HomeMy WebLinkAbout03-0138Register of Wills of Cumberland County, Pennsylvania
PETITION FOR GRANT OF LETTERS
Estate of RICHARD T. KERSHNER
also known as
Late of Upper Allen Township, Cumberland County, PA , Deceased
No.
Social Security No. 201-28-8724
Petitioner(s), who is/are 18 years of age or older, apply(ies) for:
(COMPLETE "A" OR "B" BELOW:)
A. Probate and Grant of Letters and aver that is/are the executrix named in
Petitioner(s)
the
Last
Will
of
the
Decedent, dated January 11,2000 and codicil(s) dated N/A
State relevant ~rcumstances, e.g., renunciation, death of executor, etc.
Except as follows, Decedent did not marry, was not divorced, and did not have a child born or adopted after execution of the documents offered for
probate; was not the victim of a killing and was never adjudicated incompetent:
[~ B. Grant of Letters of Administration
(c.t.a., d.b.n.c.t,a.: pendente lite; durante absentia; durante minorffate)
Petitioner(s) after a proper search has/have ascertained that Decedent left no Will and was survived by the following spouse (if
any) and heirs:
Name Relationship Residence
(COMPLETE IN ALL CASES:) Attach additional sheets if necessary.
Decedent was domiciled at death in Cumberland County, Pennsylvania, with his last family or principal
residence at 5 Andes Ddve, Upper Allen Township, Cumberland County, PA 17055
(list street, numl~r and municipality)
Decedent, then 65 years of age, died December 11,2002, at Harrisburg Hospital, Harrisburg, Dauphin County, PA
(Location)
Decedent at death owned property with estimated values as follows:
(If domiciled in PA) All personal property ............................................... $ 45,000.00
(If not domiciled in PA) Personal property in Pennsylvania ............................. $
(If not domiciled in PA) Personal property in County .................................. $
Value of real estate in Pennsylvania ........................................................... $
Total ........................................................................... $ 45,000.00
Real Estate situated as follows: NONE
Wherefore, Petitioner(s) respectfully request(s) the probate of the last Will and Codicil(s) presented with this Petition and the grant of letters in the
appropriate form to the undersigned:
Signature
Typed or printed name and residence
Annamae L. Kershner
5 Andes Drive, Mechanicsburg, PA 17055
Form RW-1 Page 1 of 2 (Dauphin County - Rev. 9/92)
Oath of Personal Representative
Commonwealth of Pennsylvania
County of Cumberland
The Petitioner(s) above-named swear(s) and affirm(s) that the statements in the foregoing Petition are true and
correct to the best of the knowledge and belief of Petitioner(s) and that, as personal representative(s) of the Decedent,
Petitioner(s) will well and truly administer the estate according to law.
Sworn to and affirmed and subscribed
before me this 13th day of
~eb.~_~
DECREE OF REGISTER
Estate of Richard T. Kershner
Deceased No. 21-2003-138
also known as
Social Security No: 201-28-8724
Date of Death: December 11,2002
AND NOW, Yebruary 14th ,2003, in consideration of the Petition on the reverse side
hereon, satisfactory proof having been presented before me,
IT IS DECREED that Letters · Testamentary [] of Administration
(c.t.a.; d.b.n.c,t; pendente lite; durante absentia; durante minoritate)
are hereby granted to Annamae L. Kershner
in the above eState and that the instrument(s), if any, dated January 11, 2000
described in the Petition be admitted to probate and filed of record as the last Wilt of Decedent.
FEES
Letters ...........................
$.80.00
Short Certificate(s) .... .5. ....
Renunciation .................. $
Affidavit ( ) ................. $
Extra Pages (7) ............ $ 2~.00
Codicil ..........................$
JCP Fee ........................ $ 10.00
Inventory & Tax Forms... $
Other ............................$
$.]_5.0o
Register of Wills I~onna,¢/~. Otto, 1st Deput7
TOTAL ................ $. 126.00 Telephone:
DATE FILED:
CALL AR~I~ORNEY JEFFREY A ERNICO ON 2-14-03
Form RW-1 Page 2 of 2 (Dauphin County - Rev. 9/92)
Attorney~-squire
I.D. No: 07981
Address: 3401 North Front Street, P.O. Box 5950
Harrisbur.q, PA 17110-0950
717-232-5000
February_ 14th; 2003
317928
21-2003-138
OF
RICHARD T. KERSHNER
I, RICHARD T. KERSHNER, of Cumberland County, Pennsylvania, being of
sound mind and disposing memory, though I realize the uncertainty of this life, I have full
confidence and trust in my Lord and Savior, Jesus Christ, in His death on the cross for
my sins and in His shed blood as an atonement for my soul; and I know by faith that
because of His sacrifice on the cross for me I have eternal life, do hereby make this Will,
hereby revoking all my former Wills and Codicils.
ITEM I: I direct that all inheritance and estate ta,xes
becoming due by reason of my death, whether payable by my estate or by any recipient
of any property, shall be paid by the Executor out of the residue of my estate, 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 residue of my estate as an expense and
cost of administration of my estate.
ITEM III: If I die before my wife, ANNAMAE L.
KERSHNER, I give to her 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. If I do not die before
my wife, I may leave a written list in my safe deposit box or elsewhere disposing of
Page i ~
certain items of my tangible personal property. The Executor shah dispose of items of
my personal property as specified in the written list. If no written list is found in my safe
deposit box or elsewhere and properly identified by the Executor within thirty (30) days
after the probate of my Will, it shah be presumed that there is no other statement or list.
Any subsequent discovered list shall be ignored. I give to my children, who survive me,
any tangible personal property not set forth in a written list, to be divided among them
as they shall agree. If my children are unable to agree, the Executor shall divide this
property among my children in as nearly equal portions as the Executor, in the sole
discretion of the Executor, deems practical, having due regard to the personal
preferences of my children.
ITEM IV: I give the residue of my estate, not disposed
of in the preceding portions of this Will, to my wife, ANNAMAE L. KERSHNER, my son,
THOMAS R. KERSHNER, and my daughter, LINDA K. SEROSKIE, as successor Co-
Trustees, IN TRUST, to be administered and distributed in accordance with the terms
of an Agreement of Trust executed by me as Trustee and by me as Grantor on the
day of ,2000. ! confirm and ratify this Agreement of Trust
as it may be amended from time to time in every respect.
ITEM V: The Executor shall possess the following
powers, exercisable without court approval and in a fiduciary capacity only:
(a) To retain any investments I have at my death, including
specifically those consisting of stock of any bank even if I have named that
bank as the Executor.
(b) To vary investments and to invest in bonds, stocks, notes, real
estate mortgages or other securities or in other property, real or personal,
Page 2
without being restricted to so-called "legal investments", and without being
limited by any statute or rule of law regarding investments by fiduciaries.
(c) In order to divide the principal of my estate or make
distributions, the Executor is authorized to distribute personal property
and real property partly or wholly in kind, and to allocate specific assets
among beneficiaries so long as the total market value of each share is not
affected by the division, distribution or allocation in kind. The Executor is
authorized to make, join in and consummate partitions of lands, voluntarily
or involuntarily, including giving of mutual deeds, or other obligations, with
as wide powers as an individual owner in fee simple.
(d) To sell either at public or private sale any or all real or
personal property severally or in conjunction with other persons, and to
consummate sale(s) by deed(s) or other instrument(s) to the purchaser(s),
conveying a fee simple title. No purchaser shall be obligated to see to the
application of the purchase money or to make inquiry into the validity of
any sale. The Executor is authorized to make, execute, acknowledge and
deliver deeds, assignments, options or other writings as necessary or
convenient to carry out the powers conferred upon the Executor.
(e) To mortgage real estate, and to make leases of real estate.
(f) To borrow money from any person, including the Executor, to
pay indebtedness of mine or of my estate, expenses of administration or
inheritance, legacy, estate and other taxes, and to assign and pledge assets
of my estate.
Page 3
(g) To pay all costs, taxes, expenses and charges in connection
with the administration of my estate.
(h) To make distributions of income and of principal to the proper
beneficiaries, during the administration of my estate, with or without court
order, in such manner and in such amounts as my Executor deems prudent
and appropriate.
(i) To vote shares of stock which form a part of my estate, and
to exercise all the powers incident to the ownership of stock.
(j) To unite with other owners of property similar to property in
my estate to carry out any plans for the reorganization of any company
whose securities form a part of my estate.
(k) To disclaim any interest in property which would devolve to
me or my estate by whatever means, including but not limited to the
following means: as beneficiary under a will, as an appointee under the
exercise of a power of appointment, as a person entitled to take by
intestacy, as a donee of an inter vivos transfer, and as a donee under a
third-party beneficiary contract.
(1) To prepare, execute and file tax returns of any type required
by applicable law, and to make all tax elections authorized by law.
(m) To allocate administrative expenses to income or to principal,
as the Executor deems appropriate. However, no allocation to income shall
Page 4
be made if the effect of the allocation is to cause a reduction in the amount
of any estate tax marital deduction or estate tax charitable deduction.
(n) To employ custodians of property, investment or business
advisors, accountants and attorneys as the Executor deems appropriate,
and to compensate these persons from assets of my estate, without
affecting the compensation to which the Executor is entitled.
(o) To do all other acts in the Executor's judgment deemed
necessary or desirable for the proper and advantageous management,
investment and distribution of the estate.
ITEM VI: I appoint mywife, ANNAMAE L. KERSHNER, to
be the Executor. In the event of her death, inability or refusal to serve, I appoint my son,
THOMAS R. KERSHNER, and my daughter, LINDA K. SEROSKIE, to be the Co-Executors.
The Executor and Co-Executors are specifically relieved from the obligation of filingbond or
entering security.
IN WITNESS WHEREOF, I have set my hand and seal to this, my Last Will
and Testament, consisting of this and the preceding four (4) pages, at the end of each
page of which I have also set my initials for greater security and better identification this
// dayof ~/~ ~ ~r~] ,2000.
RICHARD T. KERSHNER
Page 5
We, the undersigned, hereby certify that the foregoing Will was signed,
sealed, published and declared by the above-named Testator 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 first
above written, and we certify that at the time of the execution thereof, the said Testator
was of sound and disposing mind and memory.
,(~EAL) Residing at
~ /~~ (SEAL) Residingat ./~¢c/~o~;(:2~ f~
Page 6
ACKNOWLEDGMENT
COMMONWEALTH OF PENNSYLVANIA
)
) SS:
)
I, RICHARD T. KERSHNER, Testator, 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.
RICHARD T. KERSHNER
(SEAL)
Sworn to and s~ scribed before
me this /{ C~ay of
(~2~:~---~-x_.~ · ,2000.
Not aw ~bl~c
My Commission Expires:
(SEAL)
~otaria, Se~
Margaret L. Boyd, Notary Public
MySUSquehannacommission Twp., Dauphin~3~iin~ ICounly
Expires
Page 7
AFFIDAVIT
COMMONWEALTH OF PENNSYLVANIA
We,
)
) SS:
)
, 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 Testator, RICHARD T. KERSHNER, sign and execute
the instrument as his Last Will and Testament; that Testator signed willingly and that
he executed said Will as his free and voluntary act for the purposes therein expressed;
that each of us in the hearing and sight of the Testator signed the Will as Witnesses; and
that to the best of our knowledge the Testator was at that time eighteen (18) or more
years of age, of sound mind and under no constraint or undue influence.
Witness
Sworn to and,.sznbscribed before
me this ?~y of
~ ~ ' , _2000.
Notary PulJlic '
My Commission Expires:
(SEAL)
Notarial Sea~
Margaret L. Eoyd, Notary Public
Susquehanna Twp. Dauphin County
My Commission Exoires June 27, 2000
:208405 1
METTE, EVANS & WOODSIDE
ATTORNEYS AT LAW
HARRISBURG, PENNSYLVANIA 17110-0950
CERTIFICATION OF NOTICE UNDER RUI,E 5.6(a)
Name of Decedent: Richard T. Kershner
Date of Death: December 11, 2002
Will No. Admin. No. 21-2003-0138
To the Register:
I certify that notice of estate administration required by Rule 5.6(a) of the Orphans' Court
Rules was served on or mailed to the following beneficiaries of the above-ca~)tioned estate on
March 18, 2003 :
Name: Address:
Annamae L. Kershner
Thomas R. Kershner
Linda K. Seroskie
Richard T. Kershner Trust
5 Andes Drive, Mech~nicsburg, PA 17055
300 East High Street, Pleasant Hill, OH 45359
10 San Juan Drive~ Mechsnlcsburg, PA 17055
c/o Annamae L. Kershner, Co-Trustee, 5 Andes Drive,
Mechanicsburg, PA 17055
Notice has now been given
None
Date: March 18~ 2003
320689
to all persons entitled thereto under Rule 5.6(a) except:
Capacity:
Jeffrey A. Ernico, Esq., I.D. #07981
Name
3401 North Front Street, P.O. Box 5950
Harrisburg, PA 17110-0950
Address
(717) 232-5000
Telephone
Personal Representative
x Counsel for Personal
Representative
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
BUREAU OF INDIVIDUAL TAXES
DEPT. 280601
HARRISBURG, PA 17128-0601
RECEIVED FROM:
PENNSYLVANIA
INHERITANCE AND ESTATE TAX
OFFICIAL RECEIPT
NO.
REV-1162 EX(11-96)
CD 002965
ERNICO JEFFREY A
P O BOX 5950
HARRISBURG, PA 17110-0950
........ fold
ESTATE INFORMATION: SSN: 201-28-8724
FILE NUMBER: 2103-01 38
DECEDENT NAME: KERSHNER RICHARD T
DATE OF PAYMENT: 09/02/2003
POSTMARK DATE: 08/29/2003
COUNTY: CUMBERLAND
DATE OF DEATH: 1 2/11/2002
ACN
ASSESSMENT
CONTROL
NUMBER
AMOUNT
101 91,989.20
TOTAL AMOUNT PAID:
91,989.20
REMARKS: ANNAMAE LKERSHNER
C/O JEFFREY A ERNICO ESQUIRE
SEAL
CHECK# 1152
INITIALS: VZ
RECEIVED BY:
DONNA M. OTTO
DEPUTY REGISTER OF WILLS
REGISTER OF WILLS
~EX (6-OO)
COMMONWEALTH OF
PENNSYLVANIA
DEPARTMENT OF REVENUE
DEPT. 280601
HARRISBURG, Pa 17128-0601
REV-1500
INHERITANCE TAX RETURN
RESIDENT DECEDENT
FILE NUMBER
21
COUNTY CODE
OFFICIN- USE ONLY
-- 2003 0138
DECEDENTS NAME (LAST, FIRST, AND MIDDLE INITIAL) SOCIAL SECURITY NUMBER
~ Kershner, Richard T. 201-28-8724
Z
LU DATE OF DEATH (MM-OD-YEAR) } DATE OF BIRTH (MM-OD-YEAR) THIS ~ MUST BE FILED IN DIJPUCATE WITH THE
u.l 12/11/2002 ] 2/19/1937 REGISTER OF WILLS
ILl (IF APPLICABLE) SURVIVING SPOUSE'S NAME (LAST, FIRST, AND MIDDLE INITIAL) SOCIAL SECURITY NUMBER
Kersh~er, A.a~zamae L.
~ L~ 1. Original Return [ I 2. Supplemental Return
O ~"" ] I I 4. Limited Estate ~ 4a. Future Interest Compromise (date of death after 12-12-82)
UJ
3: OS I I-~--~
O ~"J I Lz3~ 6. Decedent Died Testate (Attach copy of Will) ~ 7. Decedent Maintained a Living Trust (Attach copyofTrust)
~]9. Litigation Proceeds Received
NAME
Jeffrey A. Ernico, Esquire
FIRM NAME (If Applicable)
Mette, Evans & Woodside
TELEPHONE NUMBER
717 -232-5000
Z
~--]3. Remainder Return (date of death prior to 12-13-82)
[~5. Federal Estate Tax Return Required
-- 8. Total Number of Safe Deposit Boxes
[----] 10. Spousal Poverty Credit (date of death between ~2-3~-91 and ~-~-SS) ~'] 11. Election to tax under Sec. 9113(A) (Attach sc~ O)
COMPLETE MAILING ADDRESS
3401 North Front Street
IP.O. Box 5950
Harrisburg, PA 17110-0950
1. Real Estate (Schedule A)
2. Stocks and Bonds (Schedule B)
(1) 0.00
(2) 0.0 0
3. Closely Held Corporation, Partnemhip or Sole-Proprietorship (3) 0.00.~*~
4. Mortgages & Notes Receivable (Schedule D) (4) 0.00~
5. Cash, Bank Deposits & Miscellaneous Personal Property 0 00
(Schedule E) (5) '
6. Jointly Owned Property (Schedule F) (6) 0.0 0
[~ Separate Billing Requested
7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (7) 2 4 3,7 12,3 8
(Schedule G or L)
8. Total Gross Assets (total Lines 1-7) (8)
9. Funeral Expenses & Administrative Costs (Schedule H) (9) 12,02 8.23
10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) (10) 0 o 00
11. Total Deductions (total Lines 9 & 10) (11 )
12. Net Value of Estate (Line 8 minus Line 11) (12)
13. Charitable and Governmental Bequests/Sec 9113 Trusts for which an election to tax has not been
made (Schedule J) (13)
14. Net Value Subject to Tax (Line 12 minus Line 13) (14)
SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES
OFFICtN- USE ONLY
243,712.38
12,028.23
231,684.15
0.00
231,684.15
Z
15. Amount of Line 14 taxable at the spousal tax
rate, or transfers under Sec. 9116 (aX1.2)
16. Amount of Line 14 taxable at lineal rate
17. Amount of Line 14 taxable at sibling rate
18. Amount of Line 14 taxable at collateral rate
19. Tax Due
187,479.60 x.00__ (15) 0.00
44,204.55 x.04s (16) 1,989.20
0o00 0.00
x .12 (17)
0o00 0,00
x .15 (18)
(19) 1,989.20
Z
20. ~-~
: > > BE SURE TO ~SWER ALL QUESTIONS ON REVERSE SIDE ~D RECHECK MATH < <
2W4645 1.000
Decedent's Complete Address:
ADDRESS
5 Andes Drive
CITY
Mechanicsburg
STATE
IziP
17055
Tax Payments and Credits:
1. Tax Due (Page I Line 19)
2. Credits/Payments
A. Spousal Poverty Credit
B. Prior Payments
C. Discount
Interest/Penalty if applicable D. Interest
E. Penalty
0.00
0o00
0.00
0.00
0.00
Total Credits (A + B + C) (2)
Total Interest/Penalty (D + E) (3)
1,989.20
0.00
0.00
1,989.20
4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT.
Check box on Page 1 Line 20 to request a refund
(4)
5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE.
(5)
A. Enter the interest on the tax due.
(5A)
0.00
B. Enter the total of Line 5 + 5A. This is the BALANCE DUE.
Make to: REGISTER OF WILLS, AGENT
(5B)
1,989.20
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; ....................... ~ r-~
b. retain the right to designate who shall use the property transferred or its income; ......... ~
c. retain a reversionary interest; or ................................ r-~ ~-~
d. receive the promise for life of either payments, benefits or care? ................. ~]
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death
without receiving adequate consideration? ............................ [~
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? [~
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which
contains a beneficiary designation? ................................ [] []
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN,
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and complete.
Declaration of preparer other than the personal representative is based on all informatien of which preparer has any knowledge.
SlGNATU, I~E OF PERSON RESPO~SlI~ALE FOR FILING [RETURN DATE
ADD~~_.,~zu" r&v"c ou~u = 0 Bu~ 5950
~'Harrlsburg, PA 17110-0950
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 3%
[72 P.S. § 9916 (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 0% [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 retum 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 0% [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 4.5%, 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 12% (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.
W4646 1.000
REV-1510 EX + (1-97)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
E$¥ATE OF FILE NUMBER
Kershner, Richard T. 21-2003-0138
This schedule must be completed and filed if the answer to any of questions I through 4 on the reverse side of the REV-1500 COVER SHEET is yes.
~SCRIPTION OF PR~ER~ %OF
I~M INCLUDE TI-E N, NvE OF THE'I'RANSFEREE, ~EIR RE~T~NSHIP TO DATE OF DEATH DECD'S EXCLUSION
DECEDENT,a. NO TIE ~ OF TRANSFER A~A~ A ~PY OF ME TAXABLE VALUE
NUMBER DEED FOR REAL ESTATE. VALUE OF ASSET INTEREST (F.N3PLICABLE}
1. ~dward Jones Account 33,555.57 100.00 0.00 33,555.57
#270-07965-1-5, owned by The
Richard T. Kershner Revocable
Trust dated January 11, 2000.
The assets in this account as
of the date of death consisted
of the following=
A. 110 shares of common stock
in AT&T Wireless Services,
Inc. ~ $6.695, for a total
value of $736.45.
B. 100 shares of common stock
in BellSouth Corp. ~ $25.77
per share, for a total value
of $2,577.
C. 294.10331 shares of common
stock in Lucent Technologies,
Inc. ~ $1.505 per share, for a
total value of $442.63.
D. 430 shares of common stock
in SBC Communications, Inc. @
$25.35 per share, for a total
value of $10,900.50.
E. 327 shares of common stock
in Verizon Communication ~
$38.44 per share, for a total
value of $12,569.88.
F. 385.714 shares of Van
Kampen High Yield Municipal
Fund C1 A ~ 3~78 per share,
for a total value of
$2,317.68.
G. 613.144 shares of Van
Kampen Select Growth Fund C1 A
Total £rom continuation pages .... 210,156.81
TOTAL(Alsoenteronline7, Recapitulation) $ 243,712.38
(If more space is needed, inse~t additional sheets of same size.)
2W46AF 2.000
Estate of: Kershner, Richard T.
Schedule ~ -- Inter-vivos Transfers & Misc. Non-probate Property
tem Date of death % of Decd's Exclusion
No. Description Value of asset Interest (If applicable)
Page 2
21-2003-0138
Taxable Value
~ $10.40 per share, for a
total value of $4,011.43.
See attached correspondence
from Edward Jones.
2 Individual Retirement Account 149,760.16 100.00
#270-90603-1-9 at Edward
Jones; beneficiary is
decedent's spouse. The assets
in this IRA consisted of the
following:
A. 300 shares of Aquila, Inc.
Del New ~ 1.925 per share, for
a total value of $577.50.
B. 57 shares of AT&T Wireless
Services, Inc. @ $6.745 per
share, for a total value of
$384.47.
C. 400 shares of Genzyme
Corp. @ $33.16 per share, for
a total value of $13,264.00.
D. 21 shares of Genzyme Corp.
Molecular @ $2.275 per share,
for a total value of $47.78.
E. 23 shares of ~enzyme Corp.
Biosurgery Division Tracking ~
$2.58 per share, for a total
value of $59.34.
F. 100 shares of Microsoft
Corp. @ $27.1505 per share,
for a total value of
$2,715.05.
G. 600 shares of Oracle Corp.
@ $11.03 per share, for a
total value of $6,618.00.
0.00
149,760.16
Estate of: Kershner, Richard T.
Schedule G -- Inter-vivos Transfers & Misc. Non-probate Property
rem
No. Description
Date of death % of Decd~s Exclusion
Value of asset Interest (If applicable)
Page 3
21-2003-0138
Taxable Value
H. 747 shares of SBC
Communications, Inc. ~ $25.35
per share, for a total value
of $18,936.45.
I. 650 shares of Tyco
International Ltd. New @
$16.965 per share, for a total
value of $11,027.25.
J. 470.411 shares of Euro
Pacific Growth Fund C1 A @
$23.25 per share, for a total
value of $10,937.06.
K. 462.800 shares of Growth
Fund of America C1 A ~ $19.08
per share, for a total value
of $8,830.22.
L. 546.864 shares of Hartford
Advisers Fund C1 A @ $12.95
per share, for a total value
of $7,081.89.
M. 1,903.978 shares of Lord
Abbett Bond Debenture Fund C1
B ~ $7.17 per share, for a
total value of $13,651.52.
N. 613.468 shares of New
Economy Fund C1 A ~ $14.06 per
share, for a total value of
$8,625.36.
O. 296.930 shares of
Washington Mutual Investors
Fund C1 A @ $23.95 per share,
for a total value of
$7,111.47.
P. Protective Life Variable
Annuity, Contract ~VA2008916,
issued 08/11/1997, having a
Estate of: Kershner, Richard T.
Schedule G -- Inter-vivos Transfers & Misc. Non-probate Property
rem
No. Description
Date of death % of Decd's Exclusion
Value of asset Interest (If applicable)
Page 4
21-2003-0138
Taxable Value
date of death value of
$39,359.12; beneficiary is
decedent's spouse.
Q. Money Market funds in the
amount of $533.68.
3 One-half the balance owed
under an Installment Sales
Agreement dated March 30,
1999, between Richard T.
Kershner and Annamae L.
Kershner, his wife, as
Sellers, and John M. Seroskie
and Linda K. Seroskie, his
wife, as Purchasers, recorded
in the Cumberland County
Recorder of Deeds Office in
Record Book 608, Page 706, in
the original purchase price of
$140,000.00, for the purchase
of 426 South Enola Drive, East
Pennsboro Township, Cumberland
County, PA.
By Assignment dated January
11, 2000, the interest in this
Installment Sales Agreement
was divided into two ec/ual
shares, one share to the
Richard T. Kershner Revocable
Trust dated 01/11/2000, and
the other share to the Annamae
L. Kershner Revocable Trust
dated 01/11/2000.
60,396.65 100.00 0.00
60,396.65
TOTAL. (Carry forward to main schedule) ...... 210,156.81
REV-1511 EX+ (1-97)
COMMONVVEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE H
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
ESTATE OF FILE NUMBER
Kershner, Richard T. 21-2003-0138
Debts of decedent must be reported on Schedule I.
ITEM
NUMBER
5.
6.
7.
8
DESCRIPTION
FcUrNERAL EXPEI~SES*
ema~on ~oclety of Harrisburg
Rolling Green Cemetery
ADMINISTRATIVE COSTS:
Personal Representative's Commissions
Name of Personal Representative(s)
Social Security Number(s) / EIN Number of Personal Representative(s)
Street Address
City State __ Zip
Year(s) Commission Paid:
Attorney Fees Neme: Metre, Evans & Woodside
Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Claimant
Street Address
City State Zip
Relationship of Claimant to Decedent
Probate Fees
Accountant's Fees
Tax Return Preparer's Fees
Cumberland Law Journal - advertise Estate notice
Carlisle Sentinel - advertise Estate notice
AMOUNT
7,696.70
0.00
4,000.00
0.00
151.00
0.00
0.00
75.00
105.53
TOTAL (Also enter on line 9, Recapitulation) $ 12,0 2 8 o 2 3
2W46AG 2.000 (If more space is needed, insert additional sheets of same size)
REV-1513 EX+ (9-00)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE J
BENEFICIARIES
ESTATE OF FILE NUMBER
Kershner, Richard T. 21-2003-0138
RELATIONSHIP TO DECEDENT AMOUNT OR SHARE
NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE
2
TAXABLEDISTRIBUTIONS[indu~ ~tdghts~u~ distri~tions, andt~ns~m
underS~.9116(a)(1.2)]
Kershner, A~amae L.
5 Andes Drive
Mechanicsburg, PA 17055
Richard T. Kershner Trust
c/o An~amae L. Kershner
5 Andes Drive
Mechanicsburg, PA 17055
Spouse
~nified Credit Trust
187,479.60
44,204.55
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET
II.
NON-TAXABLE DISTRIBUTIONS:
a. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
1.
TOTAL OF PART II - ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET $ 0.0 0
2W46AI 1.000 (If more space is needed, insert additional sheets of the same size)
REV-1514 EX+ (1-97)
COMMOI',NVEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE K
LIFE ESTATE, ANNUITY
& TERM CERTAIN
(Check Box 4 on Rev-1500 Cover Sheet)
ESTATE OF
Kershner, Richard T.
FILENUMBER
21-2003-0138
This schedule is to 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, Specialty Tax Unit.
Actuarial factors can be found in IRS Publication 1457, Actuarial Values, Alpha Volume for dates of death on or after 5-1-89.
Indicate the type of instrument which created the future interest below and attach a copy to the tax return.
~-~ Will ~-~ Intervivos Deed of Trust [~ Other
NAME(S) OF NEAREST AGE AT TERM OF YEARS LIFE ESTATE IS
LIFE TENANT(S) DATE OF BIRTH DATE OF DEATH PAYABLE
Kersh~er, A~amae L. )3/24/1938 65 [~--~ Life or ~-~ Term of Years
[~ Life or ~ Term of Years
~-~ Life or r--] Term of Years
~ Life or ~ Term of Years
1. Value of fund from which life estate is payable $ 83., 923 o 99
2. Actuarial factor per appropriate table .46042
Interest table rate- [-~ 3 1/2% ~ 60/0 [-~ 10°/o ~-~ VadableRate 4.000/0
3. Value of life estate (Line 1 multiplied by Line 2) $ 37,719 o 44
NAME(S) OF NEAREST AGE AT TERM OF YEARS
ANNUITANT(S) DATE OF BIRTH DATE OF DEATH 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) r~l Bi-weekly (26)J---'1 Monthly (12)
r-'-I Quarterly (4) ~-1 Semi-annually (2) [] Annually (1) [~ther (
3. Amount of payout per period
4. Aggregate annual payment, Line 2 multiplied by Line 3
5. Annuity Factor (see instructions)
Interest table rate J---] 3 1/2%o [--~ 6% [~ 10% ~ Variable Rate
6. Adjustment Factor (see instructions)
7.
Value of annuity - If using 3 1/2%, 6%, 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 which create the above future interests must be reported as part of the estate assets on
Schedules A through G of this tax return. The resulting life or annuity interest(s) should be reported at the appropriate tax rate on
Lines 13, 15, 16 and 17.
(If more space is needed, insert additional sheets of the same size)
2W46AJ 1.000
REV-1649 EX+ (1-97) ,
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Kershner, Richard T.
SCHEDULE O
ELECTION UNDER SEC. 9113(A)
(SPOUSAL DISTRIBUTIONS)
FILE NUMBER
21-2003-0138
Do not complete this schedule unless the estate is making the election to tax assets under Section 9113(A) of the Inheritance & 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 Richard T. Kershner Trust (marital, residual, A, B, By-pass, Unified Credit, etc.)
If a trust or similar arrangement meets the requirements of Section 9113(A), and:
a. The trust or similar arrangement is listed in Schedule O, and
b. The value of the trust or similar arrangement is entered in whole or in part as an asset on Schedule O,
then the transferor's personal representative may specifically identify the trust (all or a fractional portion or pementage) to be included in the election to have such trust or
similar property 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 O, the
personal representative shall be considered to have made the election only as to a fi-action of the trust or similar arrangement The numerator of this fraction is equal to
the amount of the trust or similar arrangement included as a taxable asset on Schedule O. The denominator is equal to the total value of the trust or similar arranqement.
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.
DESCRFmON
1 The Richard T. Kershner Trust
Dated January 11, 2000
Unified Credit Trust
VALUE
81,923.99
PartATotal $ 81,923.99
PART B: Enter the description and value of all interests included in Part A for which the Section 9113 A) election to tax is being made.
DESCRF'T1ON
The Richard T. Kershner Trust
Dated Januar~ 11, 2000
Unified Credit Trust
TOtal from continuation pages ....
Part B Total
VALUE
81,923.99
81,923.99
(If more space is needed, insert additional sheets of the same size)
2W46E2 1.000
]Last i it[ anB estament
OF
RICHARD T. KERSHNER
I, RICHARD T. KERSHNER, of Cumberland County, Pennsylvania, being of
sound mind and disposing memory, though I realize the uncertainty of this life, I have full
confidence and trust in my Lord and Savior, Jesus Christ, in His death on the cross for
my sins and in His shed blood as an atonement for my soul; and I know by faith that
because of His sacrifice on the cross for me I have eternal life, do hereby make this Will,
hereby revoking all my former Wills and Codicils.
ITEM I: I direct that all inheritance and estate taxes
becoming due by reason of my death, whether payable by my estate or by any recipient
of any property, shall be paid by the Executor out of the residue of my estate, 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 residue of my estate as an expense and
cost of administration of my estate.
ITEM III: If I die before my wife, ANNAMAEL.
KERSHNER, I give to her all of my household furniture and furnishings, books, pictures,
jewelry, silverxvare, automobiles, wearing apparel and all other articles of household or
personal use or adornment and all policies of insurance thereon. If I do not die before
my wife, I may leave a written list in my safe deposit box or elsewhere disposing of
Page 1 ~ ~77~/5
certain items of my tangible personal property. The Executor shall dispose of items of
my personal property as specified in the written list. If no written list is found in my safe
deposit box or elsewhere and properly identified by the Executor within thirty (30) days
after the probate of my Will, it shall be presumed that there is no other statement or list.
Any subsequent discovered list shall be ignored.. I give to my children, who survive me,
any tangible personal property not set forth in a written list, to be divided among them
as they shall agree. If my children are unable to agree, the Executor shall divide this
property among my children in as nearly equal portions as the Exedutor, in the sole
discretion of the Executor, deems practical, having due regard to the personal
preferences of my children.
ITEM IV: I give the residue of my estate, not disposed
of in the preceding portions of this Will, to my wife, ANNAMAE L. KERSHNER, my son,
THOMAS R. KERSHNER, and my daughter, LINDA K. SEROSKIE, as successor Co-
Trustees, IN TRUST, to be administered and distributed in accordance with the terms
of an Agreement of Trust executed by me as Trustee and by me as Grantor on the
day of ,2000. I confirm and ratify this Agreement of Trust
as it may be amended from time to time in every respect.
ITEM V: The Executor shall possess the following
powers, exercisable without court approval and in a fiduciary capacity only:
(a) To retain any investments I have at my death, including
specifically those consisting of stock of any bank even if I have named that
bank as the Executor.
(b) To vary investments and to invest in bonds, stocks, notes, real
estate mortgages or other securities or in other property, real or personal,
Page 2
withOut being restricted to so-called "legal investments", and without being
limited by any statute or rule of law regarding investments by fiduciaries.
(c) In order to divide the principal of my estate or make
distributions, the Executor is authorized to distribute personal property
and real property partly or wholly in kind, and to allocate specific assets
among beneficiaries so long as the total market value of each share is not
affected by the division, distribution or allocation in kind. The Executor is
authorized to make, join in and consummate partitions of lands, voluntarily
or involuntarily, including giving of mutual deeds, or other obligations, with
as wide powers as an individual owner in fee simple.
(d) To sell either at public or private sale any or all real or
personal property severally or in conjunction with other persons, and to
consummate sale(s) by deed(s) or other instrument(s) to the purchaser(s),
conveying a fee simple title. No purchaser shall be obligated to see to the
application of the purchase money or to make inquiry into the validity of
any sale. The Executor is authorized to make, execute, acknowledge and
deliver deeds, assignments, options or other writings as necessary or
convenient to carry out the powers conferred upon the Executor.
(e) To mortgage real estate, and to make leases of real estate.
(f) To borrow money from any person, including the Executor, to
pay indebtedness of mine or of my estate, expenses of administration or
inheritance, legacy, estate and other taxes, and to assign and pledge assets
of my estate.
Page 3
(g) To pay all costs, taxes, expenses and charges in connection
with the administration of my estate.
(h) To make distributions of income and of principal to the proper
beneficiaries, during the administration of my estate, with or without court
order, in such manner and in such amounts as my Executor deems prudent
and appropriate.
(i) To vote shares of stock which form a part of my estate, and
to exercise all the powers incident to the ownership of stock.
(j) To unite with other owners of property similar to property in
my estate to carry out any plans for the reorganization of any company
whose securities form a part of my estate.
(k) To disclaim any interest in property which woUld devolve to
me or my estate by whatever means, including but not limited to the
following means: as beneficiary under a will, as an appointee under the
exercise of a power of appointment, as a person entitled to take by
intestaey, as a donee of an inter vivos transfer, and as a donee under a
thi. rd-party beneficiary contract.
(1) To prepare, execute and file tax returns of any type required
by applicable law, and to make all tax elections authorized by law.
(m) To allocate administrative expenses to income or to principal,
as the Executor deems appropriate. However, no allocation to income shall
Page 4
be made if the effect of the allocation is to cause a reduction in the amount
of any estate tax marital deduction or estate tax charitable deduction.
(n) To employ custodians of property, investment or business
advisors, accountants and attorneys as the ExeCutor deems appropriate,
and to compensate these persons from assets of my estate, without
affecting the compensation to which the Executor is entitled.
(o) To do all other acts in the Executor's judgment d~emed
necessary or desirable for the proper and advantageous management,
investment and distribution of the estate.
ITEM VI: I appoint mywife, ANNAMAE L. KERSKNER, to
be the Executor. In the event of her death, inability or refUsal to serve, I appoint my son,
THOMAS R. KERSHNER, and my daughter, LINDA K. SEROSKIE, to be the Co-Executors.
The Executor and Co-Executors are specifically relieved from the obligation of filingbond or
entering security.
IN WITNESS WHEREOF, I have set my hand and seal to this, my Last Will
and Testament, consisting of this and the preceding four (4) pages, at the end of each
page of which I have also set my initials for greater security and better identification this
RICHARD T. KERSHNER
(SEAL)
P.age 5
We, the undersigned, hereby certify that the foregoing Will was signed,
sealed, published and declared by the above-named Testator 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 first
above written, and we certify that at the time of the execution thereof, the said Testator
was of sound and disposing mind and memory.
Residing at
Residing at
(SEAL)
Residing at ~~ ~ ~'~v4
Page 6
ACKNOWLEDGMENT
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF / uc<
SS:
I, RICHARD T. KERSHNER, Testator, 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;
signed it as my free and voluntary act for the
that I signed it willingly; and that I
purposes therein ex-pressed.
RICHARD T. KERSHNER
(SE J )
Sworn to and subscribed before
me this // r-~'ay of
:.~ ,:c-~..,, ,2000.
N~taw Publ:c
My Commission Expires:
(SEAL)
,----rlal
, Margaret L. Bovd, Notary Public
Susquehanna Tw~., Dauphin County
My Commission Expire8 Jt~r~{t_ 27, 200. '-'~"'~ ~
Page 7
AFFIDAVIT
COMMORrvVEALTH OF PEN~SYLVARrlA
COUNTY OF
)
) SS:
)
, "~f6~;v, ./r~. ,~-~ t{~ and
, 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 Testator, RICHARD T. KERSHNER, sign and execute
the instrument as his Last Will and Testament; that Testator signed willingly and that
he executed said Will as his free and voluntary act for the purposes therein expressed;
that each of us in the hearing and sight of the Testator signed the Will as Witnesses; and
that to the best of our knowledge the Testator was at that time eighteen (18) or more
years of age, of sound mind and under no constraint or undue influence.
Witness Witness
Sworn to and snbscribed before
me this /7 ~ay of
Notary Public
My Commission Expires:
(SEAL)
Notarial Seal '!
Margaret L.. Boyd, Notary Public
Susquehanna Twp., Dauphin County
My
Com,"'r,~ission
E×oires June 27, 2000
:20S405 1
PERSONAL MEMORANDUM TO LAST WILL AND TESTAMENT
OF RICHARD T. KERSHNER
DATED:
PERSON TO RECEIVE ITEM
DESCRIPTION OF ITEM
:20S405 1
REVOCABLE TRUST AGREEMENT
THE RICHARD T. KERSHNER REVOCABI,E TRUST
TI{IS AGREEMENT is made and entered into this ///~ day of
,2000, by and between RICHARD T. KERSHNER, of Cumberland
/
County, Pe/nnsylvania, as Settlor (the "Settlor"), and RICHARD T. KERSHNER, as Trustee
.(the 'qYustee").
WITNESSETH:
WHEREAS, the Settlor may be desirous in the future of placing the active
management and control of certain property in the hands of the Trustee.
NOW, THEREFORE, for and in consideration of their mutual covenants and
promises, the Settlor and Trustee agree as follows:
ART~CL~ ON~
TRUST ASSETS
§1.1 The Settlor, or any other party or person, may from time to time make
policies of insurance on the Settlor's life, individual retirement account benefits, and/or
qualified or non-qualified retirement plan benefits payable to the Trustee, or may transfer
assets to the Trustee, subject to the terms of this Agreement, by inter vivos grant or by Will.
The trust assets shall include the proceeds of all insurance policies payable to the Trustee and
all such other benefits or added assets (collectively the 'qYust Assets"), which shall be held,
administered, distributed and governed by the Trustee, IN TRUST NEVERTHELESS, in
accordance with the provisions of this instrument and any amendments hereto.
ARTICLE TWO
DURING THE SETrLOR'S LIFETIME
§2.1 During the Settlor's lifetime, the Trustee shall have, hold, manage, invest
and reinvest the Trust Assets, collect the income, and
§2.i.1 The Trustee shall pay or apply the entire net
income as the Settlor may from time to time direct in writing. The
Trustee shall also pay to the Settlor such sums from or portions of
the principal of the trust as the Settlor may from time to time
request in writing delivered to the Trustee during the Settlor's
lifetime.
§2.1.2 The Trustee shall pay and use such portion or all of
the income and principal of the Trust Assets as the Trustee, in the
Trustee's sole discretion, shall deem necessary from time to time
to provide for the proper maintenance, support, medical, hospital,
nursing or nursing home care of the Settlor and of the Settlor's
wife, ANNAMAE L. KERSHNER ("Settlor's Wife").
ARTICLE THREE
UPON THE SETrLOR'S DEATH
§3.1 Upon the death of the Settlor, the Trustee shall divide and distribute the
balance of the Trust Assets as follows:
-2-
§3.1.1 If the Settlor's Wife survives the Settlor, the Trustee
shall retain in trust an amount equal to the value of the balance of
the Trust Assets (determined on the basis of the values finally
determined for federal estate tax purposes), reduced by an
amount, if any, needed to increase the Settlor~s taxable estate so
that the federal estate tax as finally determined (excluding any
supplemental federal estate tax imposed by Section 4980A(d) of
the Internal Revenue Code), will equal the Settlor's applicable
credit and the state death tax credit (to the extent that the use of
said credit does not result in an increase in the state death taxes
otherwise payable) available against such tax, assuming that an
election were made to qualify all qualified terminable interest
property 'including any property passing under individual
retirement or qualified benefits accounts either directly or in
trust, other than the trust provided for under Article Five of this
Agreement, for the federal estate tax marital deduction whether
or not such election is actually made. This trust may be
composed of cash, or partly of cash and partly of property in kind,
shall be funded only with property which qualifies for the federal
estate tax-marital deduction in the Settlor's estate, valued at the
date of distribution, and which, to the extent other property is
available, shall not include property for which a foreign death tax
credit is available. The Executor of the Settlor's estate shall have
the right to make the election provided by Section
2056(b)(7)(B)(v) of the Code, on the federal estate tax return
prepared on behalf of the Settlor's estate to have a portion or all of
the property distributed pursuant to this §3.1.1 treated as
qualified terminable interest property in order to qualify such
portion or all of the property for the marital deduction for federal
estate tax purposes, which election shall be binding and
conclusive upon the Trustee. If the Settlor's Executor elects to
have a portion or all of such assets so qualify, such elected assets
may, at the discretion of the Trustee and so long as the election to
qualify such assets for the federal estate tax marital deduction is
not jeopardized, be held and administered by the Trustee as a
separate trust estate with the balance, if any, of the assets which
are governed by this §3.1.1 also held and administered as a
separate trust estate or may be held and maintained by the
Trustee with the non-elected assets as one trust estate. In either
case, any such trust or trusts shall be held, administered and
-3-
disposed of in accordance with the provisions of Article Four
hereof (the 'WIarital Trust").
§3.1.2 The Trustee shall retain in trust such of the Trust
Assets as shall not have been retained pursuant to the preceding
§3.1.1, to be held, administered and disposed of in accordance
with the provisions 'of Article Five hereof (the "Applicable Credit
Trust").
ARTICLE FOUR
MARrrAL TRUST
§4.1 If the Settlor's Wife survives him, Trustee shall hold the Marital Trust in a
separate trust during the life of Settlor's Wife upon the following terms and conditions:
§4. t.1 Trustee shall pay to, or apply for the benefit of,
Settlor's Wife the greater of (i) all the net income of this Marital
Trust in quarterly or other convenient installments, but at least
annually, or (ii) the minimum annual mandatory distributions
required by Proposed Treasury Regulations § 1.401 (a) (9)-1 and as
may be required by final Regulations. The determination of the
net income of the Marital Trust shall be governed by applicable
state law;, in no event shall any expense chargeable to the
principal of this Marital Trust be paid from the income of the
Trust.
§4.1.2 At any time and from time to time, Trustee shall pay
to, or apply for the benefit of, Settlor's Wife so much or all of the
principal as Trustee in its discretion, determine the amount
necessary or appropriate for Settlor's Wife's health, maintenance
and support. In addition, Settlor's Wife shall have the absolute
power to withdraw from the principal such amount in any one
calendar year, which amount shall be up to the greater of Five
Thousand Dollars ($5,000) or five percent (5%) of the aggregate
value of the principal of the Trust at the time of such withdrawal
as she personally may, in writing to the Trustee, demand at any
time and from time to time; this right of withdrawal shall not be
-4-
cumulative and is subject to the provisions of subparagraph 4.1.5
of this Article Four.
§4.1.3 In no event and at no time during the life of Settlor's
Wife shall Trustee pay to or apply for the benefit of any person
(other than Settlor's Wife) any portion of the principal of this
Trust.
§4.1.4 Notwithstanding anything contrary contained in this
Marital Trust, Settlor directs that (a) in establishing the Marital
Trust for his Wife under this Article Four, there shall not'be
allocated thereto any property or the proceeds of any property
which does not qualify for the marital deduction allowable in
determining the Federal estate tax on Settlor's estate, and (b)
Trustee shall, upon the written request of Settlor's Wife, promptly
.dispose of any property which may, at any time, be unproductive
or underproductive of a reasonable income, and invest the
proceeds of such disposition in property which is productive of a
reasonable income.
§4.1.5 If Settlor has any unused Generation Skipping
Transfer Tax ("GST") exemption at his death, two (2) separate
Marital Trusts shall be established, as follows: Marital Trust 1
shall consist of that fractional interest of the balance of this Trust
at Settlor's death as has (i) a numerator equal to that amount of
Settlor's unused GST exemption existing at his death and (ii) a
denominator equal to the value of the balance of this Trust at her
death; Marital Trust 2 shall consist of the balance of this Trust.
Each such separate Trust shall be held, administered and
distributed in accordance with the same terms and provisions that
would have applied if only one Marital Trust had been required to
have been established; provided, however, that all principal
distributions to Settlor's Wife (including, but not limited to, the
excess of the mandatory annual minimum distributions under
Section 40 l(a) (9) of the Code over the combined income of Marital
Trust 1 and Marital Trust 2 for any taxable year) shall be paid
solely from Marital Trust 2 until Marital Trust 2 is exhausted. The
Executors of SettlorTs estate shall direct the Trustees, in writing,
regarding the amount of Settlor's unused GST exemption at her
death for the purpose of establishing the proper fractional share of
each Marital Trust under this subparagraph 4.1.5.
-5-
§4.2 Upon the death of Settlor's Wife,
§4.2.1 Trustee shall pay to the estate of Settlor's Wife an
amount, as directed by the Trustees, equal to the sum of (a) any
accrued but undistributed income as of the date of her death, and
(b) such sum or sums from the principal of this Trust (as may be
directed by subparagraph §4.1.5 of this Article Four as the
executor of Settlor's Wife's estate may request, in writing, for any
death taxes payable by reason of her death with respect to
property held under this Trust, other than such taxes as Would,
under the provisions of Settlor's Last Will, be payable from any
source other than this Trust. "Death taxes", as used in this
subparagraph, shall include interest and penalties thereon.
§4.2.2 The Trustee shall notify the Trustee of the amount,
if any, payable by Trustee under subparagraph §4.2.1 of this
Article Four. For this purpoSe, the Trustee shall rely upon the
directions received from the executors of Settlor's Wife's estate.
§4.2.3 Upon the death of the survivor of the Settlor and the
Settlor's Wife, the Trustee shall distribute the balance of the Trust'
property to the Settlor's then living issue, per stirpes, with any
share allocable to an issue beneficiary under the age of thirty (30)
years being held in continued trust for the benefit of such
beneficiary in accordance with the provisions of Article Six hereof
(the '~Issue's Trust").
ARTICLE FIVE
APPLICABLE CRED1T TRUST
§5.1 The Trustee shall have, hold, manage, invest and reinvest the assets of the
Applicable Credit Trust, collect the income and
§5.1.1 During the life of the Settlor's Wife, if she shall
survive him, the Trustee shall distribute the net income in
quarter-annual installments, or more frequently if the Trustee
deems it advisable, to or for the benefit of the Settlor's Wife.
-6-
§5.1.2 At anytime and from time to time, Trustee shall pay
to, or apply for the benefit of, Settlor's Wife so much or all of the
principal as Trustee, in the nonspouse Co-Trustee's sole
discretion, determine the amount necessary or appropriate for
Settlor's Wife's health, maintenance and support. In addition,
Settlor's Wife shall have the absolute power to withdraw from the
principal such amount in any one calendar year, which amount
shall be up to the greater of Five Thousand Dollars ($5,000) or five
percent (5%) Of the aggregate value of the principal of the Trust at
the time of such withdrawal as she personally may, in writing to
the Trustee, demand at any time and from time to time; this right
of withdrawal shall not be cumulative.
§5.2 Upon the death of the'survivor of the Settlor and the Settlor's Wife, the
Trustee shall distribute the balance of the Trust property to the Settlor's then living issue, per
stirpes, with any share allocable to an issue beneficiary under the age of thirty (30) years being
held in continued trust for the benefit of such beneficiary in accordance with the provisions of
Article Six hereof (the "'Issue's Trust").
ARTICLE SIX
ISSUE'S TRUST
§6.1 Any share created hereunder with respect to or distributable hereunder to
any issue of the Settlor shall be retained by the Trustee in continued trust for the benefit of
such beneficiary (the '~eneficiary"), in accordance with the following provisions of this Article
Six:
-7-
§6.1.1 Upon the establishment of the Issue's Trust, a
Beneficiary who is thirty (30) years old or older may withdraw
such sums up to the market value of the said Beneficiary's Trust
as constituted on its establishment.
§6.1.2 The Trustee shall have, hold, manage, invest and
reinvest the assets of the Beneficiary~s Trust, collect the income
thereof and while the Beneficiary is under twenty-one (21) years
of age, shall apply to or for the benefit of the Beneficiary so much
of the net income and, if the net income is insufficient, so much of
the principal of the Issue's Trust as the Trustee shall from time to
time deem necessary or proper for the Beneficiary~s health,
maintenance, support and complete education, including
preparatory, college and graduate education, and professional,
vocational or technical training, taking into account other
available funds, including the Beneficiary~s assets. The Trustee
shall annually accumulate any net income not so distributed and
add the same to the principal of the trust property.
§6.t.3 After the Beneficiary attains twenty-one (21) years
of age, the Trustee shall distribute to or for the benefit of the
Beneficiary the net income of the Issue's Trust in quarter-annual
installments, or more frequently if the Trustee deems it advisable,
and so much of the principal as the Trustee shall from time to
time deem necessary or proper for the Beneficiary~s health,
maintenance, support and complete education, including college
and graduate education, and professional, vocational or technical
training, and to assist the Beneficiary with reasonable wedding
expenses, in the purchase of a principal residence or in the
establishment of a profession or business considered a good risk
by the Trustee, taking into account other available funds,
including the Beneficiary% assets.
§6.1.4 At any time after attaining the age of twenty-five
(25) years, a Beneficiary may withdraw such sums as do not
exceed one-half (V2) of the market value of the principal of his or
her share of the Issue's Trust as constituted on the Beneficiar~s
twenty-fifth (25th) birthday.
§6.1.5 At any time after the Beneficiary attains the age of
thirty (30) years old, the Beneficiary may withdraw any or all of
-8-
the then-remaining balance of his or her share of the Issue's
Trust.
§6.1.6 If the Beneficiary dies before complete termination
of the Issue's Trust, the Trustee shall distribute the property then
held in trust as follows:
§6.1.6.1 If the Beneficiary~s trust is a
Non-GST Exempt Trust as defined in §8.2.16
herein, the Trustee shall distribute the property
then held in trust for the Beneficiary to such
persons or entities (including the Beneficiar~s
estate), in such amounts and upon such terms,
trusts and conditions as the Beneficiary by his or
her last .Will may appoint by specific reference to
this general power of appointment. Any property
not so appointed shall be divided into shares for the
Beneficiary~s issue then living, per stirpes, or if
none, for the then living issue of the marriage of
the-Settlor and the Settlor's Wife, per stirpes; with
any share allocable to a Beneficiary under thirty
(30) years of age being held in continued trust in
accordance with the provisions of this Article Six.
§6.1.6.2 If the Beneficiar~fs trust is a
GST Exempt Trust as defined in §8.2.16 herein, the
Trustee shall distribute the property then held in
trust for the Beneficiary to such of the issue of the
marriage of the Settlor and the Settlor's Wife, other
than the Beneficiary in such amounts and upon
such trusts, terms and conditions as the
Beneficiary by his or her last Will may appoint by
specific reference to this special power of
appointment. Before exercising such special
power of appointment, the Settlor requests that the
Beneficiary seek counsel regarding the generation
skipping transfer tax effects of such exercise. Any
property not so appointed shall be divided into
shares for the Beneficiary's issue then living, per
stirpes, or if none, for the then living issue of the
marriage of the Settlor and the Settlor's Wife, per
-9-
stirpes; with any share allocable to a Beneficiary
under thirty (30) years of age being 'held in
continued trust in accordance with the provisions
of this Article Six.
ARTICLE SEVEN
CONTINGENT DISTRIBUTION
{}7.1 If at anytime for distribution hereunder, none of the Settlor's issue is then
living, the Trustee shall distribute such assets subject to distribution one-half to the Grantham
Brethren in Christ Church of Grantham, Pennsylvania, and one-half to the heirs at law of the
Settlor's Wife, who are living at the time that this gift vests.
§7.2 The share of any person who does not survive Settlor shall lapse.
ARTICLE EIGHT
APPOINTMENT OF FIDUCIARIES
§8.1 Upon the death, resignation or incapacity of the Settlor to act as Trustee
hereunder as certified in writingby the Settlor's then personal attendingphysician, the Settlor
appoints the Settlor's Wife, ANNAMAE L. KERSHNER, and Settlor's son, THOMAS R.
KERSHNER, and Settlor's daughter, LINDA K. SEROSKIE~.
§8.2 The then income beneficiaries (or their natural or legal guardians) of all
trusts herein created may remove at any time any Trustee, other than the Settlor's Wife, with
-10-
or without cause, by unanimous decision, without court approval, provided that such
beneficiaries by unanimous decision immediately appoint a sucCessor corporate or individual
Trustee qualified to serve.
§8.3 The Co-Trustees shall act by majority vote. Except for specific
references herein to the '[Individual" or '.'Corporate" Trustees, all references herein to the
'q'rustee" shall mean the originally appointed Trustee, the Individual and/or Corporate Co-
Trustee, as the case may be.
ARTICLE NmE
POWERS OF FIDUCIARIES
§9.1 No fiduciary under this Agreement shall be required to give bond or
other security for the faithful performance of the fiduciary's duties.
§9.2 Any such fiduciary shall have the following powers, in addition to those
given by law:
§9.2.1 To invest in, accept and retain any real or personal
property, including stock of a corporate fiduciary or its holding
company, without restriction to legal investments; provided,
however, if any property that forms a part of the principal of the
trust(s) established by Article Four of this Agreement is
unproductive, the Settlor's Wife may at any time and from time to
time by a written notice require the Trustee of said trust(s)
holding such unproductive property either to make any or all of
-ll-
such property productive or to convert such property within a
reasonable time after the Trustee receives such notice;
§9.2.2 To sell, exchange, partition or lease for any period
of time any real or personal property and to give options therefor
for cash or credit, with or without security;,
§9.2.3 To borrow money from any person including any
fiduciary acting hereunder, and to mortgage or pledge any real or
personal property;,
§9.2.4 To hold shares of stock or other securities in
nominee registration form, including that of a clearing
corporation or depository, or in book entry form or unregistered
or in such other form as will pass by delivery;,
§9.2.5 To make distributions in cash, or in kind at current
values, or partly in each, allocating specific assets to particular
distributees on a non-pro rata basis, and for such purposes to
make reasonable determinations of current values;
§9.2.6 To terminate, following the death of the Settlor's
Wife any trust created herein, the principal of which is or
becomes too small in the .Trustee's discretion to make the
establishment or continuance of the trust advisable, and to make
immediate distribution of the then remainingtrust property to the
beneficiary then entitled to the income of the trust property or, if
there is more than one beneficiary, to the beneficiaries then
entitled to the income of the trust property, in proportion to their
respective interests therein or, if such interests are not defined, in
equal shares to such beneficiaries. The receipts and releases of
the distributees will terminate absolutely the right of all persons
who might otherwise have a future interest in the trust, whether
vested or contingent, without notice to them and without the
necessity of filing an account in any court;
§9.2.7 If the Settlorts Executor does not make an election
pursuant to Section 2056(b)(7)(B)(v) of the Code with respect to
all of the assets held in trust under Article Four hereof, the trust
estate thereunder may be divided into separate trusts pursuant to
the terms of the election and such division shall be based upon the
fair market value of the assets comprising the trust at the time of
the division;
§9.2.8 To allocate between the trusts established by
Articles Four and Five of this Agreement any property that is not
includible in the Settlor's estate for administration purposes, but
which is paid directly to the Trustee and is not otherwise
designated for a specific trust, in such shares as the Trustee
deems appropriate; provided, however, any portion of such
property that does not form a part of the Settlor's gross estate for
federal estate tax purposes shall be allocated to the trust
established by Article Five of this Agreement and shall not be
used for the payment of death taxes, debts or administration
expenses;
§9.2.9 To execute any agreement relating to the
disposition or redemption of any business interest that may be a
part of the trust estate, whether the same involves a proprietary
interest, a partnership interest or stock in a closely held
· corporation;
§9.2.10 To operate or arrange for the operation of any
business interest held hereunder, and to join or become a party
to, or to oppose, any reorganization, readjustment, foreclosure,
merger, voting trust, dissolution, consolidation or exchange
relating to any such business interest;
§9.2.11 To engage in litigation and compromise, arbitrate
or abandon claims;
§9.2.12 To determine the apportionment of receipts and
expenses, including extraordinary cash dividends, stock
dividends, capital-gain dividends of regulated investment
companies and proceeds and expenses of the sale of
unproductive real estate, between income and principal, such
apportionment to be made so as to balance fairly the interests of
any income beneficiary and the remaindermen;
§9.2.13 To make elections, decisions, concessions and
settlements in connection with all income, estate, inheritance, gift
or other tax returns and the payment of such taxes, without
-13-
obligation to adjust the distributive share of income or principal of
any person thereby affected;
§9.2.14 To merge, after the death of the Settlor, any trust
created hereunder with any other trust or trusts created by the
Settlor or the Settlor's Wife, under will or deed, if the terms of any
such trust are then substantially similar and are .held for the
primary benefit of the same persons, and if such merger shall not
cause any adverse estate, income or generation skipping transfer
tax consequences; and
§9.2.15 The Settlor's Executor is authorized to allocate
any of the Settlor's exemption from federal generation skipping
transfer tax under §2631 of the Code to any property as to which
the Settlor is the deemed transferor under §2652(a) of the Code,
regardless of whether or not the property with respect to which
an election or allocation is made is part of the Settlor's probate
estate. Any such election or allocation shall be binding upon the
Trustee and any beneficiary of any trust created hereunder. The
Trustee is 'authorized to divide any trust created hereunder into
two or more separate trusts if such separation, in the discretion of
the Trustee, is advantageous to such trust and the beneficiaries of
such trust for the purposes of application of the federal
generation skipping transfer tax; provided, however, that such
separated trusts shall be held, administered and disposed of in
accordance with the terms hereunder as identical trusts in all
other respects.
§10.1
ARTICLE TEN
BUSr~ESS INTERESTS
In the event any business interest should be a Trust Asset, whether the
same involves a proprietary interest, a partnership interest or stock in a closely-held
corporation, either wholly owned, controlled by the Trustee or owned in substantial part by the
Trustee, the Trustee is authorized, subject to the terms of any agreement which the Settlor or
- 14-
the Trustee may have made for the sale of such interest, to continue said business until such
time as the Trustee shall deem it advisable to sell, liquidate or distribute the same in kind.
With respect to any sale or exchange of the stock of any such business interest and in the
absence of any such agreement entered into by the Settlor or the Trustee, the Trustee is
directed to consider and determine the appropriateness of a sale or redemption of such stock
in accordance with Section 303 of the Internal Revenue Code to the business entity and a
possible deferral of federal estate tax payments under Section 6166 of the Internal Revenue
Code. 'It is the Settlor's desire that, to the extent possible, any such business interest be
continued or disposed of only in an orderly manner so as to maximize the proceeds of any
disposition. If an election under the foregoing provisions will effect such desire, the Trustee is
encouraged to pursue such election if it deems such election also to be in the best interests of
the trust(s) created hereunder and the beneficiaries thereof. The Trustee shall have all rights
and powers in connection with such business as an owner thereof, including specifically the
power at any time and from time to time to operate or to join in the operation of the same as a
going concern, to form or to reform a general or limited partnership, to incorporate or to
reincorporate and to liquidate or to sell the same or any part thereof as the Trustee deems
advisable for the best interests of the trust(s) created hereunder and the beneficiaries thereof
without the necessity of any order of court and without any liability for loss resulting from the
operation of said business, except when such loss is the result of gross negligence or fraud on
the part of the Trustee.
ARTICLE ELEVEN
DUTIES A.¥D RIGHTS WITH RESPECT TO POLICIES
§ 11.1 The Settlor and the Trustee shall have the following duties and fights with
respect to all insurance policies payable to the Trustee (the 'q~olicies"):
§11.1.1 The Trustee shall not be obligated to pay any
premiums or assessments on any of the Policies and shall be
under no obligation with respect to the Policies, except for
safekeeping during the Settlor's lifetime and to the extent
otherwise expressly agreed to herein.
§11.1.2 With respect to any of the Policies, the Settlor
reserves .to himself, during his ownership of said Policies and
during his lifetime, all rights, payments, dividends, surrender
values and benefits of any kind which may accrue on account of
· any of the Policies, and the right at any time to assign, pledge or
use said Policies, or any of them, or to change the beneficiary
thereof to borrow money thereon, or for any purpose, without the
consent, approval or joinder of the Trustee or any beneficiary
hereunder. It is the intent of the Settlor, with regard to said
Policies, that this instrument shall be operative onlywith respect
to the proceeds of such of the Policies as may be due and payable
to the Trustee at the time of the death of the Settlor or thereafter,
after deduction of all charges against the Policies by reason of
advances, loans, premiums, or otherwise; and the receipt of the
Trustee for such proceeds shall release the insurance companies
from liability on the Policies.
§11.1.3 The Settlor agrees and directs that, upon his
death, the proceeds of all Policies which are then subject to the
terms of this instrument shall be paid in accordance with the
directions then set forth in said Policies or the beneficiary
designations then attached thereto. If the proceeds of said
Policies are payable to the Trustee, the Trustee may institute any
proceeding at law or in equity in order to enforce the payment
thereof, and may do and perform any and all other acts and
things which may be necessary, for the purpose of collecting any
sums which may be due and payable under the terms of said
-16-
Policies; it being distinctly understood, however, that the Trustee
shall not, except at its option, enter into or maintain any litigation
to enforce the payment of said Policies until it 'shall have been
guaranteed indemnification by one or more of the beneficiaries of
this instrument to its satisfaction against all expenses and
liabilities to which it may, in its judgment, be subjected by any
such action. The Trustee is authorized to compromise and adjust
claims arising out of the Policies, or any of them, upon such terms
and conditions as it may deem just, and the decision of the
Trustee shall be binding and conclusive upon all parties
interested therein.
ARTICLE TWELVE
PROVISION FOR 'TAXES, DEBTS AND EXPENSES
§12.1 The Trustee may pay any of the Settlor's legally enforceable debts, any
expenses of his last illness, funeral, burial and administrative expenses of his estate and estate
taxes, inheritance taxes, transfer taxes and other taxes of a similar nature payable by reason
of the Settlor's death to any government or subdivision thereof upon or with respect to any
property subject to any such tax, and any penalties thereon, or any portion thereof, in the
Trustee's sole discretion, without reimbursement, out of the principal of that portion of Trust
Assets disposed of by of Article Five hereof.
ARTICLE TI-HRTEEN
REVOCABm~TY
§ 13.1 The Settlor may, by instrument in writing delivered to the Trustee, modify,
alter or revoke this instrument in whole or in part; provided, however, that the duties, powers,
-17-
compensation and liability of the Trustee shall not be changed without the written consent of
the Trustee.'
ARTICLE FOURTEEN
MISCE~OUS PROVISIONS
§14.1 AS used in this Agreement, the term "Code" shall mean the Internal
Revenue Code of 1986, as amended from time to time, or the corresponding provision of
subsequent law.
§14.2 If the Settlor's Wife and the Settlor die under such circumstances that it is
impossible to determine which survived, it shall be conclusively presumed and this Agreement
shall be construed as if the Settlor's Wife had survived the Settlor.
§14.3 Whenever a discretionary distribution of net income or principal is
permitted pursuant to any trust created hereunder, if such distribution may be made in whole
or in part to a person who is then a Trustee of such trust, such person may not participate in
any way in the decision whether to make such distribution. No Trustee who is under a legal
obligation to support a beneficiary of a trust created hereunder shall participate in the exercise
of any discretion granted to the Trustee of that trust to distribute net income or principal in
discharge of that legal obligation. Furthermore, no Trustee shall enter into any reciprocal
-18-
arrangement with any other trustee for the purpose of indirectly exercising a power prohibited
hereunder.
§14.4 Whenever the Trustee is directed to distribute property to or for the
benefit of any beneficiary who is under (a) twenty-one (21) years of age, or (b) a legal disability
or otherwise suffers from an illness or mental or physical disability that would make
distribution directly to such beneficiary inappropriate (as determined in the Trustee!s sole
discretion exercised in good faith), the Trustee may distribute such property to the person who
has custody of such beneficiary, may applYsuch property for the benefit of such beneficiary,
may distribute such property to a custodian for such beneficiary, .whether then serving or
selected and appointed by the Trustee (including the Trustee), under any applicable Uniform
Transfers to Minors Act or Uniform Gifts to Minors Act, may distribute such property to the
guardian of such beneficiary~s estate, may distribute such property directly to such
beneficiar~s estate, or may distribute such property directly to such beneficiary (except if any
of the conditions hereinbefore described in (b) apply), without liability on the part of the
Trustee to see to the application of such property. This provision shall not in anyway operate
to suspend such beneficiar~s absolute ownership of such property or to prevent the absolute
vesting thereof in such beneficiary.
§14.5 Except as otherwise may be provided in this Agreement, during the
continuance of any of the trusts created hereunder and thereafter until the property is
.distributed to and received by any beneficiary hereunder, the principal sums thus held in trust
for any beneficiary, respectively, and the income thereof shall not be subject to or liable for any
contracts, debts, engagements, liabilities or torts of such beneficiary now or hereafter made,
contracted, incurred or committed, but shall be absolutely free from the same, and such
beneficiary shall have no power to sell, assign or encumber all or any part of the principal sums
or such beneficiary~s interest therein, respectively, or the income thereof, or to anticipate the
income.
§14.6 An individual fiduciary shall be entitled to receive reasonable
compensation for such fiduciary~s services hereunder. A corporate fiduciary shall be entitled
to receive compensation for its services hereunder in accordance with its schedule in effect
when the services are performed, but not in excess of such compensation as would be approved
by a court of competent jurisdiction.
§14.7 Notwithstanding any other provision of this Agreement, upon the
expiration of twenty-one (21) years after the death of the last survivor of the Settlor's Wife and
issue living at the SettloFs death, the trusts created hereunder shall forthwith terminate and
the trust property shall be distributed to the beneficiary then entitled to the income of the trust
proper~y or, if there is more than one beneficiary, to the beneficiaries then entitled to the
income of the trust property in proportion to their respective interests therein or, if such
interests are not defined, in equal shares to such beneficiaries.
m 20 ~
§14.8 This instrument and anytrust created hereunder shall be governed bythe
laws of pennsylvania and. shall have it situs in Cumberland County, Pennsylvania.
IN WITNESS WHEREOF, the Settlor and the Trustee have hereunto affixed
their hands and seals and/or caused this instrument to be duly executed on the date and year
first written above.
WITNESS:
SETTLOR:
TRUSTEE:
(SEAL)
(SEAL)
-21 -
Tt-~ RICHARD T. KERSHNER REVOCABI,E TRUST
SCHEDULE A
WITNESS:
SETTLOR:
RICHARD T. KERSHNER
(SEAL)
TRUSTEE:
RICHARD T. KERSHNER
(SEAL)
- 22 -
CO1V V ONWEALTH OF PENNSYLVANL
co--oF
SS:
Onthis, the l/'(~ dayof L_~~ ,2000, beforeme, a notary public, the
undersigned officer, personally appeared RICHARD T. KERSHNER, known to me (or
satisfactorily proven) to be the person whose name is subscribed to the within instrument, and
acknowledged that he executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
(SEAL)
Notary Pul~lic
My Commission Expires:
Notarial Seal
Margaret L. Boyd, Notary Public
susquehanna TW~,, Daupl~in County
yc~mml~ion ~xpir~ June 27, ~0
:~os3so ~ -23-
4401 Carlisle Pike Ste E
Camp Hill, PA 17011
(717) 763-7669
www.edwardjones.com
July 25, 2003
Cris N. Smith
Investment Representative
Edwardlones
Lisa J. Knode
Paralegal
3401 North Front Street
PO Box 5950
Harrisburg, PA 17110
Dear Lisa:
Re:
RICHARD T KERSHNER TTEE
TRUST ACCOUNT
Name of Deceased:
SSN:
Account Registration:
Account Number:
Date of Death:
Date of Valuation:
RICHARD T KERSHNER
201-28-8724
RICHARD T KERSHNER TTEE
270-07965
DECEMBER 11,2002
JUEY 25, 2OO3
Per your request, I am writing to provide valuation for the attached list of securities belonging to Richard
T. Kershner, now deceased.
The values listed are as of December 11,2002, the day that Richard T. Kershner passed away. The
values were obtained from an outside historical pricing service and while we believe that they are reliable,
we do not guarantee their accuracy. Please let us know if you need any other information or assistance.
Sincerely,
Cris N. Smith
Investment Representative
CRIS N ~MITH'
EdwardJ°nes
July 24, 2003
Historical Quote
Symbol Description/Type, Date Value
AWE
AT&T WIRELESS SVCS INC COM
Adjusted High Price
Adjusted Low Price
12/11/2002
12/11/2002
$6.8400, o(i"~ '"; %
$6.5500
BLS
BELLSOUTH CORP COM
Adjusted High Price
Adjusted Low Price
12/11/2002
12/11/2002
$26.1900
$25.3500
LU
LUCENT TECHNOLOGIES INC COM
Adjusted High Price 12/11/2002
Adjusted Low Price 12/11/2002
$1.4100 "
SBC
SBC COMMUNICATIONS INC COM
Adjusted High Price 12/11/2002
Adjusted Low Price 12/11/2002
$25.8500:
$24.8500
VZ
VERIZON COMMUNICATIONS COM
Adjusted High Price 12/11/2002
Adjusted Low Price 12/11/2002
$39.0700 $ 5~.'~. ~c~'~
J~ >/4 ,z3 27; t~
$37.8100
Page I
This information is for tax and estate purposes only and while believed accurate, is not guaranteed. There is no warranty
that any trades were or would have been executed at these prices on the dates given.
CRIS N ~MITH'
EdwardJ0nes
July 24, 2003
Historical Quote
Symbol
Description/Type Date Value
VSGAX
VAN KAMPEN EQUITY TR SELECT GRW A
Adjusted Closing Price 12/11/2002
$3.7800 v &]:./Cf -:, ~,, ~
ACTHX
VAN KAMPEN TAX EXEMPT TR HI YLD MUN PT A
Adjusted Closing Price 12/11/2002
Page I
This information is for tax and estate purposes only and while believed accurate, is not guaranteed. There is no warranty
that any trades were or would have been executed at these prices on the dates given.
4401 Carlisle Pike Ste E
Camp Hill, PA 17011
(717) 763-7669
www.edwardjones.com
July 25, 2003
Cris N. Smith
Investment Representative
Edwardlones
Lisa J. Knode
Paralegal
3401 North Front Street
PO Box 5950
Harrisburg, PA 17110
Dear Lisa:
Re: Richard T. Kershner
IRA
Name of Deceased:
SSN:
Account Registration:
Account Number:
Date of Death:
Date of Valuation:
Richard T. Kershner
201-28-8724
Richard T. Kershner, IRA
270-90603
December 11,2002
July 25, 2003
Per your request, I am writing to provide valuation for the attached list of securities belonging to Richard
T. Kershner, now deceased.
The values listed are as of December 11,2002, the day that Richard T. Kershner passed away. The
values were obtained from an outside historical pricing service and while we believe that they are reliable,
we do not guarantee their accuracy. Please let us know if you need any other information or assistance.
Sincerely,
Cris N. Smith
Investment Representative
CRIS N ~MITH'
July
23,
2003
Historical Ouote
Edwa dJones
Symbol Description/Type Date Value
ILA AQUILA INC COM
Adjusted High Price
Adjusted Low Price
12/11/2002 $1.9800
12/11/2002 $1.8700
AWE
AT&T WIRELESS SVCS INC COM
Adjusted High Price
Adjusted Low Price
12/11/2002
12/11/2002
$6.5500
GENZ
GENZYME CORP COM GENL DIV
Adjusted High Price
Adjusted Low Price
12/11/2002
12/11/2002
$33'54003 5. ~ ~, ~4oD:~&z2~4
$32.7800 ---
GZMO
GENZYME CORP COM-MOLECULAR
Last day of prices
Adjusted High Price
Adjusted Low Price
O6/3O/2OO3
12/11/2002
12/11/2002
$2.4500 ?~7,7 ~
2.~?~ ~ J/ _~_~
$2.1000
GZBX
GENZYME CORP COM BIOSURGERY
Last day of prices
Adjusted High Price
Adjusted Low Price
06/30/2003
12/11/2002
12/11/2002
$2.7000 ~q,34
~,52 / 25: ....
$2.4600
MSFT
MICROSOFT CORP COM
Adjusted High Price
Adjusted Low Price
12/11/2002
12/11/2002
$27.5095 ~,,~7/~,~5
$26.7915
Page I
This information is for tax and estate purposes only and while believed accurate, is not guaranteed. There is no warranty
that any trades were or would have been executed at these prices on the dates given.
CRIS N ~MITH'
Edwa dl0nes
July 23, 2003
Historical Quote
Symbol Description/Type Date Value
ORCL
ORACLE CORP COM
Adjusted High Price
Adjusted Low Price
12/11/2002
12/11/2002
511.4500
510.6100
SBC
SBC COMMUNICATIONS INC COM
Adjusted High Price 12/11/2002
Adjusted Low Price 12/11/2002
$25.8500
$24.850O
TYC
TYCO INTL LTD NEW COM
Adjusted High Price
Adjusted Low Price
12/11/2002
12/11/2002
516.7700
Page1
This information is for tax and estate purposes only and while believed accurate, is not guaranteed. There is no warranty
that any trades were or would have been executed at these prices on the dates given.
CRIS N ~MITH'
Edwa dl0nes
July 23, 2003
Historical Quote
Symbol
Description/Type Date Value
AEPGX
EURO PAC GROWTH FD SH BEN INT
Adjusted Closing Price 12/11/2002
AGTHX
GROWTH FD AMER INC COM
Adjusted Closing Price
12/11/2002
ITTAX
HARTFORD MUT FDS INC ADVISERS A
Adjusted Closing Price 12/11/2002
$12.9500
LBNBX
LORD ABBETTBD DEB FDINC CLB
Adjusted ClosingPrice 12/11/2002
$7.1700
ANEFX
NEW ECONOMY FD SH BEN INT
Adjusted Closing Price 12/11/2002
$14.0600 / /~/3,~"/~'
AWSHX
WASHINGTON MUT INVS FD INC COM
Adjusted Closing Price 12/11/2002
Page I
This information is for tax and estate purposes only and while believed accurate, is not guaranteed. There is no warranty
that any trades were or would have been executed at these prices on the dates given.
Edward Jones Mark R. Snyder
4829 East Trindle Road Investment Representative
Mechanicsburg, PA 17050
(717) 763-7669
bowarcllones
END OF LIS~ JONES ~/06/03 15:11 (M0928)
ANNUITY FUND BREAKDOWN AS OF 01/03/2003
Acct No: 270-90603 Acct Name: KERSHNER, DICK *G*
Owner Name: EDWARD D JONES CUSTODIAN
IR No: 270050
Issuer: PROTECTIVE LIFE INS CO - INS
Product: PROTECTIVE VAi~IAJ~LE AlqN Contract No: VA2008916
Current Value: 39,359.12 Symbol: PROVARIA~LE
Amount Invested: 50,000.00 - Issue Date: 08/11/1997
Fund
Percent
Item Fund Allocations Value Alloc
1. CAL BALAi~CED 7,754.97 19.7000
2. LA BOND 8,029.57 20.4000
3. LA G&I 7,714.91 19.6000
4. MFS TOTAL RTN 7,867.67 20.0000
5. OP STP~AT BOND 7,992.00 20.3000
END OF LIST
Action: L-List of Contracts I-Contract Info/Value
GA-Get Account BY-BUY Addition
Fl-Help F2-Print Screen F3-Escape F9-Book
C-Change Link
S-SWPS Option
ASSIGNMENT OF INSTALLMENT SALE AGREEMENT
FOR VALUE received the undersigned transfer, set over and assign all their right,
title and interest in and to a certain Installment Sale Agreement for Real Estate dated
March 30, 1999 by and between themselves as Sellers and JOHN M. SEROSKIE AND
LINDA K. SEROSKIE as Buyers ("Agreement of Sale") in two equal shares as follows:
One share to Richard T. Kershner, Trustee of the Richard T. Kershner
Revocable Trust Agreement dated January 11, 2000, and
One share to Annamae L. Kershner, Trustee of the Annamae L. Kershner
Revocable Trust Agreement dated January 11, 2000
Executed this
Witness:
of
Richard T. Kershner
Annamae L. Kershner
:210301 I
TO-'
METTE, EVANS & WOODSIDE
A PRO ?Ek;S I( )NAL CO]{PO}~ATION
ATTORNEYS AT LAW
3401 NORTH FRONT STREET
P.O. BOX 5950
HARRISBURG, PA 17110-0950
REGISTER OF WILLS
CUMBERLAND COUNTY COURTHOUSE
ONE COURTHOUSE SQUARE
CARLISLE PA 17013
BUREAU OF ZNDZVZDUAL TAXES
ZNHERZTANCE TAX D/VZSZON
DEPT. 280601
HARRZSGURG, PA 17128-0601
CONHONNEALTH OF PENNSYLVANZA
DEPARTHENT OF REVENUE
NOTZCE OF ZNHERZTANCE TAX
APPRAZSEMENT, ALLO#ANCE OR DZSALLO#ANCE
OF DEDUCTZONS AND ASSESSMENT OF TAX
REV-Igq7 EX AFP cn1-05)
JEFFREY A ERNICO'~'SQ"'
HETTE ETAL
PO BOX 5950
HaG ~PA 17110
DATE 10-21-2005
ESTATE OF KERSHNER
DATE OF DEATH 12-11-2002
FZLE NUHBER 21 05-0158
COUNTY CUHBERLAND
ACN 101
Amount Ramittad
RICHARD T
HAKE CHECK PAYABLE AND REHZT PAYHENT TO:
REGZSTER OF NILLS
CUHBERLAND CO COURT HOUSE
CARLISLE, PA 17015
CUT ALONG THZS LZNE ~ RETAZN LONER PORTZON FOR YOUR RECORDS ~
DZSALLONANCE OF DEDUCTZONS AND ASSESSHENT OF TAX
ESTATE OF KERSHNER RICHARD T FZLE NO. 21 03-0138 ACN 101 DATE 10-21-2003
TAX RETURN NAS: (X) ACCEPTED AS FILED ( ) CHANGED
RESERVAT]:ON CONCERN]:NG FUTURE ]:NTEREST - SEE REVERSE
APPRAZSED VALUE OF RETURN BASED ON: ORI$INAL RETURN
1. Real Estate (Sch.dule A) (1)
2. Stocks and Bonds (Schedule B) (2)
$. Closely Held Stock/Partnership /nterest (Schedule C) ($)
q. Nortgagas/Notas Receivable (Schedule D) (q)
5. Cash/Bank Deposits/Misc. Personal Property (Schedule E) ($)
6. Jointly Owned Property (Schedule F) (6)
7. Transfers (Schedule G) (7)
8. Total Assets
APPROVED DEDUCTZONS AND EXEHPTZONS:
9. Funeral Expenses/Ada. Costs/Hisc. Expenses (Schedule H) (9)
10. Debts/Mortgage Liabilities/Liens (Schedule Z) (10)
11. Total Deductions
12. Net Value of Tax Return
15.
lq.
Charitable/Governmental Bequests; Non-elected 9113 Trusts (Schedule J)
Net Value of Estate Subject to Tax
O0 NOTE: To insure proper
O0 credit to your account,
O0 submit the upper portion
00 of this form with your
00 tax payment.
00
2q$~712.$8
[8)
12,028.25
.00
NOTE:
]:t: an assessment was issued previously, lines 14, 15 and/or
2q3,712.$8
(11) '12.028.2:5
(12) 231,68q. 15
(15) . O0
(lq) 231,68q. 15
re1:lect 1:igures that include the total o1: ALL returns assessed to date.
16, 17, 18 and 19 #ill
1,989.20
ZF PAZD AFTER DATE /ND/CATED, SEE REVERSE
FOR CALCULAT/ON OF ADDZTZONAL /NTEREST.
TOTAL TAX CRED]:T
BALANCE OF TAX DUE
ZNTEREST AND PEN.
TOTAL DUE
1,989.20
.00
.00
.00
TOTAL DUE 1S LESS THAN $1, NO PAYMENT IS REQUZRED.
TOTAL DUE 1S REFLECTED AS A 'CRED/T' (CR), YOU MAY BE DUE
REFUND. SEE REVERSE SIDE OF THIS FORM FOR INSTRUCT/ONS.)
ASSESSHENT OF TAX:
1.;. Amount of Line lq at Spousal rate
16. Amount of Line lq taxable at Lineal/Class A rate
17. Amount of Line lq at Sibling rata
18. Amount of Line 1~ taxable at Collateral/Class B rate
19. Principal Tax Due
TAX CRED]:TS:
PAYMENT RECEZPT BT$COUNT (4.)
DATE NUMBER /NTEREST/PEN PAZD (-)
08-29-2005 CD002965 . 00
AMOUNT PA/D
(15) 187,q79.60 x 00 = .00
(16) qq,20q. S5 x 045 = 1,989.20
(17) .00 x 12 = .00
(18) .00 x 15 = .00
(19)= 1,989.20
RESERVATION:
PURPOSE OF
NOTICE:
PAYMENT:
REFUND (CR):
OBJECTIONS:
ADHIN-
ISTRATIVE
CORRECTIONS:
DISCOUNT:
PENALTY:
INTEREST:
Estates of decedents dying on er bafore December 12, 1982 -- if any future interest in tha estate is transferred
in possession or enjoyment to Class B (collateral) beneficiaries of the decedent after tha expiration of any estate for
life or far years, tha Coeaoneealth hereby expressly reserves the right to appraise and assess transfer Inharitance Taxes
at the lawful Class D (collataral) rata on any such future interest.
To fulfill the requireeants of Saction 21~0 of tha Inheritance and Estate Tax Act, Act 23 of ZOO0. (72 P.S.
Section 91~0).
Detach the top portion of this Notice and submit aith your payment to the Register of Hills printad on the reverse sida.
--Hake check or money order payable to: RBG/STER OF NXLLSj AGENT
A refund of a tax credit, ahich ams not requested on tho Tax Return, may be requested by completing an "Application
for Refund of Pennsylvania Inheritance end Estate Tax" (REV-ISIS). Applications are available at the Office
of the Register of Hills, any of the 23 Revenue District Offices, or by calling the special Z~-hour
ansaaring service for fores ordering: 1-800-$6Z-ZOSO; services for taxpayers with special hearing and / or
speaking needs: 1-800-~7-3020 (TT only).
Any party in interest not satisfied with the appraisement, allowance, or disallowance of deductions, or assessment
of tax (including discount or interest) as shown on this Notica must object eithin sixty (60) days of receipt of
this Notice by:
--written protast to the PA Department of Revenue, Board of Appeals, Dept. Z810Z1, Harrisburg, PA 17128-1021, OR
--election to have the matter determined at audit of the account of the personal representative, OR
--appeal to the Orphans' Court.
Factual errors discovered on this assessment should be addressed in writing to: PA Department of Revenue,
Bureau of Individual Taxes, ATTN: Post Assessment Reviea Unit, Dept. 280601, Harrisburg, PA 17128-0601
Phone (717) 787-6505. Sea page 5 of tha booklet "Instructions for Inheritance Tax Return for a Resident
Decedent" [REV-1501) for an axplanation of administratively correctable errors.
If any tax due is paid within three ($) calendar months after the decedent's death, a five percent (52) discount of
the tax paid is alloaed.
The 152 tax amnesty non-participation penalty is computed on the total of the tax and interest assessed, and not
paid before January 18, 1996, the first day after the end cf the tax amnesty period. This non-participation
penalty is appealable in tha same manner and in the the mama time period as you mould appeal the tax and intarast
that has been assessed as indicated on this notice.
Interest is charged baginning aith first day of delinquency, or nine (9) months and one [1) day from tha date of
death, to the date of payment. Taxes ehich became delinquent before January 1, 1982 bear interast at tha rate of
six (6X) percent per annum calculated at a daily rate of .00016~. All taxes which became delinquent on and after
January 1, 1982 will bear interest at a rate which will vary from calendar year to calendar year with that rate
announced by the PA Departeant of Revenue. The applicable interest rates for 1982 through 2003 are:
Interest Daily Interest Daily Interest Daily
Year Rate Factor Year Rate Factor Year Rate Factor
1982 207. .0005~8 1987 92 .0002~7 1999 77. .000192
1983 162 .000~38 1988-1991 llZ .000301 ZOO0 82 .000219
198~ IZZ .000301 1992 92 . O002~7 ZOOl 92 . OOOZ~7
1985 132 .0003S6 1993-199~ 77. .000192 2002 62 .00016~
1986 107. .000274 1995-1998 92 .000247 2003 57. .000137
--Intarest is calculated as folloas:
TNTEREST = BALANCE OF TAX UNPAID X NURBER OF DAYS DELTNI~UENT X DAZLY /NTBREST FACTOR
--Any Notice issued after the tax becomes delinquent mill reflect an interest calculation to fifteen (15) days
beyond the date of the assessment. If paymant is made after the interest computation date sheen on tha
Notice, additional interest must be calculated.
PLEASE FILE THIS REPORT WITHIN TWO YEARS OF DATE OF DEATH REGARDLESS OF
THE STATUS OF THE ESTATE. IF THE ESTATE IS NOT COMPLETED, FILE A 6.12 FORM
YEARLY UNTIL COMPLETION.
STATUS REPORT UNDER RULE 6.12
Name of Decedent: Richard T. Kershner
Date of Death: December 11, 2002
Will No. Admin. No. 21-2003-0138
Pursuant to Rule 6.12 of the Supreme Court Orphans' Court Rules, I report the
following with respect to completion of the administration of the above-captioned estate.
State whether administration of the estate is complete:
Yes X No
2. If the answer is No, state when the personal representative reasonably
believes that the administration will be complete:
3. If the answer to No. I is Yes, state the following:
Yes
a. Did the personal representative file a final account with the Court?
No X
b. The separate Orphans' Court No. (if any) for the personal representative's
account is:
c. Did the personal representative state an account informally to the parties
in interest? Yes X No
d. Copies of receipts, releases, joinders and approvals of formal or informal
accounts may be filed with the Clerk of the Orphans' Court and may be attached to this
report.
Date: November//~, 2003 Signa~
Jeffrey A. Ernico, Esq., Atty. No. 07981
Name (Please type or print)
3401 N. Front Street, P.O. Box 5950
Address
Harrisburg, PA 17110-0950
(717) 232-5000
Telephone
384097vl
Capacity:
__ Personal Representative
__ Counsel for Personal Representative
X