of the Estate of John C. Yorlets, Jr., as Grantor,
(hereinafter referred to as the "Grantor"), anal DOROTHY S.
~ y~ k
YORLETS, NANCY LIVINGSTON and DONALD L. YORLETS, as Trustees,
(hereinafter collectively referred to as "Tzust~.ee") .
_tt ~.~~_
WITNESSETH:
y ~ ~ ,~, ~ .
WHEREAS~~: ,Grantor~"wandecla~n,~:d.., incompetent „, and
~'~" ' ~ ~ ~~x„
Dorothy S. YorTe~sm~, Nancy° Livr.rrgston„.Nand"Donald L ~~orlets
were appointed Giiar~ian of•-~he'~erson`~and of the Estate of
~~~
John C . Yorlets , Jr . by orde.~~ ohe Court of Common Pleas of
Cumberland County; Pennsylvanxs~~~ted October 31, 1991; and
s
~~,. q;
~kw_.
~ *, - . .
WHEREAS , Doi~ertliy S . Yorlets , Nancy C . Livingston , and
Donald L. Yorlets, as~Go-Guardians of the person and Estate of
John C. Yorlets, Jr. instituted an action in the Court of
Common Pleas of Chester County, No. C.A. No. 91-09417
(hereinafter referred to as the "Litigation"), to seek recovery
of damages suffered by John C. Yorlets, Jr. (hereinafter
referred to as the "Beneficiary") in a motor vehicle accident;
and
WHEREAS, each of the Co-Guardians has approved a
settlement of said action resulting in the payment, inter alia,
of One Million Three Hundred Twenty-Nine Thousand One Hundred
Fifty-Four Dollars and Fifty-Three Cents ($1,329,154.53) to
themselves as Co-Guardians of Beneficiary, which settlement is
subject to the approval of the Court of Common Pleas of Chester
County; and
WHEREAS, Grantor desires to transfer all sums received
in settlement of the aforementioned action to themselves as
Trustee for the benefit of Beneficiary, his spouse and his
children, to be held, administered and distribsuted as provided
herein. ~~.
D10W, THEREFORE, in considerration of ~ ~l,mutual
covenants and agreements herein cnu~~ed, and'aubject to the
rior a z~~. r~r~~. ~`.,
P pproval of the Court of Comm~am ELeas of Cumberland
County, Pennsy~ a, it 'i agreed and among the parties
,.
hereto as foll
{"% kba r } rv
`~ 9uv
``~z ~ ~ ~
ARTICLE" I '` "'
Grantor, concurrently with or
subsequent to the ~ ~~~" '`
,execution of-, t~%s Agreement, and with the
rior a ~'~'~ ~'~ 4°°`~
P pproval of the Gourt of ~mmon Pleas, Cumberland County,
,~,
Orphans' Court Divis/ygn,";;:Pennsylvania, will transfer and convey
to Trustee all proceed`sf received by it as a result of the
Litigation, which said assets, together with any subsequent
additions thereto, are hereinafter referred to as the "Trust",
and Trustee, in consideration thereof, agrees to hold and
administer said assets and any additions thereto as Trustee, IN
TRUST NEVERTHELESS, for the following uses and purposes:
<a) Trustee shall have, hold, manage, invest and
reinvest the same, collect the net income and pay to
or for the benefit of the Beneficiary and his wife,
DOROTHY S. YORLETS, in convenient installments, all of
the net income. All net income shall be distributed
to or for the benefit of Beneficiary, unless the net
- 2 -
income of DOROTHY S.
support, maintenance
any amounts in exces
support, maintenance
shall be distributed
YORLETS.
YORLETS is insufficient for her
and medical care, in which event
s of the amount required for the
and medical care of Beneficiary
to Beneficiary's wife, DOROTHY S.
(b) Subject to any restrictions imposed by~the
Court of Common Pleas of Cumberland Count~rra;, Orphans'
Court Division, Trustee may also experid so 'much of the
principal of the Trust as, in rt"s:,.discret%on, may be
r,~~,,
i necessary and/or advis;~ble to supg=lenient aT1 income of
i
~.
~ Grantor in order to g~a~.de supPort~gand maintenance,
~ including medical, hospital, nursxi~gW,and nursing home
care for the.`'Benefic~ry and his ~~ DOROTHY 5~.
:_ ~;~,-
ws
YORLyTS . ~~4: ~4 ~
fr . ~y~...
,
~ (c) Upon_ they death of»' ,Beneficiary, Trustee shall
I
I pay over to the Executor of.~~~eneficiary's estate so
~~
much of the princ7pal as shall be required to pay all
~ cash and specific bequests provided in Beneficiary's
~ Will and inheritance and estate taxes, funeral and
administration costs which may be incurred with
respect to Beneficiary's estate. Thereafter, Trustee
shall, if Beneficiary predeceases Beneficiary's wife,
,' DOROTHY S. YORLETS, divide the remaining assets,
i proceeds from or on account of insurance policies
received by reason of the death of Beneficiary, and
any other assets and funds (hereinafter referred to as
the "principal") into three (3) parts, each of which
'~ shall be held in trust and constitute a separate Trust
Fund, to be known as "Trust A", "Trust B" and "Trust
C"
- 3 -
"Trust A": There shall be placed in
"Trust A" that fraction of the total principal of
which the numerator shall be a sum equal to the
largest amount that can pass free of Federal estate
tax by reason of the unified credit and the state
death tax credit (provided that the use of this credit
does not require an increase in state death taxes)
allowable to Beneficiary's estate but no other credit
~~:
and after taking account of property pass~,~ outside
of this Agreement of Trust which does nr~t qualify for
the marital or charitable dedu~i~on and afaez taking
account of charges to ,principal,tfat are no't allowed
~:;
as deductions in computing Ben~f,ic~ary's Federal
estate tax, ,and of whic~s :the de~ircamiaator shalL'be the
value of the:~zt.gtal principal Fo~gu~poses or
~~ ti-~u~ s ~ ., _,.
~.;
establishin~'jsu~h fract~ion,~,=the values finally fixed
in the Federal estate tax praceedirrg relating to
.~~;:
Beneficiary's: ,estate shall be*Hused. °~`Beneficiary
n
recognizes tha~tthe~~~numerat~~of such fraction may be
max.-:. - ;, x. .
zero (0), in whxcl`"case no property shall pass under
"Trust A" and that said numerator may be affected by
the action of the Executor of Beneficiary's estate in
exercising certain tax elections.
"Trust B": There shall be placed in
"Trust B" that fraction of the total principal of
which the numerator shall be a sum equal to the amount
of the generation-skipping transfer tax exemption as
provided in Section 2631 of the Internal Revenue Code
of 1986, or any comparable legislation in effect at
the time of Beneficiary's death and then available to
Beneficiary after consideration of generation-skipping
- 4 -
transfers made by Beneficiary during his lifetime or
made under other Articles of this Agreement, and the
allocation of the generation-skipping .transfer tax
exemption made by Beneficiary's executors to such
generation-skipping transfers and of which the
denominator shall be the value of the total
principal. For purposes of establishing such
fraction, the value is finally fixed and the federal
estate tax proceedings relating to Benefi{'diary's
' ~ ,~~.
estate shall be used. ~;=,s-
5 M -.. x,,.~?
"Trust C": The ~~x~Lance of th~~rincipal
,,: ,~~>.
~ .,,.
not placed in "Trust 2~~and "T'~st~,B" shall'~~e, placed
f ~
in "Trust C" ;°~~~, ~~.
~.
ARTICLE SIT:, ~~ G'rantor,r or any other person, from
,~~ fir:-~:
time to time, with the consent of Trustee, may give, devise,
;: ~~ ,
bequeath, grant car otherwise~~t.~a3xsfer and- convey any other
,.E
r o e r t '""` ~'
p p y, real, personal or m~rxe~``to Trustee, to be
M •: ..
administered and disfi bitted in accordance with the provisions
of this Agreement. `"~`
ARTICLE III: The following provisions shall
apply to "Trust A":
(a) Trustee shall pay the net income arising
from the principal of this Trust in quarterly
installments to Beneficiary's wife, DOROTHY S.
YORLETS, during her lifetime.
(b) During the life of Beneficiary's wife,
DOROTHY S. YORLETS, Trustee shall pay to or for the
- 5 -
benefit of Beneficiary's wife so much of the principal ~!
of this Trust as may be necessary, in the sole
discretion of Trustee, for the proper support,
maintenance and medical care of Beneficiary's wife.
(c) Upon the death of Beneficiary's wife, or if
Beneficiary's wife should predecease Beneficiary, they.
upon Beneficiary's death, Trustee shall divide the
then principal and any accretions thereto''`and any
,_~-
accumulations of income into as many e~~~tal:parts as
there are then living children o£ Benefic.i.ary and then
deceased children of Beneficiary~~;represented by then
,~.4~
living issue. Trust:ee:~~s~~hall hold one such share for
r,~.x« ~ ~`~,
each liven child ofd~B~~reficiary~~ ~ shall hold one
°° °~,~~ ~ ..~a
such share.~~a. separate Trust fa~~Fie benefit of the
~. ~ ,
~ ~,,u~ , ~,. ~, ~ fit. ~~4~,, ~;*
issue of eacfii such theme: deceased chx""~d of Benef iciary,
per stirpes.;>h,;Each sham fob;=a livr~ng child of
,~~
Beneficiary shall be admrn~saered an'd` distributed as
.,,
~~. ~'. , _
provided in AR'EICI1~.;;.VI.
(d) In eacfr"~;~~st established for the benefit of
the issue of a deceased child of Beneficiary, Trustee
shall quarterly pay the net income to or for the
benefit of the issue of such deceased child of
Beneficiary, per stirpes, living at each time of
quarterly 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 the survivor of Beneficiary and Beneficiary's
wife, Trustee shall pay over all of the then assets in
the Trust to the then living issue of Beneficiary's
deceased child, per stirpes. j
- 6 -
(e) If at any time before final distribution of
the assets of any of the Trusts established for issue
of a deceased child of Beneficiary there are no living
beneficiaries of said Trust, the Trust shall terminate
and its assets shall be divided into as many equal
parts as there are then living children of Beneficiary
and then deceased children of Beneficiary represented
by the then living issue. One such share ,hall be
~~-
~~
paid to each then living child and one sucli share
~M ° '«~ ''
shall be held in trust for the benefit ¢f `the then
living issue of each such then. deceased cTs: d, per
stirpes , to be held,. ,a.dministeace~d ';and dist~rs%}~uted in
accordance with subp~r,~graph ('d:) ~wlrovided,'~~that if
any of said ;"Trusts herezzr~ created stave previotrs,ly beer.
.. „~.~ '
terminated by payment'`=of its princ~xpal to its ~`-::
beneficiaries, said beneficiaries ~r~ho received payment
of the principal of that ;-.Trust shaTT collectively be
considered an "exi tent Trust" for the purpose of this
paragraph, and one equal share shall be paid directly
~~:~>
to such beneficiaries in the same proportion by which
they received the`"'principal of the Trust, or, if any
such beneficiary is deceased, the share of such
deceased beneficiary shall be paid to the then living
issue of such beneficiary, per stirpes.
ARTICLE ITT; The following provisions shall
apply to "Trust B":
~ (a) Trustee shall have, hold, manage, invest and
reinvest the assets of this Trust, collect the income
~ and beginning at Beneficiary's death pay over the net
income in quarterly installments to Beneficiary's
- 7 -
wife, DOROTHY S. YORLETS, during her lifetime.
~ Trustee shall also, from time to time, pay to ~
Beneficiary's wife such amounts of principal of this
i
Trust as Trustee deems necessary for the proper
support, maintenance and medical care of Beneficiary's
wife .
(b) Upon the death of Beneficiary's wife,
:.
Trustee shall pay all accrued income and ala income
rs„~:
accumulated but undistributed to the estate-!of
Beneficiary's deceased wife and~ahall th~e;after
`,~, j
~~,..> .
~~ , .,
transfer the then remaining prsne~ipal of this Trust to
~~
"Trust A" to be held~;~~~administre~ed and dist~i.buted in
accordance ith the ov~sions elf ARTICLE III of this
r ~~ ~ ~ ,° rt.,, !~...
Agreement od~'~T"=ust ;;, '' "~''
~ q ~ g~ ;_
'~~~
(c) If,:Beneficiary-! s ~rz:fe should not survive
.: . riM ~ ,„
Beneficiary, ~then~.the pre,pp }~o~ns of "Trust B" shall be
void and the asset~s~Fwhich'~gau~d have constituted
T
"Trust B" shall`&e:~~dded toy "Trust A" to be disposed
}~; ~, a.
of in accordance `wx.h ARTICLE III of this Agreement of
Trust.
(d) Trustee shall be authorized in Trustee's
sole, exclusive and unrestricted discretion to
determine whether to elect (under Section 2056(b)(7)
of the Internal Revenue Code of 1986 as amended, or
any corresponding provision of the Federal estate
law), to qualify all, none or a fraction of "Trust B"
for the Federal estate tax marital deduction. The ~
decision of Trustee with respect to the exercise of _
the election shall be final and conclusive upon all j
persons whose interests in Beneficiary's estate or
this Agreement of Trust are directly or indirectly
- 8 -
affected by the election. Only property which is
fully eligible for the marital deduction under Federal
estate tax law shall be assigned to this Trust.
Notwithstanding anything to the contrary contained in
this Agreement of Trust, Trustee of this Trust shall
not retain beyond a reasonable time any property which
may at any time be or become unproductive, nor shall
they invest in unproductive property. Notwithstanding
,.~
the provisions of subparagraph (b) of~this;~Article,
Trustee shall pay to the Executor of $err.ef~iciary's
wife's estate, out of the prin~i~al of thin-;Trust upon
the death of Beneficiary's w1fa.,N~aA amovn~~;equal to
~~ .• ~,
the estate, inheritance.„v. transfer,'~psuccessian. and
i other death=axes ('"dea-th taxes'~~,,deral, state and
i .bay, ~;.`' ,~"~ '~"::,
i other, paya~,e by reason of the ~.n~trsion of the.. value
' ~a~~*. >' ', '~~ ~'~
of Trust pr•.rxper~ty in B.eneficiary's~;=~wi'fe's estate.
y~,
Such payment%„,~hall be equal 'yto the' mount by which (1)
:~
the total of ;such (death ~t~es~y~tiypaid by Beneficiary's
Taife's estate "exceeds (2) t~re~":dotal of such death
taxes which would~~Irave been~~payable if the value of
the Trust property dad not been included in her
estate. The determination by the Executor of
Beneficiary's wife's estate of the amount payable
hereunder shall be final. Beneficiary directs Trustee
to pay such amount promptly upon written request of
the Executor of Beneficiary's wife's estate. The
final determination of the amount due hereunder shall
be based upon the value as finally determined for
Federal estate tax purposes in Beneficiary's wife's
estate. After payment of the amount finally
determined to be due hereunder, Trustee shall be
discharged from any further liability with respect to
- 9 -
such payment. Beneficiary's wife may waive her
estate's right to payment under this subparagraph by
Will, executed after Beneficiary's death, in which she
specifically refers to the right to payment hereunder
given to her estate.
ARTICLE V: The following provisions shall
apply to "Trust C":
(a) Trustee shall pay the net irrci~me~°arisin~
from the principal of this Trtx :t,in quar~,~y
rt~~~.;a.
installments to Benef.iciary'sx.w~fre.~,. DOROTAY':S.
v
YORLETS, during her-~~time ~~~- f~`~
_..
(b) Dining the ~ife~ of Benef~~rary's wife',„
<.,, ,~ h, ^r^
Trustee shad gay to o. fo~,the benefit of e
~m~, "~' .sir„ ,
Beneficiary'~sr wife so mach ~~f. the grsncipal of this
~~ -. ~t ~ ~..~:
Trust as may~_~Q n.ecessar~, -'~u;the sole discretion of
~,,.
.~,..
Trustee, for the pxoper support, maintenance and
medical care of S:e<rreficiary's wife.
(c) Upon the death of Beneficiary's wife, or if
Beneficiary's wife should predecease Beneficiary, then
upon Beneficiary's death, Trustee shall divide the
i then principal and any accretions thereto and any
accumulations of income into as many equal parts as
there are then living children of Beneficiary and then
deceased children of Beneficiary represented by then
living issue. Trustee shall pay one such share to
I
each living child of Beneficiary, and shall hold one
j such share as a separate Trust for the benefit of the
issue of each such then deceased child of Beneficiary,
per stirpes.
- 10 -
i (d) In each Trust established for the benefit of
the issue of a deceased child of Beneficiary, Trustee
shall quarterly pay the net income to or for the
benefit of the issue of such deceased child of
Beneficiary, per stirpes, living at each time of
quarterly 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 the survivor of Beneficiary and B'eneficiary's
~t~Afy
wife, Trustee shall pay over all of the then assets in
. ~:,
the Trust to the then living ~ sue of Beneficiary's
~. _
deceased child, per stirpes. ~.~ ~~~,
~"„ *r»
~ ~F ,yam -~, MAY ':
(e) Lf,-.=at any~„~t~'~ie~iefore~~final distribution of
the assets c~ 44~~~y~~Y~~ny of ;~-~he~'I'susts 'established foz;r.issue
of a deceased child ofy,~~ene-f.iciary.. (here are no""living
beneficiaries,. of said T~"~ust-„`;~the Trost shall terminate
.,
and its assets shall be dd~ed into `as many equal
parts as there ~arew~then lrvxmg children of Beneficiary
.,~ ., x;,~,..
d..
and then deceaser~`~cb:zldren of Beneficiary represented
by the then living issue. One such share shall be
paid to each then living child and one such share
shall be held in trust for the benefit of the then
living issue of each such then deceased child, per
stirpes, to be held, administered and distributed in
accordance with subparagraph (d). Provided, that if
any of said Trusts herein created have previously been
terminated by payment of its principal to its
beneficiaries, said beneficiaries who received payment
of the principal of that Trust shall collectively be
considered an "existent Trust" for the purpose of this
paragraph, and one equal share shall be paid directly
i
i
i - 11 -
to such beneficiaries in the same proportion by which
they received the principal of the Trust, or, if any
such beneficiary is deceased, the share of such
deceased beneficiary shall be paid to the then living
issue of such beneficiary, per stirpes.
(f) Trustee shall be authorized in Trustee's
sole, exclusive and unrestricted discretion to
' determine whether to elect (under Section```,2056(b)(7)
' of the Internal Revenue Code of 1986 as amended, or
any corresponding provision ~ the Federal estate
";x~~;a
law), to qualify all,, ,none or,~;fr~action of~ ''Trust C"
,~
for the Federal estat;e~~tax mar~~tal^~~deduction.~ The
~~,
~ decision of Trustee witYr r.espec~r,~ta the exercise of
~~ >~ ~.
the electian;~'~shall be~`fina2~; and ~~Tusive upon~~~all
~~, :~ ~ ~t
persons whole i~~terest:~ in `°~aenefi,;ary's estate'~or
this Agreement of Trust are ~3irect~ry, or indirectly
affected by the election 'QrrS.y property which is
fully eligible ~~_or~ahe marl€~~deduction under Federal
_. ,:p.~~
j estate tax law s.hall?:be assigned to this Trust.
Notwithstanding anything to the contrary contained in
this Agreement of Trust, Trustee of this Trust shall
not retain beyond a reasonable time any property which
may at any time be or become unproductive, nor shall
they invest in unproductive property. Notwithstanding
the provisions of subparagraph (b) of this Article,
I Trustee shall pay to the Executor of Beneficiary's
wife's estate, out of the principal of this Trust upon
the death of Beneficiary's wife, an amount equal to ~
the estate, inheritance, transfer, succession and ~
other death taxes ("death taxes"), Federal, state and
other, payable by reason of the inclusion of the value
-lz-
of Trust property in Beneficiary's wife's estate.
Such payment shall be equal to the amount by which (1)
the total of such death taxes paid by Beneficiary's
wife's estate exceeds (2) the total of such death
taxes which would have been payable if the value of ~
the Trust property had not been included in her
estate. The determination by the Executor of
Beneficiary's wife's estate of the amount .payable
~~.4,~ i
hereunder shall be final. Beneficiary~dire.~cts Trustee
to pay such amount promptly upon written request or"
the Executor of Beneficiary'~_s' ~ri.f'e's estafi.~:: The
-}:~
final determination of.. the amo~t~.,due hereunder shall
be based upon the valuen~as fina.Zlyt'determined for
Federal est~;-,e tax gu.rpa~e in B`ene~ciary's wife's i
"~ F, ~~ a~~;: ~`~- Via. i
estate . A~e.~~payment. of the amount;:=f finally j
determined ~to b~e~ due herreurxder, Tnu tee shall be ~
,.r
.~
discharged om any further liability with respect to
such payment :~,.Beneficia~~~~:,c~ife may waive her
estate's right"~`~.o ;payment uz~d'er this subparagraph by
~~ n
Will, executed after'Beneficiary's death, in which she
~~ :_
specifically refers'`Vto the right to payment hereunder
given to her estate.
i
ARTICLE VI. The following provisions shall
apply to each Trust established for Beneficiary's children ,'
DONALD L. YORLETS and NADiCY LIVINGSTON, pursuant to ARTICLE ~
III(c):
<a) DONALD L. YORLETS shall serve as sole
Trustee of the Trust established for his benefit and
the benefit of his issue, and NANCY LIVINGSTON shall
serve as sole Trustee of the Trust established for her
- 13 -
benefit and the benefit of her issue. Each shall have
the right to appoint a successor Trustee by Will or by
a written instrument delivered to the successor ~
Trustee.
(b) To the extent that each child of Beneficiary
has not received, after the death of the survivor of
Beneficiary and Beneficiary's wife, a distribution
aggregating at least Two hundred Fift Thatrsand
($250,000.00) Dollars from "Trust C", ~e T~zustee
shall distribute to such childu~om the ps~incipal of
this Trust that amount.,of the~lx~,ipal of~`~his trust
~~
~' which, aggregated w~~'~~-s.stribi~,i to such ,child
from "Trust';', sha ,.eq.l Two~u ~ed Fifty Thousand
F'3e-vS r'. g~Hq ~if a
($250,000 ~Q~~ D`gllars'~ ~~,, t
~~~~ ~ ° ~~
rv ~
~ (c) During the li~.time..2of Be~ficiary's child,
,~
Trustee shall. pay ~;to suc~~~~t.~d all of the net income
from his or herM~;trt. w~
} _;~~
1 ~a~?;
v ,#,~~,
i ~, t ~,~
(d) During 't`°£~lifetime of Beneficiary's child,
Trustee shall pay to or for the benefit of such child
so much of the principal of said trust as, in the
discretion of the Trustee, is necessary for the proper
support, maintenance and medical care of such child.
(e) Upon the death of the child of the
Beneficiary, Trustee shall convey and pay over all of
the remaining assets to one or all or less than all of
j such child's spouse or issue (and for the purpose
hereof, an adopted child shall be considered to be the
~ child of the adopting parent), or such charities as
I
the child of the Beneficiary shall have designated, in
such amounts or proportions, and in such lawful
- 14 -
' interest or estates, whether absolutely or in trust,
~ as the child of the Beneficiary may have directed,
I
specifically referring to this Power of Appointment,
j either by instrument filed with Trustee during the
child's lifetime, exercising this Power of
Appointment, or by the child's Last Will and Testament.
(f) If this Power of Appointment is for any
~;~~.:
r~,
reason not validly exercised by the ch,~ld ~caf the
Beneficiary, in whole or in part during£~th~;,child's
f .
lifetime, or in the child's:L'ast-Will anc3:fil~'eatament,
r., ~'~~
then upon the death of the c1r~.Ld~ ~czf the Benieficiary,
Trustee shall convey ax pay over~sruch inte~e is or
estates the~e~in as hade"~riot been, validly appo~rnted
tr ~„
absolutely in fee -'simgle to tha child's there
.~ ~~,~,
~r,
living issue, gc:r sti~res ~ ' Y
'~
u ~, ~ ~ ~ ';
(g) In `no ev:~ent malr~al Power "of Appointment be
~ % ~ ~~.~
exercised in f`anor.~~o-f the d of the Beneficiary,
~..>
..,:~; . -
child's estate or.the creditors of either.
ARTICLE VII: No part of the income or principal
of the property held under these Trusts shall be subject to
attachment, levy or seizure by any creditor, spouse, assignee
or trustee or receiver in bankruptcy of any beneficiary prier
to his or her actual receipt thereof. Trustee shall pay over
the net income and the principal to the parties herein
designated, as their interests may appear, without regard to
i
any attempted anticipation, pledging or assignment by any
beneficiary under a Trust, and without regard to any claim
thereto or attempted levy, attachment, seizure or other process
against said beneficiary.
- 15 -
ARTICLE VIII: The Trustee shall possess, among
others, the following powers e:~ercisable only in fiduciary
capacity:
(a) To vary or to retain investments, including
the stock of any corporate Trustee named herein, when
deemed desirable by Trustee, and to purchase, sell and
invest in such stock options (including covered
,~~<
calls), bonds, stocks, notes, real estate mArtgages or
securities or in such other property,~re-a1"~or personal
as Trustee shall deem wise, Gzxthout being= r~e tricted
to so-called "legal investments" `and without being
limited to any statutyev;~dx, rule~,of I.aw regarfldi:ng
investments.- fiduci.a~rie~s. . ~~;
x,
(b) L `or`der to ~.effe;. a di~sSion of the u
principal of.~'a Trust ors £or y othepr purpose,
~~=, _ ~ ;
including any~~~£inal, dist~hu~~on of ~a Trust, Trustee
F .~~ , :. ~h~:;
is authorized tof make said` "d"n~ccisions or distributions
of the personaltg°'~~.and~. realty, partly or wholly in
°'~~w:~~
kind, and to allocate specific assets among
beneficiaries and Trusts created hereunder so long as
the total market value of any share is not affected by
such allocations. Should it appear desirable to
partition any real estate, 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.
I
(c) To sell either at public or private sale and
upon such terms and conditions as Trustee may deem
it
~I - 16 -
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 or purchasers,
conveying a fee simple title, free and clear of all
trust and without obligation or liability of the
purchaser or purchasers to see to the application of
the purchase money, or to make inquiryxintex the
validity of said sale or sales; also,~'~~ Vie,
~~,
execute , acknowledge and delLVer: any and' a ~ 5', deeds ,
assignments, options or otherm ~~.tings whrd~,may be
necessary or desiral~re~~`~ carrging`out any t~;,the
powers conferred upon ~stee in_thr"s, paragra~;h or
e l s e wh e r e t.n., ;~fri s i n str um'`es~.t . ~"°~~;~"
(d) Ta
of real esta
Trusts hereu
rtgage real
~~;.
extend i n~:~;
~~~.
r . •~
v.:
ate,'and to make leases
nd the f'term of the
(e) To borrow =money from any party, including
Trustee, to pay indebtedness of a Trust and taxes, and
to assign and pledge assets of a Trust therefor.
Provided, however, that this paragraph shall not
authorize borrowing from "Trust b" or "Trust C".
(f) To pay all costs, taxes, expenses and
charges in connection with the administration of a
Trust, including a reasonable compensation to agents.
If any estate or inheritance taxes are payable from
assets received by Trustee, such taxes shall be paid
from the assets constituting "Trust A".
- 17 -
(g) In the discretion of Trustee, to unite with
other owners of similar property in carrying out any
plans for the reorganization of any corporation or'
company whose securities form a part of a Trust.
(h) To vote any shares of stock which form a
part of a Trust.
~~~".
(i) To assign to and hold in trust an undivided
rr# t`.
portion of any asset. '"
(j ) To employ and compe°ns:a+te._investm~en.
advisors, attorneys~~accounta~sts and. other ad~zisors
,~ x~', a
and agents to assist: Try` tee ii;the performance of
their dutre.~~xeseunde-r, whether o~ rtot discretanary;
'pia"' `c `.. „~ n„,,,~;. ,. : -...~' ~~;::
Trustee ma~"=Fdel.egate discretion t~,x:one or more of such
;,
advisors ~: ., n~,
~.
x
~ kk 4 S
*`~ w'i N'~ y^
(k) To da all;-,otherae~s in its judgment deemed
necessary or desirable for the proper and advantageous
~, ~, ~:
management, investment and distribution of the Trusts.
ARTICLE IX: Whenever and as often as any
beneficiary hereunder, to whom payments of income or principal
are herein directed to be made, shall be under legal
disability, or in the sole judgment of Trustee, shall otherwise
be unable to apply such payments to his own or her own best
interests and advantages, Trustee may make all or any portion
of such payments in any one or more of the following ways:
(a) Directly to such beneficiary;
(b) To the Legal Guardian or Conservator of such
beneficiary;
- 18 -
(c) to the Trustee, or to another person
selected by the Trustee, a custodian under the
Pennsylvania Uniform Transfers to Minor Act as to
beneficiary; under the age of twenty-one (21) years;
(d) To a relative of such beneficiary, to be
expended by such relative for the benefit of such
beneficiary; or
(e) By itself expending same for~`the~`benefit of
-,.
said beneficiary. N~
rt
~,~F~. .~
~~ ~„ .
yna~p~',by,v'~r. ~ va
This provision shall na~~a~agly to y~.istributzons from "Trust
B" or "Trust C", Bene c`za~i's w~~~, ROTHY S r ~YORLETS.
~,9~. - ,~,. ,
ARTICLE"° X°.~~ r I"t"r is aor:.~2d that Grantor may,
tee:
during the life~.me of Benef.~ciaiy, by~~nstrument in writing
f ~
delivered to Tru"s~.ee, mod ify~°~„,~altrer or revoke this Agreement in
<~;~w.
whole or in part.~;.~r ~ ded, Y~ow~ver, no amendment,
modification, alter-aatrt~n~;or revocation which has the effect of
~" -;'
violating any provisi°exr~ of the Pennsylvania Probate, Estates
and Fiduciaries Code, or any order of the Court of Common Pleas
of Cumberland County, Pennsylvania shall be permitted. This
Trust shall become irrevocable upon the death of Beneficiary.
ARTICLE XI. D1o Trustee acting hereunder shall
be required to give any bond or enter security. Iv'othing herein
shall be construed to relieve any Trustee who is also a
Guardian of the estate of Beneficiary from giving such bond or
entering such security specificially ordered by the Court of
Common Pleas of Cumberland County, Pennsylvania.
ARTICLE XII: Grantors, or the survivor(s) of
them, shall have the right but not the obligation to appoint an
- 19 -
I additional Co-Trustee to serve with them or upon the death,
resignation or discharge of any Trustee, by delivery of a
i writing signed by persons then serving as Trustees delivered to
the additional Co-Trustee. Any Trustee so appointed which is a
financial institution shall be subject to removal by written
~ notice from the then Trustees serving hereunder.
IN WITNESS WHEREOF, DOROTHY S. YORLE
LIVINGSTON, and DONALD L. YORLETS have henenur.
~,
hands and seals as Grantor and DOROTHY S. Y
LIVINGSTON, and DONALD L. YORLETS,~~ha~e offer
~' ~ _~'~<
seals as Trustee all on the., day an.~ r firs
Witne
witness
~~
J X411 1.~, ~' ,i l \ L ~'~
` 'tness
.~
/ --~ ~
,_
~:. ~7;,
Witness ~-
~,~,~~
r.
' Witness
fitness
NANCY
offered their
CS, NANCY
their hands and
bone written.
~~,
'.~-3rx ~+
a' _
~~ J-' ~ ~ ~~ (SEAL)
Y »~;YOR' TS,~Guardian of
tate~°;~~?;f John C . Yorlets , Jr .
~,.,
..~ C.aq'
//I.lc.~-~'`r~ - (SEAL)
NANCY V NGSTOL~; Guardian of the
Est to of John C. Yorlets, Jr.
i
Ir ~
~.LG~ ' 'fl.~-~''~"' ( SEAL )
DONALD L. YOR ETS, Guardian of the
Estate of Joy C. Yorlets, Jr.
TRUSTEE:
%L~ "ce~"~`'~ r~ ~ ~~~~ C SEAL )
DOROTH'i YORLETS
~,uc.~ (~'~./~ '-`-,P~/~^-' (SEAL)
NAD Y IVINGSTO
LL "'' .L:~ `~ '1.(.C `-- ~ (SEAL)
D61~ALD L . YORLE S
I
' COMMONWEALTH OF PENNSYLVANIA
SS:
COUNTY OF ~~
On this , the ~~ day of f 2ty 1995 beTore
me, a Notary Public, the undersigned officer, personally
appeared DOROTHY S. YORLETS, NANCY LIVINGSTON, and DONALD L.
YORLETS, known to me (or satisfactorily proven) to be the
4„
persons whose names are subscribed to the,witfi~~"-n instrumer_t,
and acknowledged that they executed the samae`fi~r the purposes
therein contained . < ~'~~,~°.,y:,, ~~~ ~~-
IN WITNESS
notarial seal.
I ha~~heeunto set~~ my hand ar_d
~,'~,~otary Fubiic~
'~,'_ '
mmiss~on Expires:
) NOTARIAL SEAL
JACOUHLINE A. 2lNN. NOYAIfT PUBlJQ
NEW OXPOR D, wowM~ counrr, pw. '
MY COMMIBBIGM ncPIRfi9 wua e. i~ue
IAi P.E : ESTATE Or JO?~~i C . IPi T E COtT'.T OF CON220N PLE_=5 ,
YOP,:.,F'TS, Jr'.. , a_^_ Inccr:Det=_nt CU•I3EP.LPiTD COLiNTY, P~~.I~TiVSYLV?1~1I
ODP =FNS' COLT DIVISIODi
DiO. 567 O ? _-~i5' COU:T 1°O_
PETITION TO L?~i~E~TLr{E'CEP.T_ 1~i rCTI0N5 PTTr.SJr1~1T TO
SECTIODiS 5536 ?~1, 5537 OP TF_E P~iD75YL"J?mil= pD0$]TL, EcTa'__S
~~17 FIDL'CI?PIES COLE
To the Lcr_ora;1°_, t..e J•_- _= o= said C=u=.•
?~iD rio :'1 C~_.T_C D~?'_'_.J~~i~7 D -_! "mil -O LOr_al.. _.
Yo_l~os end Dra_^_c~r L-'ri='=s=o^, CO-Gi1~'_"C?.~__n C= '__c D°=50I'_ F= ` _=_'__
o= JoiLn C. Ye_1ets, J= _ their atto__^_=ys, _'~=t~- E~IGns u
_ ,
v'i00051Ce, anC respeC~_~__y =cD'_'~.5=nC5 t. a=:
1. JO'_''r- C. Yorl~...i, V Y. ( 11Yorl~.S" ) ~4GS C°C1Gr C Zr
1r~COIilDeteTt anC PetltlGnerS Wer° aap0lnteC Gue.C=~^_ O ~.5 De_'SO
and es~ate by deCrE° O. t"'_S COL'rt dzted OCtC.^,er 31, ],ocl .
2. YOrlets 15 2'==_C1_^_Q Ztc Cr'OllD ~"!GIP.~ md1?2tZ=T:e^.. ~..'_i
P_lternatives in Com-nunit_ Treatme_^.t, I_T?C . , Fi_''_? CI! C~OllA ~?Omz '_5
located at 7 Pamela Dri'v=, i?2^_}1anlCSiu:C. Pc^^S'/1V~^.1c 17Q5:. .
3 . Pet_t10nErS i:!:C=ti1t~C all cCt'_On O_^_ Dc_^_G~ ~ OL YO_'_e=5 '_'
t.:°_ COLE: OL COIL'LLILC'='_ Pl°-= O_ C!'!.St°_. COU_^__~/ (G^.~.1On C. =. L1C.
91-0951 /) t0 r CO"i=_ C~»aC=S fOr 1-.^~u=1eJ Sis___"__ ,~_i `_'~_1___ _
coru_e~t_on er__ a r„o~__ .~___ a_ c___t __._ ..a __ o_ __~
5. P2__C_GP_c.5 r:..=, SuD]=Ct tG C_^_3 cCC_O:c: G` Sc.^ ~_':_ _'
aCreed t0 Sc _ _1v Sc1C cC __C c LOr c C_ vSa Sc _ _ ~ °__..e^ : O _
$2, 000, 000.00, c5 ~~r~_c ~_, 32°, 15^_.53, 1e== ce.Ca.-- °-'=~e_^_se= ;c =-c
hatTe been pay C on Lieha ~ _ 0= YGrletS LOr mea_cal anc C'15COC1G_ 03_'c,
plus accrued income, s_^_al1 be pGid to Petiticr._rs as Yo=lets'
Guardian. (thy "Settle-.e-t P_oce~ds") .
5. In addition to t:_e Settle_^..e_^_t Proc_eds, assets cu=re-_1-,-
bald b_T Petitioners on bahalf o~ Yorlets ccns_st o'_ t^e fc11c•.._-c
motor vehicles:
1°70 Dodge Truck
1°77 Chevrolet Truck
6. Yorlets owns jointly, caith his wife, Dorot_; S. Yorlets,
the following assets:
a. One honored siY (106) acres o= real es=ate with =o.:,"
barn and outbuildines thereon erected, situtat_ in Silve.
Spr 1ng TG~VnShi p , Cu:;;oerlana' Cou.*ity, Pe^.T!S y 1Vania (t ~~ ° Fa.- ° \ .
Said real estate is operated as a far•_n by Dorct~: S. '?cr_ets.
b, various f_~ e _v.ipme^_t.
-. v=rious h=use: old fur-is^incs.
c. Cer__='ca=es of D=pos=~.
t0.k Fed=_~_ $a'v= _Gr5 a:?d L Oa:7 - ~=~, ..'~l7 (~-~'--`....
heckin ^d r? ~~ -~ -
O . C __C ~_. On~ T Z?ar:CCL aCCOL'~ __ .
York Federal SaVings a_^_c LOan - $20, 000 ( ~p =~~::1
PD1C Ea.*ik - $ 3 , 0 0 0 (_ppro:c . )
First F_^_ral Sacrocs a_*~d Loan - $~,G00 (r_pp_o:~:.i
f. NLutual Fty^_d:
~~iellingtc:: Z?utual Fund - $S, 600 (%p~rc:~:. )
7. YO=lets' eSti^ated cnnual 1nCOLilE CCnS'_St5 0=:
a. Social Secu_it_: of $0'01 per sora^.
b. On°_ hat= (_i ~ ~ Gf t^e Ci'v1Cc_n.L"', a Q 1.^.==rest 1_^_C.^,'c C=
_ _ _ ~ , ~-_-- nco_
the as~e.S lis tCd i. '~aragrap^. 6. 19°, Lam; c i ma •;;^=
X17,073.
,-
c. G_^.e hal_ ~_;'2} o= t=e ircc:.:e f=c== ==---='= c=====-_--=
G. T_ CO.T_ t~ ...e Gari VcC! __O_^.. __OI1 J=_~.1c_..~___
~- ~ ~. ~ ~?
PrOC°_=Q5 (c5 `.1IAatEC .:.= Ll'i_ (moo) p2=Ccn_ G= $_,OOG,~ U~, -
$50,000.
et= i -+=r ec-in- nn 1 aneae V,^~^1 °_t5 t0 Cc c5
~. P-_~t O,.__5 _ cte a__.ua_ e:!_J.-.__.._- LOr ..,~
OIlO•.VS
- 2 -
Prescription ~•-ucs
~.lternativ2s in Communit_r Treat_*=ent, 2r_c
(housi ng, m~alS, r°hab113.tatiVe ti??=a~~r,
e*_c . )
Tllt`rCa1 9=-r° _•'- =Cr' i °--:__CG""= n'---=r
.._. _ ~.c J C ~..... -~-~--
D aryns Jl'va n'_G T~eTJar t:Sl°nt O z=~: e_^_L'°--
T_ACOIIle to:{c=
r?°C1Ca1 1:1:~:_c .C. Pre:tiil:.:ts
Cozen ce_ .::ad__a=_~=__ a_^_c s~=^:__a_ ate- -=---=s
~.~:C: aJ Cc~_-^_c-=_S ~^_C c~Gtl~ _ ~-=_.c_=.. C_-...
C~_ _- r~_s~_1_...._-i.. ~ _:~L~
$ 2,x00
12^_, 100
,~_-
:nrlo-~ ?n ~° -
_ _ rare ~ r::a -, __ ha- _
-- re a-_,- ____~s - -
bee-- s=- - - _
a~_ce _.. _ -_
such e:{~enses .
11. Yorlets' in Ccm~ i s ir_su=i_c.=_n= to c_scha__- or^i a. __ _
necessar~r E:~e_^.S~S t0 I~.d'__^.t~'_Il `1Orle~.s w_C t0 L=0V1.C= L:~= I:=S
burial.
~.~. :Orlets e:{eCL't~^ a Last TP1111 anC'. Tes~a_-1eS!= C.~=C L°_Cc _'_-
~~, 19°0, a t=U.e aP.~ CG=:°Ct COD?r O~. Lvi._Ch ?S cttaCh~C Y1°__==•O c.-^
L^.aC°_ a DcrL ~? ~rcO i a5 P..:•:h_b_ t ° ~-"
~:. 1'f?~ CrOSS -va_l:c G_ YO_1c_.~ c=oc_-, ___Clac-- _°_
- r
.LC ~~ iCrl ais G _. -~ LV~-r-. ~iC-~ l.G G.- • __-_.'.__ r'-_...__ -..._.__
.iGlilG be Dc'ia~la. lOr_c=.=. c~`.~~°_ L--' S'-:~L__ _.c _-.•'1-= - -^_-
__- _-_ G__--
__ h_C .._=e.
(1) 10 e.:ae-c SllC}'! aRtOL'^ts O. ;^CC'° a
L. 1_^_C_Ualcs P.c•_i I~C;•; G_' i ~; tnc iU`.L'~ `. C~ ':c^°sSdC', t^_
- ~ -
pay the reasonable costs of Yorlets' prescription
ar11QS, rOOa^:, boarC., r2_^.a1J111tdt10P_, R1eQ1Cd~ SZr?J1Ces,
inCOIP e ta_:°S , D°_rs0^al e.{penS25 , anC Oth°_r :Il~^riC~.~'_ anQ
cental e:ti-oenses .
(i i ) To establish a ~eVOC~le =aree~-,e-a c. '^r;a_
o= :da_i ch Yerl.ts an4 his .,yi Te, Do_othv S . :o_1=.=
_ -.
S ~ ~ b~ t= IJc_^.°_~iC_c?'1=5 G':T_:?7 t =~i T ~0='C
1LC:.1~°_S, :•ii11Ci^. Sic. ! COnt1P_L1° L0= L = ,Cc =_-_- C'-
rloroth'_r ~. YorleLS s ou1c S,^_c S~_ ~_°l= YOrle=S, a-=
'v; .. _.. i_ ~i y- ~ v _C= _.._ °'r°__^.Lll a- G_S'vG.=1 --.... v. aSac _:
-... 1.-.. .V .. L~_. -r - - G.. ... l7rvG..... ~1-..... ....--`..-
..-3. _.- ..._ ~ .w---SCE - .._~ LaSL ~'/___ ...__ ~---~..-_ -
C_.c DrOvOS=_ :.ciOCa/_= ~-?L:Ci~~L C. r'-~=- _3 G__a-_.~:
(-__) rv _ - _-
bLt rot lir_te~ to tha
t_^.~1Sc1Ve5 cS liL'S_===
- ,
Settle~e Procee~~, L~
~..!
G- 1.~.- Z=0-...'1-..~_~..-_ - .._ -
`t0-1eL5 ~ C°°_C 52Vc..P_C th2 tE?1a.^_C~+' ~iJ t_^.= =_.C--=-;e~
OL YOrI°.S 1n the Fc__T:, SO that YOrletS c^.G h_S ..__ ,
DC.Ot_':'•r C. VO=lets, ~.~___ O:•,T: G.^_ U:"!G_JiG=C C'=-'C'_~~
-rr i r -i ;fir=ra =^ c~'n F-
.,
Coc_c_ ~ tc *_^_= Las= ..__- a _~ ^~SLa_-.e_-- c. _c'._..s --
L.:-.-. Lei -..: G.- .~.r ~Q r--DLO a r 1:..^..~C aTiG-L ~ ---..~ ..-
~ r
t c ..c iOC a~l@ =C".=:".=` = G= iT'1S _ c _ iv_
II ^ :1
("J=) TO _5=~~_'S c fL:_ ~Tal r~Sc_':c LL'.3..c_^_~ -
L
S=Ct10:": S~~ % O: t:^_c =c:'aSV1Va:?=3 PTOJ7dt_, "`ctc5 °~?'_C
t:GL:C'_2.ri== CCC:c 1G t_^_° G~iIOL'~O 0= ,SH, O00 _„= t.^_S
a L.C.:atcC °' ~c_*!SE. O. _O.l~ts L'1'°-='3' _' ! ...- `~
COSL C. a ~uT;al lOL.
_ ~ _
(vii) '1'o perZit Petitioners, on behzlf of
'~Orlets, tO make gifts Of und1V?ded lntere5t5 1.^_
the Farm to a class composed of Yorl_ts' issue,
each cift in each czlendzr year riot to e.tice_d
Yorlets' annual exclusion from t_^.~ fe~~rzl cif. t~_•_
permitted and=_r Section 2503 (b) c= the 2nt»-nzl
D oZ~7°Tll° Coae O. 14 ~ c , aS ailenC~C .
i-
r1
- • i- ,~-
_ :-
_ ~~ _.) ...r __-
~,
_ . ~ . = n _ _ % _i
__`tdr__-JS .v. Yom--.10 c_S
~,,,u ~ 3 ! S 5 ~
Date : ~ c.,,. :.Gc-~,
.~
VERIFIC~ITION
DOP.OTFf S . YC?.LETS , rr?rrc't L ' JINGSTODr arc iO~i:..LD L . ~ 0?.LETS ,
t^e Pe *_itioners 1 t}"!e LOTe'SO ~P.g P.d `~.t~=, .Stmt= _:ct t_^_° L?Ct5 __.
t o foregoing P°ticior_ a=~ t=ue to t^~ tes_ c= ==-e== rzo~+l=_~c°_.
i^To~-station a~.c belie=. T_`_i s s=ate~ent i_ r!a~= su~~ ec = t= __-_
Dc''_'lZltleS O° ! ~ t3. C.. ._ ? 594 :al~__ G __ .-~S:':v='
als=r=caticn to a-~~c._=_==-
_oc
SIG-lI.-J ~~ /~ ~..~--
CE TIFIC_?TE OF SE'VICE
=0l lTOT'A1P+_C }~`% C°_^OSlt1T_C c t2-ll~ 2*1C1 CO_=°C~ Cv~~: O' __^-°_ Sc~uc __-
t C lJ. .7. 1r~G~~ Q~ ~.^,+~-~J...~=Q, YE^115VZ.~ic_'1~Gr _ O.-'.=2.Cc CLcDG'_Cr
Y.Z. r~.C.. .c,. ~/^.. t~
_ __ __ = _ _
'(///r/// ~ //~r
rT7 DiO~:i, t__^_is ~ 3 c=._t o= J 4/1c.cLC,C~ , 0~5 I horn ;.:
r - r
'_LV tict_ Pd-v'c S~=V=J. c CODV OL t^ :v.t:i_^_ GOC'~'i12_*lt O
~/~ c ~
----= ~ I
l
l •' J ,. 1
i~:~ ,
IN RE: IN THE COURT OF COMMON PLEAS OF
ESTATE OF JOHN C, YORLETS, JR., CUM$ERLAND COUNTY, PENNSYLVANIA
an Incompetent ; ORPHANS' COURT DIVISION
NO. 567 ORPHANS' COURT 1991
ORDER OF COURT
AND NOW, this 2~ day of March, 1995, following a hearing, IT IS
ORDERED that Dorothy S. Yoriets, Donald L. Yor1e#s and Nancy Livingston, as
Guardians of the Estate of John C. Yoriets, Jr., are hereby authorized. to undertake
the following actions on behalf of John C. Yoriets, Jr.:
(i) To expend such amounts of income and principal as may now or
in the future be necessary to pay the reasonable costs of Yoriets' prescription
drugs, room, board, rehabilitation, medical services, income taxes, personal
expenses, and other medical and dental expenses.
(ii) To authorize Petitioners to execute a Codicil to the Last Will and
Testament of Yoriets in the form attached hereto and made a part hereof as
Exhibit "A", which Codicil provides for the distribution of Yoriets' estate to the
Trustees under the Revocable Agreement of Trust set forth in Exhibit °B".
(iii) To establish a Revocable Agreement of Trust cf which Yoriets and
his wife, Dorothy S. Yoriets, shall be the beneficiaries during their joint lifetimes,
which shall continue for the benefit of Dorothy S. Yoriets shcufd she survive
Yoriets, and which will provide for eventual disposition of assets remaining in
the Trust in accordance with Yoriets' wishes as expressed in his Last Will and
Testament da'~d December 29, 1990. A true and correct copy of the proposed
i
/'
Revocable Agreement of Trust is attached hereto and made a part hereof as
Exhibit "8".
(iv) To permit Petitioners, in their discretion, to transfer assets of
Yorlets, including but not limited to the Settlement Proceeds, to themselves as
Trustees of the aforementioned Trust.
(v) To permit Petitioners to execute on behalf of Yorlets a deed
severing the tenancy by the entireties of Yorlets in the Farm, so that Yorlets
and his wife, Dorothy S. Yorlets, each own an undivided one-half tenants in
common interest in said Farm.
(vi) To establish a funeral reserve pursuant to Section 5837 of the
Pennsylvania Probate, Estates and Fiduciaries Cade in the amount of $3,000
for the anticipated expense of Yorlets' funeral, including the cost of a burial lot.
(vii) To permit Petitioners, on behalf of Yorlets, to make gifts of
undivided interest in the Farm to a class composed of Yorlets' issue, each gift
in each calendar year not to exceed Yorlets' annual exclusion from the federal
gift tax permitted under Section 2503(b) of the Internal Revenue Code of 1986,
as amended.
Petitioners may not amend the Revocable Agreement of Trust referred to in
paragraph (iii) of the Order without approval of this Court.
_^^~
By the Courtt,
~ , ,~' .
Ec'ear E. 8'ayley, J.
SELF-CONTAINED APPRAISAL REPORT
105.46-ACRE INDUSTRIAL PROPERTY
401 MULBERRY DRIVE
MECHANICSBURG, PENNSYLVANIA
PREPARED FOR
THE ESTATE OF DOROTHY S. YORLETS
BY
LARRY E. FOOTE
DIVERSIFIED APPRAISAL SERVICES
35 EAST HIGH STREET, SUITE 101
CARLISLE, PENNSYLVANIA
17013-3052
(717) 249-2758
TABLE OF CONTENTS
PAGE NO.
Table of Contents ........................................................................................................2
Letter of Transmittal ................
.............................................................
Summary of Important Facts and Conclusions ...........................................................4
The Valuation Process ................
.........................................................5
Appraisal Certificate ...........
Intended Use of the Appraisal ...................................................................................11
Location Analysis .....................................................................................................12
Zoning ...................................................................................
....................................15
Ownership History ...............................
.....................................................................19
Estimated Marketing Time .......................................................................................19
Economic Trends ......................................................................................................19
Site Description ........................
.................................................................................20
Taxes and Assessment ..............................................................................................21
Highest and Best Use ................................................................................................22
Cost Approach ..........................................................
................................................26
Sales Comparison Approach .....................................................................................29
Income Approach .................
......................................................
Reconciliation and Final Value Estimate ........................ ~•~"""""""""•••..43
.............................
Underlying Assumptions and Limiting Conditions ..................................................45
Certificate of Appraisal .............................................................................................48
Privacy Notice ...........................................................................................................49
APPENDIX
Qualifications of the Appraiser
Photographs
Location Map
2
Diversified Appraisal Services
Real Esfate Appraisers and Consultants
35 East High Street
Carlisle, PA 17013-3052
(717J 249-2758
FAX (717) 258-4701
August 7, 2009
TO: The Estate of Dorothy S. Yorlets
FM: Larry E. Foote
RE: Self-contained Appraisal Report
105.46-acre tract of land
401 Mulberry Drive
Mechanicsburg, Pennsylvania
At your request, I have appraised the captioned property. The appraisal report,
which follows this letter, is submitted in support of my opinion of Market Value of the
Fee Simple Interest in the property, as of February 6, 2009.
I hereby certify that, to the best of my knowledge and belief, the data, facts, and
opinions set forth therein, are accurate, subject to the Statement of Assumptions and Lim-
iting Conditions that is also made a part of the report, and that the indicated Market Value
of the subject property, as of February 6, 2009 is:
FIVE MILLION FORTY-TWO THOUSAND DOLLARS
$5,042,000
This appraisal has been made in conformity with the standards of professional
practice of the National Association of Realtors Appraisal Section. I appreciate your hav-
ing considered me for this assignment and trust that you find the report entirely satisfac-
tory.
Respectfully submitted,
Larry E. Foote
Pa. Certified General Appraiser
GA-000014-L
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
LOCATION: 401 Mulberry Drive
Mechanicsburg, Pennsylvania
TAX PARCEL NUMBER: 38-08-0567-013
OWNERSHIP: Donald L. Yorlets, et. al.
LAND SIZE: 105.46 acres.
ZONING: I1, Light Industrial District and R1, Residential District.
FLOOD HAZARD DATA: The majority of the site is not located in a FEMA identified
flood hazard area according to map #420370-0020-B.
PROPERTY RIGHTS: Fee simple interest.
SCOPE OF ASSIGNMENT: The scope of the assignment included an analysis of the
subject's area, an inspection of the subject property, an es-
timation of the property's highest and best use, considera-
tion of all three approaches to value, and the application of
those relevant to the valuation of the subject.
IMPROVEMENTS: Deteriorated dwelling, barn and other farm buildings.
OBJECTIVE: To estimate the market value of the subject property as un-
encumbered.
USE OF THE APPRAISAL: To assist in settlement of the estate of Dorothy S. Yorlets.
EFFECTIVE DATE: February 6, 2009.
HIGHEST AND BEST USE: Use as a site for construction of industrial and residential
buildings.
COST APPROACH: N.A.
SALES APPROACH: $5,042,000
INCOME APPROACH: N.A.
VALUE CONCLUSION: $5,042,000
4
THE VALUATION PROCESS
The valuation process is defined in The Appraisal of Real Estate as published by
the Appraisal Institute, as "a systematic set of procedures an appraiser follows to provide
answers to a client's questions about real property value."
It consists of a series of steps that are appropriate to a specific and particular ap-
praisal assignment that begins with a client engaging a real estate appraiser to develop an
opinion of value for a specific property as of a given effective date and ends when the
appraiser communicates and reports the final conclusions and opinions to the client.
Definition of the Appraisal Problem:
The first step in the appraisal process includes the presentation of the following:
1. Identification of the client, the intended use, and the intended users of the ap-
praisal report.
2. The purpose of the appraisal, including a definition of the value being reported.
3. Determination of the effective date of the appraisal report.
4. Extraordinary assumptions that are applicable to the appraisal assignment.
5. Hypothetical conditions that are applicable to the appraisal assignment.
Scope of Work:
Scope of work is defined in the Uniform Standards of Professional Practice as be-
ing "the type and extent of research and analyses in an assignment." This includes the
5
degree and extent of research and the data that is deemed as necessary to develop a credi-
ble opinion of value for the property being appraised.
Data Collection and Analysis:
The appraiser must gather and analyze market area data, subject property data,
and comparable property data that is relative and relevant to the appraisal assignment.
Development and Application of Traditional Approaches to Value:
The appraiser must consider which of the three traditional approaches to value are
applicable, relevant, and necessary for developing a credible opinion of value for the sub-
sect property. These three traditional approaches to value include the Cost Approach,
Sales Comparison Approach, and Income Capitalization Approach. When two or more
of these approaches to value are developed, the appraiser must determine the amount of
emphasis and consideration to be given to each of those approaches to value, since one or
more may have greater significance in the appraisal of a specific property.
Reconciliation of Value Indications and Final Opinion of Value:
The final step in the valuation process is the reconciliation of the value indications
developed by the appraiser. Reconciliation is the analysis of alternative conclusions to
arrive at a final value estimate. Reconciliation is required because different value indica-
tions result from the use of multiple approaches to value and within the application of a
single approach. The final value estimate is not derived simply by applying technical and
6
APPRAISAL CERTIFICATE
I hereby certify that upon application for valuation by:
THE ESTATE OF DOROTHY S. YORLETS
the undersigned personally inspected the following described property:
All those certain tracts of land, with the improvements thereon erected, situate in
the Silver Spring Township, Cumberland County, Pennsylvania, more particularly
bounded and described as follows:
TRACT NO. 1: Beginning at a stone on lands adjoining H.P. Miller Estate;
thence North 63 %z degrees East, 187.4 perches to a stone; thence North 28% degrees
West, 70.8 perches to a stone; thence North 56'/4 degrees East, 1 perch to a stone adjoin-
ing lands of Snavely's heirs; thence by land of Snavely's heirs and A.B. Brubaker, South
28%s degrees East, 114.3 perches to a stone; thence by land of said Deitz's heirs, South 14
degrees West, 57.7 perches to a point; thence by lands of said Deitz's heirs South 25 de-
grees East, 34 perches to a stone; thence by lands of said Deitz's heirs South 23 degrees
West, 28 perches to a post; thence by lands of R.H. Thomas Estate, North 35% degrees
West, 60.4 perches to a stone; thence by lands of said Thomas Estate South 573/4 degrees
West 79.3 perches to a post; thence by lands of H.P. Miller Estate 293/4 degrees West,
51.7 perches to a post; thence by lands of said Miller Estate South 66%4 degrees West
29.5 perches to a point; thence by lands of said Miller Estate North 42'/4 degrees West
34.4 perches to the place of beginning. Containing 88 acres and 10 perches, more or less.
TRACT NO. 2: Beginning at a post of lands of Robert H. Thomas Estate and
John M. Myers; thence by said lands of said Robert H. Thomas Estate South 54% degrees
8
West, 49.81 perches to the center of the Pennsylvania Railroad; thence by said Railroad
North 50%4 degrees West, 31.92 perches to a point in the center of said Railroad; thence
South 54%2 degrees West, 15 feet to a point on south line of said Railroad; thence by said
line North 50'/4 degrees West, 16 perches to a point; thence North 55%2 degrees West 8
perches to a point; thence North 58 degrees West, 7.44 perches to a point; thence North
63 degrees West 13.6 perches to a point; thence across said Railroad and by land of John
M. Myers North 60%2 degrees East, 78.92 perches to a post; thence South 31 degrees East,
60.8 perches to a post at the place of beginning. Containing 25 acres and 136 perches.
Less, however, that portion of the said tract containing 8.45 acres contained in the
conveyance of the said John M. Myers to the Cumberland Valley Railroad by deed dated
January 31, 1903, and recorded in the Recorder's Office in and for Cumberland County
in Deed Book "B", Vol. 7, Page 83, the said tract so conveyed being taken in its entirety
from Tract No. 2 with the exception of a small triangle taken from the land described as
Tract No. 1.
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 report nor the
compensation is contingent upon the value reported, and that in my opinion the Market
Value as of February 6, 2009 is:
FIVE MILLION FORTY-TWO THOUSAND DOLLARS
$5,042,000
The property was appraised as a whole, subject to the contingent and limiting
9
INTENDED USE OF THE APPRAISAL
The intended use of this appraisal is to estimate the Market Value of the subject
property as of February 6, 2009.
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 speci-
feed 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 fi-
nancial arrangements comparable thereto.
e. The price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions
granted by anyone associated with the sale.
Source: Office of the Comptroller of the Currency, 12 CFI §34.42(f).
11
LOCATION ANALYSIS
The subject property is located in the south central part of Pennsylvania in Cum-
Berland County, which is part of the Harrisburg-Lebanon-Carlisle Metropolitan Statistical
Area (MSA), which consists of Cumberland, Dauphin, Lebanon and Perry counties.
Cumberland County has pronounced boundaries. The Susquehanna River forms the east-
ern boundary shared with Dauphin County and the state capitol, Harrisburg. The Yellow
Breeches Creek forms the southeastem boundary with York County. The boundary then
extends to the southwest following the Paney and South Mountains. That line also con-
stitutes the southern boundary with Adams County. The southwestern boundary with
Franklin County is traced by Laughlin Run, Middle Spring Creek, Gum Run, and Maines
Run while the ridge line of Blue Mountain forms the northern boundary with Perry
County.
This region is one of the most strategically located areas in the Eastern United
States and the major center for food distribution in the Middle Atlantic market region
which contains over 40 million people.
Based upon statistics from the Commonwealth of Pennsylvania Department of
Labor and Industry Bureau of Research and Statistics, Pennsylvania's seasonally adjusted
civilian labor force -the number of people working or looking for work -rose by
38,000 residents in June, 2007 to 6,296,000. Resident employment grew by 39,000 in
June, 2007 accounting for all of the labor force growth. Unemployment was down by
2,000 people. The civilian labor force was down just 9,000 from June 2006, with unem-
ployment down 40,000 during the same time period.
12
Pennsylvania's seasonally adjusted unemployment rate fell to 4.1 percent in June,
down one-tenth of a percentage point from May. The state rate was down seven-tenths of
a percentage point from the June 2006 rate of 4.8 percent. Pennsylvania's seasonally ad-
justed unemployment rate remained below the United States' rate (4.5 percent in June)
for the fifth consecutive month.
Pennsylvania's seasonally adjusted total nonfarm jobs count rose by 900 in June
to a new record high level of 5,799,400 jobs. Total jobs in the state have now increased in
11 of the past 12 months. Service-producing industries continued to account for all of the
job growth, adding a combined 2,500 jobs. Professional & business services and govern-
ment were the only supersectors to show significant increases - 1,500 and 1,600 jobs,
respectively - in June. Since June 2006, Pennsylvania added 49,900 jobs, an increase of
0.9 percent.
Major east-west transportation links serving the general area are U.S. Route 22
and 322, Interstate Route 78, and Interstate Route 76. Major nearby north-south arteries
include Interstate Route 81, Interstate Route 83, and U.S. Routes 11 and 15. Rail service
is provided by Amtrak on ConRail's line. The rail terminal is located in downtown Har-
risburg. Air transportation includes four airports with Harrisburg International Airport
serving the major carriers of U.S. Air, American, and Pennsylvania Commuter Air Lines.
General aviation is also served by Capital City Airport and the Carlisle Business Airport.
Higher education is offered through the Harrisburg Area Community College, the
University Center at Harrisburg, Pennsylvania State University at Harrisburg, Dickinson
College and Dickinson Law School. Millersville State University, Shippensburg State
13
University, Susquehanna University, Franklin and Marshall College, and York College,
among others, are all within a one hour drive of the general area.
Mechanicsburg is located in the southeast section of central Pennsylvania, ap-
proximately ten miles from Harrisburg, the state capitol. The town itself is presently un-
dergoing aconsiderable degree of renovation and restoration of older properties.
Employment opportunities are good, with Commonwealth of Pennsylvania em-
ploying approximately 35,000 area workers, Harrisburg being the State Capital. The
United States Government employs approximately 14,000, most of which serve two large
supply depots, the Army Supply Depot at New Cumberland and the Ship's Parts Control
Depot in Mechanicsburg. Some of the largest employers in the Harrisburg area include
the Commonwealth of Pennsylvania; the United States Government; United States Postal
Service; Hershey Foods Corporation; Naval Support Activity, Mechanicsburg; Pennsyl-
vania Blue Shield; Hershey Medical Center; Defense Distribution Center, New Cumber-
land; Pinnacle Health System; Electronic Data Systems; PPG Industries; Giant Food
Stores; Ross Distribution; United States Army War College and Carlisle Barracks; Capi-
tal Blue Cross; and Fry Communications, Inc.
The economic base of the area is diversified and extends from strong government,
service related and transportation facilities, and commercial and industrial uses. Unem-
ployment rates are consistently some of the lowest reported in the area. This is due for
the most part to high State and Federal Government employment, as well as expanding
private sector uses of distribution and office facilities.
14
ZONING
Approximately 85 acres of the subject property is located in an area which is
zoned Il, Light Industrial District, and approximately 20.46 acres of the subject property
is located in an area which is zoned Rl, Residential District.
Light Industrial District: This zone provides for small-scale, light industrial uses. In ad-
dition, wholesale businesses involving substantial outdoor storage of unfinished materials
are also permitted. Generally, the uses cited attempt to create and sustain a distinct light
industrial character that differs from the heavier industries and high traffic-generating
commercial uses. Appropriate design standards have been imposed to prevent the
blighted and over-developed small-scale industrial concentrations, characteristic of the
older, small-scale industries.
The following uses are permitted in the Light Industrial District:
1. Agricultural, subject to the standards listed in Section 201 of this Ordinance;
2. Laboratories for medical, scientific, or industrial research and development;
3. Manufacturing, packaging, and associated storage and/or wholesaling of the
following:
A. Furniture, cabinets, fixtures, office supplies, floor and ceiling materials, and
other household appointments;
B. Scientific, specialized and technical instruments and equipment;
C. Hardware and software for audio-video components, computers, vending
machines and video games;
D. Finished textile products;
15
E. Brushes, brooms and combs;
F. Hot tubs, spas, saunas and swimming pools;
G. Jewelry, and other precious metals;
H. Photographic, lighting and timekeeping equipment;
I. Small household appliances, excluding major appliances;
J. Musical instruments and sporting equipment;
K. Cosmetics, toiletries and pharmaceuticals;
L. Optical, dental, and medical supplies and equipment; and,
M. Small or novelty products from prepared materials (excluding the use of sheet
metals).
4. Processing, packaging, storage and/or wholesaling of food products excluding:
A. Breweries and distilleries;
B. Pickling processes;
C. Rendering or slaughtering operations; and,
D. Sugar refineries.
5. Storage and/or wholesaling of the following, provided the site is set back no less
than five hundred (500) feet from the closest residentially-zoned property:
A. Home and auto-related fuels;
B. Nursery and garden materials, and stock;
C. Contractor supplies; and,
D. Plumbing, heating, air conditioning, electrical, and other structural components
of buildings;
6. Photocopying, bookbinding, printing, and publishing operations;
16
7. Machine shops;
8. Repair shops for products permitted to be manufactured in this Zone;
9. Small engine repair shops;
10. Welding shops;
11. Sign-makers;
12. Offices;
13. Public uses and public utilities excluding communication antennas, towers, and
equipment;
14. Agricultural support businesses, including:
A. Facilities for the commercial processing, and warehousing of agricultural
products;
B. Facilities for the warehousing, sales, and service of agricultural equipment,
vehicles, feed, or supplies; and,
C. Veterinary offices, animal hospitals, or kennels;
15. Vocational and mechanical trade schools;
16. Forestry Activities (see Section 348);
17. Mini-warehouses (see Section 336);
18. Commercial day-care facilities (see Section 328); and,
19. Accessory uses customarily incidental to the above permitted uses, including
accessory retail sales of products produced on-site, so long as the sales azea is no
more than ten percent (10%) of the total building area or three thousand (3,000)
square feet, whichever is less.
17
Residential District: This zone is meant to accommodate suburban detached residential
growth within the township. Flexible net density and cluster design standards will be
used as an incentive for the protection of important naturaUcultural features, and/or the
provision of common open space.
The following uses are permitted by right in any R-1 Residential Zone:
1. Agriculture, subject to the standards listed in the zoning ordinance.
2. Single-family detached dwellings.
3. Public and nonprofit parks and playgrounds.
4. Public utilities structures excluding communication antennas, towers, and equip-
ment.
5. Public vocational and mechanical trade schools.
6. Forestry activities.
7. No-impact home based business.
8. Accessory uses customarily incidental to the above permitted uses.
18
OWNERSHIP HISTORY
The subject property is owned by Donald L. Yorlets, et. al. The property was
transferred on August 23, 2005 for a reported consideration of $1.00 and ownership
transferred on Deed Book 270, Page 4199.
ESTIMATED MARKETING TIME
It is estimated that if the subject property were offered for sale at the indicated
Market Value, a reasonable marketing time would be six to twelve months. This estimate
is based upon quarterly sales figures published by Central Penn Multi List, Inc.
ECONOMIC TRENDS
Historically, property values for similar properties have steadily increased, with
vacancy rates remaining stable. However, the recent lag in the economy has resulted in a
leveling of appreciation rates and longer marketing times. Financing is readily available
to qualified purchasers at reasonable rates and terms.
19
SITE DESCRIPTION
The subject site is irregular in shape, consists of a total area of approximately
105.46 acres, and has a small amount of macadam road frontage along Mulberry Drive.
The site is relatively level throughout and there does not appear to be any drainage prob-
lems. According to the Federal Emergency Management Agency map number 420370-
0020-B, the majority of the site is not located in an area which is prone to flooding.
There is a small portion of the site, along a small stream that is identified as a flood haz-
and area.
1n the absence of core boring, it has been assumed that there are no mineral de-
posits of a commercial nature underlying the subject site. For the same reason, it is as-
sumed that there are no unusual sub-soil conditions that would adversely affect the sub-
ject site.
Access to the site is via Mulberry Drive, and visibility of the site from this road-
way is considered to be good. The is the possibility that additional access to the site
could be obtained by extending Keener Drive to the northern boundary of the site.
Utilities available at the site include water, sewer, electricity and telephone ser-
vice. There appears to be sufficient capacity in each of these utilities to permit optimum
utilization of the site.
Located on the site is an abandoned single-family dwelling, bank barn and several
farm buildings, which are all considered to be in poor condition. Due to the condition of
these structures and the indicated highest and best use of the subject site, these improve-
ments are considered to add no contributory value to the property.
20
TAXES AND ASSESSMENT
The real estate tax assessment, synonymous with assessed value, is the official
valuation level of property for advalorem tax purposes. Since the assessment is a dollar
amount assigned to taxable property by the assessor for the purposes of taxation, it may
not reflect the independent value conclusions found within this report. The following is
the assessment and tax liability for the subject property as determined by the County As-
sessor's Office:
Assessment:
Mill Rates:
Township
County
School
Total
Tax Liability:
Township
County
School
Total
$624,670
.001034
.002579
.009964
.013577
$ 645.91
1,611.02
6.224.21
$8,481.14
21
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 prop-
erty can be put". The opinion of such use may be based on the highest and most profit-
able continuous use to which the property is adapted and needed, or likely to be in de-
mand, 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 shown to be rea-
sonably 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.
The following tests must be passed in determining the highest and best use of the
subject property.
a. The use must be physically possible. The size, shape, and topography of the
site affect possible uses for which it can be developed.
b. The use must be legal, i.e., permitted under zoning and other municipal,
county, state, or federal regulations.
c. The use must be financially feasible, probable, and not speculative. There
must be an economic, social, or market demand for the existing or proposed
use. All uses that are expected to produce a positive return aze regazded as fi-
nancially feasible.
d. Finally, the highest and best use must be that which produced the highest pos-
sible net return for the longest period of time.
22
The highest and best use of the site as vacant may be different from the highest
and best use as currently improved. This is most likely to occur with older properties,
where physical condition, market changes, and neighborhood changes have been signifi-
cant since the period when originally constructed.
HIGHEST AND BEST USE AS VACANT:
The highest and best use of the property as vacant assumes the site has no existing
improvements. This concept is important to the appraisal report as it is carried through to
the valuation of the land in the cost approach, if applicable. It assists in the selection of
comparable sales of vacant sites to apply to the subject site. Considering the physical
characteristics of the site, neighborhood uses, current zoning, location, and financial pa-
rameters, it is my opinion that the highest and best use of the subject property, as vacant,
would be for development of the industrial zoned portion of the site into an industrial
park and development of the residential zoned portion of the site for residential use. Both
of these potential uses would be contingent upon additional street access points being
provided to the site.
23
THE APPRAISAL PROCESS
Three approaches to value aze 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 building would have advantages over the existing building,
therefore an evaluation focuses upon disadvantages or deficiencies (depreciation) of the
existing building compared to a new facility.
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 compazable properties in the
market, based on a common unit, such as price per square foot of building azea.
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 in-
formed person is justified in assuming the property will produce during its remaining use-
ful life. This estimated net income is then capitalized into a value estimate, based upon
the level of risk as compared with that of a similaz type and class.
Information for the application of the three approaches to value is obtained from
the mazket through research verification and analysis. It should be noted that, although
the approaches are interrelated, separate indications of value are usually derived from
24
each approach. The reconciliation of these three approaches to value involves an attempt
to explain the appazent differences and to determine which approach, or combination of
approaches, should be given the greatest consideration. These approaches to value aze
considered, and those being appropriate are fully analyzed and presented in the following
sections of this appraisal report.
25
THE COST APPROACH
The cost approach to value is based on the principle of substitution, which pro-
poses that an informed buyer will pay no more than the cost of providing a substitute
property with similar utility.
In estimating the value of the subject property by the cost approach, the following
steps must be completed:
a. Estimate the value of the site to its highest and best use as though vacant,
which we have done.
b. Estimate the reproduction or replacement cost of the improvements on the ef-
fective date of the appraisal. This includes direct and indirect costs.
c. Estimate other costs incurred after construction to bring the new, vacant build-
ing up to market conditions and occupancy levels.
d. Estimate entrepreneurial profit, when appropriate, from an analysis of the
market.
e. Add estimated replacement or reproduction cost, indirect costs, and entrepre-
neurial profit, often expressed as a percentage of total direct and indirect costs
to arrive at the total replacement or reproduction cost of the primary structure.
f. Estimate the amount of accrued depreciation in the structure, which is divided
into three major categories; physical deterioration, functional obsolescence,
and external obsolescence.
26
g. Deduct the estimated depreciation from the total reproduction or replacement
cost of the structure to derive an estimate of the structure's depreciated repro-
duction or replacement cost.
h. Estimate reproduction or replacement costs and depreciation for any acces-
sory buildings and site improvements, and then deduct estimated depreciation
from the reproduction or replacement costs of these improvements. Site im-
provements and minor building improvements are often appraised at their net
value, i.e., directly on a depreciated cost basis.
i. Add the depreciated reproduction of replacement costs of the structure, the
accessory buildings, and the site improvements to obtain the estimated total
depreciated reproduction or replacement cost of all improvements.
j. Add the land value to the total depreciated reproduction or replacement cost
of all improvements to arrive at the indicated value of the fee simple interest
in the property.
k. Adjust the indicated fee simple value to reflect the property interest being ap-
praised, if necessary, to produce an indicated value for the interest in the sub-
sect property.
Comparison is the essence of the cost approach to value, similar to the sales com-
parison and income approaches. Construction costs, plus land values, are compared to
the values of existing improved properties. The four principles used for the sale compari-
son approach (substitution, supply and demand, balance, and externalities), are also ap-
plicable to the cost approach.
27
So the cost approach to value can be derived and equitably compared with the
other approaches to value, adjustments for accrued depreciation from all causes are de-
ducted from the reproduction cost, including:
a. Physical Deterioration: Physical wearing out of property.
b. Functional Obsolescence: Lack of desirability in terms of layout, style
and design as compared to that of a new property, serving the same func-
tion.
c. External Obsolescence: Loss of value from causes outside the property it-
self.
The cost approach to value is most applicable for new properties, where the com-
ponents of physical deterioration and functional and external obsolescence are small.
The Marshal Valuation Service is used in this approach with actual costs for the subject
property.
The Mazshall Valuation Service is a complete, dependable appraisal guide for de-
veloping replacement costs, depreciated values, and insurable values of buildings and
other improvements. Modifiers are applied to make the cost applicable to any size build-
ing in any locality. Known costs for locally constructed properties are also analyzed and
compared with derived cost estimates.
The land value is based on comparable land sales using the same techniques as
applied in the sales comparison approach.
Since the subject on-site improvements are considered to have no value, the cost
approach to value is inappropriate and has, therefore, not been included in the develop-
ment of this appraisal report.
28
THE SALES COMPARISON APPROACH
The sales comparison approach is a process of comparing market data, that is, the
prices paid for similar properties, prices asked by owners, offers made by prospective
purchasers willing to buy, and rents and leases.
In applying the sales comparison approach, various appraisal principles are ap-
plied, ensuring that all relevant issues have been included in the analysis. The principles
of primary importance are supply and demand, balance, substitution, and externalities.
Additionally, a fundamental premise of the sales comparison approach is the concept, that
from analysis of sales of reasonably similar properties, an appraiser has a factual basis
upon which to estimate the value of the subject. Proper application of the sales compari-
son approach requires that:
a. Only market transactions be weighed, and the date of each transaction be con-
firmed to the greatest extent possible.
b. The degree of comparability of each sale to the subject be considered.
c. The value conclusion be consistent with the analysis of the sales data.
A definition of market value is: "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.
29
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. dollazs or in terms of financial az-
rangements comparable thereto.
e. The price represents the normal consideration for the property sold unaffected
by special or creative fmancing or sales concessions granted by anyone asso-
ciated with the sale.
The degree of comparability that exists between a sale and the subject is often a
function of the volume of sales activity in a market. For any class of real estate, if sales
are infrequent, the mazket area must be expanded in scope of time and or geography to
whatever extent is necessary to accumulate sufficient data on which to base a judgment.
To judge the degree of comparability between a sale and the subject, several
guidelines can be applied.
a. The sale should be in the same mazket as the subject. To the extent that a
market is a meeting place for buyers and sellers of real estate of a given type,
the boundaries of the market are set by the participants in merchandising and
absorbing competitive properties. The boundaries of a market azea are conse-
quently economic in character, and not purely physical or geographic.
b. Physical characteristics of the sale and subject should be as similar as possible
in terms of size and amenities customarily found within the applicable class of
real estate.
c. Real estate price trends over time must be taken into consideration.
30
d. The functional adequacy of the sale property and the subject should be com-
petitive in terms of the ability of each to support similar functions.
In arriving at this conclusion of the value of the subject property, your appraiser
made a survey of properties that have been sold recently or are now offered for sale
within the general area.
Sales, terms of sale, and price were verified by a personal examination and/or in-
terview with the sales brokers.
As it was impossible to find an identical property to that of the subject, since no
two properties are ever identical, it was necessary to make adjustments on each compara-
ble sale and offering for sale as related to the subject property.
Consideration was given and adjustments were made on each comparable sale, of-
fering for sale as to time of sale, size, location, and utility, as well as all other factors that
might affect value.
A resume of some of the sales and offerings for sale considered by your appraiser
are listed on the following pages:
31
INDUSTRIAL SALE NO 1:
Location: Lot No. 1 Allen Road
Carlisle, Pennsylvania
Tax Parcel Number: 50-08-0581-017
Date of Sale: June 1, 2007.
Deed Reference: Deed Book 280, Page 1311.
Type: Vacant tract of land.
Zoning: Light Industrial District.
Size: 27.6 acres.
Road Frontage: 1,194.24 feet.
Topography: Level
Utilities: Water, sewer, electricity and telephone.
Grantor: Francis L. and Phoebe S. Bear.
Grantee: Headlands Realty Corp.
Sale Price: $1,608,552
Unit Price: $58,281 per acre.
Data Source: Cumberland County Assessment Office records and
visual inspection.
32
INDUSTRIAL SALE NO 2:
Location: Woods Drive Industrial Park
Mechanicsburg, Pennsylvania
Tax Pazcel Number: 38-07-0461-153
Date of Sale: May 31, 2006.
Deed Reference: Deed Book 274, Page 4059.
Type: Vacant tract of land.
Zoning: Light Industrial District.
Size: 39.03 acres.
Road Frontage: 1,451.40 feet.
Topography: Level
Utilities: Water, sewer, electricity and telephone.
Grantor: Mark X. and John M. DiSanto.
Grantee: SAV Ltd.
Sale Price: $3,775,000
Unit Price: $96,720 per acre.
Data Source: Cumberland County Assessment Office records and
visual inspection.
33
INDUSTRIAL SALE NO 3:
Location: Lot No. 1 Lisburn Road
Carlisle, Pennsylvania
Tax Parcel Number: 40-09-0533-014
Date of Sale: October 19, 2007.
Deed Reference: 2007-40003
Type: Vacant tract of land.
Zoning: Industrial District.
Size: 47.64 acres.
Road Frontage: 1,221.17 feet.
Topography: Level
Utilities: Water, sewer, electricity and telephone.
Grantor: Ralph C. Otto.
Grantee: RAMA Development, LLC.
Sale Price: $4,320,000
Unit Price: $90,680 per acre.
Data Source: Cumberland County Assessment Office records and
visual inspection.
34
INDUSTRIAL SALES ADJUSTMENTS
The appraiser has analyzed comparable sales and has developed dollar adjust-
ments, reflecting market reaction to those items of significant variation between the sub-
ject and comparable properties. If a significant item in the comparable property is supe-
rior 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 infe-
rior to, or less favorable than the subject property, a plus (+) adjustment is made, thus in-
creasing the indicated value of the subject.
SALE #1 SALE #2 SALE #3
Sale Price
Price Per Acre 1,608,552 3,775,000 4,320,000
Time 58,281 96,720
Location +5,800 +14,500 +9,100
Public Road Fronta a
g -19,300
-11 700 -19 300
-9,100
Net Adjustment
Indicated Value:
-5 900 -24 100 -18 100
-18 100
52,381 72,620 72,580
85 acres x $52,381 = $4
452
385
,
,
Rounded to: $4,452,000
35
EXPLANATION OF ADJUSTMENTS
COMPARABLE SALE NO. 1: A 10 percent positive adjustment was made for the
lapse in time between the sale date of the comparable sale and the effective date of this
appraisal. A 20 percent negative adjustment was made for the subject's inferior amount
of public road frontage.
COMPARABLE SALE NO. 2: A 15 percent positive adjustment was made for the
lapse in time between the sale date of the comparable sale and the effective date of this
appraisal. A 20 percent negative adjustment was made for the subject's inferior location.
A 20 percent negative adjustment was made for the subject's inferior amount of public
road frontage.
COMPARABLE SALE NO 3: A 10 percent positive adjustment was made for the
lapse in time between the sale date of the comparable sale and the effective date of this
appraisal. A 10 percent negative adjustment was made for the subject's inferior location.
A 20 percent negative adjustment was made for the subject's inferior amount of public
road frontage.
36
RESIDENTIAL SALE NO 1:
Location: 1 Steam Engine Hill
Mechanicsburg, Pennsylvania
Talc Parcel Number: 22-12-0350-103
Date of Sale: January 19, 2007.
Deed Reference: Deed Book 278, Page 2365.
Type: Vacant tract of land.
Zoning: Agricultural District.
Size: 90.34 acres.
Road Frontage: None.
Topography: Level
Utilities: Water, sewer, electricity and telephone.
Grantor: Williams Grove, Inc.
Grantee: Williams Grove Historical Steam Engine Associa-
tion, Inc.
Sale Price: $2,250,000
Unit Price: $24,905 per acre.
Data Source: Cumberland County Assessment Off
ice records and
visual inspection.
37
RESIDENTIAL SALE N0.2:
Location: Tamanim Way
Mechanicsburg, Pennsylvania
Tax Parcel Number: 22-09-0541-011
Date of Sale: March 16, 2007.
Deed Reference: Deed Book 279, Page 739.
Type: Vacant tract of land.
Zoning: Residential District.
Size: 65.93 acres.
Road Frontage: 1,317.62 feet.
Topography: Level
Utilities: Water, sewer, electricity and telephone.
Grantor: John T. Mongelli, et. al.
Grantee: Trindle Station, LLC.
Sale Price: $2,100,000
Unit Price: $31,852 per acre.
Data Source: Cumberland County Assessment Office records and
visual inspection.
38
RESIDENTIAL SALE N0.3:
Location: Lot No. 1 Petersburg Road
Carlisle, Pennsylvania
Tax Parcel Number: 40-09-0531-010
Date of Sale: May 15, 2007.
Deed Reference: Deed Book 279, Page 4968.
Type: Vacant tract of land.
Zoning: Residential Low Density District.
Size: 69.57 acres.
Road Frontage: 945.46 feet.
Topography: Level
Utilities: Water, sewer, electricity and telephone.
Grantor: Diehl Builders.
Grantee: Lexington Land Developers Corp.
Sale Price: $2,000,000
Unit Price: $28,748 per acre.
Data Source: Cumberland County Assessment Office records and
visual inspection.
39
RESIDENTIAL SALES ADJUSTMENTS
The appraiser has analyzed comparable sales and has developed dollar adjust-
ments, reflecting mazket reaction to those items of significant variation between the sub-
ject and comparable properties. If a significant item in the compazable property is supe-
rior 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 infe-
rior to, or less favorable than the subject property, a plus (+) adjustment is made, thus in-
creasing the indicated value of the subject.
SALE #1 SALE #2 SALE #3
Sale Price
Price Per Acre
Time
Location
Public Road Frontage
Net Adjustment
Indicated Value:
2,250,000 2,100,000 2,000,000
24,905 31,852 28,748
+2,500 +3,200 +2,900
+5,000 +2,900
-6 400 -5 700
+7 500 -3 200 +100
32,405 28,652 28,848
20.46 acres x 28,848 = $590,230
Rounded to: $590,000
40
EXPLANATION OF ADJUSTMENTS
COMPARABLE SALE NO. 1: A 10 percent positive adjustment was made for the
lapse in time between the sale date of the comparable sale and the effective date of this
appraisal. A 20 percent positive adjustment was made for the subject's superior location.
COMPARABLE SALE NO. 2: A 10 percent positive adjustment was made for the
lapse in time between the sale date of the comparable sale and the effective date of this
appraisal. A 20 percent negative adjustment was made for the subject's inferior amount
of public road frontage.
COMPARABLE SALE NO. 3: A 10 percent positive adjustment was made for the
lapse in time between the sale date of the comparable sale and the effective date of this
appraisal. A 10 percent positive adjustment was made for the subject's superior location.
A 20 percent negative adjustment was made for the subject's inferior amount of public
road frontage.
41
Your appraiser, in addition to the sales listed, also considered several additional
sales in arriving at his final opinion of value. After making all of the necessary adjust-
ments, as explained in the opening paragraphs under this approach to value, it is your ap-
praiser's considered opinion that the Market Value of the subject property by the Sales
Comparison Approach is best estimated as follows:
Industrial portion of the site:
Residential portion of the site:
Total Indicated Value:
$4,452,000
590.000
$5,042,000
42
THE INCOME APPROACH
The income approach is a method of converting income streams into present
worth. Using this approach, the net operating income should be sufficient to cover total
mortgage payments and offer a return on equity investment. In order to arrive at this in-
come stream, it is necessary to compare the subject property with compazable properties
to substantiate the economic rent, vacancy rate, operating expenses, and capitalization
rate. The net operating income is then capitalized to obtain an estimate of value by in-
come approach.
The subject consists of a tract of land with improvements of no economic value.
Since it is unlikely that this tract of land would be used for income producing purposes,
the income approach to value is considered to be inappropriate and has, therefore, not
been included in the development of this appraisal report.
43
RECONCILIATION AND FINAL VALUE ESTIMATE
Reconciliation is the analysis of alternative conclusions to arrive at a final value
estimate. Reconciliation is required because different value indications result from the
use of multiple approaches to value and within the application of a single approach.
The final value estimate is not derived simply by applying technical and quantita-
tive procedures; rather, it involves the exercise of judgment. The value conclusion
reached must be consistent with market thinking.
The parts of this appraisal report are the following approaches to value your ap-
praiser used:
Value Indicated by Cost Approach N.A.
Value Indicated by Sales Comparison Approach $5,042,000
Value Indicated by Income Approach N.A.
These approaches are representative of the market value of the property. I have
carefully examined 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.
As a result of this appraisal and analysis, it is this appraiser's considered judgment
and opinion that the Market Value of the subject property, as of February 6, 2009 is:
FNE MILLION FORTY-TWO THOUSAND DOLLARS
$5,042,000
44
UNDERLYING ASSUMPTIONS AND LIMITING
CONDITIONS SUBJECT TO THIS APPRAISAL
1. I assume no responsibility for matters legal in nature, nor do I 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 subject 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 responsi-
bility for such conditions or for engineering which might be required to discover
such factors.
5. The information, estimates, and opinions furnished to me and contained in this re-
port were obtained from sources considered to be reliable and believed to be true
and correct. However, no responsibility for accuracy can be assumed by me.
6. This appraisal 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 appraisal report, (especially any
conclusions as to value, the identity of the appraiser or the firm with which he is
connected) shall be reproduced, published, or disseminated to the public through
advertising media, public relations media, sales media, or any other public means
45
of communication, without the prior written consent and approval of the ap-
praiser.
8. Unless otherwise stated in this report, the existence of hazardous material, includ-
ing without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or
agricultural chemicals, which may or may not be present on the property, was not
observed by the appraiser. The appraiser has no knowledge of the existence of
such materials on or in the property. The appraiser, however, is not qualified to
detect such substances. The presence of substances such as asbestos, urea-
formaldehyde foam insulation, or other potentially hazardous materials may affect
the value of the property. The value estimate is predicated on the assumption that
there is no such material on or in the property that would cause a loss in value.
No responsibility is assumed for any such conditions, or for any expertise or engi-
neering knowledge required to discover them. The client is urged to retain an ex-
pert in this field, if desired.
9. I do not have knowledge or experience required to evaluate whether physical
changes have to be made to existing facilities to conform to the Americans With
Disabilities Act regulations or whether alterations or new construction meets the
requirements. Therefore, the value reported is based upon the assumption that the
subject property conforms to the ADA regulations. The client is urged to retain
an expert in this field, if desired.
10. Acceptance of and/or use of this appraisal report constitutes acceptance of the
foregoing assumptions and limiting conditions.
46
11. Adherence to the confidentiality requirement of the Uniform Standards of Profes-
sional Appraisal Practice requires that, prior to making any copies of the appraisal
report or having discussions related to this appraisal assignment with anyone
other than the client, approval from the client be obtained in writing. Upon re-
ceipt of said written authorization, copies of the appraisal report shall be produced
or discussions with a third party may be held. Fees for these additional services
shall be mutually agreed upon and are payable in advance.
12. This appraisal was prepared under the extraordinary assumption that any ease-
ments or rights of way of record have no adverse impact upon the highest and best
use or value herein reported. A title search was not requested nor included in the
scope of work for this assignment.
13. This appraisal was prepared for the exclusive us of the client identified in this ap-
praisal 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 en-
tity, 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.
47
CERTIFICATE OF APPRAISAL
Your appraiser hereby certifies that:
1. I have no present or contemplated future interest in the subject property.
2. I have no personal interest or bias with respect to the subject matter of this ap-
praisal report or the parties involved. My findings are not based on the employ-
ment to make the restricted appraisal, a requested minimum valuation, a specific
valuation, or the approval of a loan.
3. To the best of my knowledge and belief, the statements of fact contained in this
appraisal report, upon which the analyses, opinions, and conclusions expressed
herein are based, are true and correct.
4. 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.
5. This appraisal report has been made in conformity with the Uniform Standards of
Professional Appraisal Practice adopted by the Appraisal Standards Boazd of the
Appraisal Foundation, and is subject to the requirements of the Code of Profes-
sional Ethics and Standards of Professional Conduct of the Appraisal Section of
the National Association of Realtors.
6. No one other than the undersigned prepared the analyses, conclusions, and opin-
ions concerning real estate that are set forth in this appraisal report.
Larry E. Foote
Pa. Certified General Appraiser
GA-000014-L
48
PRIVACY NOTICE
Pursuant to the Gramm-Leach-Billey Act of 1999, effective July 1, 2001, apprais-
ers, 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 "nonpub-
lic 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 who need to
know that information to assist us in providing appraisal services to you. All of our inde-
pendent contractors and any third party consultants we engage are informed that any in-
formation they see as part of an appraisal assignment is to be maintained in strict confi-
dence 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 your needs. In or-
49
der to protect your nonpublic personal information from unauthorized access by third par-
ties, we maintain physical, electronic and procedural safeguards that comply with our
professional standards to insure the security and integrity of your information.
50
LARRY E. FOOTE
REAL ESTATE APPRAISER
EXPERIENCE:
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 undeveloped land, farms, building lots, single-family dwellings,
mobile home parks, medical centers, nursing homes, motels, apartment buildings and complexes,
office buildings, service stations, veterinary clinics, rehabilitation centers, retail buildings, day-
care centers, warehouses, and manufacturing facilities.
EDUCATION:
Bachelor of Business Administration, Pennsylvania State University, 1976.
Associate Bachelor of Business Administration, Harrisburg Area Community
College, 1974.
Diploma, Carlisle Senior High School, 1965.
Certificate, Pennsylvania Realtors Institute, GRI I, GRI II, GRI III.
Certificate, Realtors National Marketing Insfitute, CI 101, CI 102, CI 103, CI 104,
CI 105.
Standards of Professional Practice, American Institute of Real Estate Appraisers.
Real 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.
Report Writing and Valuation Analysis, Appraisal Institute.
PROFESSIONAL LICENSES:
General Appraiser #GA-000014-L, Commonwealth of Pennsylvania.
Real 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 AFFILIATIONS:
National Association of Realtors Appraisal Section.
Greater Harrisburg Association of Realtors.
Pennsylvania Association of Realtors.
National Association of Realtors.
Realtors National Marketing Institute.
51
PAST CLIENTS:
Borough of Cazlisle
Keystone Financial Mortgage
Cornerstone Federal Credit Union
Pennsylvania State Bank
Commerce Bank
Cumberland-Perry Association for Retarded Citizens
Carlisle Suburban Authority
Members ls` Federal Credit Union
Pennsylvania National Bank
Evans Financial Corporation
Greenawalt & Company, CPA
Smith's Transfer Corporation
Carlisle Department of Pazks and Recreation
Executive Relocation Services
Carlisle Area School District
Messiah Homes, Incorporated
ERA Eastern Regional Services
Pennsylvania Turnpike Commission
Chase Home Mortgage Corporation
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 Employees Federal Credit Union
Cumberland County Commissioners
Allstate Enterprises Mortgage Corporation
Dickinson College
PPG Industries, Incorporated
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
Various law firms and individuals
52
53
Allocation of Assets Among Trusts, June 30, 2003
Allocation of Assets and Deemed
Assets to Trusts
Trust C= ~ $ 601,100
Principal invasions $ 193. 563
Brokerage Account (excluding
$5,000 cash, allocated to Trust A,
below) $ 206 819
Loan to Dorothy Yorlets $ 200,7;18
$ 601,100
Trust B-QTIP $ 152,966
Loan to Dorothy Yorlets $ 64;467
Farm $ 88,499
$ 152,966
Trust B-Non-QTIP $ 336,699
Farm $ 336,699
$ 336,699
Trust A $ 601,998
Farm $ 584,238
Excess Executor Fees $ 17,760
Cash $ 5,000
Less Reserve $ (5,000)
$ 601, 998
INFORMATION SCHEDULES
Yorlets Trust C
For Period 12/31/2004 Through 10/02/2006
Loan to Dorothy Yorlets
$200,716.00
12/31/2004 Payment by Dorothy Yorlets of Keefer Wood
Allen & Rahal fees -2,605.50
01/03/2006 Loan to Dorothy Yorlets 4,947.73
02/01/2006 Loan to Dorothy Yorlets 4,806.57
03/01/2006 Loan to Dorothy Yorlets 4,962.06
04/03/2006 Loan to Dorothy Yorlets 4,972.13
05/01/2006 Loan to Dorothy Yorlets 4,983.91
06/01/2006 Loan to Dorothy Yorlets 4 970.05
07/03/2006 Loan to Dorothy Yorlets 4,702.52
08/01/2006 Loan to Dorothy Yorlets 4,933.04
09/01/2006 Loan to Dorothy Yorlets 4,936.12
10/02/2006 Loan to Dorothy Yorlets 34,015.59
10/02/2006 Loan to Dorothy Yorlets 4,355.32
$280,697.54
METTE, EVANS & WOODSIDE
ATTORNEYS AT LAW
HARRIS9URG, TLN'N+JYLVANIA 17108-0729
'~.a,~t ~lllill and ~e~tament
OF
DOROTHY S. YORLETS
I, DOROTHY S. YORLETS, of Silver Spring. Township,
Cumberland County, Pennsylvania, do make, publish and declare
this to be my Last Will and Testament, hereby revoking all Wills
and Codicils by me at any time made.
ITEM I: I direct that all inheritance and
estate taxes becoming due by reason of my death, whether such
taxes may be payable by my estate or by any recipient of any
property, shall be paid by the Executor out of the property
passing under ITEM V of this Will, as an expense and cost of
administration of my estate. The Executor shall have no duty or
obligation to obtain reimbursement for any such tax so paid, even
though on proceeds of insurance or other property not passing
under this Will.
ITEM II: I direct the Executor to pay the
expenses of my last illness and funeral expenses from the
property passing under this Will as an expense and cost of
administration of my estate.
ITEM III: I give the following cash bequests:
(i) The sum of TEN THOUSAND ($10,000) DOLLARS
to each of my grandchildren living at the time of my
death;
Page 1 ! ~,
r•
i
(ii) The sum of ONE THOUSAND ($1,000) DOLLARS to
TRINITY LUTHERAN CHURCH, Mechanicsburg, Pennsylvania;
(iii) The sum of ONE THOUSAND ($1,000) DOLLARS to
my sister, ROZELLA McLANE;
(iv) The sum of ONE THOUSAND ($1,000) DOLLARS to
my brother, GLENN L. SOUDER; and
(v) The sum of ONE THOUSAND ($1,000) DOLLARS to
my sister-in-law, PATRICIA H. SOUDER.
ITEM IV: I give and bequeath to my children
living at the time of my death, absolutely and in fee simple, all
of my household furniture and furnishings, books, pictures,
jewelry, silverware, automobiles, wearing apparel and all other
articles of household or personal use or adornment and all
policies of insurance thereon, to be divided between them as they
shall agree.
ITEM V: I give, devise and bequeath all the
rest, residue and remainder of my estate, not disposed of in the
preceding portions of this Will, to DONALD L. YORLETS and NANCY
LIVINGSTON, or their successors in Trust, as Trustees
(hereinafter collectively referred to as "Trustee"), IN TRUST
NEVERTHELESS, to be held, administered and distributed in
accordance with the terms of a certain Declaration of Trust
execl~. ted by me as Grantor and Trustee on the /~ day of ~,~i~•~(~~1~.,,
195. I here ~
by confirm and ratify said Declaration of Trust in
every respect.
Page 2
~,
ITEM VI: In addition to powers given by law,
the Executor shall have the following discretionary powers,
effective without court order:
(a) To retain any property received by the
Executor;
(b) To sell real estate for any purposes,
publicly or privately, for such prices and on such
terms as the Executor deems proper, without liability
on the purchasers to see to application of the purchase
moneys;
(c) To compromise controversies;
(d) To distribute income or principal in cash or
in kind, or partly in each, at valuations fixed by the
Executor at such times as are deemed appropriate;
(e) To hold investments in the name of a nominee;
and
(f) To undertake all other acts in the Executor's
judgment deemed necessary for the proper and
advantageous administration and settlement of my
estate.
ITEM VII: Any person who shall have died at
the same time as I shall have, or in a common disaster with me,
or under such circumstances that the order of our deaths cannot
be established by proof, or within thirty (30) days of my death,
shall be deemed to have predeceased me.
.y
Page 3 ~,
ITEM VIII: If at any time any beneficiary
under the age of twenty-one (21) years shall be entitled to
receive any assets hereunder, the living parent of such
beneficiary who is my issue shall receive such assets as
Custodian under the Pennsylvania Uniform Transfers to Minors Act
for that beneficiary. Such Custodian may receive and administer
all assets authorized by law, and shall have full authority as
provided in the Pennsylvania Uniform Transfers to Minors Act to
use such funds in the manner it deems advisable for the best
interests of such beneficiary. In addition, said Custodian shall
have all the rights and privileges as to the Custodianship and
its assets as are herein granted to .the Executor as to my estate
and the assets therein. I also designate said Custodian as
successor Custodian of any property for which I am custodian
under any Uniform Gifts to Minors Act, or Uniform Transfers to
Minors Act.
ITEM IX: I hereby nominate, constitute and
appoint DONALD L. YORLETS and NANCY LIVINGSTON to be the
Executors, herein collectively referred to as "Executor". The
Executor is specifically relieved from the duty or obligation of
filing any bond or other security.
IN WITNESS WHEREOF, I have set my hand and seal to
this, my Last Will and Testament, consisting of this and the
preceding three (3) pages, at the end of each page of which I
Page 4 ~' ,!~. ~,
,~
~'4~4 ~+ ~• ...
"~la~re also set my initials for greater security and better
~,~~ identification this /3~ day of ~~~,~~~ 19Y.:~
. ~4%~r1~L~ ~ r~~G.~' ( SEAL )
DOROTHY YO TS
We, the undersigned, hereby certify that the foregoing
Will was signed, sealed, published and declared by the
above-named Testatrix as and for her Last Will and Testament, in
the presence of us, who, at her request and in her presence and
in the presence of each other, have hereunto set our hands and
seals the day and year first above written, and we certify that
at the time of the execution thereof, the said Testatrix was of
sound and disposing mind and memory.
~,(:e-l',.C~r~ }/~ ~)~l-P (SEAL) Residing at;~`7~// ~ k'_y,c.L-~•
i n ~ / 0 //
(SEAL) Residing ~at ~'~ ~
(SEAL) Residing at l7•r~ /~ '~'~'
ACKNOWLEDGEMENT
1~1'WEALTE3 OF PENNS VANIA )
SS:
+C,OUNTY OF ~~~-(~~ /YI )
I, DOROTHY 5. YORLETS, Testatrix, whose name is signed
to the attached or foregoing instrument, having been duly
qualified according to law, do hereby acknowledge that I signed
:and executed the instrument as my Last Will and Testament; that I
.signed it willingly; and that I signed it as my free and
voluntary act for the purposes therein expressed.
//JJ~, ..,,yt~~ /, ~ _ ,n
~d.'~~~~1~' .~, .i~°"~~ (SEAL)
DOROTHY YORt,ETS
Sworn to and suYascribed before
me this ~j /~ ~/ day of
No ary Public
My Commission Expires
(SEAL)
_ Nrnati~l Seal
MargareP L. L~ovd, Ncrtary Public
i-;;~~,.L:;o-n~rg, C?auphin Couniy
My Cra'nmssion ::xp;res June 2i, 1996
P,:q~ii~x3,, Nenr~>y'r.'ania~~dation uP fVOWn¢s
AFFIDAVIT
~~~.
,~.~~ COMMONWEALTH OF PENN LVANIA )
e ) SS:
COUNTY OF /~~~~~~~ ~~/~ )
and L~~ ~ ~ ~fl the Witnesses whose names are
signed to the attached or foregoing instrument, being duly
qualified according to law, do depose and say that we were
present and saw Testatrix, DOROTHY S. YORLETS, sign and execute.
the instrument as her Last Will and Testament; that Testatrix
signed willingly and that she executed said Will as her free and
voluntary act for the purposes therein expressed; that each of us
in the hearing and sight of the Testatrix signed the Will as
Witnesses; and that to the best of our knowledge the Testatrix
was at that time eighteen (18) or more years of age, of sound
mind and under no constraint or undue influence.
~` ~
Witness Witness
-'~ ~- /
Witness
,,
Sworn to and~~ubscribed be or
me this /,~ Zli' day of ~ /lu~~-~
19 /~)
otary Public
My Commission Expires : IJoraria{Seal
Margaret L BoyC, tk+tary Public
( S F AT ,) Harrisbum, Ciauphin County
My Con;~Tiss~n mires June 27,1996
r*tUer, Pann~ytveuUeiNes~xiaton al Nownss
19191_1
~~ ~
S~.,e.
REVOCABLE DECLARATION OF TRIIST
THIS PEVOCABLE DECLARATION OF TP.UST made and entered
~ into as of this %J `day of ~,~~.~ 1995, by and between
~ DOROTHY S. YOP.LETS, as Grantor, (herei after referred to as
! "Grantor" and "Trustee").
WITNESSETH:
WHEREP_S, Grantor is the owner o
fully described in Schedule "A", hed
hereof; and
respect to suc
NOW,
assets more
d made a part
a Trust with
s this Trust.
ARTICLE or, concurrently with or
subsequent to the n of is Agreement of Trust, will.
transfer and convey stee the assets listed on Schedule "A",
attached hereto and made a part hereof, which said assets are
hereinafter referred to as the "Trust", receipt of which assets
hereby is acknowledged by Trustee, and Trustee, in consideration
thereof, agrees to hold and administer said assets and any
additions thereto, as Trustee, IN TRUST NEVERTHELESS, for the
following uses and purposes:
(a) Trustee shall have, hold, manage, invest and
reinvest the same, collect the income and pay over the
net income in quarterly installments to Grantor during
Grantor's lifetime.
i (b) During the lifetime of Grantor, Trustee shall
pay to Grantor such portion or all of the principal of
the Trust as such income beneficiary may .from time to
time request in writing.
(c) Trustee may also expend so much of
principal of the Trust as, in its discretion,
necessary and/or advisable to supplement all
the
may be
income of
Grantor in order to provide support a d .ntenance,
including medical, hospital, nursing ~ ~~}xsing home
care for such beneficiary. a ~' ,~~
(d)
over to
principa
bequests
estate tax
e and
tion costs which
may be incu d w th r o Grtor's estate.
Thereafter, st shal Grantor predeceases
"Trust A": There shall be placed in
"Trust A" that fraction of the total principal of which
the numerator shall be a sum equal to the largest
amount that can pass free of Federal estate tax by
hall pay
~h of the
- 2 -
may be ze
under "Tr
by the act
exercising
"Trust B
perry sn pass
or may be - fected
tor's estate in
e shall be placed in
"Trust B" that 'on of Grantor's residuary estate
of which the numerator shall be a sum equal to the
amount of the generation-skipping transfer exemption as
provided in Section 2631 of the Internal P.evenue Code
of 1986, or any comparable legislation in effect at the
time of Grantor's death and then available to Grantor
after consideration of generation-skipping transfers
made by Grantor during her lifetime or made under other
Articles of this Agreement, and the allocation of the
generation-skipping transfer tax exemption made by
Grantor to such generation-skipping transfers and of
- 3 -
which the denominator shall be the value of Gramtor's
residuary estate.
"Trust C": The balance of the principal
not placed in "Trust A" and "Trust B" shall be placed
in "Trust C".
AP.TICLE II: Grantor, or any other person, from
time to time, with the consent of Trustee, ma
bequeath, grant or otherwise transfer ands
property, real, personal or mixe Truste
and distributed in accordance wit rovis
Agreement.
apply to "Trus
as many equ
of Grantor
prov
ve, devise,
any other
be administered
of this
shall
1 i e th he principal into
re are n living children
ece >hildren of Grantor
represented b iving issue. Trustee shall hold
one such share .separate Trust for each living
child of Grantor, and shall hold one such share as a
separate Trust for the benefit of the issue of each
such then deceased child of Grantor, per stirpes.
(b) DONALD L. YORLETS shall serve as sole Trustee
of the Trust established for his benefit and the
benefit of his issue, and NANCY LIVINGSTON shall serve
as sole Trustee of the Trust established for her
benefit and the benefit of her issue. Each shall have
the right to appoint a successor Trustee by Will or by
- 4 -
a written instrument delivered. to the successor
Trustee.
(c) To the extent that each child of Grantor has
not received, after the death of the survivor of
Grantor and Grantor's husband, a distribution
aggregating at least Two Hundred Fifty Thousand
($250,000.00) Dollars from "Trust C", the Trustee shall
distribute to such child from the princi~~; of this
~. F
Trust that amount of the principal of~~~„ i"~ ~~rust which,
when aggregated with distri s to s-=^ ..; ild from.
~.~..,
"Trust C", shall equal Two Fifty`s sand
($250,000.00) Doll
(d)
Trustee s
from his
or's ch ,
f the net
(f) Upon the death of the child of the Grantor,
Trustee shall convey and pay over all of the remaining
assets to one or all or less than all of such child's
spouse or issue (and for the purpose hereof, an adopted
child shall be considered to be the child of the
adopting parent), or such charities as the child of the
Grantor shall have designated, in such amounts or
- 5 -
proportions, and in such lawful interest or estates,
whether absolutely or in trust, as the child of the
Grantor may have directed, specifically referring to
this Power of Appointment,. either by instrument filed
with Trustee during the child's lifetime, exercising
' this Power of Appointment, or by the child's Last Will
and Testament.
any
the
's
tament,
s or
ed
living
(h) In ~
exercised in
estate or the
ma Power of Appointment be
the child of the Grantor, child's
rs of either.
AP,TICLE IV: The following provisions shall
apply to "Trust B":
(a) Trustee shall have, hold, manage, invest and
reinvest the assets of this Trust, collect the income
and beginning at Grantor's death pay over .the net
income in quarterly installments to Grantor's husband,
JOHN C. YOP.LETS, JP.., during his lifetime.
- 6 -
i
(b) Upon the death of Grantor's husband, Trustee
shall pay all accrued income and all income accumulated
but undistributed to the estate of Grantor's deceased
husband and shall thereafter transfer the then
remaining principal of this Trust to "Trust P_" to be
held, administered and distributed in accordance with
the provisions of P1?TICLE III of this Agreement of
Trust.
sole, excl 've and u st ted cretion to
determine w her to e der tion 2056(b)(7) of
the Internal v e Co 986 as amended, or any
corresponding ion o he Federal estate law), to
qualify all, no a fraction of "Trust E" for the
Federal estate tax marital deduction. The decision of
Trustee with respect to the exercise of the election
shall be final and conclusive upon all persons whose
interests in Grantor's estate or this Agreement of
Trust are directly or indirectly affected by the
election. Only property which is fully eligible for
the marital deduction under Federal estate tax law
shall be assigned to this Trust. Notwithstanding
anything to the contrary contained in this Agreement of
Trust, Trustee of this Trust shall not retain beyond a
7
- 8 -
ARTICLE V: The following provisions shall
apply to "Trust C":
(a) Trustee shall pay the net income arising from
the principal of this Trust in quarterly installments
to Grantor's husband, JOHN C. YOP,LETS, JP.., during his
lifetime.
(b) During the life of Grantor's
shall pay to or for the benefit of Gr
much of the principal of thi. st as
necessary, in the sole disc of T
proper support, ma
Grantor's husband.
d, Trustee
husband sc
for the
f
(d) In each Trust established for the benefit of
the issue of a deceased child of Grantor, Trustee shall
quarterly pay the net income to or for the benefit of
the issue of such deceased child of Grantor, per
- 9 -
stirpes, living at each time of quarterly 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 the survivor
of Grantor and Grantor's husband, Trustee shall pay
over all of the then assets in the Trust to the then
living issue of Grantor's deceased child, per stirpes.
ibution cf
for issue
living
.terminate
equal
- 10 -
beneficiary shall be paid to the then living issue of
such beneficiary, per stirpes.
(f) Trustee shall be authorized in Trustee's
sole, exclusive and unrestricted discretion to
determine whether to elect .(under Section 2056(b)(7) cf
the Internal P.evenue Code of 1°$6 as amended, or anv
corresponding provision of the Federal estate law), to
qualify ail, none or a fraction of "Trust',:r" for the
Federal estate tax marital deduction '~- h~ ecision of
~. - r
Trustee with respect to the, ise o~~ lection
shall be final and conclusi ~ all pe s whose
interests in Grant stat r ~s Agre t of
Trust are d~,rectly irect a. cted by, e
election. pro t ich ~y eligi"~ for
the marit :ctio nd Fede state tax w
shall be a 'gned to s st. twithstanding
anything to e contra fined this Agreement of
Trust, Trust o is hall not retain beyond a
reasonable ti ~ roper which may at any time be
or become unpro e, nor shall they invest in
unproductive property. Notwithstanding the provisions
of subparagraph (b) of this Article, Trustee shall pay
to the Executor of Grantor' s husband's estate, out of
the principal of this Trust upon the death of Grantor's
husband, an amount equal to the estate, inheritance,
transfer, succession and other death taxes ("death
taxes"), Federal, state and other, payable by reason of
the inclusion of the value of Trust property in
Grantor's husband's estate. Such payment shall be
equal to the amount by which (1) the total of such
- 11 -
death taxes paid by Grantor's husband's estate exceeds
(2) the total of such death taxes which would have been
payable if the value of the Trust property had not been
included in his estate. The determination by the
Executor of Grantor's husband's estate of the amount
payable hereunder shall be final. Grantor directs
Trustee to pay such amount promptly upon written
request of the Executor of Grantor's husband's estate-
The final determination of the amount du ~~.',ereunder
tea`=~,
shall be based upon the value as final,' ermined for
Federal estate tax purposes antor~ `' and's
estate. After payment of t nt fine` ',determined
to be due hereunde stee al e dis c ed from
any further liabil res ct such p" ent.
Grantor's
payment u
Grantor's
right to
AF.TICLE VI:
spec
's righ o
1l, execu after
'cally refers to the
t is estate.
of the income or principal
of the property held u~ hese Trusts shall be subject to
attachment, levy or seizure by any creditor, spouse, assignee
or trustee or receiver in bankruptcy of any beneficiary prior
to his or her actual receipt thereof. Trustee shall pay over
the net income and the principal to the parties herein
designated, as their interests may appear, without regard to
any attempted anticipation, pledging or assignment by any
beneficiary under a Trust, and without regard to any claim
thereto or attempted levy, attachment, seizure or other process
against said beneficiary.
- 12 -
ARTICLE VII: The Trustee shall possess, among
others, the following powers exercisable only in fiduciary
capacity:
(a) To vary or to retain investments, including
the stock of any corporate Trustee named herein, when
deemed desirable by Trustee, and to purchase, sell and
so-called "legal investments" a, ~t~out be._ 'limited
fiduciaries
- 13 -
out any of t
paragraph or
(d) To
real estate,
hereunder.
tee in
and `o make leases of
term of the Trusts
(e) To borrow money from any party, including
Trustee, to pay indebtedness of a Trust and taxes, and
to assign and pledge assets of a Trust therefor.
Provided, however, that this paragraph shall not
authorize borrowing from "Trust B" or "Trust C".
(f) To pay all costs, taxes, expenses and charges
in connection with the administration of a Trust,
including a reasonable compensation to agents. If any
estate or inheritance taxes are payable from assets
- 14 -
received by Trustee, such taxes shall be paid from the
assets constituting "Trust A".
(g) In the discretion of Trustee, to unite with
other owners of similar property in carrying out any
plans for the reorganization of any corporation or
company whose securities form a part of a Trus`.
(h) To vote any shares of stock
of a Trust.
(i) To assign to
portion of any asset.
a part
(k) To do al er acts in its judgment deemed
necessary or desirable for the proper and advantageous
management, investment and distribution of the Trusts.
AP,TICLE VIII: Whenever and as often as anv
beneficiary hereunder, to whom payments of income or principal
are herein directed to be made, shall be under legal
disability, or in the sole judgment of Trustee, shall otherwise
be unable to apply such payments to his own or her own best
interests and advantages, Trustee may make all or any portion
of such payments in any one or more of the following ways:
- 15 -
(a) Directly to such beneficiary;
(b) To the Legal Guardian or Conservator of
such beneficiary;
(c) to the Trustee, or to another person
selected by the Trustee, a custodian. under the
Pennsylvania Uniform Transfers to Minor Act as to
beneficiary; under the age of twenty-one~(2"
years;
(d) To a relative
expended by such rela
beneficiary;
(e) By
of said bane
This provision shal
B" or "Trust C" to
ply distributions from "Trust
s husband, JOHN C. YORLETS, JP..
ARTICLE Ix: It is agreed that Grantor may, by
instrument in writing delivered to Trustee, modify, alter or
revoke this Agreement in whole or in part.
AP.TICLE X: Upon the death cf DOP.OTHY S.
YOP.LETS, or in the event of her inability or refusal to serve
as Trustee, DONALD L. YOP.LETS and NAIQCY LIVINGSTON shall serve
as successor Trustees. No Trustee acting hereunder shall be
required to give any bond or enter security.
- 16 -
IN WITNESS WHEP.EOF, DOP.OTHY S. YOP.LETS has hereunto
offered her hand and seal as Grantor and Trustee all on the day
and•year first above written.
-'" ~ l-)
Wit~esC
GP,ANTOP,/TRUSTEE
DOP.OTHY ' YO~`LETS
COMMONWEALTH OF P SYLVANIA
SS.
,~ COUNTY OF /~1~~~ ~~
U
On this, the ~~ ~o day of ~ZGf~.(~Z-~. 19~~ , before
me, a Notary Public, the undersigned'officer,;personally
appeared DOP.OTHY S. YGP.LETS, known to me (or satisfactorily
proven) to be the person whose name is subscribed to the within
instrument, and acknowledged that she executed same far the
purposes therein contair_ed.
s,
IN WITNESS WHEP.EOF, I
notarial seal.
to set, ';`' hand and
~~
1
Publ~ c
ssi Expires:
"""~~ptp11a1 Seaf
Margn~' L. ~~'~, Notary Public
i-„1!11Htt~Rt1, f,)raupl+.in CountY
My C-nfi:iY,i~nan ~;x;+irt~s June 27,1996
__..--
s, °"""~, rc•4anafNgwnee
wn dxa%F uYf Vl~y
SCHEDULE "A"
19125_1
KEEPER WOOD ALLEN &RAHAL, LLP
ROBERT L. WELDON ATTORNEYS AT LAW ESTABLISHED IN 1678
EUGENE E. PEPINSKY, JR. (j3 Wj NORTH I2•" STREET, SUITE 400 -
JOHN H. ENOS ~
GARY E. FRENCH LEMOYNE, PA 17043 OF COUNSEL:
N. DAVID RAHAL
BRADFORD DORRANCE SAMUEL C. HARRY
JEFFREY S. STOKES PHONE 717-612-3800 CHARLES W. RUBENDAL L II
ROBERT R. CHURCH FAX 717-612-5808
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ELYSE E ROOERS WWW.keeferwood.com HARRISBURG, PA 1710 1
CRAIG A. LON6YEAR
JOHN A. FEIGHTEL PHONE 717-256-8000
STEPHANIE KLEINFELTER
DONALD M. LEWIS ~ Apri128, 2010
TODD F. TRUNT2
717-612-5801
LAUREN 5. WELDON
eroeersLa keeferwood.com
~
Register of Wills of Cumberland County c~~ ~-~,
1 Courthouse Square ~ ~' "" _
~ ~ ''"%
Carlisle, PA 17013
-?~~~ N
~ i f:[t
~.m fj) ICJ ~ r i ; ; y
Re: Estate of Dorothy S. Yorleta
~~~ -~ _4~.
<_", ~~
File No: 2009-00224 ~ •- ``~
~ =~ c~
2009
Date of Death: February 6 ~ --a •~ =-- r^
,
c~
Dear Sir/Madam:
Enclosed are the following:
1. Pennsylvania Inheritance Tax Return, in duplicate;
2. Check in the amount of $2,000 as payment on account of inheritance tax
for this estate. Please note that a request for extension to pay inheritance
tax was submitted to the Pennsylvania Department of Revenue on
November 5, 2009, but the Department of Revenue has not provided a
response to that request for extension.
3. Check in the amount of $15 representing your filing fee for the
inheritance tax return.
Kindly timestamp the enclosed extra copy of this letter and return it in the
envelope provided.
car
Enclosures
cc: Donald L. Yorlets
Nancy Livingston
Sincerely yours,
~~ ~
Elyse E Rogers