HomeMy WebLinkAbout06-17-11 (2)-~ REV-1500 E"(°'-'°' ,~ 1505610143
OFFICIAL USE ONLY
PA Department of Revenue pennsylvania -county code Year File Number
Bureau of Individual Taxes DEPARTMENT OF REVENUE
PO 60X.280601 INHERITANCE TAX RETURN 2 1 10 010 7 5
Harrisburg, PA 17128-0601 RESIDENT DECEDENT _
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death Date of Birth
187 14 4376 09 21 2010 07 07 1921
Decedent's Last Name Suffix Decedent's First Narne MI
COSTELLO SR. JOHN M
(If Applicable) Enter Surviving Spouse's Information Below
Spouse's Last Name Suffix Spouse's First Name! MI
COSTELLO LOIS R
Spouse's Social Security Number
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
FILL IN APPROPRIATE OVALS BELOW
® 1. Original Return ^ 2. Supplemental Return ^ 3. Remainder Return (date of death
prior to 12-13-82)
^ 4. Limited Estate ^ 4a. Future Interest Compromise ^ 5. Federal Estate Tax Return Required
(date of death after 12-12-82)
g Decedent Died Testate
(Attach Copy of Will) ^ ~ Decedent Maintained a Living Trust
(Attach Copy of Trust) 0
- ~~. Total Number of Safe Deposit Boxes
^ 9. Litigation Proceeds Received ^ 10. Spousal Poverty Credit (date of death
between 12-31-91 and 1-1-95)
^ ~ 1. Election to tax under Sec. 9113(A)
(Attach Sch. O)
CORRESPONDENT -THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL 7'AX INFORMATION SHOULD BE DIRECTED TO:
Name Daytime Telephone Number
RICHARD E CONNELL ESQ 7;17 232 8731
First line of address
2303 MARKET STREET
Second line of address
City or Post Office
CAMP HILL
State ZIP Code
PA 17011
Correspondent's a-mail address: c o n n e l l@ b m c -law . n e t
REGISTER O~-p,S USE SLY
~. C/7 ~
....~
DAT~FILED
t'r'i
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 information of which preparer has any knowledge.
SIG RE OF PERSON RESPONSIBLE FOR FILING RETURN DATE
,~ ~- ~ Lois Rae Costello 6~ti~11
722 Oak Oval, Mecha~sburg, PA 17055
IGNATURE OF PREP RER OTH TH REP ES F
2303 Market Street, Camp Hill, PA 17011
Richard E Connell Esq
JE
'/,
Side 1
L 1505610143
1505610143
J 1505610243
REV-1500 EX
Decedent's Social Security Number
Decedent's Name: G O S T E L L O, JOHN M. S R. 18 7 14 4 3 7 6
RECAPITULATION
1. Real Estate (Schedule A) .......................................................................................... 1.
2. Stocks and Bonds (Schedule B) ............................................................................... 2. 4 8 5, 9 3 0. 2 0
3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C).......... 3.
4. Mortgages 8 Notes Receivable (Schedule D) .......................................................... 4.
5. Cash, Bank De osits 8~ Miscellaneous Personal Pro e
p p rty (Schedule E) ................
5. 6 , 9 3 8 . 2 5
6. Jointly Owned Property (Schedule F) ^ Separate Billing Requested ............. 6.
7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property
(Schedule G) ^ Separate Billing Requested ............. 7.
8. Total Gross Assets (total Lines 1-7) ....................................................................... g. 4 9 2, 8 6 8. 4 5
9. Funeral Expenses & Administrative Costs (Schedule H) ......................................... 9.
10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) ................................ 10.
11. Total Deductions (total Lines 9 & 10) ...................................................................... 11 • 0 0 0
12. Net Value of Estate (Line 8 minus Line 11) ............................................................. 12. 4 9 2 , 8 6 8 4 5
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. 4 9 2 , 8 6 8 . 4 5
TAX COMPUTATION -SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable
at the spousal tax rate, or
transfers under Sec. 9116
(a)(1.2) x .o0 4 9 2, 8 6 8 4 5 15. 0. 0 0
16. Amount of Line 14 taxable
at lineal rate X .045 16.
17. Amount of Line 14 taxable
at sibling rate X ,12 17.
18. Amount of Line 14 taxable
at collateral rate X .15 18.
19. Tax Due ..................................................................................................................... 19. 0 . 0 0
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT. ^
Side 2
L 1505610243 1505610243 J
REV-1500 EX Page 3
Decedent's Complete Address:
File Number 21 - 10 - 01075
DE NT' NAME
Costello, John M. Sr. _
STREET ADDRESS
722 Oak Oval
CITY
Mechanicsburg STATE
PA ZIP
17055
Tax Payments and Credits:
1. Tax Due (Page 2, Line 19) (1) 0.0 0
2. Credits/Payments
A. Prior Payments
B. Discount
Total Credits (A + B) (2) 0.00
3. Interest (3) 0.0 0
4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. (4)
Check box on Page 2 Line 20 to request a refund
5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5) 0.0 0
Make Check Payable to: REGISTER OF WILLS, AGENT.
S, . ... 'r .Y i .. Win.. ti 9Rt~ . d
y ~
. F
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 :.................................................................................. ^ ^x
b. retain the right to designate who shall use the property transferred or its incomE~ :.................................... ~ ~x
c. retain a reversionary interest; or .................................................................................................................. ^ ^x
d. receive the promise for life of either payments, benefits or care? .............................................................. ^ ^x
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without
receiving adequate consideration? ....................................................................................................................... ^ ^x
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death?......... ^ ^x
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which
contains a beneficiary designation? ...................................................................................................................... ^
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
For dates of death on or after July 1, 1994 and before Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving
spouse is 3 percent [72 P.S. §9116 (a) (1.1) (i)].
For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0 percent
[72 P.S. §9116 (a) (1.1) (ri)]. 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 refurn 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 21 ears 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 percent [72 P.S. §9116 (a) (y.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 percent, except as noted in
72 P.S. §9116 1.2) [72 P.S. §9116 (a) (1)].
• The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12 percent [72 P.S. §9116 (a) (1.3)1. A
sibling is defined under Section 9102, as an individual who has at least one parent in common with the: decedent, w ether y blood or adoption.
,.
COWMAONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE B
STOCKS & BONDS
FILE NUMBER
ESTATE OF COSte~~O, John M. Sr. 21 - 10 - 01075
All property jointly-owned with right of survivorship must be disclosed on Schedule F.
ITEM
NUMBER DESCRIPTION UNIT VALUE VALUE AT DATE OF
DEATH
1 Raymond James Financial Services, Inc. 277,738.00
Account No. 52478059
2 First Commonwealth Financial Corporation 5.15 24,967.20
Common Stock
3 Mainline Bancorp 25.00 183,225.00
Common Stock
TOTAL (Also enter on line 2, Recapitulation) 485,930.20
SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
COMMONWEALTH OF PENNSYLVANIA PERSONAL PROPERTY
INHERITANCE TAX RETURN
RESIDENT DECEDENT
FILE NUMBER
ESTATE OF COSt@IIO, John M. Sr. 21 - 10 - 01075
Include the proceeds of litigation and the date the proceeds were received by the estate. All property jointly-owned with the right of
survivorship must be disclosed on schedule F.
ITEM DESCRIPTION VALUE AT DATE OF
NUMBER DEATH
1 1st Summit Bank 3,433.48
Certificate No. 34165
2 1st Summit Bank 3,504.77
Certificate No. 33963
~ TOTAL (Also enter on Line 5, Recapitulation) ~ 6,938.25
REV-1513 EX+(11-08)
SCHEDULE J
COMMONWEALTH OF PENNSYLVANIA BENEFICIARIES
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Costello, John M. Sr.
21 -10 - 01075
NUMBER
NAME AND ADDRESS OF PERSON(S)
RECEIVING PROPERTY RELATIONSHIP TO
DECEDENT
Do Not List Trustee(s) SHARE OF ESTATE
(Words) AMOUNT OF ESTATE
($$$)
I
' TAXABLE DISTRIBUTIONS include outright spousal
distributions, and transfers
under Sec. 9116 (a) (1.2)]
1 Lois R. Costello Wife / ~ (~ ~O
722 Oak Oval
Mechanicsburg, PA 17055
-~-
-L>~tq~e~-..
Enter dollar amounts for distributions shown above on lines 15 through 18 on Rev 1500 cover sh eet, as appropriate.
II. NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TA;K I~~ NOT TAKEN
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV'-1500 COVER SHEETI 0.00
CC7P°~
~.; t 6 1 Q ~ 1' ~~
- _ _ - ~~
I, JOHN M. COSTELLO, of Summerhill Borough, Cambria Cowrty, Pennsylvania, being
of sound mind, memory and understanding, do hereby make, publish and declare the following to
be my Last WiII and Testament, hereby revoking any Wills by me at any time heretofore made:
FIRST: I order and direct my hereinafter named Executrix to pay all of my just
debts, which are legally collectible, and funeral expenses as soon as may be after my decease.
SECOND: I give and bequeath my passenger automobiles, household furniture and
furnishings and personal effects and other tangible personalty of like nature (not including cash or
securities), together with any insurance thereon, to my wife, I.OIS RAI? C'OSTELLO. ,~f my wife
predeceases me, I give and bequeath to my children who sux-vive me so much of my passenger
automobiles, household furniture and furnishings and personal effects and other tangible personalty
of like nature (not.including cash or securities}, together with any insurance thereon, as they may
select, said items to be distributed among them as they shall mutually agree, making suc11
distribution in as nearly equal shares as possible. At the time of the execution of this my Last Will
and Testament, I have four children, JOHN M. COSTELLO, JR., SUSAN I. LORDITCH,
MARGARET A. PLANK and AMX L. SUHR.
In the event my children who survive me are unable to agree on the
distribution of any particular item of personal property referred to above, my Executors shall sell
such item on sealed bids at private sale among my said surviving children to the highest bidder with
the proceeds to become part of my residuary estate to be distributed as hereinafter. provided. If my
Executors desire to bid, then bids shall be submitted to and opened by a third party selected by my
Executors. At a child's election, payment for items. thus purchased may Ise made by deduction of
the purchase price from the amount, if any, which would othei-~vise be ~pa~~able to such child from
my estate. I encourage my children to agree amicably on distribution .so that the "sealed bid"
procedure will not be necessary.
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The remaining items of said tangible personal property not so selected or not
so sold as herein provided in the event of dispute shall be added to and become a part of my
residuary estate to be disposed of as hereinafter provided.
T~-IIRD: If my wife, LOIS RAE COSTELLO, survives me, lit is my desire either to
eliminate or to reduce to the lowest amount alI federal estate tax payable; on account of my death,
without needlessly increasing the size of my wife's taxable estate. Therefore, for purposes of takes
advantage of the reduction in the amount of federal estate tax payable on my estate by permitting
~. _...~
my estate to make full use of the unified credit against federal estate anti gift taxes, and by the
allowance of the marital deduction to the extent provided for herein:
(A) I give, devise and bequeath to my wife, LOIS RAE COSTEL,LO, all the rest, residue
and remainder of my estate, real, personal and mixed, of whatsoever kind and wheresoever situate,
less that portion of my said residuary estate n~e~aed to increase my taxat~le estate to the largest
amount required in.~rder fnr my estate to make full use of the unified credit against federal es to
and gif~taxe~nd any other allowable credits and deductions, which latter :portion of my residuary
estate shall be known as the "UTC Trust". The L7TC Trust shall consist of that amount in assets
in order to provide my estate with the maximum unified credit against fc;de;ral estate and gift taxes
and any other allowable credits and deductions available to my estate undc~r the Iaw at the time of
my death, i.e., the largest amount required in order for my estate to make; full use of the unified
credit against federal estate and gift taxes and of any other allowabl~° credits and deductions;
however, credits and deductions shall be used only to the extent that their usE~ will not increase death
taxes on my estate. If there are in my estate any assets or proceeds of s~ny assets or fractional
shares of any assets which will not qualify for the marital deduction bequest: and devise to my wife,
I direct that such non-qualifying assets or proceeds of any assets or fractional shares of any assets
not be included in the bequest and devise to my wife and that my Executrix select such other assets
from my estate for inclusion in the bequest and devise to my wife as do qualify for the marital
deduction; any such assets so selected to be distributed or allocated to my wife shall be valued at
their respective fair market values at the date or dates of their distribution to my wife; and in making
the aforesaid distribution or. allocation, the final determinations in the feder<<1 estate tax proceedings
shall control; said devise and bequest to my wife, however, shall be reduced to the extent that it
cannot be created with such qualifying assets.
~~?~~~
(B) I give, devise and bequeath INTRUST to my Trustees herein2~fter named that amount
of my residuary estate referred to above identified as the UTC Trust, which shall consist of the
amount needed to increase my taxable estate to the largest amount require;d :in order for my estate to
make use of the unified credit against federal estate and gift taxes, and any other allowable credits
and deductions. My Trustees shall manage, invest and reinvest said UTC: Trust and shall distribute
the income and principal of the UTC Trust as follows:
(1) During the lifetime of my said wife, LOIS RAE ~CC)STELLO, the Trustees
shall pay the income quarterly to her or for her benefit or more frequently iii she so requests.
(Z} In addition to said income, the Trustees shall expend such amounts from
principal of the UTC Trust as the Trustees, in their sole discretion, deem necessary for the health,
maintenance and support of my wife, LOIS RAE COSTELLO. In the exercise of discretion relative
to the distribution of the principal of the UTC Trust to or for the benefit of my wife, it is my desire,
but in no way my direction, that consideration be given to prior utilization of the assets which my
wife may have in her own name.
(3) Upon the death of my said wife,
(a) One-half (1/2) of the trust estate as then constituted [except as
provided in paragraph Third (B)(3}(c} below] shall be distributed to my children, JOHN M.
COSTELLO, JR., SUSAN I. LORDITCH, MARGARET A. PLANI<~ rind AMY L. SUHR, in
equal shares, share and share alike. If any child of mine should die before distribution of his or her
share of the trust estate as herein provided, such deceased child's share shall be distributed to his or
her issue then living, per stirpes, or, if he or she has no issue then living, his or her share shall be
distributed to my other children, both those then living and those then deceased with issue then
.living, which issue shall receive, per stirpes, the share of any such deceased child. Any distribution
hereunder shall be subject to the provisions relating to the age of each. beneficiary restricting
distribution hereinafter set forth.
{b) One-half (1/2) of the trust estate as thf;n constituted [except as
provided in paragraph Third (B}{3)(c) below] shall be retained IN TRUST' b~,~ my Trustees allocated
in four equal shares, with one such share so held in trust for. the benefit of the children of my son,
John M. Costello, Jr., one such share so held in trust for the benefit of thf; children of my daughter,
Susan I. Lorditch, one such share so held in trust for the benefit of the children of my daughter,
Margaret A. Plank, and one such share so held in trust for the bene:Fit of the children of my
daughter, Amy L. Suhr. The Trustees shall hold said shares in separate funds for the benefit of the
beneficiaries aforesaid with the income to be distributed quarterly to each such beneficiary with
one~half (l/2) of each such fund to be distributed to each beneficiary upon such beneficiary
attaining the age of twenty-five (25} years and the balance of such fund, i.e., the remaining one-half
{1/2} of each such fund, to be distributed to each such beneficiary at the ~~ge of thirty (30) years,
thereby terminating said fund. During the period of the trust for each such beneficiary, the Trustees
shall pay to the person having custody of such beneficiary, or to such beneficiary directly, without
liability on the part of the Trustees to see to the application thereof, or may e;xpend directly so much
of the principal as the Trustees deem advisable for the maintenance, education and support of such
beneficiary. If any one of the beneficiaries should die before distribution of his or her share of the
trust as herein provided, the share of such deceased grandchild of mine sl-~al:~ be distributed to his or
her issue then living, per stirpes, or, if he or she has no issue then livin€;, hiis or her share shall be
distributed to his or. her. siblings, both those then living and those then de;ceased with issue then
living, which issue shall receive, per stiipes, the share of any such deceased h~andchild.
{c) The one~half {1/2} share to be distributed pursuant to paragraph
Third (B)(3)(b) above shall not exceed the amount (currently one million. dollars) of the applicable
generation skipping transfer tax exemption provided for under applicable federal tax law at the time
of distribution, and if said one-half (1/2) share exceeds such amount, the excess shall be allocated to
and distributed under paragraph Third (B}(3}(a). It is the intent and pur)~o;~e of this provision that
there be no federal generation skipping transfer tax payable by reason of the dispositions made in
this Will.
{C) Neither the principal nor the income of any trusts created hereunder or any part or
share thereof shall be liable in any manner to the control or answerable fo~• the debts, contracts or
other obligations of any of the beneficiaries hereunder, or Liable to any charge, encumbrance,
assignment, conveyance or anticipation by any of them.
(D) Upon the death of any income beneficiary, any income acc;rued or received by the
Trustees subsequent to the last income payment date shall be paid to the person or persons for
whose benefit the principal producing such income is continued il~~ TRUST or to whom such
principal is distributed under the terms hereof.
(E) Corporate distributions received in shares of the distributing corporation shall be
allocated to principal, regardless of the number of shares and however de:>cribed or designated by
the distributing corporation.
(F) In the administration of any trusts herein created, my Trustees shall have, in addition
to and not in limitation of. any authority given to them by law and without the necessity of obtaining
the consent of any court, the following powers:
To accept distribution of my estate and to retain investments and property which are
a part of my estate; to invest and reinvest the principal of the trust estate in any kind
of property, real or personal, or part interest therein, without being restricted to
investments which are legal for trust funds; to give options for ~~ales, leases and
exchanges; to borrow money; to sell, pledge, exchange or mortgage any real or
personal property; to compromise claims; to lease real or personal property for
terms exceeding five years; to join in or oppose the merger, consolidation,
reorganization or readjustment of the financial structure of any i7rtn or corporation
in which the trust estate may have an interest; to carry securitic;s in the name of a
nominee; to carry on any business owned or controlled by me. at the time of my
death and distributed to my Trustees herein for whatever period of time my said
Trustees shall think proper, and my Trustees shall have the power to do any and all
things they deem necessary or appropriate, including the power to incorporate the
business, the power to borrow and to pledge assets contained iri my trust estate as
security for such borrowing and the power to close out, liquidate or sell the business
at such time and upon such terms as to my said Trustees shall. seem best; and to
distribute the trust estate in cash or in kind.
(G} No person or corporation dealing with my Trustees shall be required to inquire into
the necessity or propriety of any proposed action or to see to the application of any money paid to
my said Trustees.
,'~~~
(H) The provisions of subparagraphs (A), (C) and (D) of p~ar~agraph Fifth shall also
apply to the trusts created under this paragraph Third.
FOURTH: In the event my wife, LOIS RAE COSTELLO, prede<;eases me, I give, devise
and bequeath all the rest, residue and remainder of my estate, real, personal and mixed, of
whatsoever kind and wheresoever situate, as follows:
(A) One-half (1/2) share of my residuary estate [except as provided in paragraph
Fourth (C) below] to my children, JOHN M. COSTELLO, J'R., ;SLiSAN I. LORDITCH,
MARGARET A. PLANK and AMY L. SIJHR, in equal shares, share and share alike. If any child
of mine shall predecease me, such deceased child's share shall be distributed to his or her issue then
living, per stirpes, or, if he or she has no issue then living, his or. her sharE: shall be distributed to my
other children, both those then living and those then deceased with issue then living, which issue
shall receive, per stirpes, the share of. any such deceased child. Any distribution hereunder shall be
subject to the provisions relating to the age of each beneficiary restricting di;~tribution hereinafter set
forth.
(B) One-half (l./Z) share of my residuary estate [except as provided in paragraph
Fourth (C) below] to be held INTRUST by my Trustees allocated in four equal shares, with one such
share so held in trust for the benefit of the children of my son, John M. Costello, J'r., one such share
so held in trust for the benefit of the children of my daughter, Susan I. Lor~iitch, one such share so
held in trust for the benefit of the children of my daughter, Margaret A. Plank, and one such share
so held in trust for the benefit of the children of my daughter, Amy L. Stihr. The Trustees shall
hold said shares in separate funds for the benefit of the beneficiaries aforesaid with the income to
be distributed quarterly to each such beneficiary with one-half (l./2) off' each such fund to be
distributed to each beneficiary upon such beneficiary attaining the age of twenty-five (25) .years and
the balance of such fund, i.e., the remaining one-half (1/2) of each such fiand to be distributed to
each such beneficiary at the age of thirty (30) years, thereby terminating said fund. During the
period of the trust for each such beneficiary, the Trustees shall pay to the: pf;rson having custody of
such beneficiary, or to such beneficiary directly, without liability on the part of the Trustees to see to
the application thereof, or may expend directly so much of the principal as the Trustees deem
advisable for the maintenance, education and support of such beneficiary. If any one of the
beneficiaries should die before distribution of his or her share of the trust as herein provided, the
share of such deceased grandchild of mine shall be distributed to his or he;r issue then living, per
stirpes, or, if he or she has no issue then living, his or her share shall be distributed to his or her
siblings, both those then living and those then deceased with issue then. living, which issue shall
receive, per stirpes, the share of any such deceased grandchild.
(C) The one-half {1/2) share to be distributed pursuant to paragraph Fourth (B)
above shall not exceed the amount (currently one million dollars) of the: applicable generation
skipping transfer tax exemption provided for under applicable federal tai: law at the time of my
death, and if said one-half (1/2) share exceeds such amount, the excess; shall be allocated to and
distributed under paragraph Fourth {A) hereof. It is the intent and purl~os;e of this provision that
there be no federal generation skipping transfer tax payable by reason o~f the dispositions made in
this Will.
(D) The provisions of subparagraphs {C), (D), (E), (F} and (G) of paragraph
Third, and the provisions of subparagraphs {A), {C} and {D) of paragraph Fifth shall also apply to
the trust created for any beneficiary in this paragraph Fourth (B).
~rH: If any beneficiary hereunder has not attained the age o.f twenty-five (25)
years, I direct that the full share of my estate to which said beneficiary shall be entitled shall be
distributed to my Trustees hereinafter named IN TRUST for such beneficiary until the 2Sth birthday
of such beneficiary, at which time said separate trust shall terminate and the principal shall be
transferred and delivered to him or to her, free of trust; provided, lio`Never, that if a trust is
maintained for said beneficiary under any other paragraph hereof, the share of any such beneficiary
shall be added to the trust maintained under such other paragraphs hereo:F and shall be administered
as such. During the period of the trust, the Trustees shall pay to the person having custody of such
beneficiary, or to such beneficiary directly, without liability on the part of the Trustees to see to the
application thereof, or may expend directly, so much of the income and Irincipal as the Trustees
deem advisable for the maintenance, education and support of said beneficiary, and shall add any
excess income to principal and invest it as such. The administration and distribution of any trust
created hereunder shall be in accordance with the terms hereof and subject to the following:
~.,
/~
7
{A} The existence of any trust herein created shall not relieve the; natural guardian or the
person or institution maintaining the beneficiary thereof, if any exists, of their primary obligation to
educate, maintain and support such beneficiary, and such beneficiary's txus~t shall. expend funds for
such purposes if in the sole discretion of the Trustees the natural guardian or the person or
institution maintaining such beneficiary has insufficient funds to provide the same, and, in such
case, the trust hereunder shall be used only to supplement and assist in providing same.
{B) If any beneficiary hereunder predeceases the termination and distribution of his or
her trust maintained under this paragraph Fifth, his or her said trust shall be; distributed, per stirpes,
to his or her issue then living, or, if said beneficiary has no issue then living, his or her trust shall be
distributed in. equal shares to his or her siblings whose parent is a desc;en.dant of mine, either by
blood or adoption, or, if said beneficiary has no issue and no such siblings then living, his or her
trust shall be distributed in equal shares to my other children, both those then living and those then
deceased with issue then living, which issue shall receive, per stirpes, the sh;~re of any such deceased
child, to be added to their respective trusts hereunder, if. any, or disti~ib~uted to those who have
attained the age of twenty-five (25) years. Upon the death of any such t~eneficiary, any income
accrued or received by the Trustees subsequent to the last income payment date shall be paid to the
person or persons for whose benefit the principal producing such income is continued INTRUST or
to whom such principal is distributed under the terms hereof.
{C) 7f any person is entitled to a distribution hereunder and at the time of such
distribution such person has been adjudicated an incapacitated person. under the laws of the
Commonwealth of Pennsylvania or an incompetent or incapacitated person under the laws of any
other jurisdiction, or, if in the opinion of the Trustees such person is incapacitated within the
meaning of that term as defined in Section 5501 of the Pennsylvania Probate, Estates and
Fiduciaries Code at the time such person would be entitled to distxibut:ion hereunder, then the
Trustees may retain such sum INTRUST during the entire period that such :incapacity continues and
during such time may pay to the person having custody of such incapacitated person or the person
or institution maintaining such incapacitated person or to such incapacitated person directly, without
liability on the part of the Trustees to see to the application thereof, or may expend directly, so much
of the income and principal as the Trustees deem advisable for the ~we.lfare, comfort, support,
recreation and education of said incapacitated person or, if in the judgment of the Trustees the
incapacitated person would have used such funds for such purpose, for the care, maintenance and
education of such person's dependents. Any excess income not distributed or expended shall be
added to principal and invested as such.
(D) Notwithstanding anything to the contrary in any other provision of this Will or any
trust herein created, each disposition I have made in this Will or any trust must vest in interest
although not necessarily in possession within twenty-one (21) years plus any period of gestation
involved after the death of the last to survive of my children and their issue living on the date of my
death. It is the intent and purpose of this clause that all dispositions shall vest within the period of
the rule against perpetuities as defined and interpreted by the statutes and courts of the
Commonwealth of Pennsylvania, and that no interest created by or. devised under this Will or any
trust shall be construed in such a manner that it will be invalid under that rule.
(E} The provisions of subparagraphs (C), (D), (E), {F) and (Ci) of paragraph Third shall
also apply to the separate trust created for any beneficiary provided aforesaid in this paragraph.
SIXTH: I hereby appoint my wife, LOIS RAE COSTEI,L~~, Executrix of this my
Last Will and Testament. In the event my wife predeceases me or fails to G;ualify or ceases to act as
such Executrix, I hereby appoint two of my children, JOHN M. COSTELLO, JR., and AMY L.
SUHR, or the survivor, Executors in her place. If both JOHN M. COSTI'sLLO, JR., and AMY L.
SUHR predecease me or fail to qualify or cease to act as such Executors, I hereby appoint my
other two children, SUSAN I. LORDITCH and MARGARET A. PLANK, or the survivor,
Executors in their place. I hereby further direct that no fiduciary hereunder shall be required to post
bond or surety in any jurisdiction in which such fiduciary shall be reauir~ed to act.
In addition to the powers vested in my Executrix by law or by other
provisions of my Will, my Executrix, in the settlement of my estate, shall have full power in her
discretion to do all things necessary, including the power to sell at public or private sale, and without
order of court, any real property and any and all personal property (Sl1B~JECT to the provisions of
paragraph Second hereinabove set forth) belonging to my estate; to compound, compromise or
otherwise to settle any and all claims, charges, debts and demands what:sof;ver against or in favor of
my estate as fully as I could do if living; to carry on any business owned or controlled by me at the
time of my death and to do any and all things necessary or appropriate:, including the power to
incorporate the business, the power to borrow and to pledge assets of my estate, and the power to
close out, liquidate and sell the business. Without in any way restricting i:hese powers, I hereby
direct that my Executrix shall have the right to take over and retain unconverted each and every item
of real or personal property of which I may die possessed, without liability for depreciation in the
value thereof, and to distribute the same to the beneficiaries hereunder in kind, or partly in kind and
partly in cash or entirely in cash as in her judgment she may deem best. l:f a.ny real estate is sold, it
may be sold for such price or prices, and upon such terms and conditions as my Executrix may
deem best, and it shall be conveyed to the purchaser thereof, free of. liability on the part of the
purchaser to see to the application of the purchase money. In the set~'~le:ment of my estate, my
Executrix is also authorized to borrow funds for administrative, tax or other purposes, at such rate
or rates of interest as she may determine and is authorized to execute any notes or mortgages and to
put up any assets of my estate as collateral for any such loan.
SEVENTH: I hereby appoint two of my children, JOHN M. COSTELLO, JR., and
AMY L. SUHR, or the survivor, Trustees of any trusts herein created. If both JOHN M.
COSTELLO, JR., and AMY L. SUHR predecease me or fail to qualify to cease to act as Trustees, I
hereby appoint my other two children, SUSAN I. LORDITCH and MA.R~iARET A. PLANK, or
the survivor, Trustees in their place. I hereby further direct that said parties shall be permitted to
serve as Trustees without the necessity of providing bond or suxety in arty jurisdiction in which
such Trustees shall be required to act.
EIGHTH: (A) Upon my death, or at such other tune or Mimes thereafter as may be
provided, my 'Trustees hereinabove named shall collect the total amount of proceeds from any life
insurance, pension plan, annuities, mutual funds, stock funds, bond funds or other source
whatsoever wherein I have designated the Trustees as a beneficiary, all of which proceeds my
Trustees shall add to the assets received by my Trustees from my Executrix to be held, administered
andJor distributed as hereinabove set forth.
(B} The payment to my Trustees by any payor of the pro~~eeds of any policy of
insurance, pension plan, annuities, mutual funds, stock funds, bond funds or other source
G~~'J~~
whatsoever wherein I have designated the Trustees a.s a beneficiary shall be a full discharge of said
payor therefor and the payor shall in no manner be responsible for the proper discharge of the trust
or any part thereof.
(C} My Trustees shall be responsible for the aforesaid proceeds only as, if and when
paid to my Trustees, and my Trustees shall not be Liable to anyone if, for a.ny reason, the policies,
pension plan, annuities, mutual funds, stock funds, bond funds, etc., or any of them, shall lapse or
otherwise be uncollectible. Except at their own option, my Trustees sha1L not enter into or maintain
any litigation to enforce payment of the policies, pension plan, annuities, mlztual funds, stock funds,
bond funds, etc., or any of them, until my Trustees shall have been indena.ni.fied to their satisfaction
against all expenses and liabilities to which they may, in their judgment, be subject by any such
action on their part; but my Trustees may utilize the proceeds from aYiy other payor to meet
expenses incurred in connection with enforcing any other such payment.
(D} My Trustees are authorized to purchase with the proceeds received by them any
securities or other property, real or. personal, belonging to my estate, as an investment for the trust
estates aforesaid, and to hold the same for such period of time as my Trustees deem advisable,
without liability for any depreciation in the value thereof; or, in their discretion, to make loans,
secured or unsecured, to my estate without liability for the nonpayment thereof; as well as to pay
from said proceeds, if my Executrix is unable to comply with the directio~i to pay such taxes from
my residuary estate, any federal estate, state inheritance or estate and succession taxes imposed
upon or with respect to my estate passing under my Will or otherwise, at such time or times as my
Trustees may deem advisable, and no such tax so paid shall be co1lE;cted from or paid by any
beneficiary or under any Will by way of apportionment or proration.
N1NTH: I direct my Executrix to pay out of the principal of my residuary estate, all
estate, inheritance and succession taxes, both state and federal, unposed upon or with respect to my
estate or any property in which I may have an interest, including those attributable to property not
forming part of my testamentary estate, at such times and in such amou.nt;~ as my Executrix, in her
sole discretion, shall determine, and no part thereof shall be prorated or apportioned among or
charged against the respective interests of any of the beneficiaries.
.~'
11
TENTH: All questions pertaining to the validity and construction of this 'V~Vill and to
the administration of any trust herein created shall be determined in accordance with the laws of the
Commonwealth of Pennsylvania.
ELEVENTH: Whenever used in this Will, the singular shall inc;lude the plural, the plural
the singular, and the use of any gender shall be applicable to all genders.
IN WITNESS WHEREOF, I have hereunto set my hand and se~a1 this ~ day of
A.D., .2006.
>EAL)
Signed, sealed, published and declared by the above named JOHN M. COSTELLO, 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 subscribed our names as v~~itnesses thereto.
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12
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF SOMERSET
ss.
I, JOI3N M. COSTELLO, Testator, whose name is signed tc- 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; that I signed it wi 'ngly; and. that I signed it as my free
and voluntary act for the purposes therein expressed. `,
~~
,/` estator '
Sworn or affirmed to, subsc 'bed to nd a nowledged bef~~re me by JOHN M.
COSTELLO, the Testator, this day of -='_, 200y:,,
Natalia! Seaf
Cartee~ J. Twornbfy, Notary Public ~.
5rrnarset Pc~rc~, :3omerset County ~ M' ,
My C~rrrirnt:SSion f rapirt~s Jtst~e ~0, 20p7 ~n (~/ ~.
(SF AT ,~ tvt.;rn~et, c~enns~~ivar,~s :~.;,.ocla4.iurt r~'~icst~n ~ (O ficiai~ Ca city of officer}
COMMONWEALTH OF PENNSYLVANIA
ss.
COUNTY OF SOMERSET
We, ~~L;tif'~'!A ~- 1~.1~ and .~~~_, the witnesses
whose names are signed to the attached or foregoing instrum nt, being duly qualified according to
law, do depose and say that we were present and saw Testator sign and execute the instrument as
his Last Will; that he signed willingly and that he executed it 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 18 or more years of.
age, of. sound mind and under no constraint or undue influence.
Sworn or firmed to and subscribed to before me by ~ ~~ ~~~ and
~ ,witnesses, this _~~~- day of ~- , 2006.
v
wa
tnes
Nvtarialseat ~~.t%:1~yt ~--~G~.,y~,yCJ~
Carfean J. Tvuornbty, Notary Pubfi
Somerset P.,oro, Somerset Coun ~ ~,
My Commission expires Juna 30, 2Q0' ~ ~,~'~(,
{SEAL) 4~tomber, Pe~t;tsytvarti9 Ass,^.rfaYlon as trlotartes (OffiG18.~ Ca city of officer)