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HomeMy WebLinkAbout0712-1015056071120 ~~~~ ~~O ~ EX (06-05) OFFICIAL USE ONLY PA Department of Revenue county coda Year File Number Bureau of Individual Taxes INHERITANCE TAX RETURN Po Box.2soso~ Harrisburg, PA ~ 7128-0601 RESIDENT DECEDENT 21 10 0 41 ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death Date of Birth 204 O1 4768- 10 17 2009 Decedent's Last Name Suffix Decedent's First Name MI GRANOFF JQHN H (If Applicable) Enter Surviving Spouse's Information Below Spouse's Last Name Suffix Spouse's First Name MI Spouse's Social Security Number THIS RETURN MUST BE FILED iN DUPLICATE WITH THE REGISTER OF WILLS FILL IN APPROPRIATE OVALS BELOW 0 1. Original Return ^ 2. Supplemental Return ^ 3. Remainder Return (date of death prior to 12-13-82) ^ 4. Limited Estate ^ 4a, Future Interest Compromise (date of death after 12-12-82) ^ 5. Federal Estate Tax Return Required © ti Decedent Dial Testate (Attach Copy of Wi1f7 © 7• Attach Copyi~in~edt)a Living Trust O 8. Total Number of Safe Deposit Boxes ^ 9. litigation Proceeds Received ^ 10. ~P9~~ ~~~_~~ath ~ 11,Election to tax under Sec. 9113(A) (Attach Sch. O) CORRESPONDENT -THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO: Name Daytime Telephone Number EDMUND G. MYERS (717) 761 4540 Firm Name (If Applicable) JOHNSON DUFFLE First line of address 301 MARI{ET STREET Second line of address PO 80X 109 Ci P st Office S ZIP C d ~~ r.~~ ~.: .~~...~ ....~ 'i ty or o tats o e LEMOYNE PA 17043 Corresponder>t's e-mail address: e9dSW.C0111 Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, and tx~mplete. Declaration of prepalrer other than the personal representative Is based on all information of which preparer has any knowledge. IGNATURE ERSON ILING RETURN((~ ) DATE © w A An sL6~ , Jon Steahen Granoff `71 ~' ~ r! DRES Street, Camp Hill, P~ OTHER THAN REPRESENTATIVE EDMUND G. MYERS h 19' l-~in ADDRESS ~ 301 MARKET STREET, LEMOYNE, PA 17043 Side 1 b5056071120 15056071120 J J 1505607120 REV-1500 EX Decedent's Social Security Number oM'sN~: John N Granoff 204 Ol 4768 RECAPITULATION 1. Real Estate (Schedule A) ....................................................................................... 1. 2. Stocks and Bonds (Schedule B) ............................................................................. 2. ~ 5 , 2 62.38 3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C)......... 3. 4. Mortgages 8~~ Notes Receivable. (Schedule D) ...............................................:........ 4. 5• Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E) ............... 5. 1 , 8 0 0 . 0 0 6. Jointly Owned Property (Schedule F) ^ Separate Billing Requested............ 6. 7. Inter-Vivos Transfers 8~ Miscellaneous -Probate Property (Schedule G) ~ Se arate Billi R t d p ng eques e ............ 7. 8 5 7 , 5 8 6.12 8. Total Gross Assets (total Lines 1-7) ................................:.................................... 8, 8 64 , 648 50 9. Funeral Expresses & Administrative Costs (Schedule H) ....................................... 9. 12 , 825.00 10. Debts of Decedent, Mortgage Liabilities, 8 Liens (Schedule I) .............................. 10. 11. Total Deductions (total Lines 9 8~ 10) ................................................................... 11, 12 , 8 2 5 . 0 0 12. Net Value of Estate (Line 8 minus Lirie 11) .......................................................... 12. 851, 823.50 13. Charitable and Governmental Bequests/Sec 9113 Trusts for which an election to tax has not been made (Schedule J) ............................................... 13. 14. Net Value Subject to Tax (Line 12 minus Line 13) ............................................... 14. 8 51 , 8 2 3 . 5 0 TAX COMPUTATION -SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or transfers under Sec. 9116 (a>(1.2> x .o0 161, 2 8 2.0 9 1 s. 0. 0 0 16. Amount of Line 14 taxable at lineal rate x .045 6 9 0, 5 41.41 16• 31, 0 7 4 .3 6 17. Amount of Line 14 taxable at sibling rate X .12 0. 0 0 17. 0. 0 0 18. Amount of Line 14 taxable at collateral rate X .15 0 0 0 18• 0. 0 0 19. Tax Due .................................................................................................................. 19. 31,074.36 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT. ^ L Side 2 b5056072120 15056072120 J REV-1500 EX Page 3 nr~~edent's Cemeletg Address: File Number 21-10-041 ~~~~~._..- . -----r---- - ----- - - - DECEDENT'S NAME John H Granoff STREET ADDRESS 850 Wynnewood Road CITY STATE ZIP Camp Hill PA 17011 Tax Payments and Credits: 1. Tax Due (Page 1 Line 19) 2. Credits/Payments A. Spousal Poverty Credit B. Prior Payments C. Discount 3. Interest/Penalty if applicable p, Interest E. Penalty 28,000.00 1,473.68 Total Credits (A + B + C) (1) 31,074.36 (2) 29,473.68 Total Interest/Penalty (D + E) 4. If line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. Check box on Page 2 Line 20 to nsqu~est a refund 5, If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. A. Enter the interest on the tax due. g, Enter the total of Line 5 + 5A. This is the BALANCE DUE. Make Check Payable to: REGISTER OF WILLS, AGENT (3) (4) (5) 1,600.68 (5A) PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1. Did decedent make a transfer and: Yes No a. retain the use or income of the property transferred :....................................... ..................................... ~ ^ b. retain the right to designate who shall use the property transferred or its income :.................................. x c. retain a reversionary interest; or ............................................................................................................... x d. receive the promise for life of either payments, benefits or care? ............................................................ x 2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without ^ ^ receiving adequate consideration? .................................................................................................................... x 3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death?....... ^ ^x 4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which contains a beneficiary designation? .................................................................................................................. ^ 0 IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. For dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the survivfig spouse is three (3) percent [72 P.S. §9116 (a) (1.1) (i)]. For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is zero (0) percent [72 P.S. §9116 (a) (1.1) (ii)]. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary. For dates of death on or after July 1, 2000: The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a natural parent, an adoptive parent, or a stepparent of the child is zero (0) percent [72 P.S. §9116 (a) (1.2)]. The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is four and one-half (4.5) percent, except as noted in 72 P.S. §9116 1.2) [72 P.S. §9116 (a) {1)]. The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is twelve (12) percent [72 P.S. §9116 (a) (1.3)]. A sibling is defined under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption. Rsv-1 b03 tJ(+ (6-88) SCHEDULE B STOCKS & BONDS COMMONWEALTH OF PENNSYLVANIA INMERrfANCE TAX RETINtN RESIDENT DECEDENT ESTATE OF ~ FILE NUMBER Granoff, John H 21-10-041 All property jointly-owned with ri~tlt of survivorship must t» disclosed on Schedule F. ITEM NUMBER CUSIP NUMOER DESCRIPTION UNIT VALUE VALUE AT DATE OF DEATH 1 744320102 102 shares of Prudential Financial, Inc. -Date of Death 51.591875 5.262.38 Valuation from EstateVal and Attached to Return TOTAL (Also enter on Line 2. Recapitulation) 5.262.38 (If more space is needed, additional pages of the same size) Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule B (Rev. 6-98) Rsv-1508 EXa (8.98) ~cw~©u~.~ ~ CASH, BANK DEPOSITS, & MASC. PERSONAL PROPERTY COMMONWEALTH OF PENNSYLVANIA INHERI7ANC£', TAX Rt:TURN RESIDENT bECEDENT ESTATE OF FILE NUMBER Granoff, John H 21-10-041 Include the proceeds of lif-~etion and the date the proceeds were received by the estate. Atl property jointly-owned with tM right of survivorship must be disclosed on schedule F Rev-1510 EX+ (6-t18) i7V~~~~~ INTER-VIVOS TRANSFERS & - MISC. NON-PROBATE PROPERTY COMMONWEALTH OF PENNSY4VANIA INFIERITANCE TAX RETURN RE810ENT DECEDENT ESTATE OF FILE NUMBER Gran4ff, John H _ 21-10-041 This schedule must be completed and filed ff the answer to any of questions 1 through 4 on the reverse aide of the REV-1500 COVER SHEET is yes. ITEM NUMBER DESCRIPTION OF PROPERTY mE D TE f'TRANSFERSATT~ACN A Cow O THOS D ED ~OREREEA~L EsTnTE. DATE OF DEATH VALUE OF ASSET ~ of oECO's I~EREST EXCLUSION (IF APPUCABIE) TAXABLE VALUE 1 Revocable Intsr Vivos Trust Agreement - of John H. 857,586.12 857,586.12 Granoff dated May 23, 2001. A copy of the Trust is attached to this Return along with a copy of the Date of Death Valuation TOTAL (Also enter on Line 7, Recapitulation) i 857,586.12 (If more space is needed, additional pages of the same size} Copyright (c) 2002 form software only The Lacknef Group, Inc. Form PA-1500 Schedule G (Rev. 6-98) REV-1181 EX+ (10-06) CaMAI~'~II~~~ANIA SCHEDULE H FUNERAL EXPENSES & ADMINISTRATIVE COSTS --_-- ESTATE OF FILE NUMBER Granoff, John H 21-10-041 Debts of decedent must be reported on Schedule 1. ITEM DESCRIPTION AMOUNT A. FUNERAL EXPENSES: See continuation schedule(s) attached B. ADMINISTRATIVE COSTS: 1. Personal Representative's Commissions Name of Personal Representative(s) Street Address City State Zio Yearlsl Commission paid 2. Attomev's Fees JOHNSON DUFFIE 3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation) Claimant Street Address City State Zio Relationshio of Claimant to Decedent 4. I Probate Fees 2,750.00 10, 000.00 5. Accountant's Fees 6. Tax Return Preparer's Fees 7. Other Administrative Costs 75.00 See continuation schedule(s) attached TOTAL (Also enter on line 9, Recapitulation) 12,825.00 Copyright (c) 2009 form software only The Lackner Group, Inc. Form PA-1500 Schedule H (Rev. 10-06) SCt~~~t~L.S H FUNERAL EXPENSES AND ADMINISTRATIVE COSTS continued ESTATE OF FILE NUMBER Granoff, John H 21-10-041 ITEM NUMBER DESCRIPTION AMOUNT Funeral ExQgp$g~ 1 Funeral Expenses H-A Other Adrn>tnistrative Costs 2 Cumberland County Register of Wills Office -Filing Fees for Inheritance Tax Return and Inventory 3 Cumberland County Register of Wills Office -Probate Fees on Assets H-67 2,750.00 2,750.00 30.00 45.00 75.00 Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule H (Rev. 6-98) SCHEQU~.E J cor~~~€~~~:Ni'i'"'A"'~ BENEFICIARIES ESTATE OF FILE NUMBER Granoff, John H 21-10-041 NAME AND ADDRESS OF RELATIONSHIP TO DECEDENT SHARE OF ESTATE AMOUNT OF ESTATE NUMBER PERSON(S) RECEIVING PROPERTY (Words) ($$$) j TAXABLE DISTRIBUTIONS [include outright spousal • distributions, and transfers under Sec. 9116 a 1.2 1 Jon Stephen Granoff Son Remainder 233 North 24th Street Interest in Trust Camp H111, PA 17011 2 Ruth Grartoff Spouse Life Estate 850 Wynnewood Road Interest In Trust; Camp HIII', PA 17011 ~ Personal Property Total Enter dollar aunts far distributions shown above on lines 15 throu h 18 an Rev 15 00 cover sheet as a ro riate. NON-TAXABLE DISTRIBUTIONS: II. A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS TOTAL t?F PART I) -ENTER TOTAL NQN-TAXABLE DISTRIBUTIONS ON t.tNE 13 VF KEY-~ ~v c:vvtrc 5ntt ~ ~ Copyright (c) 2009 form software only The Lackner Group, Inc. Form PA•i500 Schedule J (Rev. 11-08) REV•1514 EX+ (4-09) S~~~D~~ Pennsylvania DEPARTMENT OF REVEKUE LIFE' ESTATE, ANNUITY Bureau of Individual Taxes & TERM CERTAIN PO Box z8o6os Harrisburg PA i~iz8-oboe (CHECK BOX q, ON REV-s5oo COVER SHEET) ESTATE OF FILE NUMBER GRANOFF. JOHN H. 21-2010-41 This schedule should be used for all single-life, joint or successive life estate and term-certain calculations. For dates of death prior to 5-1-89, actuarial factors for single-life calculations can be obtained from the Department of Revenue. Actuarial factors can be found in IR5 Publication 1457, Actuarial Values, Alpha Volume for dates of death from 5-i-89 to 4-30-99, and in Aieph Volume for dates of death from 5-1-99 and thereafter. Indicate below the type of instrument that created the future interest and attach a copy of it to the tax return. X31 Will ^ Intervivos Deed of Trust ^ .Other .: NI1ME 01= LIRE TEi~Ai~'~" " DATE OF 1filitTH ~~ ~ AT DJI'#'E OF DEATH TERM ~ YLA~lS LIFE ESTATE I5 PAYABLB RUTH GRANOFF 01/07/1926 84 ~ Life or ^ Term of Years D Life or ^ 7erm of Years ^ Life or ^ Term of Years ^ Life or ^ Term of Years ^ Life or ^ Term of Years 1. Value of fund from which life estate is payable .........................................$ 857,586.12 2. Actuarial factor per appropriate table ................................................ 0.17983 Interest table rate - ^ 3.5°!0. ^ 6% ^ 10°!0 (Variable Rate 3.2 3. Value of life estate (Line i n~ultipiied by Line 2) ....................................$ 154.219.71 ,,. .. .. NAME 0(F LICE A~'i1t+lUITANT DATE OF SIitTH .. ~ ~ ~'~' DATE OF HEATH ~ "'T~I~M-OF YEdi~ ANNUITY IS PAYABLE ^ Life or ^ Term of Years ^ Life or ^ Term of Years ^ Life or ^ Term of Years ^ Life or ^ Term of Years 1. Value of fund from which annuity is payable ...........................................$ 2. Check appropriate .block below and enter corresponding number ................ . Frequency of payout - ^ Weekly (52) ^ Bi-weekly (26) ^ Monthly (12) ^ Quarterly (4) OSemi-annually (2) ^ Annually (1) D Other ( ) 3. Amount of payout per period ........................................................$ 4. Aggregate annual payment, Line 2 multiplied by Line 3 .................................. . 5. Annuity Factor (see instructions) Interest table rate - C1 3.5% ^ 6% ^ 10% ^ Variable Rate 6. Adjustment Factor (See instructions.) ................................................ . 7. Value of annuity - If using 3.5, 6, or 10%; or if variable rate and period payout is at end of period, calculation is Line 4 x Line 5 x Line 6 ...........................$ If using variable rate and period payout is ~at beginning of period, calculation is (Line 4 x Line 5 x Line 6) + Line 3 ...............................................$ NOTE: The values of the funds that create the above future interests must be reported as part of the estate assets on Schedules A through G of the tax return. The resulting life or annuity interest should be'reported at the appropriate tax rate on Lines 13 and 15 through 18 of the return. If more space is needed, use additional sheets of the same size. REV-1649 EX+ (6-98) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX. RETURN RESIDENT DECEDENT scwr~ou~E o ELECTION UNDER SEC.9113~A~ (SPOUSAL DISTRIBUTIONS) ESTATE OF FlLE NUMBER GRANC?FF, John H. 21-10-041 Do not complete this schedule unless the esbte Is msking the election to tax assets under Section 9113(A) of the Inheritance d~ Estate Tax Act. If the election applies to more than one trust or similar arrangement, a separate form must be filed for each trust. This election applies to the ,,}c~hn H Grannff F3yn~iTn~ct Trust (marital, residual A, B, By-pass, Unified Credit, etc.). If a trust or similar arrangement meets the requirements of Section 9113(A), and: The trust or similar arrangement is listed on Schedule 0, and b. The value of the trust or similar arrangement is entered in whole or in part as an asset on Schedule 0, then the transferors personal representative may specifically identity the trust (all or a fractional portion or percentage) to be included in the election to have such trust or sim- ilarproperty treated as a taxable transfer in this estate. if less than the entire value of the trust or similar property is included as a taxable transfer on Schedule 0, the personal representative shall be considered to have made the election only as to a fraction of the trust or similar arrangement. The numerator of this fraction is aqua{ to the amount of the trust or similar arrangement included as a taxable asset on Schedule 0. The denominator is equal to the total value of the trust or similar arrangement. Part A: Enter the description and value of all interests, both taxable and non-taxable, regardless of location, which pass to the decedent's surviving spouse under a Section 9113(A) trust or similar arrangement. Description Value Trust B (Bypass Trust) under Revocable Inter Vivos Trust Agreement of John H. Granoff dated May 23, 2001 857,586.12 Part A Total ~ $ 857, 586.12 Part B: Enter the description and value of ail interests included in Part A for which the Section 9113(A) election to tax is being made. (If more space is needed, insert additional sheets of the same size) ESTATE OF JOHN H. GRA11~C)FF SCHEI) ULE F E~IIBITS EXHIBIT A EXHIBIT B EXHIBIT C EXHIBIT D EXHIBIT E Last Will and Testament for John H. Granoff signed and dated May 23, 2001 EstateVal Valuation for Prudential Stock Kelly Blue Book Valuation fora 1990 Cadillac De Ville. A 1987 valuation could not be acquired Revocable Inter Vivos Trust Agreement of John H. Granoff signed and dated May 23, 2001 Valuation of Trust Assets as of Date of Death provided by Kuntz Lesher & Capital LLC • 406321 ` p• O. BOX 1268- HARRISBURG~ PENNSYL"~gNIA 17108-1268 LAST WILL AND TESTAMENT of JOHN H. GRANOFF I, JOHNH. GRANOFF, now of Camp Hill, Cumberland County, Pennsylvania, being of sound and disposing mind, do hereby make, publish, and declare this to be my Last Will and Testament, hereby revoking and making null and void all prior Wills and Codicils-made by me at any time heretofore. ITEM I. I direct that all my legally valid debts, funeral and administrative expenses, and debts incurred or payable because of my death, shall be paid by my Trustee, hereinafter named, first, from the assets of my Inter Vivos Trust, as referenced in Item V hereof and more fully set forth in such Trust Agreement (described and defined below), if sufficient, but, if not, then firom the assets passing hereunder, as soon after my death as practicable. All death taxes, including federal, state, and other death taxes, with respect to the property forming my gross estate for tax purposes, whether or not passing under this Will, including any interest or penalty imposed thereon, shall be considered an expense of administration of my estate, without apportionment or right of reimbursement. Taxes on future interests may be prepaid. ITEM II. I acknowledge that, as of this time, the home in which I reside with my wife, RUTH A. GRA.NOFF (my "Wife") is titled between us in a tenancy by the entirety, so that °,{ ._ ~ ~..~. it, and all personal property therein not otherwise identified as owned solely by me, shall not pass under this Will, but shall pass by operation of law in the event that I predecease her. ITEM III. I give and bequeath certain items of tangible personal property that are solely owned by me at the time of my death .and that are identified in any separate writing directing distribution thereof after my death which is dated and is signed by me at the end thereof, to those persons designated in such separate writing who survive me. If any item of tangible personal property is identified in more than one separate writing, I direct that, unless stated to the contrary, the separate writing bearing the last date shall govern the disposition of such item. ITEM IV. I give and bequeath all my household and personal effects, jewelry, automobiles, and other tangible personalty of like nature not effectively disposed of by any separate writing referred to above and that are solely owned by me at the time of my death, to my Wife, RUTH A. GRANOFF, if she survives me. If my Wife does not survive me, I then make said bequest outright to my son, JON STEPHEN GRANOFF (my "Son"); Provided, however, that if my Son does not so survive me, then I make such bequest outright to my grandson, MARK GRANOFF (my "Grandson"), but if neither my Son, nor my Grandson so survive me, but leave descendants who so survive me, such descendants shall receive, per stirpes, the share such deceased beneficiary would have received had he so survived me. Such property shall be divided by said beneficiaries as they shall agree. As to those items upon which they shall not. agree, distribution or 2 disposition thereof (whether in kind or in cash from the proceeds thereof] shall be determined in the sole discretion of my Executor, whose decisions shall be final. ITEM V. I give, devise, and bequeath all of the residue of my estate, whether real, personal, or mixed, and wherever- situate, including any. property subject to any power of appointment which I may now have or hereafter acquire, to my Trustees, namely, JON STEPHEN GRANOFF and MARK GRANOFF, IN TRUTH NEVERTHELESS, to be held, administered, governed, and distributed under the terms and conditions of that certain Trust Agreement executed on this date, as it may be superseded or amended. by such other trust agreement or amendment as I might make now or hereafter from time to time in replacement of amendment thereof. ITEM VI. The .interest of beneficiaries hereunder .shall not be subject to anticipation or to voluntary or involuntary alienation. ITEM VII. I hereby appoint my Wife, RUTH A. GRANOFF, and my Son, JON STEPHEN GRANOFF, or the survivor of them, to serve as the executor (the "Executor"), of this, , my Last Will and Testament. In the event that both of them refuse or are unable to so serve, I then nominate and appoint my Grandson, MARK GRANOFF, to serve in such capacity as substitute Executor. In the event of the refusal or inability of all named persons to serve, I then grant to the person last so nominated and capable of serving the right and power,- exercisable in his exclusive discretion, to nominate and appoint, whether in advance while competent, or at the time of a 3 . ,. renunciation or resignation, a person or persons to serve as such Executor, which nomination shall be honored as if I had made such an appointment in this Will. ITEM VIII. I direct that my Executor shall not be required to give bond or post any other security for the faithful performance of duties in any jurisdiction. ITEM IX. Any person, other than my Wife, who shall have died at the same time as me, or in a common disaster with me, or under such circumstances that it is difficult or impossible to determine who died first, shall be deemed to have predeceased me. ITEM X. My Executor shall have the following powers in addition to those invested by law and by other provisions of my Will applicable to all property, whether principal of income, exercisable without Court approval, and .effective until distribution of all property: A. To retain any investments I may have at my death so long as my Executor may deem it advisable to my Estate so to do. B. To vary investments, when deemed desirable by my Executor, and to invest in such bonds, common trust funds, stocks, notes, real estate mortgages, or other securities. or in such other property, real or personal, as my Executor deems wise, without being restricted to so-called "legal investments". 4 r ssr- ;g v ~,•M ~~ C. In order to effect a division of the principal of my Estate or for any other purpose,. including any final distribution, my Executor is authorized to make said divisions or distributions of the personalty and realty partly or wholly in kind. If such division or distribution is made in kind, said assets are required to be divided or distributed at their respective values on the date or dates of their division or distribution. D. To sell either at public or private sale and upon such terms and conditions as my Executor may deem advantageous to my Estate, any or all real or personal estate or interests therein owned by my Estate severally or in conjunction with other persons or acquired after my death by my Executor, 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 inquiry into the validity of said sale or sales; also, to make, execute, acknowledge, and deliver any and all deeds, assignments, options, or other writings which may be necessary or desirable, in carrying out any of the powers conferred upon my Executor in this paragraph or elsewhere in my Will. E. To mortgage real estate, and to make leases of real estate for any period of time as is deemed reasonable by them. 5 }, F. To borrow money from any party to pay indebtedness of mine, or of my Estate, expenses of administration, or inheritance, legacy, estate or other taxes. G. To~pay all costs, taxes, expenses, and charges in connection with the administration of my Estate. My Executor shall pay expenses of my last illness and funeral expenses. H. To vote any shares of stock which form a part of my Estate, and to otherwise exercise all the powers incident to the ownership of such stock. r~ ~~ I. To compromise claims and to abandon any property which, in my Executor's opinion, is of little or no value. IN WITNESS WHEREOF, I have hereunto set my hand and seal to this, my Last Will and Testament, consisting of six (6) typewritten pages, this ~~ ~ day of May, 2001. . - ~ ~~ ~ ~ ~ U'OHN H. GRA FF 6 ;` ~ . ?. ,: ~~ b~. We, the undersigned, hereby certify that the foregoing Will was signed, sealed, published and declared by the above-named Testator, JOHN H. GRANOFF, as and for his Last Will and Testament, in the presence of us; who at his request and in his presence and in the presence of each other, have hereunto set our hands and seals the day and year above written, and we certify that at the time of the execution thereof, the said Testator was of sound and disposing mind and memory. ,cri~..L ,G.~ residing at 7a 3 ~~ii~~ ,~/.c,,~'G ~°O. - .~/'~Co.~.._ residin at g (7~~/J. ._, ~~r We, JOHN H. GRANOFF, the Testator, .and ~ae.~h y~~~ Fsr~;c and /~J~= /L ~~,y4~' Sryo+~the witnesses, respectively, whose names are signed to the foregoing instrument, being first duly sworn, do hereby declare to the undersigned authority that the Testator signed and executed the instrument as his Last .Will and that he had signed willingly, and that he executed it as his free and voluntary act for the purposes therein expressed, and that each of the witnesses, in the presence and hearing of the Testator, signed the Will as witness and that to the best of his/her knowledge the Testator was at that time eighteen years of age or older, of sound mind-and under no constraint or undue influence. ~ r•, ~~,'1--~ . ~ wt OHN H. GRA. VOFF ness ~- -~~~~`~ fitness Subscribed, sworn to and acknowledged before me by the Testator, JOHN H. GRANOFF, and subscribed and sw ~ to before me by ~'ah ~cxc.n4 she-' and Ne.,1 1-~fer~e,~--~ho~ , witnesses, this ~_ day of May, 2001. m ~. N ary Public (SEAL) . Noraaul sEal (62 i s9. t) ItIMBERtY D. MILLER, NOTARY PUBLIC NARRtSBURG, OAUPFttN COUNTY MY COMMISSION EXPIRES AUG. 19, 2003 g -- ,~'~' r: ~- .~ ~. ..~ r d ~ ~ ~ ~ W W ~ ~ ° H t+ ~ o ~ ~ N o M a~ k y x N N -" Ul N n x ~ ~ ~ ~ y ~ y ~ ~- i N ~' ~ x n ~~ ~~ 0 r• ~--, ..- Estate Valuation Date of Death: 10/17/2009 Valuation Date: 10/17/2009 Processing Date: 07/06/2010 Shares Security or Par Description 1) 102 PRUDENTIAL FINL INC (744320102) COM New York Stock Exchange 10/16/2009 10/19/2009 Total Value: Total Accrual: Total: $5,262.38 Estate of: Granoff, John Estate Account: 15339-1 Report Type: Date of Death Number of Securities: 1 File ID: granoff Mean and/or Div and Int Security High/Ask Low/Bid Adjustments Accruals Value 52.06000 50.68000 H/L 52.48790 51.14000 H/L 51.591975 5,262.38 $0.00 =-~---•-- 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 7.1.1) 1990 Cadillac DeVille -Private Party Pricing Report -Kelley Blue Book ~IE~~us~o ~ievuxc~ advertisement 1990 Cad`i~lac ~eVille Sedan 4D BI.I~E 8001t~ PRI~AT PARTY YAltf Condition Value Excellent $1,975 ........................................................................ Good $1,800 (Selected) ...................................................................... Fair $1,300 Vehicle Highlights Mileage: 96,000 Engina: Via, 4.5 Liter Transmission: Automatic Drivetrain: FWD Selected Equipnhent Standard Air Conditioning Power Door Locks Cassette .Power Steering Cruise Control Power Seat Power Windows AM/FM Stereo Steel Wheels Blue Book Prilvate Party Value Kelley Blue Book Private Party Value is the amount a buyer can expect to pay when buying a used car from a private party. The Private Party Value assumes the vehicle is sold "As Is" and carries no warranty (other than any remaining factory warranty). The final sale price may vary depending on the vehicle's actual condition and local market conditions. This vaiwe may also be used to derive Fair Market Value for insurance and vehicle donation purposes.. . Vehicle Condition Ratings Excellent ~ ~ $1,975 • Looks new, is in excellent mechanical condition and needs no recondikioning. • Never had any paint or body work and is free of rust. • Clean tilde history and will pass a smog and safety inspection. • Engine compartment is clean, with no fluid leaks and is free of any wear or visible defects. • Complete and verifiable service records. Less than 5% of all used vehicles fall into this category. GQOd (Selected) ~a w;, • Free of any major defects. $1,800 Page 1 of 2 Send to Printer z~dvertisement New and improved Used Car listings, You just might find a deal that's too goad to pass up. .~ ~. ,~ r. Close Window http://www. kbb.com/kbb/UsedCars/PricingReport. aspx?WebCategoryId=2540&Yearld=19... 7/6/2010 1990 Cadillac DeVille -Private Party Pricing Report -Kelley Blue Book Page 2 of 2 • Clean title history, the paints, body, and interior have only minor (if any) blemishes, and there are no major mechanical problems. • Little or no rust on this vehicle. • Tires match and have substantial tread wear left. • A "good" vehicle will need some reconditioning to be sold at retail. Most consumer owned vehicles fall into this category. Fair °~ ~ r $1,3fJ0 • Some mechanical or cosmetic defects and needs servicing but is still in reasonable running condition. • Clean title history, the paint, body and/or interior need work performed by a professional. • Tires may need to be replaced. • There may be some repairable rust damage. Poor • Severe mechanical and/or cosmetic defects and is in poor running condition. • May have problems that cannot be readily fixed such as a damaged frame or crusted-through body. • Branded title (salvage, flood, etc.) or unsubstantiated mileage. Kelley Blue Book does not attempt to report a value on a "poor" vehicle because the value of these vehicles varies greatly. A vehicle in poor condition may require an independent appraisal to determine its value. * Pennsylvania 7/6/2010 http://www.kbb.com/kbblLJsedCars/PricingReport.aspx?WebCategoryId=2540&Yearld=19... 7/6/2010 ~ ~ 1 REVOCABLE INTER VTVOS TRUST AGREEI~IENT OF JOHN H. GRANOFF TffiS REVOCABLE INTER ~IVOS TRUST AGREEMENT (this "Agreement", or the "Trust Agreement") is made as of this 23'~ day of May, 2001, by and between JOHNH. GRANOFF, an adult individual now of Camp Hill, Cumberland County, Pennsylvania (the "Settlor"), and JON STEPHEN GRANOFF and JOHN H. GR~4NOFF, both adult individuals, as co-trustees (collectively, the "Trustee"), of the "John H. Granoff Revocable Inter Vivos TrusP' (the "Trust"). Provisions 1. Trust property; Trust Agreement. The Settlor heretofore transfers and delivers to the Trustee certain assets, which are presently represented by the listing set forth in Schedule "A" attached hereto, to hold the same, as well as any cash, securities, or other property that- the Trustee may receive at any time pursuant . to the provisions of this Trust Agreement and thereafter hold or acquire (collectively, the "Trust Estate"), for the uses and purposes and upon the terms and conditions set forth in this Trust Agreement. r , 2. Dispositive Provisions During Life o, f Settlor. During the life of the Settlor, the Trustee shall hold, manage, invest, and reinvest the Trust Estate, shall collect the income therefrom, and shall dispose of the net income and principal as follows A. The Trustee shall pay to the Settlor so much of the net income of the Trust Estate as the Settlor may request, but at least in quarterly installments. At the direction of the Settlor, the Trustee may distribute net income more frequently, or may retain and accumulate some or all of the net income. B. The Settlor retains the right to direct the Trustee how and when to invest or maintain the assets of the Trust Estate; Provided. however, that the Trustee is relieved of any liability for the consequences of an investment decision or transaction directed by the Settlor. C. During the 5ettlor's lifetime, if the Settlor is incompetent or is unable, for any other reason, to act in his own behalf, the Trustee may, in the Trustee's absolute discretion, after consultation with any agent heretofore or hereafter named by the Settlor under a power of attorney, pay to or apply for the benefit of the Settlor, in addition to the payments of net income provided for him, such amounts from. the principal of the Trust Estate, up to the whole of the Trust Estate, as the Trustee may. from time to time deem necessary or advisable for the Settlor's use and benefit. D. If the Settlor is incompetent or is unable to so act for himself, the Trustee is also authorized, in its sole and absolute discretion, after consultation with any agent 2 r heretofore or hereafter named by the Settlor and also by the Settlor's wife, RUTH A. GRANOFF (the "Wife"), to pay to or apply for the benefit of the Settlor's Wife, in addition to the payments provided for the Settlor, such amounts from the income or principal of the Trust Estate, up to the whole of the Trust Estate, as the Trustee may from time to time deem necessary or advisable for the Wife's use and benefit, after taking into consideration here other available sources of income and resources, including any governmental benefits available to her. 3. Dispositive Provisions Upon Death of Settlor if Spouse Survives. Upon the death of the Settlor, if he is survived by his Wife, RUTH A. GRANOFF the Trustee shall divide the Trust Estate into two separate trusts; to be known as Trust "A" (also to be known as the "Marital Trust"), and Trust "B" (also to be known as the "Bypass Trust"), to be funded and administered as follows: Trust "A" -The Marital Trust A. Trust A shall be funded in an amount equal to the least amount (based upon values as finally determined for federal estate tax purposes) which, by use of the federal estate tax unlimited marital deduction, will reduce the Federal Estate Tax payable because of the Settlor's death to a minimum after taking into account all other deductions allowed. on my Federal Estate Tax Return and all credits against the Federal Estate Tax, including the unified credit and the' state death tax credit; provided that the state death tax credit shall not be taken into account to the extent that it would increase state death taxes. Trust A shall be further administered for the benefit of the Settlor's Wife, RUTH A. GRANOFF, as follows: 3 (1) If the marital deduction, or any similar benefit, is allowable with respect to any property, including property held by entireties, which the Settlor's Wife has received prior to the Settlor's death, or at the Settlor's death will receive otherwise than pursuant to this Section 3. A., the value of such property shall be taken into consideration in calculating the size of the gift under this Section 3. A. (2) No property ineligible for the marital deduction, or any similar benefit, shall be distributed to this bequest for the Settlor's Wife, pursuant to this Section 3. A. (3) Either cash or investments or both maybe allocated to this bequest under this Section 3. A. (4) Any assets distributed in kind shall be valued at the lower of (i) its fair market value at the time of distribution, or (ii) its value as finally determined for Federal Estate Tax purposes (or, if it is acquired after the Settlor's death, its adjusted basis for income tax purposes). Subject to the foregoing, the Trustee shall have absolute discretion in selecting the property to be allocated to this Trust, without any duty to make a ratable apportionment of appreciation and depreciation. (5) The Settlor's Wife shall be paid the entire income from the principal in such periodic installments as the Trustee shall find convenient, but at least as often as quarter-annually. 4 (6) The Settlor's Wife is hereby given a power to appoint by will to her estate or to others, in such manner and for such estates as he may appoint, exercisable only by specific reference by him alone and in all events over the principal of this trust. (7) As much of the principal of the trust as the Trustee may, from time to time, think advisable for the support of the Settlor's Wife or for expenses during illness or emergency shall either be paid to him or .else applied directly for her benefit by the Trustee. (8) In addition to the above provisions, the Settlor's Wife shall have the power to withdraw such amounts from principal as he shall desire fiom time to time, including the entire exhaustion of principal. . (9) If the Settlor's Wife shall fail, either wholly or in part, to exercise effectively the power of .appointment created in the preceding subsection, the unappointed principal shall be added to, and thereafter treated as part of, the principal of Trust B created hereunder; Provided, that the Trustee shall first deduct and pay to the personal representative of the Settlor's Wife's estate an amount equal to the increase in federal and state death taxes and any increased administration expenses which her estate will have to pay because of the inclusion of the principal of this Trust in her estate for tax or administrative purposes. 5 (10) If any provision of this Trust Agreement shall result in depriving the Settlor's estate of the marital deduction for federal estate tax purposes, such provision is hereby revoked and this Trust Agreement shall be read as if any portion thereof inconsistent with allowance of the marital deduction for federal estate tax purposes is null and void. Trust "B" -The Bypass Trust B. Trust B shall be funded in an amount equal to the balance of the Trust Estate remaining after deducting the amount allocated to Trust A. In allocating the Trust Estate between Trust A and Trust B, the Trustee shall first allot to Trust A the more liquid and saleable assets of the Trust Estate. If any asset of the Trust Estate cannot qualify for the marital deduction under the federal estate tax law, such asset shall be allotted to Trust B, and Trust A shall be reduced in amount to the extent that it cannot be composed of qualifying assets. Trust B shall be further administered as follows: (1) The Trustee shall pay the net income to the Settlor's Wife, RUTH A. GRANOFF, during her lifetime, in such periodic installments as the Trustee shall find convenient, but at least quarter-annually.. (2) If the income so payable to the Settlor's Wife shall, at any time, exceed the amount which the Trustee deems to be in her best interests (considering her other income and means of support known to the Trustee, including the income from her other 6 solely-owned assets, the desirability of augmenting her separate estate, and any other circumstances and factors deemed pertinent), the Trustee may accumulate the same and add it to principal, as the Trustee deems advisable. (3) The Trustee may also pay as much of the principal of the Trust B as the Trustee deems necessary or advisable, from time to time, for the support and maintenance of the Settlor's Wife at such times as the Trustee deems best, after considering her needs, her other income and means of support known to the Trustee, including the income from her other solely-owned assets, the desirability of augmenting her separate estate, and any other circumstances and factors deemed pertinent. (4) During illness or emergency, the Trustee may either pay a distribution to the Settlor's Wife or may make a distribution for her benefit. (5) Upon the death of the Settlor's Wife, the assets remaining in the Bypass Trust shall be distributed by the Trustee pursuant to such of the Settlor's descendants and their spouses, in such manner and shares, for such estates, or upon such trusts as the Settlor's Wife may appoint in her last Will by specific reference to this limited power; Provided, however, that any interest so appointed to the spouse of a descendant of Settlor shall not exceed an income interest for life. As to arty assets remaining in the Bypass 7 Trust that are not effectively so appointed, such assets shall be distributed pursuant to Section 4. hereof. 4. Dispositive Provisions After Deaths of Settlor and TYife. Upon the death of the Settlar if the Wife has predeceased her, or upon the death of the Wife after the death of the Settlor, then the remaining Trust Estate, that is, the corpus of Trust B if the Wife has failed or declined to exercise the special power of appointment vested in the Wife, and also the corpus of Trust A if the Wife has failed or declined to exercise the general power of appointment vested in the Wife, shall be distributed as follows: A. To the extent that the Trust Estate consists of any household furnishings, personal effects, crystal, jewelry, automobiles, or other tangible personalty of like nature, such tangible personal property shall be distributed outright to the Settlor's Son, JON STEPHEN GRANOFF (the "Son"), if then- living, but, if not; then to the Settlor's grandson, MARK GRANOFF (the "Grandson"), but if neither the Settlor's Son, nor his Grandson, are so then-living, but leave descendants who are then-living, such descendants shall receive, per stirpes, the share such deceased beneficiary would have received ifthen-living. B. Theresidue of the Trust Estate shall be distributed outright to the Settlor's Son, JON STEPHEN GRANOFF, ifthen-living, but, if not, then to the Settlor's Grandson, MARK GRANOFF, but if neither the Settlor's Son, .nor his Grandson, are so then-living, but leave descendants who are then-living, such descendants shall receive, per stirpes, the share such deceased beneficiary would have received ifthen-living. 8 C. The Settlor expresses a strong conviction, desire, and expectation that any assets received outright from time to time by any beneficiary hereunder, including Jon Stephen Granoff or Mark Granofl; or by any of the children or grandchildren of them, should be retained by them in their sole names, and not be retitled or commingled into the joint names of such a beneficiary and any other person, including a spouse. The Settlor empowers and directs the Trustee to take into consideration, while contemplating any discretionary distributions of principal or interest, whether this desire and expectation of the Settlor is being honored by a particular beneficiary. If it is not, then the Trustee may limit further discretionary distributions to any one particular beneficiary until compliance is attained. D. If there exists, under documents executed by the Settlor's Wife, a separate but identical trust to one established hereunder for the same beneficiary, then distributions hereunder may be made to that existing other trust for such beneficiary for purposes of economy and efficiency. E. If at any time no beneficiary or substituted beneficiary shall be available to take. hereunder, then the remaining assets of the trusts created hereunder shall be distributable to the GREATER HARRI5BURG FOUNDATION, in a fund to be designated as the "JOHNH. AND RUTH~1. GRANOFF C01~1MUNITYACTION FUND". Such Fund shall be retained and used, in the discretion of the Foundation, as~advised by a community advisory board to be constituted by the Foundation, for the purpose of worthwhile community activities in the Grreater Harrisburg Area. 9 5. Rule Against Perpetuities. Notwithstanding anything herein to the contrary, no• trust created by this Agreement shall continue for more than twenty-one (21) years after the death of the last survivor of the Settlor or of those descendants of the Settlor who are in being at the date of the death of the Settlor. If, at the expiration of this period, any property is still held in trust, that property shall immediately be distributed among the persons then receiving or entitled to have the benefit of the income in the same proportions in which they are receiving or entitled to have the benefit of the income. 6. Trustees' Powers. Without regard to any legal restrictions otherwise applicable to trustees, a Trustee is empowered in their sold and absolute discretion, to exercise the following discretionary powers as well as any other powers conferred by law: A. To retain, whether originally a part of the Trust Estate or subsequently acquired, and to purchase or otherwise acquire and to retain, any property, whether or not the property is authorized for investment by law, or is unsecured, unproductive, or of a wasting nature, all without diversification as to kind and amount. B. To transfer, sell, exchange, partition, lease, mortgage, create a security interest in, pledge, give options upon, or otherwise dispose of any property at any time held by it, at public or private sale or otherwise, for cash or other consideration or on credit, and upon such terms and conditions, with or without security, and for such price, as it may determine. 10 C. To hold any part of the Trust Estate in cash or uninvested for any period deemed advisable. D. To extend, modify, or waive the terms of any bond and mortgage at any time forming part of the trust; to foreclose any .mortgage or take title to the property securing it by deed in lieu of foreclosure or otherwise; to protect or redeem any property from forfeiture for nonpayment of taxes or other liens; and generally to exercise as to the bond and mortgage or property all powers that an absolute owner might exercise. E. To exercise any, option, right, or privilege to convert bonds, notes, corporate shares, or other securities, or to subscribe for additional or other bonds, notes, corporate shares, or other securities; to make such conversions or subscriptions; to make payments therefor, and to advance or borrow money for the purpose of exercising any option, right, or privilege; and to hold as investments, bonds, notes, corporate shares, and other securities so acquired, notwithstanding that they are not of a character authorized for investments by law or by other provisions of this Trust Agreement. F. To vote any corporate shares held by it in person, through its designees, or by proxy, with or without power of substitution, and to execute authority or proxies to one or more designees or nominees. G. To borrow money for any trust purpose and.. to pledge all or part of the Trust Estate to secure the borrowing, without incurring any personal liability. 11 H. To pay, extend, renew, modify, or compromise, upon the terms as it may determine, and' upon such evidence as it may deem sufficient, any obligation or claim, including taxes, either in favor of or against the Trust Estate. I. To hold or register any securities or other property of the Trust Estate in the names of a nominee or in the form as to pass by delivery, with or without indicating the fiduciary character of such securities or other property. J. To hold any separate parts or shares of the Trust Estate wholly or partly in undivided form for convenience of investment and administration. K. To divide and distribute the Trust Estate in kind or in money, or partly in each, or by way of undivided interests, and for such purposes to value any property to be thus divided or distributed at fair market values at the date or dates of distribution. 7. Additional Trustees' Powers Regarding Generation-Skipping Tax My Trustee is empowered, with regard to federal generation skipping tax (GST), as follows: A. The Settlor authorizes the Trustee to allocate any amount of available GST exemption under Section 2631(a) of the Internal Revenue Code, as then in effect (the "Code"), to such property of which the Settlor is the transferor for the purposes of such tax, whether or not passing under this Trust Agreement, as my Trustee shall, in" my Trustee's absolute discretion, select, including property transferred by the Settlor during life, whether or not the Settlor. allocated any GST 12 exemption to such property, and without any duty to favor beneficiaries under this Trust over beneficiaries of property passing outside this Trust. B. Whenever the Trustee allocates any amount of the Settlor's GST exemption (within the meaning of Section 2631 of the Code) to property passing to a trust created under this Trust Agreement (including, but not limited to, a separate trust described in the next paragraph), the Settlor authorizes the Trustee to divide such. property into two fractional shares equal, respectively, to the applicable fraction and the inclusion ratio (within the meaning of Section 2642 (a) of the Code) that would result for such trust if said amount were allocated to such property without such division, and to allocate said exemption entirely to the share equal to said applicable fraction. Any such shares shall be held and administered by the Trustee as separate trusts with identical .terms. The purpose of this provision is to provide an inclusion ratio (within the meaning of Sec. 2642(a)(1) of the Code) of zero for the separate trust receiving the fractional share to which the allocation is made, and if that trust is a trust described in Sec. 2652 (a) (3) of the Code, to enable my Trustee to make the election described in that section with respect to it as a separate trust. C. Whenever two trusts hereunder are directed to be combined into a single trust (for example, because property of one trust is to be added to the other trust), if said trusts have different inclusion ratios with respect to any common transferor or have different transferors for generation skipping tax purposes, the Settlor authorizes the Trustee, instead of combining said trusts, to administer them as two separate trusts with identical terms in accordance with the provisions that would have governed the combined trusts. If anyone (for example, my Wife) adds property to a trust hereunder by gift or bequest after the death, the Settlor 13 authorizes the Trustee to hold the added property as a separate trust with terms identical to the trust to which it would have been added D. The Settlor authorizes the Trustee, at any time during the administration of any trust created hereunder to divide such trust into two fractional shares, which shall thereafter be administered as separate trusts with identical terms, whenever the Trustee determines that the division may help reduce GST or ease administrative problems resulting from GST. For example: a trust with different transferors may be divided into separate trusts corresponding to the separate trusts described in Section 2654 (b) (1) of the Code; a trust with an inclusion ratio between zero and one may be divided into separate trusts corresponding to the undivided trust's inclusion ratio and applicable fraction as defined in Section 2642 (a) of the Code; and any trust that will be included in the gross estate of the Settlor's Wife maybe divided in order to permit the Settlor's Wife, or her executor or trustee, to allocate some or all of the Wife's GST exemption to one of such separate trusts, and the size of the trusts maybe determined with reference to the GST exemption so allocated, so that one of such trusts has an inclusion ratio of zero with respect to the Wife as transferor. E. Separate trusts with identical terms created pursuant to such authorizations by the Settlor maybe invested in different ways, and the pattern of discretionary distributions in one trust need not be followed in another. If a fixed dollar amount (for example, an annuity payment or a power to withdraw a dollar amount such as $5,000) applies to a trust that becomes separate trusts pursuant to such authorizations, the dollar amount shall apply pro rata to each separate trust in proportion. to the initial fractional shares constituting the trusts. The Settlor authorizes the Trustee to hold separate trusts with identical terms in so~ido, and 14 the Settlor authorizes the Trustee to combine separate trusts with identical terms into a single trust at any time during the administration of the trusts: F. The Trustee shall have absolute discretion in determining whether to take or not to take an action that is authorized, but not directed, by this authorizations. The~Trustee is authorized to disclaim, renounce, or relinquish any one or more powers given them under this Section, generally or as applied to a particular trust, and any such action shall be binding on any successor to the Trustee. G. No party in interest to the transfer of any such property shall have any claim against the Trustee or the Trust Estate or any claim for equitable reimbursement or any other cause. 8. Power of Amendment and Revocation. A. The Settlor reserves the right to amend, modify, or revoke this Trust Agreement and the resulting Trust, in whole or in part, at any time, by notice in writing, delivered to the Trustee. Any such amendment, modification, or revocation shall be effective immediately upon delivery to the Trustee, except that changes with respect to the Trustee's duties, liabilities, or compensation shall not be effective without its consent. B. The Settlor also may name a replacement or successor trustee at any time by notice in writing, which shall be effective thirty (30) days from the date of the receipt of such notice, unless otherwise agreed by the Trustee. 15 9. Additional Property. The Settlor reserves the right for himself or any other person to increase the Trust Estate by delivering property to the Trustee, or by having the proceeds of insurance policies made payable to the Trustee, or by bequest or devise by will. The Settlor will notify the Trustee in writing of any policies so made payable to it, or deliver such policies to the Trustee as custodians. The duties and liabilities of the Trustee shall under no circumstances be substantially increased except with its written consent. 10. Accounting by Trustee. The Trustee shall keep all the accounts and records of the trusts and, during the Settlor's lifetime, at least semiannually, shall render to the Settlor statements showing all receipts, disbursements, and investment transactions involving the Trust Estate. After the death of the Settlor, the Trustee shall render, at least annually, to each adult beneficiary then entitled to income under the terms of any trust, a statement showing in detail receipts, disbursements, and distributions of both principal and income of the Trust Estate so administered. 11. Compensation of Trustee. The Trustee shall be entitled to reasonable compensation, considering actual efforts and assumed responsibilities. 12. Spendthrift Clause. No interest of any beneficiary under any trusts, either in income or in principal, shall be subject to pledge, assignment, sale, or transfer in any manner, nor shall any beneficiary have the 16 power in any manner to anticipate, charge, or encumber his or her interest, either in income or principal, nor shall such interest of any beneficiary be liable or subject in any manner for the debts, contracts, liabilities, engagements, or torts of such beneficiary. 13 . Tax Payment. Upon the death of the Settlor, the Trustee shall pay all taxes that are properly charged against the Trust Estate by reason of the death of the Settlor (but not including any generation-skipping transfer tax for which a trust maybe liable as transferor under Section 2603(a)(3) of the Internal Revenue Code. If any executor, administrator, or other person acting in a fiduciary capacity shall have paid any estate, inheritance,. or succession tax upon or with respect to any or all of the Trust Estate required to be included in the gross estate of the Settlor, the Trustee shall reimburse that executor, administrator, or other person acting in a fiduciary capacity for the amount of those taxes. If the Wife of the Settlor shall survive the Settlor, all such estate, inheritance, and succession taxes properly charged against the Trust Estate shall be paid out of Trust B. I direct that any generation-skipping transfer tax for which the Trust Estate may otherwise be liable shall be paid from the property constituting such transfer. 14. Situs. This Trust Agreement shall take effect only upon the execution of this Agreement by both the Settlor and the Trustee, and it shall be governed and construed in all respects according to the laws of the Commonwealth of Pennsylvania. 17 15. Effect and Execution. This Trust Agreement shall take effect immediately upon execution hereof. The Trust shall continue to be administered hereunder, as the Trust Agreement. Execution IN WITNESS WHEREOF, the Settlor and the Trustee have executed and sealed this Revocable Inter Vivos Trust Agreement, constituting the "Trust Agreement", on the date set forth above. Witness: ~~~ SETTLOR: ~~ OHNH. GRA OFF ,, TRUSTEES: ,-.i ~~ ~1 H. GRANO F (62194.1 J NSTEPHEN RANOFF 1g COMMONWEALTH OF FENNSYLVANIA COUNTY OF DAUPHIN • r' G~ On this, the ~ day of May, 2001, before me, the undersigned, personally appeared JOHNH. QRANOFF, who acknowledged himself to be an adult individual who executed, as Settlor, the foregoing "Revocable Inter Vivos Trust Agreement" for the purposes therein contained. WITNESS my hand and seal the day and year aforesaid. ~.. ~ ,- Notary F blic (SEAL) [62194.1] NOTARIAL SEAL KIMBERLY 0. MIIIER, NOTARY PUBLIC HARRISBURG, DAUPHIN COUNTY MY COMMISSION EXPIRES AUG. 19, 2003 19 COMMONWEALTH OF PENNSYLVANIA COUNTY OF DAUPHIN • On this, them ay of May, 2001, before me, the undersigned officer, personally appeared JOHNI~. GRANOFF and JONSTEPHEN GRANOFF who acknowledged themselves to be adult individuals who executed,. as Trustees, the foregoing "Revocable Inter Vivos Trust Agreement" for the purposes therein contained. WYTNESS my hand and seal the day and year aforesaid. ,~. Notary ublic (SEAL} (62194. I ] NpjARU1l SEAL KIMBERLY D. MILLER, Tt4TARY PUBL~ HARRISBURG, DAUPHIN COUNTY MY COMMISSION EXPIRES AUG. 19, 2003 20 Sche~'ule "A" to REVOCABLE INTER VIVOS TRUST AGREEMENT OF JOHN H. GRANOFF STOCKS: Shares 150 200 125 300 200 125 100 150 200 262 200 300 150 300 300 CASH: Company AOL Time Warner Inc. Bel Fuse Inc-CL B Bristol Myers Squibb Co. Cisco Systems Inc. Computer Associates Intl Inc. Elan Corp PLC-ADR Eli Lilly & Co. Exxon Mobil Corp. First Union Corp. Fulton Financial Corp-PA General Electric Co. Inkine Pharmaceutical Co. Inc. Micron Technology Inc. Motorola Inc. Nortel Networks Corp Market Value $ 7834.50 5760.00 6780.00 5778.00 5672.00 7213.75 8470.00 13,312.50 6450.00 5234.76 9800.00 1341.00 5625.00 4410.00 3999.00 $162,810.47 Total as of 5/31 /2001 $260,490.98 ra a' o„~~ N ~ . to ~? 6. ~' ~, N ~ tIC~ l~ c~+'~ ~ ~ `'~ ~ N~~ ~~~.r'~ ~, "~7.Ltj1 r ~~•~~ w~, tom' d ~ a~ a a o ~ o p r o ~ a •~ ~- .^~ «.. ~. «» .« ... ,.. ,..«~ M ~~"!r ~. ~. w .« ... o~ N ~a~° ~.o=~c a Zr ~~ c~~n a-yc~ v aG va ~, ~ ~~- v W .w ry ~~ V'h'f .~+ Q r y ~.~~" r ~ r~ ua v ~~ ~ r ~ w r' w O a a r''/'` ;~~i ~~ ~N ~~~ ~~~ ~~~ ._.,~ ~::~ ~'~• ,~ JERRY R. DUFFIE RICHARD W. STEWART C. ROY WEIDNER, JR. EDMUND G. MYERS DAVID W. DELUGE JOHN A. STATLER JEFFERSON J. SHIPMAN JEFFREY B. RETTIG KEVIN E. OSBORNE RALPH H. WRIGHT, JR. MARK C. DUFFIE JOHN R. NINOSKY MICHAEL J. CASSIDY 1 DUsoE MELISSA PEEL GREEVY WADE D. MANLEY ELIZABETH D. SNOVER ANDREW P. DOLLMAN SARAH E. HOFFMAN OF COUNSEL HORACE A. JOHNSON F. LEE SHIPMAN (1965-2006) July 9, 2010 Re±~ister ~af~illl~ls Q Cumberiar~d County Courtha~se One Courttx~se Square Carlisle, PA 17013 RE: Estate of John H. Groff Date of Death: October 17, 2009 Your File No. 21-2010-0041 Our File No. 15339-2 Dear Register: As discussed, enckx~ed please find our check in the amount of X30.00 for the payment of the fil~g fee of $15.00 for the inheritance Tax Retum and X15.00 for the Inventory. Should you have any gw~stions, please do not hesitate to contact our ofl"ice. Thank you for your attention to this matter. Very buly ya~rs, OHNSON, DUF lE, TEWART ~ WEIDNER ~ ` Estate Administration Paralegal Enc. :~aosn~ ~• ~ ~. ~ ~~ = ~ ~ ~ z ~} ~ ~ ~ cv - ~ t a a ~ - ~ ~ ,C~3 , ~. ~. rte`' ~..r.> 301 MARKET STREET P.O. BOX 109 LEMOYNE, PENNSYLVANIA 17043-0109 WWW.JDSW.COM 717.761.4540 FAX: 717.761.3015 MAIL X83 JDSW.COM JOHNSON, DUFFIE, STEWART ~ WEIDNER, P.C.