HomeMy WebLinkAbout12-03-12 (2)_J 1505610140
REV-1500 EX `°'-'°'
PA Department of Revenue County Code Year File Number
Bureau of Individual Taxes INHERITANCE TAX RETURN
PO BOX 280601
Harrisburg PA 17128 0601 RESIDENT DECEDENT 2 1 1 2
ENTER DECEDENT INFORMATION BELOW
Social SeCUflty Number Date Of Death MMDDYYYY Date of Birth MMDDYYVY
1 2 2 0 1 2 0 6 0 7 1 9 1 3
Decedent's Last Name Suffix Decedent's First Name MI
R O N E Y E V E L Y N K
(If Applicable) Enter Surviving Spouse's Information Below
Spouse's Last Name Suffix Spouse's First Name
Spouse's Social Security Number
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
MI
FILL IN APPROPRIATE OVALS BELOW
inal Return
Ori
1
^
2. Supplemental Return
^
3. Remainder Return (date of death
g
. prior to 12-13-82)
^ 4. Limited Estate ^ 4a. Future Interest Compromise (date of ^ 5. Federal Estate Tax Return Required
death after 12-12-82)
Q 6. Decedent Died Testate ^X 7. Decedent Maintained a Living Trust 8. Total Number of Safe Deposit Boxes
(Attach Copy of Will)
^ 9. Litigation Proceeds Received
^ (Attach Copy of Trust)
10. Spousal Poverty Credit (date of death
^
haO) nder Sec. 91 f 3(A)
t t' E
h S
between 12-31.91 and 1-1-95) c
Attac
CORRESPONDENT -THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED T0:
Daytime Telephone Number
Name
I V O V O T T O I I I 7 1 7 2 4 3 3 3 4 1
____
REGISTER OF {~'LS USE OJa.Y
C? r`Jv ~ 1'rl
o m
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First line of address ~ rn ~ ~
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M A R T S O N L A W O F F I C E S ~~"',~
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Second line of address z V: ~ O ~'
'D -rt -rt
1 0 E A S T H I G H S T R E E T °q~' 3 ~`"
C LSAT D -- C7
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~
City or Post Office State ZIP Code ~- ~---- -
r--m-
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C A R L I S L E
P A 1 7 0
1 ~
C
3 y cn U' -n
Correspondent's a-mail address: 1U1~ f V (Q1,MH1C f ;
Under penalties of perjury, I declare that I have examined thls return,
it is t e, correct antl complete. DeGaraaon of preparer other than the
ci Am rRE AF PERSOMS2ESPONSIDLEFOR FILING RETURN
ADDRESS
REPRESENTATIVE
accompanying schedules and statements, and to the best of my knowledge and Deliel,
represenladve Is based on all information of which preparer has any knowledge.
-3
DATE
HUVRCJJ
10 EAST HIGH STREET CARLISLE PA 17013
PLEASE USE ORIGINAL FORM ONLY
Side 1
1505610140 1505610140 J
TE
Continuation of REV-1500 Inheritance Tax Return Resident Decedent
21 12
EVELYN K. RONEY File Number
Decedent's Name Page 1
Correspondents
Name Daytime Telephone Number
First line of address
Second line of address
City or Post Office State ZIP Code
Correspondent's a-mail address:
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and slatemenLa, and to the best of my knowletl
tl b We, coned and complete. Dedaretion of preparer other than the personal representative is based on all information of which preparer has any kno~
cinNa7uRE OF PERSON RE6PONSIBLE FOR FILING RETURN DATE
ADDRESS 1
3826 CONESTOGA ROAD CAMP HILL PA 17011
1505610240
REV-1500 EX Decedent's Social Security Number
1 8 4 2 6 3 7 8 0
Decetlant's Name: EVELYN K• RONEY
RECAPITULATION
...........................................
t. Real Estate (Schedule A) t'
2. Stocks and Bonds (Schedule 8) ...................................... 2.
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.
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.
8. Total Gross Assets (total Lines t through 7) ........................... 6.
8 3 3 7 0 3. 8 9
4 9 9 2 3. 3 4
8 8 3 6 2 7. 2 3
9. Funeral Expenses and Administrative Costs (Schedule H) .................. 9.
10. Debts of Decedent, Mortgage Liabilities, and Liens (Schedule I) ............. 10.
11. Total Deductions (total Lines 9 and 10) ............................... 11.
12.
13.
14. Net Value of Estate (Line S minus Line t i) ...................
Charitable and Governmental Bequests/Sec 9113 Trusts for which
an election to tax has not been made (Schedule J) .............
Net Value Subject to Tax (Line 12 minus Line 13) ............. .......
.......
....... .. t2.
.. t 3.
.. t4.
TAX CALCULATION -SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable
at the spousal tax rate, or
transfers under Sec. 9116 0 ~ ~ 15.
(a)(1.2) X _
i6. Amount of Line 14 taxable 8 6 8 6 1 3. 4 2 16
at lineal rate X .045 .
17. Amount of Line 14 taxable ~ ~ ~ ~ 17.
at sibling rate X .12
18. Amount of Line 14 taxable ~ , ~ Q 18
at collateral rate X .15 .
19. TAX DUE ...................................................... 19.
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
L 15U561O24O
Side 2
1 4 8 6 5. 0 9
1 4 8. 7 2
1 5 U 1 3. 8 1
8 6 8 6 1 3. 4 2
8 6 8 6 1 3. 4 2
o. a o
3 9 0 8 7. 6 0
0. 0 0
o. a o
3 9 0 8 7. 6 0
15U561O24O
REV-1500 EX Page 3
Flle Number
21 12 0
Decedent's Complete Address: -
DECEDENT'SNAME
EVELYN K. RONEY _ - __- _ __- _ _- -- _ _ --- _-
_-
- _ - ---
- _-_ -- -
STREET ADDRESS
3 CLIFTON TERRACE _ - - _- __ -- ___ _ _-
- -- _ -
_ _
CITY STATE - ZIP
CARLISLE PA 17105
Tax Payments and Credits: (1) 39,087.60
t. Tax Due (Page 2, Line 19)
2. CreditslPayments
A. Prior Payments 1,954.38
B. Discount Total Credits A+B
( ) (2) 1,954.38
3. Interest
(3)
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. (4) 0.00
5. if Line 1 +Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5) 37,133.22
Make check payable to: REGISTER OF WILLS, AGENT
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transfened : ................................................................. .....
X
b. retain the right to designate who shall use the property transferred or its income; .............. ......
^ (]
c. retain a reversionary interest; or .......................................................................................... ......
^ 0
d. receive the promise for life of either payments, benefits or care7 ................................................. ......
2. If death occuned after December 12,1982, did decedent transfer property within one year of death ^ ^
without receiving adequate consideration? ................................................................................. ......
^
^X
3. Did decedent own an "intrust for or payable-upon-death bank account or security at his or her death? ... ......
4. Did decedent own an individual retirement account, annuity or other non-probate property, which
^
^X
contains a beneficiary designation? ............................................................................................ ......
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN
For dates of death on or after July 1, 1994, and before Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse
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(a)(1.2)].
• The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5 percent, except as noted in
72 P.S. §9116(1.2) [72 P.S. §9116(a)(1)].
• The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12 percent p2 P.S. §9116(a)(1.3)]. Asibling is defined, unde
Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption.
REV-7503 EX t (6-98)
SCHEDULE B
COMMONWEALTH OF PENNSYLVANIA STOCKS & BONDS
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
EVELYN K. RONEY 21 12 0
All property jotndyovmed with right of survivorship must be disclosed on Schedule F.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
L 600 shares American Elec Pwr Inc., Common (025537101; AEP) 26,041.50
See attached valuation
2. 3,710 shazes AT&T Inc, Common (002068102; T) 140,256.55
See attached valuation
3. 2,500 shares Centerpoint Energy, Inc., Common (151897107; CNP) 52,037.50
See attached valuation
4. 1,728 shares Exxon Mobil Corp., Common (302316102; XOM) 154,923.84
See attached valuation
5. 1,000 shazes Great Plains Energy, Inc., Common (391164100; GXP) 21,910.00
See attached valuation
5a. Dividend on Item 5 212.50
6. 400 shares Hershey Co., Common (427866108; HSY) 28,390.00
See attached valuation
6a. Dividend on Item 6 152.00
7. 14,000 shares PPL Corp, Common (693517106; PPL) 404,740.00
See attached valuation
7a. Dividend on Item 7 5,040.00
** All stock titled as follows:
Evelyn K. Roney, Trustee Evelyn K Roney Revocable Living Ttvst U/A dated 12/5/95
70TAL (Also enter on line 2. RecaDilulation) I E 833.703.89
(If more space is needed, insen additional sheets of the same size)
REV-1508 EX+ (17-10)
pennsylvania SCHEDULE E
DEPARTMENTOF REVENUE CASH, BANK DEPOSITS, & MISC.
INHERITANCE TAX RETURN PERSONAL PROPERTY
RESIDENT DECEDENT
ESTATE OF: FILE NUMBER:
EVELYN K. RONEY 21 12 0
Include the proceeds of litgation and the date the proceeds were received by the estate.
All property joindy owned with right of turvivonhip must be disclosed on Schedule F.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
~, M&T checking 434604 ($49,923.27 + $.07 interest) 49,923.34
Titled: E K Rondey Liv Tr dated 12-OS-95
See attached valuation
TOTAL (Also enter on Line 5, Recapitulation) 15 49,923.34
If more space is needed, insen additional sheets of paper of the same size
REV-1511 EX+(10-09)
pennsylvania SCHEDULE H
DEPARTMENT OF REVENUE FUNERAL EXPENSES AND
INHERITANCE TAX RETURN ADMINISTRATIVE COSTS
RESIDENT DECEDENT
ESTATE OF ratnumnerc
EVELYN K. RONEY 21 12 0
Decedent's debts must be reported on Schedule I.
ITEM
NUMBER
DESCRIPTION
AMOUNT
A.
1. FUNERAL EXPENSES:
Ewing Brother Funeral Home, Inc., Carlisle, PA 3,049.34
2. Westminister Cemetary, grave opening and closing 2,083.00
3. Eby Granite Works, grave mazker inscription 119.00
4. Rev. Marlin Snider, honorarium 100.00
5. William K. Roney, reimbursement of funeral expenses 267.93
6. Denise M. Ahem, reimbursement of funeral expenses 383.97
B.
2.
3.
4.
5.
6.
7.
8.
ADMINISTRATIVE COSTS:
Personal Representative Commissions:
Name(s) of Personal Representative(s)
Street Address
City Stale _
Year(s) Commission Paid:
Attorney Fees: Martson Law Offices (estimated)
Family Ezemptton: (If decedents address is not the same as claimants, attach explanation.)
Claimant
Sveet Address
City State _
Relationship of Claimant to Decedent
Probate Fees:
Accountant Fees:
Tax Relum Preparer Fees:
Filing Fee, Inheritance Tax Return
EVP stock valuation report
ZIP
15.00
10.85
TOTAL (Also enter on Line 9, Recapitulation) $
ZIP
8,836.00
more space b needed, use additional sheets of paper of the same slze.
REV-1512 EX+ (12-08)
pennsylvania
DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULEI
DEBTS OF DECEDENT,
MORTGAGE LIABILITIES, & LIENS
ESTATE OF FILE NUM9EN
EVELYN K. RONEY 21 12 0
Repoli 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. Continuing Care RX, account payable 114.31
2. Century Link, account payable 0.49
3. PPL, account payable 33.92
TOTAL (Also enter on Line 10, Recapitulation) I E
space is needed, insen additional sheets of the same size.
REV-1513 E%+(01-10)
pennsylvania
DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF:
EVELYN K.RONEY
NUMBER NAME AND ADDRESS OF P
I TAXABLE DISTRIBUTIONS Oncluder
Sec.
1. William K. Roney
3826 Conestoga Road
Camp Hill, PA ] 7011
2. Denise M. Ahem
15 Clifton Terrace
Carlisle, PA 17015
SCHEDULE)
BENEFICIARIES
NUMBER:
12 0
RECEIVING PROPERTY
sal distdbutions and Uansfers under
Do Not List Trusteels)
AMOUNT OR SH
OF ESTATE
434,306.71
434,306.71
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18 OF REV-1t
II. NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN:
1.
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS:
SHEET
TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. I S
If more space is needed, use additional sheets of paper of the same size.
REV-1500 Discount, Interest and Penalty Worksheet
Discount Calculation
Total Amount Paid within three calendar months of the decedent's date of death:. _ --___39 087.60
Discount: __ _ 1 954.38
Interest Table
- - - -
--i
Year Days Delinquent Balance Due Interest
this time period this year this period
Before 1981
1982
1983 __ _
1984 __
1.1985__ ___
1986 _
1987
_ _~-_
- f -
-
1995 throu~h_7998__I -1
1999 -- ~ - ~ _ _ -_ .
- 1-
2000 _ ~ _ ~ _
2001 _ _ _ -
2002 _--- -_ __ _- ~
-2003 ~
-- .-_ _..
_ - -_ ~._-
2004 ___ __
00 __ ~_
5
I
2006
-
_
_-
~ _ - } -
x2007 ~
2008 -
- - -
~_ -
--
2009-__
2010 1
-
2011 throw h 2012 I
~ _~ __
_ ~_ _
~
- --
-
~_ __ 1
~~__ TOTALS__ __ _ _
_ J~
--~
--
Penalty Calculation
If the decedent's date of death was on or before March 31, 1993, insert the applicable amount:
Total Balance Due on January 17, 1996:
_ ~~ _ ~_ _
- ~ -
Penalty:
Estate Valuation
Date of Death: 09/12/2012
'/aluat ion Date: 09/12/2012
Processing Date: 10/04/2012
Shares
or ear
1)
2)
31
9)
5)
61
7)
Estate of: Evelyn K. Roney
Account: 14927.1
Report Type: Dale of Death
Number of Securities: 7
File ID: 19927.1.roney
Security Mean and/or Div and Int Security
Description High/Ask Low/Bitl Adjustments Accruals Value
600 AMERICAN ELEC PWR INC (025537101; AEPI
COM
New York Stock Exchange
09/12/2012 43.55500 43.25000 H/L
93.902500
3710 AT 6T INC (002068102; T)
COM
New York Stock Exchange
09/12/2012 38.11000 37.50000 H/L
37.805000
2500 CENTERPOINT ENERGY INC (151097 107; CNP)
COM
New York Stock Exchange
09/12/2012 20.94000 20.69000 H/L
20.815000
1720 EXXON MOBIL CORP (302316102; XOM)
COM
New York Stock Exchange
09/12/2012 09.90000 09.91000 H/L
89.655000
1000 GREAT PLAINS ENERGY INC (391164100; GXP)
COM
New York Stock Exchange
09/12/2012 22.07000 21.75000 H/L
Div: 0.2125 Ex: 08/27/2012 Rec: 00/29/2012 Pay: 09,
400 HERSHEY CO (427866100; HSY) ~_%~ ~fc t ,~• t , ~<
COM
New York Stock Exchange
09/12/2012 71.31000
Div: 0.30 Ex: 08/22/2012 Rec: 08/29/2012 Pay: 09/1
19000 PPL CORP (693517106; PPL)
COM
New York Stock Exchange
09/12/2012 29.04000 ..,. ,.._.., .•...
28.910000
Div: 0.36 Ex: 09/06/2012 Rec: 09/10/2012 Pay: 10/01/2012
Total Value:
Tot a1 ACCLUdl:
Total: $833,703.09
2fi,041.50
190,256.55
52,037.50
154,923.84
21,910.00
212.50
20,390.00
152.00
404,790.00
5,040.00
$828,299.39
$5,404.50
Page 1
This report was protluced with Est at eV al, a product of Estate Valuations & Pricing Systems, Inc. If you have questions,
please contact EVP Systems(\al[' (8/r10)_ 31/3~-63/00 or www.evpsys.com. (Reviys ion 7.3.01
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ACCOUNT N07. ACCOUNT TYPE*<
434604 M8T SELECT NITN INTEREST
~, DO 0 04319M NM I17
000003221 FIDS1541G70110091210 O1 000000 3221
~~= E K RONEY LIV TR DATED
:e + 12-05-96
EVELYN K RONEY
3826 CONESTOGA RD
CAMP HILL PA 17011-1415
INTEREST EARNED FOR STATEMENT PERIOD
INTEREST PAID YEAR TO DATE 3.85
0.41
Y .., ..
STATEMENT PERI00: PAGE
SEP.08-OCT.09,2012 _
1 OF 5
HIGH STREET-CARLISLE
MVYVYI~n vv.... ~.~•
A A ~T ~ Ea o
N0. AMOUNT N0. AST ~' AN01111T 0
42 273.34
53
46eb56.31 6 e . e
T
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09-08-12 BEGINNING BALANCE
s"~~ 9-10-12 DEPOSIT
8 ~= - 0-12 AMERICAN ELECTRI pVO1DD1209
S
u 09-13-12 DEPOSI
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O
O
Y
0
p~
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S
984.96
ze2.oo
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648,656.31
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Last Will
of
EVELYN K.RONEY
I, EVELYN K. RONEY, the Testatrix, a resident of Cumberland County, Pennsylvania, declare
that this is my Last Will. I hereby revoke all my previous wills and codicils.
Article One
Introductory Provisions
Section 1. Marital Status
I am not married.
Section 2. Children
I have two children whose names and birth dates are as follows:
Names Birth Dates
DENISE M. AHERN January 22, 1938
WILLIAM K. RONEY February 18, 1940
Article Two
Appointment of My Personal Representatives
Section 1. Nomination of My Personal Representatives
I appoint the following to be my Personal Representatives in the order of priority in which their
names appear:
DENISE M. AHERN AND WILLIAM K. RONEY,
OR EITHER OR THE SURVIVOR OF THEM; THEN
BRIDGETTE R. ROHRBAUGH
If, for any reason, the Personal Representatives named above are unable or unwilling to serve,
the next successor Personal Representatives shall serve in the order of priority listed until the list
has been exhausted. Unless otherwise specified, if Co-Personal Representatives are serving, the
next named successor Personal Representative shall serve only after all of the Co-Personal
Representatives cease to act as Personal Representatives.
Section 2. Waiver of Bond
No bond or undertaking shall be required of any Personal Representative nominated in this Last
Will.
Section 3. General Powers
My Personal Representative shall have full authority to administer my estate under the laws of
the Commonwealth of Pennsylvania relating to the powers of fiduciaries. My Personal
Representative shall have the power to administer my estate under the Pennsylvania Probate,
Estates and Fiduciaries Code.
Article Three
Disposition of My Property
Section 1. Estate Planning Letter or Memorandum
To the extent permitted by state law and not necessary to fully utilize my Unused Applicable
Credit Equivalent, my Personal Representative shall distribute such of my personal or household
items to such persons as I may direct by a written instrument signed by me and delivered to my
Personal Representative.
Section 2. Distribution to My Revocable Living Trust
I give all the rest, residue and remainder of my property of whatever nature and kind and
wherever located to the then acting Trustees of my revocable living trust of which I am a Trustor
known as the:
EVELYN K. RONEY LIVING TRUST
dated December 5, 1995
I executed said revocable living trust prior to the execution of this Last Will.
Section 3. Alternate Disposition
If my revocable living trust is not in effect for any reason, I give all of my property to my
Personal Representative under this will as Trustee who shall hold, administer and distribute my
property as a testamentary trust the provisions of which aze identical to those of my revocable
living trust on the date of execution of this Last Will, or as thereafter amended.
Article Four
Death Taxes
Section 1. Definition of Death Taxes
The term "death taxes," as used in this will, shall mean all inheritance, estate, succession, and
other similaz taxes that aze payable by any person on account of that person's interest in the estate
of the decedent or by reason of the decedent's death, including penalties and interest, but
excluding the following:
a. Any additional to the federal estate tax for any "excess retirement accumulation"
under Internal Revenue Code Section 4980A.
b. Any additional tax that may be assessed under Intemal Revenue Code Section
2032A or 2057; and
c. Any federal or state tax imposed on a Generation Skipping Transfer, as that term
is defined in the federal tax laws, unless the applicable tax statutes provide that
the Generation Skipping Transfer Tax is payable directly out of the assets of my
gross estate.
Section 2. Payment of Death Taxes
Pursuant to the terms of my revocable living trust, all death taxes whether or not attributable to
property inventoried in my probate estate shall be paid by the Trustee from my Trust. However,
if my Tntst does not exist at the time of my death or if the assets of my Trust aze insufficient to
pay the death taxes in full, I direct my Personal Representative to pay any death taxes that cannot
be paid by my Trustee from the assets of my probate estate by equitably prorating and
apportioning those taxes among the beneficiaries of this will.
Unless specifically provided otherwise in my Trust, all death taxes incurred by reason of assets
being transferred outside of my Trust or probate estate shall be assessed against those persons
receiving such property.
Article Five
General Provisions
Section 1. No Contest Clause
If any person or entity singulazly or in conjunction with any other person or entity, directly or
indirectly, contests in any court the validity of this Last Will including any codicils thereto, then
the right of that person or entity to take any interest in my estate shall cease and the demise of
that person (and his or her descendants) or entity shall be deemed to have occurred prior to mine.
Section 2. Captions
The captions of Articles, Sections and Pazagraphs used in this Last Will are for convenience of
reference only and shall have no significance in the construction or interpretation of this Last
Will.
Section 3. Severability
Should any of the provisions of this Last Will be for any reason declazed invalid, such invalidity
shall not affect any of the other provisions of this will and all invalid provisions shall be wholly
disregazded in interpreting this Last Will.
Section 4. Governing Law
This Last Will shall be construed, regulated and governed by and in accordance with the laws of
the Commonwealth of Pennsylvania.
I signed this, my Last Will, on SEP 1 9 2007
~~t~y ~
EVE~L 'I'I K. RONEY
ATTESTATION CLAUSE
On this S~ ~ 9 Z0~7 , EVELYN K. RONEY, Testatrix, personally Published and
Declazed the foregoing instrument, as and for her Last Will and Testament, in the presence of
each of us and all of us together, who, at her request, in her presence, and in the presence of each
other, also signed the said instrument as witnesses. We further state that each of us believes that
at the time she executed the foregoing instrument she was of sound mind and memory, of lawful
age, and did so execute it as her own free act and deed and not under the constraint or undue
influence of any person.
~~~~~ rn C'.~_ ~_~~~
Witness
~~ ~ ~~ ~~
Street Address ``''
~~ ~ ~U,~~
City, State, Z
Witness
S~7 (,y C~~,~~a~
Street Address
4 /~dj~
City, State, ip
COMMONWEALTH OF PENNSYLVANIA
SS
COUNTY OF DAUPHIN
We, EV/ELYN K. RONEY, ~~(~'~~ /~l l ~Cl-l./IOGY~I'L_ and
(e1J/S ~ ~ (.U ~ 6 _ ,the Testatrix and the witnesses, respectively, whose
names are signed to the attached or foregoing instrument, being duly first sworn, do hereby
declare to the undersigned authority that we were present and saw the Testatrix sign and execute
the foregoing instrument as her Last Will; that the Testatrix signed it willingly, or directed
another to sign it for the Testatrix, that it was executed as her free and voluntary act for the
purposes therein expressed; that each subscribing witness in the presence and hearing of the
Testatrix signed the Last Will as a witness; and that to the best of our knowledge the Testatrix
was at the time of sound mind and memory, of lawful age, and under no constraint or undue
influence.
EVEL K.RONEY
l,cs~ l ~ d~~2e
Witn ss
Witness
SUBSCRIBED, SWORN TO and ACKNOWLEDGED befor/e/ Mme, a notary public, by
EVELYN K. RONEY, the Testatrix, and ~~ ~~~ ~ L-1GL!~L~~~° and
~C-~ls E M ~ al G ,the witnesses, on this SEP 1 9 2007
N tary Public
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The Fourth Amendment
to the
EVELYN K RONEY Living Trust
On December 5, 1995, I, EVELYN K. RONEY, signed the EVELYN K. RONEY Living
Trust, more formally known as:
EVELYN K. RONEY, Trustee, or her successors in trust, under the EVELYN K.
RONEY Living Trust dated December 5, 1995, and any amendments thereto.
Pursuant to Article Four of my Living Trust, which pernuts me to amend my Living Trust in
writing at any time, I now wish to amend my Living Trust as follows:
Article One of my Living Trust is hereby revoked in its entirety and amended as follows:
Section 1. Parties to My Trust
My trust agreement dated December 5, 1995, is made between EVELYN K. RONEY, the
Trustor, and the following initial Trustees:
EVELYN K.RONEY
DENISE M. AHERN
WILLIAM K. RONEY
Section 2. Name of My Trust
This trust may be referred to as the:
EVELYN K. RONEY LIVING TRUST, dated December 5, 1995
The formal name of my trust and the designation to be used for the transfer of title to the name of
my trust is:
EVELYN K. RONEY and DENISE M. AHERN and WILLIAM K. RONEY,
Trustees, or their successors in trust, under the EVELYN K. RONEY LIVING
TRUST dated December 5, 1995, and any amendments thereto
Section 3. Revocable Living Trust
My Trust is a revocable living trust.
Section 4. Initial Trustees
When any initial Trustee is serving under this trust, any initial Trustee may conduct business and act
on behalf of my trust without the consent of the Trustor or any other Trustee.
Section 5. My Family
Unless specifically provided otherwise in subsequent provisions of my Trust Agreement all
references to "my children", subject to the exclusion of any child under any subsequent provisions
of this Section 5, are to all of the children so identified in this Section 5, but only to those children
and any children born to or adopted by me subsequent to the execution of my Trust Agreement.
a. Marital Status
I am presently unmarried.
b. My Children
The names and birth dates of my children are:
Names
DENISE M. AHERN
WILLIAM K. RONEY
Birth Dates
January 22, 1938
February 18, 1940
All references to the children of EVELYN K. RONEY in this instrument are
to these children and any children subsequently born to or adopted by her.
I executed this amendment on A~~ ~ ~ 2~~2
I certify that I have read the foregoing Fourth Amendment to my Living Trust, and that it
correctly states the changes I desire to make in my Living Trust. I approve this Fourth Amendment
to my Living Trust in all particulars and request my Trustees to execute it.
Trustor:
EVELYN .RONEY
Trustees:
~~"'~._ ~l~ V
EVELYN K.RONEY
~~- ~~
WILLIAM K. RONEY
ACKNOWLEDGEMENT
COMMONWEALTH OF PENNSYLVANIA
SS
COUNTY OF DAUPHIN
The foregoing amendment to the EVELYN K. RONEY Living Trust was acknowledged
before me on AUG 1 0 2012 , by EVELYN K. RONEY as Tlvstor and Trustee.
Witness my hand and official seal.
My commission expires:
No Public
COMMONWEALTH OF PENNSYLVANIA
Notarial Seal
Linda L. Fetterhoff, Notary public
Derry Twp., Dauphin County
NY Commission Expires Nov. 8, 2015
MEMBER, PENNBYLVANrq ~BOCU7ION OF NOTARJE$
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF DAUPHIN
SS
The foregoing amendment to the EVELYN K. RONEY Living Trust was acknowledged
before me on AUG 1 0 2012 , by DENISE M. AHERN as Trustee.
Witness my hand and official seal.
My commission expires:
~- k~ ~~~
Notary Public
COMMONWEALTH OF PENNSYLVANIA
Notarial Seal
lrnda L. Fetterhoff, Notary Public
Uemy Twp., Dauphin County
MY Commission Fxplles Nov. 8, 2015
MEMBER PENN$yCV4Ntq ,~S_,pQgT10N OF NOTAWEB
COMMONWEALTH OF PENNSYLVANIA
:SS
COUNTY OF DAUPHIN
The foregoing amendment to the EVELYN K. RONEY Living Trust was acknowledged
before me on ei lr, ~ n ~m~ , by WILLIAM K. RONEY as Trustee.
Witness my hand and official seal.
My commission expires:
~~~ p~ ~~f,Ct ,~
Notary Public
COMMONWEALTH OF PENNSYLVANIA
NoWnal Seal
Linda L. Fetterhoff, Notary pudic
MY ~ ~~ Dauphin County
MEMaE{i, PENNSYLVANla ~Ires Nov. 8, 2015
OCfAT10N OF NOTgq(ES
4
The Third Amendment
to the
EVELYN K RONEY Living'IYttst
On December 5, 1995, I, EVELYN K. RONEY, signed the EVELYN K. RONEY Living
Tmst, more formally known as:
EVELYN K. RONEY, Trustee, or her successors in trust, under the EVELYN K.
RONEY Living Trust dated December 5, 1995, and any amendments thereto.
Pursuant to Article Four of my Living Trust, which pemrits me to amend my Living Trust in
writing at any time, I now wish to amend my Living Trust as follows:
Article Three, Section 4 of my Living Trust is hereby revoked in its entirety and amended as
follows:
Section 4. Designated Successor Trustees
Whenever a Trustee is removed, dies, resigns, becomes legally incapacitated, or is otherwise unable
or unwilling to serve, that Trustee shall be replaced as follows:
a. The Death or Disability of a Trustee R'hile I am Serving as Trustee
I may serve as the only Trustee or I may nacre any number of Trustees to serve with
me. If any of these other Trustees subsequently die, resign, become legally
incapacitated or are otherwise unable or unwilling to serve as a Trustee, I may or
may not fill the vacancy.
b. Disability Trustees of EVELYN K RONEY
Upon the disability of EVELYN K. RONEY, if she is then serving as an initial
Tnustee, she shall be replaced by the following Disability Trustees:
DENISE M. AHERN AND WILLIAM K. RONEY,
OR EITHER OR THE SURVIVOR OF THEM; THEIQ
BRIDGETTE R. ROHRBAUGH
c. Death Trustees of EVELYN K RONEY
Upon the death of EVELYN K. RONEY, if she is then serving as an initial Tntstee,
she shall be replaced by the following Death Trustees:
DENLSE M. AHERN AND WII.LIAM K. RONEY,
OR EITHER OR THE SURVIVOR OF THEM; THEN
BRIDGETTE R ROHRBAUGH
All other articles are hereby ratified and confirmed.
I executed this amendment on SEP 1 9 2007
I certify that I have read the foregoing Third Amendment to my Living Trust and that it
correctly states the changes I desire to make in my Living Trust. I approve this Third Amendment
to my Living Trust in all particulars, and request my Trustees to execute it.
i
~ ;
s-c e~ . , jt fLs ~~.~. ~ z
EVELYN . RONEY, Trusto
r
y1
EVELYN .RONEY,T e
2
ACKNOWLEDGEMENT
COMMONWEALTH OF PENNSYLVANIA
SS
COUNTY OF DAUPHIN
The foregoing amendment to the EVELYN K. RONEY Living Trust was aclmowledged
before me on SEP 1 9 2007 , by EVELYN K. RONEY as Trustor and Trustee.
Witness my hand and ofEcial seal.
My commission expires:
~.~
Notazy Public b
., .... , ._ ~, F . ,..:. n n, ?Jott,rls~s
3
The Second Amendment
to the
Evelyn K Roney Living Trust
On December 5, 1995, I, Evelyn K. Roney, signed the Evelyn K. Roney Living Trust, as
Trustor, more formally known as:
Evelyn K. Roney, Trustee, or his successors in trust, under the Evelyn K Roney
Living Trust, dated December 5, 1995, and any amendments thereto.
Pursuant to Article Four of my Living Trust, which pemuts me to amend my Living Trust
in writing at any time, I now wish to amend my Living Trust as follows:
1. Article Eight, Section 1 of my Living Trust is hereby revoked in its entirety, and
amended as follows:
Section 1. Division of Trust Property Into Shares
My Trustee shall divide all trust property not previously distributed (including for purposes of
calculating the value thereof, the Real Property as hereinafter provided) into separate shares of
equal market value as follows:
a. One Share for Each Living Child
My Trustee shall create one share for each of my then living children.
b. One Share for Each Deceased Child
My Trustee shall create one share for each of my deceased children who has then
living descendants.
All other articles are hereby ratified and confirmed.
I executed this amendment on AU G 1 3 2001
I certify that I have read the foregoing Second Amendment to my Living Trust and that it
correctly states the changes I desire to make in my Living Trost. I approve this Second
Amendment to my Living Trust in all particulars, and request my Trustee acknowledge and accept
my execution hereof.
.--
Evelyn I'. Roney, Trustor.j
{--- ~ .
- ,.
Evelyn I .Roney, Truste
ACKNOWLEDGEMENT
COMMONWEALTH OF PENNSYLVANIA
:SS
COUNTY OF
The foregoing amendment to the Evelyn K. Roney Living Trust was acknowledged before
me on AUG 1 3 2001 , by Evelyn K. Roney, as Trustor and Trustee.
Witness my hand and official seal.
N tary Public
~..._.._ ,.._._ _ . c,.,
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~ r;
. _. __._... ~ JJ3 6
- The First Amendment
to the
Evelyn IC. Roney Living Trust
On December 5, 1995, I, Evelyn K. Roney, signed the Evelyn K. Roney Living Trust, as
Trustor, more formally known as:
Evelyn K. Roney, Trustee, or his successors in trust, under the Evelyn K. Roney
Living Trust, dated December 5, 1995, and any amendments thereto. .
Pursuant to Article Four of my Living Trust, which permits me to amend my Living Trust
in writing at any time, I now wish to amend my Living Trust as follows:
Article Eight, Section 1 of my Living Trust is hereby revoked in its entirety, and
amended as follows:
Section 1. Division of Trust Property Into Shares
My Trustee shall divide all trust property not previously distributed (including for purposes of
calculating the value thereof, the Real Property as hereinafter provided) into sepazate shares of
equal market value as follows:
a. One Share for Each Living Child
My Trustee shall create one shaze for each of my then living children.
b. One Share for Each Deceased Child
My Trustee shall create one share for each of my deceased children who has then
living descendants.
The real property located at 511 South College Street, Carlisle, Cumberland
County, Pennsylvania ("Real Property") has been distributed to my daughter,
DENISE M. AHERN. At the time of my death, the determination of "all trust
property not previously distributed" shall include the sum of $140,000.00,
representing the value of the Real Property, as if it were part of my trust estate
and as if my son, WILLIAM K. RONEY, or his living descendants, were entitled to
a one-half shaze thereof at that value and shall be so considered in calculating the
equal distribution of assets to my children or their issue.
All other articles are hereby ratified and confirmed.
I executed this amendment on July 29, 1997.
I certify that I have read the foregoing First Amendment to my Living Trust and that it
correctly states the changes I desire to make in my Living Trust. I approve this First Amendment
to my Living Trust in all particulars, and request my Trustee acknowledge and accept my
execution hereof.
'r zl
~.
Evelyn / .Roney, Tru or
.,. _
Evelyn ~iC. Roney, Tr~tee
ACKNOWLEDGEMENT
COMMONWEALTH OF PENNSYLVANIA
SS
COUNTY OF DAUPHIN .
The foregoing amendment to the Evelyn K. Roney Living Trust was acknowledged before
me on July 29, 1997, by Evelyn K. Roney,. as Trustor and Trustee.
Witness my hand and official seal.
+ ~_
otary Public
CO^Sl'i: i.. R~Eg:, Ph1r:,~~r F`C4fi:
Hershey, F'.a E7ai`"llri Cnu?ry
P •Y GOl7IfiISSi"v!t Ex9ire> Pe;2y ?0. ?Sog
~'
The
EVELYN K. RONEY
LIVING TRUST
prepazed for
EVELYN K. RONEY
JAMES, SMITH & DURKIN
Attorneys-at-Law
134 Sipe Aveuue
Hummeistown, Pennsylvania 17036
(717) 533-3280 FAX (717) 533-2795
® James, Smith & Durkin
All Rights Rnerved
4 ~
~ ~ EVELYN K. RONEY LIVING TRUST
Table of Contents
Article One
Article Two
Article Three
Article Four
Article Five
Article Six
Article Seven
Article Eight
Article Nine
i
Article Ten
Article Eleven
Article Twelve
Trust Creation ............................ ........ 1-1
The Trust Estate ........................... ........ 2-1
Appointment of Trustees ...................... ........ 3-1
Trustor's Lifetime Rights . .................... ........ 4-1
Trust Administration Upon My Death ............ ........ 5-1
Specific Distributions of Trust Property ........... ........ 6-1
Common Pot Trust ......................... ........ 7-1
Division and Distribution of Trust Property ........ ........ 8-1
Distribution If No Designated Beneficiaries ........ ........ 9-1
Trustee Administration ...................... ....... 10-1
Trustee Investment Powers ................... ....... 11-1
General Provisions ......................... ....... 12-1
i
f
EVELYN K. RONEY LIVING TRUST
Article One
Trust Creation
Section 1. Parties to My Trust
This trust agreement dated is made between EVELYN K. RONEY, the
Trustor, also known as EvELYN K. RONEY, and the following initial Trustee:
EVELYN K. RONEY
Section 2. Name of My Trust
This trust may be referred to as the:
EVELYN K. RONEY LIVING TRUST, dated
The formal name of my trust and the designation to be used for the transfer of title to the name
of my trust is:
EVELYN K. RONEY, Trustee, or her successors in trust, under the EVELYN K. RONEY
LIVING TRUST dated and any amendments thereto
Section 3. Revocable Living Trust
My Trust is a revocable living trust.
Section 4. Trustor as Trustee
Unless otherwise provided in this trust agreement, when I am serving as Trustee under this trust,
I may conduct business and act on behalf of my trust without the consent of any other Trustee.
1-1
EVELYN K. RONEY LIVING TRUST
Article One
Trust Creation
Section 1. Parties to My Trust
This trust agreement dated ~ ~) 5 ]995 is made between EVELYN K. RONEY, the
Trustor, also known as EVELYN K. RONEY, and the following initial Trustee:
EVELYN K. RONEY
Section 2. Name of My Trust
This trust may be referred to as the:
EVELYN K. RONEY LIVING TRUST, dated (~~~ Q 51995
The formal name of my trust and the designation to be used for the transfer of title to the name
of my trust is:
EVELYN K. RONEY, Trustee, or her successors intrust, under the EVELYN K. RONEY
LIVING TRUST dated DEC 0 51995 and any amendments thereto
Section 3. Revocable Living Trust
My Trust is a revocable living trust.
Section 4. Trustor as Trustee
Unless otherwise provided in this trust agreement, when I am serving as Trustee under this trust,
I may conduct business and act on behalf of my trust without the consent of any other Trustee.
1-1
r Section 5. My Family
a. The name(s) and birth date(s) of the children of EVELYN K. RONEY are:
Name Birth date
DENISE M. AHERN January 22, 1938
WILLIAM K. RONEY February 18, 1940
All references to the children of EVELYN K. RONEY in this instrument are to these
children and any children subsequently born to or adopted by her.
I-2
Article Two
The Trust Estate
Section 1. Initial Transfer of Property
I hereby assign, convey, transfer and deliver to my Trustee all property set forth on Schedule
"A", attached hereto, and made part of this trust agreement. My Trustee acknowledges receipt
of all assets listed on the attached Schedule.
All assets titled in the name of my trust or in the name of my Trustee, but not listed on Schedule
"A", shall be considered a part of my trust estate as if they had been set forth on the attached
Schedule.
Section 2. Additional Transfer of Property
My Trustee is authorized to accept additional transfers of property interests of all kinds at any
time in any manner by me or any other person or entity.
All property interests received by transfer, assignment, gift, bequest, devise or beneficiary
designation shall become a part of my trust estate unless disclaimed by my Trustee.
Section 3. Composition of Trust Property
In addition to the property described in the previous Sections, my trust estate shall include the
following:
a. All insurance policies transfened to my trust or policies in which my
trust is named as beneficiary plus the proceeds of those policies;
b. Any interest in any pension, retirement or death benefit, bonus, profit-
sharing or employee's savings plan or any similaz contract created or
entered into by an employer for the benefit of some or all employees
which is transferred to my trust or in which my trust is named as
beneficiary and all proceeds of any such benefit, bonus, plan or
contract; and
c. Any other property or interest in property which becomes subject to my
trust.
2-1
A
Section 4. Acceptance of Trust Property
All property transferred to my trust and not disclaimed by my Trustee shall be held, administered
and distributed according to the terms of this agreement.
Section 5. Trust Property Schedule
The trust property transferred to my trust is set forth on Schedule "A".
\ 2-2
Article Three
Appointment of Trustees
Section 1. Definition of Trustee
All references in this agreement to "Trustee" shall be deemed a reference to the person or entity
who is then serving as Trustee and shall include alternate or successor Trustees or Co-Trustees
unless the context requires otherwise.
Section 2. Resignation of a Trustee
Any Trustee may resign at any time without court approval by giving written notice to me or to
my personal representatives. If I am not living, written notice shall be given to my successor
Trustee, or if there is no successor, to the beneficiaries then entitled to receive income or
principal distributions under this agreement, to their respective personal representatives, or if such
beneficiaries then be minors, to the persons having the Gaze or custody of them.
Section 3. Removal of a Trustee
Any Trustee may be removed under this agreement as follows:
a. While I am Both Alive and Competent
While I am both alive and legally competent, I shall have the right to remove any
Trustee appointed under this agreement at any time with no requirement that the
removed Trustee receive any reason for such termination.
b. Removal by Others
After my death or legal incompetency, any Trustee may be removed by a majority
vote of the beneficiazies then entitled to receive income or principal distributions
under this trust agreement or their personal representatives at any time for cause.
c. Notice to Removed Trustee
Written notice of removal under this agreement shall be effective immediately
when signed by the person or persons authorized to make the removal and
delivered to the Trustee personally or deposit by United States certified mail,
return receipt requested. The written notice removing a Trustee shall designate a
successor Trustee.
3-i
i- e. Transfer of Trust Property
i
The Trustee so removed shall promptly transfer and deliver to the successor
Trustee all property of the trust under its possession and control.
Section 4. Designated Successor Trustees
Whenever a Trustee is removed, dies, resigns, becomes legally incapacitated or is otherwise
unable or unwilling to serve, that Trustee shall be replaced as follows:
a. The Death or Disability of a Trustee While I am Serving as Trustee
I may serve as the only Trustee or I may name any number of Trustees to serve
with me. If any of these other Trustees subsequently dies, resigns, becomes
legally incapacitated or is otherwise unable or unwilling to serve as a Trustee, I
may or may not fill the vacancy.
b. Disability Trustees of EVELYN K RONEY
Upon the disability of EVELYN K. RONEY, if she is then serving as an initial
Trustee she shall be replaced by the following Disability Trustee(s):
(1) DENISE M. AHERN; THEN
(2) WILLIAM K. RONEY
If, for any reason, a Disability Trustee(s) named above is unable or unwilling to
serve, the following successor Disability Trustee(s) shall serve until the successor
Disability Trustee(s) on the list have been exhausted. Unless otherwise specified,
if Co-Disability Trustees aze serving, the next following named successor
Disability Trustee shall serve only after all of the Co-Disability Trustees cease to
act as Trustees.
c. Death Trustees of EVELYN K. RONEY
Upon the death of EVELYN K. RONEY, if she is then serving as an initial Trustee,
she shall be replaced by the following Death Trustee(s):
(I) DENISE M. AHERN; THEN
(2) WILLIAM K. RONEY
3-2
~~ If, for any reason, a Death Trustee(s) named above is unable or unwilling to serve,
the following successor Death Trustee(s) shall serve until the successor Death
Trustee(s) on the list have been exhausted. Unless otherwise specified, if
Co-Death Trustees aze serving, the next following named successor Disability
Trustee shall serve only after all of the Co-Death Trustees cease to act as Trustees.
Section 5. Definition of Disability
A Trustee shall be considered disabled in the event that a court of competent jurisdiction
determines that such Trustee is legally incompetent, or in the event that a Trustee is not
adjudicated incompetent but, by reason of illness or mental disability, such Trustee has been
certified by two licensed physicians to be unable to properly handle his or her own affairs.
Section 6. No Designated Successor Trustees
If at any time there is no Trustee acting under this agreement and there is no person or institution
designated and qualified as a successor Trustee, a majority of the beneficiaries then eligible to
receive distributions of income or principal under this agreement or their legal representatives
shall appoint a successor Trustee. If any trust existing under this agreement lacks a Trustee and
no successor is appointed pursuant to this Section, the vacancy shall be filled by a court of
competent jurisdiction.
Section 7. Responsibility of Successor Trustees
A successor Trustee shall have the same rights, powers, duties, discretions and immunities as if
it had been named as initial Trustee under this agreement. No successor Trustee shall be
personally liable for any act or failure to act of any predecessor Trustee or shall have any duty
to examine the records of any eazlier Trustee. A successor Trustee may accept the account
rendered and the property delivered by or on behalf of a predecessor Trustee as a full and
complete dischazge of the duties of the predecessor Trustee without incurring any responsibility
or liability for so doing.
3-3
Article Four
Trustor's Lifetime Rights
Section 1. Rights While I am Alive and Legally Competent
During my lifetime while I am legally competent I shall have the following powers over the trust
property and my Trustee:
a. Right to Trust Income
My Trustee shall pay to me or apply for my benefit ail the net income from this
trust monthly or in other convenient installments as I may direct.
b. Right to Trust Principal
My Trustee shall pay to me or apply for my benefit such sums from the principal
of this trust as I may direct. I may not, however, direct my Trustee to make gifts
from trust property to third parties. If my Trustee inadvertently makes a
distribution I intended as a gift directly from the trust to a third party, that
distribution shall be construed as a distribution to me first, then a gift to the third
party from me.
c. Right to Add and Remove Property
By written direction delivered to my Trustee, I may add other property to my trust
or withdraw property in any amount and at any time.
d. Right to Amend or Revoke My Trust
I shall have the right to amend, modify, alter, revoke or terminate my trust or any
separate trusts created under this agreement at any time in whole or in part. Any
amendment or revocation of this trust agreement must be delivered to my Trustee
in writing. The power to amend, revoke or terminate this trust is personal to me
and may not be exercised by any other person or entity.
After my death this trust or any trust created by this agreement shall be
irrevocable and not subject to amendment.
4-1
e. Delivery of Property After Revocation
After any revocation or termination of any trust created by this agreement, my
Trustee shall promptly deliver the designated trust property to me.
f. Trustee's Retention of Assets Upon Revocation
In the event of any revocation of all or part of my trust, my Trustee shall be
entitled to retain sufficient assets to reasonably secure the payment of liabilities
my Trustee has lawfully incurred in administering the trust and any fees that have
been earned by my Trustee until such time as those liabilities have been
dischazged and fees paid, unless I indemnify my Trustee against loss or expense.
Section 2. Power to Direct Investments
I shall have the right to dtrect investments of trust property as follows:
a. Invest trust funds in specified securities, properties, or other
forms of investment;
b. Retain as part of the trust estate for specified periods of
time, securities, properties or other forms of investment held
in trust under this instrument; and
c. Sell, encumber, lease, abandon or dispose of any trust
ProP~Y•
My Trustee shall not be liable for any losses sustained as a drrect or indirect result
of any action taken in accordance with the terms of the written direction. All
directions shall be in a writing signed by me, specifying, if applicable, the period
of time during which the instructions shall remain in effect and describing any
other conditions affecting the directions.
Section 3. Trustor's Rights During Disability
a. Disability Defined
I shall be considered disabled in the event a court of competent jurisdiction
determines that I am legally incompetent or in the event that I am not adjudicated
incompetent, but by reason of illness or mental disability I am, in the opinion of
two licensed physicians unable to properly handle my own affairs.
L
b. Income and Principal Distributions
My Trustee during the period of a a Tnastor's disability shall pay to or apply for
that Trustor's benefit as much of the net income and principal of my trust estate
as my Trustee in its sole discretion shall deem necessary or advisable.
c. Payment of Obligations
My Trustee during the period of my disability shall from time to time pay my
valid obligations, my medical expenses and provide for my comfortable
maintenance and welfaze, taking into consideration my other income or resources.
d. Tax Planning
During my life, should I become disabled, my Trustee may exercise the following
powers as attorney in fact on my behalf, either alone or in conjunction with any
other attorney in fact under a durable power of attorney, but the primary concern
of my Tmstee shall be for my weifaze and secondarily for the welfaze of my lineal
descendants for tax planning:
1. My Trustee may make additional distributions to my
lineal descendants equally by class for the purpose
~, of continuing any gift program initiated by me,
which my Trustee reasonably determines will
achieve beneficial results for estate and/or income
tax planning purposes.
2. My Trustee may initiate a gift program on my
behalf which my Trustee reasonably determines will
achieve beneficial results for estate and/or income
tax planning purposes by making distributions to my
lineal descendants equally by class, so long as such
distributions aze made in the form which qualify for
and are limited to the annual exclusion for federal
gift tax purposes.
3. During any period when I am disabled my Trustee
shall be under no obligation to initiate, recommend
or consider any tax planning objective or program
for me and any exercise of its discretion in this
regazd when conducted in good faith shall not
subject it to liability to any person affected thereby.
4-3
Section 4. Exercise of Trustor's Rights and Powers by Others
Any right or power that I could exercise personally under the terms of this agreement except the
power to amend, revoke or terminate any trust created by this agreement may be exercised for
and on behalf of me by any attomey in fact who, at the time of the exercise, is duly appointed
and acting for me under a valid and enforceable durable power of attomey executed by me or,
if there is no such attorney in fact, by my duly appointed and acting conservator after petition
to a court of competent jurisdiction.
The power to amend, revoke or terminate any trust created by this agreement is personal to me
and may not be exercised by any other person or entity.
Section 5. Rights Concerning Standby Property
It is contemplated that certain assets may be added to the trust estate from time to time with the
possession and control thereof retained by or redelivered to me. If I execute and deliver to my
Trustee an instrument effectively transferring such assets to my Trustee together with any further
documentation necessary to effect the record transfer thereof, in the event of my death or
incapacity the assets shall be deemed to be assets of the trust estate and held by me as the
nominee of my Trustee. During the period such assets aze in my possession, they shall be subject
to the following terms and conditions:
a. I may receive duectly and devote to my own use and benefit
any dividends, interest, income or distributions from or upon
such assets and neither I nor my Trustee shall have any duty
of accounting to the other or to any other person with regazd
thereto.
b. Any sale, exchange or other transfer of such assets by me
shall constitute a withdrawal of such assets from the trust
estate and my Trustee shall have no further interest therein
or duties with regazd thereto. Though not a condition
precedent to any such withdrawal, I agree to notify my
Trustee of all such withdrawals.
c. I shall be responsible for the reporting of the income from
such assets to the appropriate taxing authorities and my
Trustee shall have no responsibility for including such
income on any fiduciary returns prepared by it or for the
preparation of any other income tax return with respect
thereto unless I duly notify my Trustee of such income items
and a full and adequate accounting thereof is made and
presented to my Trustee.
4-4
d. I shall protect and indemnify my Trustee against all losses,
liabilities and expenses which may result directly or
indirectly from my use, possession, management or control
of such assets.
e. Upon my death or incapacity, my Trustee shall be entitled to
the possession thereof and therea$er shall have all the rights,
powers and duties with respect to such assets which aze
otherwise granted to my Trustee herein. It is understood that
my Trustee shall be responsible only for the assets which
actually come into its possession and control. However, it
is also understood that my Trustee shall use any reasonable
and prudent means to secure possession of any trust assets of
which it has knowledge. My Trustee shall have no duty,
accountability or responsibility to me or to any other person
with respect to any assets of which it has no knowledge or
of which it is unable to obtain possession and control.
Section 6. Trustor/Trustee Bank Accounts
It is contemplated that I may establish a joint bank account or accounts with my Trustee and
create powers of attorney in respect thereof in other persons. Deposits from time to time made
by me or other authorized persons into such an account shall constitute transfers to the trust estate
and withdrawals therefrom which may be made without the co-signature of my Trustee, shall
constitute withdrawals from the trust estate. However, my capacity and other authorized persons
with respect to any such account shall be that of nominee of my Trustee not co-owner. At any
given time the trust estate shall include the then balance of any such account.
Section 7. Life Insurance Policies and Retirement Plans
Unless otherwise provided in this trust agreement or elsewhere, I shall have all powers over life
insurance policies and retirement benefits owned by or made payable to my trust, including the
following:
a. Payment of Premiums
I shall be responsible for the payment of premiums and other chazges on each
policy or insurance owned by or made payable to my trust. My Trustee shall have
no duty to make any payment or be responsible to determine whether such
payments have been made.
4-5
b. Custody of Policies
My Trustee shall not be responsible for the custody or safekeeping of any life
insurance policy before its actual delivery to my Trustee nor after its withdrawal
by its owner.
c. Change Beneficiaries
I shall have the right to change the beneficiary and to receive any dividends or
other earnings of such policies or plans without accountability therefor to my
Trustee or any beneficiary in this agreement.
d. Assignment
I may assign any policy or plan benefits to any lender, to the extent allowed by
law including my Trustee as security for any loan to me or any other person.
e. Surrendered Policies
If any life insurance policy is surrendered or if the beneficiary of any policy is
changed, this trust agreement shall be revoked with respect to such policy.
However, no revocation of the trust with respect to any policy, whether pursuant
to the provisions of the preceding sentence or otherwise, shall be effective unless
the surrender or change in beneficiary of the policy is accepted by the insurance
company.
Section 8. Undistributed Net Income
Any net income not distributed under the provisions of this Article shall be added to the trust
principal.
4-6
Article Five
Administration at Death of Trustor
Section 1. Trustee's Discretion to Pay Debts and Tages
After my death my Trustee in its sole discretion may pay all or any part of my following
expenses, debts, claims and taxes becoming due or payable by reason of my death:
a. My final medical expenses and all funeral costs;
b. Legally enforceable claims against me or my estate;
c. Reasonable expenses of administration of this trust and my probate
estate, if any;
d. Any allowances mandated by a court of competent jurisdiction to those
dependent upon me;
e. Any estate, inheritance, succession, death or similaz taxes payable by
reason of my death; and
f. Any penalties or interest on any of the above claims, debts or taxes
owed by me or my estate.
Section 2. Payment by My Trustee or by My Personal Representative
My Trustee in its sole discretion may make distributions authorized under this Article either
directly to the person or entities to whom payment is owed or to the personal representative of
my probate estate. Written statements by my personal representative that such sums are due and
payable by my estate shall be sufficient evidence of their amount and propriety for the protection
of my Trustee. My Trustee shall be under no duty to see to the application of any such payments
made to my personal representative.
Section 3. Tag Elections
With regazd to the payment of any income tax, gift tax, estate tax, inheritance tax or any other
tax required because of my death, my Trustee shall have the right to make any available elections
allowed under the law. My Trustee is authorized to sign and file any tax return required because
of my death.
~. 5-1
Section 4. Payment of Death Taxes
All death taxes payable by reason of my death shall be paid by my Trustee out of my trust estate.
Notwithstanding any other provision in my trust, all death taxes incurred by reason of assets
passing outside of my trust or probate estate shall be assessed against those persons receiving
such property.
~,_ 5_Z
Article Six
Specific Distributions of Trust Property
~~
Section 1. No Specific Distributions
My Trustee shall make no specific distributions of trust property to any beneficiazies under this
trust agreement upon my death. All distributions of trust property shall be made in the Articles
that follow.
6-1
Article Seven
Common Pot Trust
After my death my Trustee shall not create a Common Pot Trust. All trust property that has not
been distributed under prior Articles of this trust agreement shall be held, administered, divided
and distributed according to the provisions of the Articles that follow.
7-1
Article Eight
Division and Distribution of Trust Property
Section 1. Division of Trust Property Into Shares
My Trustee shall divide all trust property not previously distributed into sepazate shazes of equal
mazket value as follows:
a. One Share for Each Living Child
My Trustee shall create one shaze for each of my then living children.
b. One Share for Each Deceased Child
My Trustee shall create one shaze for each of my deceased children who has then
living descendants.
Section 2. Distribution of Trust Shares for My Living Children
The trust shaze of each of my children who survive me shall be held, administered and distributed
as follows:
a. Distribution of Net Income and Principal
My Trustee shall promptly distribute, free of the trust, all accumulated net income
and principal of the bust shaze to each of my living children who survive me.
b. Distribution Upon Death of a Child Who Survives Me
If any child who survives me, dies before the complete distribution of his or her
trust shaze, that child's trust shaze shall terminate and my Trustee shall distribute
the balance of the trust property to such child's then living descendants, per
stirpes.
If such deceased child has no then living descendants, my Trustee shall distribute
the balance of the trust property to my then living descendants, per stirpes. If I
have no then living descendants, my Trustee shall distribute the balance of the
trust property as provided for in the Articles that follow.
8-I
Section 3. Distribution of Trust Share for Descendant of Deceased Child
My Trustee shall promptly distribute, free of the trust, all accumulated net income and principal
of the trust shaze set aside for each of my deceased children to their descendants, per stirpes.
If any such descendant dies before the complete distribution of his or her trust share, that
descendant's trust shaze shall terminate and my Trustee shall distribute the balance of the trust
property to such descendant's then living descendants, per stirpes. If such descendant has no then
living descendants, my Trustee shall distribute the balance of the trust property to my then living
descendants, per stirpes. If I have no then living descendants, our Trustee shall distribute the
balance of the trust property as provided for in the Articles that follow.
Section 4. Distributions to Underage or Disabled Beneficiaries
Notwithstanding any other provision in this trust agreement, if any person otherwise entitled to
receive a distribution of trust property is under 25 yeazs of age or is mentally disabled or legally
incompetent as defined in Article Twelve, my Trustee shall retain and administer that person's
trust property for his or her benefit as follows:
a. My Trustee's Discretion
My Trustee may pay to or apply for the benefit of such beneficiary so much of
the net income and principal of the trust as my Trustee, in its discretion, deems
proper considering all other sources of income and resources available to such
beneficiary and known to my Trustee.
b. Payments Made to Beneficiary or Personal Representative
My Trustee is authorized to make payments under this Section either directly to
the beneficiary, to the beneficiary's personal representative or to any other person
my Trustee may deem proper to be used for the benefit of the beneficiary.
c. Trustee's Decisions are Final
All decisions by my Trustee as to those it makes payment to, the purposes for
which these payments are made, and the amounts to be paid out of the trust are
within my Trustee's sole but reasonable discretion.
d. Undistributed Net Income
All undistributed net income shall be accumulated and added to the principal of
the trust.
8-2
e. Termination and Distribution
My Trustee shall distribute the trust property to a beneficiary under this Section
when such beneficiary reaches age 25, or when he or she is no longer disabled as
determined by a court of competent jurisdiction, or upon certification by two
licensed physicians that such beneficiary is able to properly care for his or her
property and person, or at a later date if other trust provisions in this Article
direct.
f. Death of Disabled or Underage Beneficiary
Upon the death of a beneficiary under this Section, my Trustee shall distribute all
of such beneficiary's remaining trust share, including the trust principal and
accrued and undistributed income, to any person or entity, and upon any trust,
terms, and conditions, or to or in favor of the estate of such deceased beneficiary,
as he or she may direct by his or her last will or living trust agreement. No
exercise of this general power of appointment shall be effective unless it refers to
this trust agreement and expressly indicates an intention to exercise this general
power of appointment.
8-3
t.
Article Ten
Trustee Administration
Section 1. Co-Trustees to Act by Majority Vote
At any time that there aze two or more Trustees serving under this agreement they shall act by
majority vote and any exercise of a power or discretion by a majority of the Trustees shall have
the same effect as an exercise by all of them.
If the Trustees aze not able to reach agreement on any decision as set forth in this Section they
shall petition a court of competent jurisdiction for instructions and shall take no action on the
disputed matter until a court order deciding the issue has been rendered.
Section 2. Power to Delegate
Notwithstanding any other provision of this agreement, any one or more of the Co-Trustees
serving under this agreement may from time to time delegate to another Co-Trustee or Co-
Trustees routine acts of trust administration.
Section 3. No Bond Required
No Trustee under this agreement shall be required to post any bond for the faithful performance
of its responsibilities.
Section 4. Trustee Compensation
My Trustee shall be entitled to reasonable compensation for services rendered payable without
the need for a court order. In calculating the amount of compensation customary chazges for
similar services in the same geographic azea for the same time period shall be used as guidelines.
My Trustee shall also be entitled to reimbursement for reasonable costs and expenses incurred
during the exercise of its duties under this agreement.
Any corporate fiduciary shall be entitled to receive compensation for its services in accordance
with its published fee schedule in effect from time to time.
10-1
r Section 5. Change in Corporate Trustee
{
Any corporate successor to the trust business of any corporate Trustee named under this
agreement or acting hereunder shall succeed to the capacity of its predecessor without re-
conveyance or transfer of trust property.
Section 6. Power to Divide or Combine Trusts
My Trustee shall have the power to divide a single trust into sepazate shazes each to be
administered in accordance with the terms and conditions of the single trust from which they
were created when my Trustee in its discretion determines that division is desirable or advisable
in view of tax considerations, including considerations related to the income tax, the gift tax, the
estate tax or the generation-skipping transfer tax or other objectives of the trusts and their
beneficiaries.
My Trustee shall not be required to make a physical segregation or division of the vazious trust
shazes created under this trust agreement except as segregation or division may be required by
reason of the termination and distribution of any of the trusts, but my Trustee shall keep sepazate
accounts and records for different undivided interests.
My Trustee in its discretion shall have the further power to combine two or more trusts having
substantially the same terms into a single trust for purposes of administration when tax or other
factors indicate that such combination would be desirable or advisable.
In deciding whether to combine trusts my Trustee should consider the generation-skipping
"inclusion ratio" of the trusts to be combined. Trusts having the same inclusion ratios may be
combined. Trusts having different inclusion ratios should generally not be combined unless their
inclusion ratios aze maintained unchanged through substantially separate and independent shazes
of different beneficiaries within the meaning of I.R.C. Section 2654(b), and the applicable
regulations thereunder.
Specifically, my Trustee has the authority to allocate any portion of my exemptions under Internal
Revenue Code Section 2631(a) to property as to which I am the transferor, including any property
transferred by me during my lifetime as to which I did not make an allocation prior to my death,
and my Trustee has the authority to make the special election under Internal Revenue Code
Section 2652(a)(3). If Internal Revenue Code Section 2631(a) or 2652(a)(3) is not interpreted
as to allow a Trustee to exercise such election, then my personal representatives is authorized to
allocate my exemptions and to exercise the said special election.
If my Trustee considers that any distribution from a trust or share hereunder, other than pursuant
to a power to withdraw or appoint, is a taxable distribution subject to the federal
generation-skipping transfer tax payable by the distributee, my Trustee may increase the
distribution by an amount which my Trustee would estimate to be sufficient to pay that tax, and
10-2
shall chazge the same against the trust or shaze to which the tax relates
If my Trustee considers that any termination of an interest in the trust property hereunder is a
taxable termination subject to the federal generation-skipping transfer tax, my Trustee may pay
that tax from the portion of the property to which the tax relates, without any adjustment of the
relative interests of the beneficiazies.
Section 7. Termination of Small Trust
My Trustee shall have the power in its discretion to terminate any trust created under this trust
agreement whenever it becomes so small in relation to the costs of administration as to make
continuing administration uneconomical. Upon termination, my Trustee shall distribute the
principal and any accrued or undistributed net income to the beneficiaries in proportion to their
shares of the income. If no fixed amount of income is payable to specific beneficiazies, my
Trustee shall distribute the principal and any accrued or undistributed net income in equal shazes
to those beneficiazies who would then be entitled to income payments from the trust.
Section 8. Limit on Trustee's Discretion
Notwithstanding any language purporting to confer absolute, sole or unrestricted discretion on my
Trustee in exercising any discretionary power with respect to this trust, my Trustee shall at all
times act in accordance with fiduciary principles and shall not act in bad faith or in disregazd of
the purposes of my trust.
Nothwithstanding any other provision in this trust agreement, no individual Trustee who is also
a beneficiary hereunder shall have any right, power, duty or discretion concerning this trust if
such right, power, duty or discretion conferred upon such Trustee under this trust agreement is
determined to be a general power of appointment under Internal Revenue Code Section 2041 or
2514 which would cause any assets of this Trust to be included in the estate of such
Trustee-beneficiary. Any such right, power, duty or discretion with such effect shall be null and
void with respect to such Trustee-beneficiary. No Trustee who is under a legal obligation to any
beneficiary of this trust or other person shall under any circumstances partake in any decisions
relating to any discretionary distributions of income or principal of this trust which can be used
for any such legal obligation to any such beneficiary or other person.
Section 9. Discharge of Support Obligations
Notwithstanding any other provision of this trust agreement, after my death, no income or
principal of the trust shall be used to dischazge, in whole or in part, the legal obligation of any
person to support or educate any beneficiary of this trust. In detemrining the legal obligation of
any person to support and educate a beneficiary of this trust, the existence of this trust and the
`_ 10-3
funds made available under it shall not be taken into account.
Section 10. Written Notice to Trustee
Until my Trustee receives written notice of any death or other event which triggers the right to
payments from any trust created under this agreement it shall incur no liability for distributions
made in good faith to persons whose interests may have been affected by such event.
Section 11. Duty to Account
My Trustee shall render accounts, upon request, to the income beneficiaries under this trust
agreement at least annually, at the termination of a trust created hereunder, and upon a change
in the Trustees in the manner required by law.
Section 12. No Court Supervision
No trust created under this agreement shall require the active supervision of any state or federal
court.
~~ 10-4
r- Article Eleven
Trustee Investment Powers
Section 1. Trustee's Powers
To carry out the purposes of the trusts created under this agreement and subject to any limitations
stated elsewhere in this instrument my Trustee shall have all of the following powers, in addition
to all of the powers now or hereafter conferred on Trustees by law:
a. Retention of Property
My Trustee shall have the power to retain any property received into the trust at
its inception or later added to the trust without regazd to whether the trust
investments are diversified as long as my Trustee considers that retention is in the
best interests of the trust or in furtherance of my goals in creating the trust.
My Trustee shall have the power to invest and reinvest in any property that may
be considered by applicable state law to be underproductive or unproductive in
nature, and specifically to be exempt from any minimum income requirements
called for under local law.
i
b. Additions
My Trustee shall have the power to receive additions to the assets of the various
trusts created under this agreement from any source.
c. Business Participation
My Trustee shall have the power to terminate, to continue or to participate in the
operation of any business enterprise including a corporation a sole proprietorship
or a general or limited partnership and to effect any form of incorporation,
dissolution, liquidation, reorganization including but not limited to recapitalization
and reallocation of classes of shazes or other change in the form of the business
enterprise or to lend money or make a capital contribution to any such business
enterprise.
d. Permissible Investments
My Trustee shall have the power to invest and reinvest the assets of the trust as
my Trustee may determine to be in the best interests of the trust without limitation
by any law applicable to investments by fiduciaries. The permitted investments
~` 11-1
- and reinvestments may include securities such as common or preferred stock,
mortgages, notes, subordinated debentures and warrants of any corporation and any
common trust fund administered by a corporate fiduciary or other property, real
or personal, including savings accounts and deposits and interests in mutual or
money mazket funds or investment trusts, annuities and insurance whether or not
such investments aze unsecured or of a wasting nature.
My Trustee shall have the power to obtain, by purchase or by gift (or by
conversion, reissue, consolidation or by any other means), and hold as an asset of
this trust, policies of insurance on my life or any other beneficiary of this trust.
My Trustee is authorized and empowered to exercise, either before or after my
death, all of the rights, options, elections or privileges exercisable in connection
with such policies. These rights and options should include, but not be limited to,
disability benefits, the right to borrow money with which to pay premiums (or
other chazges) on any policy owned by this trust (including any automatic
premium loan feature) or for any other trust purpose, the right to elect among
settlement options offered by the insurance company which issued such policy, the
right to convert such policy to paid-up insurance, extended term insurance or to
any different form of insurance, and the right to arrange for the automatic
application of dividends in reduction of premium payments (or other chazges),
with regazd to any policy of insurance held in the trust estate.
e. Dealing with Property
My Trustee shall have the power to acquire, grant or dispose of property,
including puts, calls and options (including options on stock owned by the estate),
for cash or on credit including maintaining mazgin accounts with brokers at public
or private sale upon such terms and conditions as the fiduciary may deem
advisable and to manage, develop, improve, exchange, partition, change the
chazacter of, abandon property or any interest therein or otherwise deal with
property.
Specifically, my Trustee shall have the power to use and expend the trust income
and principal to conduct environmental assessments, audits, and site monitoring
to determine compliance with any environmental law or regulation thereunder; to
take all appropriate remedial action to contain, clean up or remove any
envirorunental hazazd including a spill, release, discharge or contamination, either
on my Trustee's own accord or in response to an actual or threatened violation of
any environmental law or regulation thereunder; to institute legal proceedings
concerning environmental hazazds or contest or settle any such legal proceedings
brought by any local, state or federal agency concerned with environmental
compliance, or by a private litigant; to comply with any local, state or federal
agency order or court order directing an assessment, abatement or cleanup of any
environmental hazazds; to employ agents, consultants and legal counsel to assist
11-2
or perform the above undertakings or actions; and in general to take all
appropriate actions to prevent, identify, or respond to any actual or threatened
violations of any environmental law or regulation thereunder.
No Trustee under this trust agreement shall be liable for any loss or depreciation
in value sustained by this trust as a result of the Trustee retaining any property
upon which there is later discovered to be hazardous materials or substances
requiring remedial action pursuant to any federal, state or local enviromnental law,
unless the Trustee contributed to the loss or depreciation in value through willful
default, willful misconduct, or gross negligence. Moreover, no Trustee shall be
obligated to accept any property on behalf of this trust without first having the
opportunity to satisfy itself, in its sole discretion, that such property is not
contaminated by any hazazdous or toxic materials or substances, and that such
property is not being used and has never been used for any activities directly or
indirectly involving the generation, use, treatment, storage, disposal, release, or
dischazge of any hazazdous or toxic materials or substances. Finally, such Trustee
shall have the power to disclaim any power which, in its sole discretion, will or
may cause such Trustee to be considered an "owner" or "operator" of property
held in our trust estate under the provisions of the Comprehensive Environmental
Response, Compensation and Liability Act (CERCLA), as amended from time to
time. This power to disclaim as contained herein shall apply to any such power,
whether actually set forth under this trust agreement, incorporated by reference
herein, or granted or implied by any statute or rule of law.
f. Borrowing Authority
My Trustee shall have the power to borrow funds from any person including my
Trustee guazantee indebtedness or indemnify others in the name of the trust and
to secure any such obligation by mortgage, pledge, security interest or other
encumbrance and to renew, extend or modify any such obligation for a term
within or extending beyond the administration of the term of the trust. No lender
shall be bound to see to or be liable for the application of the proceeds of any
obligation and my Trustee shall not be personally liable for any obligation.
g, Leasing Authority
My Trustee shall have the power to make, renew or amend for any purpose a lease
as lessor or lessee for a term within or beyond the term of the trust with or
without option to purchase.
h. Natural Resources
My Trustee shall have the power to enter into any arrangement or agreement
including a lease, pooling or unitization agreement, for exploration, development,
11-3
operation, conservation and removal of minerals or other natural resources.
i. Voting Rights
My Trustee shall have the power to vote a security in person or by general or
limited proxy, to participate in or consent to any voting trust, reorganization,
dissolution, liquidation or other action affecting any securities and to deposit
securities with and transfer title to a protecrive or other committee.
j. Title to Assets
My Trustee shall have the power to hold securities and other property in
negotiable form or in the name of a nominee (including "street name" of a broker)
or by deposit to a clearing corporation with or without disclosure of the Trustee
relationship, but my Trustee shall be responsible for the acts of any nominee or
clearing corporation in connection with the property.
k. Insurance
My Trustee shall have the power to insure the assets of the trust against any risk
and my Trustee against liability with respect to third persons.
1. Settlement of Disputes
t
My Trustee shall have the power to pay or contest any debt or claim and to
compromise, release and adjust any debt or claim and to submit any matter to
azbitration.
m. Payment of Expenses
My Trustee shall have the power to pay any taxes, assessments, reasonable
compensation of my Trustee and other expenses incurred in the collection,
management, caze, protection and conservation of the trust property.
n. Principal and Income
My Trustee shall have the power to allocate items of income or expenditure to
either income or principal and to create reserves out of the income all as provided
by law and to the extent not so provided to allocate or create reserves as my
Trustee in its discretion deems appropriate and my Trustee's decision made in
good faith with respect thereto shall be binding and conclusive on all persons.
11-4
- o. Division of Trust
My Trustee shall have the power to make any distribution or payment in kind or
in cash or partly in kind and partly in cash and to cause any share to be composed
of cash, property or undivided interests in property different in kind from any
other shaze either pro rata or non pro rata without regazd to differences in the tax
basis of such property and without the requirement of making any adjustment of
the shares by reason of any action taken pursuant hereto.
Any division, allocation, apportionment or valuation of the property to distribute
the assets to or among any of the trusts or beneficiaries shall be made by my
Trustee and the good faith determination of my Trustee shall be binding and
conclusive on all parties.
p. Merger of Trust
If at any time the Trustees aze Trustees of two or more Trusts or Shazes with
substantially the same terms and benefiting the same beneficiaries, created
hereunder, or under any other instrument by the Trustors or by any other person,
the Trustees may commingle the assets of such Trusts or Shazes and hold them as
a single Trust or Shaze.
q. Litigation
My Trustee shall have the power to prosecute or defend actions, suits, claims or
proceedings for the protection or benefit of the trust and my Trustee in the
performance of my Trustee's duties.
r. Employment of Agents
My Trustee shall have the power to employ agents including attorneys,
accountants, investment advisors, custodians, appraisers or others to advise or
assist my Trustee and to delegate to them fiduciary powers and to indemnify them
against liability for positions taken in good faith and with reasonable basis.
s. Corporate Fiduciary
If any stock of a corporate Trustee or of any affiliate or successor of a corporate
Trustee shall be included in the assets of the trust, the Trustee shall have full
authority in the Trustee's sole discretion and notwithstanding any regulation or
rule of law to the contrary to retain the stock and any increases resulting from
stock dividends and stock splits and from the exercise of purchase rights and the
purchase of fractional shazes needed to round out fractional share holdings that
may azise concerning the stock. The Trustee shall vote the stock either directly
~,_ 11-5
- or by proxy except to the extent the Trustee is prohibited by law from voting the
stock in accordance with the written instructions of a majority of the living
beneficiaries then entitled to current distributions of income or their personal
representatives. In the event there aze no eligible beneficiaries to give instructions,
the Trustee is authorized to vote the stock in the best interests of the beneficiazies
in view of the purposes for which the trust was created.
t. Investment Transactions
With regazd to record keeping for investment transactions, my Trustee need not
provide copies of confirmations or similaz notifications each time a trade or
investment transaction occurs, but investment transactions shall be set forth in my
Trustee's periodic accounting.
u. Repairs and Improvements
My Trustee shall have the power to make ordinary or extraordinary repairs or
alterations in buildings or other structures, to demolish any improvements, to raze
existing or erect new party walls or buildings.
v. Business Personnel
My Trustee shall have the power to elect or employ directors, officers, employees,
partners or agents of any business and to compensate such persons whether or not
any such person is a Trustee, director, officer, partner or agent of a Trustee or a
beneficiary of the trust.
w. Farm or Ranch Property
With respect to farm or ranch property, my Trustee shall have the power to
participate in and operate any farming (including tree farming) or ranch operation
personally or with hired labor, tenants or shazecroppers to lease any farm for cash
or a shaze of crops under a lease which permits or precludes the material
participation of my Trustee, to fertilize and improve the soil, to employ
conservation practices, and to participate in government programs and to perform
any other acts deemed necessary or desirable to operate the property. In making
a decision whether to materially participate in farming or ranch operations, my
Trustee shall consider whether an election should be made or has been made under
IRC § 2032A to qualify for special farm-use valuation.
x. Ancillary Trustees
If for any reason my Trustee deems it advantageous to act through an ancillary
Trustee, my Trustee may designate an ancillary personal representative or Trustee
11-6
qualified to serve in the jurisdiction where such ancillary Trustee is to act and may
iy delegate to such ancillary Trustee such of the powers granted under this agreement
as my Trustee deems advisable without being chargeable with loss if any arising
out of such designation or delegation. My Trustee may specify whether any
corporate Trustee or any person or persons acting in an ancillary capacity
hereunder shall serve with or without bond. Except as may be otherwise
specifically provided, no ancillary Trustee need comply with the provisions of any
Uniform Trustee's Accounting Act, the Uniform Trust Act or similar acts in force
in any state where the Trustee may be acting.
y. Retention of Closely Held Interest
My Trustee shall have the power to retain any real estate interests, closely held
securities or affiliated companies or business interests and to sell or dispose of
such interests only after careful consideration and after determining that sale or
disposition is in the existing circumstances in the best interests of the trust or its
beneficiaries.
If at any time, this trust holds any stock in an S corporation, and our Trustee
deems it appropriate for such corporation to maintain its Subchapter S election, my
Trustee may take all of the necessary actions to segregate the S corporation stock
and assets of this trust, and in my Trustee's sote but reasonable discretion, and
otherwise consistent with the terms of this trust to the greatest extent possible, may
form new trusts and may amend the terms of this trust agreement as would be
necessary to establish Qualified Subchapter S Trusts to hold the said S corporation
stock and assets in compliance with Internal Revenue Code Sections 1361(b) and
1361(d)(3).
z. Exercise of Authority
Except as otherwise provided in this agreement, my Trustee shall have the power
to do all acts that might legally be done by an individual in absolute ownership
and control of property.
~~ 11-7
Article Twelve
General Provisions
Section 1. Spendthrift Protection
Neither the principal nor the income of any trust created or contained under this agreeme =editor
be liable for the debts of a beneficiary nor shall the same be subject to seizure by any
of any beneficiary under any lien or proceeding at law or equity. Except to the extent otherwise
expressly provided in this agreement, no beneficiary shall have authority or power to sell, assign,
transfer, encumber or in any manner to anticipate or dispose of a beneficial interest whether
income or principal. The limitations herein shall not restrict the exercise of any power of
appointment or the right to disclaim by any beneficiary.
Section 2. The Rule Against Perpetuities
Unless sooner terminated or vested in accordance with other provisions of this agreement, all
interests not otherwise vested including but not limited to all trusts and powers of appointment
created hereunder shall terminate twenty-one (21) yeazs after the death of the last survivor of the
group composed of me and my lineal descendants living on the date of my death. At that time
distribution of all principal and all accrued, accumulated and undistributed income shall be made
to the persons then entitled to distributions of income and in the manner and proportions herein
stated or if not stated equally irrespective of their then attained ages.
Section 3. Incompetency and Disability
For all purposes under this agreement a person shall be deemed disabled, incompetent or legally
incapacitated if and so long as a guazdian or conservator of his or her person or estate duly
appointed by a court of competent jurisdiction continues to serve or upon certification by two
licensed physicians that such person is unable properly to caze for his or her person or property.
Section 4. Income and Principal Payments
All payments of income or principal shall be made in such of the following ways as my Trustee
determines appropriate:
a, To each respective beneficiary in person upon his or her personal
receipt;
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b. Deposited in any bank to the credit of such beneficiary in any
( account carried in his or her name or jointly with another or others;
c. To the parent or legal representative of the beneficiary;
d. To a Custodian under a Uniform Transfers to Minors Act selected
by my Trustee for such period of time under applicable law as my
Trustee determines appropriate;
e. To some neaz relative, friend or institution having primary
responsibility for the caze and custody of the beneficiary;
f, By my Trustee using such payment directly for the benefit of such
beneficiary; or
g. To my Trustee of any revocable trust of which the beneficiary is the
Trustor.
Section 5. Education
For all purposes under this agreement the term "education" shall be given broad interpretation and
may include but not be limited to:
a, High School
Education at public or private elementary or high schools including boazding
schools.
b. College
Undergraduate and graduate study in any and all fields whatsoever whether of a
professional chazacter in colleges or other institutions of higher teaming.
c. Specialized Training
Specialized formal or informal training in music, the stage, the handicrafts, the
arts, or vocational or trade schools whether by private instruction or otherwise.
d. Other Educational Activities
Any other activity including foreign or domestic travel which shall tend to develop
fully the talents and potentialities of each beneficiary regazdless of age.
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Section 6. No-Contest Clause
If any person or entity, other than me, singulazly, or in conjunction with any other person or
entity, directly or indirectly, contests in any court the validity of this trust agreement, including
any amendments thereto, then the right of that person or entity to take any interest in the trust
property shall cease, and that person (and his or her descendants) or entity shall be deemed to
have predeceased me.
Section 7. Disclaimer by Beneficiary
No beneficiary shall be entitled to accelerate any distribution to the beneficiary or to terminate
his or her trust interest and thereafter receive outright distribution by use of a disclaimer.
Section 8. Simultaneous Death
If any beneficiary under this agreement and I die under circumstances in which the order of their
deaths cannot be established, I shall be deemed to have survived the beneficiary and this
agreement shall be construed accordingly.
Section 9. Children and Issue
For purposes of this agreement "children" means the lawful blood descendants in the first degree
of the pazent designated and "issue" and "descendants" mean the lawful blood descendants in any
degree of the ancestor designated provided, however, that if a person has been adopted that
person shall be considered a child of such adopting pazent and such adopted child and his or her
issue shall be considered as issue of the adopting pazent or parents and of anyone who is by
blood or adoption an ancestor of the adopting parent or either of the adopting pazents. The terms
"child," "children," "issue," "descendant" and "descendants" or those terms preceded by the terms
"living" or "then-living" shall include the lawful blood descendant in the first degree of the pazent
designated even though such descendant is born after the death of such pazent.
Section 10. Definition of Death Taxes
The term "death taxes" as used in this agreement shall mean all inheritance, estate, succession and
other similar taxes that are payable by any person on account of that person's interest in the estate
of the decedent or by reason of the decedent's death, including penalties and interest but
excluding the following:
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a. Any addition to the federal estate tax for any "excess retirement
accumulation" under Internal Revenue Code Section 4980A.
b, Any additional tax that may be assessed under Internal Revenue Code
Section 2032A.
c. Any federal or state tax imposed on ageneration-skipping transfer as
that term is defined in the federal tax laws unless that generation-
skipping transfer tax is payable directly out of the assets of a trust
created by this instrument.
Section 11. Words Relating to the Internal Revenue Code
As used in this agreement the words "gross estate," "adjusted gross estate," "taxable estate,"
"unified credit," "state death tax credit," "maximum marital deduction," "mazital deduction,"
"pass" and any other word or words which from the context in which it or they aze used refer
to the Internal Revenue Code shall have the same meaning as such words have for the purposes
of applying the Internal Revenue Code to my estate.
For purposes of this agreement my available generation-skipping transfer exemption" means the
generation-skipping transfer tax exemption provided in section 2631 of the Internal Revenue Code
of 1986 as amended in effect at the time of my death reduced by the aggregate of (1) the amount
if any of my exemption allocated to my lifetime transfers by me or by operoas t estat lfor federal
the amount if any I have specifically allocated to other property of my gr
estate tax purposes.
For purposes of this trust agreement if at the time of my death I have made gifts with an
inclusion ratio of greater than zero for which the gift tax return due date has not expired
including extensions and I have not yet filed a return, it shall be deemed that my generation-
skipping transfer exemption has been allocated to these transfers to the extent necessary and
possible to exempt the transfers from generation-skipping transfer tax.
Reference to Sections of the Internal Revenue Code and to the Internal Revenue Code shall refer
to the Internal Revenue Code amended to the date of my death.
Section 12. Personal Representative
For purposes of this agreement the term "personal representative" shall mean Trustee, executor,
executrix, administrator, administratrix, conservator, guazdian, custodian or any other type of
personal representation.
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e
i
Section 13. Gender and Number
inc des theeplural and words of any gender shall notebe limited~to that genderres, the singulaz
As used in this agreement when a distribution to beneficiaries is "per stirpes" it shall mean that
the distributions aze to be divided into as many equal shares as there aze then-living children of
such beneficiaries and deceased children of such beneficiaries who left then-living descendants.
Each then-living child of the beneficiazy shall receive one shaze and the shaze that is allocated
to each deceased child of the beneficiary shall be divided equally among such deceased child's
then-living descendants.
Section 14. Definition of Per Stirpes
The captions of Articles, Sections and Pazagraphs used in this agreement aze for convenience of
reference only and shall have no significance in the construction or interpretation of this
agreement.
Section 15. Captions
Should any of the provisions of this agreement be for any reason declared invalid, such invalidity
shall not affect any of the other provisions of this instrument and all invalid provisions shall be
wholly disregazded in interpreting this agreement.
Section 16. Severability
Section 17. Statutory References
Unless the context cleazly requires another construction each statutory reference in this agreement
shall be construed to refer to the statutory section mentioned, related successor sections and
corresponding provisions of any subsequent law including all amendments.
This agreement and the trusts created under it shall be construed, regulated and governed by and
in accordance with the laws of the State of Pennsylvania.
Section 18. Governing State Law
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I have executed this agreement on the date set forth on the first page of this agreement.
I certify that I have read the foregoing revocable living trust agreement and that it correctly states
the terms and conditions under which my trust property is to be held, administered and distributed
by my Trustee. I approve this revocable living trust in all its particulars and request my Trustee
to execute it.
EVEL K. RONEY, T for
,~~~
EVEL K. RONEY, Trustee
STATE OF PENNSYLVANIA ~ SS
COUNTY OF DAUPHIN ~ l
On this the 5~day of~ ~ 1~ before me, ~~~~`Q' `'' ePS~_
rsonall a eared EVELYN K. RONEY, Trustor, known to me (or
the undersigned officer, pe Y PP
satisfactorily proven) to be the person whose name is subscribed to the within instrument and
acknowledged that she executed the same for the purposes therein contained.
In witness whereof I hereunto t my hand and official seal.
otary Public
Title of NOTARIAL SEAL
CONNIE L. REESE, Notary Public
I Hershey, PA DauphinCounry
F^y Cnmmssion Expnes Niay t`].1o^e
_..
~' _.._,
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STATE OF PENNSYLVANIA ~ SS
~~c. /
COUNTY OF DAUPHIN ~~~ ~ ~ / `C Y~---"
S~~ da of , ~C-' 1~~ • before me, ((~//o~ to me (or
On this the y eazed EVELYN K. RONEY, Trustee,
the undersigned officer, personally app
satisfactorily proven) to be the person whose name is o bs~e e~tcontained. n instrument an
acknowledged that she executed the same for the pure
whereof I hereunto set my hand and official seal.
In wi
.. ~~
Notary Public
Title of ~ FtEESE, Notary Public
~i ers f) PA 98uPni~a°10 19~S '~
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