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HomeMy WebLinkAbout04-0939PETITION FOR PROBATE and GRANT OF LETTERS also known as To: Deceased. Social Security No. ~ r~] _ 0--7 ' '5~ (~ B(3 Register of Wills for the County of Commonwealth of Pennsylvania The petition of the undersigned respectfully represents that: Your petitioner(s), who is/are 18 years of a~e or older an the execut O ~ in the last will of the above decedent, dated ~' ~-~ Q. and codicil(s) dated in the named ,19q~ (state relevant circumstances, e.g. renunciation, death of executor, etc.) Decendent was domiciled at death in 0_[lffrq ~CY.~r'[ 0-ff)C~ _ County, Penns. ylvania, with last family or principal residence at ~l C~dO~v~ ~IV'C[~-: I'x..l~V',/¥1 ~e__... (list street, number and muncipality) Decendent, then ~0 years of age, died qiiBiZcxv4 ,19 , at ~Xl~.~ V I I le__, ~:'/~ ' ' Except as follows, decedent did not marry, was not divorced and did not have a child born or adopted after execution of the will offered for probate; was not the victim of a killing and was never adjudicated incompetent: Decendent at death owned property with estimated values as follows: (If domiciled in Pa.) All Personal property (If not domiciled in Pa.) Personal property in Pennsylvania (If not domiciled in Pa.) Personal property in County Value of real estate in Pennsylvania situated as follows: ~,_60'2. C_~Off'Cl~l-Ov4FI C.~r'w, ba..rlo_~d Courq+v: JPA / $ $ I00 qO0 , WHEREFORE, petitioner(s) respectfully .request(s) the probate o.f the: last will-and codicil(s) presented herewith and the grant of letters '"l"~.%'Jf'"O- Cr3~ff-ll"'O-r'bt --~ (testamentary; administra~on c.t.a.; administration d.b.n.c.t.a.) theron. .-:~ OATH OF' PERSONAL REPRESENTATIVE COMMONWEALTH OF PENNSYLVANIA COUNTY ov The petitioner(s) above-named swear(s) or affirm(s) that the statements in the foregoing petition are true and correct to the best' of the knowledge and ber~ef of petitioner(s) and that as personal represen- tative(s) ef the above decedent petitioner(s) will wel~3~t trul~ster the estate according to law. Sworn to or affirmed C~/~ subscribed ,- g { / ] I ~ ~¢~o~ .~ ~hi~ . / V d~y o~~ // ~ ~' ~d~ h~~~ ,~- / ~ O, . C ~¢ ~ ~ R[gister L ~ his is to certify that thc information here given is correctly copied from an original certificate of death duly filed with me as Local Registrar. The original certificate will be forwarded to the State Vital Records Office for permanent filing. WARNING: It is illegal to duplicate this copy by photostat or photograph. Fee for this certificate. $2.00 ~ ~:~ ,, n 5 9 0 4: 9 ~P ~ 0 ~flOt~ Nc). '~ Date (~ ~/L~cal Regist~ar/C~~ COMMONWEALTH OF PENNSYLVANIA · DEPARTMENT OF HEALTH · VITAL RECORDS 21 CERTIFICATE OF DEATH ~,4..,~.~ t_l- /'~Jyv-t<;..+tor~r~I p. IV~ I c~,~.~ IZ' p~..~o~o r~aG~-~ ~,~ ~~--~.) ~0 ~ ~,~ J~+ c,.,.s-, ,,.Married ,~ Barbara Laver~ ,,~Presid~nt ,,~Manufacturin~ I,, P'- ~ ~~~.~ ~,~.~ W. Pennsboro ~ JCENT 'S ,~Penns~vania Cedar Circle ~,u~ ~ Newville, PA 17241 ~ Cumberland ~* ~.~~ ~ 9/21/2004 ollinger Crematory t. Holl~ Springs,PAl706 ~Springs, PAl 7065 20 200~f his. is to certify that this is a true copy of the record which is on file in the Pennsylvania Division of Vital Records in accordance with Act 66, P.L. 304, approved by the General Assembly, June 29, 1953. WARNING: It is illegal to duplicate this copy by photostat or photograph. Calvin B. Johnson, M.D., M.P.H. Secretary of Health 3297950 No. Charles Hardester State Registrar OCT 0 4:2004 mos ;~ R~, z~7 CERT ~R I~: 4 COMMONWEALTH OF PENNSYLVANIA · DEPARTMENT OF HEALTH · VITAL RECORDS SIGNED: lO-29-O1FILED: 10-29-01 CERTIFICATE OF DEATH I 1 -- 1 q~ 1 ~9 e ~T~E ANNE ELIZABETH OLM~EAD ,.FEMALE ~. 197 --40 --5796 ,.OCTOBER 27,2001 ~ ~ ~ ~ ~ CLE~I~N~ ' ~ CUMBERLAND ~ CARLISLE BORO , THORNWALD HOME ,~.~.~,~.~ ,,. WHITE ,,,~ COMPUTER ANALYST 47 E STREET £Agll.qlF.. PA 17013 ,.. EDWIN H. OLMSTEAD EDWIN 0LMSTEAD ,,~INSURAN~E CO. ,,. ~0 ~ ,,. ,*,~ 4~ ...... ,,.NEV~IED Cu~8~4~/,,. RUTH YATES ~601 YORKSHIRE DR. CARLISLE, PA 17013 1~7~'~,~9L I~r~NO~H~C~[MATOgV m. H0iLY SPRINGS,PA 1706~ LAST WILL AND TESTAMENT OF EDWIN H. OLMSTEAD I, EDWIN H. OLMSTEAD, of Cumberland County, Pennsylvania, do make, publish and declare this as and for my Last Will and Testament, hereby expressly revoking all wills and codicils made by me heretofore, and dispose of my estate as follows: ITEM 1: I direct the payment of my just debts and funeral expenses, including a suitable and proper grave marker, as soon as conveniently can be done following my decease. ITEM 2: Except as specifically provided in ITEM 5B, I direct that all State and Federal Transfer Inheritance Tax, Estate Tax, Succession Tax or any Other tax, any interest, assessments or penalties thereon, that may become due and payabl~by virtue of my death, or by virtue of the passing of any property either under m~ last Will a~nd Testament, or in any other manner, shall be paid from my residuary estate, just as taxes were my debts, and no beneficiary shall be required to pay or refund any part thereof. ITEM 3: I give and bequeath my articles of household use unto my surviving daughters in equal shares. If my daughters are unable to agree upon the distribution of such articles, then my Executor, JOHN C. OSZUSTOWlCZ, shall make all decisions regarding the distribution of such articles, with any remaining articles being distributed to an appropriate library, museum or other public charity for the education and use of the public as he shall determine. ITEM 4: I have prepared a memorandum that can be found with my Last Will and Testament that sets forth the names of certain persons and items of my tangible personal property (excluding money, securities and the like) that they are to receive. I give and bequeath such items of tangible personal property to those persons. To the extent there is any tangible personal property remaining, or if there is no memorandum found with my Last Will and Testament, then I give and bequeath such tangible personal property unto my surviving daughters in equal shares. If my daughters are unable to agree upon the distribution of such items, then my Executor, JOHN C. OSZUSTOWICZ, shall make all decisions regarding the distribution of such items, with any remaining items being distributed to an appropriate library, museum or other public charity for the education and use of the public as he shall determine. ITEM 5: I give an amount to BARBARA CLARKSON OLMSTEAD and JOHN C. OSZUSTOWlCZ, IN TRUST, equal to the amount of property that can pass free of Federal estate and gift tax as of the date of my death after first subtracting all of my lifetime gifts, the bequests provided in ITEMS 3 and 4 above, and all other transfers that would be subject to Federal estate and/or gift tax, whether passing under this Will or outside of this Will, other than ITEM 6 below. The residuary estate devised and bequeathed under ITEM 6 shall be disregarded for purposes of determining the amount of this bequest. For example, if I were to die as of the date of this Will, the amount determined under this ITEM 5 would be equal to $625,000.00 plus the amount attributable to the state death tax credit (other than for taxes designed to pick up the state death tax credit under Internal Revenue Code §2011) and less the amount of transfers during my lifetime and death that are subject to the Federal estate and gift tax other than ITEM 6. If I were to die in 2006 and the existing law is still in effect, then the $625,000.00 would be increased to $1,000,000.00. My Trustees shall hold and distribute the principal and income of this trust in accordance with the following instructions: A. If my wife, BARBARA CLARKSON OLMSTEAD, survives me, my Trustees shall pay all the income from the trust to her or for her benefit in at least quarter-annual installments. In addition, my Trustees shall distribute so much of the principal of the trust to or for the benefit of my wife as my Trustee, JOHN C. OSZUSTOWlCZ, or his successor, shall deem necessary, in his sole discretion, for her health, maintenance and support. B. Upon the death of my wife, my remaining Trustee shall pay to her personal representative or directly to the taxing authority from principal such amount, if any, as said personal representative certifies as being the additional death taxes payable by reason of the inclusion of any part or all of the trust in my wife's estate for such tax purposes. If my wife's estate would not be subject to Federal estate tax but for the inclusion of this trust in her estate, then all Federal estate tax shall be paid from this trust. If my wife does not survive me, this preceding instruction shall not be applicable. My Trustee shall distribute the balance of the trust in equal shares unto my daughters. If a daughter of mine is not then living, but has issue who is then living, then the trust estate shall be distributed to such issue, per stirpes, subject to the provisions of ITEM 7. If a daughter of mine is not then living and does not leave issue who is then living, then such daughter's share of the trust estate shall lapse. If none of my daughters is living and none of my daughters' issue is living, then the trust estate shall be distributed to the charities set forth in ITEM 6B in the proportions set forth therein. ITEM 6: All of the rest, residue and remainder of my estate of whatsoever nature and wheresoever situate, I give, devise and bequeath as follows: A. Seventy-five percent (75%) unto my daughters in equal shares. If a daughter of mine does not survive me and leaves surviving issue, then such daughter's share shall be given to her issue, per stirpes, subject to the provisions of ITEM 7. If a daughter of mine does not survive me and does not leave surviving issue, then twenty- five percent (25%) of her share shall be given to her husband if he is married to her, and still living with her, at her death. The balance of seventy-five percent (75%) shall lapse. If a daughter's husband does not survive me, then his share shall lapse. If none of my daughters survive me and there is no surviving issue, then the lapsed share shall pass to the charities set forth in B below in the proportions set forth therein. B. Twenty-five percent (25%) unto the following proportions with my Executors determining the use of the funds: i. ii. III. charities in the following Two-fifths (2/5) unto the Massachusetts Institute of Technology; One-fifth (1/5) unto Allegheny College; One-fifth (1/5) unto Allison United Methodist Church of Carlisle, Pennsylvania; and iv. One-fifth (1/5) unto Smith College. C. If any of the charities set forth in B above do not qualify as a charitable organization under §2055 of the Internal Revenue Code (or any successor provision), then the share to be distributed to such organization shall be distributed to the remaining charities in proportion to their interests set forth in B. ITEM 7: I further direct, anything hereinbefore to the contrary notwithstanding, that in the event any or all of the distribution of my estate (except as provided in Items 3 and 4 above) be to a beneficiary while she, he or they are still under the age of thirty (30) years, that distribution of the share of each such beneficiary be instead to my Trustee, JOHN C. OSZUSTOWICZ, or his successor, to be held by my Trustee in a separate and distinct trust for each such beneficiary for the following purposes: A. My Trustee shall accumulate the net income earned on each trust and shall add the same to the corpus until the beneficiary of said trust has reached the age of twenty-one (21) years. Thereafter, the Trustee shall distribute the net income earned on each trust to the beneficiary of that trust in regular installments, and at least quarter-annually. B. In the sole and uncontrolled discretion of my Trustee, he may utilize the principal (and the net income if the beneficiary has not attained the age of twenty-one (21) years) of each trust for the health, maintenance, education and support of the beneficiary of that trust. It is my desire, but not my direction, that my Trustee encourage any and all of the beneficiaries of the trusts created by this Will to further their education along those lines which interest each beneficiary and provide for higher education (college, professional, technical or any other forms of higher education) of any or all of my beneficiaries, up to the extent or limit of principal and income of the trust of which he or she is a beneficiary. C. My Trustee may pay over from time to time such of the principal of the beneficiary's trust as he or she may request in writing, provided the intended use is for a purpose which the Trustee believes, in his sole discretion, will promote his or her welfare, such as wedding expenses, the purchase of a home, establishing a business or profession, etc. D. My Trustee shall make expenditures for any beneficiaries without the intervention of a guardian. E. My Trustee may pay the reasonable burial expenses, including a suitable and proper grave marker, for the beneficiary of any trust which has not been terminated by previous distribution, and if my Trustee, in the exercise of his sole discretion, chooses to pay the same, he shall charge the expense thereof against the trust of that beneficiary. F. The beneficiary of each such trust shall have the right to withdraw in one or more installments up to the balance of the principal of his or her trust after attaining the age of thirty (30) years. G. In the event any beneficiary or beneficiaries subject to the provisions of this Item die prior to having received full distribution of his or her trust, leaving issue surviving, my Trustee shall divide the balance then remaining in the deceased beneficiary's trust into as many equal shares as the deceased beneficiary leaves issue surviving and shall hold each portion, so divided, in a separate and distinct trust for each such issue under the same terms and conditions as my Trustee held the trust of the deceased beneficiary which was divided pursuant to this provision. H. In the event any beneficiary or beneficiaries subject to the provisions of this Item dies prior to having received full distribution of his or her trust, without leaving issue surviving, the balance of his or her trust shall go to the surviving brothers and sisters of said beneficiary and to the surviving issue of any deceased brothers and sisters of said beneficiary, per stirpes. The share of the recipient shall be added to the trust already existing for said recipient and shall be administered and/or distributed in accordance with its terms, providing, however, that if such trust has already been terminated by prior distribution, then said shares shall be distributed outright to such recipients. And if no trust already exists for any such recipient who is under the age of twenty-one (21) years, the share of such recipient shall be held in trust, administered and distributed by the Trustee herein named and in the manner herein provided for beneficiaries of trusts. I. And in the event there are no beneficiaries who qualify under the provisions of the previous paragraph by representation or otherwise, then all balances remaining shall be distributed to the charities set forth in ITEM 6B in proportion to their respective interests set forth therein. ITEM 8: In the administration of my estate and the trusts herein created, my Executors and Trustees shall have the following powers without leave of court in addition to, but not in limitation of, the powers granted by law to the Executors and Trustees of estates and trusts, which powers shall continue after the termination of my estate and the trust or trusts provided for herein until actual distribution of the assets: A. To receive in the estate and to receive and retain in the trusts any assets, real or personal, to which I may be entitled at the time of my death, which my Executors or Trustees may deem for the best interest of the estate or trusts without being required to convert said assets into so-called "legal investments". B. To invest and reinvest in such securities as a prudent man of intelligence and discretion would buy for himself for investment, and not for speculation, giving due regard to the safety of the principal and the adequacy of the income, and without being limited to the so-called "legal investment" of the Commonwealth of Pennsylvania, said investment authority to include the right to invest in any Discretionary or Legal Common Trust Fund that may be administered and managed by my Corporate Executor or Corporate Trustee. C. To sell or buy real estate without Court order at public or private sale; to make, execute and deliver or receive good and sufficient deeds of conveyance and give or receive good title therefor; to reinvest the proceeds as if they had originated in personal property; to mortgage or encumber any real estate held in trust, or comprising part of my estate, borrowing the necessary funds from any source, including themselves; to improve any property or otherwise expend principal funds for the upkeep and welfare of any properties; to release, vacate and abandon the same; to grant and acquire licenses and easements with respect thereto; to make improvements to or upon the same; and in general to do all things necessary in the management of the properties as if they are the owners thereof, including the right to let property and to make leases for any term including beyond the terms of the trusts. The purchaser shall not be required to see to the proper application of proceeds but may pay the same over to the Executors or Trustees selling the same. D. To make distribution hereunder in cash or of property and securities in kind at fair market value at the time of such distribution and in such a manner as to be fair, equitable and just to all concerned. E. Income accrued on any property received by my Trustees either at the inception of the trust or as an addition thereto shall be treated as income and not as principal. Upon the death of any beneficiary of income, any undistributed income in the hands of my Trustees held for such beneficiary at the time of his or her death shall be paid to the estate of such beneficiary. F. To exercise any election or privilege given by the Federal and other tax laws, including but not limited to, electing to take all or a portion of any qualified terminable interests (including any part or all of the trust established for the benefit of my wife under ITEM 5) as part of the marital deduction under Section 2056(b)(7) of the Internal Revenue Code, as it may be amended from time to time; the consent on gift tax returns to have any 9 gift made by my spouse considered as made in part by me for gift tax purposes; the filing of joint income tax returns; the payment of any portion of income or gift tax due under such returns; the election of the alternate valuation for Federal estate tax purposes; the election to claim deductions for Federal estate tax or for Federal income tax purposes; the allocation of the federal generation-skipping tax exemption; and the election of the method of payment of pension, profit-sharing, HR-10, individual retirement account, and any other similar benefits. In addition, my fiduciaries, in their sole discretion, may make or not make equitable adjustment among the beneficiaries, without the consent of the beneficiaries, for the exercise or non-exercise of any election or privileges. In particular, the Executors are also authorized: i. To allocate any of my exemption from the Federal Generation Skipping Transfer Tax provided in Section 2631 of the Internal Revenue Code of 1986, as amended (the "Code"), which is available at the time of my death to any property as to which I am deemed to be the transferor under the provisions of Section 2652(a) of the Code, including any property transferred during my life as to which I did not make an allocation prior to my death. ii. Property may be subject to allocation under Subparagraph i of this ITEM 8F. whether or not it is included in my probate estate. All allocations under Subparagraph i of this 10 ITEM 8F. shall be in the sole discretion of my Executors, who shall have the power to omit any such property from any such allocation. Any decision made by my Executors shall be binding on all persons. G. To disclaim and/or renounce any amounts to which I may be entitled from any trust or estate of which I am a beneficiary, if my fiduciaries, in their sole discretion, believe such renunciation or disclaimer would be appropriate. H. To register or carry any investment in their own names or in the names of one or more nominees including that of a Corporate Trustee or a member firm of the New York Stock Exchange, a clearing house, a depository, in book entry form, or to retain any such investment unregistered or in a form permitting transfer by delivery. I. To vote by person or proxy and to participate in any reorganization or merger of companies or corporations whose stock is held by them. My fiduciaries may exercise any and all conversion, subscription and other rights of whatever nature, including, but not limited to, stock options with respect to any stocks or other securities and shall have the right to sell or otherwise dispose of all or any part of the assets held or to borrow for the purpose of making payment. J. To allocate to principal corporate distributions received in shares of the distributing corporation, regardless of the number of shares and however described or designated by the distributing corporation. K. To employ from time to time such person or persons, upon such terms and conditions as they deem advisable, to perform all ministerial and administrative duties, including investing and reinvesting property, keeping books and records and preparing all tax returns. L. If my Trustee, JOHN C. OSZUSTOWlCZ, or his successor, determines, in his sole discretion, that the principal of any one (1) or more of the trusts provided herein is too small to administer in a cost effective manner for the benefit of the beneficiaries, then the Trustee shall be permitted to distribute the principal and any accumulated Income to the then existing beneficiaries of such trusts. M. Notwithstanding any other provision in this Will to the contrary, if any portion of the trust established for the benefit of my wife under ITEM 5 is elected by my Executors to qualify for the marital deduction, then my Trustees shall have no power the possession of which would disqualify the trust for purposes of the marital deduction under the federal estate tax laws. N. If any portion of the trust established for the benefit of my wife under ITEM 5 is elected (or is to be elected) by my Executors to qualify for the marital deduction, then my Trustees shall be permitted to divide the trust into two (2) separate trusts (with both such trusts being subject to the terms set forth for the single trust under ITEM 5) to reflect the partial election which has been made, or is to be made, by my Executors. If this division is made, it shall be completed no later than the end of the period for estate administration. If, at the time of the filing of the federal estate tax return, the trust has not yet been divided, the intent to divide the trust must be unequivocally signified on the federal estate tax return. Any division of the trust must be done on a fractional or percentage basis to reflect the partial election. However, the separate trusts do not have to be funded with a pro rata portion of each asset held by the undivided trust. The separate trust which is qualified for the marital deduction shall not be funded with any property which does not qualify for the marital deduction. O. It is my desire that in making an election to qualify the trust established under ITEM 5 for the benefit of my wife for the marital deduction, my Executors shall have broad discretion in exercising or not exercising this power with a view to having the least amount of Federal estate taxes paid by the estates of my wife and me. My Executors shall be held harmless and exonerated for any discretionary decision which they make in regard to the election to qualify any part, no part or all of said trust for the marital deduction. If my Executors incur any costs, expenses or fees (including reasonable attorney fees) for defending their actions with respect to said election, they shall be entitled to be indemnified by my estate for such costs, expenses or fees; provided, however, that this provision shall not apply if a court of competent jurisdiction surcharges my Executors for misconduct or other improper actions or omissions in regard to said election. ITEM 9: No assignment or order by any beneficiary by way of anticipation of any of the principal or income of the trusts herein created shall be valid; but the income and principal shall be paid directly to the beneficiaries entitled to receive it, and the income and 13 principal shall not be subject to attachment, execution, levy, sequestration, hypothecation, garnishment or other process while in the hands of my Trustees. ITEM 10: If, for any reason, a guardian over the estate of a beneficiary or beneficiaries is needed or required, my Trustee shall be the guardian of the estate of such beneficiary or beneficiaries, with the same rights, powers, privileges, duties and responsibilities as I have given to him as Trustee. ITEM 11: All references in my Will to issue shall include those born or adopted either before or after the date of my Will. Adopted persons shall be considered as children of their adoptive parents, and they and their descendants shall be considered as issue of their adoptive parents, regardless of the date of the adoption. ITEM 12: I nominate, constitute and appoint my daughter, ANNE E. OLMSTEAD, and JOHN C. OSZUSTOWICZ to be the Co-Executors of this, my Last Will and Testament. If my daughter is unable or unwilling to serve as an Executor, I appoint JOHN C. OSZUSTOWlCZ, to be the sole Executor. If JOHN C. OSZUSTOWICZ is unable or unwilling to serve, I appoint my daughter, ANNE E. OLMSTEAD, as sole Executor. No Executrix, Executor or Trustee shall be required to give bond. ITEM 13: If my wife, BARBARA CLARKSON OLMSTEAD, is unable or unwilling to serve as a Trustee, JOHN C. OSZUSTOWlCZ, shall serve as sole Trustee in her place. If JOHN C. OSZUSTOWlCZ is unable or unwilling to serve as a Trustee, my daughter, ANNE E. OLMSTEAD, shall serve as Trustee in his place. ITEM 14: Wherever the context requires, the masculine gender shall include the feminine and neuter gender, and vice versa, and the singular shall include the plural, and vice versa. IN WITNESS WHEREOF, I have hereunto set my hand and seal this ~ day of October, 1998. EDWIN H. OLMSTEAD Signed, sealed, published, acknowledged and declared by the above-named Testator, EDWIN H. OLMSTEAD, as and for his Last Will and Testament, in the presence of us, who, at his request, in his presence and in the presence of each other, have hereunto subscribed our names as witnesses thereto. Of 15 COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND SS: I, EDWIN H. OLMSTEAD, Testator, who signed the foregoing instrument, having been duly qualified according to law, acknowledge that I signed and executed the instrument as my free and voluntary act for the purposes therein contained. EDWIN H. OLMSTEAD Sworn to or affirmed and acknowledged before me by EDWIN H. OLMSTEAD, the Testator, this q day of Notary Public COMMONWEALTH OF PENNSYLVANIA ) SS: COUNTY OF CUMBERLAND ) Sworn to or affirrr)~d and subscribed to before me b .~'.~Z(_.Fz_~ ~ an~(,~' -'~~tnesses, this ~(daY °f Oct°bet,~· We, the undersigned witnesses who signed the foregoing instrument, being duly qualified according to law, depose and say that we were present and saw Testator sign and execute the instrument as his Last Will and Testament; that he signed and executed it willingly as his free and voluntary act for the purposes therein expressed; that each of us in his sight and hearing signed the Will as witnesses; that Testator is known to each of us; and that to the best of our knowledge and observation the Testator was at the time of sound mind and under no constraint or undue influence. CERTIFICATION OF NOTICE UNDER RULE Name of Decedent: Edwin H. Olmstead Date of Death: September 15, 2004 Will No. 2004-00939 Admin. No. 21-04-0939 To the Register: I certify that notice of(beneficial interest) ~.~l{l{l~requked by Rule 5.6(a) of the Orphans' Court Rules was served on or mailed to the following beneficiaries of the above-captioned estate on October 21, 2004. Name Marjorie Fiddler Judith Olmstead Address 2519 NW 192"a PL, Shoreline, WA 98177-2919 1425 Legion Way, Olympia, WA 98501 Notice has now been given to all persons emitled thereto under Rule 5.6(a) except Si ~' ' ~ Name: John C. Oszustowicz Address: 104 S. Hanover St., Carlisle PA 17013 Telephone: 717-243-7437 Capacity: _ X__Personal Representative ~Counsel for personal representative COMMONWEALTH OF ~ENNSYLVANJA DE?ARTMENTOFREVENUE BUREAU OFIND[VIOUAL TAXES DEpT 280601 HARRJSBURG, PA17128.0601 RECEIVED FROM: PENNSYLVANIA INHERITANCE AND ESTATE TAX OFFICIAL RECEIPT NO. CD 004738 OSZUSTOWICZ JOHN C ESQ 236 SOUTH HANOVER ST CARLISLE, PA 17013 ford ESTATE INFORMATION: SSN: 157-07-8630 FILE NUMBER: 2104-0939 DECEDENT NAME: OLMSTEAD EDWIN H DATE OF PAYMENT: 12/15/2004 POSTMARK DATE: 12/15/2004 COUNTY: CUMBERLAND DATE OF DEATH: 09/15/2004 ACN ASSESSMENT CONTROL NUMBER AMOUNT $34,000.00 101 REMARKS: TOTAL AMOUNT PAID: $34,000.00 SEAL CHECK//8 INITIALS: JA RECEIVED BY.' GLENDA FARNER STRASBAUGH REGISTER OF WILLS REGISTER OF WILLS COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE BUREAU OF INDIVIDUAL TAXES PO Box 280601 HARRISBURG, PA 17128-0601 June 15, 2005 Telephone (717) 787-3930 FAX (717) 772-0412 LAW OFFICE OF JOHN C. OSZUSTOWICZ 104 SOUTH HANOVER STREET CARLISLE, PA 17013 Re: Estate of EDWIN H. OLMSTEAD File Number 2104-0939 Dear Sir/Madam: This is in response to your request for an extension of time to file the Inheritance Tax Return for the above estate. In accordance with Section 2136 (d) of the Inheritance and Estate Tax Act of 1995, the time for filing the return is extended for an additional period of six months. This extension will avoid the imposition of a penalty for failure to make a timely return. However, it does not prevent interest from accruing on any tax remaining unpaid after the delinquent date. The return must be filed with the Register of Wills on or before 12/15/05. Because Section 2136 (d) of the 1995 Act allows for only one extra period of six (6) months, no additional extension(s) will be granted that would exceed the maximum time permitted. (") in Sincerely, c:~ la e~ Document Processi t Inheritance Tax Divisio ,~ :::5 -) ~-{- Re{1.1M1EXI&4l) OFFiCIAL USE ONLY REV-1500 INHERITANCE TAX RETURN RESIDENT DECEDENT '* COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE DEPT. 280601 HARRISBURG, PA 17128-0601 FILE NUMBER 21 04 CC<MY coo< YEAR 0939 """"" I- Z W Q W o W Q DECEDENT'S NAMe (lAST, FIRST. AND MiDDlE INITIAL) Olmstead, Edwin H. DATE OF DEATH (MM.QD-YEAR) DATE OF BIRTH (MM-DD-YEAR) 09/15/04 07/10/14 (IF APPliCABLE) SURVIVING SPOUSE'S NAME (lAST, FIRST, AND MIDDLE INITIAL) Olmstead, Barbara C. SOCIAL SECURITY NUMBER 157-07-8630 THIS RETURN MUST BE FILED IN DUPUCATE WITH THE REGISTER OF WILLS SOCIAL SECURI1Y NUMBER 379-16-5794 NAME John C. Oszustowicz FIRt.tNAME('_1 law Office of John C. Oszustowicz TELEPHONE NUMBER (717) 243-7437 COMPLETE MAILING ADDRESS 104 S. Hanover SI. Carlisle, PA 17013 ~ ,,~~ &log %..~ u.... .. < ~ 1.(lri8lna1Relum o 4. United Estate ~ 6. Decedenl Died Testate (AlIadJc:opyofWll) o 8. Utig-._Rsceived o 2. SUpplemenlaI Return o 48. Future Interest Compromise IdlleofdMl'\ "12.12~1 o 7. Decedent Maintained a UvilgTrust (AIlar;hc:opyofTIUIl) o 10. Spousal Poverty Credit (dallofdlllllhbetNMn 12-31-91l1ld 1-1-95) o 3. RemailderRetum (dill oI"dedl prUlo 12-13-82) o 5. Federal Estate Tax Return Required ..L B. TolaI Number of Safe Deposit Boxes D 11. Election to tax under Sec. 9113(A) (Allach Sdl 01 z o ~ :J l- ii: <C o w a: 1. Real Estate (Schedufe A) 2. Stocks and Boods (Schedufe B) 3. CIose)y Held Corporalion. Pa_ip or SoIe-ProprielOlship 4. Mo<tgages & Noles Receivable (Schedufe D) 5. Cash. Bank Deposits & MisceI~neous Ponlonal Property (-El 6. Joinlly Owned Property (_Ie F) o Separate BiIing Requesled 7. Inter.VIvos Transfols & MisceI~neous Non-Probale Property (_GorL) B. Total Grou_(IolaI Lines 1.7) 8. FlI1<ll1lI Expenses & __ Cosls (ScI1edufe H) 10. Debls of Decedent. MoI1gage LiabiIilIes, & liens (Schedufe I) 11. Total D1ductlon. (1ola11il88 9 & 10) 12. NetValuo of Eslalll (Line B niI1Us Uno 11) 13. Ch_ and Govemmenlal8equeslslSec 8113 Trusts for wIIch an election to lax has not been made (Schedufe J) 232,500.00 315,506.23 C) ';=0 ;i1~ -;.::3J! '~-)() r.-2 --j"~l ~D -j ''''' = = c.n o ;'1 n (1) (2) (3) (4) (5) 265,994.54 c.n ~ C) .r-- 814,000.77 37 ,505.89 776,494.88 770 567 88 ...... 5,927.00 266.72 266.72 (6) (7) (9) (10) (8) 28,663.65 8,842.24 (11) (12) (13) z o ~ I-" :J ll.. == o o g 14. Net Valuo Subjscl II> Tax (Une12 milus Uno 13) SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES 15. Amots11oflile14taxableat1hespousallax rate, ,,_ underSec. 8116 (aX1.2) x.O~ (15) (14) 16.AmounlofLine14taxableat~""" 5 927.00 x.O ~ (16) x .12 (17) x .15 (18) 17. Amount of Line 14 taxable at sIlIing rate 18. Amount of Uno 14 _ at__ rate 18. Tax Duo (19) 2O.~ CHECK HERE IF YOU ARE REQUESTIN(, A REFUND OF AN OVERPAYMENT Oecedeilfs Complete Address: I ""f, = ,,- CITY Newville I STATEpA I ZIP 17241 Tax Payments and Credits: 1. Tax Due (Page 1 Line1g) 2. CreditslPayments A. Spousal Poverty Credtt B. Prior Payments C. Discount (1) 266.72 34,000.00 TotaICredifs(A+B+C) (2) 34,000.00 3. InterestlPenalty Wapplicable D. Interest E. Penalty ToIaIlnterestlPenalty ( D + E ) (3) 4. IIUne 2 is greatarthan Line 1 + Une 3, enter the difference. This is the DVERPAYIIENT. Check box on Page 1 Una 20 10 request a refund (4) 33,733.28 5. If Une 1 + Une 3 is greater than Une 2, enter the difference. This is the TAX DUE. A. Enter the interest on the tax due. (5) (SA) B. Enter the total of Line 5 + 5A This is the BALANCE DUE. (56) Make Check Payable to: REGISTER OF WILLS, AGENT -. PLEASE ANSWER THE FOllOWING QUESTIONS BY PLACING AN -X" IN THE APPROPRIATE BLOCKS 1. Did _I make a bansfer and: Yes No a. retain the use or income 01 the property transferred:.......................................................................................... D ~ b. retain the righl to designate who shall use the property lransferred or its income; ............................................ D ~ C. retain a reversionary interes~ or.......................................................................................................................... D ~ d. receive the promise lor life 01_ payments, benefits or care? ...................................................................... D ~ 2. If death OCQInred after December 12, 1982, did decedenlbansfer property within one year of death without ~ng adequate consideration? .............................................................................................................. D ~ 3. Did decedenlown an 'in truslfo(' or payable upon death bank account orsecurily at his or her death?.............. D ~ 4. Did decedenl own an Individual Relirement Accounl, annuity, or other non-probate proparty which contains a beneficiary de~gnalion? ........................................................................................................................ D ~ IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. UIder~d_,I_I1alI__...___'..'..v_..._..."...""'dmy_..._,M"....,""""'..._. DecI8I1IIIon preplnl'"OIherIlll'lfl8persorl1!l1~lsbaledonallnformallonofwhlc:hpl8p8l8l'hasanyllnowledge, SIGWi R SPONSIBLE FOR RLING RETURN ~~. 55 1 S. Hanover St., Carlisle, PA 17013 SIGNATURE OF PREPARER OTHER THAN REPRESENTATIVE DATE )2- DATE ADDRESS .. For dates 01 death on or aIler July 1, 1994 and before January 1, 1995, the tax rate i~ on the net value of transfers to or for the use of the surviving spouse is 3% [72 P.S. Sg116 (a) (1.1) (i)]. For dales 01 death on or aIler January 1, 1995, the tax rale imposed on the net value oIlransfe.. to or for the use of the surviving spouse is 0% [72 P.S. S9116 (a) (1.1) (;)]. The statute does not exemol a lranslllr to a surviving spouse from tax, and the statutory requirements for disclosure 01 assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary. For dales 01 death on or after July 1, 2000: The tax rate imposed on the net value 01 transfers from a deceased ch~d '-'ly-ooe years of age or younger at death to or for the use of a natural paren~ an adoptive parent, or a ~nt of the child is 0% [72 P.S. SQ116(a)(1.2)]. The tax rate imposed on the net value of transfers to or for the use 01 the decedenfs lineal beneficiaries is 4.5%, exoepi as noted in 72 P.S. S9116(1.2) [72 P.S. SQ116(a)(1)]. The tax rale imposed on the net value 01 lranstars to or for the use 01 the decedenrs SIblings is 12% [72 P.S. S9116{a)(1.3)]. A sibling is defined, under Section 9102. as an individual who has alleast one parent in common with the deceden~ whether by blood or adoption. REV-"02 EX+ (6-98,*, COMMONV\EALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER Olmstead, Edwin H. 21-04-0939 AU real property owned solely or .. . tenant In common must be reported at fair market valul. Fair martet value is defined as the price at which property would be exchanged between a wHlng buyer and a wilIng seller, neither being competed to buy or sell, both having reasonable knowledge of the relevant facts. Re.1 property which II jolntly-owned with right of lurvlvol'lhlp mUlt b, disclosed on Schedull F. SCHEDULE A REAL ESTATE ITEM NUMBER 1. DESCRIPTION Residence - 1302 Georgetown Circle, Ca~isle, PA 17013 (See attached Deed description) VALUE AT DATE OF DEATH 232,500.00 TOTAL (Also enter on line 1, Recapitulation) (If more space is needed. insert additional sheets of the same size) 232,500.00 REV-1S03 EX+ (6-98) . COMMONWEAlTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE B STOCKS & BONDS ESTATE OF Olmstead, Edwin H. FILE NUMBER 21-04-0939 All property JoIntIy-owned with right 01 survivorship must be dlsc:_ on SchocIule F. ITEM NUMBER 1. DESCRIPTION VAlUE AT OATE OF DEATH See attached listing of individual holdings 315,506.23 TOTAL (Also enter on line 2, Recapitulation) (If more space is needed. insert additional sheets ofltle same size) 315,506.23 REV-1508 ex+ ("98) *' COMMONWEALTH OF PENNSYLVANIA INtERITANCE TAX. RETURN RESIDENT DECEDENT SCHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERJY ESTATE OF Olmstead, Edwin H. FILE NUMBER 21.04-0939 _ the......... oflllgalfon end... _Il1o......... __ received by tI1e_ All "",porty jalnlly_ _ rlgbt<ilIU_1p .....tbe d_ on _.... F. ITEM NUMI!ER DESCRIPTION 1 Cash held in Iolla account 2 M&T Bank Savings Account #015004200922745 3. Acaued interest on item 2 4 leggMasonAccount#360-01403 - (see. oJ-+G\ched I'Shn3) 5 Royalties from FIELD ARTIlleRY WEAPONS OF THE CIVIL WAR (see alIached calculation) MisceHlII1eOUs penonaI property Books Research Materials Conectlbles TOTAL (Also enter on line 5, Recapitulation) (n"""" lip_ Is needed, inl8ll_onallh_ 01 the ..... Iize) VALUE AT DATE OF DEATH 7,500.00 7,500.00 5,000.00 1,000.00 REV-1511 EX+(12-ll9). COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDUU H fUNERAL EXPENSES & ADMINIS1RA1IVE COSTS ESTATE OF Olmstead, Edwin H FILE NUMBER 21-04-0939 llIIlII"'_lIIUI\bI~..._uIoL ITEM NUMBER A. DESCRIPTION AMOUNT 1. fUNeIIAl.eJ<eeNSES; . . . HoUInger Funeral Home Shurfine - Memorial Service Food 2, B. ADMINISTRATIVE COSTS: 1. _ RepIesonIatiw's Convnissions Name 01_ Rspmenl8llve(s) SodaI Security Number(s)IE1N NumI>or 01 Personal R_ntaIIve(s) -- City Year(s) Commission . Slate Zip 2. AIIlxney Foes 3. Family Exemption: (U _s _ is 001 !he ssme as _s, _ expIanelion) Claimant Street Add.... City Slate . Zip ReIabmp of Claimant 10 _I 4. _ Foes 5. _.Foes 6. Tax Rnmt "-'S Fees 7. Legal Advertising TOTAL (Also enter on line 9, Recapitulation) (II more opoco is ne_, inaoIt addiIIonaJ sheets of 1110..... size) 563.00 28,663.65 REV-1512EX+(12.o:J) .. CCWMONWEALTH OF ~SYLVMlIA. INHERrrANCE TAX RETURN RESIDENT DECEDENT SCHEDULE I DEBTS OF DECEDENT, MORTGAGE UABILmES, & UENS ESTATE OF FILE NUMBER Olmstead, Edwin H. 21-04-0939 RopoIt__ by the decedent prior to _ which _ unpaid as of lb. _ of_,lncludlng unrelmburHd _1caI._. IfEM VALUE AT DATE NUMBER DESCRIPTION OF OEATH 1. Professional fees - John C. Oszustov.icz, Esq. Aug & Sept. 2004 2 Central Penn Medical Group - ER service 3121/04 29.20 3 Swaim Health Center Room/Board/Supplies - September 2004 4,857.96 4 A T& T Universal Card 5.73 5 Continuing Care RX 201.19 6 PCS - Commemorative coins 33.90 7 Emerald Resources - wheelchair 1 8 Utilities 633.91 TOTAL (Also enter on line 10, Recapitulation) $ (If more space is needed, insert additional sheels oflhe same size) 8,842.24 REV-1513 EX. (0<0) .. COMMONWEALTH Of ~LVANIA INHERIT~ TAX RETURN RESIDENT DECEDENT SCHEDULE J BENEFICIARIES ESTATE OF Olmstead, Edwin H. NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY I TAXABlE D1STRI8UllONS [lllCiude outright """,sa1 dislributioos, and lranofe.. under ~. 5'16 (lI)Jl,2J1 1 MaJjorie Fiddler 2519 NW 192nd Place, SeatUe, WA 98177 RELATIONSHIP TO DECEDENT Do Not List Trustee(.) FILE NUMBER 21-04-0939 AMOUNT OR SHARE OF ESTATE Daughter 2,963.50 2 Judy Olmstead 1425 Legion Way, Olympia, WA 98501 Dau9hter 2,963.50 ENTER DOLlAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE, ON REV-l500 COVER SHEET n NON-TAXABLE DISTRIBUTIONS: A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE 1 Edwin H. Olmstead Irrevocable Trust FIBIO Barble Clarkson Olmstead 755,494.88 B. CHARITABLE AND GOVERNMENTAL DlSTRIBlITlONS 1 U.S. Army MUitary History Institute, 950 Soldier Dr., Ca~isle, PA 17013 6,000.00 2. Pennsylvania Stale Ubrary, 333 MarketS!., Hanisburg, PA 17126 7,500.00 3 Volunteers of America, Alexandria, VA (If more space is needed. illsert additional sheets of the same size) 1,573.00 TOTAL OF PART 11- ENTER TOTAL NON.TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-l500 COVER SHEET 770,567.88 /cJs/tJ . /:' 0\ msk'Od EdWIn . , 21 - 0 cJ . 0 q 3CJ -~ 5 c..re.d u Ie.. A. H Tax Parcel No. 60-.;.> HJ.3~L/-Oot s DEED THIS DEED is made the '2-2 NO day of -MW.I-+ ,1999, BETWEEN VANGUARD TOWNHOME LIMITED PARTNERSHIP, a Pennsylvania limited partnership ("Grantor"), AND EDWIN H. OLMSTEAD, married man ("Grantee"): WIT N E SSE T H: That the Grantor in consideration of TWO HUNDRED FIFTEEN THOUSAND AND 00/100 DOLLARS ($215,000.00), paid by the Grantee to the Grantor, the receipt whereof is hereby acknowledged, does hereby grant and convey unto the Grantee: ALL THAT CERTAIN lot or parcel of ground situate in the Borough of Carlisle, Cumberland County, Pennsylvania, being Lot No. 47 as shown on the Final Subdivision Plan for Phase III of Walnut Court as recorded in Cumberland County Plan Book 62, Page 58 (the "Plan"), as more particularly described as follows, to wit: BEGINNING at a point along the rigpt-of-way for Gem:~town Circle at the corner of Lot No. 46; thence along the said Georgetown Circle "NOl'fn G'6 degrees 01 minutes 29 seconds West 30 feet to a point; thence along Lot No. 48 North 83 degrees 45 minutes 00 seconds East 170.27 feet to a pomt; thence South 06 degrees 15 minutes 00 seconds East 30 feet to a point; thence along Lot No. 46 South 83 degrees 45 minutes 00 seconds West 170.39 feet to a point, the Place of Beginning. BEING Lot. No. 47 on Phase III of the Final Subdivision Plan of Walnut Court as recorded in Cumberland County Plan Book 62, Page 58. THE above tract is conveyed subject to and together with easements shown and listed on all Four Phases of the Plans for the Walnut Court Subdivision intended for the use by the BOOK 196 rAoE 422 r CD CD :3 =:~) :::::=J (.,.~. r"= ...... .- c' ~..., ::~ "~ ~';: ;~-~ i :-, I'J OJ ~.') :3 ,) - I-< = >--' = ..! r-.j nl .---~ 0 :;u , (,J -,. owners and occupants of the townhome portion of said Subdivision for access and storm water management. THE above tract is under and subject to the declaration of protective covenants, restrictions and reservations dated March 8,1990 and recorded in Cumberland County MisceIlaneous Book 380 Page 582. BEING part of the same premises which Walnut Court Associates, a partnership, by its deed dated April14'h, 1997 and recorded in Cumberland County Deed Book 155 Page 869, granted and conveyed unto Vanguard Townhome Limited Partnership, Grantor herein. Grantor hereby covenants and agrees that Grantor will warrant SPECIALLY the property hereby conveyed. IN WITNESS WHEREOF, the Grantor has caused this Deed to be duly executed as of the day and year first written above. GRANTOR: VANGUARD TOWNHOME LIMITED PARTNERSHIP ATTEST: By: ELG, INC., General Partner BY:~~~ Name: t=":~{j<--l L.. b~A-Sto ;''<<1 Title: Ff2~:> I~T By: t \.~~ d9g~8~~::.&Z~~g (;.r:~ ~ ;J.......~f2F2g~:;;: 1.-0 :;I:~' ;J:;"' :3: ..-t ~-l :::cc: =:....... '"'0 I (f.I Lon I I f:fi't:oc;o~~;x,..Fr~::;;::;Qll!E; ,,0-.0">;::0<::....... --t;:Q I'D ~r...:.<:rr'I::x:O':j:z>--l_ .....CO-:l:3:3 0::7.;1 -c <: -1m ::a;::rf"1"1(.() ~ ..,.,~ @:J>:x;;! . c:::: 0')........ . ;a;~::z:;: r'T1 . 0% . "" -.... .,- .... ... ~.._..t-..) (J.l '-'-l C....:.;..,........ 1'0 h) ,..--.. -,J ~_:J '-.11 ....... (..!1 ...... ~.n ~.. i-~ f-~" t.1l '-'~ <::;0 I-'" .. . .. .. .. ... . " " .. .. J;..I1 (JIO <:;::. ~ !':"f1 .:;:;;..;;:;;. ~;:;.L.f\UI <0..-::..0 <;;:. <=> 0 0 .;:.".:;::. <01 0::;::. "" '" .. ,.. .... .,- i.ri ~ '" '" .... .... = ,.., !.::: .. r.:r '" -, ~ ... '" 0:.. ~'" '" '" '" s:: ,.....'" .... .... s::'<: .. i'J) :-.0 ::ll IU .-I-n '" ~"'l ..... t:;@- ..-'.-... '" 1.0 1.",)- --t, l.~:;;O '" '" 1fi fAC~ 423 " r'~' a "" ,." ~.:r,;> ..... g ':.: f.,l':r -l 1"1' :t>- o ~ '" ,"' ..., , ,:,.=:> ,-- ......~ .;.':rt .~ ", .~ ;-0 ,-, '" ~" ~, c1- "" '--'-' ...... I....;. c.~ ..... ~ '" '" ..., t....;! o ..., ,..:1- ", = .- = .. .- ..p.' s-':! BOOK COMMONWEALTH OF PENNSYLVANIA COUNTY OF tJaujPh'rf SS: On this, the ,Z:< ncL day of /Ylc-:.rc/-, , ] 999, before me, a Notary Public, the undersigned officer, personally appeared EDWIN L. GLASGOW, who acknowledged himself to be the President ofELG, INC., a Pennsylvania corporation, which corporation is General Partner of V ANGUARD TOWNHOME LIMITED PARTNERSHIP, a Pennsylvania limited partnership, and that he, as such officer, being authorized to do so, executed the foregoing instrument for the purpose therein contained by signing the name of the corporation by himself as such officer. IN WITNESS WHEREOF, I have hereunto set my hand and official seal: , . ~':J\:~~>. ......... '~t ;~.<_~~.~_~'!"'~,.., ,,,"''' --: . ' ,....,:::\ _.'.l-:,! ,_. ~j-r ; -~ ~J .~" _~" ,_ .....~:-!l-' ? . .(_"~~~~:- :"-":,\"~...~;-'..~~ ir: ......._.,~ \.>,\;':..,........ _"lit ~. -~. ? '~::.-~,:::~?::1~./~' ~/7/ a. T~ NOtary Public Notarial Seal . Jenny A, Tobias, NOla't Pu~~hC Harrisburg, Daulph,nFeg 162001 My commission Exp res ' , MM\hllr, I'<!nnavNlnl. AaaoolilllOh Of NOlAJI.. (SEAL) aOOK 196 PAtE 424 CERTIFICATION OF ADDRESS I hereby certifY that the precise residence of the Grantee herein is: / "30 ';J a.~'l'Oi'A,;'" Cy-~ (Ie- 1,'.$ 1.4- . '70 I,$. , ,\" v~G 1,,"')- rt~;rck~~/. .."'i (At1f>mey or Agent for Grantee (/ \ ,~ COMMONWEALTH OF PENNSYL VANIA SS: COUNTY OF CUMBERLAND RECORDED in the Office of the Recorder of Deeds in and for said County in Deed Book ~ Page4d~ WITNESS my hand and official seal this q /P day of ~ 1999. ~~~ ;P~~ Recorder of Deeds . . SOOK 196 PAGE 425 ESTATE OF EDWIN H. OLMSTEAD File # 21-04-0939 SCHEDULE B Shares Value 1 200 sh ACNB Corp. 25.25 $ 5,050.00 Common Stock (CUSIP 868109) Accrued interest on 1 42.00 2 143 shAT&TWire1ess 14.67 2,097.81 Common Stock (CUSlP 209A106) 3 200 sh American Express 51.095 10,219.00 Common Stock (CUSIP 25816109) 4 500 sh BP PLC 54.78 27,390.00 Common Stock (CUSIP 55622104) 5 600 sh Bristol Myers Squibb 24.23 14,538.00 Common Stock (CUSlP 110122108) 6 700 sh Citigroup 47.085 32,959.50 Common Stock (CUSlP 172967101) 7 144 sh Corncast 27.915 4019.76 Class A Stock (CUSlP 20030N101) 8 50 sh Eastman Chemical 46.325 2,316.25 Common Stock (CUSIP 277432100) Accurued interest on 8 22.00 1 9 200 sh FPL Group 67.795 13,559.00 Common Stock (CUSIP 302571104) Accrued interest on 9 136.00 10 2066 sh Fulton Financial 21.785 45,007.81 Common Stock (CUSIP 360271100) 11 1200 sh General Electric 33.655 40,386.00 Common Stock (CUSIP 369604103) 12 393.608 sh Legg Mason Value Trust 56.61 22,282.15 Common Stock CUSIP 524659109 13 300 sh M&T Bank 94.285 28,585.50 Common Stock CUSIP 55261FI04 accrued interest on 13 120.00 14 1000 sh Susquehanna Bank 25.03 25,030.00 Common Stock CUSIP 869099101 15 400 sh Verizon Comm. 40.08 16,032.00 Common Stock CUSIP 92343VI04 16 150 sh Viacom 34.455 5168.25 Class B CUSIP 925524308 17 40 sh Zimmer IDds 76.38 3,055.20 Common Stock CUSIP 98956P102 2 18 200 sh E I DuPont De Nemours Common Stock CUSIP 263534109 Total Stocks & Bonds 87.45 17.490.00 $ 315,506.23 3 0\ YY\ s -ie-cAd , Edwin H. Sch E File 2.1-0<-1 - oQ3Cl L~tIr \'>v\Q$on Acc-oun r 18 25000 s Franklin Temp Bank 100.152 25,038.00 CD 2.4% Mat: 12/10/04 CUSIP 35472QBF3 Accrued interest on 18 6.57 19 25000 sh Second Nat'l Bank 101.215 25,303.75 CD 4% Mat: 5/10/05 CUSIP 813592AG7 Accrued interest on 19 350.68 20 25000 sh Discover Bank 100.387 25,096.75 CD 3.05% Mat: 11/7/05 CUSIP 25467BT81 Accrued interest on 20 275.75 21 25000 sh Republic Bank 100.261 25,065.25 CD 2.95% Mat: 12/12/05 760310CB6 Accrued interest on 21 244.48 22 25000 sh FIagstar Bk 100.347 25,086.75 CD 3.05% Mat: 12/12/05 CUSIP 33847ENM5 Accrued interest on 22 200.54 23 25000 MBNA America Bank 99.163 24,790.75 CD 2.9% Mat: 12/26/06 CUSIP 55264D5W2 Accrued interest on 23 164.86 24 25000 sh Gold Bank 99.099 24,774.75 CD 3.35% Mat: 12/26/07 CUSIP 380491FW5 Accrued interest on 24 185.85 1 O\msteDd I CdWlrI H 2J -()l.-\ - oq 3q Ro~ cd i-J ~ en t.. Valua.-hon All valuations must be made in accordance with the applicable provisions of the Internal Revenue Code of 1954 and the Federal Estate Tax and Gift Regulations. Section 2031 (a), 2032 and 2512(a) of the 19$4 Code require that property to be included in the gross estate shall be taxed on the basis of the value of the property at the time of death of the decedent or the alternate date if so elected. Section 20.2031-1 (b) of the Estate Tax Regulations defme fair market value, in effect, as the price at which the property would change hands between a willing buyer and a willing seller when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, both parties having reasonable knowledge of relevant facts. Court decisions frequently state in addition that the hypothetical buyer and seller are assumed to be able, as well as willing, to trade and to be well informed about the property and concerning the market for such property. The method most often used in the valuation of intangible assets such as copyrights is the present value of the cash flows derived from using such property. The goal is to determine what the future cash flow would be over its projected economic life, and thereby derive what the present value of the asset is today. In this case, the typical approach used to derive the present value is to divide the average lIIIIluaI earnings attributable to the royalty interest by the return on investment the next owner would require. The greater the risk associated with the investment, the greater the required return on investment. That approach to valuation is known as the Capitalization Method, and the percentage return on investment is referred to as the "Cap Rate." This factor reflects the relative attractiveness of the investment as it identifies the time it will take for an investor to recover an investment (based upon historical earnings.) The average annual earnings from the decedent's royalty interest was calculated based on the amounts reported on his Federal income tax returns as follows: Year Earnings 2001 $113.00 2002 $ 90.00 2003 $ 80.00 2004 $124.00 Average $101.75 As noted above, it is necessary to capitalize the average earnings at an appropriate rate. Among the more important factors to be taken into consideration in deciding upon a capitalization rate for earnings of intangibles asset are: (I) the nature of the intangible; (2) the risk involved; and (3) the stability or irregularity of earnings. These factors suggest that there are significant risks ass\>Ciated with both the level of royalty payments and term over which they may be received. Decedent received an average of$101.75 per year. The decedent earned a negative return on his investment. In light of the unusual subject matter, we errored on the conservative side and used a liberal cap rate of 10. The average royalty per year multiplied by a cap rate of 10 yields a present value of$lO 17.50. 02-28-2006 OLMSTEAD 09-15-2004 21 04-0939 CUMBERLAND 101 APPEAL DATE: 04-29-2006 (See reverse side under Objections) Amount Remitted I I MAKE CHECK PAYABLE AND REMIT PAYMENT TO: REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 ~~!_~~9~~_!~~~_~~~~______~___~~!~!~_~g~~~_~g~!!g~_~g~_ygy~-~~~g~~~--~-------------------- REV-1547 EX AFP (03-05) NOTICE OF INHERITANCE TAX APPRAISEMENT, ALLOWANCE OR DISALLOWANCE OF DEDUCTIONS AND ASSESSMENT OF TAX EDWIN H FILE NO. 21 04-0939 ACN 101 BUREAU OF INDIVIDUAL TAXES-- INHERITANCE TAX DIVISION PO BOX 280601 HARRISBURG PA 17128-0601 COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE NOTICE OF INHERITANCE TAX APPRAISEMENT, ALLOWANCE DR DISALLOWANCE OF DEDUCTIONS AND ASSESSMENT OF TAX JOHN C OSZUSTOWICZ J C OSZUSTOWICZ LW 104 S HANOVER ST CARLISLE DATE ESTATE OF DATE OF DEATH FILE NUMBER COUNTY ACN OFC PA 17013 ESTATE OF OLMSTEAD REV-1547 EX AFP (06-05) EDWIN H TAX RETURN WAS: (X) ACCEPTED AS FILED CHANGED DATE 02-28-2006 RESERVATION CONCERNING FUTURE INTEREST - SEE REVERSE APPRAISED VALUE OF RETURN BASED ON: ORIGINAL RETURN 1. Real Estate (Schedule A) 2. Stocks and Bonds (Schedule B) 3. Closely Held Stock/Partnership Interest (Schedule C) 4. Mortgages/Notes Receivable (Schedule D) 5. Cash/Bank Deposits/Misc. Personal Property (Schedule E) 6. Jointly Owned Property (Schedule F) 7. Transfers (Schedule G) 8. Total Assets (1) (2) (3) (4) (5) (6) (7) 232,500.00 315.506.23 .00 .00 265.994.54 .00 .00 (8) APPROVED DEDUCTIONS AND EXEMPTIONS: 9. Funeral Expenses/Adm. Costs/Misc. Expenses (Schedule H) 10. Debts/Mortgage Liabilities/Liens (Schedule I) 11. Total Deductions 12. Net Value of Tax Return 13. Charitable/Governmental Bequestsj Non-elected 9113 Trusts (Schedule J) 14. Net Value of Estate Subject to Tax (9) (10) 28,663.65 8.842.24 (1U (12) (13) (14) NOTE: To insure proper credit to your account, submit the upper portion of this form with your tax payment. 814,000.77 37.'iDIi R9 776,494.88 770,567.88 5,927.00 14, 15 and/or 16, 17, 18 and 19 will returns assessed to date. NOTE: If an assessment was issued previOUSly, lines reflect figures that include the total of ALL ASSESSMENT OF TAX: 15. Amount of Line 14 at Spousal rate (15) 16. Amount of Line 14 taxable at Lineal/Class A rate (16) 17. Amount of Line 14 at Sibling rate (17) 18. Amount of Line 14 taxable at Collateral/Class B rate (18) 19. Principal Tax Due TAX CREDITS: .00 X 00 = 5,927.00 X 045= .00 X 12 = .00 X 15 = (19)= .00 266.72 .00 .00 266.72 . ... .n... . 1(t:l;t:~1"1 (+) AMOUNT PAID DATE NUMBER INTEREST/PEN PAID (-) 12-15-2004 CD004738 13.34 34,000.00 TOTAL TAX CREDIT 34,013.34 BALANCE OF TAX DUE 33,746.62CR INTEREST AND PEN. .00 TOTAL DUE 33,746.62CR . IF PAID AFTER DATE INDICATED, SEE REVERSE FOR CALCULATION OF ADDITIONAL INTEREST. ( IF TOTAL DUE IS LESS THAN $1, NO PAYMENT IS REQUIRED. ~-, IF TOTAL DUE IS REFLECTED AS A "CREDIT" (CR), YOU MAY BE DU~ A REFUND. SEE REVERSE SIDE OF THIS FORM FOR INSTRUCTIONS.) - , . COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION NO. 21-04-0939 ESTATE OF EDWIN H. OLMSTEAD, DECEASED Late of Cumberland County, P A F AMIL Y SETTLEMENT AGREEMENT AND RELEASE OF JOHN C. OSZUSTOWICZ, EXECUTOR Date of Death: September 15,2004 Letters Granted: October 19,2004 First Complete Advertisement of Grant of Letters: November 9,2004 Account stated to April 30, 2006 ,-"I "J John C. Oszustowicz, Esq. 104 South Hanover Street Carlisle, PA 17013 (717) 243-7437 (' I ! ~i!l r:i1i'l 02 :2 tld ::, I.'. Ii JvU 1 I II.' : .,.. - ~ .,n'J jr"" :'J(I..'(';'"I-;.: j'.):.J:J'-..! dJ ~]\_'\.."J _,J " '----- 'l AGREEMENT TO INDEMNIFY, RECEIPT, AND RELEASE THIS AGREEMENT, by and among John C. Oszustowicz, Executor of the Estate of Edwin H. Olmstead, Deceased and Marjorie Fiddler and Judith Olmstead. WHEREAS, Edwin H. Olmstead died September 15,2004, testate, a resident of Cumberland County, Pennsylvania; and WHEREAS, the Last Will and Testament of Edwin H. Olmstead dated October 9, 1998, was duly probated in the Office ofthe Register of Wills of Cumberland County, Pennsylvania as appears of record at Number 21-04-0939 (a copy of the Will is attached hereto and marked Exhibit A); and WHEREAS, Letters Testamentary were issued to John C. Oszustowicz on October 19, 2004; and WHEREAS, said Executors have duly administered the estate according to the laws of the Commonwealth of Pennsylvania; and WHEREAS, in ITEM FIVE A. ofhis Will, decedent directed Trustee to pay to his wife, Barbara Clarkson Olmstead, if she survives him, all the income from the trust to her or for her benefit in at least quarter-annual installments. In addition, his Trustees shall distribute so much of the principal of the trust to or for the benefit ofhis wife as his Trustee, John C. Oszustowicz, or his successor, shall deem necessary, in his sole discretion, for her health, maintenance and support. FIVE B. Upon the death ofhis wife, decedent directed his remaining Trustee to pay to her personal representative or directly to the taxing authority from principal such amount, if any, as said personal representative certifies as being the additional death taxes payable by reason of the inclusion of any part or all of the trust in his wife's estate for such tax purposes. Ifhis wife's estate would not be subject to Federal estate tax but for the inclusion of this trust in her estate, then all Federal estate tax shall be paid from this trust. If his wife does not survive him, this preceding instruction shall not be applicable. His Trustee shall distnbute the balance of the trust in equal shares unto his daughters. WHEREAS, Marjorie Fiddler and Judith Olmstead, have been furnished with a complete listing of the estate assets, receipts and disbursements; and WHEREAS, it is the desire of the parties to this Agreement that final distribution of this estate be accomplished without a formal accounting to the Orphans' Court Division of the Court of Common Pleas of Cumberland County, it being the desire of the parties to avoid the expense, delay and publicity of a formal accounting. NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements recited herein, the parties do agree as follows: 1. Marjorie Fiddler and Judith Olmstead, do hereby release and forever discharge John C. Oszustowicz, Executor, from any and all liability which he had or may have or which may from time to time arise in connection with his service as Executor of the Estate of Edwin H. Olmstead, Deceased, and hereby authorize and request the Orphans' Court Division to charge the same against their shares of said estate, and in consideration for said distribution, hereby agree to refund any amounts so distributed which may be required to fully discharge any tax liability of the estate, debts of the decedent, or administration expenses. 2. Each party to this Agreement acknowledges that this Agreement shall be indexed and recorded in the estate proceedings and that the terms hereof shall be binding upon their respective heirs, successors, executors, administrators and assigns. This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania. DATEDthis~dayof MC\Y e.. LLG @ec- Jo C. szustowicz, Executor -6kQ~^.~ - ~ Marj~enefictary ~~,~ E')( hi b\ l A- COpy LAST WILL AND TESTAMENT OF EDWIN H. OLMSTEAD I, EDWIN H. OLMSTEAD, of Cumberland County, Pennsylvania, do make, publish and declare this as and for my Last Will and Testament, hereby expressly revoking all wills and codicils made by me heretofore, and dispose of my estate as follows: ITEM 1: I direct the payment of my just debts and funeral expenses, including a suitable and proper grave marker, as soon as conveniently can be done following my decease. ITEM 2: Except as specifically provided in ITEM 58, I direct that all State and Federal Transfer Inheritance Tax, Estate Tax, Succession Tax or any other tax, including any interest, assessments or penalties thereon, that may become due and payable by virtue of my death, or by virtue of the passing of any property either under my Last Will and Testament, or in any other manner, shall be paid from my residuary estate, just as if such taxes were my debts, and no beneficiary shall be required to payor refund any part thereof. ITEM 3: I give and bequeath my articles of household use unto my surviving daughters in equal shares. If my daughters are unable to agree upon the distribution of such articles, then my Executor, JOHN C. OSZUSTOWICZ, shall make all decisions regarding the distribution of such articles, with any remaining articles being distributed to an appropriate library, museum or other publiC charity for the education and use of the public as he shall determine. ITEM 4: I have prepared a memorandum that can be found with my Last Will and Testament that sets forth the names of certain persons and items of my tangible personal property (excluding money, securities and the like) that they are to receive. I give and bequeath such items of tangible personal property to those persons. To the extent there is any tangible personal property remaining, or if there is no memorandum found with my Last Will and Testament, then I give and bequeath such tangible personal property unto my surviving daughters in equal shares. If my daughters are unable to agree upon the distribution of such items, then my Executor, JOHN C. OSZUSTOWICZ, shall make all decisions regarding the distribution of such items, with any remaining items being distributed to an appropriate library, museum or other public charity for the education and use of the public as he shall determine. ITEM 5: I give an amount to BARBARA CLARKSON OLMSTEAD and JOHN C. OSZUSTOWICZ, IN TRUST, equal to the amount of property that can pass free of Federal estate and gift tax as of the date of my death after first subtracting all of my lifetime gifts, the bequests provided in ITEMS 3 and 4 above, and all other transfers that would be subject to Federal estate and/or gift tax, whether passing under this Will or outside of this Will, other than ITEM 6 below. The residuary estate devised and bequeathed under ITEM 6 shall be disregarded for purposes of determining the amount of this bequest. For example, if I were to die as of the date of this Will, the amount determined under this ITEM 5 would be equal to $625,000.00 plus the amount attributable to the state death tax credit (other than for taxes designed to pick up the state death tax credit under Internal Revenue Code S2011) 2 and less the amount of transfers during my lifetime and death that are subject to the Federal estate and gift tax other than ITEM 6. If I were to die in 2006 and the existing law is still in effect, then the $625,000.00 would be increased to $1,000,000.00. My Trustees shall hold and distribute the principal and income of this trust in accordance with the following instructions: A. If my wife, BARBARA CLARKSON OLMSTEAD, survives me, my Trustees shall pay all the income from the trust to her or for her benefit in at least quarter-annual installments. In addition, my Trustees shall distribute so much of the principal of the trust to or for the benefit of my wife as my Trustee, JOHN C. OSZUSTOWICZ, or his successor, shall deem necessary, in his sole discretion, for her health, maintenance and support. B. Upon the death of my wife, my remaining Trustee shall pay to her personal representative or directly to the taxing authority from principal such amount, if any, as said personal representative certifies as being the additional death taxes payable by reason of the inclusion of any part or all of the trust in my wife's estate for such tax purposes. If my wife's estate would not be subject to Federal estate tax but for the inclusion of this trust in her estate, then all Federal estate tax shall be paid from this trust. If my wife does not survive me, this preceding instruction shall not be applicable. My Trustee shall distribute the balance of the trust in equal shares unto my daughters. If a daughter of mine is not then living, but has issue who is then living, then the trust estate shall be distributed to such issue, per stirpes, subject to the provisions of ITEM 7. If a daughter of mine is not then living and does not leave issue who is then living, then such daughter's share of the trust 3 estate shall lapse. If none of my daughters is living and none of my daughters' issue is living, then the trust estate shall be distributed to the charities set forth in ITEM 68 in the proportions set forth therein. ITEM 6: All of the rest, residue and remainder of my estate of whatsoever nature and wheresoever situate, I give, devise and bequeath as follows: A. Seventy-five percent (75%) unto my daughters in equal shares. If a daughter of mine does not survive me and leaves surviving issue, then such daughter's share shall be given to her issue, per stirpes, subject to the provisions of ITEM 7. If a daughter of mine does not survive me and does not leave surviving issue, then twenty- five percent (25%) of her share shall be given to her husband if he is married to her, and still living with her, at her death. The balance of seventy-five percent (75%) shall lapse. If a daughter's husband does not survive me, then his share shall lapse. If none /' of my daughters survive me and there is no surviving issue, then the lapsed share shall pass to the charities set forth in B below in the proportions set forth therein. B. Twenty-five percent (25%) unto the following charities in the following proportions with my Executors determining the use of the funds: i. Two-fifths (215) unto the Massachusetts Institute of Technology; ii. One-fifth (1/5) unto Allegheny College; iii. One-fifth (1/5) unto Allison United Methodist Church of Carlisle, Pennsylvania; and 4 iv. One-fifth (1/5) unto Smith College. C. If any of the charities set forth in B above do not qualify as a charitable organization under ~2055 of the Internal Revenue Code (or any successor provision), then the share to be distributed to such organization shall be distributed to the remaining charities in proportion to their interests set forth in B. ITEM 7: I further direct, anything hereinbefore to the contrary notwithstanding, that in the event any or all of the distribution of my estate (except as provided in Items 3 and 4 above) be to a beneficiary while she, he or they are still under the age of thirty (30) years, that distribution of the share of each such beneficiary be instead to my Trustee, JOHN C. OSZUSTOWICZ, or his successor, to be held by my Trustee in a separate and distinct trust for each such beneficiary for the following purposes: A. My Trustee shall accumulate the net income earned on each trust and shall add the same to the corpus until the beneficiary of said trust has reached the age of twenty-one (21) years. Thereafter, the Trustee shall distribute the net income earned on each trust to the beneficiary of that trust in regular installments, and at least quarter-annually. B. In the sole and uncontrolled discretion of my Trustee, he may utilize the principal (and the net income if the beneficiary has not attained the age of twenty-one (21) years) of each trust for the health, maintenance, education and support of the beneficiary of that trust. It is my desire, but not my direction, that my Trustee encourage any and all of the beneficiaries of the trusts created by this Will to further their education along those lines 5 which interest each beneficiary and provide for higher education (college, professional, technical or any other fonns of higher education) of any or all of my beneficiaries, up to the extent or limit of principal and income of the trust of which he or she is a beneficiary. C. My Trustee may pay over from time to time such of the principal of the beneficiary's trust as he or she may request in writing, provided the intended use is for a purpose which the Trustee believes, in his sole discretion, will promote his or her welfare, such as wedding expenses, the purchase of a home, establishing a business or profession, etc. D. My Trustee shall make expenditures for any beneficiaries without the intervention of a guardian. E. My Trustee may pay the reasonable burial expenses, including a suitable and proper grave marker, for the beneficiary of any trust which has not been terminated by previous distribution, and if my Trustee, in the exercise of his sole discretion, chooses to pay the same, he shall charge the expense thereof againstthe trust of that beneficiary. F. The beneficiary of each such trust shall have the right to withdraw in one or more installments up to the balance of the principal of his or her trust after attaining the age of thirty (30) years. G. In the event any beneficiary or beneficiaries subject to the provisions of this Item die prior to having received full distribution of his or her trust, leaving issue surviving, my 6 Trustee shall divide the balance then remaining in the deceased beneficiary's trust into as many equal shares as the deceased beneficiary leaves issue surviving and shall hold each portion, so divided, in a separate and distinct trust for each such issue under the same terms and conditions as my Trustee held the trust of the deceased beneficiary which was divided pursuant to this provision. H. In the event any beneficiary or beneficiaries subject to the provisions of this Item dies prior to having received full distribution of his or her trust, without leaving issue surviving, the balance of his or her trust shall go to the surviving brothers and sisters of said beneficiary and to the surviving issue of any . deceased brothers and sisters of said beneficiary, per stirpes. The share of the recipient shall be added to the trust already existing for said recipient and shall be administered and/or distributed in accordance with its terms, providing, however, that if such trust has already been terminated by prior distribution, then said shares shall be distributed outright to such recipients. And if no trust already exists for any such recipient who is under the age of twenty-one (21) years, the share of such recipient shall be held in trust, administered and distributed by the Trustee herein named and in the manner herein provided for beneficiaries of trusts. I. And in the event there are no beneficiaries who qualify under the provisions of the previous paragraph by representation or otherwise, then all balances remaining shall be distributed to the charities set forth in ITEM 68 in proportion to their respective interests set forth therein. 7 ITEM 8: In the administration of my estate and the trusts herein created, my Executors and Trustees shall have the following powers without leave of court in addition to, but not in limitation of, the powers granted by law to the Executors and Trustees of estates and trustsl which powers shall continue after the termination of my estate and the trust or trusts provided for herein until actual distribution of the assets: A. To receive in the estate and to receive and retain in the trusts any assets, real or personal, to which I may be entitled at the time of my death, which my Executors or Trustees may deem for the best interest of the estate or trusts without being required to convert said assets into so-called "legal investments". B. To invest and reinvest in such securities as a prudent man of intelligence and discretion would buy for himself for investment, and not for speculation, giving due regard to the safety of the principal and the adequacy of the income, and without being limited to the so-called "legal investment" of the Commonwealth of Pennsylvania, said investment authority to include the right to invest in any Discretionary or Legal Common Trust Fund that may be administered and managed by my Corporate Executor or Corporate Trustee. c. To sell or buy real estate without Court order at public or private sale; to make, execute and deliver or receive good and sufficient deeds of conveyance and give or receive good title therefor; to reinvest the proceeds as if they had originated in personal property; to mortgage or encumber any real estate held in trust, or comprising part of my estate, borrowing the necessary funds from any source, including themselves; to improve 8 any property or otherwise expend principal funds for the upkeep and welfare of any properties; to release, vacate and abandon the same; to grant and acquire licenses and easements with respect thereto; to make improvements to or upon the same; and in general to. do all things necessary in the management of the properties as if they are the owners thereof, including the right to let property and to make leases for any term including beyond the terms of the trusts. The purchaser shall not be required to see to the proper application of proceeds but may pay the same over to the Executors or Trustees selling the same. D. To make distribution hereunder in cash or of property and securities in kind at fair market value at the time of such distribution and in such a manner as to be fair, equitable and just to all concerned. E. Income accrued on any property received by my Trustees either at the inception of the trust or as an addition thereto shall be treated as income and not as principal. Upon the death of any beneficiary of income, any undistributed income in the hands of my Trustees held for such beneficiary at the time of his or her death shall be paid to the estate of such beneficiary. F. To exercise any election or privilege given by the Federal and other tax laws, including but not limited to, electing to take all or a portion of any qualified terminable interests (including any part or all of the trust established for the benefit of my wife under ITEM 5) as part of the marital deduction under Section 2056(b )(7) of the Internal Revenue Code, as it may be amended from time to time; the consent on gift tax returns to have any 9 gift made by my spouse considered as made in part by me for gift tax purposes; the filing of joint income tax returns; the payment of any portion of income or gift tax due under such returns; the election of the alternate valuation for Federal estate tax purposes; the election , to claim deductions for Federal estate tax or for Federal income tax purposes; the allocation of the federal generation-skipping tax exemption; and the election of the method of payment of pension, profit-sharing, HR-10, individual retirement account, and any other similar benefits. In addition, my fiduciaries, in their sole discretion, may make or not make equitable adjustment among the beneficiaries, without the consent of the beneficiaries, for the exercise or non-exercise of any election or privileges. In particular, the Executors are also authorized: i. To allocate any of my exemption from the Federal Generation Skipping Transfer Tax provided in Section 2631 of the Internal Revenue Code of 1986, as amended (the "Code"), which is available at the time of my death to any property as to which I am deemed to be the transferor under the provisions of Section 2652 ( a) of the Code, including any property transferred during my life as to which I did not make an allocation prior to my death. ii. Property may be subject to allocation under Subparagraph i of this ITEM 8F. whether or not it is included in my probate estate. All allocations under Subparagraph ior this 10 ITEM SF. shall be in the sole discretion of my Executors, who shall have the power to omit any such property from any such allocation. Any decision made by my Executors shall be binding on all persons. G. To disclaim and/or renounce any amounts to which I may be entitled from any trust or estate of which I am a beneficiary, if my fiduciaries, in their sole discretion, believe such renunciation or disclaimer would be appropriate. H. To register or carry any investment in their own names or in the names of one or more nominees including that of a Corporate Trustee or a member firm of the New York Stock Exchange, a clearing house, a depository, in book entry form, or to retain any such investment unregistered or in a form permitting transfer by delivery. I. To vote by person or proxy and to participate in any reorganization or merger of companies or corporations whose stock is held by them. My fiduciaries may exercise any and all conversion, subscription and other rights of whatever nature, including, but not limited to, stock options with respect to any stocks or other securities and shall have the right to sell or otherwise dispose of all or any part of the assets held or to borrow for the purpose of making payment. J. To allocate to 'principal corporate distributions received in shares of the distributing corporation, regardless of the number of shares and however described or designated by the distributing corporation. 11 . {, K To employ from time to time such person or persons, upon such terms and conditions as they deem advisable, to perform all ministerial and administrative duties, including investing and reinvesting property, keeping books and records and preparing all tax returns. L. If my Trustee, JOHN C. OSZUSTOWICZ, or his successor, determines, in his sole discretion, that the principal of anyone (1) or more of the trusts provided herein is too small to administer in a cost effective manner for the benefit of the beneficiaries, then the Trustee shall be permitted to distribute the principal and any accumulated Income to the then existing beneficiaries of such trusts. M. Notwithstanding any other provision in this Will to the contrary, if any portion of the trust established for the benefit of my wife under ITEM 5 is elected by my Executors to qualify for the marital deduction, then my Trustees shall have no power the possession of which would disqualify the trust for purposes of the marital deduction under the federal estate tax laws. N. If any portion of the trust established for the benefit of my wife under ITEM 5 is elected (or is to be eJected) by my Executors to qualify for the marital deduction, then my Trustees shall be permitted to divide the trust into two (2) separate trusts (with both such trusts being subject to the terms set forth for the single trust under ITEM 5) to reflect the partial election which has been made, or is to be made, by my Executors. If this division is made, it shall be completed no later than the end of the period for estate administration. If, 12 '" . at the time of the filing of the federal estate tax return, the trust has not yet been divided, the intent to divide the trust must be unequivocally signified on the federal estate tax return. Any division of the trust must be done on a fractional or percentage basis to reflect the partial election. However, the separate trusts do not have to be funded with a pro rata portion of each asset held by the undivided trust. The separate trust which is qualified for the marital deduction shall not be funded with any property which does not qualify for the marital deduction. O. It is my desire that in making an election to qualify the trust established under ITEM 5 for the benefit of my wife for the marital deduction, my Executors shall have broad discretion in exercising or not exercising this power with a view to having the least amount of Federal estate taxes paid by the estates of my wife and me. My Executors shall be held harmless and exonerated for any discretionary decision which they make in regard to the election to qualify any part, no part or all of said trust for the marital deduction. If my Executors incur any costs, expenses or fees (including reasonable attorney fees) for defending their actions with respect to said eJection, they shall be entitled to be indemnified by my estate for such costs, expenses or fees; provided, however, that this provision shall not apply if a court of competent jurisdiction surcharges my Executors for misconduct or other improper actions or omissions in regard to said election. ITEM 9: No assignment or order by any beneficiary by way of anticipation of any of the principal or income of the trusts herein created shall be valid; but the income and principal shall be paid directly to the beneficiaries entitled to receive it, and the income and 13 '. . principal shall not be subject to attachment, execution, levy, sequestration, hypothecation, garnishment or other process while in the hands of my Trustees. ITEM 10: If, for any reason, a guardian over the estate of a beneficiary or beneficiaries is needed or required, my Trustee shall be the guardian of the estate of such beneficiary or beneficiaries, with the same rights, powers, privileges, duties and responsibilities as I have given to him as Trustee. ITEM 11: All references in my Will to issue shall include those born or adopted either before or after the date of my Will. Adopted persons shall be considered as children of their adoptive parents, and they and their descendants shall be considered as issue of their adoptive parents, regardless of the date of the adoption. ITEM 12: I nominate, constitute and appoint my daughter, ANNE E. OLMSTEAD, and JOHN C. OSZUSTOWICZ to be the Co-Executors of this, my Last Will and Testament. If my daughter is unable or unwilling to serve as an Executor, I appoint JOHN C. OSZUSTOWICZ, to be the sole Executor. If JOHN C. OSZUSTOWICZ is unable or unwilling to serve, I appoint my daughter, ANNE E. OLMSTEAD, as sole Executor. No Executrix, Executor or Trustee shall be required to give bond. ITEM 13: If my wife, BARBARA CLARKSON OLMSTEAD, is unable or unwilling to serve as a Trustee, JOHN C. OSZUSTOWICZ, shall serve as sole Trustee in her place. If JOHN C. OSZUSTOWICZ is unable or unwilling to serve as a Trustee, my daughter, ANNE E. OLMSTEAD, shall serve as Trustee in his place. 14 '. . ITEM 14: Wherever the context requires, the masculine gender shall include the feminine and neuter gender, and vice versa, and the singular shall include the plural, and vice versa. IN WITNESS WHEREOF, I have hereunto set my hand and seal this -9- day of October, 1998. ~J. H P;L/~/ EDWIN H. OLMSTEAD Signed, sealed, published, acknowledged and declared by the above-named Testator, EDWIN H. OLMSTEAD, as and for his Last Will and Testament, in the presence of us, who, at his request, in his presence and in the presence of each other, have hereunto subscribed our names as witnesses thereto. Jw,JL11d:') Of ~oJ(,~ Of 15 .. ':."'..... ,. COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND ) ) ) SS: I, EDWIN H. OLMSTEAD, Testator, who signed the foregoing instrument, having been duly qualified according to law, acknowledge that I signed and executed the instrument as my free and voluntary act for the purposes therein contained. F:%.~ H P'!L-~ EDWIN H. OLMSTEAD Swomtooraffirmedand acknowledged before me by EDWINH. OLMSTEAD, the T estafur, this ~ day of Octo 1998. " ~.~ .'- COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND ) ) 55: We, the undersigned witnesses who signed the foregoing instrument, being duly qualified according to law, depose and say that we were present and saw Testator sign and execute the instrument as his Last Will and Testament; that he signed and executed it willingly as his free and voluntary act for the purposes therein expressed; that each of us in his sight and hearing signed the Will as witnesses; that Testator is known to each of us; and that to the best of our knowledge and observation the Testator was at the time of sound mind and under no constraint or undue influence. ~~ ~ ~4~~K..~ 16 BUREAU OF INDIVIDUAL TAXES INHERITANCE TAX DIVISION PO BOX 280601 HARRISBURG PA 17128-0601 COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE INHERITANCE TAX STATEMENT OF ACCOUNT REV-1607 EX AfP (03-05) JOHN C OSZUSTOWICZ J C OSZUSTOWICZ LW OFC 104 S HANOVER ST CARLISLE PA 17013 DATE ESTATE OF DATE OF DEATH FILE NUMBER COUNTY ACN 04-10-2006 OLMSTEAD 09-15-2004 21 04-0939 CUMBERLAND 101 EDWIN H Amount Renitted MAKE CHECK PAYABLE AND REMIT PAYMENT TO: REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 NOTE: To insure proper credit to your account, submit the upper portion of this forn with your tax payment. CUT ALONG THIS LINE -+ RETAIN LOWER PORTION FOR YOUR RECORDS +- --------------------------------------------------------------------------- REV-1607 EX AFP (03-05) *** INHERITANCE TAX STATEMENT OF ACCOUNT ... ESTATE OF OLMSTEAD EDWIN H FILE NO.21 04-0939 ACN 101 DATE' 04-10-2006 THIS STATEMENT IS PROVIDED TO ADVISE OF THE CURRENT STATUS OF THE STATED ACN IN THE NAMED ESTATE. SHOWN BELOW IS A SUMMARY OF THE PRINCIPAL TAX DUE, APPLICATION OF ALL PAYMENTS, THE CURRENT BALANCE, AND, IF APPLICABLE, A PROJECTED INTEREST FIGURE. DATE OF LAST ASSESSMENT OR RECORD ADJUSTMENT: 02-21-2006 PRINCIPAL TAX DUE: 266.72 PAYMENTS (TAX CREDITS): ~ PAYMENT RE~EIPT DISCOUNT (+) AMOUNT PAID DATE NJIMBER INTEREST/PEN PAID (-) 12-15-2004 1./'CD004738 13.34 34,000.00 ~ --- 03-23-2006 REFUND .00 33,746.62- , ) ; ~ _.--- ., - , ,--;....' cr"} TOTAL TAX CREDIT 266.72 BALANCE OF TAX DUE .00 INTEREST AND PEN. .00 If IF PAID AFTER THIS DATE, SEE REVERSE TOTAL DUE .00 SIDE FOR CALCULATION OF ADDITIONAL INTEREST. ( IF TOTAL DUE IS LESS THAN $1, NO PAYMENT IS REQUIRED. IF TOTAL DUE IS REFLECTED AS A "CREDIT" (CR), YOU MAY BE DUE A REFUND. SEE REVERSE SIDE OF THIS FORM FOR INSTRUCTIONS. ) ,~1/ \j Cumberland County - Register Of Wills One Courthouse Square Carlisle, PA 17013 Phone: (717) 240-6345 Date: 7/27/2006 JOHN C OSZUSTOWICZ 104 SOUTH HANOVER STREET CARLISLE, PA 17013 RE: Estate of OLMSTEAD EDWIN H File Number: 2004-00939 Dear Sir/Madam: This notice is to serve as a reminder that the Status Report by Personal Representative under Rule 6.12 is due on the below listed date. As per the AMENDMENTS TO SUPREME COURT ORPHANS' COURT RULES, NO. 103 SUPREME COURT RULES DOCKET NO. I, for decedents dying on or after July I, 1992, the personal representative or his counsel, within two (2) years of the decedent's death, shall file with the Register of Wills a Status Report of completed or uncompleted administration. This filing lS due by: 9/15/2006 please feel free to contact this office with any questions you may have. If you have already filed your Status Report" please disregard this notice. Sincerely, #' ,- "f {.' /, \.....P&- .' Ji l;~~ v2~/t#hJJ~.u4 · / Glenda Farner Strasbaugh Clerk of the Orphans' Court cc: File Counsel Cumberland County - Register Ot WlllS One Courthouse Square Carlisle, PA 17013 Phone: (717) 240-6345 Date: 7/27/2006 OSZUSTOWICZ JOHN C ESQ 236 SOUTH HANOVER ST CARLISLE, PA 17013 RE: Estate of OLMSTEAD EDWIN H File Number: 2004-00939 Dear Sir/Madam: This notice is to serve as a reminder that the Status Report by Personal Representative under Rule 6.12 is due on the below listed date. As per the AMENDMENTS TO SUPREME COURT ORPHANS' COURT RULES, NO. 103 SUPREME COURT RULES DOCKET NO. I, for decedents dying on or after July I, 1992, the personal representative or his counsel, within two (2) years of the decedent's death, shall file with the Register of Wills a Status Report of completed or uncompleted adlninistration. This filing is due by: 9/15/2006 Please feel free to contact this office with any questions you may have. If you have already filed your Status Report, please disregard this notice. Sincerely, # r /(/1 '-....~. . Li- ~.. P ),7a~_ ~~tb'JJ;f~~(..; I ! Glenda Farner Strasbaugh Clerk of the Orphans' Court cc: File Personal Representative(s) STATUS REPORT UNDER RULE 6.12 Name of Decedent: E-o~\j\v'\ H. O\n'ls-k.:.od DatE~ of Death: q \ \ 5 } 2oo'-l Will No.LOC~ -ooC13ct Admin. No.2-1-0q-oCj30 Pursuant to Rule 6.12 of the Supreme Court Orphans' Court Rules, I report the following with respect to completion of the administration of the above-captioned estate: 1. State whether administration of the estate is complete: Yes No i --~ , 2. If the answer is No, state when the personal representativ~_reasonably believes that the administration will be complete: )-'"'.11/ 30, :2ciV(.., I r, j 3. If the answer to No.1 is Yes, state the following: a. Did the personal rep.resentative file a final account with the Court? Yes No ~ b. The separate Orphans f Court No. (i f any) for the personal representative's account is: c. Did the personal representative state an account informally to the parties in interest? Yes No y\ , d. Copies of receipts, releases, joinders and approvals of formal or informal accounts may be filed with the Cerk of the Orphans' Court and may be).-at..tach~~ t. 0 this report. Date' 517/ct //1>-) / S iA1na Lure e /\ C"~ L. jJQYill . OS2USTCi/V/CZ Name (Please type or print) I cL} ,':) Address Honcv<?r 3i I Q~r-JJs/c ( 111 ) L 4 3 - 743 7 Tel. No. Capacity: X Personal Representative Counsel for personal representative (MAH: rmf / AM3 ) \ q\ v Cumberland County - Register Of Wills One Courthouse Square Carlisle, PA 17013 Phone: (717) 240-6345 Date: 8/27/2007 CARLISLE, PA 17013 C) Co - -~:::D ;: :r C) ~::~; 1,.; -. -: -"'I ., c/o> ;.";-::: ST~ ...-.:> c:::-. c:::> -..J ,.,.. C G") r',) --.I OSZUSTOWICZ JOHN C ESQ 104 SOUTH HANOVER ST o --" c::> RE: Estate of OLMSTEAD EDWIN H File Number: 2004-00939 Dear Sir/Madam: This notice is to serve as a reminder that the Status Report by Personal Representative under Rule 6.12 is due on the below listed date. As per the AMENDMENTS TO SUPREME COURT ORPHANS' COURT RULES, NO. 103 SUPREME COURT RULES DOCKET NO.1, for decedents dying on or after July 1, 1992, the personal representative or his counsel, within two (2) years of the decedent's death, shall file with the Register of Wills a Status Report of completed or uncompleted administration. This filing is due by: 9/15/2007 Please feel free to contact this office with any questions you may have. If you have already filed your Stat~s Report, please disregard this notice. Sincerely, ~.~~~ Glenda Farner Strasbaugh Clerk of the Orphans' Court cc: File Personal Representative(s) Pa. U.C. Rule 6.12 STATUS REPORT REGISTER OF WILLS OF Cum bey\oncL COUNTY, PENNSYLVANIA Name ofDecedent:--Edwi n 8 () \ m.s tea d Date of Death: q~ File Number: Z, - 04 - Oq 39 Pursuant to Pa. O.c. Rule 6.12, I report the following with respect to completion of the administration of the above-captioned estate: 1. State whether administration of the estate is complete: . . . . . . . . . . . . . . . . . . .. ~ Yes 0 No 2. If the answer is No, state when the personal representative reasonably believes that the administration will be complete: 3. If the answer to No.1 is YES, state the following: a. Did the personal representative file a final account with the Court? . . . . . .. OOYes D No b. The separate Orphans' Court No. (if any) for the personal representative's account is: c. Did the personal representative state an account informally to the parties in interest? ............................... t8,Yes 0 No d. Copies of receipts, releases, joinders and approvals of formal or infom1al accounts may be filed with the Clerk of the Orphans' Court and ay be attached to this repOli. nail' <i/Jo I 07 . (;J.e c. (Y') (Y') <r f- l..L cc -, LLh 0<:5 ....../,.. " c:r:.:: ::.; . wL., -':=:E DQ... 0::'- 02 -..J U A: ~ Ca city: IXJpersonal Representative .~.counsel 00hn C. 05 ZUS+-O WIC Z Nllme a/Person Filing this Form \.[') I a.... W en r-- = = c...... 104 S. Hanover st Address CQYh~\e, PA IfOJ3 ~I/- L43-/~ Telephone ~