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HomeMy WebLinkAbout01-27-12 (2)J 1505610143 REV-1500 EX (01-10) PA Department of Revenue OFFICIAL USE ONLY Pennsylvania County Code Year File Number Bureau of Individual Taxes DEPARTMENT OE REVENDE PO 80X.280601 INHERITANCE TAX RETURN 21 11 1221 Harrisburg, PA 17128-0601 RESIDENT DECEDENT ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death Date of Birth 162 22 4244 07 12 2011 03 12 1929 Decedent's Last Name Suffix Decedent's First Name MI MORROW PHYLLIS A (If Applicable) Enter Surviving Spouse's Information Below Spouse's Last Name Suffix Spouse's First Name MI MORROW JAY K Spouse's Social Security Number THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS FILL IN APPROPRIATE OVALS BELOW X^ ^.. Original Return ^ 2. Supplemental Return ^ 3, Remainder Return (date of death prior t0 12-13-82) ^ a. Limited Estate ^ qa Future Interest Compromise 5. Federal Estate Tax Return Required (date of death after 12-12-82) ^ g (ecedent P~ odf ~siate ~ Decedent Maintained a Living Trust 0 Attach Co ) ^ (Attach Copy of Trust) 8. Total Number of Safe Deposit Boxes ^ 9. Litigation Proceeds Received ^ 1 p_ Spousal Poverty Credit (date of death 11. Election to tax under Sec. 9113 A between 12-31-91 and t-1-95) ^ (Attach Sch. O) ( ) CORRESPONDENT -THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO: Name Daytime Telephone Number JAMES D BOGAR (717) 7 3 7 8 7 61,.x, n -.. First line of address ONE WEST MAIN STREET Second line of address City or Post Office State ZIP Code SHIREMANSTOWN PA 17011 Correspondent's a-mail address: jbogar@bogarlaW.COm REGISTER O ~'_,,F~USE LILY ' 4..~1 '~` • ."' l / ~ fTl ~: > cf~ ~ '~ ~~ ~<7 ~~ > C% -r 7 ..~., ~ ~+ .. ~ C.~ ~ DATE FILED ~' ~~~ -,-~ r1 -1 -1~:' ~~.., -i- r?=t O Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and complete. Declaration of preparer other than the personal representative Is based on all information of which preparer has any knowledge. SIGNATU OF PE/RSON SQONSIBLE FOR FILING RETURN DATE J `~~ 1~~~~G'`~ ~~ Jay K Morrow / - ~ ~ ~' ~2.. ss Ica le urive Cam Hill PA 17011 SIGN E OF EPAREF~ R THAN REPRESENTATIVE DATE . ~ ///// -~ James D. Bogar l l~ y,~ l ~ I ADDRESS t One West Main Street, Shiremanstown, PA 17011 Side 1 L 1505610143 1505610143 J i ~_ 1505610243 REV-1500 EX Decedent's Social Security Number - DecedenYsName: MO~rOW, Phyllis A. 162 22 4244 RECAPITULATION 1 . Real Estate (Schedule A) ................................................................................... .... 1. 2 . Stocks and Bonds (Schedule B) ......................................................................... .... 2. 3 . Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C)..... .... 3. 4 . Mortgages & Notes Receivable (Schedule D) .................................................... .... 4. 5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E) ............ ... 5. 41 , 536.03 6. Jointly Owned Property (Schedule F) ^ Separate Billing Requested.......... .. 6. 7. Inter-Vivos Transfers & Miscellaneous Probate Property ~ (Schedule G) Separate Billing Requested.......... .. 7_ 8. Total Gross Assets (total Lines 1-7) .............. - .................................................... ... g. 41,536.03 9. Funeral Expenses & Administrative Costs (Schedule H) ..................................... .. 9. 10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) ............................ .. 10. 11. Total Deductions (total Lines 9 & 10) ......................... ........................................ .. 11. 12. Net Value of Estate (Line 8 minus Line 11) ..... 13. ............................ . ...................... Charitable and Governmental Bequests/Sec 9113 Trusts for which .. 12. 41 , 536.03 an election to tax has not been made (Schedule J) .............................................. . 13. 14. Net Value Subject to Tax (Line 12 minus Line 13) .................................. 14 ........... .. . 41 , 53 6.03 TAX COMPUTATION -SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or transfers under Sec. 9116 (a)(1.2) x .o0 41, 536.03 15. O . 00 16. Amount of Line 14 taxable at lineal rate X .045 0. 0 0 16. O. 0 0 17. Amount of Line 14 taxable at sibling rate X .12 0. 0 0 17. O. O O 18. Amount of Line 14 taxable at collateral rate X .15 0. 0 0 18. 0. 0 0 19. Tax Due ................................................................................................................. . 19. 0 . O 0 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT. ^ Side 2 L,~, 1505610243 1505610243 J REV-1500 EX Page 3 Decedent's Complete Address: DECEDENT'S NAME Morrow, Phyllis A. STREET ADDRESS 33 Scarsdale Drive CITY Camp Hill File Number 21-11-1221 STATE ZIP PA 17011 Tax Payments and Credits: 1. Tax Due (Page 2, Line 19) (1) 0.00 2. Credits/Payments A. Prior Payments B. Discount 0.00 Total Credits (A + g) (2) 0.00 3. Interest (3) 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. (4) Check box on Page 2 Line 20 to request a refund 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5) ~.0~ 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 life of either payments, benefits or care? ...................... . 2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without x receiving adequate consideration? ................................................................................................................... ^ 3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death?....... ^ 4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which contains a beneficiary designation?......... ^ ^ ...................................................... IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. For dates of death on or after July 1, 1994 and before Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 3 percent [72 P.S. §9116 (a) (1.1) (i)]. For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0 percent [72 P.S. §9116 (a) (1.1) (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. §9116 (a) (1.2)]. . The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5 percent, except as noted in 72 P.S. §9116 1.2) [72 P.S. §9116 (a) (1 )]. . The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12 percent [72 P.S. §9116 (a) (1.3)]. A sibling is defined under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption. Rev-1508 EX+(6-98) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY tJlAlt OF _ Morrow, Phyllis A. FILE NUMBER 21-11-1221 Include the proceeds of litigation and the date the proceeds were received by the estate. All property jointly-owned with the right of survivorship must be disclosed on schedule F. ITEM NUMBER DESCRIPTION 1 Morgan Stanley Smith Barney -Account No. 724-13048-10-550. 2 Highmark -Insurance Premium Refund VALUE AT DATE OF DEATH 41,434.03 102.00 TOTAL (Also enter on Line 5, Recapitulation) I 41,536.03 (If more space is needed, additional pages of the same size) Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule E (Rev. 6-98) 214 Senate Ave 7th Floor Camp Hill, PA I?O] I direct ?17 ?30 1800 fax 717 730 18)4 roll free 800 237 1700 November 30, 2011 James D Bogar Attorney at Law One West Main Street Shiremanstown PA 17011 RE: Phyllis A Morrow Account 724-13048-10-550 Dear Mr. Bogar: MorganStanley SmithBarney In response to your letter dated, November 15, 2011, following is the account value as of date of death, July 12, 2011. Bank Deposit Program (Cash): $41,434.03 I will, upon receipt of the New Account Agreement from Mr. Morrow, transfer this cash balance to his account. If you have any questions or concerns, please feel free to contact me. Sincerely, ed Client Service Associate Stanley Smith Barney Cc: Jay Morrow, Executor Morgan Stanle}~ Smith Barney LLC. Memhcr ,S1pC. REV-1513 EX+ (11.08) SCHEDUL EJ COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN BENEFICIARIE RESIDENT DECEDENT S ESTATE OF FILE NUMBER Morrow, Ph Ills A. 21-11-1221 NAME AND ADDRESS OF RELATIONSHIP TO SHARE OF ESTATE AMOUNT OF ESTATE NUMBER PERSON(S) RECEIVING PROPERTY DECEDENT N t t Tru e s (WOrdS) ($$$) I~ TAXABLE DISTRIBUTIONS [include outright spousal distributions, and transfers under Sec. 9116(aN1.211 Jay K. Morrow 33 Scarsdale Drive Camp Hill, PA 17011 Spouse Enter dollar amounts for distributions shown above on lines 15 throw h 18 on Rev 1500 ovoeasheet, as a to NON-TAXABLE DISTRIBUTIONS: II. A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1 Copyright (c) 2009 form software only The Lackner Group, Inc. Form PA-1500 Schedule J (Rev. 11-08) LAST WILL AND TESTAMENT OF PHYLLIS A. MORROW JI ``~ I, PHYLLIS A. MORROW, of Lower Allen Township, Cumber- land County, Pennsylvania, make, publish and declare this as and for my Last Will and Testament, hereby revoking all other Wills and Codicils heretofore made by me. .FIRST: The expenses of my last illness and funeral shall be paid from my estate. SECOND: I hereby give and bequeath, absolutely and in fee simple, to my husband, JAY K. MORROW, all my household furni- ture and furnishings, books, pictures, jewelry, silverware, auto- mobiles, wearing apparel and all other articles of household or personal use or adornment, provided that if my husband dies before the sixtieth (60th) day following the day of my death, this gift shall lapse or be divested and I make said bequest to my issue, per stirpes, living at the time of my death, to be divided among them as they shall agree. If they cannot agree for any reason, my Executor shall make the decision and its decision shall be final. My. Executor shall represent any minor child in any division of such property and shall deliver to the person stand- ing in the place of a parent to such minor, without bond, such portion of the minor's share as my Executor, after considering the minor's wishes, deems appropriate and shall sell the balance and pay the proceeds to my Trustees to be retained for the minor under Item FIFTH hereof. THIRD: The gift to my husband in this Item is. intended to give my estate the marital deduction effective under the Internal Revenue ,Code to reduce Federal estate tax. Any provi- sions in this Will which conflict with or fail of this intention sY~all be so reconciled or amplified as to accomplish this objective. If my husband, JAY K. MORROW, survives me, I direct that my Trustees, hereinafter named, hold, IN TRUST, an amount free of all taxes equal to the maximum marital deduction allow- able to my estate for Federal estate tax purposes, reduced by an amount, if any, needed to increase my taxable estate to the largest amount that after allowing for the unified credit and any other credits available to my estate, will result in no Federal estate tax, and pay the net income therefrom not less frequently than quarterly to my husband for life. My husband shall have the power to appoint all or any part or parts of the principal of this Trust to himself or a class composed of the issue of myself and my husband. This power shall be exercisable by him alone and in all events by specific reference thereto in his Will, or by delivery at any time or times during his lifetime of a written direction to my Trustees who sha~.l thereupon make payment as he directs. My Trustee shall pay to his personal representatives from any unappointed principal the difference between all taxes, interest and penalties which they must pay by reason of his death and those which would be payable by them if such unappointed principal were not taxable in his estate and shall add the balance of such unappointed principal to my residuary Trust. FOURTH: I give and devise the residue of my estate, real and personal, to my Trustee hereinafter named, IN TRUST, as follows: S ,W (A) The net income therefrom snail be paid to my husband, JAY K. MORROW, fbr life. (B) My husband shall have the power to appoint to himself up to the greater amount of five percent (5%) or $5,000.00 annually from the principal of the residuary trust under this Item. This power of appointment shall be noncumula- tive and may be exercised during my husband's lifetime only by his giving the Trustee written direction other than by his Will. (C) Upon the death of the survivor of myself and my husband, the principal shall be divided, in equal shares, to my 2 children, REBECCA A. NYE, BONNIE M. GASSWINT and BARBARA R. DiPIETRO, provided that should any of my children predecease me, I give and bequeath such child's share unto his or her issue per stirpes by representation, and if there be a failure of same, then I give and bequeath such deceased child's share to my surviving children as provided herein. FIFTH: Trustee may use principal of the trust under Item THIRD hereof (Marital Deduction Trust) only for the benefit of my husband. With the .foregoing exception my Trustee may use principal from the trust under Item FOURTH hereof (Residue Trust} for the benefit of my husband and issue as that Trustee deems necessary: ;y ~~ ~~ ~~ (A) To meet the expense of any accident, illness or other emergency befalling any of them; (B) For maintenance, support and education (including college and graduate school); (C) To pay funeral expenses, including the cost of a grave marker and perpetual care of the grave. Any principal used for the benefit of my issue shall be charged as an advancement from~his or her family's share of the trust. Further, any invasion on behalf of any issue cannot exceed the amount that would be allocated to his or her family's share of such trust. Notwithstanding the foregoing, the power to consume, invade or appropriate property for the benefit of my h~aband and issue shall be limited by ascertainable standard relating to health, education, support or maintenance within the meaning of subparagraph (a) of Section 204(b)(1) of the Internal Revenue Code of 1954 or any similar provision which may be in effect at the time of my death so that such power will not constitute a general power of appointment. SIXTH: I appoint my Trustee as Guardian to hold for minors all property payable by law to a guardian appointed by my Will or otherwise and use the same for the minor's maintenance 3 ~~~ and education, either directly or by payment to any person, selected to disburse it, whose receipt shall be a complete acquittance therefor. All unexpended income and principal shall be paid to the minor at majority. For purposes of this Will, majority shall be construed to be when the individual attains the age of twenty-one (21) years. SEVENTH: No provision of this Will is intended to exercise any power of appointment, including any power of appointment granted to me by my husband's estate planning or other documents. EIGHTH: All taxes, .interest and penalties thereon payable by reason. of my death with respect to property comprising of my gross estate, whether or not passing under this Will, shall be paid from the principal of my residuary estate, provided however, that funds of my Trust created herein may be used to pay taxes, interest and penalties attributed to such trust assets. NINTH: No interest of any beneficiary under this Will or any codicil hereto shall be subject to anticipation or volun- tary alienation, and the personal receipt of such beneficiary shall be the sufficient and only discharge of my Executor and Trustee unless otherwise provided herein. TENTH: In addition to powers given them by law, my Executor and Trustee and their successors and any guardian acting hereunder shall have the following discretionary powers applic- able to all real and personal property held by them, effective without court order and until actual distribution: (A) To retain all property received by them including the stock of any corporate fiduciary acting hereunder, provided such property remains productive; (B) To invest in all forms of property without restriction to investments authorized to fiduciaries, so long as such investments are productive; (C) To join in any incorporation, partnership, recapitalization,. merger, reorganization or voting trust plan; to 4 ... ~ `~:~ delegate authority with respect thereto; to deposit investments under agreements and pay assessments; and generally to exercise all rights of investors; (D) To compromise controversies; (E) To exchange or sell for cash, property or credit, publicly or privately, or to lease, even for a term exceeding five (5) years or the duration of the trusts hereunder, without liability on the purchasers or lessees to see to application of the consideration, and to give options for these purposes without obligation to repudiate them in favor of a higher offer; (F) With respect to my residuary trust under Item FOURTH hereof, to allocate items of receipt or disbursement between income and principal as they deem equitable regardless of the character given such items by law; (G) To apply income or principal to which any bene- ficiary is entitled directly for his or her maintenance and support should they deem such beneficiary incapable of receiving the same by reason of age, illness or any infirmity or incapa- city, or to pay the same to such person as they select to dis- burse it, whose receipt shall be a complete acquittance therefor, without the intervention, of any guardian; (H) To borrow money, including the right to borrow from any corporate fiduciary acting hereunder, and mortgage or pledge as security; (I) To hold investments in the name of a nominee; (J) To distribute in cash or kind or partly in.each at valuations fixed by them; (K) To assume continuance of the status of any bene- ficiary with reference to marriage, divorce, illness, incapacity or other change in the absence of information deemed reliable without liability for disbursements made on such assumption; (L) To elect to value my gross estate for Federal. estate tax purposes as of the date of my death or as of the alternate valuation date as allowed for such purposes, and to 5 claim as income tax deductions and other elections allowable under law; w U ,` ~, ~; ~\ ~I ~~ `a (M) Except to the extent necessary in order that the trust under Item THIRD hereof qualify for the marital deduction allowable under the Internal Revenue Code, it shall not be neces- sary to segregate investments as belonging to a particular trust or share therein and all interests may be held in undivided form in a single fund from which proportionate distributions are made based on current reappraisals; (N) To merge any similar trust established by my husband where the terms of the same are identical; (O) To make income or principal distributions during the course of administration of my estate. or trust created here- under; (F) In the event that I am the beneficiary of a quali- fied terminal interest trust and the same is taxable in my estate, I direct that my Executor shall seek reimbursement from said trust for all taxes due by my estate because of the inclusion of such trust. in my estate, said computation of taxes due to be computed by taking taxes owed by my estate and such property included therein as compared to the taxes my estate would owe in the event said property were not taxable in my estate; and (Q) To undertake any and all acts deemed necessary and proper by it for the proper and advantageous management of any trust and the settlement of my estate. ELEVENTH: No fiduciary who is a beneficiary of my residuary trust created in Item FOURTH hereof shall participate in the exercise of any discretionary power to use the principal thereof for the benefit of any person or to apportion or allocate items of charge or credit between principal and income of such trust. TWELFTH: Any person, other than my husband, who shall have died within sixty (60) days of my death, shall be deemed to 6 u v ~~ ': ,'L. have predeceased me. If my husband and I die simultaneously, or under such circumstances that the order of our deaths cannot be established by proof, my husband shall be deemed to have survived me. Any person (other than myself) who shall have died at the same time as any then recipient of income or in a common disaster with such beneficiary, or under such circumstances that it is difficult or impossible to determine who died first, shall be deemed to have predeceased such beneficiary. THIRTEENTH: I nominate and appoint my husband, JAY K. MORROW, as Executor of, and my husband, JAY K. MORROW and and my daughters, REBECCA A. NYE, BONNIE M. GASSWINT and BARBARA R. DiPIETRO, as Trustees under this my Last Will and Testament. In the event my husband cannot act or continue to act as Executor for any reason, I nominate and appoint my daughters, REBECCA A. NYE, BONNIE M. GASSWINT and BARBARA R. DiPIETRO, Co-Executrixes of this, my Last Will and Testament. If one or more of my daughters, as named herein, shall be or become unable or unwilling to serve or to continue to serve, I then appoint my remaining daughter or daughters to so serve. In the event my husband cannot act or continue to act as Trustee for any reason, I nominate and appoint my daughters, REBECCA A. NYE, BONNIE M. GASSWINT and BARBARA R. DiPIETRO, to serve as Trustees. If one or more of my daughters, as named herein, shall be or become unable or unwilling to serve or to continue to serve, I then appoint my remaining daughter or daughters to so serve. No fidu- ciary acting hereunder shall be required to post bond or enter security in any jurisdiction. IN WITNESS WHEREOF, I have hereunto set my hand and seal to this, my Last Will and Testament, this ~f day of `~ ~~'~-t~-C-~ , d~7` • ~~C ~-~^c'r ~.-L,~; ( SEAL ) PHYLLIS A. MORROW 7 .Signed, sealed, published and declared by the above- named Testatrix as and for her Last Will and Testament in our presence, who, at her request, in her presence and in the presence of each other, have hereunto subscribed our names as attesting witnesses. Address Address 8