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HomeMy WebLinkAbout03-31-11IN RE: ESTATE OF VIRGINIA D. MYERS, Late of Upper Allen Township ~-~, n `:~' ~~ O '"' --~~ -*-~ ~-~ , , - :~" t ~ - -~-~ ,~~~ _~ ~-~ ~-~ :~ t.~ ~~ IN THE COURT OF COMMON PLEAS OF . CUMBERLAND COUNTY, PENNSY LVANIA ORPHANS' COURT DIVISION NO.21-10-1267 PETITION BY AGENT UNDER POWER OF ATTORNEY FOR PERMISSION TO EXERCISE AUTHORITY TO DISCLAIM AN INTEREST IN PROPERTY UNDER 20 Pa. C.S.A. §6202. Petitioner, FULTON BANK, N.A., through its counsel, Johnson, Duffie, Stewart & Weidner, respectfully states the following in support of this Petition to permit Disclaimer. 1. Petitioner is Fulton Bank, N.A., a Pennsylvania banking corporation, One Penn Square, P.O. Box 3215, Lancaster, PA 17604-3215. 2. Petitioner is the Agent under a Durable Power of Attorney ("Power") executed by George F. Myers ("the Principal") on January 13, 2000, a copy of which is attached as Exhibit "A". 3. In Section 13 of the Power, the Principal conferred authority on the Agent to disclaim any interest in property. 4. The Power is durable pursuant to 20 Pa. C.S.A. §5604. 5. The Principal, 90 years of age, is not capable of managing his financial affairs and resides at Messiah Village, 100 Mount Allen Drive, Mechanicsburg, PA, as a guest requiring skilled nursing services. ~I 6. Virginia D. Myers (decedent), the spouse of the Principal, died on December 14, 2010. 7. Under Decedent's Will and Section 2, Paragraph B, of her Revocable Trust Estate, the residue of her estate and Trust is distributable to the Principal. 8. Under Section 2, Paragraph D of Decedent's Trust, property disclaimed by the Principal will be distributable to a Disclaimer Trust ("Disclaimer Trust"). 9. Under the Disclaimer Trust, the Principal is entitled to the income and as much principal as Trustee deems advisable for the Principal's health, maintenance and support, and at the Principal's death, the Trust Estate is distributable to the Decedent's and Principal's then living issue. 10. The Principal's own assets and the income and principal in the Disclaimer Trust are more than sufficient to provide for the Principal's needs. 11. If the Principal disclaims, the Executor of Decedent's Estate may elect to treat the Disclaimer Trust as a Sole Use Trust under 72 P.S. §9113 of the Inheritance Tax Act, taxable only on the value of the remainder interest, thereby reducing inheritance tax otherwise payable upon death of the Principal. 12. Your Petitioner believes that the Principal, if competent, would exercise his right to disclaim thereby funding the Disclaimer Trust. 13. Exercise of the disclaimer by the Principal's Agent will not materially prejudice the Principal, his creditors or the rights of the heirs and/or beneficiaries of the Principal. 2 WHEREFORE, your Petitioner respectfully prays that this honorable Court permit Fulton Bank, N.A., Agent under Power of Attorney for George F. Myers, to disclaim his interest in the residue of the Estate of Virginia D. Myers. Respectfully submitted JOHNSON, DUFFIE, STEWART & WEIDNER By: ~ Edmund G. Mye s I.D. No. 20558 301 Market Street P.O. Box 109 Lemoyne, PA 17043 (717) 761-4540 Attorney for Petitioner :434969 VERIFICATION The undersigned, verifies that the statements made in the foregoing Petition are true and correct and that false statements may subject the undersigned to the penalties of 18 Pa. C.S. §4804. FU: Date: ~ ~ (~ a ~, ~ O I ~ gy; EXHIBIT A 000753-00002/1.10.00/EGM/KLT/130307.1 POWER OFATTORNEY (GEORGE F. MYERS, PRINCIPAL) NOTICE THE PURPOSE .OF TffiS POWER OF ATTORNEY IS TO GIVE THE PERSON(S) YOU DESIGNATE (YOUR "AGENT'S BROAD POWERS TO HANDLE YOUR PROPERTY, WHICH MAY INCLUDE POWERS TO SELL OR OTHERWISE DISPOSE OF ANY REAL OR PERSONAL PROPERTY WITHOUT ADVANCE NOTICE TO YOU OR APPROVAL BY YOU. THIS POWER OF ATTORNEY DOES NOT IMPOSE A DUTY ON YOUR AGENT TO EXERCISE GRANTED POWERS, BUT WHEN POWERS ARE EXERCISED, YOUR AGENT MUST USE DUE CARE TO ACT FOR YOUR BENEFIT AND IN ACCORDANCE WITH TffiS POWER OF ATTORNEY. YOUR AGENT MAY EXERCISE THE POWERS GIVEN HERE THROUGHOUT YOUR LIFETIME, EVEN AFTER YOU BECOME INCAPACITATED, UNLESS YOU EXPRESSLY LIlVIIT THE DURATION OF THESE POWERS OR YOU REVOKE THESE POWERS OR A COURT ACTING ON YOUR BEHALF TERD~IINATES YOUR AGENT'S AUTHORITY. YOUR AGENT MUST KEEP YOUR FUNDS SEPARATE FROM YOUR AGENT'S FUNDS. A COURT CAN TAKE AWAY THE POWERS OF YOUR AGENT IF TT FINDS YOUR AGENT IS NOT ACTING PROPERLY. THE POWERS AND DUTIES OF AN AGENT UNDER A POWER OF ATTORNEY ARE i EXPLAINED MORE FULLY IN 20 PA.C.S. CH. 56. IF THERE IS ANYTHING ABOUT TffiS FORM THAT YOU DO NOT UNDERSTAND, YOU SHOULD ASK A LAWYER OF YOUR OWN CHOOSING TO EXPLAIN IT TO YOU. I HAVE READ OR HAD EXPLAINED TO ME TffiS NOTICE AND I UNDERSTAND ITS CONTENTS. -1 GEORGE ,Principal ~r~~~ Date 000753-00002/1.10.00/EGM/KLT/130307.1 ACKNOWLEDGMENT We, VIRGINIA D. MYERS and FULTON BANK, have read the attached Power of Attorney and are the persons identified as the Agents for the Principal. We hereby acknowledge that in the absence of a specific provision to the contrary in the Power of Attorney or in 20 Pa.C.S. when we act as Agent: We shall exercise the powers for the benefit of the Principal. We shall keep the assets of the principal separate from my assets. We shall exercise reasonable caution and prudence. We shall keep a full and accurate record of all actions, receipts and disbursements on behalf of the Principal. ~~~22LC'JL - G D. MYERS, Agent FULTON BANK, Agent itle: v~ 1~~3(00 Date Oo Date 000753-00002/1.10.00/EGM/KLT/130308.1 DURABLE POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS, that I, GEORGE F. MYERS, of the Borough of Camp Hill, Cumberland County, Pennsylvania, hereby revoke any general power of attorney that I have heretofore given to any person and do hereby appoint my wife, VIRGI1~iIA D. MYERS, and FULTON BANK, or either of them, as my true and lawful Agent (hereafter "my Agent"), empowered for me and on my behalf to perform all such acts as my Agent in my Agent's absolute discretion may deem advisable, as fully as I could do if personally present. This Power of Attorney shall not be affected by my subsequent disability or incapacity, either physical or mental. My Agent is hereby given the fullest possible powers to act on my behalf. My Agent is empowered to transact business, make, execute, acknowledge and deliver all agreements, contracts, orders, deeds, writings, assurances and instruments for any matter, with the same powers and for all purposes with the same validity as I could, if personally present. Without limiting the general powers hereby already conferred, my Agent shall have the following specific powers which are included in the foregoing general powers: 1. To demand, recover and receive all sums of money due or payable to me, or which may at any time be due and payable to me, from any person or entity whatsoever, including, without limitation, any government and entity or subdivision thereof; 2. To enter into any safe deposit box, including, without limitation, any of which I am a renter in rriy own name or jointly with others; 3. To engage in.banking and financial transactions, including without limitation, to deposit funds in and withdraw funds from any accounts that I may have at any financial institution, including accounts which I may hold jointly with others; to deposit funds in and withdraw funds from any accounts of any financial institution which my said attorney may create for that purpose; to sign my signature to and endorse 000753-00002/1.10.00/EGMIKLT/130308.1 notes, checks, drafts and bills of exchange which may require my signature or endorsement for negotiation; and generally, to transact any and all business for me with any bank, trust company, credit union or other depository; 4. To create trusts for my benefit, make additions to an existing trust for my benefit and withdraw and receive the income or corpus of a trust; 5. To .borrow money, including, without limitation, to mortgage or pledge any property, real or personal, now or hereafter owned by me as security therefor and to satisfy of record any indentures of mortgage now or hereafter standing in my name or acquired for my account; 6. To engage in personal property transactions, including, without limitation, to buy, sell, lease, exchange, collect, possess, and take title to tangible personal property; to move, store, ship, restore, maintain, repair, improve, manage, preserve and insure tangible personal property; and, generally, to exercise all powers with respect to tangible personal property that I could, if present; 7. To sell, transfer or assign any interest which I now have or may hereafter acquire in any personal property, security or evidence of debt, and to execute or join with others in executing any instruments necessary to effectuate any such sale, transfer or assignment; 8. To engage in real property transactions, including, without limitation, to incur and pay any expense, including insurance, taxes or assessments, of keeping and maintaining any real estate in which I now have or may hereafter acquire an interest; to lease all or parts of such real estate; to borrow on the security of such real estate; to sell any part or all of such real estate for such price and to such purchaser as my Agent shall deem advantageous; and to make, execute, acknowledge and deliver of join with others in making, executing, acknowledging and delivering such instruments as shall be required to carry out this power; 9. To engage in stock, bond and other securities transactions, and commodity and option transactions; 2 000753-00002/1.10.00/EGM/KLT/130308.1 10. To invest any of my funds as my Agent may deem proper for investment in the exercise of prudent judgment and in my Agent's absolute and sole discretion; 11. To make limited gifts as defined in 20 Pa. C.S.A. Chapter 56 and to make any other gift to my spouse, my issue and/or.their spouses, and/or any other person or entity in such amounts and at such times as my Agent determines..is consistent -with prudent estate planning and financial management for me and is consistent with my known or probable intent with respect to disposition of my estate; 12. To handle interests in estates and trusts, including, without limitation, to receive a bequest, devise, gift or other transfer of real or personal property to me in my own right or as a fiduciary for another, and give full receipt and acquittance therefor or a refunding bond therefor; to approve accounts of any estate, trust, partnership or other transaction in which I may have an interest; and to enter into any compromise and release in regard thereto; 13. To disclaim any.interest in property, including, without limitation, to release or disclaim any interest in property; 14. To renounce fiduciary positions, including, without limitation, to renounce any fiduciary position to which I have been appointed and to resign any fiduciary position in which I am now serving and either file an accounting with a court of competent jurisdiction or settle on receipt and release or other informal method as my Agent deems advisable; 15. To pay all debts now or hereafter incurred by me; 16. To pursue claims and litigation, including, without limitation, to join with other parties in the pursuit, compromise or settlement of any claims; 17. To make, negotiate, sign and perform any and all agreements and contracts now in course of negotiation, execution and settlement by me, or which may hereafter in the opinion of my Agent be to my interest or advantage; 3 000753-00002/1.10.00/EGM/KLT/130308.1 18. To engage in insurance transactions, including, without limitation, to effect, procure, continue and cancel insurance of any and every kind and description; 19. To pursue tax matters, including, without limitation, to prepare, execute. and file on my behalf and in my name any and all income tax declarations and returns, and any other tax returns and reports (including, but not limited to, protests, claims, elections, consents, closing agreements, waivers of statutes of limitations and extensions), and to represent me before the Internal Revenue Service or Treasury Department and any state or local taxing authority with respect to any claim or proceeding having to do with my tax liabilities, federal, state or local, for any and all years; 20. To engage in retirement plan transactions, including, without limitation, to contribute to, withdraw from and deposit funds in any type of retirement plan (including, but not limited to, any tax qualified or non-qualified pension, profit sharing, stock bonus, employee savings and retirement plan, deferred compensation plan or individual retirement account); select and change payment options for me; make rollover contributions from any retirement plan to other retirement plans; and, in general, exercise all powers with respect to retirement plans that I could if present; 21. To appoint successors or substitutes as Agent, and to delegate any of the powers herein contained to such successors or substitutes, or such others as deemed appropriate, and to revoke any such appointments or delegations of power; and 22. To employ or continue to employ attorneys-at-law, accountants, and such other professionals; agents, employees, or representatives, as my Agent may think proper, and to pay any claims, fees, expenses, wages, demands or obligations for which I may now be or may hereafter become liable as a result. To the extent that any such powers are applicable to real property, they shall apply to any interest in real property that I now have or which I may hereafter acquire, including my property known as 337 North 25~' Street, Camp Hill, Cumberland County, Pennsylvania. This power shall not expire by reason of lapse of time. 4 000753-00002/1.10.00/EGM/KLT/130308.1 I hereby ratify and confirm all that my Agent acting hereunder shall lawfully do or cause to be done under this Durable Power of Attorney. This Power of Attorney shall only be revoked by my giving to my Agent acting hereunder written notification of the revocation, which notice shall not be considered binding unless actually received. No person dealing with my Agent shall have the duty to inquire as to the extent of said Agent's authority. Any person may rely upon the continuance of this power until it receives written notice of its revocation. In the event that guardian of my estate is to be appointed by a court, I direct that my Corporate Attorney herein named be appointed guardian of my estate. _ ;IN WITNESS WHEREOF, I have hereunto set my hand and seal this ~d/~ day of ~,~.~ .~~! r,!~ , 2000 to this Power of Attorney. ~~'1 ,, :; Signed, Sealed and Delivered In the Presence of y~ ~~' f'~--. 1 SEAL f" ~ ) GEORGE RS 5 000753-00002h .10.00/EGM/KLT/130308.1 ACKNOWLEDGMENT COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND ss. -~ On this the =' ~. day of ~.,~ ~c,~.c~.u~ 2000, before me, the undersigned officer, personally appeared GEORGE F. MYERS, 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. Notary Public My Commission Expires: (SEAL) NOTARIAL SEAL DIANNE LENIG, Notary Public Lemoyne Borough Cumberland Co. My Commission Expires Dec. 21, 2001 6