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HomeMy WebLinkAbout10-31-12 (2)J 1505610140 REV-1500 ~` `°'-'°' OFFICIAL USE ONLY PA Department of Revenue Bureau of Individual Taxes County Code Year File Number Po BOx 2aosot INHERITANCE TAX RETURN 2 1 1 2 0 0 2 2 4 Hamisburo PA 17128-0601 RESIDENT DECEDENT ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death MMDDVYYY Date of Birth MMDOYYYY 1 2 3 3 2 1 4 1 0 0 2 0 6 2 0 1 2 0 8 0 6 1 9 .1 3 Decedent's Last Name Suffix Decedent's First Name ~ MI S T E V E N S A L I C E M (If Applicable) Enter Surviving Spouse's Infomnalion Below , Spouse's Last Name Suffix Spouse's First Name MI Spouse's Social Security Number FILL IN APPROPRIATE OVALS BELOW THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS 0 1. Odginal Return ~ 2. Supplemental Return ~ 3. Remainder Return (date of death prior l0 12-13-82) 4. Limited Estate ~ 4a. Future Interest Compromise (date of ~ 5. Federal Estate Tax Return Required death after 12-12-82) © 6. Decedent Died Testate QX 7. Decedent Maintained a Living Trust 1 8. Total Number of Safe Deposit Boxes (Attach Copy of Will) (Attach Copy of Trust) 9. Litigation Proceeds Received ~ 10. Spousal Poverty Credit (date of death ~ 111. Election to tax under Sec. 9113(A) between 12-31-91 and 1.1-95) (Attach Sch. O) CORRESPONDENT -THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDEMIAL TAX INFORMATION SHOULDrBE DIRECTED T0: Name c> Datrtime TeleClnne Number-- -r-.~ I V O V O T T 0 I I I 3~ 3 ~ ~ 7 1 7 ~~ ,,; , REGIS _Vj11LLS U ~ NLY ~--j ~j First line of address L70 ~"~ ~ 3 ::_ ~~ ~ C: N ~ f"r'r M A R T S O N L A W O F F I C E S -~ w Second line of address G 1 0 E H I G H S T R E E T Cit or Post Office Slate ZIP Code DATE FILED y C A R L I S L E P A 1 7 0 1 3 Correspondent's a-mail address: IOTTO(n,MARTSONLAW.COM Under penalties of perjury, I declare that I have examined this return. Includi eccompanying schedules and statements, and to the best of my krowledge and belief, it is true, correct and complete. Declaretlon of Dreparer other than fha per~r j representative Is baseman all IMormation of which preparer has any knowledge. SIGNATURE OF PERSON RESPONSIBLE FOR FILING RETURN 7 / ~ ~~ DATE i ADDRESS THAN REPRESENTATIVE 10 E HIGH STREET CARLISLE PA 17013 PLEASE USE ORIGINAL FORM ONLY Side 1 15D5610140 150561014D 1505610240 REV-1500 EX Decedent's Social Security Number oecedenrs Name: ALICE M• S T E V E N S 1 2 3 3 2 1 4 1 ~ RECAPITULATION 1. Real Estate (Schedule A) 1 ~ • ........................................... 2. Stocks and Bonds (Schedule B) ...................................... 2. 4 5 0 4 2 . 5 5 3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) ..... 3. 4. Mortgages and Notes Receivable (Schedule D) .................... .... .. 4. 5. Cash, Bank Deposits and Miscellaneous Personal Property (Schedule E). .... .. 5. 8 2 5 4 • 7 2 6. Jointly Owned Property (Schedule F) ^ Separate Billing Requested . .... .. 6. 7. Inter-Vivos Transfers 8 Miscellaneous N -Probate Property (Schedule G) ~ Separate Billing Requested . .... .. 7. 1 9 6 1 0 5 0. 1 2 8. Total Gross Assets (total Lines 1 through 7) ..................... .... .. 8. 2 0 1 4 3 4 7• 3 9 9. Funeral Expenses and Administrative Costs (Schedule H) ............ .... .. 9. 4 2 3 9 6 . 2 ~ 10. Debts of Decedent, Mortgage Liabilities, and Liens (Schedule I) ....... .... .. 10. 3 9 4 3 . 8 2 11. Total Deductions (total Lines 9 and 10) ......................... .... .. 11. 4 6 3 4 0 . 0 2 12. Net Value of Estate (Line 8 minus Line 11) ...................... .... .. 12. 1 9 6 8 0 ~ 7 . 3 7 13. Chadtable and Governmental Bequests/Sec 9113 Trusts for which an election to tax has not been made (Schedule J) ................ .... .. 13. 14. Net Value Subject to Tax (Line 12 minus Line 13) ................ .... .. 14. 1 9 6 8 0 ~ 7 . 3 7 TAX CALCULATION -SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or transfers under Sec. 9116 (a)(1.2)X.0 _ Q 0 ~ 15. 0. D D 16. Amount of Line 14 taxable at lineal rate x .045 1 9 6 8 0 0 7. 3 7 1 s. 8 8 5 6 0. 3 3 17. Amount of Line 14 taxable at sibling rate X .12 ~ ~ ~ 17. ~. 0 ~ 18. Amount of Line 14 taxable at collateral rate X .15 0. 0 0 18. 0. 0 ~ 19. TAX DUE ...................................................... 19. 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT Side 2 L 1505610240 8 8 5 6 0. 3 3 1.505610240 REV-1500 EX Page 3 Decedent's Complete Address: File Number 21 12 00:?24 DECEDENT'S NAME ALICE M. STEVENS STREET ADDRESS 210 BIG SPRING AVENUE CITY NEW V ILLE STATE PA ZIP 17241 Tax Payments and Credits: t. Tax Due (Page 2, Line 19) 2. Credits/Payments A. Prior Payments 80,000.00 B. Discount 4,210.40 3. Interest 4. If Line 2 is greater than Line 1 + line 3, enter the difference. This is the OVERPAYMENT. Fill In oval on Page 2, Line 20 to request a refund. (1) 88,560.33 Total Credits (A + B) (2) 84,210.40 (8) (4) 0.00 PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1. Did decedent make a transfer and: Yes No a. retain the use or income of the propedy transferred : ................................................................. ..... ^X ^ b. retain the right to designate who shall use the property transferred or its income : .......................... ..... ® ^ c. retain a reversionary interest: or ........................................................................................... ..... ^ ^X d. receive the promise for life of either payments, benefits or care? .................................................. ..... ^ Q 2. If death occurred after December 12,1982, did decedent transfer property within one year of death without receiving adequate consideration? .................................................................................. ..... ^X ^ 3. Did decedent own an'in trust for" orpayable-upon-death bank account or security at his or her death? .... ..... ^Q ^ 4. Did decedent own an individual retirement account, annuity or other non-probate propedy, which contains a beneficiary designation? ............................................................................................. ..... X^ ^ IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G ,AND FILE IT AS PART OF THE RETURN For dates of death on or after July 1, 1994, and before Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 3 percent [72 P.S. §9116 (a) (1.1) (i)]. For dates of death on or after Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0 percent [72 P.S. §9116 (a) (1.1) (ii)]. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary. For dates of death on or after July 1, 2000: • The tax rate imposed on the net value of transfers from a deceased child 21 years of age or younger at death to or for the use of a natural parent, an adoptive parent or a stepparent of the child is 0 percent [72 P.S. §9116(x)(1.2)]. • The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5 percent, except as noted in 72 P.S. §9116(1.2) [72 P.S. §9116(x)(1)]. • The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12 percent [72 P.S. §9116(x)(1.3)]. Asibling is defined, under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption. REV-1503 EX + (6-98) SCHEDULE B COMMONWEALTH OF PENNSYLVANIA STOCKS & BONDS INHERITANCE TAX RETURN RESIDENT DECEDENT FILE NUMBER ALICE M. STEVENS 21 12 00224 All property (olntly-owned wiM right of survivorship must be disclosed on Scheliule F. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH Lynch Account #845-24951, see Estate Valuation attached TOTAL enter on line 2, Recapitulation) ~ $ 45,042.55 (If more space is needed, insert addfional sheets of the same size) REV-1508 EX+ (11-10) pennsylvania DEPARTMEM OF REVENUE INHERITANCE TAX RETURN RESIDENT DECEDEM SCHEDULE E CASH, BANK DEPOSITS, 8 MISC. PERSONAL PROPERTY ALICE M.STEVENS Lt tz UVGL4 Include the proceeds of litigation and the date the proceeds were received by the estate. All property Jolntty owned with right of survivorship must he disclosed on Schedule F. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH t. F&M Trust, checking 5,134.75 2. NYS Teachers Retirement, prorated February pension 336.48 3. Personal furnishings in room at nursing home 400.00 4. Jewelry, coins and currency, per appraisal attached 1,116.00 5. Lift chair 200.00 6. U.S. Treasury, 2011 income tax refund 954.00 7. Pennsylvania tax refund 10.89 8. AMICA Inswance Company, refund from homeowner's inswance policy 40.50 9. Discovery Hearing Aid, inswance policy refund 30.80 10. Green Ridge Village, refund 31.30 TOTAL (Also enter on Line 5, Recapitulation) I $ If more space is needed, insert additional sheets of paper of the same size REV-1570 EX« (08-09) Pennsylvania DEPARTMENT OP REVENUE INHERRANCE TAX RETURN SCHEDULE G INTER-VIVOS TRANSFERS AND MISC. NON•PROBATE PROPERTY ALICE M. STEVENS 21 12 00224 This schedule must be completed and tiled if the answer to any of questions 1 through 4 on page three of the REV-1500 is yes. ITEM NUMBER DESCRIPTION OF PROPERTY INCLUDE THE NAME OF THE TRPNSPEREE, THEIR RELATIONSHIP TO DECEDENT AND THEDATE OF TRANSFER. ATTACH ACOPV Of THEDEEO FOR REAL ESTATE DATE OF DEATH VALUE OF ASSET °o OF DECD'S INTEREST EXCLUSION pFMPLICABIE) TAXABLE VALUE 1. 4-12/2011, Cash to Wendy McIver, daughter 13,000.00 11)0.00 3,000.00 10,000.00 2 4-12/2011, Cash to Guy Stevens, son 13,000.00 100.00 3,000.00 10,000.00 3 12/2011, Cash [o Jean McIver, lineal 5,000.00 100.00 3,000.00 2,000.00 4 12/2011, Cash to Jennifer Stanko,lineal 5,000.00 100.00 3,000.00 2,000.00 5 12/2011, Cash to Cowad Stevens, lineal 5,000.00 100.00 3,000.00 2,000.00 6 12/2011, Cash to Dorothy Stevens, lineal 5,000.00 100.00 3,000.00 2,000.00 7 12/2011, Cash on behalf of Gabriel Cintron, greatgrandson 5,000.00 100.00 3,000.00 2,000.00 8 12/2011, Cash on behalf of Rece Miller, greatgrandson 5,000.00 100.00 3,000.00 2,000.00 9 12/2011, Cash to Cole VanNostrand, lineal 5,000.00 100.00 3,000.00 2,000.00 10 12/2011, Cash to Dylan VanNostrand, lineal 5,000.00 I~D0.00 3,000.00 2,000.00 11 12/2011, Cash to Hayley VanNostrand, lineal 5,000.00 100.00 3,000.00 2,000.00 12 12/2011, Cash to Liam Stanko, lineal 5,000.00 1~D0.00 3,000.00 2,000.00 13 2/4/12, Cash to Guy VG Stevens, son 12,000.00 I~D0.00 3,000.00 9,000.00 14 2/4/12, Cash to Wendy McIver, daughter 12,000.00 100.00 3,000.00 9,000.00 15 Ameriprise, RiverSowce Advantage Fixed Annuity registered to 206,447.35 100.00 206,447.35 Alice M Stevens, #093007130758; beneficiaries: Guy VG Stevens and Wendy S McIver, children 16 Ameriprise, RiverSowce Advantage Fixed Annuity registered to 132,424.92 100.00 132,424.92 Alice M. Stevens, #093007314288; beneficiaries: Gu VG Stevens and Wend S McIver children TOTAL (Also enter on Line 7, Recapitulation) $ 1,961,050.12 If more space is needed, use additional sheets of paper of the same size. Continuation of REV-1500 Inheritance Tax Return Resident Decedent ALICE M. STEVENS Decedent's Name Schedule G -Inter-Vivos Transfers & Misc. Non-Probate Property z1 1z oozza File Number ITEM NUMBER DESCRIPTION OF PROPERTY INCLU~EIMENAME OF THETPANSFEFEE, IHEIF RELATIONSHIP TODECEDENi ANO THEOATE OF TRANSFEF. ATTACH ACOPV OF THEDEED rOF REAL ESTATE. DATE OF DEATH VALUE OF ASSET %OF DECD'S INTEREST EXCLUSION orArvuua~tl TAXABLE VALUE 17 Ameriprise One Financial Account #0000530089267021, TOD 51,949.51 100.00 51,949.51 to Guy VG Stevens and Wendy S McIver, children (see Es[ate Valuation attached) 18 Merrill Lynch Account #845-1OK74, registered to Alice M. Stevens 473,584.40 100.00 473,584.40 Trust U/A 10/20/1987; beneficiaies: Guy VG Stevens and Wendy S McIver, children 19 Ameriprise, RiverSource Advantage Fixed Annuity registered to 206,427.92 100.00 206,427.92 Wendell R Stevens Trust U/A 10/20/87 #093007130763; Benef: Guy VG Stevens and Wendy S McIver, children 20 Nationwide Bank, CD #****2005, registered to Wendell R Stevens 140,636.86 100.00 140,636.86 Trust U/A 10/20/87; Beneficiaries: Guy VG Stevens and Wendy S McIver, children 21 Nationwide Bank, CD #****2018, registered to Wendell R Stevens 140,636.86 100.00 140,636.86 Trust U/A 10/20/87; Beneficiaries: Guy VG Stevens and Wendy S McIver, children 22 Merrill Lynch Acct #845-1OK73, registered to Wendell R Stevens 459,163.79 100.00 459,163.79 Trust U/A 10/20/87; Beneficiazies: Guy VG Stevens and Wendy S McIver, children 23 Oppenheimer Acct #A09-0028976, registered to Wendell R Stevens 91,778.51 100.00 91,778.51 Trust U/A 10/20/87; Beneficiaries: Guy VG Stevens and Wendy S McIver, children SUBTOTAL SCHEDULE G ~ 1,564,177.85 GRAND TOTALSCHEDULEG ~ S 1,961,050.12 REV-1511 EX+(10-09) pennsylvania DEPARTMENT OF REVENUE INHERITANCE TAX RETURN RESIDENT DECEDEM SCHEDULE H FUNERAL EXPENSES AND ADMINISTRATIVE COSTS ESTATE OF FILE NUMBER ALICE M. STEVENS 21 12 00224 Decedent's tlebta must be reported on Schedule [. ITEM NUMBER DESCRIPTION AMOUNT A. FUNERAL EXPENSES: 1. Egger Funeral Home 8,013.69 2. Helen Mowery, pianist, funeral service 50.00 3. William Beck, minister, funeral service 200.00 4. Food following funeral service 265.42 5. Eby Granite Works, inscription of monument 238.00 6. Big Spring Presbyterian Church, memorial service expenses 885.45 7. William Beck, minister, memorial service 200.00 8. Organist, memorial service 50.00 B. 1 ADMINISTRATIVE COSTS: Personal Representative Commissions: Name(s) of Personal Representative(s) Street Address City State - ZIP Year(s) Commission Paid: 2. 3. 4. Attorney Fees: Mattson Law Offices Family Ezemption: (If decedent's address is not the same as claimant's, attach explanation.) Claimant Street Address City State _ Relationship of Claimant to Decedent 30,000.00 Probate Fees: Register of Wills, Cumberland County I 473.50 5. I Accountant Fees: 6. 7. 8. 9. 10. 11. Tax Return Preparer Fees: Howazds Accounting I 950.00 Stock evaluation reports 38.75 Register of Wills, filing fee, inheritance tax 15.00 Register of Wills, additional probate fee 750.00 Postage 78.89 Ibis Appraisal Services, LLC 187.50 It more space is needed, use ZIP TOTAL (Also enter on Line 9, Recapitulation) ~ $ same size. REV-1512 EX+ (12-08) pennsylvania DEPARTMENT OF REVENUE INHERITANCE TAX RETURN RESIDENT DECEDEM SCHEDULEI DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS ALICE M. STEVENS 21 12 00224 Report debts Incurred by the decedent prior to death that remained unpaid at the date of death, including unreimbursed medical expenses. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1. Green Ridge Village 3,278.80 2. Health Drive Eye Care 3.Pinnacle Health Cazdiology 4. ~MillenniumPhannacy 5. 12011 PA income tax 6. (Pinnacle Health Medical Services 47.00 48.51 12.65 474.00 82.86 TOTAL (Also enter on Line 10, Recapitulation) $ If more space is needed, insert additional sheets of the same size. REV-1513 EXt (01-10) pennsylvania DEPARTMENT OF REVENUE INHERRANCE TAX RETURN RESIDEM DECEDENT SCHEDULE) BENEFICIARIES ESTATE OF: FILE NUMBER: ALICE M STEVENS 21 12 00224 RELATIONSHIP TO DECEDENT AMOUNT OR SHARE NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not List Tnlstee(s) OF ESTATE I TAXABLE DISTRIBUTIONS [Include outright s ousal distributions and transfers under ~ Sec. 9118 (a (1.2).] 1. Guy VG Stevens Lineal 19,000.00 6929 McLean Park Manor Court See Sch. G, items 2 and 13 McLean, VA 22101 2. Wendy S. McIver Lineal 19,000.00 23 Manor Brook Road See Sch. G, items 1 and 14 Monkton, MD 21111 3. Jean McIver Lineal 2,000.00 4. Jennifer Stanko Lineal 2,000.00 5. Conrad Stevens Lineal 2,000.00 6. Dorothy Stevens Lineal 2,000.00 7. Gabriel Cintron Lineal 2,000.00 ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18 OF REV-1500 COVER S HEET, AS APPROPRIATE. II. NON-TAXABLE DISTRIBUTI NS: A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN: 1. B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS: 1. TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. $ If more space is needed, use additional sheets of paper of the same size. Continuation of REV-1500 Inheritance Tax Return Resident Decedent ALICE M. STEVENS 21 12 00224 Decedent's Name Page 2 File Number Schedule J -Beneficiaries - 1 NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY RELATIONSHIP TO DECEDENT Do Not List Trustee(s) AMOUNT OR SHARE OF ESTATE I TAXABLE DISTRIBUTIONS llnclude outn'ght sppousal distributions and transfers under Sec. 9116 (a)(1.2).] 8. Rece Miller Lineal 2,000.00 9. Cole VanNostrand Lineal 2,000.00 10. Dylan VanNostrand Lineal 2,000.00 11. Hayley Van Nos[rand Lineal 2,000.00 12. Liam Stanko Lineal 2,000.00 13. Wendy McIver Lineal 951,525.06 See Sch. G, 1/2 of 15-23 14. Guy VG Stevens Lineal 951,525.06 See Sch. G, 1/2 of 15-23 15. Wendy McIver Lineal 3,478.62 residue 16. Guy VG Stevens Lineal 3,478.63 residue OF ALICE M. STEVENS I, ALICE M. STEVENS, declare this to be my Last Will and Testament and hereby revoke all other prior wil]Ls and codicils made by me. FIRST: Family and Background Information. I am married to WENDELL R. STEVENS. I have not been pre- viously married. The children of our marriage are WENDY S. McIVER and GUY V. STEVENS. Throughout this Wil]L, WENDELL R. STEVENS will be referred to as "my husband" or "my spouse" and WENDY S. McIVER and GUY V. STEVENS as "my children." The word "issue" will include my children as well as my other descendants. SECOND: Funeral and Last Illness Expenses;, Taxes. (A) Expenses of Funeral and Last Illness. Notwithstanding that my spouse survives me, I direct my Executor to pay my funeral expenses (regardless of amount) and the expenses of my last illness from my estate. (B) Taxes. I direct my Executor to pay any and all estate, inheritance, succession, legacy, transfer and oi:her death taxes or duties, by whatever name called, including any and all interest and penalties thereon, imposed under the laws of the United States or any other government or subdiv:Lsion thereof by reason of my death, upon or with respect to any and all property LAST WILL AND TESTAMENT OF ALICE M. STEVENS required to be included in my gross estate for the purpose of such taxes, whether such property passes under or outside of this Will. I direct that any taxes so paid shall be charged, (without any apportionment otherwise required by law and without being prorated or apportioned among or charged against: the respective devises, legatees, beneficiaries, transferees, or other recipients of any such property or charged against any property passing or which may have passed to any of them), as follows: (1) If my spouse, WENDELL R. STEVENS, survives me, I direct that any taxes so paid shall be changed entirely against that portion of my residuary estate, if any, which passes under the provisions of Article FOURTH, paragraph (A)(1) of this my Will, including any portion of the Wendell R. Stevens Revocable Agreement of Trust, and which is determined not to be qualified terminable interest property under Article FOURTH, paragraph (A)(2). However, if this portion is not sufficient to pay any taxes so paid, then such taxes shall be charged against the portion of my residuary estate which is determined to be qualified terminable interest property under Article FOURTH, paragraph (A) (2) . -2- LAST WILL AND TESTAMENT OF ALICE M. STEVENS (2) If my spouse, WENDELL R. STEVENS does not survive me, against my residuary estate under paragraph (B) of Article FOURTH. (3) With respect to the estate, inheritance or succession taxes on any property includable: in my estate for tax purposes, the Executor shall accept from the Trustee of the Alice M. Stevens Revocable Agreement oi` Trust the tax incurred because of the inclusion of such property in my taxable estate, and, Trustee is directed to pay over to my Executor such tax in accordance with subparagraphs (A)(1) and (2) above. My Executor shall not be entitled to reimbursement for any portion of any such taxes from any such person. The foregoing provisions of this Article SECOND shall not app:Ly to the following: (1) The amount, if any, by which sai<i taxes, interest and penalties thereon shall be increased ass a result of the inclusion in my gross estate of property in which I may have a qualifying income interest for life, und~sr Section 2044 of the Internal Revenue Code of 1986 (hereinafter "IRC") (or the corresponding provisions of any subsequent federal tax laws) or corresponding provisions of state law, or over -3- LAST WILL AND TESTAMENT OF ALICE M. STEVENS which I may have a general power of appointment under IRC Section 2041 (or the corresponding provisions of any sub- sequent federal tax laws) or corresponding provisions of state law, and any taxes, interest and penalties on said incremental amount shall either be paid from said property directly or shall be recovered by my Executor from the person holding or receiving said property a.s provided in IRC Sections 2207A or 2207 (or the corresponding provisions of any subsequent federal tax laws); and (2) A generation skipping tax imposed by Chapter 13 or the additional estate tax imposed by IRC Section 20?12A(c) (or corresponding provisions of federal or state laur applicable to my estate and imposing said taxes), and any and al]. interest and penalties on said Chapter 13 and IRC Section 2032A(c) and comparable state taxes. (C) Flower Bonds to be used to pay Federal. Estate Tax. If at the time of my death I own any United States Bonds redeemable to pay the United States Estate Tax at par plus accrued interest, I direct my Executor to redeem said Bonds to the fullest extent possible and to use said Bonds ahead of any other assets held in my probate estate to pay said tax, as well as any interest and penalties thereon. To the extent that my Trustees do not -4- LAST WILL AND TESTAMENT OF ALICE M. STEVENS distribute to my Executor any such bonds for my Executor to use in paying said tax, my Executor shall pay said t:ax only after first ascertaining from the Trustee the amount of tax and any interest and penalties thereon which the Trustee can pay by redemption of the bonds held in the Trusts; and thereafter, when my Executor has received the information, my Executor shall redeem all said bonds held in my probate estate up to the full amount of any remaining portion of said tax, interest and penalties thereon not payable by redemption of :said bonds held by the Trustee. if the Trustee holds no such bonds or has distributed all such bonds to my Executor, my E~cecutor shall redeem these bonds as directed hereinabove in this Article SECOND. THIRD: I give all of my tangible personal property to my spouse, WENDELL R. STEVENS, if she survives me by sixty (60) days. If my spouse, WENDELL R. STEVENS, is not living on the sixty-first (61st) days after my death, then I give such of my tangible personal property as is set forth in a separate, dated and unsigned letter of instruction, which I sha:Ll place with my Will, to the persons therein designated. If I ]nave not left a letter of instruction or for those articles not distributed under this letter of instruction, I direct that such :items be -5- LAST WILL AND TESTAMENT OF ALICE M. STEVENS distributed among my children living at the time of my death as they may select in as nearly equal shares as is practical. If there is any disagreement as to distribution, I direct my Executor to make such distribution. The decision of my Executor shall be final and binding. I direct my Executor to sell, or otherwise dispose of in her discretion, any such property not specifically distributed by my letter of instruction or selected by my beneficiaries and to add the net proceeds from their sale to the residue of my estate. FOURTH: (A)(1) If my husband, WENDELL R. STEV'ENS, survives me by sixty (60) days, I give, devise and begv.eath all of the rest, residue and remainder of my estate to be added to and thereafter administered as a part of the Alice M. Stevens Revocable Agreement of Trust, dated October 20, 1987, said Agreement having been executed before this Last Will and Testament, for the uses and purposes and scibject to the terms and provisions thereof, including any alterations or amendments thereto, or any other trust which may hereafter be substituted therefor. (A)(2) My Executor shall make the elEaction under Internal Revenue Code §2056(b)(7), or the c;orresponding -6- LAST WILL AND TESTAMENT OF ALICE M. STEVENS provision of any subsequent Federal tax laHr, to have a part of the Alice M. Stevens Revocable Agreement: of Trust treated as qualified terminable interest property I;QTIP). For purposes of the preceding sentence, the (QT.IP) part shall be determined as follows: (a) The total value of the Alice: M. Stevens Revocable Trust (such value as determined for federal estate tax purposes), plus the value of all property transferred into the Trust from my esi:ate (such value as determined for federal estate tax purposes), minus the largest amount that can pass free of any federal estate tax as a result of the allowance of the unified credit under IRC Section 2010, or the corresponding provisions of any subsequent federal tax law, and the State Death Tax Credit under IRC Section 2011, or the carresponding provisions of any subsequent federal tax law (but only to the extent that the use of such Death Tax Credit does not incur or increase any state death taxes otherwise payable by my estate) allowable under the federal estate tax law and after taking into account the value of any and all bequiests or transfers which do not qualify for the marital or charitable -7- LAST WILL AND TESTAMENT OF ALICE M. STEVENS deduction and after giving effect to all charges against principal that are not allowed. as deductions in computing my federal estate tax. (h) If, after making the calculations under clause (A)(2)(a) of Article FOURTH, at~ove, my Executor elects to have a part of the Alice M. Stevens Revocable Trust treated as qualified terminable interest property, then my Executor shall communicate to the Trustee of the Alice M. Stevens Revocable Trust, as soon as reasonably possible, the amount of the Trust which will be treated as qualified terminable interest property. (B) If my husband, WENDELL R. STEVEN:i, does not survive me by sixty (60) days, I give, devise, and bequeath all of the rest, residue and remainder of nny estate in equal shares to my daughter, WENDY S. McIVER, anc! my son, GUY V. STEVENS, or the issue of any deceased chil<i, per stirpes. FIFTH: I nominate, constitute and appoint my husband, WENDELL R. STEVENS, Executor of this my Last Wi:Ll and Testament, to serve without bond or security, and to make distribution of my estate in cash or in kind, or partly in cash anii partly in kind, and in such manner as she may determine. I authorize, empower -8- LAST WILL AND TESTAMENT OF ALICE M. STEVENS and direct him to sell and convey, by good and sufficient deed, in fee simple estate, any and all of my real estate, at public or private sale, for such price or prices, upon such. terms and conditions, as in his judgment is best for my estate, and to that end to sign, seal, execute, acknowledge and deliver all deeds or other instruments necessary therefor, as effectively as I could do if I were personally present. In the event my husband, WENDELL R. STEVENS does not survive me, or refuses to act as Executor or does not complete the duties of Executor, then I nominate, constitute and appoint my son, GUY V. STEVENS, as the alternate Executor to serve without bond or security. My alternate Executor shall have all of the powers, privileges, duties and immunities as provided herein. In the event my husband, WENDELL R. STEVENS„ and my son, GUY V. STEVENS, do not survive me, not complete the duties of Exec and appoint my daughter, WENDY Executor to serve without bond Executor shall have all of the immunities as provided herein. or refuse to act as Executor or do tutor, then I nominate, constitute S. McIVER, as the alternate or security. My alternate powers, privilegesa, duties and -9- LAST WILL AND TESTAMENT OF ALICE M. STEVENS IN WITNESS WHEREOF, I, ALICE M. STEVENS, the Testatrix, have to this my Last Will and Testament, set my hand and seal this ~D day of ,~ ~ , 1968. ~~~~,c;~~` ;~~ ALICE M. STEVENS Signed, sealed, published and declared by the above named Testatrix, as and for her Last Will and Testament, in the presence of us, who have hereunto subscribed oux• names at her request, as witnesses hereto, in the presence of the said Testatrix, and of each other. The preceding instrument consists of this and nine (9) other consecutively numbered typewritten pages. residing at ~10~.ioUtQ ~~ ~C:.. residing at i'~'I~ 1Gti ~ ~ ~~~ -10- ACKNOWLEDGMENT AND AFFIDAVIT COMMONWEALTH OF PENNSYLVANIA ) ,~ ~ ss.: COUNTY OF ~+-~' The Testatrix and the witnesses whose names are subscribed to the foregoing instrument, being first duly sworn and qualified according to'law, do hereby acknowledge and declare to the undersigned authority that the Testatrix signed and executed the instrument aS her last Will in the presence of the witnesses, that she signed willingly or willingly directed another to sign for her, that she executed it as her free and voluntary act for the purposes therein expressed, that each of the: witnesses, in the presence and hearing of the Testatrix, signed the Will as witnesses, and that to the best of their knowledge the Testatrix was at that time eighteen years of age or older, of sound mind and under no constraint or undue influence. ~~J~ Testatr x Witness .~ `~ fitness Sworn to, subscribed and acknowledged before me by the above named Testatrix and witnesses this (c~ day of (2~i~ 19 8 8 . ,c~~~I~2~~I`~j~ (SEAL) Notary Publi -'- ANN MARIE 60NAYliTt, NOTARY PUBLIC ;g NARRISBURG,DAUPNIN COUNiY R WY CCMfAISSION E;CPIRES DEC. 9, 1991 !!•~nher. Pannsyl~~nis Assoei~tion of NoUdu .~ F.\Pi1L5\~ATAFILE\ESTATBSV 9542-mu¢e.vm ALICE M. STEVENS REVOCABLE TRUST AGREEMENT DATED OCTOBER 20. 1987 RESIGNATION OF TRUSTEE AND APPOINTMENT OF SUCCESSOR TRUS7"EES On October 20, 1987., ALICE M. STEVENS, Settlor, entered into a Revocable Trust Agreement with ALICE M. STEVENS, Trustee. Pursuant to ARTICLE VII, 7.02, of the above-mentioned Revocable Trust Agreement, the Trustee may resign at any time upon written notice given to Settlor, and upon such resignation, a successor trustee may be appointed by the Settlor. NOW, THEREFORE, INTENDING TO BE LEGALLY BOUND HEREBY, the undersigned ALICE M. STEVENS resigns as Trustee of the above-referred-to Alice NI. Stevens Revocable Trust dated October 2Q 1987, and as Settlor appoints GUY V. G. STEVENS .and WENDY S. McIVER, acting jointly or severally, as Successor Trustees therefor. Executed this ~ day of January, 2002. Witness: `~Y VL( Jj~/~___/C~AQ/ / ~ / _ `~~ ~ I kxa~`~~/~~ U vYVri / Alice M. Stevens, Settlor and Trustee COMMONWEALTH OF PENNSYLVANIA ) SS. COUNTY OF CUMBERLAND Onthis,the ~~~dayofJanuary,2002, before me,anotarypublic,FrersonallyappearedAlice M. Stevens, known to me to be the person whose name is subscribed to the within instrument, and aclmowledged that she executed the same for the purposes therein contained. h , ,..; ~ ~~ uc ,.L, Notary Public ~ NOTARIAL SEAL CORRINE L. MYERS, Notary Pudic CarNsle Boro. CumberlandCountY M Commission t Kpires Ma 27, 2003 REVOCABLE TRUST AGREEMENT' This Trust Agreement executed in duplicate this ~?'Z( day of U•D`: ~ ~~ , 1987, between ALICE M. STEVENS, of 37 Cedar Circle, Newville, Pennsylvania (herei:nafter called "Settlor") and ALICE M. STEVENS, of 37 Cedar Circle, Newville, Pennsylvania (hereinafter called "Trustee"). ARTICLE I. TRUST ESTATE Transfer to Trust 1.01. Settlor does hereby assign, transfer and deliver to the Trustee the property descrik>ed in Schedule A attached hereto and made a part hereof, or as may be amended. As further evidence of such assignment, the Settlor has executed or will execute or cause to be executed such other instruments as may be required for the purposes of completing the assignment or transfer o1= title to such property to the Trustee. The Trustee accepts such transfer and assignment to herself as Trustee, and undertakes to hold, manage, invest and reinvest the assel.s of this Trust, and distribute the income and principal of the trust in accordance with the provisions of this Agreement. 1.02. The Settlor, and any other person, with the consent of the Trustee, shall have the right at any time to make additions to the corpus of this trust or any shares thereof hereby established. All such additions shall be held, controlled, and distributed by the Trustee in accor- dance with the terms and conditions of thus Agreement. ARTICLE II. LIFE INSURANCE POLICIES 2.01. if any insurance policies a:re transferred into this Trust, the Trustee shall be vested with all right, title, and interest in and to the transferred policies of insurance, and is authorized and empowered to exercise and enjoy, for the purposes of the trust herein created and as absolute owner of such policies of insurance, all the options, benefits, rights and privileges under such policies, including the right to borrow upon and to pledge them for a loan or loans. The Trustee takes all rights, title, and interest in and to such insurance policies subject to any prior split-dollar life insurance agreement which may be in effect at the time of the transfer. The insurance companies which have issued such policies are hereby authorized and directed to recognize the Trustee as absolute owner of such policies of insurance and as fully entitled to all options, rights, privileges, and interests -2- under such policies, and any receipts, releases, and other instruments executed by the Trustee in connection with such policies shall be binding and conclusive upon the insurance companies and upon all persons interested in this trust. 2..02. The Trustee shall be under no obligation to pay the premiums which may become due and payable under the provisions of any policy of insurance which may be trans- ferred or assigned to this Trust, or to make certain that such premiums are paid by the transferor of such policy, or to notify any persons of the nonpayment of such premiums, and it shall be under no responsibility or liability of any kind in case such premiums are not paid, except that it shall apply any dividends received by it on such policies to the payment of premiums thereon. Upon notice at any time during the continuance of this trust that the premiums due upon such policies are in default, or that premiums which will become due will not be paid, either by the transferor or by any other person, the Trustee, within its sole dis- cretion, may apply any cash values attributable to such policy to the purchase of paid-up insurance or of extended insurance, or may borrow upon such policy for the payment of premiums due thereon, or may accept the cash values of such policy upon its forfeiture. In the event that the Trustee receives the cash value of such policy upon its forfeiture -3- for nonpayment of premiums, the amount received shall be added to the corpus of this trust, and shall be administered according to the terms of this Agreement. Sf the insured under such policies of insurance, becomes totally and permanently disabled within the meaning of any policies and because thereof the payment of premiums, or any of them, shall, during the pendency of such disability, be waived, the Trustee, upon receipt of such knowledge, shall promptly notify the insurance company which has issued such policies, and shall take any and all steps necessary to make such waiver of premium provision effective. 2.03. The Trustee shall be under no obligation or duty whatever except with respect to the safekeeping of. such policies of insurance and the duty to receive such sums as may be paid to it, in accordance with the requirements of this trust, by the companies issuing such policies, and to hold, manage and disburse such proceeds subject to the terms of this Agreement. Upon the death of the insured, the Trustee shall make reasonable efforts to carry out the provisions of this Agreement, including the maintenance or defense of any suit, provided, however, the Trustee shall be under no duty to maintain or enter into any litigation unless its expenses, including counsel fees and costs, have been advanced or guaranteed in an amount and in a manner -4- reasonably satisfactory to it. The Trustee may repay any advances made by it or reimburse itself fo:r any such fees and costs from any corpus or income of this trust. ARTICLE III. DISTRIBUTIONS BY 'PRUSTEE 3.01. If the Trustee uses all or any portion of the Trust Estate to purchase assets from the estate of the Settlor or the estate of the Settlor's spouse, then such assets, or the proceeds of any sale, exchange, or reinvest- went of such assets shall be combined with all or any other trust assets not used for the purchase of ~sssets from the estate of the Settlor, to form the corpus of this trust. The corpus shall be used for the following purposes: INCOME TO BENEFICIARY DURING LIFETIME OF SETTLO'.R 3.02. During the lifetime of the (Settlor: A. Trustee shall pay to Settlor so much of the net income of the Trust as the Trustee in her sole discretion, deems appropriate for the health, maintenance and welfare of the Settlor. B. Trustee shall expend and apply s~o much of the principal of this Trust as the Trustee deems advisable for the health, support, education and maintenance of Settlor, Settlor's husband, WENDELL R. STEVENS, or -5- Settlor's children, WENDY S. McIVER and GUY V. STEVENS. The Trustee shall expend funds as equitably among the above-named beneficiaries as is practicable, but not necessarily equally having in mind the main purpose is to maintain their standard of living to which they have become accustomed. 3.03. Upon the death of the Settlor, ALICE M. STEVEN5, if Settlor's husband, WENDELL R. STEVENS, survives: A. Trustee shall divide the entire 'trust principal, including the Trust assets received from the Settlor's estate, into two (2) separate Trusts, to be maintained in FURTHER SEPARATE TRUST for the purposes set forth below, and shall be named the Alice M. Stevens Marital Deduction Trust and the Alice M. Stevens Family Trust, respectively. B. If at my death the Executor of may estate elects to have a specified part of this Trust treated as ggalified terminable interest property under Internal Revenue Code §2056(b)(7), or the corresponding provision of any subsequent federal tax law, then the Trustee of this Trust shall divide this Trust, in accordance with paragraph (A), above, so that the Alice M. Stevens Marital Deduction Trust contains that fraction of the total trust assets equalling the amount -6- to which my Executor made the qualifying election under section 2056(b)(7). The division and funding of the separate Trusts shall be conducted, to the end that the Marital Deduction Trust shall qualify for the marital deduction allowed by the federal estate tax laws applicable to my estate at the time of my death. If my Executor does not elect under section 2056(b)(7) to have any property treated as qualified terminable interest property then the Marital Deduction Trust shall not be established, and the Alice M. Stevens RQvocable Trust need not be divided. C. With respect to the Alice M. Stevens Marital Deduction Trust and the Alice M. Stevens Family Trust, Trustee shall pay all of the net income from both Trusts to Settlor's husband, WENDELL R. STEVENS, for and during his lifetime, in such periodic installments as the Trustee shall find convenient, but at least quarter-annually. D. With respect to the Alice M. Stevens Marital Deduction Trust and the Alice M. Stevens Family Trust, Trustee shall expend and apply so much of the principal of both Trusts as the Trustee deems advisable for the health, support and maintenance of Settlor's husband, WENDELL R. STEVENS, to maintain him in the standard of -7- living to which he has beco~ death. E. During the lifetime of shall make no distributions any person other than to or my husband. 3.04. Upon the death of ne accustomed at Settlor's my husband, my trustee of income or principal to for the use or benefit of Settlor's husband, WENDELL R. STEVENS, or upon Settlor's death if my husband does not survive me, the Alice M. Stevens Marital Deduction Trust and the Alice M. Stevens Family Trust, or the Alice M. Stevens Revocable Trust, respectively, shall terminate and shall be distributed as follows: A. The remaining principal of each Trust shall be divided into separate and equal shares. One such share shall be given to each of Settlor's children, GUY V. STEVENS and WENDY S. McIVER, or to the living issue of any deceased child, per stirpes. If any of my children predecease the termination of the Trusts, without leaving issue, then that child's share shall be distributed to my then-living issue, per stirpes. 3.05. Unless otherwise specified herein, dis- tribution of funds from the trusts to the trust beneficiaries will be made first from the corpus completely -8- exhausting same, then from the income that. has been accumulated during the existence of the trusts. ARTICLE IV. POWERS OF TRUSTEE 4.01. in addition to such other powers and duties as may have been granted elsewhere in this trust and re- stricted by any limitations contained elsewhere in this trust, the Trustee shall have the following powers and duties: A. In the management, care and disposition of this trust, the Trustee shall have the power to do alI things and to execute such instruments as may be deemed necessary and proper, including the following powers, all of which may be exercised without order of or report to any court: (1) To sell, exchange or otherwise dispose of any property at any time held or acquired hereunder, at public or private sale, for cash or on terms, without advertisement, including the right to lease for any term notwithstanding the period of the trust, and to grant options, including an option for a period beyond the duration of the trust. -9- (2) To invest all monies in such stocks, bonds, securities, investment company o:r trust shares, mortgages, notes, choses in action, real estate, improvements thereon, and other property as the Trustee may deem best, without r~sgard to any law now or hereafter in force limiting investments of fiduciaries. (3) To retain for investment any property de- posited with the Trustee hereunder, including any stock in the corporate Trustee or in a parent or affiliate company of such Trustee or any stock in a company which the corporate Trustee or its parent or affiliate holds as an asset, either individually or in a fiduciary capacity. (4) To vote in person or by proxy any corporate stock or other security and to agree to or take any other action in regard to any reorganization, merger, consolidation, liquidation, bankruptcy or other procedure or proceedings alEfecting any stock, bond, note or other secur:ity. (5) To use lawyers, real estate brokers, accountants and other agents, if such employment is deemed necessary or desirable„ and to pay reasonable compensation for their services. -10- (6) To compromise, settle or adjust any claim or demand by or against the trust and to agree to any rescission or modification of any contract or agreement affecting the trust. (7) To renew any indebtedness, as well as to borrow money, and to secure the same by mort- gaging, pledging or conveying any property of the trust, including the power to borrow from the Trustee at a reasonable rate of interest. (8) To retain and carry on any business in which the trust may acquire any interest, to acquire additional interest in any such lousiness, to agree to the liquidation in kind of any corporation in which the trust may have any interest and to carry on the business thereof, to join with other owners in adopting any form of management for any busi- ness or property in which the trust may have an interest, to become or remain a partner, general or limited, in regard to any suchh business or property and to hold the stock o:r other securities as an investment, and to employ .agents and confer on them authority to manage and operate business, property or corporation, without liability for the acts of any such agent or for any loss, liability -11- or indebtedness of such business if the management is selected or retained with reasonable care. (9) To register any stock, bond or other security in the name of a nominee, without the addition of words indicating that such security is held in a fiduciary capacity, but accurate records shall be maintained showing that such security is a trust asset and the Trustee shall be responsible for the acts of such nominee. (10) To merge this trust with any other trust created in my Will or otherwise, with similar provisions and purposes and the same beneficiary or beneficiaries. B. Whenever the Trustee is directed to distribute any trust principal in fee simple to a person who is then under twenty-one (21) years of age, the Trustee shall be authorized to hold such property inn trust for such person until he becomes twenty-one (21) years of age, and in the meantime shall use such part of the income and the principal of the trust as the Trustee may deem necessary to provide for the proper support and education of such person in the stand~srd of living to which he has become accustomed. If such person should die before becoming twenty-one (21) years of age, the -12- property then remaining in trust shall be distributed to the personal representative of such person's estate. C. In making distributions from the trust to or for the benefit of any minor or other person under a legal disability, the Trustee need not require the appoint- mint of a guardian, but shall be authorized to pay or deliver the same to the custodian of such person, to ply or deliver the same to such person without the intervention of a guardian, to pay or deliver the same to a legal guardian of such person if one has already been appointed, or to use the same for the benefit of such person. D. In the distribution of the trust and any division into separate trusts and shares, the 'Prustee shall be authorized to make the distribution a:nd division in mdney or in kind or in both, regardless of the basis for income tax purposes of any property distributed or divided in kind, and the distribution and division made and the values established by the Trustee shall be binding and conclusive on all persons taking hereunder. The Trustee may in making such distribution or division al',lot undivided interests in the same property to several trusts or shares. -13- E. If at any time the total fair market value of the assets of any trust established or to be established hereunder is so small that the corporate Trustee's annual fee for administering the trust would be the minimum annual fee set forth in the Trustee's regularly published fee schedule then in effect, the Trustee in its discretion shall be authorized to terminate such trust or to decide not to establish such trust, and in such event the property then held in or to be distributed to such trust shall be distributed to the peirsons who are then or would be entitled to the income of such trust. If the amount of income to be received by such persons is to be determined in the discretion of the Trustee, then the Trustee sha1:L distribute the property among such of the persons to whom the Trustee is authorized to distribute income, and in such prpportions, as the Trustee in its discretion shall determine. F. The Trustee shall be authorized to lend or borrow, including the right to lend to or borrow from the estate of Settlor or the estate of Set:tlor's spouse, at an, adequate rate of interest and with adequate security and upon such terms and conditions as the Trustee shall deem fair and equitable. -14- G. The Trustee shall be authorized to sell or purchase, at the fair market value as determined by the Trustee, any property to or from Settlor's estate or the estate of Settlor's spouse, or any trust created by Settlor or Settlor's spouse, during life or by will, even though the same person or corporation may be adting as executor of Settlor's estate or the estate of S~ttlor's spouse or as trustee of any of such other gusts and as Trustee of this trust. For this purpose the Trustee shall be empowered to receive from the insurance companies issuing such policies of insurance making up part of this Trust estate, such part of the proceeds thereof as is required for such purchase. H.. The Trustee shall have discretion to determine whether items should be charged or credited to income or principal or allocated between income and principal as Trustee may deem equitable and fair under all the circumstances, including the power to amortize or fail to amortize any part or all of any pr<~mium or discount, to treat any part or all of the profii~ resulting from the maturity or sale of any asset, whether purchased at a premium or at a discount, as income or principal or apportion the same between income and principal, to apportion the sales price of any asset: between income -15- and principal, to treat any dividend or other dis- tribution on any investment as income or principal or apportion the same between income and principal, to charge any expense against income or principal or apportion the same, and to provide or fail to provide a reasonable reserve against depreciation or obsolescence on any asset subject to depreciation or obsolescence, all as the Trustee may reasonably deem equitable and just under all of the circumstances. I. The Trustee shall be authorized to make such ekpenditures out of this trust as it, in its sole discretion, may consider desirable in order to facilitate the settlement of Settlor's estate. In exercising such power, Trustee may pay, in whole or in pert, any and all of the following items: 1. The expenses of Settlor's last illness and burial; 2. Settlor's Debts; 3. Income taxes of Settlor or 15ettlor's estate; 4. The death, inheritance and estate taxes on any and all property included in Settlor's gross estate for tax purposes; and, 5. All other items in connection with the settlement of Settlor's estate. -16- Any such items may be paid directly by Trustee or the funds for their payment may be transferred by Trustee to Settlor's Executor or Administrator. Neither such Executor nor Administrator nor any beneficiary of Settlor's estate shall be required to reimburse Trustee for any funds so paid or transferred. All such death taxes on present and future interests shall be paid at such time or times as Trustee may think proper, regardless of whether such taxes are then dwe, provided that any postponed taxes on future interest shall be charged against the particular share with respect to which the taxes are imposed. ARTICLE V. SPENDTHRIFT PROVISION 5.01. No interest of any beneficiary of this trust shall be subject to anticipation or to pledge, assignment, sale or transfer in any manner, nor shall any beneficiary have poker in any manner to charge or encmnber his interest, nor shall the interest of any beneficiary be liable or subject in any manner while in the possession of the Trustee for any liability of such beneficiary, whether such liability arises from his debts, contracts, torts, or other engagements of any type. -17- ARTICLE VI. CONSTRUCTION OF TRUST 6.01. This trust shall be administered and inter- preted in accordance with the laws of the Commonwealth of Pennsylvania. 6.02. Whenever a personal pronoun. is used to refer to any of the parties described above, either the masculine or the neuter form of said pronoun may be used even though the person to whom it applies is a female. When the context so regwires, the masculine, feminine and neuter genders shall be used interchangeably and where required by the sense Mereof the singular shall include the plural and the plural.. shall include the singular. .ARTICLE VII. DUTIES, COMPENSATION OF TRUSTEE, SUCCESSOR TRUSTEE 7.01. The Trustee shall receive as its compensation for the services performed hereunder that sum of money which the Trustee normally and customarily charges for performing similar services during the time which it performs these services. 7.02. The Trustee may resign at any time upon written notice given to the Settlor if she is living, or in the event of her death, upon written notice to the current income beneficiary or beneficiaries hereunder. Upon the death, resignation, removal or incapacity of the Trustee, a -18- successor trustee may be appointed by the Settlor during her lifetime, or, after her death, by a majority of the current income beneficiaries. If the Settlor or current income beneficiaries fail to appoint a successor Trustee within ninety (90} days of the Trustee's death, resignation, removal or incapacity, then GUY V. STEVENS of 5205 Belvoir Drive „ Bethesda, Maryland shall become successor Trustee. If GUY'V. 5TEVENS predeceases the death, resignation, removal or incapacity of the prior Trustee., then WENDY S. McIVER'of 23 Manor Brook Road, Monkton, Maryland shall become successor Trustee. Any successor trustee thus appointed, or, if the Trustee shall merge with or be consol- idated with another corporate fudiciary, then such corporate fudici~ry, shall succeed to all the duties and to all the powers, including discretionary powers, herein granted to the Trustee. ARTICLE VIII. PERPETUITIES CLAUSE 8:01. Notwithstanding anything to the contrary in this gust, each disposition I have made here, legal or equitable, to the extent it can be referred in its postpoMement of becoming a vested interest. to a duration measured by some life or lives in being at the time of my death is definitely to vest in interest, although not -19- necessarily in possession, not later than twenty-one (21) years after such lives (and any period of gestation involved); or, to the extent it cannot be referred in any such postponement to such lives, is to so vest not later than twenty-one (21) years from the time of my death. IIp WITNESS WHEREOF, the Settlor and Trustee have hereunto set their hands and seals as of the day and year first above written. Witn ss: y~/ ~~ ,~, ~e.C/L'~t- ~~'LL Attes~7 ,// ~) n .~ 1 . ; e>',s" / ~ ~,i, i..c_. 7" ~ 1 ~'J2 - r..:k:,. ~-..-~ ( SEAL) ALICE M. STEVENS ~/,1.~~.~~ ~d} ~~U~~~t:t..~/ (SEAL} ALICE M. STEVENS TRUSTEE -20- O C a O O O O o O O O Y1 O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O Y1 O O O O O O O -~ w •'i ~ 3 C ~•nTTS 3L/3 a2a~ZT~~aZLNb~al73ZZaNf73AatD Z w CarTp ~ aC a pR1~EOn10Cp1~ICwmaCOa Nl7C20 DTr Cr w Z r3O,v •~ y1r~-1 }O ySAAAWA2<F2ZrZyZ<O pOr ANtAra Cf < apyAOe ylWOaa a -IVyp apart ZZM Zvn•O VwCVN I M Al NrwoA Dbrp N pC.NaZV o3ZOr EO mONNOa A~OOOO>7C ', •O 1// ~ b m ('f O rn lTl p a -I D m a C'1 RI p 'If a m C a a -1 s y, Z C1 A' ZA <f~ C A3 A •y A a0 Zrn r 3 03 ow CoybO t/~w a0-lo ~0~11'f10 w0 T030o-~AON' ' ~fl VyZ•pb V!•Ora Am O~AaZa~Naa w ,. p1 f'1 ~oawV VwoVy 2 • py~. rn T• . 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O O W O p O O O O W O. W G O Y .1' N ~~ ~~ ~• H Cn ~~ ~~ yz c `~ H b ~ ~ (D O4 R. A ~ r~ 1> ' ~ , F;FILES\Dl~TAFILP\ESTATESV9543-weke.wn WENDELL R. STEVENS REVOCABLE TR T T AC:REEMENT DATED OCTOBER 20. 1987 APPOINTMENT OF SUC ESSOR TRUSTEiES On October 20, 1987, WENDELL R. STEVENS, Settlor, enti;red into a Revocable Trust- . Agreement with WENDELL R. STEVENS, Trustee. On Janualry 2, 2002, the said WENDELL R. STEVENS, Settlor and Trustee, passed away. Pursuant to ARTICLE VII, 7.02, of the above-mentioned Revocable Trust Agreement, upon the death, resignation, removal or incapacity of the Trustee, a successor trustee maybe appointed by the Settlor during his lifetime, or, after his death, by a majority of the current income beneficiaries. Pursuant l to ARTICLE III, Pazagraph 3.03, ALICE M. STEVENS, spouse of the said WENDELL R. STEVENS, is the current income beneficiary of said Trust. NOW, TI~EREFORE, INTENDING TO BE LEGALLY BOUND HEREBY, the undersigned ALICE M. STEVENS, income beneficiary, appoints GUY V. G. STEVENS and WENDY S. McIVER, acting,jointly or severally, as Successor Trustees of the above-referred-to Wendell R. Stevens Revocable Trust dated October 20, 1987. Executed'this f 6 day of January, 2002. Witness: r ~//~ C 4/it:t. -tom C,y C, L ~-f~ ~i'~; r Alice M. Stevens COMMONWEALTH OF PENNSYLVANIA ) SS. COUNTY OF CUMBERLAND ~ Onthis,ths: ~~ dayofJanuary,2002,beforeme,anotarypublic,personallyappearedAlice M. Stevens, known to me to be the person whose name is subscribed to the within instnunent, and acknowledged thaC she executed the same for the purposes therein contains;d. ~ ~ ~ \^ o Public ! NOTARIAL SEAL CORRINE 1. ldYIERS, Notary PubNe Carlisle Boro, CumberlantlCnunry M Commis!. ,on Es fires Ma 27 2009 F.?VOCABLE TRUST AGREEME'.NT This Trust Agreement executed in dup:Licate this 't~ i day of ~~ 1987, between WENDELL ]R. STEVENS, of 37 Cedar Circle, Newville, Pennsylvania (hereinafter called "Settlor") and WENDELL R. STEVENS, of 37 Cedar Circle, Newville, Pennsylvania (hereinafter called "Trustee"). ARTICLE I. TRUST ESTATl3 Transfer to Trust 1.01. Settlor does hereby assign,, transfer and deliver to the Trustee the property described in Schedule A attached hereto and made a part hereof, or_as_may-be- amended. As further evidence of such assignment, the Settlor has executed or will execute or caiuse to be executed such other instruments as may be required for the purposes of completing the assignment or transfer of title to such property to the Trustee. The Trustee accepts such transfer and assignment to himself as Trustee, and undertakes to hold, manage, invest and reinvest the assets of this Trust, and distribute the income and principal of the trust in accordance with the provisions of this Agreement. 1.02. The Settlor, and any other person, with the consent of the Trustee, shall have the right at any time to make additions to the corpus of this trust or any shares --^ thereof hereby established. A11 such additions shall be held, controlled, and distributed by the 'Trustee in accor- dance with the terms and conditions of this Agreement. ARTICLE II. LIFE INSURANCE POLICIES 2.01. If any insurance policies are transferred into this Trust, the Trustee shall be vesi:ed with all right, title, and interest in and to the transferred policies of insurance, and is authorized and empowered to exercise and enjoy, for the purposes of the trust herein created and as absolute owner of such policies of insurance, all the options, benefits, rights and privileges under such policies, including the right to borrow upon and to pledge them fbr a loan or loans. The Trustee takes all rights, title,'and interest in and to such insurance policies subject to any prior split-dollar life insurance agreement which may be in effect at the time of the transfer. The insuramce companies which have issued such policies are hereby authorized and directed to recognize the Trustee as absolute owner of such policies of insurance and as fully entitled to all options, rights, privilege.>, and interests -2- under such policies, and any receipts, releases, and other instruments executed by the Trustee in connection with such policies shall be binding and conclusive upon the insurance companies and upon all persons interested in this trust. 2.02. The Trustee shall be under no obligation to pay the premiums which may become due and payable under the provisions of any policy of insurance which may be trans- ferred or assigned to this Trust, or to make certain that such premiums are paid by the transferor of such policy, or to notify any persons of the nonpayment o:E such premiums, and it shall be under no responsibility or liability of any kind in case such premiums are not paid, except that it shall apply any dividends received by it on such policies to the payment of premiums thereon. Upon not=ice at any time during the continuance of this trust that the premiums due upon such policies are in default, or that: premiums which will become due will not be paid, either by the transferor or by any other person, the Trustee, within its sole dis- cretion, may apply any cash values attributable to such policy to the purchase of paid-up insurance or of extended insurance, or may borrow upon such policy for the payment of premiums due thereon, or may accept the cash values of such policy upon its forfeiture. In the event that the Trustee receives the cash value of such policy upon its forfeiture -3- for nonpayment of premiums, the amount received shall be added to the corpus of this trust, and shall be administered according to the terms of this Agreement. If the insured under such policies of insurance, becomes totally and permanently disabled within the meaning of any policies and because thereof the payment of premiums, or any of them, shall, during the pendency of such disability, be waived, the Trustee, upon receipt of such knowledge, shall promptly notify the insurance company which has is:>ued such policies, and shall take any and all steps necessary to make such waived of premium provision effective. 2.03. The Trustee shall be under no obligation or duty whatever except with respect to the :safekeeping of such policies of insurance and the duty to receive such sums as may be paid to it, in accordance with the requirements of this trust, by the companies issuing such policies, and to hold, manage and disburse such proceeds subject to the terms of thus Agreement. Upon the death of the insured, the Trusted shall make reasonable efforts to carry out the provisions of this Agreement, including the maintenance or defense of any suit, provided, however, the Trustee shall be under no duty to maintain or enter into any litigation unless its expenses, including counsel fees and costs, have been advanced or guaranteed in an amount and in a manner -4- reasonably satisfactory to it. The Trustee may repay any advances made by it or reimburse itself for any such fees and costs from any corpus or income of this trust, ARTICLE III. DISTRIBUTIONS BY TRUSTEE 3.01. If the Trustee uses all or any portion of the Trust Estate to purchase assets from the estate of the Settlor or the estate of the Settlor's spouse, then such assets, or the proceeds of any sale, exchange, or reinvest- ment of such assets shall be combined witYi all or any other trust assets not used for the purchase of assets from the estate of the Settlor, to form the corpus of this trust. The corpus shall be used for the following purposes: INCOME TO BENEFICIARY DURING LIFETIME OF SETTLOR 3.02. During the lifetime of the Settlor: A. Trustee shall pay to Settlor so much of the net income of the Trust as the Trustee in his sole discretion, deems appropriate for. the health, maintenance and welfare of the Settlor. B. Trustee shall expend and apply so much of the principal of this Trust as the Trustee deems advisable for the health, support, education and maintenance of Settlor, Settlor's wife, ALICE M. STE'VENS or Settlor's v -5- children, WENDY S. McIVER and GUY V. STEVENS. The Trustee shall expend funds as equitably among the above-named beneficiaries as is practicable, but not necessarily equally having in mind t:he main purpose is to maintain their standard of living to which they have become accustomed. 3.03. Upon the death of the Sett:lor, WENDELL R. STEVENS, if Settlor's wife, ALICE M. STEVENS, survives: A. Trustee shall divide the entire Trust principal, including the Trust assets received :From the Settlor's estate, into two (2) separate Trusts,, to be maintained in FURTHER SEPARATE TRUST for the purposes set forth below, and shall be named the Wendel]L R. Stevens Marital Deduction Trust and the Wendell R. Stevens Family Trust, respectively. B. If at my death the Executor of my estate elects to have a specified part of this Trust treated as qualified terminable interest property under Internal Revenue Code §2056(b)(7), or the corresponding provision of any subsequent federal t.ax law, then the Trustee of this Trust shall divide this Trust, in accordance with paragraph (A), above, so that the Wendell R. Stevens Marital Deduction Trust contains that fraction of the total trust assets equalling the -6- amount to which my Executor made the qualifying election under section 2056(b)(7). '.Che division and funding of the separate Trusts shall be conducted, to the end that the Marital Deduction Trust shall qualify for the marital deduction allowed by the federal estate tax laws applicable to my estate at t:he time of my death. If my Executor does not elect: under section 2056(b)(7) to have any property treated as qualified terminable interest property then the' Marital Deduction Trust shall not be established, and t:he Wendell R. Stevens Revocable Trust need not be divided. C. With respect to the Wendell R. Stevens Marital Deduction Trust and the Wendell R. Stevens Family Trust, Trustee shall pay all of the riet income from both Trusts to Settlor's wife, ALICE M. STEVENS, for and during her lifetime, in such periodic installments as the Trustee shall find convenient, but at least quarter-annually. D. With respect to the Wendell R. Stevens Marital Deduction Trust and the Wendell R. Stevens Family Trust, Trustee shall expend and apply so much of the principal of both Trusts as the Trustee deems advisable for the health, support and maintenance of Settlor's wife, ALICE M. STEVENS, to maintain her in the standard -7- of living to which she has become accustomed at Settlor's death. E. During the lifetime of my wife, my trustee shall make no distributions of income or principal to any person other than to or for the use or benefit of my wife. 3.04. Upon the death of Settlor';~ wife, ALICE M. STEVENS, or upon Settlor's death if my wii`e does not survive me, the Wendell R. Stevens Marital Deduction Trust and the Wendell F.. Stevens Family Trust, or the Wendell R. Stevens Revocable Trust, respectively, shall terminate and shall be distributed as follows: A. The remaining principal of each Trust shall be divided into separate and equal sharers. One such share shall be given to each of Settlor's children, GUY V. STEVENS and WENDY S. McIVER, or to the living issue of any deceased child, per stirpes. If any of my children predecease the termination of the Trusts, without leaving issue, then that child's share shall be distributed to my then-living issue, per stirpes. 3.05. Unless otherwise specified herein, dis- tribution of funds from the trusts to the trust beneficiaries will be made first from the corpus completely exhausting same, then from the income that has been accumulated during the existence of the trusts. -8- ARTICLE IV. POWERS OF TRUSTEE 4.01. In addition to such other 'powers and duties as may have been granted elsewhere in this trust and re- stricted by any limitations contained elsewhere in this trust, the Trustee shall have the following powers and duties: A. In the management, care and disposition of this trust, the Trustee shall have the power to do all things and to execute such instruments as may be deemed necessary and proper, including the following powers, li all of which may be exercised without order of or ~ report to any court: (1) To sell, exchange or otherwise dispose of any property at any time held or aaluired hereunder, at public or private sale, for cash or on terms, without advertisement, including the right to lease for any term notwithstanding the period of the trust, and to grant options, including an option for a period beyond the duration of the trust. (2) To invest all monies in such stocks, bonds, securities, investment company or trust shares, mortgages, notes, choses in action, real estate, improvements thereon, and other property as the -9- Trustee may deem best, without regard to any law now or hereafter in force limiting investments of fiduciaries. (3) To retain for investment an,y property de- posited with the Trustee hereunder, including any stock in the corporate Trustee or in a parent or affiliate. company of such Trustee or any stock in a company which the corporate Trustee or its parent or affiliate holds as an asset, either individually or in a fiduciary capacity. (4) To vote in person or by pro~cy any corporate stock or other security and to agree to or take any other action in regard to axxy reorganization, merger, consolidation, liquidation, bankruptcy or other procedure or proceedings zffecting any stock, bond, note or other security. (5) To use lawyers, real estate brokers, accountants and other agents, if` such employment is deemed necessary or desirable, and to pay reasonable compensation for their services. (6) To compromise, settle or adjust any claim or demand by or against the trust a.nd to agree to any rescission or modification of any contract or agreement affecting the trust. -1~- (7) To renew any indebtedness, as well as to borrow money, and to secure the same by mort- gaging, pledging or conveying a;ny property of the trust, including the power to borrow from the Trustee at a reasonable rate of interest. (8) To retain and carry on any business in which the trust may acquire any interest, to acquire additional interest in any such business, to agree to the liquidation in kind of any corporation in which the trust may have any interest and to carry on the business thereof, to join with other owners in adopting any form of management for any busi- ness or property in which the trust may have an interest, to become or remain a partner, general or limited, in regard to any suc;h business or property and to hold the stock or other securities as an investment, and to employ agents and confer on them authority to manage and operate business, property or corporation, without: liability for the acts of any such agent or for arty loss, liability or indebtedness of such business, if the management is selected or retained with reasonable care. (9) To register any stock, bond or other security in the name of a nominee, without the addition of -11- words indicating that such secus•ity is held in a fiduciary capacity, but accurate records shall be maintained showing that such security is a trust asset and the Trustee shall be s-esponsible for the acts of such nominee. (10) To merge this trust with any other trust created in my Wi11 or otherwise,, with similar provisions and purposes and the same beneficiary or beneficiaries. B. Whenever the Trustee is directed to distribute any trust principal in fee simple to a person who is then under twenty-one (21) years of age, the Trustee shall be authorized to hold such property in trust for such person until he becomes twenty-one (21) years of age, and in the meantime shall use such part of the income and the principal of the trust as the Trustee may deem necessary to provide for the proper support and education of such person in the standard of living to which he has become accustomed. If such person should die before becoming twenty-one (21) years of age, the property then remaining in trust shall be distributed to the personal representative of such person's estate. C. In making distributions from the: trust to or for the benefit of any minor or other person under a legal -12- disability, the Trustee need not require the appoint- ment of a guardian, but shall be authorized to pay or deliver the same to the custodian of such person, to pay or deliver the same to such person without the intervention of a guardian, to pay or deliver the same to a legal guardian of such person i:E one has already been appointed, or to use the same for the benefit of such person. D. In the distribution of the trust and any division into separate trusts and shares, the Trustee shall be authorized to make the distribution and division in money or in kind or in both, regardless of the basis for income tax purposes of any property distributed or divided in kind, and the distribution and division made and the values established by the Trustee shall be binding and conclusive on all persons taking hereunder. The Trustee may in making such distribution or division '.allot undivided interests in the same property to several trusts or shares. E. If at any time the total fair market value of the ,.assets of any trust established or t:o be established hereunder is so small that the corporate Trustee's annual fee for administering the trust would be the minimum annual fee set forth in the Trustee's regularly -13- published fee schedule then in effect:, the Trustee in its discretion shall be authorized to terminate such trust or to decide not to establish =_ouch trust, and in such event the property then held in or to be distributed to such trust shall be distributed to the persons who are then or would be entitled to the income of such trust. If the amount of income to be received by such persons is to be determined i.n the discretion of the Trustee, then the Trustee shall distribute the property among such of the persons to whom the Trustee is authorized to distribute income, and in such proportions, as the Trustee in its discretion shall determine. F. The Trustee shall be authorized t:o lend or borrow, including the right to lend to or boz•row from the estate of Settlor or the estate of Seettlor's spouse, at an adequate rate of interest and with adequate security and upon such terms and conditions a:. the Trustee shall deem fair and equitable. G. The Trustee shall be authorized to sell or purchase, at the fair market value as determined by the Trustee, any property to or from Sett:lor's estate or the estate of Settlor's spouse, or ar.~y trust created by Settlor or Settlor's spouse, during life or by will, -14- even though the same person or corporation may be acting as executor of Settlor's estate or the estate of Settlor's spouse or as trustee of any of such other trusts and as Trustee of this trust. For this purpose the Trustee shall be empowered to receive from the insurance companies issuing such policies of insurance making up part of this Trust estate, such part of the proceeds thereof as is required for such purchase. H. The Trustee shall have discretion to determine whether items should be charged or credited to income or principal or allocated between income and principal as Trustee may deem equitable and fair under all the circumstances, including the power to amortize or fail to amortize any part or all of any premium or discount, to treat any part or all of the profit resulting from the maturity or sale of any asset, whether purchased at a premium or at a discount, as income or principal or apportion the same between income and principal, to apportion the sales price of any asset between income and principal, to treat any dividend or other dis- tribution on any investment as income or principal or apportion the same between income and principal, to charge any expense against income or principal or apportion the same, and to provide or fail to provide a -15- reasonable reserve against depreciation or obsolescence on any asset subject to depreciation or obsolescence, all as the Trustee may reasonably deem equitable and just under all of the circumstances. I. The Trustee shall be authorized to make such expenditures out of this trust as it, in its sole discretion, may consider desirable in. order to facilitate the settlement of Settlor's estate. In exercising such power, Trustee may pay, in whole or in part, any and all of the following items: 1. The expenses of Settlor's last illness and burial; 2. Settlor's Debts; 3. Income taxes of Settlor or Settlor's estate; 4. The death, inheritance and estate taxes on any and all property included in Settlor's gross estate for tax purposes; and, 5. All other items in connection with the settlement of Settlor's estate. Any such items may be paid directly by Trustee or the funds for their payment may be transferred by Trustee to Settlor's Executor or Administrator. Neither such Executor nor Administrator nor any beneficiary of Settlor's estate shall be required to -16- reimburse Trustee for any funds so paid or transferred. All such death taxes on present and future interests shall be paid at such time or times as Trustee may think proper, regardless of whether such taxes are then due, provided that any postponed taxes on future interest shall be charged against the particular share with respect to which the taxes are imposed. ARTICLE V. SPENDTHRIFT PROVISION 5.01. No interest of any beneficiary of this trust shall be subject to anticipation or to pledge, assignment, sale or transfer in any manner, nor shall any beneficiary have power in any manner to charge or encumber his interest, nor shall the interest of any beneficiary be liable or subject in any manner while in the possession of the Trustee for any liability of such beneficiary, whether such liability arises from his debts, contracts, torts, or other engagements of any type. ARTICLE VI. CONSTRUCTION OF TRUST 6.01. This trust shall be administered and inter- preted in accordance with the laws of the Commonwealth of Pennsylvania. -17- 6.02. whenever a personal pronoun is used to refer to any of the parties described above, eii:her the masculine or the neuter form of said pronoun may be used even though the person to whom it applies is a female„ When the context so requires, the masculine, feminine and neuter genders shall be used interchangeably and where required by the sense hereof the singular shall include the plural and the plural shall include the singular. ARTICLE VII. DUTIES, COMPENSATION OF TRUSTEE, SUCCESSOR TRUSTEE 7.01. The Trustee shall receive ais its compensation for the services performed hereunder that sum of money which the Trustee normally and customarily charges for performing similar services during the time which it performs these services. 7.02. The Trustee may resign at any time upon written notice given to the Settlor if he is living, or in the event of his death, upon written notice to the current income beneficiary or beneficiaries hereunder. Upon the death, resignation, removal or incapacity of the Trustee, a successor trustee may be appointed by the Settlor during his lifetime, or, after his death, by a majority of the current income beneficiaries. If the Settlor or current income beneficiaries fail to appoint a successor 'Trustee within -18- ninety (90) days of the Trustee's death, resignation, removal or incapacity, then WENDY S. McIVEIR, of 23 Manor Brook Road, Monkton, Maryland shall become successor Trustee. if WENDY S. McIVER predeceases the death, resignation, removal or incapacity of the prior Trustee, then GUY V. STEVENS, of 5205 Belvoir Drive, Bethesda, ~~` Maryland shall become successor Trustee. Anv successor trustee thus appointed, or, if the Trustee shall merge with or be consolidated with another corporate fudiciary, then such corporate fudiciary, shall succeed to all the duties and to all the powers, including discretionary powers, herein granted to the Trustee. ARTICLE VIII. PERPETUITIES CLAUSE 8.01. Notwithstanding anything to the contrary in this trust, each disposition I have made here, legal or equitable, to the extent it can be referred in its postponement of becoming a vested interest to a duration measured by some life or lives in being at the time of my death is definitely to vest in interest, although not necessarily in possession, not later than twenty-one (21) years after such lives (and any period of gestation involved); or, to the extent it cannot be :referred in any -19- such postponement to such lives, is to so vest not later than twenty-one (21) years from the time of my death. IN WITNESS WHEREOF, the Settlor and Trustee have hereunto set their hands and seals as of t:he day and year first above written. Witness: -~ i _ EAL) W NDELL R. ST V S Attest: - ~. ~~ / ,/~., ,jig-~- ZiY'll,.a.~ (SEAL) WENDELL R. ~TEVENS TRUSTEE -20- N .- ri 1 ~ ~ 'C 6p N ~ U a H a F Wyo F HH Fy W •~ as r~ W ~ rCA, W S U O W 7 C J W r Q r Z ~ £zr N K W r ~ Y N U K W Q E O W r r Z W ~OCN r10C OC rya M U W } J rO N m a~ W N 2 0 r d M oc 6) M W e r 2 W L r V1 W y Z H 1 1 O OIfl NIfl NO~?OOOOOO q O N~ Q OY1N.~IPNOO. If11ryOg00 ~p O q0 V MI~q.+NVrIPNA~Og00 ~1' u1 ~ryq O N Il1A NMONPVf ~TVTOOIf1 N ATM O NCO ~-IN r1NNNMN.+N n1N N N.-1 rl HN N N N NNN N ~ N O Y11f1 v1 OIryOOONONOO O PI~NVINNOOi~ON00 v1q M.d N..INOV1ge~poo QOM r1 r1Q q~!'Pq~pgN00 NMNMMNNrIV r10~M00 A O .n.r W W W U Z E W~ m m N3dWQWIy Qd} QrmUlL 21L ..+1NNr Z 2 VV M M d Z ~ O ~lO Of.1N U OJZ >W.+V1 A OL Urlr dr d O N M d Jx d Sq WK6)fr7 V FQ-}d 67JO20W.+ W Zr} rcwvlroJad Jdwar WrNJOCWO'OC C)WKZ1..~ O Q d 3 OZ O M K W2WW ZdUNx6)rZ Z 6 3 Q 6 Q Z 0,16,1 N OCVZZCi I-INZOCZmOZZ W OHOOf+-~QQWZmUt+f+ -+ moersocalnsnla.+ r ocWNF03Zxw?~FIm= N N$00-aQQW1LQ OCf.a o camc.fax>,eJn.wlnr~s W 1*If M*f 1K M( IK M( 7K M( Y1 0 M O O~ h n Z 2 GC K r r ZN Z W .~1 W Ifl ON O o e b d q VI KI Z O~ O P W rlr-1m U^I LL 1 d 1 dKNVlmO N W.~1 m.+ Z JN r~+ o J.+aJ~n. N Q W X Q dX r {,1aWUNW d O r r K OC O O Z Z N H } r N r Z a d O O O O O O O N O 0 0 0 OV1 e eoooooaeee~r .-1 N o~O.+MNNNVI ~TNV N .~+ 1f1 N N r N K r r W r W Z r z A Z LL J Q r 7 S O O T 1~ O M M 1~ N x IA Q 6) NG N y rl{/I z ~H d LL O G m W .1 J L.1 M ~: LL LL r as O M1 1n r. fM q •N VI W r M V W N r W E z oc W O O W r a O d O 6) N Q ~o O O N r Z n X N b N N N .~ O Z } N r N O O 0 O ti J H a H ~ ~1 zo w E z w m~ P4' P: as Faad U O 3 ~ b ~ W . i ~ ~ ~ ~a r N G J WHQ O.y M F-Z~ .+.y .-~ 6 W q q q y H OCW 1-~Y N U K W Q E a W H ~p O p~ N e ~ U .~1~ M L Kr i MOCC ~t 0~ r.~ p ~ U~ A O A p V I i i W J H O ..m ~f ar W N N 6 V O a~ 6 E Z p Z K O o ~-+ X - U F d \ 4 F W O Q O N M~ ZZd ~ ~ W J ~ V o N NJ M1}fF K W J (/~ K O$ o ~ 1f1W q 4YO O ~m ~ SQA N F J W Z Z Y9 lCJ V1M f. F i <1-10 O W ~ HU M O At~ f~ ? N (,i J~ZM~K Z N M H G W~ Z W Q ~+ ~3 Z >R'~fJKg S ~ oe e e ~ oo e F elfl N 1f1 Z .r .w N .w Q d 0 0 0 N U] U Estate Valuation-Individual ML Date of Death: 02/06/2012 Valuation Date: 02/06/2012 Processing Date: 03/01/2012 Estate of: Alice M. Stevens Account: ML p895-29951 Report Type: Dale of Death Number of Securities: 2 -File ID: 7904.1,ml.ind Shares Security or Par Description High/Ask Low/Hid Mean and/or Div and Int Adjustments Accruals Security Value 1) 500 LINEAR TECHNOLDGY CORP (535678106; LLTC) WM NASDAQ 02/06/2012 39,30000 33.83000 M/L 34.065000 17,032.50 2) 500 MEDTRONIC INC ~5E5055106; MOT) ' COM NYSE 02/06/2012 40.60000 90.00000 H/L 40.300000 20,150.00 Total Value: $37,182.50 Total Accrual: $0.00 Total: $37,1H2.50 3) ~~~ m~ ~a~~ DeP . 78GO.D5 l~~ F~CCACcnf,' ~~FSO~a-SS Page 1 This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions, please contact EVP Systems aC (8181 313-6300. (Revision 6.4.11 Scl, . d 03/06/2012 14:07 7172613684 F M TRUST PAGE 02/02 ~ ~ . ~ 9' 0 ~~ Z :e m m~ ,a ~~ m m w ~ p ~ o ~ a° ~ ~ n O O yN a m i „ a 2 m 0. 7 N ~ M Y U ~. i~ 1 a ~ O Y A R ~ ~ ~ ~ ~ 3 a s 0 w 6 e r s Fi Q S~ e~ OZ 3 ~m ~C ~, m y^I wm u M ~ m M R e ti ~ j~h . ~ , i~f' n -, I~ SUMMARY APPRAISAL REPORT PERSONAL PROPERTY ESTA"CE Personal Property of the Estate c f Alice M. Stevens, deceased d.o.d. (date of death) February 06, 2012 Clients: Guy Lee Stevens, Executor No V. Otto III, Esq. Martson Law Offices 10 East High Street Carlisle, Pennsylvania 17013 Effective Date of Appraisal: d.o.d. February 06, 2012 Date of Report: Apri105, 2012 By: Ibis Appraisal Services z¢SN. HarraverSt. P.O. Bax 24 Car~s~e~ PA z7oz3 (717) 243-3474 info~ibisappraisals.com cvcvnv. ibisappratsals. com ~bis A~~rais:+~jervices ~~~e I off- 16 5ch• ~, -rim `~ TABLE OF CONTENTS Table of Contents 2 Appraisal Scope of Work 3 Appraisal Extraordinary Assumptions 4 Appraisal Hypothetical Conditions 4 Appraisal Summary 5 Digital Photograph & CD-ROM Instructions Personal Property Listing 7 Appraisal Summary (Copy) 10 Glossary 11 Appraisal Certification 12 References 13 Privacy Notice 14 Statement of Qualifications 15 ~bis APPraisa~j- rnices Pa,ec 2 0~ 1 6 APPRAISAL SCOPE OF WORK: I hereby certify that, upon the clients' request for the appraisal of personal property of the Alice Stevens Estate (d.o.d. February 06, 2012). I have appraised the estate personal property to determine the Fair Market Value for the purpose of the administration estate and estate taxes. The effective date is, as of the d.o.d. February 06, 2012 and reported on April O5, 2012. The clients in this estate appraisal are Guy Less Stevens, Exe and No V. Otto III, Esq. The intended users of this appraisal are Guy Less Stevens, Exe and No V. Otto III, Esq. and any other person(s) authorized by the administrators of this estate. The date of inspection was March 19, 2012. I have personally and physically inspected the listed personal property. The personal property was found to be in good to excellent condition, unless otherwise noted. The information and values contained in this report are based upon my experience as an appraiser and other reliable sources using a Sales Comparison Approach to determine Fair Market Value. [Fair Market Value is used in divorces and estates in thf; state of Pennsylvania.] A market data analysis with comparable sales transactions was used to reconcile the quality and quantity of data. Values are reported piece-by-piece, and/or as a whole. All values reported have been determined with consideration to the condition of the item, market conditions, and salability factors. All analyses, notes and paperwork are found in the workfile. Ibis App~raisa~ Alyssa ~~.~1~',~or~y, ISA A~ ~bis /-~PPr, isa~jervices Pace 3 of 16 APPRAISAL EXTRAORDINARY ASSUMPTIONS c~3 There were no extraordinary assumptions used in this appraisal. APPRAISAL HYPOTHETICAL CONDITIONS c~ There were no hypothetical conditions used in this appraisal. ~bis A~~raisa~jervices Pale 4 0~ I APPRAISAL SUMMARY It is in my opinion, that as of the date of death: February 06, 2012 and reported on April O5, 2012, the Fair Mazket Value of the Alice Stevens Estate personal property: (One Thousand One Hundred Sixteen Dollars and Zero Cents) ($1,116.00) Ibis Ap~raisa~ The report must be read in its entirety. The Appraisal Summary ONLY is not the appraisal report. 165 APl,~a~s~l Services ('~,~e s ~i , s DIGITAL PHOTOGRAPH & CD-ROM INS7['RUCTIONS Ibis Appraisal Services has provided you with a CD-ROM that houses all of the digital photographs of all of the items appraised. The CD-ROM also contains a saved copy of the appraisal report. This CD-ROM may be kept with the paper copy of 1:he appraisal report or kept off-site, such as a safety deposit box. The photographs are saved in the JPEG picture format, meaning that all of the file names end with a ".JPG". The file names correspond to the written appraisal report's Corresponding Photograph File that is included at the end of each item appraised. Getting started with your CD-ROM 1. Insert the CD-ROM into your computer's CD-ROM Drive. If you do not have a computer or access to a CD-ROM Drive--a copy store, office supply store, or public library will be able to help you view and/or print your pictures. 2. Your computer may contain one or several different softwaze programs that will allow you to view your pictures. Examples of these programs are Draw, Photo Editor, Picture It! Express, Photo Suite, My Photo Center, Photo Studio Lite, Photo Shop 1?ro, Picture CD, or Photo Deluxe. The .program that is included with a digital camera is another wav to view vour icn tares. • Select the program for viewing photographs and open the program. 3. Click FILE, and Click OPEN. 4. Use the Pull-Down, "Look in" Menu and select the D Drive (1D:) or whichever drive is designated as your CD-ROM (sometimes this may be the E Drive (E:) on your computer). ~ NOTE • Your CD-ROM Drive is designated with a small CD-ROM graphic Icon or a cartoon representing the drive. • The drives of your computer can be found under My Computer section of the Pull-Down "Look in" Menu. Common Drives aze: A Drive (floppy disc drive), the C Drive (hard disc drive), the D Drive (CD-ROM Drive), and the E Drive (sometimes CD-ROM Drive; sometimes an external drive, like a CD-ROM Writer, Zip, or Jazz Drive). Double-click on the photograph you wish to view. ~6is A~+Fraisa jeices Payee 6 0~ 16 PERSONAL PROPERTY LISTING *Note: Gold Price on date of death -February 06, 2012: $1,722.80 Platinum Price on date of death -February 06, 2012: $1,E~25.20 Silver Price on date of death - Februar 06, 2012: $33.75 1 Rine. 14k yellow gold and platinum ring. Ring is missing $62.00 diamonds. Weight: 1.4 grams. Location: Gray velvet jewelry box. Corresponding Digital Photograph File: img_852~.jpg 2 Rind. 14k yellow gold ring with nine round cut diamonds. $178.00 Diamonds are approximately 0.01-0.02 carat each for a total carat weight of approximately 0.09-0.18 carat. Weight: 2.4 grams. Location: Gray velvet jewelry box. Corresponding Digital Photograph File: inrg_8525.jpg 3 Rine. 14k yellow gold ring with nine round cut diamonds $229.00 with floral motif. Inscribed, "Lovely Alice". Diamonds aze approximately 0.02-0.03 cazat each for a to1:a1 carat weight of approximately 0.18-0.27 carat. Weight: 2.1 grams. Location: Gray velvet jewelry box. Corresponding Digital Photograph File: img_8527.jpg 4 Rine. 14k }'ellow gold and platinum with si:!c small round cut $520.00 diamonds and one larger round brilliant cut diamond. Six smaller diamonds: approximately 0.03-0.04 carat each. Central larger diamond: approximately 0.75 carat. Approximate total carat weight of 0.93-0.99' carat. Weight: 2.5 grams. Location: Gray velvet jewelry box. Corresponding Digital Photograph File: img_8528.jpg ~6is ~~~raisa~jbrvices Page ~ of 16 5 Watch. Gold-plated closed-face pocket watch. Maker: Hampden. Serial Number: 1962276. Watch has cracked face. Corresponding Digital Photograph File: img_8523.jpg $35.00 6 Note. 1923 $1 large silver certificate note. Corresponding Digital Photograph File: in:g_8529.jpg $15.00 7 Coin. 1884 Morgan silver dollar. Corresponding Digital Photograph File: img 8531.jpg $28.00 8 Coin. 1922d Peace silver dollar. Corresponding Digital Photograph File: in!g_8533.jpg $28.00 9 Coin. 1972 Eisenhower silver dollar. $1.00 10 Coins. Seventeen 1976 Bicentennial Eisenhower silver dollazs. Corres ondin Di ital Photo ra h File: im 8530. $17.00 11 3 Coin. 1977 Eisenhower silver dollaz. Corresponding Digital Photograph File: img_8530 jpg $2.00 ~bis A1+F+ra isa~ Services Page 8 0~ 16 12 Coin. 1965 Silver Crown. Elizabeth II with Churchill on $1.00 reverse. Corresponding Digital Photograph Files: img_8.i35 & img_8536.jpg Total $1,116.00 ~~is /-~F,erais:3~ Services Payee 9 of 16 APPRAISAL SUMMARY (COPS') It is in my opinion, that as of the date of death: February O6, 2012 and reported on April O5, 2012, the Fair Market Value of the Alice Stevens Estate personal property: (One Thousand One Hundred Sixteen Dollars and Zero Cents) ($1,116.00) Ibis A~praisa~ ACyssa .~. fib{ dbney, ISA A.~2 director The report must be read in its entirety. The Appraisal Summary ONLY is not the appraisal report. ~bis ,l~~~raisa~ ~ervices ~a~e I O of 16 GLOSSARY Extraordinary Assumption. An assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions [tJSPAP]. Fair Mazket Value. The price at which a property would change handls between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts [IRS Regulation Section 1.170A-1(c)(2)]. Fair Market Value Expanded. Fair Mazket Value is not to be determine:d by a forced sale...nor is the Fair Mazket Value of an item of property to be deterred by the sale price of the item in a market other than that in which such an item is most commonly sold to the public...taking into consideration the location of the item where appropriate. [Treasury Regulation § 20.2031-I(b)]. Hypothetical Condition. That which is contrary to what exists but is supposed for the purpose of analysis [USPAP]. Replacement Value. The term replacement value refers to the amount thhat an entity would have to pay, at the presient time, to replace any one of its assets [Wikipedia]. Sale Comparison Approach. This approach compares an object propert;y's chazacteristics with those of compazable objects that have recently sold in similaz transactions [Wikipedia]. ~bis ~y~+Praisa~ Sc rvices Page I I of 16 CERTIFICATION OF APPRAISAL I certify that, to the best of my knowledge and belief: - The statements of fact contained in this report are true and correct. - The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - 1 have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. - 1 have made a personal inspection of the property that is the subject of this report. - No one provided significant personal property appraisal assistancF: to the person signing this certification. This appraisal was'based upon the following assumptions, limitations, and conditions: 1. The information contained in this report was gathered from sources considered reliable, personal examination, research of authenticity and comparable sales and/or auction prices. 2. No responsibility is assumed for matters that are legal in nature, including, but not limited to: the representation of others concerning the value, authenticity, condition, oril;in, or provenance of an item appraised. 3. The appraiser assumed that a normal and careful examination of the property was sufficient to determine its quality and condition and that no extraordinary examination procedures were to be utilized, unless these were specially requested and the expenditure of funds therefore authorized. 4. The appraiser's court attendance and expert testimony report, if requiredl, are not included as part of this report. The appraiser does have the right to refuse testimony. It is the firm belief of the appraiser that the information furnished in this appraisal report and the conclusions drawn from this information are true and correct, but they are not guaranteed. ACyssa G ~Dlmctm ~bis ,,~~~raisa~ Services ('eGe 12 of 16 APPRAISAL REFERENCES Art Fact. http://www.artfact.com Cordier Antiques & Auctions. 2151 Mazket St. Camp Hill, PA 17011. 717- 731-8662. http://www.cordierantiques.com Craie's List. http://www.craigslist.com eBay;. http://www.ebay.com Gold Price. http://silver-and-gold-prices.goldprice.org/2012/02/gold-pnice-five-day-chart-must- not.html LR.S. Publication 561: Determinine the Value of Donated Propertv. http://www.irs.gov/pub/irs- pdf/p561.pdf Morphy Auctions. 2000 N. Reading Rd., Denver, PA 17517. 717-335-3435. http ~~/www.morphyauctions.com/ Pook &Pook. 463 East Lancaster Ave. Downingtown, PA 19335. 610-296-4040. http:,/www.pookandpook.com Prices for Antiques. http://www.p4a.com Terapeak. http://www.terapeak.com Treasury Regulatjon § 20.2031-1(b~. Title 26: Internal Revenue. Chapter I: Internal Revenue Service, Departmt;nt of the Treasury (Continued). Part 20: Estate Tax; Estates of Decedents dying after August 16, 1954. Sec. 20.2031-1: Definition of gross estates; valuation of property. U.S. Treasury Regulations Section 1.170A-1(cZ2): Charitable. etc.. Contributions and Gifts; Allowance of Deduction. http://www.taxalmanac.org/index.php/Reg._1.170A-1 Uniform Standards of Professional Annraisal Practice. http://www.appraisalfoundation.org Wikipedia. http://en.wikipedia.org/wiki/Replacement value Worthpoint. http://www.worthpoint.com ~~is ,F~e~raisa~ `jcrviccs Pa¢JC I j of 16 PRIVACY NOTICE Pursuant to the Gramm-Leach-Billey Act of 1999, effective July 1, 2001, appraisers, along with all providers of personal financial services aze now required by federal law to inform their clients of the policies of the firm with regard to the privacy of client nonpublic personal information. As professionals, we understand that your privacy is very- important to you and aze pleased to provide you with this information. In the course of performing appraisals, we may collect what: is known as "nonpublic personal information" about you. This information is used to facilitate the services that we provide to you and may include the information provided to us by you directly or received by us from. others with your authorization. We do not disclose any nonpublic personal information obtained in the course of our engagement with our clients to nonaffiliated third parties, except as necessary or as required by law. By way of eXample, a necessary disclosure would be to our independent contractors, and in certain situations, to unrelated third party consultants who need to know that information to assist us in providing appraisal services to you. All of our independent contractors and any third party consultants we engage are informed that any information they see as part of an appraisal assignment is to be maintained by strict confidence within the firm. A disclosure required by law would be a disclosure by us that is ordered by a court of competent jurisdiction with regard to a legal. action to which you are a party. We will retain records relating to professional services that we have provided to you for a reasonable time so that we are better able to assist you with your needs. In order to protect your nonpublic personal information from unauthorized access by third parl;ies, we maintain physical, electronic, and procedural safeguards that comply with our professional standazds to insure the security and integrity of your information. ~bis /~~+~raisa~ Services Pape 14 of I (> STATEMENT OF QUALIFICATIO]VS Alyssa L.W. Loney, ISA-AM PRESENTLY Founder of Ibis Appraisal Services. Owner and Director. October 2001- Present. Responsible for the management and direction of Ibis Appraisal Services. Conducts extensive on-site and in- house appraisals, valuations, assessments, and analyses of personal and cultural property. Conducts research on all objects considered personal and cultural property. Performs appraisals for divorces, estates and insurance. Performs in the service of law firms, banks, insurance agencies, universities, library, museums, churches, non-profit agencies .and the general public. Responsible for the development of policies, guidelines, public programs, and standazds for Ibis Appraisal Services. Takes an active role in promoting ethics in appraising. Works with local, state, national ang1 international agencies to prevent and uncover appraisal and personal/cultural property fraud. Member of Institute of Appraisal of Personal Properly, American Society of Appraisers, International Society of Appraisers, and Professional Coin Grading Service. PROFESSIONAL COURSE COMPLETIONS ISA Course Completions - Core Course in Appraisal Studies - Antiques &'Residential Contents iJSPAP Completions - 2002 Uniform standazds of Professional Appraisal Practice - 2009 Uniform Standards of Professional Appraisal Practice (takes 15hr course, rather than update course.) Archaeological Resources Protection Act Course - American ?antiquities Act of 1906. - National Historic Preservation Act of 1966 - Archaeological Resources Protection Act of 1979 - Native American Graves Protection and Repatriation Act of 1994 PROFESSIONAL ACCOMPLISHMENTS ~t State Historical and Underwater Archaeologist for the State of Louisiana. ~ Attended the Conservation of Indian Artifacts Symposium sponsored by the Smithsonian Institution and the Tunica-Biloxi Indian Reservation, Mazksville, Louisiana. ~ Director of the West Virginia University Historical Costume Museum. ~ Kesearch Archaeologist/ Artifact Instructor for CADW (Welsh Historic Monuments)/ iniversity of York, England. ~ Reseazch and Preservation Specialist for the Maryland Historical Trust. ~ Presented and published works for national and international organizations including the Society for Historical Archaeology, Middle-Atlantic Archaeology Conference, Southeastern Archaeological Conference, Louisiana Archaeological Society, and the Maryland Historical "Crust. ~bis A~Praisa~ Services Page i 5 of 16 EDiJCATION B.Sc;. Historical Textiles and Clothing, 1992, West Virginia Lniversity, Morgantown, West Virginia, United States. M.A.. Archaeology, 1995, University of York, York, England.. ~bis ,q~Praisal jervices Payee 16 0~ 16 Estate Valuation-Ameripris a-Ind Date of Death.: 02/06/2012 Valuation Date: 02/06/2012 Processing Date: 03/29/2012 Shares Security or Par Description 1) 995.53 FEDERATED EQUITY FDS (VFCAX) CLOVER VALUE A NASDAQ 02/06/2012 2) 1000 XCEL ENERGY INC (98389B100; XEL) COM NYSE 02/06/2012 Estate of: Alice M. Stevens Account: 7959.1 Report Type: Dale of Death Number of Securities: 2 File ID: 7954.1.ameriprise.ind Mean and/or Div and Int Security High/Ask Low/Bid Adjustments Accruals Value 15.53000 Bid 15.530000 15,460.58 26.53000 26.33000 H/L 26.930000 26,430.00 Total Value: Total Accrual: Total: $41,890.58 3) ~Enpr)s2 Zns~.~W.~ T~ /~EC~L w.~ ~a~r~fcs-: 41 S I R49 • S ) $41,890.58 $0.00 l o os8,`~3 Page 1 This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions, please contact EVP Systems at (818) 313-6300. (Revision 6.9.1) ~I,, G - Z-~e~, I'I Estate Valuation-AMS Trust--ML Date of Death: 02/06/2012 Valuation Date: 02/06/2012 Processing ]Date: 03/01/2012 Estate of: Alice M. Stevens Account: ML #895-10K74 Report Type: Date of Death Number Of$eCUYities: 8 File ID: 7959.1.ml.ams.trust Share:a Security Mean and/or Div and Int Security or Parr Description High/Ask Low/Bid Adjustments Accruals' Value 1) 25000 LACKAWANNA CNTY PA (505480VL9) FT IatL DTD: 01/15/2002 Mat: 10/01/2019 4.75$ 02/06/2012 100 .67100 100 .67100 A/B 100. 671000 InL 10/01/2011 to 02/06/2012 2) 25000 PENNSYLVANIA ST TPK COtR~SI OIL (709221HK9) FT Intr. DTD: 08/,01/1998 Mat: 12/01/2023 5$ 02/06/20'12 100 .30400 100 .30200 A/H 100. 303000 Int: 12/01/2011 to 02/06/2012 3) 85000 DELAWARE. CNTY PA AUTH REV (245913F52) FT Intr. DTD: O1/pl/1998 Mat: 11/15/2026 9.675$ 02/06/2012 100 .10300 100 .10100 A/H loo. lozooo Inb 11/,15/2011 to 02/06/2012 4) 3000 GMAC INC'(36186C202) PINES 7.30$ NYSE 02/06/2012 23 .11000 22 .98000 H/L 23. 095000 5) 1000 MERAILL LYNCH PFD CAP TR III (59021F206) TOPRS 7$' NYSE 02/06/2012 23 .89000 23. 65000 H/L 23. 770000 6) 15 HLACKAOCA FDS II (CIGAX) U$ GOVT BD INV A NASDAQ 02/06/2012 10. 82000 Bid 10. 820000 7) 5000 NUVEEN PA TNVT QUALITY MUN FD (670972108; NQP) COM NYSE 02/06/2012 15 .41000 15. 26900 H/L 15. 337000 8) 1000 N[NEEN PA PREM INCOME MUN FD 2 (67061F101; NPY) COM NYSE 02/06/2012 19. 36000 19. 30000 H/L 14. 330000 Total Value: Total Accrual: Total: $320,982.86 Ca~ ~ ~L /3~,,.k Dry. 7o-~-c~~ R cc~a,,1f: ~ ~f73, 5g~, 40 25,167.75 912.33 25,075.75 225.69 es,oe6.7a 932.39 69,135.00 23,770.00 162.30 76,685.00 14,330.00 $319,912.50 $1,570.36 ~ lsa,~a~. sy Page 1 This report. was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. IE you have questions, please contact EVP Systems at (818) 313-6300. (Revision 6.9.1) ~~ci,. ~ , ~.~'+~, I g Estate Valuation-Wendell Stevens Tr 1) 40000 HARRISBURG PA RUTH RES RECOVER (91973EFG1) FT Intr. DTD: 08/01/1998 Mat: 09/01/2021 58 02/06/2012 99 .77100 99 .62100 A/H 99 .396000 Int: 09/01/2011 to 02/06/2012 2) !i0000 PENNSYLVANIA ST HIGHER EDL FAC (70917NDU5) FT Intr. DTD: 02/0;1/1999 Mat: 08/01/2029 56 02/06/2012 100 .13500 100 .13300 A/B 100 .139000 Int: 02/01/2012 to 02/06/2012 3) Unknown CUSIP (293ESC554) 4) 1000 MERRILL LYNCH PFD CAP TR V (59021K205) TOPRS 7.286 NYSE 02/06/2012 29 .27000 29 .15000 H/L 29 .210000 5) 500 LINEAR TECHNOLOGY CORP 1535678106; LLTC) COM NASDAQ 02/06/2012 34. 30000 33 .83000 H/L 34 .065000 61 500 MEDTRONIC INC (585055106; MDT) COM NYSE 02/06/2012 90. 60000 90 .00000 H/L 40 .:100000 7) 11 PORTLAND QEN ELEC CO (736508897; POA) COM NEW NYSE 02/06/2012 25. 28000 25 .07800 H/L 25 .:.79000 81 1 VISTEON CARP (VC) COM NEW NYSE 02/06/2012 52. 69000 51. 82000 H/L 52. 255000 9) 1 VISTEON CmRP (VSTOW) WT EXP 10x515 NASDAQ 02/06/2012 10. 50000 10. 00000 H/L 10. 'L 50000 10) 1367.309 BLACKROCK 'MUN BD FD INC (BNMLX) NATL MUN ~LKRX NASDAQ 02/06/2012 10. 81000 Bid 10. 810000 11) 19.283 BLACXROCK'FDS II (CIGAX) US GOVT BIB INV A NASDAQ 02/06/2012 10. 82000 Bid 10. E'~20000 12) 350 LORD ABBE1^T AFFILIATED FD INC (594001100; L AFFX) CL A NASDAQ 02/06/2012 11. 49000 Hid 11. 940000 Estate of: Alice Stevens Estate Account: ML 895-10X73 Report Type: Date of Death Number of Securities: 13 File ID: 7954.1.ml.wrstrust Shares Security Mean and/or Div and Int Security or Par Description High/Ask Low/Bid Adjustments Accruals Value Date of Death: 02/06/2012 Valuation Date: 02/06/2012 Processing Date: 09/03/2012 39,878.90 861.11 50,067.00 39.72 0.00 29,210.00 17,032.50 20,150.00 276.97 52.26 10.25 14,780.56 159.59 4,004.00 Page 1 This report was produced with Estat eVal, a product of Estate Valuations & Pricing Systertis, Inc. If you have questions, ~. please contact EVP Systems at (81 E) 313-6300. (Revision 6.9.1) ~C~. ~ , S~l (Yl Date of Death: 02/06/2012 Valuation Da':e: 02/06/2012 Processing -,ate: 09/03/2012 Shares Security or Par Description 13) 2869 TRI CONTL CORP (895936103; TY) COM NYSE 02/06/2012 Total Value: Total Accrual: Total $215,666.22 14'~ C~sti~ (7~dh21~ ~'o~"aa ~CCf; ~ `f54,lL3.79 Estate of: Alice Stevens Estate Account: ML 845-1OR73 Report Type: Date of Death Number of Securities: 13 File ID: 7959.1.ml.wrstrust Mean and/or Div and Int Security High/Ask Low/Bid Adjustments ACCYUa1s Value 15.46000 15.32000 H/L 15.390000 94,153.91 $219,770.39 $895.83 '~~4H3g3.'a0 Page 2 This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions, please contact EVP Systems at (8181 313-6300. (Revision 6.9.1) ~~~,, G-, =-lem ~ a