HomeMy WebLinkAbout08-02-11 (3)J 1505610148
REV-1500 EX t°'-'°'
PA Department of Revenue OFFICIAL USE ONLY
Bureau of Individual Taxes County Code Year File Number
PO sox zaosot INHERITANCE TAX RETURN 21 10 112 3
Harrisburg, PA 17128-0801 RESIDENT DECEDENT
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of D~th MMDOYYYY Date of Birth MMODYYYY
207-34-7041 10302010 12241945
Decedent's last Name Suffix Decedent's First Name M I
GROFF KENNETH R
(If Applicable) Enter Surviving Spouse's Information Below
Spouse's Last Name Suffix Spouse's First Name M I
GROFF HELEN T
Spouse's Social Security Number
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
- - REGISTER OF WILLS
FILL IN APPROPRIATE BOXES BELOW
® 1. Original Return ^ 2. Supplemental Retum ^ 3. Remainder Retum (date of death
prior to 12-13-82)
® 4. Limited Estate ® 4a. Future Interest Compromise (date of ^ 5. Federal Estate Tax Retum Required
death after 12-12-82)
® 6. Decedent Died Testate ® 7. Decedent Maintained a Living Tnlst - 8. Total Number of Safe Deposit Bones
(Attach Copy of Will) (Attach Copy of Trust)
^ 9
Li
i
i
P
i ^ 10
® 1
.
gat
on
roceeds Rece
ved
t . Spousal Poverty Credit (date of death
1. Election to tax under Sec. 9113(A)
between 12-31-91 and 1-1-95) (Attach Sch. O)
CORRESPONDENT - THIS SECTION MUST l3E COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
Name Daytime Telephone Number
RICHARD W• STEVENSON, ES Q 717-237-5208
r..
REG WILLS USA-QNLY
-C)
First line of address io] '-j;
~
~ ~ J { y
j
100 PINE STREET ~
J
a x ~,
Second line of address ~gQ ~ '~'
_ ~ >
PO BOX 1166 _ ~ -~= n
City or Post Office State ZIP Code DATE FlLED t~
HARRISBURG PA 171081166
Correspondents tt-mall address: R S T E V E N S O N a1 M W N- C O M
Under penalties of pery'ury, I declare that I have examinetl this rotum, inGuding accompanying scheduhq and statmnenta, and to the best of my knowledge and belief,
it is true, correct and complete. Declaration of preperor other than the paroonal ropresentafive is based on all information of which proparor has any knowledge.
ADD SS
29 SUNSET DRI CAMP HILL, PA 17011
RE OF PREPA~RER O REPRESENTATIVE , i DATE
0 BOX 1166
Side 1
HARRISBURG, PA 17108-1166
1505610148 9M08074.000 1505610148 J
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owl ~
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1505610248
REV-1500 EX
Decedent's Social Security Number
207-34-7041
Decedent's Name: G R O F F K N N E T N R
RECAPITULATION
1. Real Estate (Schedule A) .. .. .... .. .... ..... 1 0 • 0 0
2. stocks and Bonds (schedule s) ......................... 2. 1, 9 5 3 , 7 3 3 • 5 7
3. Closely Held Corporation, Partnership or Sole•Proprietorship (Schedule C) , 3 0 • 0 0
4. Mortgages and Notes ReceivalNe (Schedule D) .. 4 D • 00
5. Cash, Bank Deposits and Miscellaneous Personal Property (Sct~iule E) 5, 7 $ , 0 0 6 • 6 3
6. Jointly Owned Property (Schedule F) ^ Separate Billing Requested 6. 0 , 0 0
7. Inter-Vivos Transfers & Miscellaneous Nan-Probate Property
(Schedule G) ^ Separate Billing Requested 7. 8 O 7 , 8 4 2.2 6
8. Total Gross Asse4 (total Lines 1 through 7) , , , g 2 , 8 3 6 , 5 8 2 • 4 6
9. Funeral Expenses and Administrative Costs (Schedule H), , 9. 4 4 , 3 5 6.61
10. Debts of Decedent, Mortgage LiatHlities, and Liens (Schedule I) 10. 0 , 0 0
11. Total l>eduetbns(totalLines9and10), 11 44,356.61
12. Net Value of Estate (Line 8 minus Line 11) , 12 2 , 7 9 2 , 2 2 5.8 5
13. Charitable and Governmental Bequests/Sec 9113 Trusts for which
an election to tax has not been made (Schedule J) , , 13, 0 • 0 D
14. Net Vatus Subjset to Tax (Line 12 minus Line 13) , 14. 2 , 7 9 2 , 2 2 5.8 5
TAX COMPUTATION -SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable
at the spousal tax rate, or
transfers un Sec. 9116
(a)(1.2)x.o 1,408,455.12 15. 0.00
16. Amount of Line 14 xable
at linealratex
o4~
.
1,383,770.73 ts. 62,269.68
17. Amount of Line 14 taxable
at sibling rate X .12 0. 0 0 17. 0. 0 0
1 S. Amount of Line 14 taxable
at collateral rate X .15 0. 0 0 18. 0. 0 0
19. TAX DUE .. .... ... .. .... .... ..... 19. 62,269.68
20. FILL IN THE t30X IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT ^
15D5610248
Side 2
150561D248
J
9M4848 4.000
REV-1500 EX Papa 3
FIN Number
Decodent's Com late Address: 21 10 112 3
DECEDENTS NAME
STREEfADDRESS
CffY STATE ~p
Tax Payments and Credits:
1. Tax Due (Page 2, Line 19)
2. Credits/Payments
A. Prior Payments 5 9, 0 0 0. 0 0
B. Discount 3 ,1.0 5.2 6
3. Interest
(1) 62,269.68
Total CrorJfts (A + B) (z> 6 2 ,10 5.2 6
(3) 0.0 0
4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT.
FIII in box on Page 2, Llne 20 to request a refund. (4) 0 , 0 0
5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This Is the TAX DUE. (5) 16 4 - 4 2
Make check payable to: REGISTER OF WILLS, AGENT.
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred;
b. retain the right to designate who shall use the property transferred or its income; ...... .. .
c. retain a reversionary interest; or ............................ ... .. ^
d. receive the promise for Iffe of either paymeMS, benefits or care?. ..
. ^
2. If death occurred after Dec. 12, 1982, did decedent transfer property wNhin one year of death
without receiving adequate consideration? . . Q
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.
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 Jan. 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. §9118 (a) (1.1) (ii)]. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and
filing a tax return are still applicable even if the surviving spouse is the only beneficiary.
For dates of death on or after July 1, 2000:
• The tax rate imposed on the net value of transfers from a deceased child 21 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 percent [72 P.S. §9118(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 percent, except as noted in
72 P.S. §9118(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. §9118(a)(1.3)]. Asibling is defined, under
Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption.
9M4671 2.000
REV-1503 EX ~ (8-98)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDEM DECEDENT
SCHEDULE B
STOCKS 8~ BONDS
Kennetls R. Groff 21 10 1123
All properly jointly-owned with right of survivorship must be dlecbsed on Schedule F.
ITEM VALUE AT DATE
NUMBER l)ESCRIP'I10N OF DEATH
t. The following assets were held in the Kenneth Groff
revocable trust held with LeTort Trust; Trust is payable
to estate; Bee copy of trust agreement attached.
212,169.89 Shares
Fidelity Colchester Str Tr Prim Mmkt Pt I Mutual Fund
(As Quoted By Nasdaq)
;U3IP: 31607A208
2 35,000 Par
Bethel Park Pa Mun Auth 3wr Re 3wr Rev R Mat: 09/01/2012
3$ Financial Times Interactive Data
CUSIP: 087032CM8
Interest accrued to 10/30/2010
3 X35,000 Par
Luzerne Cnty Pa Go Bds Mat: 12/15/2014
3.45$ Financial Times Interactive Data
CUBIP: 550697TJ5
Interest accrued to 10/30/2010
4 X35,000 Par
Mount Lebanon Pa Go Bda Mat: 06/01/2013
2.85 Financial Times Interactive Data
CUBIP: 621813M30
Interest accrued to 10/30/2010
5 25,000 Par
State Pub 3ch Bldg Auth Pa Col Rev Bds Mat: 10/01/2011
3.125$ Financial Times Interactive Data
CUBIP: 8573205K7
Interest accrued to 10/30/2010
6 15,652.585 Shares
Pimco Fds Pac Invt Mgmt 8er Low Duration Mutual Fund (As
Quoted By Nasdaq)
CUBIP: 693390304
Total from continuation schedules .
212,169.89
36,374.10
172.08
36,361.50
452.81
36,542.80
412.85
25,422.63
62.93
167,639.19
1,438,122.79
TOTAL (Also enter on line 2, Recapitulation) ~ $
3 W4898 1.000
(If more space is needed, insert additional sheets of the same size)
1,953,733.57
Estate of: Kenneth R. Groff 21 10 1123
Schedule B (Page 2)
Item Value at Date
No. Description of Death
7 25,000 Par
Plum Boro Pa Mun Auth Swr Rev Rev Bda Mat: 10/01/2014
3$ Financial Times Interactive Data
CUSIP: 72919RER6 26,390.13
interest accrued to 10/30/2010 60.42
8 35,000 Psr
Shaler Pa Area 3ch Dist Go Ref Bd Mat: 09/01/2013
3$ Financial Times Interactive Data
CUSIP: B19215Q36 36,706.08
Interest accrued to 10/30/2010 172.08
9 0.003 Shares
Vanguard Pa Tax Free Fd Long Taxex Adm Mutual Fund (As
Quoted By Nasdaq)
CUSIP: 92204L302 0.03
10 12,345.802 3harea
Bridgeway Fd Inc Bluechp35Index Mutual Fund (Aa Quoted
By Nasdaq)
CUSIP: 108747502 87,037.90
11 3,993.338 3harea
Davis Ny Venture Fd Inc C1 Y Mutual Fund (Aa Quoted By
Nasdaq)
CUSIP: 239080401 130,302.62
12 2,039.875 Shares
Dwa Inatl Fds Eqt 500Idx Ins Mutual Fund (As Quoted By
Nasdaq)
CUSIP: 233390206 274,240.80
13 3,535.195 3harea
Buffalo Fds Mid Cap Fund Mutual Fund (As Quoted By
Nasdaq)
CUSIP: 119530202 54,229.89
14 1,281.57 Shares
Janus Invt Fd Prkn Mc V1 I Sha Mutual Fund (As Quoted By
Nasdaq)
CUSIP: 471030241 27,233.36
15 8,880.653 3harea
Vanguard Index Fda Md Cp Stk Inat Mutual Fund (As Quoted
By Nasdaq)
CUSIP: 922908835 167,577.92
Total (Carry forward to main schedule) 803,951.23
Estate of: Kenneth R. Groff 21 10 1123
Schedule B (Page 3)
Item Value at Date
No. Description of Death
16 1,019.066 Shares
Weitz Fds Value Fd Mutual Fund (As Quoted By Nasdaq)
CUSIP: 94904P203 27,637.07
17 2,213.834 Shares
Jpmorgan Tr Ii Sml Cp Grw Ins Mutual Fund (As Quoted By
Nasdaq)
CUSIP: d812C0290 23,023.87
18 5,047.336 Shares
Third Ave Tr Smcap Val Ins Mutual Fund (As Quoted By
Nasdaq)
CUSIP: 884116203 97,817.37
19 1,752.928 Shares
Vanguard Index Fds S Cp Stk Inst Mutual Fund (As Quoted
By Nasdaq)
CUSIP: 922908876 55,532.76
20 3,088.749 Shares
Artisan Fds Inc Intl Fd Mutual Fund (As Quoted By
Nasdaq)
CUSIP: 04314H2O4 66,902.30
21 1,571.406 Shares
Dfa Invt Dimensions Group Inc Emer Mkt Coreq Mutual Fund
(As Quoted By Nasdaq)
CUSIP: 233203421 33,486.66
22 1,121.992 Shares
Harbor Fd Intl Fd Instl Mutual Fund (AS Quoted By
Nasdaq)
CUSIP: 411511306 66,343.39
23 2,713.012 Shares
Pimco Fds Pac Invt Mgmt Ser All Asset Inst Mutual Fund
(As Quoted By Nasdaq)
CUSIP: 722005626 34,428.12
24 5,843.317 Shares
Pimco Fds Pac Invt Mgmt Ser Total Retrn Pt Mutual Fund
(As Quoted By Nasdaq)
CUSIP: 693390700 68,308.38
25 14,595.063 Shares
Vanguard S/T Fed Inv .160,691.64
Total (Carry forward to main schedule) 634,171.56
REV-i509 EX ~ (&9e)
COMMuIONVVEALTH OF PENNSYLVANIA
INHERRANCE TAX RETURN
SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
ESTATE OF FILE NUMBER
Kenneth R. Groff 21 101123
Include the proceeds of litigation and the data the proceeds were received by the estate.
AM property Jolntlyownsd with tM right of survlvonhlp must tro disclosed on Schedule F.
REM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1 ~Porache 911 Carrara Cabriolet
2 Jean Brown - Restitution
At the time of hie death, the decedent was due
$65,753.98 in restitution from Jean Brown. Ms. Hrown
makes $300/month payments to the Cumberland County Court
who distributes the funds to the decedent.
The amount reported is the present value of the monthly
payment stream (219 payments of $300 at 2~ (Section 7520
rate for October 2010)
20,000.00
55,006.63
TOTAL (Also enter on line 5 Recapitulation) S ~ 75, 006 63
3W48AD 1.000 (If more space is needed, Insert addltfonN sheets Olthe same size)
REV-1510 FJ(+ (09-09)
Pennsylvania
DEPARTMENT OF REVENUE
INh~RITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE G
INTER-VIVOS TRANSFERS AND
MISC. NON-PROBATE PROPERTY
Kenneth R. Groff 21 10 1123
This schedule must be completed and filed if the answer to any of questions 1 through 4 on page three of the REV-1500 is yes.
ITEM
NUMBE DESCRIPTION OF PROPERTY
KuilET/EHV.EOFnEIP/V6FII~,TIflRREUTIOl6HPTOOECEOBlrA1D
TrEO~TEOFTWf~Bt ATTAfJiAWPY OF TIED®FOR RE1L EafATE
DATE OF DEATH
VALUE OF ASSET
%OFDECD'S
INTEREST
EXCLUSION
IF APPLICABLE
TAXABLE
VALUE
1• Groff Tractor 401 (k) Plan 782,508.78 100.0000 0.00 782,508.78
Amount reported is balance
transferred to designated
beneficiary in December 2010.
Designated beneficiary was
decedent's spouse, Helen T.
Groff
THE FOLLOWING ASSETS WERE HELD
IN DECEDENT'S IRA WITH LETORT
TRUST; HELEN GROFF (SPOUSE) WA3
DESIGNATED BENEFICIARY:
2 70.739 Shares
Artisan Fds Inc Intl Fd Mutual
Fund (As Quoted By Nasdaq)
CUSIP: 04314H2O4 1,532.21 100.0000 0.00 1,532.21
3 278.2 Shares
Bridgeway Fd Inc Bluechp351ndex
Mutual Fund (As Quoted By
Nasdaq)
CUSIP: 108747502 1,961.31 100.0000 0.00 1,961.31
4 79.975 Shares
Buffalo Fda Mid Cap Fund Mutual
Fund (As Quoted Hy Nasdaq)
CUSIP: 119530202 1,226.82 100.0000 0.00 1,226.82
5 35..419 Shares
Dfa Invt Dimensions Group Inc
Emer Mkt Coreq Mutual Fund (As
Quoted By Nasdaq)
CUSIP: 233203421 754.78 100.0000 0.00 754.78
6 45.879 Shares
Dwa Inatl Fds Eqt 500Idx Ins
Mutual Fund (As Quoted By
Nasdaq)
CUSIP: 233390206 6,167.97 100.0000 0.00 6,167.97
Total from continuation ached lea 13,690.39
TOTAL (Also enter on line 7, Rec~itulation) $ 807 842 26
Ir mss space is needaq use additbnal sheets d paper d the same alze.
aW48AF 2080
Estate of: Kenneth R. Groff
Schedule G (Page 2)
Item DOD Value
No. Description of Aaaet ~ Interest Exclusion
7 90.469 3harea
Davie Ny Venture Fd Inc C1 Y
Mutual Fund (Aa Quoted Hy Nasdaq)
CUSIP: 239080401
8 467.02 3harea
Fidelity Colchester Str Tr Prim
Mmkt Pt I Mutual Fund (AS Quoted
By Nasdaq)
CUSIP: 31607A208
9 25.836 3harea
Harbor Fd Intl Fd Inatl Mutual
Fund (Aa Quoted By Nasdaq)
CUSIP: 411511306
10 28.857 Shares
Janus Invt Fd Prkn Mc V1 I Shs
Mutual E~uid (As Quoted By Nasdaq)
CUSIP: 471030241
11 49.117 3harea
Jpmorgan Tr Ii Sml Cp Grw Ins
Mutual Fund (Aa Quoted By Nasdaq)
CUSIP: 481200290
12 102.663 3harea
Third Ave Tr Smcap Val Ins Mutual
Fund (As Quoted Hy Nasdaq)
CUSIP: 884116203
13 198.44 Shares
Vanguard Index Fda Md Cp Stk Inat
Mutual Fund (Ae Quoted By Nasdaq)
CUSIP: 922908835
14 39.78 3harea
Vanguard Index Fds 3 Cp Stk Inat
Mutual Fund (Aa Quoted By Nasdaq)
CUSIP: 922908876
15 23.041 3harea
Weitz Fds Value Fd Mutual Fund (Aa
Quoted By Nasdaq)
CUSIP: 94904P203
Total (Carry forward to main schedule)
2,952.00 100.0000
467.02 100.0000
1,527.68 100.0000
613.21 100.0000
510.82 100.-0000
1,990.00 100.0000
3,744.56 100.0000
1,260.23 100.0000
624.87 100.0000
21 30 1123
Taxable
Value
0.00 2,952.00
0.00 467.02
0.00 1,527.68
0.00 613.21
0.00 510.82
0.00 1,990.00
0.00 3,744.56
0.00 1,260.23
0.00 624.87
13,690.39
Estate of: Kenneth R. Groff
21 10 1123
Schedule G (Page 3)
Item
No. Description
DOD Value
of Asset ~ Interest Exclusion
Taxable
value
THE FOLLOWING ACCOUNTS WERE MADE
JOINT WITHIN ONE YEAR OF DEATH:
16 PNC Bank Checking Account No.
5005799555
The account was titled in the name
of decedent, Verna H. Groff
(decedent's mother), and Judith G.
Hull (decedent's sister). The
account was established within a
year of death. Sse attached bank
letter
5,452.97 100.0000 5,452.97
0.00
THE FOLLOWING GIFTS WERE MADE
WITHIN ONE YEAR OF DEATH:
17 Cash Gift in October 2010 of
$11,604 to the Kenneth Groff
Irrevocable Trust under agreement
dated December 27, 1995.
The irrevocable trust was for the
benefit of the decedent's spouse
and living descendants, which
include decedent's daughters,
Jessica Vollmer and Katie Reed,
and grandchildren, Chloe and Quinn
Vollmer, and Samantha Reed.
Decedent retained no interest in
the trust once it was established.
Copy of trust agreement attached
to return.
Aa that the trust has 6
beneficiaries, wa are allocating
to each beneficiary $1,934 of the
$3000 exclusion allowable ($1,934
X 6 = $11,604)
11,604.00 100.0000 11,604.00 0.00
Total (Carry forward to main schedule) 0.00
REV-1511 EX+ (1609)
Pennsylvania
OEPARTAENTOF REVENUE
NFEPoTANCE TAX RETURN
SCHEDULE H
FUNERAL EXPENSES AND
ADMINISTRATIVE COSTS
ESTATE OF FILE NUMBER
~Ssnneth R. Groff 21 10 11
Decedent's debts must be reported on Schedule I.
REM
NUMBER DESCRIPTION AMOUNT
A. FUNERAL EXPENSES:
~. Malpezzi Funeral Home 6,149.77
Total from continuation schedules 6,054.15
B.
ADNMNISTRATIVE COSTS:
Personal Representative Commissions:
Name(s) of Personal Representative(s)
Street Address
City
Year(s) Commission Paid:
State ZIP
2. Attorney Fees:
3. Family Exemption: (If decedent's address is not tha same as claimant's, attach explanation.)
Claimant Helen T. Groff
Street Address 2913 Sunset Drive
City Camp Hill State PA ZIP 17011
Relationship of Claimant to Decedent SURVIVING SPOU$E
4. Probate Fees:
5. Accountant Fees:
6. Tax Return Preparer Fees
7.
1 Central PQnn Business Journal
Legal Advertising
9W48AG 2.600
Total from continuation schedules .
TOTAL (Also enter on Line 9, Recapil
N more space is needed, use additional sheets of paper of the same size.
18,500.00
3,500.00
1,288.50
140.00
B, 724.19
44,356.61
Estate of: Kenneth R. Groff 21 10 1123
Schedule H Part 1 (Page 2)
Item
No. Description Amount
2 West Shore Country Club
Funeral Reception 5,222.10
3 Jeffrey's - Flowers 832.05
Total (Carry forward to main schedule) 6,054.15
Estate of: Kenneth R. Groff 21 10 1123
Schedule H Part 7 (Page 2)
2 Clauser Real Estate Appraisals
real estate valuation (on property held jointly with
spouse and required for federal estate tax purposes) 375.00
3 Cumberland County Register of Wills
Filing fee re PA inheritance tax return and
inventory 30.00
4 Cumberland Law Journal
Legal Advertising 75.00
5 Estate Valuation Service
Date of Death Valuations 55.80
6 LeTort
Trust Department Fees 7,815.05
7 McNees Wallace 6 Nurick LLC
Reserve for closing costs re duplicating, postage,
etc. 250.00
8 McNees Wallace 6 Nurick LLC
Costs Advanced as follows:
Duplicating $46.40
Travel Exp. 20.00
Postage 28.60
Courier Serv. 8.45
Local Courier 14.59
Research 5.30 123.34
Total (Carry forward to main schedule) 8,724.19
REV-1513 EX+(Ot-10) SCHEDULE J
Pennsylvania p
DEPN21AENf OF REVENUE BENEFICIARIES
INHERITANCE TAX RETURN
RESIDENiDECEDENT
-- ~ ~' ~ - -~ ~ FILE NUMBER:
V.-- ~ ~L
•waaaao a ate. vaaaai 21 1 D 1123
RELATIONSHIP TO DECEDENT AMOUNT OR SHARE
NUMBER NAME AND ADDRESS OF PERSON(S) RECEMNG PROPERTY Do Not List Tlvatee(s) OF ESTATE
TAXABLE DISTRIBUTIONS pnclude outrlyM alwusN distrlbutims and iransMa under
Sec. 91113 (a) (1.2).]
1. Kenneth G. Groff Trust B
Helen T. Groff et al, Trustoes
c/o 2913 Sunset Drive
Camp Hill, PA 17011
Remainder of Trust B - $1,383,770.73 Credit Shelter T 1,383,770.73
2 Helen T. Groff
2913 Sunset Drive
Camp Hill, PA 17011
Porsche 911 Carrara Cabriolet -
$20,000
IRA - $25,333.48
Groff Tractor 401k - $782,508.76
Life Estate in Trust B - $580,612.86 Surviving Spouse 1,408,455.12
ENTER DOLLAR AMOUNTS FOR DISTRIBIfIIONS SHOWN ABOVE ON LINES 15 THROUGH 1 8 OF REV-1500 COVER SHEET, AS APP ROPRIATE.
II NONTAXABLE DISTRIBUTIONS
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN:
1.
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS:
1.
TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET, f 0.00
9W48A1 2.000 ~~ ~i~u~e ayaw is iioouo~, uatt FlWRIVfial SnWlg Vr 17aP@r OT irla 881T18 SIZB.
REV-1574 EX+(4-o9) SCHEDULE K
~enns~fivanla LIFE ESTATE, ANNUITY
eurseuain°Ma°a~rmms 8 TERM CERTAIN
Po soxz8o6o~ CHECK BOX 4 ON REV-1500 COVER SHE
Hsmsbury PA 17128-0601 (
FILE NUMBER
Kenneth R. Groff __ 21 10 1123
This schedule should be used for all single-life, joint or successive life estate and term-certain calculatans. For dates of death prior to 5-1-89,
actuarial factors for single-life calculations can be obtained from the Department of Revenue.
Actuarial factors can be found in IRS Publication 1457, Actuarial Values, Alpha Volume for dates of death from 5-1-89 to 4-30-99,
and in Aleph Volume for dates of death from 5-1-99 and thereafter.
Indicate below the type of instrument that created the future interest below and attach a copy of it to the tax return.
U Will U Intervivos Deed of Trust ~ Other
NAME OF LIFE TENANT DATE OF BIRTH NEAREST AGE AT
DATE OF DEATH TERM OF YEARS
LIFE ESTATE IS PAYABLE
Helen Groff 08/17/1946 64 X Life or Term of Years
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 life estate is payable ............................... $ 1, 964 , 383.59
2. Actuarial factor per ap ro riate table ..................................... 0.29557
Interest table rate - ~ 3.5% ~ 6% ~ 10% 0 Variable Rate 2.00000%
3. Value of life estate (Line 1 multiplied by Line 2) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , $ 580 , 612.86
NAME OF LIFE ANNUITANT DATE OF BIRTH NEAREST AGE AT
DATE OF DEATH TERM OF YEARS
ANNUITY IS PAYABLE
Life or Term of Years
Life or Term of Years
Life or Term of Years
n Life or n Term of Years
1. Value of fund from which annuity is payable , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , $ 0.00
2. Check appropriate block below and enter corresponding number . ................... 0.000
Frequency of payout -Q Weekly (52) Bi-weekly (26 Monthly (12)
Quarterly (4) ~ Semi-annually (2) 8 Annually (1) Other ( ) 0
3. Amount of payout per period ....................................... $ 0.00
4. Aggregate annual payment, Line 2 multiplied by Line 3 , , , , , , , , , , , , , , , , , , , , , , , , 0.00
5. Annuity Factor (see instructions)
Interest table rate -~ 3 1/2% ~ 6% ~ 10% ~ Variable Rate 0.00000 % 0.00000
6. Adjustment Factor (See instructions.) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 0.00000
7. Value of annuity - If using 3.5%, 6%, or 10%, or if variable rate and period
payout is at end of period, calculation is: Line 4 x Line 5 x Line 8 .................... $ 0.00
If using variable rate and period payout is at beginning of period, plculation is:
(Line 4 x Line 5 x Line B) + Line 3 ..................................... $ 0.00
NOTE: The values of the funds that create the above future interests must be reported as part of the estate assets on Schedules A through G of
the tax return. The resulting life or annuity interest should be reported at the appropriate tax rate on Lines 13 and 15 through 18 of the return.
If more space Is needed, use additional sheets of the same sim
aW48AJ 1.010
REV-1&17 EX~ (02-10)
Pennsylvania
OEPARIIYENTOF REVENUE
INHERfiANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE M
FUTURE INTEREST COMPROMISE
Box 4a on REV-1
Kenneth R. Groff 21 10 1123
This schedule Is appropriate ony for estates of decedents who died after Dec. 12, 1982.
This schedule is to be used for all future interests where the rate of tax that will be applic~le when the future Interest vests in
possession and enjoyment cannot be established wkh certainty.
Indicate below the type of Instrument that created the future interest and attach a copy to the tax return.
X^ Will ~ Trust ~ Other
I. Benefkiaries
NAME OF BENEFICIARY RELATIONSHIP DATE OF BIRTH AGE TO
NEAREST BIRTHDAY
1.Groff Helen T Survivin Souse 8/17/19x6 64
2.
3.
4.
5.
II. For decedents who died on or after July 1, 1994, If a surviving spouse exercised or intends to exerdse a right of wthdrawal within
nine months of the decedent's death, check the appropriate box below and attach a copy of the document in wh~h the surviving spouse
exercises such withdrawal ri~lt.
Unlimited ri ht of withdrawal Limited ri ht of withdrawal
III. Explanation of Compromise Offer.
Sea attached offer
IV. summary of Compromise OBer:
1. Amount of future interest , $ 1, 383 , 770.73
2. Value of Line 1 exempt from tax as amount passing to charitles, etc.
(Also include as part of total shown an Line 13 of REV-1500.) $ 0.00
3. Value of Line tossing to spouse at~a propriate tax rate
u
~
~
Check one.
5%,
3%,
0% $ 0.00
(Also inGude as part of total shown an Line 15 of REV- 1500.)
4. Value of Line 1 taxable at lineal rate
Check one. ~ t3%, 0 4.5% , .. ....... $ 1, 383 , 770.73
(Also include as part of total shown on Line 18 of REV-1500.)
5. Value of Line 1 taxable at sibling rate (12%)
(Also include as part of total shown on Line 17 of REV-1500.) $ 0.00
6. Value of Line 1 taxable at cdlaterel rate (15%)
(Also inGude as part of total shown on Line 18 of REV-1500.) ..... $ 0.00
7. Total value of future interest (sum of Lines 2 thru 8 must equal Line 1) .. $ 1, 383 , 770.73
If more space Is needed, use addkional sheets Of paper of the same size.
9W48AN 2.000
KENNETH R. GROFF ESTATE
ATTACHMENT TO SCHEDULE M -FUTURE INTEREST COMPROMISE
FILE NO. 21-10-1123
Marital Trust
Based on the size of the estate and the terms of Article Two of the Decedent's Will
(the "Will"), no marital trust will be funded.
Residuary Unified Credit Trust
Per Article Two (b) of the Will, the estate residue passes to and is to be held as
Trust B. (the "Trust"). The residue available for funding the Trust (prior to payment of
inheritance tax) is $1,964,383.59. See attached calculation. The terms of the Trust are:
Income and Principal Distributions During Spouse's lifetime:
(1) Income. The Trustees shall pay the net income of the Trust to the
decedent's spouse, Helen T. Groff, for her lifetime, in such installments,
but not less frequently than quarterly.
(2) Principal. The Trustees may make discretionary principal distributions to
Mrs. Groff. for her health, maintenance and support, taking into account
other sources of income, support and estate that may be available to her.
Distribution Upon Spouse's death:
Mrs. Groff is given a limited power of appointment in which she can direct
the distribution of the Trust in her Will in such amounts or proportions to
or for the benefit of any or all of the decedent's issue and their spouses or
former spouses and persons gifts to whom are then allowable as
deductions under Section 2055 of the Internal Revenue Code (or any
successor provision). If Mrs. Groff does not exercise this appointment, the
Trust is distributable to the Decedent's issue, per stirpes.
Family Baclc¢round:
Helen T. Groff, the decedent's spouse, was 64 at the time of the Decedent's death.
The decedent has two children, Katie Reed and Jessica Vollmer.
Proposed Future Interest Compromise:
Under the terms of the Tn~st, Mrs. Groff is entitled to 100% of the life estate
calculated as follows:
-1-
$1,964,383.59 X .29557 (life factor) _ $580,612.86
As that Mrs. Groff is financially stable, we believe it is unlikely that she will need to
invade the principal of the Trustfor her support or health.
Accordingly, our compromise is that the remainder of $1,383,770.73 ($1,964,383.59
less $580,612.86) should be allocated to the decedent's issue and be taxed at a 4.5% tax rate.
-2-
REV-1fYla EX~ (&w)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
I~sIDENr DECEDErrr
SCHEDULE O
ELECTION UNDER SEC. 9113(A)
(SPOUSAL DISTRIBUTIONS)
FILE NUMBER
Kenneth R Groff 21 10 1123
Do not complete thfs schedule unless the estate is making the election to tax assets under Section 8113(A) of the Inheritance 8 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 Kenneth Groff Trust B Trust (marital, residual, A, B, By-pass, Unified Credit, etc.)
Ii a trust or similar arnngament meals the requiroments d Section 9113(A), and:
a. Tha trust or similar ananpemem is listed in Schedule 0, and
b. The value of the trust or similar anatpemeM Is emerod in whale or in part es an easel on Schedule O,
then the tranaferars personal representative may specificalty identity the trust (all or a fractional ponion of percantape) to be included in the election to haw such trust or sim-
ilar progeny treated as a taxable transfer in this estate. If bas than the entiro value of the trust or similar property is incuded as a taxabb transfer on Sdtedule O, the personal
repreasmadw shall l1e considered to haw made the election only as to a fraction of the wet or similar arrangement. The numerator of this fraction fs equal to the amount oT
the trust or similar arrangement incuded as a tumble asset on Schedub 0. The denominator is equal to the total value ct the trust or simGer arrangement.
PART A: Enter the description and value of all interests, both taxable and non-taxable, regardless of location, which pass to the decedent's
surviving spouse under a Section 9113(A) trust or similar arcangement.
Description VALUE _-
Kenneth Groff Trust B; Receives 100 of estate residue;
See attached calculation 1,964,383.59
PartATotal $ 1 964 383.59
PART B: Enter the descri lion and value of all interests included in Part A for which the Section 911 3 A election to tax is bei made.
Description Value
Kenneth Croff Trust B; Receives 100 of estate residue;
gee attached calculation 1,964,383.59
Part B Total $ 1 964 383.59
(If more space is needed, insert additional sheets of the same size)
3W48E22.000
ESTATE OF KENNETH R. GROFF
ESTATE RESIDUE CALCULATION
ASSETS
LETORT TRUST (PAYABLE TO ESTATE)
PORSCHE 911
JEAN BROWN -RESTITUTION
TOTAL ASSETS
LESS:
ASSETS PASSING OUTSIDE OF RESIDUE
PORSCHE 911 - TO SPOUSE (PER ARTICLE 1 OF WILL)
ASSETS PASSING TO RESIDUE (PRIOR TO EXPENSES)
LESS:
ESTATE EXPENSES
1,953,733.57
20,000.00
55.006.63
2,028,740.20
20.000.00
2,008,740.20
44,356.61
RESIDUE PASSING TO TRUST B 1,964,383.59
ESTATE OF
KENNETH R.
GROFF
PA NO. 21-10-1123
COPY OF LETTERS
TESTAMENTARY
AND DECEDENT'S
WILL
REGISTER OF WILLS
CUMBERLAND COUNTY
PENNSYLVANIA
CERTIFICATE OF
GRANT OF LETTERS
No . 2010- 01123 PA No . 21- 10- 1123
Estate Of: KENNETH R GROFF
IFast, Middle, Lastl
Late Of: EASTPENNSBORO TOWNSHIP
CUMBERLAND COUNTY
Deceased
Social Security No: 207-34-7041
WHEREAS, on the 9th day of November 2010 instruments dated:
May 21st 1996 September 4th 2009 were admitted
to probate as the last will and codicil of KENNETH R GROFF
(First, MiddPo, LasU
Late of EAST PENNSBORO TOWNSHIP, CUMBERLAND County,
who died on the 30th day of October 2010 and,
WHEREAS, a true copy of the will &codicil as probated is annexed hereto
THEREFORE, I, GLENDA EARNER STRASBAUGH Register of Wills in and
for CUMBERLAND County, in the Commonwealth of Pennsylvania, hereby
certify that I have this day granted Letters TESTAMENTARY to:
HELEN T GROFF
who has duly qualified as EXECUTOR(RIX)
and has agreed to administer the estate according to law, all of which
fully appears of record in my office at CUMBERLAND COUNTY COURT HOUSE,
CARLISLE, PENNSYLVANIA.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed the seal
of my office on the 9th day of November 2010.
**NOTE** ALL NAMES ABOVE APPEAR (FIRST, MIDDLE, LAST)
5/20/96
N
o "')
G O O ~T ~,~
WILL ~ , ~ c_,
t ~...,„ ~ ., :~
OF ~~,- ~o ~n :~, c~
~C7p -p °i:-ri
KENNETH R , aROFF ~ j ~ -' ~ -
~ S :. _. T
..Ztr Y_ ~. JL )
I, KENNETH R. GROFF, currently of Camp Hill, Pennsylvania,
declare this to be my will and hereby revoke all prior wills and
codicils made by me.
1. Personalty. I bequeath such items of my tangible
personal property as are specifically itemized on the list, if
any, in my handwriting, signed and dated by me at the end
thereof, and attached to this, my will, to the persons named
thereon to receive such items. I bequeath to my wife, HELEN T.
GROFF, all of my remaining tangible personal property not used in
business or for the production of income, including without
limitation furniture, furnishings, clothing, jewelry, objects of
art and decoration, and the like, and any motor vehicles which I
own, together with the insurance thereon, if she survives me. If
my wife does not survive me, then I bequeath all said property,
together with the insurance thereon, to those of my children,
JESSICA and KATIE, who survive me. With regard to the property
passing hereunder, distribution shall be made between said
children on the basis of choices in order determined by lot and
rotation, and the values as finally determined for inheritance
tax purposes shall be determinative with regard to the values of
the property chosen, and any disparity between my daughters shall
be equalled by such payments between them as may be necessary.
If one of my daughters is not living at the time of my death, the
choices to which she would have been entitled shall be made by
.her issue in order determined by lot and rotation.
2. Residue. I bequeath, devise, and appoint all the rest
of my property, of whatever nature and wherever situated,
including property over which I hold a power of appointment,
except that I do not exercise any power of appointment given to
me by my wife, to the Trustees hereinafter named, for the
following purposes:
(a) If my wife, HELEN T. GROFF, survives me, then the
Trustees shall establish Trust A hereunder, governed by paragraph
3 below, by allocation thereto, from the property held hereunder,
an amount, if any, equal to (i) the minimum amount, of*er
into account all deductions other than the marital de d.-
applying all credits available, which is necessary as the ^arital
deduction to reduce to the lowest possible amount the federal
estate tax payable by reason of my death, less (ii) the value of
all other assets in my gross estate which qualify for the marital
deduction and which pass or have passed to my said wife under
other provisions of this will or otherwise. In determining such
amount, all assets involved in the calculation shall be valued at
final federal estate tax values, but in funding Trust A, date of
distribution values shall be used and only assets that qualify
for the marital deduction shall be used. I intend that the
interest of my wife in Trust A shall qualify for the marital
deduction, and any provisions herein which may appear to conflict
with or in any way defeat my intention to obtain the marital
deduction for the full amount of Trust A shall be construed or
applied to accomplish that intention.
(b) .The remainder of the property passing hereunder
shall be held as Trust B. (See paragraph 4 below.) If my wife
does not survive me, then all the property passing hereunder
shall be held as Trust B.
3. Trust A. The income and principal of Trust A (if
established hereunder) shall be distributed as follows:
(a) Income. The Trustees shall pay the net income
from Trust A to or for the benefit of my wife, HELEN T. GROFF,
for her lifetime, in such installments, but not less frequently
than quarterly, as the Trustees may determine.
(b) Principal. The Trustees shall pay from time to
time from the principal of Trust A to or for the benefit of my
wife:
(i) such sums as shall in the discretioi. of the
Trustees seem proper for her support, maintenance, and hea'~h
care or necessary to permit her to maintain a standard of i.
approximately equal to that maintained by her during my life_i~:,~
taking into account such other sources of income, support and
estate that may be available to her, and
(ii) such sums, including any or all principal,
that my wife may request in writing.
(c) After Wife's Lifetime. Upon the death of my wife,
HELEN T. GROFF, all the principal. then held in Trust A shall be
distributed as she may by her will appoint,. making specific
reference to this Trust A. Except as expressly stated in the
preceding sentence, there shall be no restriction, condition or
qualification on or to the power to make such appointment and the
permissible beneficiaries. The power of appointment shall be
exercisable by my wife alone and in all events, and there shall
be no power in any person other than my wife to appoint to any
other person any part of the property passing under Trust A. To
the extent that my wife should fail to exercise effectively her
- 2 -
power of appointment over any part of the property in Trust A,
the Trustees shall (except to the extent that my wife expressly
directs to the contrary in her last will or in a writing
delivered to the Trustees during her lifetime) pay from the
unappointed portion of the principal of Trust A:
(i) the amount of any additional estate,
inheritance or other death taxes imposed on account of the death
of my wife by reason of her power of appointment over and other
rights in the unappointed portion of the principal of Trust A
(the amount of each such additional tax to be equal to the excess
if any of the tax, including any interest thereon, payable by
reason of her death over the amount of such tax which would have
been payable if no such tax was payable by reason of her death
with respect to the unappointed principal of Trust A), and
(ii) any expenses incurred in the administration
of her estate attributed to the determination of such taxes (and
the Trustees may accept the written statement of her personal
representatives as to the amount of taxes and expenses payable
hereunder), and the remaining balance of the principal held in
Trust A at her death shall be added to and considered part of
Trust B and shall be administered and distributed under the
provisions herein governing Trust B.
4. Trust B. The income and principal of Trust B shall be
distributed as follows:
(a) Income. The Trustees shall pay the net income
from Trust B to or for the benefit of my wife, HELEN T. GROFF,
for her lifetime, in such installments, but not leas frequently
than quarterly, as the Trustees may determine.
(b) Principal. The Trustees shall from time to time
pay such sums from the principal of Trust B to or for the benefit
of my wife as may in the discretion of the Trustees seem
necessary for her support, maintenance and health care, or
necessary to permit her to maintain a standard of living
maintained by her during my lifetime, taking into account such
other sources of income, support and estate that may be available
to her. In determining whether any invasion shall be made for
the benefit of my wife from the principal of Trust A or from the
principal of Trust B, such invasion shall be made from Trust A as
far as practical. No beneficiary of Trust B shall participate as
a co-Trustee in any decision under this subparagraph (b).
(c) After Wife's Lifetime: Limited Power of
Appointment by Wife. Upon the death of the survivor of my wife
and me, if she survives me, the Trustees shall pay the balance
- 3 -
held in Trust B, outright or in trust, in such amounts or
proportions to or for the benefit of any or all of my issue and
their spouses or former spouses and persons gifts to whom are
then allowable as deductions under Section 2055 of the Internal
Revenue Code (or any aucceasor provision), as my wife may direct
in her will making specific reference to Trust B hereunder.' To
the extent that my wife should fail to exercise effectively her
limited power of appointment over Trust B, or if she should
predecease me, then the principal remaining in Trust B shall be
distributed per stirpes to my issue, provided, however, that if
any such issue is then under the age of thirty-five (35) years,
his or her share shall be held for him or her in a separate trust
hereunder under the terms of paragraph 6 below, or, if no issue
of mine are then living, the same shall be subject to the terms
of paragraph 5 below.
5. Alternate Distribution. Any property stated in
subparagraph (c) above or paragraph 6(c) below to be held under
the terms of this paragraph 5, and any other property held
hereunder when no issue of mine are living which is not
effectively disposed of elsewhere herein, shall be distributed
one half to my intestate heirs then determined, and one half to
my wife's intestate heirs as then determined.
6. Separate Trusts. The income and principal of a
separate trust in which a share in Trust B is held for a
beneficiary pursuant to the terms of paragraph 4(c) above shall
be distributed as follows:
(a) Income. The income shall be distributed at least
quarterly to or for the benefit of the beneficiary. No payment
shall be made under this subparagraph (a) which would discharge
to any extent the legal obligation of any person for the support
of the beneficiary.
(b) Principal. The Trustees shall pay from the
principal such sums to or for any or all of the beneficiary and
his or her issue as in the discretion of the Trustees seems
proper for their support, maintenance, health care, and
education, and such sums to or for the benefit of the beneficiary
as in the discretion of the Trustees seem proper to help
establish him or her in a business or profession or acquire or
furnish a home for him or her, taking into account the other
sources of income, support and estate that are available to the
distributee, the reasonably anticipated needs and resources of
the beneficiary and his or her issue, their income and estate tax
brackets, the desirability of the transaction (if any), and the
possible application of any generation-skipping tax. No payment
shall be made under this subparagraph (b) which would discharge
- 4 -
to any extent the legal obligation of any person for the support
of the distributee.
(c) Distribution of Separate Trust.
(i) When such beneficiary shall have attained the
age of twenty-five (25) years, the Trustees shall distribute to
him or her at written request one-third (1/3) of the remaining
principal balance then held in his or her separate trust; when
such beneficiary shall have attained the age of thirty (30)
years, the Trustees shall distribute to him or her at written
request one-half of the remaining principal balance; and when
such beneficiary .shall have attained the age of thirty-five (35)
years, the Trustees shall distribute to him or her at written
request the entire balance held in his or her separate trust.
(ii) If such beneficiary should die before making
proper request for the entire balance in his or her separate
trust, then the entire balance in his or her separate trust shall
at his or her death be distributed, outright or in trust, in such
sums or proportions as such beneficiary may direct in his or her
last will, expressly referring to his or her separate trust
hereunder, but only among my issue and their spouses or former
spouses and persons gifts to whom are then allowable as
deductions under Section 2055 of the Internal Revenue Code (or
any successor provision); and to the extent that such beneficiary
shall fail to exercise effectively his or-her limited power of
appointment hereunder, the aforementioned balance in his or her
separate trust shall then be distributed per stirpes to his or
her issue, or, if no such issue survive him or her, per stirpes
to the issue of his or her parent who. was a child or more remote
descendant of mine, or, if no such issue survive him or her, per
stirpes to my issue, with the share of any of such issue for whom
property is then held in or payable to a separate trust under
this paragraph 6 being added to such separate trust, or, if no
issue of mine are then living, said balance shall be subject to
the provisions of paragraph 5 above.
(d) Disposition Upon Application of Rule Aaainst
Perpetuities. If during the lifetime of a person for whom a
separate trust under this paragraph 6 was established the
interest of such person therein becomes void under the applicable
rule against perpetuities, then the balance in such separate
trust shall then be distributed outright to such person.
7. Survival Clauses. If my wife and I should die under
such circumstances that it cannot be determined which of us
survives, my wife shall be deemed to have survived me for .all
purposes hereunder. If any other beneficiary hereunder should
- 5 -
die within sixty. (60) days after me or within sixty (60) days
after any other person the survival of whom determines his or her
rights hereunder, then such beneficiary shall be deemed to have
predeceased me or such other person for all purposes hereunder.
8. Powers. In addition to such other powers and duties as
may be granted elsewhere herein or which may be granted by law,
the fiduciaries hereunder shall have the following powers and
duties, without the necessity of notice to or consent by any
Court:
(a) To retain all or any part of my property, real or
personal, in the form in which it may be held at the time of its
receipt, including any closely held business in which 2 have an
interest and any stock of any corporate fiduciary hereunder, as
long as in the exercise of their discretion it may be advisable
so to do, notwithstanding that said property may not be of a
character authorized by law, provided, however, that upon written
request by my wife, they shall within a reasonable time make
productive of income any interest in property (however and
whenever acquired) held in Trust A hereunder.
(b) To invest and reinvest any funds held hereunder in
any property, real or personal, including, but not by way of
limitation, bonds, preferred stocks, common stocks, and other
securities of domestic or foreign corporations or investment
trusts, mortgages or mortgage participations, and common trust
funds, even though such property would not be considered
appropriate or legal for a fiduciary apart from this provision.
(c) To sell, convey, exchange, par::ition, give options
to buy or lease upon, or otherwise dispose any property, real
or personal, at any time held by them, with or w:'hout order of
court at their option, at public or private sale otherwise,
for cash or other consideration or for such credit t=rms as they
think proper, and upon such terms and for such prices as they may
determine, and to convey such property free of all trusts.
(d) To borrow money from any person, including any
fiduciary hereunder, for any purpose in connection with the
administration hereof, to execute promissory notes or other
obligations for amounts so borrowed, and to secure the payments
of such amounts by mortgages or pledges of any property, real or
personal, which may be held hereunder.
(e) To make loans, secured or unsecured, in such
amounts, upon such terms, at such rates of interest, and to such
persons, firms or corporations as they may deem advisable.
- 6 -
(f) To renew or extend the time for payment of any
obligation, secured or unsecured, payable to or by them, for as
long a period of time and on such terms, as they may determine,
and to adjust, settle and arbitrate claims or demands in favor of
or against them.
(g) In dividing or distributing any property, real or
personal, included herein, to divide or distribute in cash, in
kind, or partly in cash and partly in kind.
(h) To hold, manage, and develop any real estate which
may be held by them at any time, to mortgage any such property in
such amounts and on such terms as they may deem advisable, to
lease any such property for such term or terms, and upon such
conditions and rentals as they may deem advisable, whether or not
the term of any such lease shall exceed the period permitted by
law or the probable period of retention under this instrument; to
make repairs, replacements and improvements, structural and
otherwise, in connection with any such property, to abandon any
such property which they may deem to be worthless or not of
sufficient value to warrant keeping or protecting, and to permit
any such property to be lost by tax sale or any other
proceedings.
(i) To employ such brokers, banks, custodians,
investment counsel, attorneys, and other agents, and to delegate
to them such duties, rights and powers as they may determine, and
for such periods as they think fit.
(j) fio register any securities at any time in their
names as fiduciary, or in the names of nominees, with or without
indicating the trust character of the securities so registered.
(k) With respect to any securities held hereunder, to
vote upon any proposition or election at any meeting of the
person or entity issuing such securities, and to grant proxies,
discretionary or otherwise, to vote at any such meeting; to join
or become a party to any reorganization, readjustment, merger,
voting trust, consolidation or exchange, and to deposit any such
securities with any committee, depository, trustee or otherwise,
and to pay out of the trust created herein, any fees, expenses,
and assessments incurred in connection therewith; to exercise
conversion, subscription or other rights, and to receive or hold
any new securities issued as a result of any such reorganization,
readjustment, merger, voting trust, consolidation, exchange or
exercise of conversion, subscription or other rights and
generally to take all action with respect to any such securities
as could be taken by the absolute .owner thereof.
- 7 -
(1) To engage in sales, leases, loans, and other
transactions with my estate, the estate of my wife, or any trust.
established by either of us, even if they are also fiduciaries or
beneficiaries thereof.
(m) To make all necessary proofs of death under the
insurance policies of which they are the beneficiary,- to execute
any receipts for the proceeds and to institute any action to
collect said proceeds a::d to make adjustments of any claim
thereunder, provided, however, that they need not institute any
action unless they shall have been indemnified against all
expenses and liabilities to which they may become subject as a
result thereof. If, however, they desire to institute such
action without indemnification, they are hereby authorized to be
reimbursed for all expenses and liabilities incurred as a result
thereof from any amounts which may be held in trust hereunder
then or thereafter.
(n) To exercise all elections which they may have with
respect to income, gift, estate, inheritance or other taxes,
including without limitation execution of joint income tax
returns,. election to deduct expenses in computing one tax or
another, election to split gifts, and election to pay or to defer
payment of any tax, in all events without their being bound to
require contribution from any other person.
(o) To operate, own, or develop any business or
property held hereunder in any form, including without limitation
sole proprietorship, limited or general partnership, corporation,
association, tenancy in common, condominium, or any other,
whether or not they have restricted or no management rights, as
they in their discretion think best.
9. Spendthrift Clause. No interest (whether in income or
principal, whether or not a remainder interest, and whether
vested or contingent) of any beneficiary hereunder shall be
subject to anticipation, pledge, assignment, sale or transfer in
any manner, nor shall any beneficiary have power in any manner to
charge or encumber his or her said interest, nor shall the said
interest of any beneficiary be liable or subject in any manner
while in the possession of the fiduciaries for any liability of
such beneficiary, whether such liability arises from his or her
debts, contracts, torts, or other engagements of any type.
10. Facility of Payments for Minors or Incompetents. Any
amounts or property which are payable or distributable hereunder
to a minor or incompetent may, at the discretion of the
fiduciaries, be paid to the parent or guardian of such minor or
incompetent, to the person with whom such minor or incompetent
- 8 -
resides, or directly to such minor or incompetent, or may be
applied for the use or benefit of such minor or incompetent.
11. Taxes. I direct that all estate, inheritance, and
succession taxes that may be assessed in consequence of my death,
of whatever nature and by whatever jurisdiction imposed, other
than generation-skipping taxes, shall be paid out of the
principal of my general estate to the same effect as if said
taxes were expenses of administration, except that any such
additional taxes (and interest and penalties thereon) imposed on
account of my interest in or power over any trust established by
my wife shall be paid out of the property held in such trust, and
all other property. includable in my taxable estate for federal or
state tax purposes, whether or not passing under this will, shall
be free and clear thereof; provided, however, that my executors
may in the discretion of the executors request that any portion
or all of said taxes (to be paid out of the principal of my
general estate) shall instead be paid out of the principal of any
trust established by me in this will or otherwise, to the extent
expressly authorized under the terms of said trust. With the
consent of the Trustees hereunder, said taxes may be paid out of
the principal of Trust B hereunder as if said taxes were expenses
of administration thereof, provided, however, that no such taxes
shall be paid out of Trust A hereunder or out of assets that are
not includable in my federal gross estate.
12. Fiduciaries. I appoint as executor hereunder my wife,
HELEN T. GROFF. If she should be unable or unwilling to serve or
to complete the administration of my estate, then PNC BANK, N.A.,
with offices in Camp Hill, Pennsylvania, shall serve in her
place. I appoint as Trustees hereunder my wife, HELEN T. GROFF,
and PNC BANK, N.A. If my wife should be unable ~ ~inwilling to
serve or to complete the administration of any ti sreunder.,
then PNC BANK, N.A. shall serve alone. Under no cii star~-
shall my wife serve as sole Trustee hereunder. No indiv
fiduciary shall be liable for the acts, omissions or defy ._•_s of
any agent appointed and retained with due care or of any
co-fiduciary. No fiduciary shall be required to furnish bond or
other security for the proper performance of duties hereunder.
- 9 -
IN WITNESS WHEREOF, I, KENNETH R. GROFF, herewith set my
hand to this, my last Will, typewritten on eleven (1~1) sheets of
paper including the self-proving attestation clause and
signatures of witnesses, this 21st day of May, 1996.
}~'/(tF;%:?f!z =~~ .~` ~ (SEAL)
Kenneth R. Gi''t5ff
~...
/~
residing at~~/~.f/,filQ.~c~~ i'G.
residing at ~~
~Q (~~ (,1, ~,Q~Q,,~(~ residing at
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF DAUPHIN
SS:
~~ ~, ,~~
Kenneth R. Groff (the testator) , ~,~c+tu.~e~ ~11, .~ l w Soil ,
~q , ~ D T1A~F4 RTC and ~~. {~ ~ ~.l.l~ ~..IP ( the
witnesses), whose names are signed to the foregoing instrument,
being first duly sworn, each hereby declares to the undersigned
authority that the testator signed and executed the instrument as
his last will in the presence of the witnesses and that he had
signed willingly, and. that he executed it as his free and
voluntary act for the purposes therein expressed, and that each
of the witnesses, in the presence and hearing of the testator,
signed the will as witness and that to the best of his or her
- 10 -
knowledge the testator was at that time eighteen years of age or
older, of sound mind and under no constraint or undue influence.
TESTATQR: _,
,: ~ ,:
~ A' ~
~,..r..i sip:/Lia...,~ ~,
K nneth R. GXO~~,-
WI NESS: WITNESS:
C ~a ~ a, ,v~,~
~_
Subscribed, sworn to and acknowledged before me by Kenneth R.
Groff, the testator, and subscribed and sworn to before me by
t e .µgRp ~ ~~ 11 EJU S o u w1 ~q~: F~QT"~ and
~~(Z,ts4_ ~ ~F~ _IZrc1~ the witnesses, this 21st day of
May, 1996.
A.
Nota ublic
(SEAL)
::vf.' tLSEAL
C'.'.,;:1,1.:,'r~EtHAVER, Notary Pub6C
!:-.+; :r', ?A Dauphin County
_:°,J ' .::,~::::~ ~,~.-~'~rts !d_rch 6, 2000
- 11 -
9/4/09
FIRST CODICIL TO
co N
o
'=
-WILL OF ~ V ~ "[ ~" -s
KENNETH R. GROFF '-~'nJ . ~' _'
r~c7-n ~
~ - ~;
~
~~ -~
j
I, KENNETH R. GROFF, of Cumberland County, Pennsylva nia, deCla~ this to bB' ''~' `-'
the first codidl to my Will executed on May 21, 1996.
Section 12 of my Will is amended and restated in its entirety to read as
follows:
"SECTION 12
FIDUCIARIES
§ 12. Fiduciaries. I appoint as executrix hereunder my wife, HELEN T.
GROFF. If she should be unable or unwilling to serve or to complete the
administration of my estate, then I appoint such of my daughters, KATIE G. REED
and JESSICA ANN VOLLMER, as are able and willing to serve, as successor
executrtx(s) and if neither is willing and able to serve, PNC BANK, N.A. with offices
in Camp HiN, Pennsylvania, shall serve in their place. I appoint as Trustees
hereunder my wife, HELEN T. GROFF, and my daughters, KATIE G. REED and
JESSICA ANN VOLLMER. If my wife or one of my daughters should be unable or
unwilling to serve or to complete the administration of any trust hereunder, no
successor shall be appointed to serve in her place. if neither of my daughters is able
or willing to serve, PNC BANK, N.A. shall serve as sole Trustee or Co-Trustee with
my wife, as the case may be. Under no circumstances shall my wife serve as sole
Trustee hereunder. No individual fiduciary shall be liable for the acts, omissions or
defaults of any agent appointed and retained with due care or of any co-fiducary.
No fiduciary shall be required to furnish bond or other security for the proper
performance of duties hereunder."
3. In all other respects, my said Will, subject to any earlier Codicils, shall remain
r
unchanged.
IN WITNESS WHEREOF, I, KENNETH R. GROFF, herewith set my hand to this, a
codicil to my last Will, typewritten on three (3J sheets of paper including the self-proving
attestation clause and signatures of witnesses, this 4~' day of September, 2009.
at d~-(~ V~
d ~"W~ residing at G~J"~ ff ~~C /~
-2-
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF DAUPHIN
. SS:
KENNETH R. GROFF (the testator),~,r hart ~.~~+gnson ,
and 1-~r kac.~. Sv ~ c.er (the witnesses), whose names are signed to the
foregoing instrument, being first duly sworn, each hereby declares to the undersigned
authority that the testator signed and executed the instrument as a codicil to his last will in
the presence of the witnesses and that he had signed willingly, and that he executed it as
his free and voluntary act for the purposes therein expressed, and that each of the
witnesses, in the presence and hearing of the testator, signed the codicl as witness and
that to the best of his knowledge the testator was at that time eighteen years of age or
older, of sound mind and under no constraint or undue influence.
TEST
R. GROFF.
Subscribed, sworn to and acknowledged before me by KENNETH R. GROFF, the testator,
and subscribed and sworn to before me by ~~~c~arQ l.J • .~teywnson and
L7r uce~. cJv'• «~ ,the witnes es, this 4`" day of September, 2009.
1J1.
Notary P
(SEAL)
COMMONWEALTH OF PHNNSYLVANIA
NoteBa{S~I _
Clt~ryy o~Hartiaburp~D~PCaruy
My Camrniasion E+cpkes eb.13.2010
-3-
WITNESS:
ESTATE OF
KENNETH R.
GROFF
PA NO. 21-10-1123
LETORT
REVOCABLE
TRUST
AGREEMENT
LETORT
Nanagrmcnt E Trust
April 17, 2006
Phyllis J. Harmon, CFP
LeTort Management & Trust Company
3130 Morningside Drive
Camp Hill, PA 17011
Re: Trust Account #3306
Dear Phyllis,
We are in the process of reviewing our estate planning documents with the help of our
attorney, Richard Stevenson. As a result we would like to have the joint trust changed to
an individual trust in the name of Kenneth R Groff. Please change your records
accordingly.
Sincerely,
G~•L~l
enneth R. Groff
~~~~
Helen T. Groff
3130 Mor~tin~side Dr. Comp HifG PA /7011 • 777.76/.7626 Fccr 7/7761.7Sf3 u•u•tr Irurrtgmup.bi~
COPY
LETO~tT
Rata OJ{~e(a7 b 7r~~(
Revocable-Trust
Account Application
And Agreement
Section 1: Appointment of Trustee
I/We ("Settior") appoint LeTort
Management & Trust Company ("Trustee") to
hold, as Trustee, certain properly or interests
which Settior has turned over to Trustee, which
property or interests are set forth on Schedule A
attached hereto and made a part hereof, together
with such property as may from time to time be
delivered by Settior or any other person and
accepted by Trustee to be subject to the terms of
this Agreement. Said property and the earnings
thereon and appreciation therein shall constitute
Settlor's Revocable Trust Account ("Account").
Section 2: Settior Owner Information
Account Type:
Name 2 (first) (middle) (last)
Social Security No. or Tax Identification No.
Date of Birth
Telephone Number
Address
City State Zip
.Name 1 (first) (middle) (last) Drivers License No.
Social Security No. or Tax Identification No. Settior declares that Settior is a:
Date of Birth
Telephone Number
Address
City State Zip
Drivers License No.
Section 3: Account Statements
Trustee shall furnish to Settior a
statement of all transactions in the Account
during the period of the statement ("Periodic
Statements"). Statements shall be provided on a
quarterly or annual basis.
The Trustee shall not be liable with
respect to the accuracy of the Periodic
Statements, except. with respect to any such
transaction to which Settior shall object, within
ninety (90) days after the furnishing of the
Periodic Statement, in writing to the Trustee.
Unless Trustee receives written objection to the
Periodic Statement within ninety (90). days after
the date shown on such Periodic Statement, the
Periodic Statement shall be deemed approved.
Approval of the Periodic Statement shall be final
and binding on all persons who have an interest
in the Account then or in the future.
Section 4: Distributions
During Settlor's lifetime, the Trustee
shall distribute the net income and the principal
as follows:
A: As much -even if all - of the net income
and the principal as Settlor may direct from time
to time either ornlly or in writing.
B. As much of the income and the principal
of the Account as the Trustee, in its discretion,
shall deem advisable for the comfort, care,
support and maintenance of the individual Settlor
or both Settlors of a joint account, or of any
person dependent of either of them.
C. Any remaining net income shall from
time to time be .accumulated and added to the
principal.
Section 5: Instructions
Except as provided in Section 6 below,
Trustee may rely on oral or written instructions
which Trustee believes were genuine and
authorized.
Section 6: Joint Revocable
Trust Accounts
If this is a joint account, it shall be treated
as joint tenancies with right of survivorship, or in
the case of spouses, as tenancies by the
entireties. In joint accounts, any distributions
shall be to the Settlors as joint tenants with right
of survivorship, or in the case of spouses; as
tenants by the entireties, or as the Settlors (acting
jointly) may direct otherwise in writing.
If this is a joint account, after the death of
the first of the Settlors to die, payments may be
made only to the survivor Settlor, or in
accordance with the survivor's written
directions.
A joint account may be terminated in
whole or in part in accordance with Section 12
hereof by the Settlors (acting jointly), or by the
survivor Settlor, in either case by written notice
to the Trustee, whereupon the securities and
other property as to .which said termination
extends shall be delivered to the Settlors as joint
tenants with right of survivorship, or in the case
of spouses, as tenants by the entireties, or as the
Settlors (acting jointly or survivor Settlor) may
direct otherwise in writing.
Except where the Settlors are expressly
required under this Section 6 to act jointly in
writing, the Trustee shall follow the oral or
written instructions of either Settlor.
The provisions of this Section 6
supersede any other provisions of this
Agreement to the contrary if the Account is a
joint account.
Section 7: Trustee's Powers and
Responsibilities
In addition to the powers conferred by
law, the Trustee shall have the following powers,
to be exercised in its absolute discretion:
A. To retain all assets received in kind as
investments, without any duty of diversification,
or to sell the same upon such terms as it shall
deem advisable;
B. To invest in all forms of property, as
authorized under the Pennsylvania Prudent
Investor Rule, including in one or more of the
collective investment fiu-ds maintained by the
Trustee or any affiliate, or such other assets as
are acceptable to the Trustee;
C. To hold shares in any registered
investment company which may be advised by
the Trustee and from which the Trustee or any
affiliate may receive wmpensation as advisor;
D. To exchange or lease for any period of
time any real or personal property and to give
options for sales, exchanges and leases;
E. To exercise all rights of security holders
including the right- to vote personally or by
general or limited proxy, any shares of stock;
2
F. To register any securities in the Trustee's
name or in the name of a nominee;
G. To pay, compromise, settle or release any
claim or controversy without court approval;
H. To borrow money from any source,
including the Trustee or any of its affiliates, and
to pledge any real or personal property pursuant
thereto;
I. To delegate discretionary powers;
J. To make distribution in.cash or in kind at
current values, in undivided interests or non-pro
rata shares, and without regard to income tax
basis;
K To hold reasonable amounts of cash
uninvested in any bank or trust company, for
such periods as the Trustee deems reasonable for
the efficient administration of any trust
hereunder.
Notwithstanding the foregoing, the
Settlor reserves the right to instruct the Trustee
in writing to retain certain assets, including stock
of the Trustee, in a custodial capacity without
any liability for reviewing the investment
suitability of such designated assets and further
reserves the right to vote the stock of the Trustee
or its affiliate or successors.
Section 8: Shareholder
Communications
Fn order to facilitate company /
shareholder communications and for other
similar purposes, Settlor authorizes the Trustee
to release Settlor's name, address, and share
position of assets held in this Account to the
companies (or their representatives) in which
Trustee is a shareholder.
Section 9: Taxpayer Certification
Under enal of er' ,Settlor certifies
that ~~ is the Settlor's
correct taxpayer identi ication number (or that
Settlor is waiting for a number to be issued), and
that Settlor is not subject to backup withholding
because: (a) Settlor is exempt from backup
withholding, or (b) Settlor. has not been notified
by the Internal Revenue Service ("Ills") that
Settlor is subject to backup withholding as a
result of a failure to report all interest or
dividends, or (c) the 1RS has notified Settlor that
Settlor is no longer subject to .backup
withholding. Settlor certifies that if any Settlor
is a natural person, each Settlor who is a natural
person is a U.S. person (which includes U.S.
resident aliens).
Section 10: Compensation
Trustee's compensation for its services
shall be in accordance with the Trustee's
standard fee arrangement in effect from time to
time during the period of the Trustee's services
hereunder and may be charged to the Account
unless paid from other sources. Any
compensation to a Co-Tnistee will be over and
above LeTort's.
For any special or extraordinary services,
Trustee shall be entitled to additional reasonable
compensation.
Any compensation paid to LeTort by any
mutual fund company will be credited to the
Settlor. LeTort may receive reimbursement
from mutual fund companies for expenses
incurred in performing sub-accounting services.
Such reimbursements for expenses shall be
retained by LeTort and will not be credited to the
Settlor.
Section 11: Amendment and
Termination
The Settlor expressly reserves the right at
any time from time to time to amend this
Agreement by written notice delivered to the
Trustee provided that the duties, powers,
compensation or liability of the Trustee shall not
be changed in a manner other than termination
without its written consent.
This Agreement may be terminated in
whole or in part by either Settlor or Trustee by
giving 30 days' prior written notice to the other
party. Within 30 days of termination, Trustee
shall deliver the assets subject to termination to
Settlor or as Settlor directs otherwise in writing
3
(see Section 6 concerning termination of joint
accounts).
Upon the death,of an individual Settlor or
the survivor of the Settlors of a joint account,
this Agreement shall terminate and the Trustee
shall deliver the assets as follows:
^ To the personal representative of such
deceased Settlor within ninety (90) days
of the deceased Settlor's death. .
^ To the following person or persons:
The distributions to the foregoing will be
in equal shares. If any of the named
beneficiaries is not living at the death of the
Settlor (or survivor Settlor), then that equal share
shall be paid per stirpes to the issue then living
of the deceased beneficiary, and if the deceased
beneficiary has no issue then living, the share
shall be added to the other shares created
hereunder.
During any period of time after
termination in which Trustee continues to have
custody of assets subject to termination, Trustee
shall have no duties other than the safekeeping of
such assets and delivery of such assets upon
Settlor's insttvction. Trustee shall have the right
to continue to charge fees in the amount. then
currently charged to the Account for any post-
termination period in which assets subject to
termination remain in Trustee's custody and to
debit such fees from the Account.
Section 12: Trustees
Trustee may execute any of its powers
under this Agreement and perform the duties
required of the Trustee by and through attorneys,
sub-custodians, Trustees, affiliates or
subsidiaries. The Trustee shall not be
responsible for the performance or supervision of
or liable for the default or negligence of any such
person selected by Trustee with reasonable care
or of any broker or Trustee engaged in the
purchase, sale or exchange of any asset.
Section 13: Choice of Law
' The Agreement and the Account hereby
created shall be construed and governed by the
laws of Pennsylvania without regard to its
conflicts of law provisions. The situs of the trust
shall be Cumberland County, Pennsylvania.
Section 14: Acknowledgement
By signing this Revocable Trust Account
Application and Agreement, Settlor agrees to the
terms and conditions of the Agreement.
Trustee:
LeTort Manag ent & Trust Company
By:
Si atu d Tit / _
Date: ~ ~~ (~
Account No: eZ 0 OD 33 010 !~(r
Settlo ;/~' - ~~
.~i~~,L '
Individual Settlor at ,
Name of corporation, partnership, Date
estate, trust or other fiduciary
entity
By:
Signature and Title
4
COMMONWEALTH OF PENNSYLVANIA )
SS:
COUNTY OF CUMBERLAND )
On this, the ~ w day of 2006, before me, the undersigned ofFicer,
personally appeared ~ ~ fYl~y`. who acknowledged
himself/herself to bethe (, (~r~ of LeTORT MANAGEMENT AND
TRUST COMPANY, a corporation, and that he/she, as such officer, being authori2ed to do so,
executed the foregoing instrument for the purposes therein contained by signing the name of the
corporation by himself/herself as such officer.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
-~
Notary blic
My Commission Expires:
(Seal)
NOTARIAL SEAL
Katie E. C7arkc, Notary Public
Lower Allen Twp., Cumberland Cowty
MY commiaeiou equra Novanber 1 S, 2009
5
COMMONWEALTH OF ~k~~' 1V f'~ )~~_ )
_ ~ J ~ ) SS:
COUNTY OF -~ )
On this, the ___ ~~L' day of ~~~~~~ , 2006, before me, a notary public, the
undersigned officer, personally appeared i"~~F'I1~~G~ ~. ~1'F'i" C~'!'~
~p,'-~.~ ~ c~~~ , ]mown to me (or satisfactorily proven) to be the
person or persons whose name is (or names are) subscribed to the within Agreement, and
acknowledged that he/she/they executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
`Z/
Notary blic
My Commission Expires:
(Seal)
Katie H Clarl~e, Notary Public
Lower Allen 71vp., Cmnberlud County
MY eom®i~n expvea November 18, 2009
6
Revocable Trust Account
Schedule A
~1, vo
ESTATE OF
KENNETH R.
GROFF
PA NO. 21-10-1123
IRREVOCABLE
TRUST
AGREEMENT DTD
12/27/95
12/27/95
IRREVOCABLE TRIIST AGREEMENT
OF
KENNETH R. GROFF
By this Agreement, made this 27th day of December, 1995,
KENNETH R. GROFF, as Settlor, hereby establishes a trust, and
RICHARD W. STEVENSON, as Trustee, agrees to hold such property as
may be placed in trust. hereunder, whether during lifetime or by
testamentary act, by the Settlor, or (with the consent of the
Trustee) any other person, in trust, subject to .the terms and
conditions set forth below. Upon the earlier to occur of the
death of the Settlor and the resignation of the Trustee, PNC
BANK, N.A., with its offices in Camp Hill, Pennsylvania, shall be
substituted as Trustee hereunder. The name of this trust shall
be the "Groff Irrevocable Trust."
Now, therefore, in consideration of the mutual promises
herein contained, the parties hereto agree as follows:
ARTICLE 1 - DURING TSE LIFETIME OF SETTLOR
The primary purpose of the trust shall be to provide for the
wife of the Settlor and their issue after the death of the
Settlor. During the lifetime of the Settlor the Trustee shall
hold and administer the trust assets during the term hereof as
follows:
(a) Preservation and Maintenance of Trust Assets. The
Trustee shall hold all of the assets of the trust for the benefit
and use of the trust beneficiaries, who are Settlor's wife and
issue. It is the Settlor's primary intent that the trust assets
be preserved and maintained for the trust beneficiaries during
his lifetime. Therefore the Trustee shall first use any amounts
of net income (and to the extent net income is insufficient, any
amounts of principal) to preserve and maintain the trust assets,
including trust insurance policies and any real property and any
buildings or other improvements on that property, if ever any.
(b) Discretionary Payments to Beneficiaries. After
providing for the appropriate maintenance of trust assets from
the net income of the trust as described in paragraph (a) above,
the Trustee, with absolute discretion, may pay to the
beneficiaries of this trust such sums from the remaining income
or principal that the Trustee deems advisable or necessary for
the education, support, maintenance, health care and reasonable
comfort of such beneficiaries. Except as otherwise provided
above, the Trustee shall periodically incorporate any accumulated
income as an integral part of the principal of the trust, to be
held, administered, and distributed according to all of its,
terms, conditions, .and limitations. The trust beneficiaries will
have all rights and privileges relating to the use or benefit of
other trust assets, except that Trustee may regulate use of the
property in a reasonable manner in the event of conflicting
demands among beneficiaries.
ARTICLI3 2 - WIT~RAWAL POWERS
Subject to the approval of the Trustee, anyone may transfer
property, real or personal, to the principal of .this trust by
deed, will, or otherwise. To the extent that anyone transfers
property to this trust during Settlor's lifetime, including
indirect gifts such as those deemed made by employer premium
payments, then the members of the group consisting of the
Settlor's wife and living descendants (the members of this group
are hereinafter referred to as "Withdrawal Beneficiaries" or
individually as the "Withdrawal Beneficiary") will have the
following rights with respect to the initial contribution and all
additional property contributed to the trust:
(a) Riaht to Withdraw. During any calendar year in which
property is transferred into this trust, a Withdrawal Beneficiary
may withdraw a portion of the transferred property under .the
terms and conditions specified in this Article. Following the
transfer of property in the trust, a Withdrawal Beneficiary may
request from the Trustee, before that date which is the earlier
of (i) thirty (30) days. after the receipt of notice of the
transfer or (ii) forty-five (45) days after the end of the
calendar year in which the transfer is made, the immediate
distribution to-him or her of his or her pro rata share of the
property transferred, except that a Withdrawal Beneficiary may
not request more from the property transferred during that
calendar year than an amount equal to the annual exclusion from
federal gift tax allowable under Section 2503 (b) of the Internal
Revenue Code or any successor provision in effect at the time of
the gift. Notwithstanding the foregoing, (i) if the contributor
of the property is married at the time of the gift, a Withdrawal
Beneficiary may request from his or her pro rata share of the
transferred property an amount not to exceed twice that annual
exclusion if the spouse of the contributor elects to split the
gift on a timely filed federal gift tax return (this
noncumulative right applies only to inter vivos transfers and not
to testamentary dispositions, but otherwise applies
notwithstanding any provision of this agreement to the contrary),
and (ii) the amount of the withdrawal by Settlor's wife shall be
limited in all events to Settlor's lifetime and to an amount in
any calendar year not to exceed Five Thousand Dollars ($5,000).
- 2 -
(b) Notification. After receipt of any transfer, the
Trustee shall promptly notify each Withdrawal Beneficiary (and if
he or she is then under legal disability, his or her legal,
natural or general guardian other than the Settlor) of such
receipt and of the noncumulative withdrawal right. Each such
withdrawal right shall be exercisable only by a written
instrument executed by the Withdrawal Beneficiary (if such.
beneficiary shall be under any legal disability of any kind,
execution may be by his or her legal, natural or general
guardian, other than the Settlor) followed by delivery to the
Trustee within one month of any transfer. Upon receipt of a
written request the Trustee shall make distribution within thirty
(30) days.
(c) Funding of Withdrawals. The Trustee, in the Trustee's
discretion, may fund such withdrawals by distributing cash or
other property, including insurance policies, or by borrowing.
The Trustee's election as to form and source of payment shall be
final and binding on any beneficiary.
(d) Untimely Demand Request. If such a demand request is
not timely made within the period specified in subparagraph (a)
above, it will be fully released by the Withdrawal Beneficiary to
the extent provided in subparagraph (e) of this Article.
(e) Release of Withdrawal Powers. The withdrawal powers
held by a Withdrawal Beneficiary in any one calendar year will be
fully released on a cumulative annual basis only to .the extent of
the greater of (i) $5,000; or (ii) 5 percent of the aggregate
value of the assets out of which the powers to withdraw could
have been exercised prior to the lapse of any such powers. The
amounts not released under this provision can be appointed by the
Withdrawal Beneficiary solely under provisions of subparagraph
(f) of this Article.
(f) ~ecial Power of Appointment. A Withdrawal Beneficiary
may appoint the portion of the share created for him or her
corresponding to the sum of all withdrawal powers that were not
fully released under the provisions of subparagraphs (d) and (e)
above of this Article to such of those persons who would be his
or her heirs at law as he or she directs by specific reference to
this power of appointment in his or her valid last will, but in
no event are those assets to be paid to a Withdrawal
Beneficiary's estate, his or her creditors, or the creditors of
his or her estate. The Trustee may rely upon an instrument
admitted to probate in any jurisdiction as the last will of a
deceased beneficiary, but if the Trustee has not received written
notice of such an instrument within six (6) months after a
Withdrawal Beneficiary's death, it is to be presumed that the
Withdrawal Beneficiary died intestate and the Trustee will not be
liable for acting in accordance with that presumption. If a
- 3 -
deceased Withdrawal Beneficiary does not effectively exercise the
foregoing power of appointment with respect to any portion of the
share created for him or her, the Trustee shall add the proceeds
to this trust to be administered under the terms of this trust as
specified in Article 1.
(g) No Condition Subsequent. Nothing in this Article shall
have the effect of a condition subsequent, nor a retroactive
recharacterization of the amount of either the property
transferred into this trust or the amount subject to any
Withdrawal Beneficiary's power to withdraw. Neither the amount
of the property transferred into this trust nor any amount
subject to any Withdrawal Beneficiary's power to withdraw are to
be reduced, modified or recharacterized as a result of any action
or determination by any court or other governmental or
administrative agency.
ARTICL]3 3 - IIPON TSE D]3ATH OF
THl3 SIsTTLOR SIIRVIVSD BY HIS SPOIISE
(a) Income. The Trustee shall pay the net income to the
Settlor's spouse, HELEN T. GROFF, in quarterly or more frequent
installments.
(b) Principal. The Trustee shall have the power to pay to,
or apply for the benefit of, the Settlor's spouse, HELEN T.
GROFF, such amounts of the principal of this Trust as the Trustee
at such times and in such amounts shall deem necessary or
appropriate for the health, education, maintenance and support of
the spouse in accordance with the spouse's accustomed manner of
living.
(c) Tax Elections. The Trustee shall have the power, in
the Trustee's absolute discretion, to take any action and to make
any election to minimize the tax liabilities of this Trust and
its beneficiaries and to allocate the benefits among the various
beneficiaries and to make adjustments in the rights of any
beneficiaries or between the income and principal accounts, to
compensate for the consequence of any :tax election or any
investment or administrative decision that the Trustee believes
has had the effect of directly or indirectly preferring one
beneficiary or group of beneficiaries over others. This power
shall include the right to make an election under Code §2056 of
the Internal Revenue Code of 1986, as amended, to qualify all or
part of the principal of this Trust as "qualified terminable
interest property." If an election is made pursuant to Code
§2056 with respect to all or part of this Trust, at the death of
the Settlor's spouse, the Trustee shall, except to the extent
that the Settlor's spouse directs otherwise by her will, deduct
from the principal of this Trust and pay from time to time, on
- 4 -
behalf of the persons receiving distributions hereunder, to the
personal representative of~the Settlor's spouse (i) an amount
equal to the excess, if any, of the federal estate tax under
Chapter 11 of the Internal Revenue Code payable by reason of the
Settlor's spouse's death over the amount of such tax which would
have been payable if no such tax was payable by reason of such
spouse's death with respect to the principal of this Trust, plus
(ii) an amount equal to any penalties and interest attributable
to such additional tax. Such payments may be made by the Trustee
upon receiving from the Settlor's spouse's personal
representative a computation of the amount thereof, certified by
such personal representative to be accurate to the best of its
knowledge, in which case the Trustee shall be entitled to rely on
such computation.
ARTICLE 4 - UPON THE DEATH OF
BOTH THS SETTLOR AND THE SETTLOR'S SPOUSE
Following the death of the last to die of the Settlor and
his wife, and in all events not later than two years following
the last to die of the Settlor and his wife, the Trustee shall
divide the entire remaining principal of the trust as follows:
(a) The principal remaining shall be divided equally among
the Settlor's issue, per stirpes, provided, however, that if any
such issue is then under the .age of thirty-five (35) years, his
or her share shall be held for him or her in a separate trust
hereunder under the terms of Article 5 below, or, if no issue of
Settlor is then living, the same shall be subject to the terms of
subparagraph (b) below.
(b) Any property stated in aubparagraph (a) above or
paragraph 5(c) below to be held under the terms of this
subparagraph (c), and any other property held in trust hereunder
when no issue of Settlor and his wife are living which is not
effectively disposed of elsewhere herein, shall be. distributed
one half to the intestate heirs of Settlor then determined and
one half to the intestate heirs of Settlor's wife, as then
determined.
ARTICLE 5 - SEPARATE TRUSTS
The income and principal of a separate trust in which a
share in the trust is held for a beneficiary pursuant to the
terms of Article 4(a) above shall be distributed as follows:
(a) The income shall be distributed at least quarterly to
or for the benefit of the beneficiary. No payment shall be made
under this subparagraph (a) which would discharge to any extent
- 5 -
the legal obligation of any person for the support of the
beneficiary.
(b) The Trustee shall pay from the principal such sums to
or for any or all of the beneficiary and his or her issue as in
the discretion of the Trustee seems proper for their support,
maintenance, health care, and education.
(c) When such beneficiary shall have attained the age of
twenty-five (25) years, the Trustee shall distribute to him or
her at written request one-third (1/3) of the remaining principal
balance then held in his or her separate trust; when such
beneficiary shall have attained the age of thirty (30) years, the
Trustee shall distribute to him or her at written request one-
half (1/2) of the remaining principal balance; and when such
beneficiary shall have attained the age of thirty-five (35)
years, the Trustee shall distribute to him or her at written
request the entire balance held in his or her separate trust. If
such beneficiary should die before making proper request for the
entire balance in his or her separate trust, then the entire
balance in his or her separate trust shall at his or her death be
distributed, outright or in trust, in such sums or proportions as
such beneficiary may direct in his or her last will, expressly
referring to his or her separate trust hereunder, but only among
the Settlor's issue and their spouses or former spouses and
persons gifts to whom are then allowable as deductions under
Section 2055 of the Internal Revenue Code (or any successor
provision); and to the extent that such beneficiary shall fail to
exercise effectively his or her limited power of appointment
hereunder, the aforementioned balance in his or her separate
trust shall then be distributed per stirpes to his or her issue,
or, if no such issue survive him or her, per stirpes to the issue
of his or her parent who was a child or more remote descendant of
Settlor, or, if no such issue survive him or her, per stirpes to
the issue of the Settlor, with the share of any of such issue for
whom property is then held in or payable to a separate trust
under this subparagraph being added to such separate trust, or,
if no issue of theirs are then living, said balance shall be
subject to the provisions of paragraph 4(b) above.
(d) Notwithstanding the foregoing, if during the lifetime
of a person for whom a separate trust under this paragraph was
established the interest of such person therein becomes void
under the applicable rule against perpetuities, then the balance
in such separate trust shall then be distributed outright to such
person.
- 6 -
ARTICLT 6 - INSIIRANCE PROVISIONS
(a) Power to Invest in Life Insurance. In addition to
powers otherwise conferred upon the Trustee by law or by other
provisions of this Agreement, the Trustee shall have the power to
invest in life insurance on the life of the Settlor. If such
life insurance is purchased by the Trustee, or if any existing
life insurance policies or certificates are transferred to the
Trustee, or if the Trustee is designated as the beneficiary or
contingent beneficiary under any policies or certificates, the
following provisions of this Article shall apply to the Trustee's
powers and duties with .respect to all such insurance on the life
of the Settlor. The Trustee shall possess and own all insurance
policy rights in and under any of the insurance policies and
certificates comprising. part of the trust principal (whether
purchased by or assigned to the Trustee), and Settlor shall have
no interest or right of any kind in or to any of the said
insurance policies, certificates and insurance policy rights.
Such insurance policy rights shall mean all of the right, title,
interest, ownership, control, and incidents of ownership in and
under any and all insurance policies that become subject to the
terms of this Agreement, and in any and all insurance provided
under such policies, together with all additional such insurance,
if any, which may be provided in the future under such policies
and including specifically but not by way of limitation upon the
generality of the foregoing, all of the Settlor's rights with
respect to any and all such policies:
(i) to any conversion privilege, waiver of premium
benefit and accidental death benefit,
(ii) to receive the indemnities and benefits thereof,
(iii) to submit notices of claims, proofs of loss and
proofs of disability required for entitlement to or continuance
of such insurance,
(iv) to purchase any additional such insurance for which
the Settlor may become eligible,
(v) to pledge the policy or certificates (or any rights
thereunder) for a loan or to obtain from the insurer a loan
against the surrender value of the policy,
(vi) to cancel any insurance or surrender any policy or
certificate,
(vii) to assign, pledge, sell or otherwise dispose of any
and all right, title, interest, ownership, control, incident of
ownership, option, election, privilege or benefit therein or
thereunder, and to revoke the same, and
- 7 -
(viii) to receive or apply dividends or distributive
shares of surplus, disability benefits, surrender values, or
proceeds of matured endowments.
(b) Payment of Premiums. If during the Settlor's lifetime
the trust principal includes property other than insurance
policies and certificates and insurance policy rights, the
Trustee may, in the discretion of the Trustee, pay the premiums
or other charges on any policies or certificates of insurance
held hereunder, and the Trustee may obtain the necessary funds
therefore by applying some or all of the trust principal cash; by
selling at public or private sale, without notice to the Settlor
or the beneficiaries of the trust or any other person, a
sufficient portion of the principal of the trust; by borrowing on
the security of the principal of the trust or any part thereof or
on any of the insurance policies; by applying the dividends on
any of the policies; or by surrendering any of the policies for
their cash surrender values.
(c) Insufficiency of PrinciAal. If, at any time, the trust
principal is insufficient to pay the premiums or other charges on
the insurance policies and certificates that comprise part of the
trust principal as set forth in the preceding paragraph, the
Trustee may notify the beneficiaries of the trust in writing of
such insufficiency. The beneficiaries may, but are not obligated
to, furnish the necessary funds for the payment of the premiums
or other charges.. Any funds furnished as the result of said
notice may be applied by the Trustee to the payment of the
premiums or other charges, and the excess, if any, of such funds
shall be added to the principal of the trust. In any event, the
Trustee shall not be obligated to pay any premiums or other
charges on any policies or certificates of insurance that. are
subject to this Agreement, and shall have no obligation as to
such policies or certificates other than as herein expressly set
forth. The Trustee may also, in the discretion of the Trustee,
convert any policy on which premiums have not been paid due to
insufficient funds into a paid-up policy pursuant to the terms of
such policy.
(d) After Death of Insured. As soon as practicable after
receipt of notice of the death of Settlor, the Trustee shall
prepare, serve, and file notices and proofs of death and shall
take any and all actions deemed necessary to collect the proceeds
of any policies and certificates of insurance payable to the
Trustee which are then subject to this Agreement. The Trustee
may file suit to enforce the payment thereof, and may take such
other actions as the Trustee determines to be necessary or
desirable for the purpose of collecting the proceeds of said
policies and certificates. The Trustee may compromise any claims
arising out of any of the policies and certificates upon such
- 8 -
terms and conditions as the Trustee in the sole discretion of the
Trustee determines to be in the best interests of the trust.
ARTICLE 7 - SPENDTHRIFT PROVISION
No interest in income or principal shall be alienated,
encumbered or otherwise disposed of by any beneficiary while in
the possession and control of the Trustee. If any beneficiary
should attempt to alienate, encumber or dispose of all or part of
the income or grants of principal before the same has been
delivered by the Trustee, or if by reason of bankruptcy or
insolvency or any attempted execution, levy, attachment or
seizure claims of creditors or otherwise, all or any part of such
income of principal might fail to be enjoyed by some other
person, then such interest shall terminate. Thereafter, the
Trustee may pay to or for the benefit of such beneficiary and/or
his or her descendants such income or principal comprising such
interest as the Trustee, in the Trustee's discretion, shall deem
proper until such beneficiary dies.
ARTICLE 8 - POWERS OF THE TRIISTSS
In the administration of each trust created hereunder, the
Trustee or any successor Trustee shall have the following powers
in addition to powers conferred upon the Trustee by law or by
this Agreement, such powers to be exercised from time to time in
the Trustee's sole discretion and without order of any court:
(a) To hold, manage, sell, exchange, convey or transfer the
property comprising the trust principal, and to lease or make
contracts respecting such property for any term irrespective of
the duration of the trust, all at such prices and upon such terms
and conditions, and in such manner as the Trustee shall
determine;
(b) To retain without liability for depreciation or loss any
investments originally received or purchased from the Settlor's
estates, including, without limitation, shares of stock of a
corporate Trustee or any holding company which owns all or
substantially all of the stock of a corporate Trustee, and to
invest and reinvest all or any part of any property comprising
the trust principal in stocks, (both preferred and common),
bonds, notes and other obligations of corporations, shares in
real estate trusts, mutual funds, and in any other kind of
property, including, without limitation, real estate and common
fund operated by a corporate Trustee, regardless of the
proportion which any investment or any class or type of
investment of similar character may bear to the entire amount of
the trust principal, and without being limited to the classes of
- 9 -
investments which a Trustee is authorized by law or any rule of
course to make; provided, however, that the Trustee shall not
invest in or retain any unproductive asset in the trust for an
unreasonable period of time without written consent of the
beneficiaries hereof;
(c) To participate in reorganizations, recapitalizations,
consolidations, mergers, exchanges, liquidations and creditors'
and bondholders' agreements;
(d) To register or hold share certificates, bonds or other
property in the trust in the name of the Trustee nominee,
provided that the Trustee shall be responsible for the acts of
its nominee;
(e) To make advances and to borrow money upon such terms and
conditions as the Trustee shall determine, to issue a promissory
note or notes, and to secure the payment thereof by mortgaging or
pledging any part or all of the trust principal, including in the
case of a corporate Trustee the power to do so from or to itself
in its corporate capacity;
(f) To exercise voting rights and issue proxies, which may
be discretionary and with power of substitution, in connection
with any stock or other securities in the trust;
(g) To exercise rights and options to purchase shares of
stock or other property, to borrow money for such purposes
pursuant to the powers given above, and to sell or redeem
fractional shares of stock or other property;
(h) To compromise, compound, release and discharge debts and
claims of every kind, nature or description owing to or by the
trust, and to pay taxes, expenses, costs and charges incurred or
arising in connection with the administration and management of
the trust;
(i) To make any division or distribution hereunder in cash,
kind or in both, and to make any allocation of assets between
funds or shares established hereunder without regard to any
requirement to effect a proportionate allocation of each asset
and without the consent of any beneficiary, provided that any
property divided or distributed in kind shall be valued at its
fair market value at date of distribution;
(j) To improve or develop real estate, to construct, alter
or repair buildings or structures, to settle boundary lines, to
grant easements and other rights, to partition and to join with
co-owners and others in dealing with real estate;
- 10 -
(k) To employ brokers, agents, attorneys and, in the case of
an individual Trustee, investment counsel, accountants and
custodians of the trust;
(1) To receive additions to the trust or any trust fund and
to hold and administer the same under the provisions hereunder;
(m) To execute deeds, leases, transfers, assignments and any
other instruments necessary to carry out their powers hereunder;
(n) To sell assets to (including stocks, bonds, securities
or other property, real or personal), to exchange these assets
with or purchase these assets from, to make loans to on such
terms and conditions as it may determine, or borrow from any
other estate or trust, including the estate of the Settlor or
trusts created by the Settlor, irrespective of whether or not
such security or property is eligible for investment by
fiduciaries under any statute or law, and even though the Trustee
hereunder may be acting as executor or administrator of any such
estates or trustee of such trusts;
(o) To exercise any insurance policy rights with respect to
any insurance policy or certificate comprising part of the trust
including, without limiting the generality of such authority, the
right to convert any insurance maintained for the Settlor to some
other form of insurance in order•to prevent the cancellation or
lapse of the insurance coverage theretofore provided by such
insurance.
(p) To divide property in the trust with an inclusion ratio,
as defined in Section 2642(a)(1) of the Internal Revenue Code of
1986, as amended (or successor provision) of neither one (1) nor
zero (0) into two (2) separate trusts representing two (2)
fractional shares, one with an inclusion ratio of one (1) and the
other with an inclusion ratio of zero.
ARTICLE 9 - ADDITIONS TO THE TRIIST
The Settlor reserves the right, for himself and other
persons, to add insurance policies on his life and/or other
property to this trust by making lifetime, testamentary or other
transfer of property to the Trustee. All such additions shall be
subject to all of the terms and conditions of this Agreement.
ARTICLE 10 - IRREVOCABILITY
The trust created by this instrument shall be irrevocable.
The Settlor hereby expressly waives all rights and powers,
whether alone or in conjunction with others, and regardless of
- 11 -
when and from what source the Settlor may heretofore or hereafter
have acquired such rights or powers, to alter, amend, revoke or
terminate this trust, or any of the terms of this trust
agreement, in whole or in part. No part of the corpus or income
of the trust created hereunder shall ever revert to or be used
for the benefit of Settlor or be used to satisfy any of the
Settlor's legal obligations except as provided in Article 16
hereof. The Settlor hereby renounces for himself and his estate
any interest, either vested or contingent, including any
reversionary right or possibility of reverter, in the corpus and
income of the trust, and any power to determine or control, by
alteration, amendment, revocation or termination, or otherwise,
the beneficial enjoyment of the corpus or income of the trust
except as provided in Article 16 hereof.
ARTICLE 11 - ACCOUNTING
The Trustee shall render statements of the receipts and
disbursements from the trust to such person or persons who are
not subject to any legal disability and who are entitled to
receive income from this trust, or if none, would be entitled to
the principal if the same were then distributable at least
annually. Each statement shall be deemed an account stated and
considered as having been approved and accepted by such person or
persons, unless they give written notice to the Trustee of their
objection thereto within sixty (60) days of the mailing of each
such statement by the Trustee. Failure of such person or persons
to object as herein provided, shall release, acquit, and'
discharge the Trustee from all claims and demands, causes of
action, in law or in equity, which such person or persons and
each and every person who then or thereafter may be or become
interested in the trust, their heirs, successors or assigns,
shall then or thereafter have against the Trustee for or on
account of any matter pertaining to the administration of the
trust estate for the period covered by such statement, which
shall have like force and effect as a judicially settled
accounting of its activities for said period.
ARTICLE 12 - COMPENSATION OF THS TRUSTEE
At any time during the continuation of the trust, whether
before or after the death of the Settlor, a corporate Trustee
shall be entitled to compensation for its ordinary services
hereunder in accordance with its published schedule of
compensation for trustees in effect at the time the services are
rendered. Any Trustee shall be entitled to receive reasonable
additional compensation for any extraordinary services requested
or required.
- 12 -
ARTICLE 13 - BOND
The Settlor directs that no fiduciary acting hereunder shall
be required to enter bond or other security in any jurisdiction
for the faithful performance of his, her or its duties hereunder.
ARTICLE 14 - SITUS OF TRUST
The Commonwealth of Pennsylvania is hereby designated as the
situs of the trusts herein created, and all questions pertaining
to the validity and construction of this trust or the
administration hereunder shall be determined in accordance with
the laws of Pennsylvania, regardless of the jurisdiction in which
this trust may at any time be administered.
ARTICLE 15 - CAPTIONS
The captions of the various sections of
convenience and identification purposes only
define, limit, expand or describe the scope,
of this trust, or in any manner affect this
ARTICLE 16 - TAXES
this trust are for
and in no way
intent or provisions
trust.
Estate, inheritance and succession taxes that may have been
assessed in consequence of the Settlor's death, of whatever
nature and by whatever jurisdiction imposed, whether or not on
account of property passing hereunder, other than generation-
skipping taxes, may, on request of the deceased Settlor's
personal representatives and the consent of the Trustee, be paid
out of the principal held hereunder, as if said taxes were
expenses of administration thereof, provided, however, that no
such taxes shall be paid out of any assets which are not
otherwise includible in the federal gross estate of the deceased
Settlor.
ARTICLE 17 - MISCELLANEOUS
(a) Investment Obligations of Trustee. During the
Settlor's lifetime and so long as the trust principal comprises
only assets having nominal value, or while the life insurance
policies constitute the principal assets of the trust, the
Trustee shall have no responsibility to make any investment or
recommendation with respect thereto, or any responsibility to
invest assets having a nominal value in income-producing
property.
- 13 -
(b) Split-Dollar Agreements. Notwithstanding anything
herein to the contrary, the Trustee shall have the authority to
enter into split-dollar agreements provided, however, that
neither the Settlor nor any corporate collateral assignee of
which the Settlor is a shareholder shall be assigned any
insurance policy rights except the right to receive the amount
indicated in the split-dollar agreement.
(c) Conforming Amendments. In accordance with the Trust
purpose, the Trustee is authorized, with or without Court
approval, to make administrative and ministerial modifications to
the provisions of this Agreement for the purpose of conforming to
changes in law or factual and economic circumstances. Any such
modification shall be in all events consistent with Settlor's
intent upon creation of the Trust, and shall be in writing,
signed by the Trustee, with copies delivered to the Settlor and
the Trust beneficiaries.
(d) Merger of Trusts. If the Trustee is acting as Trustee
of another trust with terms and provisions substantially similar
to this Trust, the Trustee is empowered, in its sole discretion
reasonably exercised, to consolidate the trusts herein created
with such other trust, insofar as it is practicable, not in
substantial conflict with the terms of this Trust or of such
other trust, and not in derogation of any tax-saving provision of
any applicable state or federal law. Provisions of this Trust
and such other trust shall be considered substantially similar
even if there are minor variations as to the management and
distribution of the trusts. The determination by the Trustee as
to any consolidations hereunder shall be final and conclusive
upon all parties.
IN WITNESS WHEREOF,
e cuted this Agreement,
Wi ness
ATTEST:
and the Trustee have
be egally bound hereby.
~.
enneth R ff, Settlor
w
ichard W. Stevenson, Trustee
AGREEMENT TO SERVE AS
SUCCESSOR TRUSTEE:
PNC BANR, N.A.
By
- 14 -
the Settlor
intending to
STATE OF PENNSYLVANIA
SS:
COUNTY OF DAUPHIN
On this, the 27th day of December, 1995, before me, a Notary
Public, the undersigned officer, personally appeared Kenneth R.
Groff, known to me (or satisfactorily proven) to be the person
whose name is subscribed to the within instrument, and he
acknowledged to me that he executed the same for the purposes
therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official
seal.
....(~ ~ Q~... `mil . ~
Notary ublic
(SEAL)
Notarial Seal
Angela M. Alonzo. Notary Publio
HarrisburG Dauphin Coanty
Mr Commission Ex fires Oct. 26, 1996
- 15 -
ESTATE OF
KENNETH R.
GROFF
PA NO. 21-10-1123
3 MONTH TAX
PAYMENT
OFFICIAL RECEIPT
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
STEVENSON RICHARD W
MCNEES WALLACE & NURICK LLP
100 PINE STREET P 0 BOX 1166
HARRISBURG, PA 17108
REV-1162 EX111-96)
NO. CD 013963
ACN
ASSESSMENT AMOUNT
CONTROL
NUMBER
roa
ESTATE INFORMATION: ssN: 2o~-as-~oa1
FILE NUMBER: 2110-1 123
DECEDENT NAME: GROFF KENNETH R
DATE OF PAYMENT: O1 /31 /201 1
POSTMARK DATE: 01 /28/201 1
COUNTY: CUMBERLAND
DATE OF DEATH: 10/30/2010
REMARKS: RECEIPT TO ATTY
SEAL
CHECK# 01 1617
101 ~ 559,000.00
TOTAL AMOUNT PAID:
559,000.00
INITIALS: HMW
RECEIVED BY: GLENDA EARNER STRASBAUGH
REGISTER OF WILLS
TAXPAYER
ESTATE OF
KENNETH R.
GROFF
PA NO. 21-10-1123
PNC BANK -DATE
OF DEATH
INFORMATION
Dec. 31. 2010 11:03AM PNC BANK 412-705-2747
@~vc
December 31, 2010
Linda M Eshelman PA C.P.
McNees Wallace & Nurick LLC
100 Pine St
P O Box 1166
Harrisburg, PA 17108-1166
RE: Kenneth R Groff
SSN: 207-34-7041
DOD: 10-30-2010
Dear Ms. Eshelman:
No. 6511 P. 1/2
In response to your request for Date of Death (DOD) balances for the customer noted above, our
records show the following:
Checking Account
Account # 5005799555
VERNA H GROFF
KENNETH R GROFF
JUDITH G HiJLL
DOD balance: $ 5,452.97 non interest bearing
Account # 5030126002
HELEN T GROFF
KENNETH R GROFF
Established: 12-10-2009
Established: 04-17-1989
DOD balance: $ 16,456.77 + 0.84 accrued interest
Interest paid O1-O1-2010 thru 10-30-2010 $ 35.83 YTD
Loan Ac~unt '
The decedent rnaintaineci Loan ACCOlltlt # 4003041841746288 &4003041843018280 &
4003041859020264 . For further information and assistance, please contact l -888-762-2265. Select
option 1, then optian 3 and then 0 (zero). After pressing zero, please remain on the Iine to speak with
a Loan Financial Service Consultant.
Page 1 of 2 .
Dec, 31, 2010 11:03AM PNC BANK 412-705-2747 No. 6511 P. 2/2
Please note rhe2 this office provides date of death balances for deposit accounts (IRAs, CDs, Checking and
Savings). We do not process at-y financial trAasactiotts or paovide atate~nests. If you Dead assistance with
any of these itcaas, please call 1-8881'NC-BANK (1-885-162-226x7 or stop by your local PNC Bank branch
office.
Sincerely,
National Financial Services Center
PNC Bask, N.A,
Member FDIC
This message is intended for the use of the individual or entity to which it is addressed and may
contain information that is privileged confrdential and exempt from disclosure under applicable law.
If the reader of this message is not the intended recipient or the employee or agent responsible for
delivering this message to the intended recipient, you are hereby not{fied that arty dissemination,
~distributivn or copying of this communications is strictly prohibited. If yvu have received this
communication in error, please notify me immediately by reply or by telephone at 800-762-1775 and
immediately destroy this faxed document.
Page 2 oft
PNCBANK
March 11, 2011
MCNEES WALLACE S NURICK LLC
100 PINE STREET
P.O. BOX 1166
HARRISBURG, PA 17108-1166
ATTENTION: LINDA ESHELMAN
RE: KENNETH R. GROFF Loan Number 4003041859020264
Dear LINDA ESHELMAN:
Thank you for contacting PNC Bank. We received a request on March 4, 2011 for
an account balance due as of the date of death of the borrower.
As of October 30, 2010, the principal balance on the account was $ 0.00.
We appreciate the opportunity to be of service. If we can be of any further
assistance, please call us at 1-886-PNC-BANK and speak to any of our
Financial Services Consultants who are available to assist you.
Sincerely,
~~
J.T. Mangan
Centralized Cust er Assistance Team
PNC Bank
CRISS RefB: 211070185396
Member of The PNC Financial Services Group
Consumer Loan Center 2730 Liberty Avenue Pittsburgh Pennsylvania 75222
PNCBAIVK
March 11, 2D11
MCNEES WALLACE 8 NURICK LLC
100 PINE STREET
P.O. BOX 1166
HARRISBURG, PA 17108-1166
ATTENTION: LINDA ESHELMAN
RE: KENNETH R. GROFF Loan Number 40D3041843018260
Dear LINDA ESHELMAN:
Thank you for contacting PNC Bank. We received a request on March 4, 2011 for
an account balance due as of the date of death of the borrower.
As of October 30, 2010, the principal balance on the account was $ 0.00.
We appreciate the opportunity to be of service. If we can be of any further
assistance, please call us at 1-888-PNC-BANK and speak to any of our
Financial Services Consultants who are available to assist you.
Sincerely,
J.T. Mangan
Centralized Custom Assistance Team
PNC Bank
CRISS Ref#: 211070184350
Member of The PNC Financial Services Group
Consumer Loan Center 2730 Liberty Avenue Pittsburgh Pennsylvania 15222
PNCBANK
March 11, 2011
MCNEES WALLACE & NURICK LLC
100. PINE STREET
P.O. BOX 1166
HARRISBURG, PA 17108-1166
ATTENTION: LINDA ESHELMAN
RE: KENNETH R. GROFF Loan Number 4003041841746288
Dear LINDA ESHELMAN:
Thank you for contacting PNC Bank. We received a request on March 4, 2011 for
an account balance due as of the date of death of the borrower.
As of October 30, 2010, the principal balance on the account was S 0.00.
We aPPreciate the opportunity to be of service. If wa can be of any further
assistance, please call us at 1-868-PNC-BANK and speak to any of our
Financial Services Consultants who are available to assist you.
Sincerely,
~N V `
J.T. Mangan
Centralized Cus m r Assistance Team
PNC Bank
CRISS Reft: 211070183039
Member of The PNC Financial Services Group
Consumer Loan Center 2730 Liberty Avenue Pittsburgh Pennsylvania 15222