HomeMy WebLinkAbout12-17-12
REV-1500 EX (01.10) 1505610140
OFFICIAL USE ONLY
PA Department of Revenue
Bureau of Individual Taxes INHERITANCE TAX RETURN County Code Year File Number
PO BOX 280601 2 1 1 2 0 9 6 2
Harrisburg, PA 17128-0601 RESIDENT DECEDENT
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death MMDDYYYY Date of Birth MMDDYYYY
5 7 7 2 0 5 8 9 6 0 8 1 5 2 0 1 2 0 3 2 9 1 9 2 1
Decedent's Last Name Suffix Decedent's First Name MI
M A R Y L E V I N E
(If Applicable) Enter Surviving Spouse's Information Below
Spouse's Last Name Suffix Spouse's First Name MI
Spouse's Social Security Number
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
FILL IN APPROPRIATE OVALS BELOW
❑X 1. Original Return 2. Supplemental Return 3. Remainder Return (date of death
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)
❑X 6. Decedent Died Testate ❑ 7. Decedent Maintained a Living Trust 0 8. Total Number of Safe Deposit Boxes
(Attach Copy of Will) (Attach Copy of Trust)
R 9. Litigation Proceeds Received ❑ 10. Spousal Poverty Credit (date of death ❑ 11. Election to tax under Sec. 9113(A)
between 12-31-91 and 1-1-95) (Attach Sch. O)
CORRESPONDENT - THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
Name Daytime Telephone Number
H U B E R T X G I L R 0 Y 7 1 7 2 4 3 3 3 4 1
REGISTER OF WILLS USE ONLY
First line of address
A M
M A R T S 0 N L A W O F F I C E S o
Second line of address w 'tu C-D rjs
= Td r- F-' S. t 9 rl
1 0 E A S T H I G H S T R E E T I- I-n -,3
City or Post Office State ZIP Code Z~IDREFILED
ty5 Cj y -r ~y
C A R L I S L E P A 1 7 0 1 3
C..3 5 ° rl
Correspondent's e-mail address: HGILROY@MARTSONLAW.COM CJZ
-v
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief,
it is true, correct and complete. Declaration of preparer other than the personal representative is based on all information of which preparer has any knowledge.
SIGNATURE F PERSO ESPONSIBLE FOR FILING RETURN DATE
ADDRESS
650 W. OLD ORK ROAD CARLISLE PA 17015
SIGN U R R THER THAN REPRESENTATIVE DATE
Z
ADD ESS
10 EAST HI STREET CARLISLE PA 17013
PLEASE USE ORIGINAL FORM ONLY
Side 1
L 1505610140 1505610140
Continuation of REV-1500 Inheritance Tax Return Resident Decedent
LEVINE MARY 21 12 0862
Decedent's Name Page 1 FOe Number
Correspondents
Name Daytime Telephone Number
First One of address
Second line of address
City or Post Office State ZIP Code
Correspondent's e-rrrall address:
Under penaftfes of I re examined this return, Induding aeoompanyN edwdules and atatemenb, and to the best of my Mowledge and belief,
It b true, coned ple . mr other than the personal repmsentatlve is based on all WonrmYon of which preparar has any imowbdge.
SIGNATURE 181 UNG RETURN DATE c. 2 ~l
ADDRESS
11301 HUNTOVER DRIVE ROCKVILLE MD 20854
Continuation of REV-1500 Inheritance Tax Return Resident Decedent
LEVINE MARY 21 12 0962
Decedent's Name Page 1 File Number
Correspondents
Name Daytime Telephone Number
First line of address
Second line of address
City or Post Office State ZIP Code
Correspondent's e-mail address:
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief,
it is true, correct and complete. Declaration of preparer other than the personal representative is based on all information of which preparer has any knowledge.
SIGNATURE OF PERSON RESPONSIBLE FOR FILING RETURN DATE
ADDRESS
11301 HUNTOVER DRIVE ROCKVILLE MD 20854
J 1505610240
REV-1500 EX Decedent's Social Security Number
Decedent's Name: L E V I N E M A R Y 5 7 7 2 0 5 8 9 6
RECAPITULATION
1. Real Estate (Schedule A) 1.
2. Stocks and Bonds (Schedule B) 2. 1 5 0 6 4 8 3. 2 5
3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) 3.
4. Mortgages and Notes Receivable (Schedule D) 4.
5. Cash, Bank Deposits and Miscellaneous Personal Property (Schedule E)....... 5.
6. Jointly Owned Property (Schedule F) ❑ Separate Billing Requested 6. 3 0 8 5 2 . 7 8
7. Inter-Vivos Transfers & Miscellaneous N -Probate Property
(Schedule G) 5 Separate Billing Requested 7.
8. Total Gross Assets (total Lines 1 through 7) 8. 1 5 3 7 3 3 6• 0 3
9. Funeral Expenses and Administrative Costs (Schedule H) 9• 5 4 0 6 2 . 5 0
10. Debts of Decedent, Mortgage Liabilities, and Liens Schedule I 10. 1 3 7 9 7. 1 9
11. Total Deductions (total Lines 9 and 10) 11. 6 7 8 5 9 . 6 9
12. Net Value of Estate (Line 8 minus Line 11) 12. 1 4 6 9 4 7 6 . 3 4
13. Charitable and Governmental Bequests/Sec 9113 Trusts for which
an election to tax has not been made (Schedule J) 13.
14. Net Value Subject to Tax (Line 12 minus Line 13) 14. 1 4 6 9 4 7 6 . 3 4
TAX CALCULATION - SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable
at the spousal tax rate, or
transfers under Sec. 9116
(a)(1.2) X.0 _ 0. 0 0 15. 0. 0 0
16. Amount of Line 14 taxable
at lineal rate X .045 1 4 5 9 4 7 6. 3 4 16. 6 5 6 7 6. 4 4
17. Amount of Line 14 taxable
at sibling rate X .12 0. 0 0 17. 0. 0 0
18. Amount of Line 14 taxable
at collateral rate X .15 1 0 0 0 0. 0 0 18. 1 5 0 0. 0 0
19. TAX DUE ......................................................19. 6 7 1 7 6. 4 4
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT ❑
Side 2
1505610240 1505610240 J
REV-1500 EX Page 3 File Number
Decedent's Complete Address: 21 12 0962
DECEDENT'S NAME
LEVINE MARY
STREET ADDRESS
1 LONGSDORF WAY
CITY
STATE ZIP - -
CARLISLE PA 17015
Tax Payments and Credits:
1. Tax Due (Page 2, Line 19) (1) 67,176.44
2. Credits/Payments
A. Prior Payments 60,000.00
B. Discount 3,157.80
Total Credits ( A + B) (2) 63,157.80
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) 4,018.64
Make check payable to: REGISTER OF WILLS, AGENT
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred; ❑ 0
b. retain the right to designate who shall use the property transferred or its income; ❑ X❑
c. retain a reversionary interest; or ❑ X❑
d. receive the promise for life of either payments, benefits or care? ❑ X❑
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death
without receiving adequate consideration? ❑ X❑
3. Did decedent own an "in trust for" or payable-upon-death bank account or security at his or her death? ❑ X❑
4. Did decedent own an individual retirement account, annuity or other non-probate property, which
contains a beneficiary designation? ❑ X❑
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
For dates of death on or after July 1, 1994, and before Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse
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 [72 P.S. §9116(a)(1.3)]. A sibling 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-1503 EX + (6-98)
SCHEDULE B
COMMONWEALTH OF PENNSYLVANIA STOCKS & BONDS
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
LEVINE MARY 21 12 0962
All property jointly-owned with right of survivorship must be disclosed on Schedule F.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1. Morgan Stanley/Smith Barney Account No. 661-082006-223 1,506,483.25
See attached valuation
TOTAL (Also enter on line 2, Recapitulation) $ 1,506,483.25
(If more space is needed, insert additional sheets of the same size)
REV-1509 EX+ (01-10)
pennsylvania SCHEDULE F
DEPARTMENT OF REVENUE JOINTLY-OWNED PROPERTY
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF: FILE NUMBER:
LEVINE MARY 21 12 0962
If an asset was made jointly owned within one year of the decedent's date of death, it must be reported on Schedule G.
SURVIVING JOINT TENANT(S) NAME(S) ADDRESS RELATIONSHIP TO DECEDENT
A. Kenneth J. Levine 625 Old York Road Son
Carlisle, PA 17015
B.
C.
JOINTLY-OWNED PROPERTY:
LETTER DATE DESCRIPTION OF PROPERTY %u OF DATE OF DEATH
ITEM FOR JOINT MADE INCLUDE NAME OF FINANCIAL INSTITUTION AND BANK ACCOUNT NUMBER OR SIMILAR DATE OF DEATH DECEDENT'S VALUE OF
NUMBER TENANT JOINT IDENTIFYING NUMBER. ATTACH DEED FOR JOINTLY-HELD REAL ESTATE. VALUE OF ASSET INTEREST DECEDENT'S INTEREST
1. A. 02/09/96 Bank of America checking, 0039 1600 6328 36,164.79 50. 18,082.40
See attached
2. A. 02/09/96 Bank of America savings, 0000 9015 4635 7,978.32 50. 3,989.16
See attached
3. A. 09/29/08 Orrstown Bank 146001375 15,915.49 50. 7,957.75
See attached
4. A. 10/05/04 Wells Fargo 1010103623179 1,646.94 50. 823.47
See attached
TOTAL (Also enter on Line 6, Recapitulation) $ 30,852.78
If more space is needed, use 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 A
RESIDENT DECEDENT DMINISTRATIVE COSTS
ESTATE OF FILE NUMBER
LEVINE MARY 21 12 0962
Decedent's debts must be reported on Schedule 1.
ITEM
NUMBER DESCRIPTION AMOUNT
A. FUNERAL EXPENSES:
1. Edward Sagel Funeral Direction, Inc., Rockville, MD 7,295.00
2. National Memorial Park Cemetary, Arlington, VA 5,417.00
B. ADMINISTRATIVE COSTS:
1. Personal Representative Commissions:
Name(s) of Personal Representative(s)
Street Address
City State ZIP
Year(s) Commission Paid:
2. Attorney Fees: Martson Law Offices (estimated) 40,000.00
3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation.)
Claimant
Street Address
City State ZIP
Relationship of Claimant to Decedent
4. Probate Fees: Cumberland County Register of Wills 985.50
5 Accountant Fees:
6. Tax Return Preparer Fees:
7. Filing fee, Inheritance Tax return 15.00
8. Additional Probate fee 350.00
TOTAL (Also enter on Line 9, Recapitulation) $ 54,062.50
If more space is needed, use additional sheets of paper of the same size.
REV-1512 EX+ (12-08)
pennsylvania SCHEDULE
DEPARTMENT OF REVENUE DEBTS OF DECEDENT,
INHERITANCE TAX RETURN MORTGAGE LIABILITIES, & LIENS
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
LEVINE MARY 21 12 0962
Report debts incurred by the decedent prior to death that remained unpaid at the date of death, including unreimbursed medical expenses.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1. National Inquirer, account payable 48.70
2. Continuing Care RX, account payable 2,895.17
3. Christian Companion, account payable 2,384.67
4. Verizon, account payable 48.60
5. Cumberland Crossings, account payable 8,420.05
TOTAL (Also enter on Line 10, Recapitulation) $ 13 797.19
If more space is needed, insert additional sheets of the same size.
REV-1513 EX+ (01-10)
pennsylvania SCHEDULE J
DEPARTMENT OF REVENUE BENEFICIARIES
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF: FILE NUMBER:
LEVINE MARY 21 12 0962
RELATIONSHIP TO DECEDENT AMOUNT OR SHARE
NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE
I TAXABLE DISTRIBUTIONS [Include outright spousal distributions and transfers under
Sec. 9116 (a) (1.2).]
1. Martin Levine Lineal 714,311.78
11301 Huntover Road 1/2 of Estate Residue
Rockville, 20852
2. "Kenneth J. Levine Lineal 495,164.56
650 W. Old York Road Sch F assets + 1/2 of
Carlisle, PA 17015 Estate residue $250000)
3. Daniel S. Levine Lineal 125,000.00
650 W. Old York Road
Carlisle, PA 17015
4. Shiri N. Levine Lineal 125,000.00
650 W. Old York Road
Carlisle, PA 17015
5. Roni I. Handler Collateral 5,000.00
56 Tannery Hill Drive
Hamburg, NJ 07419
6. Catherine Summerville Collateral 5,000.00
6406 Hollins Drive
Bethesda, MD 20817
* * See attached Disclaimer
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18 OF REV-1500 COVER SHEET, AS APPROPRIATE.
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:
1.
TOTAL OF PART II - ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. $
If more space is needed, use additional sheets of paper of the same size.
IN RE: ESTATE OF IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
MARY LEVINE,
ORPHANS' COURT DIVISION
DECEASED NO. 21-12-0962
DISCLAIMER
WHEREAS, 1, Hagar Levine, may have become a beneficiary of the Estate of Mary Levine
pursuant to the filing of a disclaimer by Kenneth Levine in the above captioned Estate of Mary
Levine; and
WHEREAS, I desire to disclaim any and all interest I may have in the Estate of Mary Levine
pursuant to 20 Pa.C.S.A. Section 6201 et seq.
NOW, THEREFORE, I, Hagar Levine, hereby disclaim any and all interest or rights I may
have in the Estate of Mary Levine.
IN WITNESS WHEREOF, intending to be legally bound hereby and intending that this
Disclaimer shall be filed of record in the Office of the Clerk of the Orphans' Court Division of the
Court of Common Please of Cumberland County, Pennsylvania, I have hereunto set my hand and
10
seal, this day of December, 2012.
Hagar Levine
COMMONWEALTH OF PENNSYLVANIA
ss
COUNTY OF CUMBERLAND :
On this, the 1 day of 2012, before me, a Notary Public
personally appeared Hagar Levine, known to me (or 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.
viii pr T1 I.~T~Ee
Notary Public
F?FILESTlients\14895 Mary Levine\Estate\14895. LDisclaimer Kenneth Levine.wpd
IN RE: ESTATE OF IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
MARY LEVINE,
ORPHANS' COURT DIVISION
DECEASED NO. 21-12-0962
DISCLAIMER
WHEREAS, I, Kenneth Levine, am a beneficiary in the above captioned Estate of Mary
Levine; and
WHEREAS, I desire to disclaim a portion of my interest in the Estate of Mary Levine
pursuant to 20 Pa.C.S.A. Section 6201 et seq.
NOW, THEREFORE, I hereby disclaim my portion of the Estate of Mary Levine consisting
of the first $250,000.00 in funds to be distributed to me pursuant to the Will of Mary Levine and the
administration of the Mary Levine Estate. I specifically hereby reserve and do not disclaim any
interest I may have in the Estate of Mary Levine over and above the sum of $250,00.00.
IN WITNESS WHEREOF, intending to be legally bound hereby and intending that this
Disclaimer shall be filed of record in the Office of the Clerk of the Orphans' Court Division of the
Court of Common Please of Cumberland County, Pennsylvania, have hereunto set my hand and
seal, this day of December, 2012.
Kenne Levine
COMMONWEALTH OF PENNSYLVANIA
ss
COUNTY OF CUMBERLAND
On this, the day of 2012, before me, a Notary Public
personally appeared Kenneth Levine, known to me (or satisfactorily proven) to be the person whose
name is subscribed to the within instrument, and acknowledged that he executed the same for the
purposes therein contained. -
cI?I+a,ct ,YU
Notary Public
045-195-004 CrMS:101003i
LAST WILL AND TESTAMENT
j OF
I
j MARY LEVINE
I, MARY LEVINE, a resident of Montgomery County, Maryland,
i being of sound and disposing mind, memory and understanding, do
make, publish and declare this as and for my Last Will and
j Testament, hereby revoking any and all former Wills and Codicils
which I have heretofore made.
i
it PREAMBLE
I!
ij
At the time of the execution of this Will, I am widowed and
not remarried and I have two (2) living children, namely, MARTIN
LEVINE and KENNETH LEVINE. For all purposes of this Will, the
j
terms "child or children shall refer only to my children named
i
above. Further, for all purposes of this Will, the term "issue"
~i
lor "descendant" shall mean a child (as defined above),
'grandchild, great-grandchild, or more remote descendant, whether
so related by blood or legal adoption, and also including any of
~~the aforesaid born or adopted after the execution of this Will.
j ARTICLE FIRST: PAYMENT OF DEBTS, EXPENSES OF LAST
j; ILLNESS ADMINISTRATION EXPENSES FUNERAL
EXPENSES AND TAXES:
Ii
I direct the Personal Representatives to pay out of and/or
i
''charge against my estate, to the maximum extent possible:
I
A. All of my just and enforceable debts (excluding any
SHULMAN, ROGERS, GANDAL ~i debt or debts secured by a mortgage or mortgages or any other
PORDV 6 ECKEa, P.A.
POCKVILLE, MD 20952.2743
lien on any property owned by me), all administration expenses of
my estate, expenses of my last illness and my funeral and burial
expenses, including the cost of a suitable burial lot and
j I
perpetual care thereof, and the cost of the erection of a
suitable monument or marker, or both, or such of these as have
~I
ji not been otherwise provided for during my lifetime; and the
amount to be expended for such funeral and burial expenses shall
j be in the discretion of the Personal Representatives free of any
limitation or restriction imposed by law; and all of such amount
or amounts may be paid by the Personal Representatives without
any order of court; and
I
B. 1. All estate, inheritance or other similar taxes by
whatever name called, including any interest and penalties
thereon, payable by reason of my death in respect of property
included in my gross estate for death tax purposes (but excluding
~I
(a) any generation-skipping transfer taxes, (b) any additional
tax under Section 2032A(c) and Section 2057(f) of the Code or any
similar recapture provisions of the Federal revenue laws, (c) any
tax under Section 2056A of the Code, and (d) any death taxes j
I I
imposed as a result of the inclusion of property in my estate
I
i
lunder Section 2044 of the Code (and similar sections(s) of any
I
lother Federal revenue laws)) (herein referred to as "Death
I
I
;Taxes"), shall be paid, without apportionment, out of that
i
portion of my Residuary Estate disposed of under ARTICLE THIRD
,I
SSHULMAN, ROGERS, GANDAL j
PoRDY 6 ECKER, P.A. 2
ROCKVILLE. NO 2008L852-2743
I
1 6
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which does not qualify for any charitable deduction for Federal
estate tax purposes.
2. Notwithstanding the provisions of subparagraph
B.1. of this ARTICLE FIRST, if any part of my gross estate
consists of property passing outside of this Will which generates;
,I
Death Taxes (herein referred to as the "Taxable Nontestamentary
Property"), then the recipient of the Taxable Nontestamentary
Property shall be responsible for an amount equal to the portion
of the total Death Taxes to be paid resulting from the inclusion
~ i
of the Taxable Nontestamentary Property in my gross estate and
the Personal Representatives shall be entitled to collect the
same from such recipient; provided, however, that no Death Taxes
shall be collected from the recipient of Taxable Nontestamentary
Property which qualifies for any charitable deduction for Federal
j estate tax purposes.
ARTICLE SECOND: DISPOSITION OF JOINTLY HELD PROPERTY AND
SPECIFIC BEQUESTS:
A. I hereby confirm my intention that the beneficial
interest in all property, real or personal, tangible or
intangible (including, without limitation, stocks, bonds or other
securities and checking or savings accounts in any bank, savings
I
l; and loan association or similar institution), which is registered
ilor held at the time of my death jointly (other than as tenants in
1common) in the names of myself and any other person, shall pass
by right of survivorship or operation of law and outside of the
SHULMAN, ROGERS, GANDAL 3
Ponor 6 ECKEa, P.A. 1
FOCKVILLE, MD 20852-2743 1
i terms and provisions of this Will to such other joint owner if
such other joint owner survives me. In the event that my
intention may be defeated by any rule of law with respect to any
i i
such jointly held property, I give, devise and bequeath such
jointly held property to such other joint owner if such other
joint owner survives me.
B. 1. I give and bequeath the sum of FIVE THOUSAND
DOLLARS ($5,000) in cash, outright and free of trust, to my
I,
friend, RONI I. HANDLER, if she survives me.
1 2. I give and bequeath the sum of FIVE THOUSAND
DOLLARS ($5,000) in cash, to my friend, CATHERINE SUMMERVILLE, if
she survives me.
i
ARTICLE THIRD: RESIDUARY ESTATE:
I hereby direct that all the rest, residue and remainder of
my estate remaining after payment or making provision for payment
of all my just expenses, costs and debts as provided in ARTICLE
FIRST above, and after satisfying all bequests and devises made
in the above items of this Will, consisting of all of my property
i
(real, personal or mixed) of whatsoever kind and description and
I,
wheresoever situate, tangible or intangible, which I shall own or
~to which I shall in any way be entitled at the time of my death
iIor over which I shall have the power of testamentary disposition
11 (but excluding any property over which I have, at the time of my
ii
!!death, solely a power of appointment), hereinafter referred to as
SHULMAN, ROGERS, GANOAL
PORDY 6 ECKER, P.A. 4
ROCKVILLE, MD 20652-2 743
I
my "Residuary Estate", shall be sold by my Personal
j Representatives, and the proceeds in cash therefrom shall be
i
disposed of as follows:
A. The proceeds from the sale of my entire Residuary
i
j Estate shall be divided into such number of equal parts as shall
provide one such part for each of my sons who survives me and one;
j such part for each of my sons who has predeceases me leaving his
surviving widow or any of his surviving issue. Such equal parts
I
i
shall be disposed of as follow:
I
1. Each such part so provided for a then-living son
i
j of mine shall be paid over and distributed, outright and free of
i
trust, to such then-living son.
i
2. Each such part so provided for a then-deceased son
I
of mine who leaves a then-living widow shall be paid over and
i
i
distributed to my Trustees, as hereinafter named, IN TRUST. The i
Trustees shall hold, manage, administer, invest and reinvest the
same, shall collect the income therefrom and, after deducting all
i
charges attributable thereto, may pay, to or for the benefit of
my deceased son's widow, such sums from the net income and/or
11principal of such widow's trust as the Trustees shall deem
%Inecessary or desirable for such widow's health, support,
!education or maintenance, or to establish such widow in a
i
j business or to encourage such widow to remain in any business in
j
which such widow may be engaged, or to assist such widow in the
I i
SHULMAN,ROGERS, GANDAL j
PORDY 6 ECKrn. P.A.
ROCKVILLE, MD 20852-2743
t
acquisition of a home, or for any other purpose that will further,
i
the best interests of such widow. Any income not so distributed
shall be added to the principal of such widow's trust annually.
I
Upon such widow's death, her trust shall terminate and the then- i
remaining balance of principal and undistributed income, if any,
I
ii of such trust shall be disposed of as provided in subparagraph
A.3. of this ARTICLE THIRD.
i I
3. Each part so provided for a then-deceased son of
I~
mine who leaves no then-living widow (or whenever it is provided
in this Will that property shall be disposed of as provided in
subparagraph A.3. of ARTICLE THIRD, such property) shall, subject
I
to the provisions of ARTICLE FOURTH, be distributed to such
deceased son's then-living issue, per stirpes.
B. If I am not survived by any of my descendants or either
of my sons' widows, or in the event that at any time provided for
the distribution of my estate or any trust created hereunder
there are no persons then-living who are entitled to receive the
'I
II distribution of my estate or such trust under the terms above,
then said distribution shall be paid to those of my heirs living j
i
on the date of distribution, as though I died on the date of
distribution of such property intestate, without a spouse and a
!j I
resident of the State of Maryland.
II' ,I
I I
, i
II
51-IULMAN, ROGERS. GANDAL ICI 6
PORDY 6 ECKER, P.A.
ROCKVILLE, MD 20852.2743
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ARTICLE FOURTH: TRUSTS FOR GRANDCHILDREN; PAYMENTS TO OTHER
BENEFICIARIES:
Ili A. Trusts for Grandchildren: Notwithstanding any
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foregoing provision of this Will to the contrary, if at any time
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j any share of my Residuary Estate (or upon the termination of any
it trust established hereunder, any share of such trust) becomes
distributable free of trust to a grandchild of mine who has not
yet attained the age of THIRTY-FIVE (35) years, then such
grandchild's share shall not vest in or be distributed to such
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grandchild outright, but shall, instead, be distributed to the
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Trustee, as hereinafter named, IN TRUST. The Trustee shall hold,
manage, administer, invest and reinvest the same, shall collect
the income therefrom and, after deducting all charges
attributable thereto, may pay, to or for the use or benefit of
such grandchild, such sums from the net income and/or principal
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of such grandchild's trust as the Trustee shall deem necessary or
desirable for such grandchild's health, support, education or
maintenance, or to establish such grandchild in a business or
profession, or to encourage such grandchild to remain in any
business in which such grandchild may be engaged, or to assist
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such grandchild in the acquisition of a home, or for any other ;
purpose that will further the best interests of such grandchild.
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;'Any income not so distributed shall be added to the principal of
such grandchild's trust annually.
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SMULMAN, ROGERS, GANDAL II
PORDY 6 ECKER P.A.
ROCKVILLE. MD a..;, 2743
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1. When such grandchild attains the age of TWENTY-
FIVE (25) years (or, if at the time when such part is set aside
for such grandchild, such grandchild shall already have attained
such age but not the age of THIRTY (30) years, then at such
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~J time), the Trustee shall pay over and distribute, outright and
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j~ free of trust, ONE-THIRD (1/3) of the then-remaining balance of
principal and undistributed income, if any, of such grandchild's
trust to such grandchild. When such grandchild attains the age
of THIRTY (30) years, the Trustee shall distribute, outright and
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ifree of trust, ONE-HALF (1/) of the then-remaining balance of
principal and undistributed income, if any, of such grandchild's
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trust to such grandchild; provided, however, that, if at the time I
the part referred to in this subparagraph A.1. is set aside for
such grandchild, such grandchild shall have attained at least the
age of THIRTY (30) years but not the age of THIRTY-FIVE (35)
years, then, at such time, the Trustee shall pay over and
distribute to such grandchild, outright and free of trust, TWO-
THIRDS (2/3) of the then-remaining balance of principal and
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i undistributed income, if any, of such grandchild's trust. When j
+Isuch grandchild attains the age of THIRTY-FIVE (35) years, such
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grandchild's trust shall terminate and the Trustee shall pay over
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Ijand distribute the then-remaining balance of principal and
undistributed income, if any, of such grandchild's trust to such
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grandchild.
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SHULMAN, ROGERS, GANDAL III
PORDY 6 ECNER, P. A. I
ROCKVILLE, MO 20852-2]43
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2. In the event of the death of a grandchild prior to
complete distribution of such grandchild's trust, such trust, or
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the remainder thereof, shall be distributed as follows:
a. The Trustee shall, subject to the provisions
of paragraph B. of this ARTICLE FOURTH, pay over the remaining
j principal and any accrued and undistributed income of such trust
I, to such grandchild's issue who shall survive such grandchild, per
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it stirpes; or, in default of such issue, subject to the provisions
of paragraphs A. and/or B., as the case may be, of this ARTICLE
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FOURTH, to the issue of such grandchild's parent who shall
survive such grandchild (which issue are also issue of mine), per
stirpes; or, in default of such issue, subject to the provisions
of paragraphs A. and/or B., as the case may be, of this ARTICLE
FOURTH, to my issue who shall survive such grandchild, per
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stirpes; or, if there are no issue of mine surviving such
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grandchild, to such of the beneficiaries identified or described
in Paragraph B. of ARTICLE THIRD of this Will (i) who would be
ientitied to my Residuary Estate had I died after such grandchild
with no spouse or issue surviving me and (ii) who shall survive
such grandchild, in the same proportions as described therein;
provided, however, that if any share or portion of a share would
Ilbe held for and/or distributed to a person for whom a trust is
then being administered under this Will, such share or portion of
SHULMAN, ROGERS, GANDAL n
FORD, ECKER, P.A. J
ROCKVILLE, MD 20852-2743
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such share shall be added to that trust and shall thereafter be
administered and distributed according to its terms.
b. Notwithstanding the foregoing, if upon such
grandchild's death a generation-skipping transfer would occur if
such trust were distributed as directed in subparagraph A.2.a. of
this ARTICLE FOURTH which, but for this provision, would be
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subject to a generation-skipping tax, then each share of the
trust which would (i) be distributed under said subparagraph
A.2.a. to a "skip person" (as that term is defined in Section
2613(a) of the Code) and (ii) be subject to generation-skipping
transfer tax, shall be distributed as such grandchild shall by li
Will appoint, by specific reference to this power, whether in
favor of such grandchild, such grandchild's estate, such
grandchild's creditors or the creditors of such grandchild's
estate. In default of the exercise of such general power of
jappointment, or to the extent that the same is not exercised
effectively, or in the event no general power of appointment
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exists pursuant to the foregoing sentence, such share of the
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j trust shall be paid over and distributed to the beneficiary to
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whom such share would otherwise have been distributed under
subparagraph A.2.a. above.
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B. Payments to Other Beneficifaries: If at any time any
lproperty becomes distributable free of trust to a beneficiary
(other than a grandchild of mine) who has not attained the age of 1
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SHULMAN, ROGERS, GANOAL It PORGY S ECKER, P.A.
ROCKV ILLE, MO 20052-2743
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eighteen (18) years (or twenty-one (21) years if distribution is
made pursuant to subparagraph B.1. below and the custodianship
can continue to such age), then such property shall immediately
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vest in the beneficiary, but the fiduciaries, in the fiduciaries';
ii discretion, may hold and/or distribute such property as follows:
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1. The fiduciaries may pay over such property to a
j custodian for such minor under a Uniform Gifts or Transfers to
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Minors Act. If such property is paid to a custodian, the
custodian may be appointed by the fiduciaries, and the
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custodianship shall continue for the maximum period allowable
under the applicable Uniform Act.
2. The fiduciaries may retain possession of such
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property during the period in which the beneficiary is under the
age of eighteen (18) years. If the property is retained by the
fiduciaries, then during such retention, the fiduciaries shall j
use and expend so much of the net income and/or principal of such
property as the fiduciaries shall deem necessary or desirable for
f such beneficiary's health, support, education or maintenance, or
for any other purpose that will further the best interests of the j
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beneficiary. Such payments may be made to the natural or legal
guardian, or to the person with whom such beneficiary resides, or
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directly to such beneficiary, or otherwise, as the fiduciaries
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may from time to time deem advisable, and the fiduciaries shall
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accumulate for the benefit of such beneficiary any income not so
SHULMAN, ROGERS, GANDAL j
PORGY 6 ECKER, P.A. 1
POCKVILLE. MD 208522743
applied or paid. When such beneficiary attains the age of
eighteen (18) years, the entire amount then held for such
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beneficiary shall be distributed to such beneficiary, and in case!
of the death of such beneficiary prior thereto, shall be
distributed to such beneficiary's estate.
ARTICLE FIFTH: SPENDTHRIFT PROVISION:
To the extent permitted by law, the beneficiaries of my
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estate or any trust created hereunder shall not have any right to
assign, transfer, hypothecate, encumber, anticipate or commute
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their interest.s in any distributions or payments made hereunder.
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To the extent permitted by law, such distributions or payments
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shall not in any way be subject to any legal process levying upon
or attaching the same for payment of any claims against any of
the beneficiaries. If any beneficiary shall alienate or attempt
to alienate such income or principal, or if, by reason of
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bankruptcy, insolvency, or any other means, said income or
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principal could no longer be personally enjoyed by such
,beneficiary, but would become vested in or payable to some other
person, then the fiduciaries may in the fiduciaries' complete and
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liuncontrolled discretion, refrain from paying such income or
!!principal to such beneficiary in whole or in part, or apply it to
lithe maintenance and support of such beneficiary, or pay the whole
Ilor part of it to one or more member of such beneficiary's family.
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JARTICLE SIXTH: SIMULTANEOUS DEATH CLAUSE: j
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SHULMAN, RO6ER8, GANDAL i 12
PORDY S ECKER, P.A.
ROCKVILLE. MD 20852-2743
III
If any beneficiary and I should die under such circumstances]
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that the order of our respective deaths cannot be established by
adequate proof, or if such beneficiary shall not survive me by atj
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least sixty (60) days, then it shall be conclusively presumed for
the purposes of this Will that said beneficiary predeceased me.
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ARTICLE SEVENTH: APPOINTMENT OF FIDUCIARIES; FIDUCIARIES'
RIGHTS, POWERS AND DUTIES; PERSONAL
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REPRESENTATIVE'S SPECIAL ELECTIONS; RULE
AGAINST PERPETUITIES:
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A. Appointment of Fiduciaries:
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1. I hereby nominate, constitute and appoint my
children, MARTIN LEVINE and KENNETH LEVINE, to serve together as
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Personal Representatives. In the event that either of my
children fails to act or ceases to serve for any reason, then the
remaining child may serve as sole Personal Representative.
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Whenever there are two Personal Representatives serving, action
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may be taken only unanimously; provided, however, that, if my
Personal Representatives cannot reach a unanimous agreement with
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~jrespect to any action made or to be taken with respect to my
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Restate, then I appoint my nephew, STEVEN H. LEVINE, of
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('Washington, D.C., as sole arbitrator for purposes of settling any
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llsuch disagreement
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2. a. In the event that my son, MARTIN LEVINE,
(shall predecease me, I hereby nominate, constitute and appoint my
!Ifriend, MARTIN P. SCHAFFER, and MARTIN's surviving widow to serve
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SNULMAN,ROGERB,GANOAL 13
PORGY 6 ECKER, P.A.
ROCKVILLE, MO 20852-2743
together as Trustees of any trust established under subparagraph
III A.2. of ARTICLE THIRD for the benefit of MARTIN's family;
provided, however, that if MARTIN P. SCHAFFER fails to act or
ceases to serve as Trustee, then SHELDON DOSIK, of New York, New
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York, shall serve in MARTIN P. SCHAFFER's place and stead. I
hereby direct that in no event shall my daughter-in-law serve as
sole Trustee of any trust of which she is also a beneficiary.
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b. In the event that my son, KENNETH LEVINE,
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shall predecease me, I hereby nominate, constitute and appoint my
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friend, DANIEL KRAFT, and KENNETH's surviving widow to serve
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I~together as Trustees of any trust established under subparagraph i
A.2. of ARTICLE THIRD for the benefit of KENNETH's family;
provided, however, that if DANIEL KRAFT fails to act or ceases to
serve as Trustee, then STEVEN H. LEVINE shall serve in DANIEL
KRAFT's place and stead. I hereby direct that in no event shall
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(my daughter-in-law serve as sole Trustee of any trust of which
Ishe is also a beneficiary.
C. Notwithstanding any other provision of this j
il,Will to the contrary, the subsequent remarriage of a widow of a
11son of mine after a trust has been created for the benefit of
(such widow under the provisions of subparagraph A.2. of ARTICLE
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I~THIRD, shall not terminate such trust, nor shall such subsequent
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SNULMAN, ROGERS, GANDAL 14
PORDY 6 ECHER, P.A.
ROCKVILLE, MD LOSS2.2743
remarriage, in and of itself, cause such widow to cease to serve
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as Trustee hereunder.
d. I hereby nominate, constitute and appoint
MARTIN P. SCHAFFER to serve as Trustee of any trust established
under paragraph A of ARTICLE FOURTH for the benefit of the
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children of my son, MARTIN LEVINE; provided, however, that if
MARTIN P. SCHAFFER fails to act or ceased to serve as Trustee,
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then SHELDON DOSIK shall serve in MARTIN P. SCHAFFER's place and
stead.
e. I hereby nominate, constitute and appoint
DANIEL KRAFT and his wife, CATHY KRAFT to serve together as Co-
Trustees of any trust established under paragraph A of ARTICLE
FOURTH for the benefit of the children of my son, KENNETH LEVINE;
provided, however, that if DANIEL KRAFT and CATHY KRAFT both fail
to act or ceased to serve as Trustees, then my nephew, MARK
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LEVINE and his wife, ILENE LEVINE, shall serve in DANIEL KRAFT
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and CATHY KRAFT's place and stead. i
3. a. Each person who is appointed as Personal
Representative pursuant to the provisions of this Will (other
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i than an ancillary Co-Personal Representative appointed hereunder)
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shall have the power to appoint one or more persons to serve as a
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successor Personal Representative or Co-Personal Representative;
provided, however, that any such designation must be approved by
all Personal Representatives then serving hereunder.
SMULMAN, ROGERS, GANDAL
PORGY 6 ECKE P.A. 15
ROCKVILLE. MD Zl.-2743
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b. In the event no Personal Representative
appointed pursuant to this Will is willing or able to serve, a
j majority of the adult beneficiaries of my estate (or, if there
are no such adult beneficiaries, then a majority of the minor
beneficiaries of my estate, as represented by their Guardians)
shall appoint one or more persons to serve as Personal
Representative of my estate.
l c. Any such appointment shall be made by inter
vivos or testamentary written instrument delivered to the
designee.
4. a. Any Trustee serving hereunder shall have the
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power to appoint one or more persons to serve as a successor
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Trustee or Co-Trustee; provided, however, that any such
designation must be approved by all Trustees then serving
hereunder.
b. Notwithstanding any other provisions of this
Will to the contrary, no individual Trustee shall participate in
any decision regarding any discretionary payment or application
of principal or income to or for the benefit of any beneficiary
who the Trustee is legally obligated to support or from any trust
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of which the Trustee is an income beneficiary, a remainderman or
l an eligible income beneficiary or remainderman, nor may any
individual Trustee participate in any discretionary termination
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of any such trust. All.such decisions shall rest exclusively in
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SHULMAN, RDDERS, GANDAL
PORDV 6 ECKER, P.A. 16
ROCKVILLE. MD 208522]43
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the discretion of the other Trustee or Trustees then acting
j hereunder. The preceding sentences shall not apply to a power toj
make distributions to a beneficiary pursuant to a standard
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limiting such distributions to the beneficiary's needs for
health, support, maintenance or education.
C. In the event of the resignation, refusal or
inability to act of any Trustee acting or appointed to act
hereunder, if no successor Trustee is designated by this Will or
by said Trustee, a majority of the adult beneficiaries of such j
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trust who are at the time entitled to or eligible to receive
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income from the trust (hereinafter the "income beneficiaries") i
or, if none, the parents, guardians, or conservators of a
majority of the minor income beneficiaries, may appoint a
successor Trustee to administer the trust; provided, however,
that such beneficiaries may not appoint as successor Trustee any
person who is a beneficiary of the trust or the spouse of a
beneficiary.
I~ d. Any such appointment shall be made by inter
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vivos or testamentary written instrument delivered to the
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designee.
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e. Any Trustee acting hereunder may at any time
resign from such office (i) upon giving at least thirty (30) days
notice in writing to the other Trustee or Trustees then acting,
or upon the earlier written consent of such other Trustee or
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SHVLMAN, R OGE R$, GANOAL 17
IOROY 6 ECKER, P.A.
ROCKVILLE. MO 20852-2743 j
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Trustees upon receipt of such written notice, or, (ii) if the
Trustee shall then be serving as the sole Trustee, upon giving at
least thirty (30) days notice in writing to the then-current
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income beneficiaries (whether mandatory or discretionary) of such)
trust and to those remaindermen who would take if the trust
terminated at such time and who are then sui luris, or upon the
earlier written consent of such then-current income beneficiaries'
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(whether mandatory or discretionary) and remaindermen of such
trust upon receipt of such written notice; provided, however,
that if there shall be no such then-current income beneficiary
(whether mandatory or discretionary) and no such remainderman,
and such Trustee shall then be serving as sole Trustee of such
trust, such Trustee's resignation and appointment shall not be
effective unless and until a successor Trustee shall have been
appointed and such successor Trustee shall have executed and
delivered to the resigning Trustee a written instrument
acknowledging such successor Trustee's acceptance of the
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appointment. Said notice of resignation shall specify the date
or event upon which such resignation shall become effective. The
power of a Trustee to resign shall apply concurrently and
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successively to all successor Trustees. When such resignation or
when the removal of a Trustee becomes effective, the resigning or
j removed Trustee: (i) shall promptly transfer, pay over and
deliver the trust property and records in such Trustee's hands to
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SHULMAN, ROGERS, GANDAL
18
Poaor 6 ECNER,P.A.
ROC-LLE, MD 20852-2743
any other Trustee who is then acting, (ii) shall thereafter be
discharged from all powers, trusts, duties or obligations
hereunder and (iii) shall no longer be a Trustee. j
5. My estate or any trust created hereunder may pay
to any fiduciary fair and reasonable compensation for services
performed for my estate or any trust created hereunder. For
purposes of this paragraph, fair and reasonable compensation
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shall be determined as follows:
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a. The standard hourly rate of an individual
fiduciary who provides professional services to my estate or any
trust created hereunder shall be deemed to be ipso facto fair and
reasonable compensation for the services performed by such
fiduciary for my estate or any trust created hereunder. Further,
the rate which is equivalent to the rate which an individual
engaged in the business of providing estate or trust
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administration services charges for such services shall be deemed
to be fair and reasonable compensation for a fiduciary who does
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not provide professional services on a standard hourly basis.
b. Any corporate fiduciary serving hereunder
shall receive compensation for services performed for my estate
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or any trust created hereunder in accordance with the corporate
I~fiduciary's published fee schedule' as amended from time to time.
6. I direct that no bond or surety on bond shall be
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required of any fiduciary appointed hereunder or in accordance
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SMVLMAN, ROCiE R3, GANOAL
PORDY 6 ECNER, P.A. , 19
ROCKVILLE, MO 2O852-2143
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herewith for the faithful performance of such fiduciary's duties
in any fiduciary capacity hereunder in any jurisdiction; or if
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bond or other security is required by law, it is my request that
it shall be a nominal bond or other security.
7. Except for willful default or gross negligence, nol
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fiduciary shall be liable for any act, omission, loss, damage or
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expense arising from the performance of such fiduciary's duty j
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under this instrument. A successor fiduciary shall succeed to
all the powers, duties and discretionary authority of an original
fiduciary. No fiduciary shall be liable or responsible in any
way for any acts or defaults of any predecessor fiduciary, but
such fiduciary shall be liable only for such fiduciary's own acts
or defaults in respect to property actually received by such
successor fiduciary.
8. A person acting as a fiduciary or a person not
then acting but appointed or designated as a fiduciary hereunder
shall be deemed disabled or otherwise incapable of acting, and
shall be deemed to have ceased to be a fiduciary hereunder or
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deemed to be unable to act in such capacity, upon any of the
following:
a. Such fiduciary's death or written waiver or
resignation to act hereunder; or
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b. A court order, which the recipient deems to
be jurisdictionally proper and still currently applicable,
SMULMAN, R06ER5. GANOAL !
POROY 6 EcxrR,P.A. 20
ROCNVILLE, MO 20852 2743 i
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holding such fiduciary to be legally incapacitated to act on
behalf of my estate or any trust created hereunder; or
j c. Duly executed, witnessed and acknowledged
written certificates of such fiduciary's incapacity, at least two
of which are then unrevoked, of three licensed physicians, each
of whom represents that such physician is certified by a
recognized medical board, has examined such fiduciary and has
concluded that, by reason of accident, physical or mental
illness, progressive or intermittent physical or mental
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deterioration, or other similar cause, such fiduciary had, at the
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date thereof, become incapacitated to act rationally and
prudently to look after my estate or any trust created hereunder,
which the recipient deems to be credible and still currently
applicable; or
d. Other evidence which the recipient deems to
be credible and still currently applicable that such fiduciary
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has disappeared, is unaccountably absent, or is being detained
under duress where such fiduciary is unable to effectively and
prudently look after my estate's or any trust's best interest.
j In the event that such fiduciary shall be considered to
be disabled pursuant to the aforesaid standards, such fiduciary's
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incapacity shall be deemed to continue until such court order,
i~certificates and/or circumstances have become inapplicable or
have been revoked in the manner herein indicated.
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SHULMAN, ROGERS, GANDAL
PORDY 6 ECKER, P.A. I 21
ROCKVII.LE, NO 209522743
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B. Fiduciaries' Rights Powers and Duties:
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1. Rights Powers and Duties of Personal
Representatives
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In limitation of the rights, powers, privileges j
ii and discretions generally vested in fiduciaries by law, I give to l
my Personal Representative, the following powers, said powers to
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continue in effect with respect to any property at any time held
hereunder until the sale and distribution thereof pursuant to the
terms of this Will:
a. To retain any property, real or personal,
included in my estate or received by the Personal Representatives
only until such time as such property can be sold for fair market
value.
b. To sell, with or without notice, at public or
private sale, for cash or on credit, with or without security, to
exchange and to grant options to purchase any property, real or
personal, which is included in my estate or is at any time held
hereunder, and, in so doing, to execute all necessary deeds or
other documents or instruments.
C. To make contracts and agreements; to
compromise, settle, release, arbitrate or accept arbitration of
any debts or claims in favor of or against my estate; to sue on
behalf of my estate and to defend any suit against the same.
d. To vote, in person or by proxy, any stock or
securities held hereunder, and to exercise or delegate all rights
and privileges (such as subscription rights and conversion
privileges) and discretionary powers in connection therewith.
e. To exercise any options or warrants for the
(purchase of securities; or, alternatively, not to exercise any
such options or warrants (and allow them to lapse). j
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f. To consent to and participate in any
reorganization, consolidation, merger, dissolution, sale, lease,
mortgage, purchase or other action affecting any stock or
securities held hereunder, and to make payments in connection
it therewith.
SHULMAN, ROOERS, GANDAL I 2 2
PORDY 6 ECKER, P.A.
ROCKVILLE, MD 20852-2743
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g. To employ agents, attorneys, accountants,
j brokers, counsel (including investment counsel) or others,
whether individual or corporate, and to pay their reasonable j
I compensation and expenses. Any Personal Representative may serve;
in any such additional capacity and be reasonably compensated for;
services rendered and expenses incurred in such additional
capacity.
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h. To hold any property, real or personal, in
the name of a nominee, or in the name of any or all of the
Personal Representatives as Personal Representatives, until such
time as such property is sold by the Personal Representatives in
accordance with the provisions of ARTICLE THIRD of this Will.
i. To make such divisions, distributions or
advances, at any time and from time to time during the period of I
administration of my estate, of all or any part of the net income
or principal of my estate as the Personal Representatives deem
appropriate.
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j. To perform and carry out the provisions of
any contracts or business agreements to which I was a party and
which may be in force at the time of my death (including, but not
limited to, agreements of general partnership, limited
partnership, limited liability company, or joint venture, and
agreements arising out of my interest as a member, an officer,
director or stockholder of any corporation), and to renegotiate
the terms of any such contracts or agreements; and to wind up and
liquidate any such business (whether a sole proprietorship,
general partnership, limited partnership, limited liability
company, joint venture, corporation or other entity) in which I
may have an interest at the time of my death, without liability
for loss resulting from the winding up or liquidation of such
business except loss resulting from the Personal Representatives'
own willful default or gross negligence.
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k. To lend money to any beneficiary of any trust
created hereunder, with or without security and with or without
interest.
1. To renounce and disclaim, in whole or in
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part, any legal or beneficial interest in or power over any
property bequeathed, devised, distributed or transferred to the
j Personal Representatives.
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M. Notwithstanding any other provision of this
Will, so long as my estate or any trust created hereunder j
includes any stock of an "S corporation" (as defined in the
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SHULMAN, ROOERB, GANDAL
PORDY 6 ECKER,P.A. 23
ROCKVILLE, MO 2OB52-2743
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Code), the Personal Representatives are specifically prohibited
l from doing any act, the commission or omission of which would
1 voluntarily or involuntarily cause the termination of the
election of such corporation and its stockholders under and
pursuant to Subchapter S (Sections 1361 through 1379, inclusive)
of the Code.
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n. Generally, to do any and all acts and things
li and to execute any and all written documents or instruments with
respect to any property at any time held hereunder which will
facilitate the sale, at the highest value, of such property.
o. To insure the assets of my estate against
damage or loss and themselves against liability with respect to j
third persons.
P. To abandon any property, real or personal,
which they deem to be worthless or not of sufficient value to
warrant expending efforts to sell; or to convey any such property
for a nominal consideration, or without consideration.
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q. My Personal Representatives may arrange for +
extensions of time for the payment of estate and inheritance
taxes or may postpone the payment of such taxes upon future
interests until the time possession thereof accrues to the
beneficiary or beneficiaries. My Personal Representatives may
compromise any tax assessed against my estate.
r. To deduct from the income of my estate
reserves for taxes, assessments, insurance, repairs,
depreciation, obsolescence, depletion, maintenance and other
anticipated expenses and to allocate such deductions between the
hereof in such manner as they deem proper.
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S. Whenever required to make a distribution of
all or a part of my estate, to retain therefrom an amount of cash
sufficient in the Personal Representatives' judgment to cover any
liability which may then or later be imposed upon the Personal
Representatives, including but not limited to, the Personal
Representatives' liability for estate, inheritance, income or
other taxes, until such liability shall have been finally
determined.
II t. To the extent permitted by law, the Personal
Representatives shall not be required to make or file any
inventory or appraisement or to make or file any annual or other
l reports or accounts to any court in any jurisdiction; and, in
addition, any Personal Representative may accept his or her
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SMULMAN,{RODERSGANDAL
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ROCKVILLE, MD 20852-2;43
!I I
appointment without a judicial settlement of the accounts of any
predecessor Personal Representative.
i
U. The Personal Representatives shall not be
required to obtain the order or approval of any court for any
transaction affecting any sale of any assets of my Estate, nor
shall any person be required to inquire or investigate into the
ii Personal Representatives' authority for entering into such sale, j
or to see the application made by the Personal Representatives of
the proceeds of any such sale.
V. All of the rights, duties, powers,
authorities, and immunities given to the Personal Representativesi
in this Will shall continue until the Personal Representatives I
shall have made actual distribution of all proceeds from the sale
of all of my property hereunder.
W. Notwithstanding any other provisions of this
instrument, any Personal Representative acting hereunder may
delegate, at any time or from time to time, any or all of such
Personal Representative's rights, powers, duties, and authority
to any other Personal Representative acting hereunder; provided,
however, that any such delegating instrument shall be revocable
at any time.
X. If more than one Personal Representative
serves at any time, the signature of any one authorized Personal
Representative shall be sufficient in exercising any of the
powers referred to in this Will, and the signature of any one
authorized Personal Representative shall be sufficient when
endorsing or otherwise negotiating any checks, stock
certificates, shares of investment trusts, stock or bond powers,
or any of the other assets that may be held in my Estate
hereunder from time to time. The provisions of this paragraph
are included for ease of administration only and do not relieve
any Personal Representative hereunder of such Personal
Representative's duty to obtain the consent or concurrence of any,
Personal Representative to any proposed action or in any other
way alter or expand any of such Personal representative's powers
and discretions hereunder.
II
II y. All determinations by the Personal
Representatives as to any act taken by the Personal
Representatives under my Will shall be in the Personal
Representatives' sole and absolute discretion.
z. While recognizing the duty of the Personal
Representatives to minimize taxes (taking into account income andl
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SHULMAN, RODERS, GAND AL
PoRDY 6 EcxeR, P.A. I 25
ROCKVILLE, MD 20852-2743
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I~ I
^ ~ ~I I
1
I
other taxes as well as estate taxes, the deferral of tax as well
as the rate of tax, and taxes on the beneficiaries and their
estates as well as on my estate) consistent with my other
planning objectives, whenever the Personal Representatives shall
i
have a choice or right of election with regard to tax on my
estate (including, but not limited to, the elections and choices
described in this ARTICLE SEVENTH) the Personal Representatives
shall make such elections and choices as the Personal
Representatives, in the Personal Representatives' sole and
absolute discretion, may deem advisable, without regard to the
effect upon the respective interests of the persons interested in
my estate. The Personal Representatives shall be further
authorized, but shall in no event be required, to make
adjustments between any such interests to compensate for any
adverse effect thereon of any such choice or election. Further,'
the Personal Representatives shall not be held liable to any
person or entity interested in my estate for any choice or
election made (or not made) in good faith.
(i) Whenever the Personal Representatives
shall have a choice of dates in valuing property in my gross
estate for estate tax purposes, or a choice between claiming any
expense of administration as a deduction for income tax purposes
or as a deduction for estate tax purposes, the Personal
Representatives shall be authorized to make such choice as the
Personal Representatives shall deem advisable without regard to
the effect of such choice upon the persons interested in my
estate.
(ii) The Personal Representatives shall be
authorized (but shall not be required) to elect exemption from
the applicability of Section 2632(b) of the Code, and the
Personal Representatives shall be authorized to allocate, in
accordance with the provisions of Section 2632(a) of the Code,
any unused portion of the generation-skipping transfer tax
exemption available to me (or to my estate) under Section 2631 of
the Code to any dispositions of property under this Will or to
any dispositions of property outside of this Will in such manner
and in such amounts and proportions as the Personal
Representatives shall deem appropriate. All determinations by
i the Personal Representatives as to the proper allocation of such
unused exemption shall be conclusive and binding upon all persons
having or claiming interest in my estate.
~ i
(iii) All income earned during the period of
administration of my estate (including, without limitation,
income earned on that portion of my estate used for the payment
of legacies, debts, funeral and administration expenses, estate,
SHULMAN, ROGERS, GANOAL I( 2 6
PORGY & ECKER,P,A, III
ROCKVILLE, MO 20052-2743
i
inheritance and other death taxes, and any other lawful charges
against my estate) shall be treated solely as income. With the
exception of any income from assets specifically devised or
bequeathed, such income shall be allocated to the beneficiary or
J beneficiaries (including any trust or trusts) of my Residuary
Estate proportionate with the division of my Residuary Estate,
II subject to adjustment for any distributions made to any such
beneficiary or beneficiaries during the period of administration
of my estate.
(iv) The Personal Representatives may join in
I making an election under Section 645 of the Code to treat any
qualified revocable trust (as defined in such Section) created by
me as part of my estate for income tax purposes and the Personal I
Representatives may make (or join in making) any adjustments and
allocations of distributable net income, tax liabilities, and
other consequences of whatever nature resulting from this
election, which the Personal Representatives may deem to be
I appropriate.
f
(v) These elective provisions are for
illustrative purposes only and shall not be construed to limit
the Personal Representatives' ability to make any other election
not set forth herein.
~ I
2. Rights, Powers and Duties of Trustees
In addition to, and not in limitation of, the
rights, powers, privileges and discretions vested in Trustees by
law, I give to my Trustees, in the administration of any trust
created hereunder, the following powers, to be exercised, without
application to any court, to such extent, at such time or times,
1i upon such terms, and in such manner as my Trustees shall deem
j advisable in the best interest of the beneficiaries of any trust I
! created hereunder, said powers to continue in effect with respect
to any property at any time held hereunder until the
distribution, payment or application thereof under and pursuant
to the terms of this Will:
j a. To retain, for so long as deemed advisable,
any property, real or personal; to abandon any property; to
change or exchange any property; and to invest and reinvest, at
any time and from time to time, in such other property, real,
lpersonal, tangible or otherwise, within or without the United
States, without being limited in such retention, investment or
reinvestment to property authorized for the investment of trust
funds by any applicable local law, without regard to
it
SHULMAN, ROGER", GANDAL
PORDY 6 ECKER, P.A. 2
ROCKVILLE. NO 20862-2743
i
diversification of assets, and even though such assets are not
income-producing.
b. To sell, with or without notice, at public or
private sale, for cash or on credit, with or without security, to
exchange and to grant options to purchase any property, real or
personal, not herein specifically devised or bequeathed, which is
included in my estate or is at any time held hereunder, and, in
i1 so doing, to execute all necessary deeds or other documents or
j instruments.
C. To borrow money; to mortgage, pledge as
security, margin or otherwise encumber, any property held I
hereunder; and, if money is borrowed from any fiduciary, to pay
interest thereon at the prevailing rate. To consent to the
subordination, modification, renewal or extension of any
debenture, note, bond, mortgage, open account indebtedness or j
other obligation, whether or not secured or evidenced by any I
I writing, or of any other term or provision thereof, or of any
guarantee thereof, or to the release of such guarantee; to
foreclose mortgages and bid on property under foreclosure, or to
take title to property by conveyances in lieu of foreclosure,
either with or without payment of consideration; to continue I
mortgage investments after maturity, either with or without
renewal or extension, upon such terms and conditions as they deem
advisable; to release obligors on bonds secured by mortgages, or
obligors on other obligations, or to refrain from instituting
suits or actions against such obligors for deficiencies; to use
such part of the property held by my Trustees as my Trustees deem
advisable for the protection of any investment in real or
personal property, or any investment in any mortgage or pledge on
real or personal property.
i
d. To lease for any period (without regard to !
the duration of any trust created hereunder or to any statutory
(restriction), exchange, partition, subdivide, alter, demolish, 1
lidevelop, dedicate (even without consideration), improve, repair,
i1 maintain, grant easements, rights-of-way or covenants on or
;otherwise deal with real property.
e. To make contracts and agreements; to
compromise, settle, release, arbitrate or accept arbitration of
Iany debts or claims in favor of or against any trust created
thereunder; to sue on behalf of my estate or any trust created
!hereunder and to defend any suit against the same.
it f. To vote, in person or by proxy, any stock or
11 securities held hereunder, and to exercise or delegate all rights j
i!
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SHULMAN, ROOERS, GANDAL O
PDgor S EcKER, P.A. I~ 28
gOCKVILL E, MO 20BS 2-2]43 t
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and privileges (such as subscription rights and conversion
privileges) and discretionary powers in connection therewith.
g. To exercise any options or warrants for the
ii purchase of securities; or, alternatively, not to exercise any
such options or warrants (and allow them to lapse).
h. To consent to and participate in any
ill reorganization, consolidation, merger, dissolution, sale, lease,
mortgage, purchase or other action affecting any stock or
securities held hereunder, and to make payments in connection
therewith.
i. To deposit property with any protective,
reorganization or similar committee; to exercise or delegate
discretionary powers in connection therewith; and to share in
paying the compensation and expenses of any such committee.
j. To employ agents, attorneys, accountants,
brokers, counsel (including investment counsel) or others,
whether individual or corporate, and to pay their reasonable
compensation and expenses. Any Trustee may serve in any such
additional capacity and be reasonably compensated for services
rendered and expenses incurred in such additional capacity.
k. To hold any property, real or personal, in
the name of a nominee, or in the name of any or all of my
Trustees as Trustee, or to take stock or securities and keep the
same unregistered and in such condition that such stock or
securities will pass by delivery.
1. (i) In dividing or distributing the
principal of any trust created hereunder, to make such division
or distribution in money, in kind, or partly in money and partly
j; in kind, or by allotting or assigning undivided interests in
property, even if one or more shares be composed in whole or in
part of property different in kind than that of any other share.
(ii) In making any payment or distribution
required or permitted hereunder, my Trustees may pay over and
transfer the same in cash or in kind or partly in each, and to
the extent in kind, my Trustees may select particular property
and need not in any instance allocate particular issues of
ii securities or other assets on a pro rata basis. In exercising
the foregoing powers, my Trustees shall take into account such
considerations as my Trustees may deem relevant; the decision of
I my Trustees as to the property chosen for any such payment,
SMULMAN, ROOERS, GANDAL
Powor 6 ECxER, P.A. 2 9
ROCKVILLE, MD 20852-i!743
a
distribution or division shall be binding and conclusive on all
interested persons.
ii
I
M. To make such divisions, distributions or
advances, at any time and from time to time during the period of
jadministration of my estate, of all or any part of the net income
or principal of my estate as my Trustees deem appropriate.
i
n. (i) To hold, in solido, for convenience of
investment and administration, property constituting the
principal of two or more trusts created hereunder, or to make
i'joint or common investments in which the separate trusts shall
have undivided interests. In addition to, and not in limitation
of the foregoing, and to the extent permitted by law, if at any
time my Trustees are holding property in any trust created
hereunder for the primary benefit of any person or persons for
whose primary benefit my Trustees are also holding property in
any other trust under substantially the same terms, created by me
or by any other person under any other instrument, my Trustees
may, in my Trustees' sole and absolute discretion, merge such
i trusts and hold them as a single trust.
(ii) To hold any property distributed to my
Trustees hereunder in one or more separate trusts, either on
identical terms or, to the extent that the terms of the trust are
severable into distinctly separate shares, on terms reflecting
such separate shares. Furthermore, if the Personal
Representative directs any Trustee to hold a specified portion of
a trust created hereunder as a separate trust, such Trustee shall
hold such specified portion as a separate trust. Any such
direction shall be effective as of the date of my death.
j, (iii) To divide any trust, Pro rata or non-
pro rata, created hereunder into two or more separate trusts
(based on the fair market value of the trust assets at the time
of the division). If a trust is held as, or divided into,
separate trusts, my Trustees may, at any time after such division
into separate trusts and/or prior to a combination of such
H trusts, (a) make different tax elections (including the
allocation of the generation-skipping transfer tax exemption)
with respect to each separate trust, (b) pay or apply principal
and/or income and exercise any other discretionary powers with
,irespect to such separate trusts differently, (c) invest the
principal and/or income of such separate trusts differently, and
'(d) take any and all other actions consistent with such trusts
being separate entities. Further, the donee of any power of
appointment with respect to a trust so divided may exercise such
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SHULMAN, R03ER8, GANDAL j
PDRDY S ECKER, P.A. 30
ROCHVILLE, MD 20832-2743
y a
power differently with respect to the separate trusts created by
the division.
In connection with the foregoing, I
anticipate that my Trustees may hold property as one or more
separate trusts or divided trusts hereunder for both tax and j
administrative reasons.
i
o. To perform and carry out the provisions of
any contracts or business agreements to which I was a party and
which may be in force at the time of my death (including, but not
limited to, agreements of general partnership, limited
partnership, limited liability company, or joint venture, and
agreements arising out of my interest as a member, an officer, j
director or stockholder of any corporation), and to renegotiate
the terms of any such contracts or agreements; and to liquidate,
reorganize or continue to operate any business (whether a sole
proprietorship, general partnership, limited partnership, limited
liability company, joint venture, corporation or other entity) in
which I may have an interest at the time of my death, for such
period of time (without regard to any statutory restriction or
limitation), under such terms and conditions, with such other
persons, and in such manner as my Trustees may determine, without
liability for loss resulting from the continuance or operation of
such business except loss resulting from my Trustees own willful
default or gross negligence. My Trustees are authorized to have
a personal interest (whether directly or indirectly) as partner,
venturer, stockholder, owner or investor in, to be employed by,
or otherwise to serve any business referred to herein, and to
receive reasonable compensation for such employment or other
services rendered to or for such business.
p. To lend money to any beneficiary of any trust
! created hereunder, with or without security and with or without
interest.
q. To renounce and disclaim, in whole or in
part, any legal or beneficial interest in or power over any
property bequeathed, devised, distributed or transferred to my
(Trustees.
i r. Notwithstanding any other provision of this
Will, so long as any trust created hereunder includes any stock
+!iof an "S corporation" (as defined in the Code), my Trustees are
!,specifically prohibited from doing any act, the commission or
!!omission of which would voluntarily or involuntarily cause the
;termination of the election of such corporation and its
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SHULMAN. ROOER3GANDAL
PORDV & 3
ECKER, F.A. I Z
ROCKVILLE. MD 2085 2-2 7 4 3
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stockholders under and pursuant to Subchapter S (Sections 1361
through 1379, inclusive) of the Code.
i
S. To comply with environmental law issues that
it arise in any trust created hereunder in the following manner: j
;j
(i) To inspect and review any property held
by any trust created hereunder, including interests in sole
I proprietorships, partnerships, limited liability companies,
corporations or other business enterprises and any assets owned
by any such business enterprise, for the purpose of determining
compliance with environmental laws affecting such property and to
respond to a change in, or any actual or threatened violation of,
such environmental laws affecting property held by any such
trust;
I
(ii) To take, on behalf of any trust created j
hereunder, any action necessary or appropriate to respond to a
change in, or to prevent, clean up, abate or otherwise remedy any
actual or threatened violation of, any environmental laws
affecting property held by my estate or any such trust, as the
case may be, either before or after the initiation of an
enforcement or other action by any governmental body or other
party whatsoever;
(iii) To refuse to receive or accept, as a
part of the initial funding any trust created hereunder or as an
addition of property to any such trust, any such property, if my
Trustees determine that such property (a) is or may be
contaminated by any hazardous substance (however such term may be
defined), or (b) is being used or has been used for any activity
directly or indirectly involving any hazardous substance which
could result in personal liability to my Trustees or liability to
such trust or could otherwise impair the value of.the assets held
therein; j
(iv) To disclaim any power granted to my
Trustees under the terms of any document, statute, regulation or
rule of law which, in the sole discretion of my Trustees, causes i
my Trustees to believe that my Trustees may incur personal
liability under any environmental law;
i
(v) To charge all costs and expenses of any
inspection, review, abatement, response, cleanup or remedial
action undertaken hereunder (including, but not limited to, j
reasonable legal fees, court costs, environmental reports or
audit costs) against the income or principal of my estate or any
Ii trust created hereunder. Neither the acceptance by my Trustees
$NULMAN,ROOERH,GANOAL
POROV 6 ECKER, P.A. 32
ROCKVILLE, MO 20852.2743
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of any property nor a failure by my Trustees to inspect or review
such property shall be deemed to create any inference whatsoever
as to whether or not there is or may be any liability under any
environmental law with respect to such property; and
(vi) My Trustees shall not be personally
liable to any beneficiary or other party for any decrease in
value of the assets held in any trust created hereunder by reason
of my Trustees' compliance with any environmental law, j
specifically including any reporting requirement under such law. j
i.
(vii) For purposes of this paragraph,
"environmental law(s)" means any Federal, state or local law,
rule, regulation, statute or ordinance relating to protection of
the environment or human health, and "hazardous substance" means I
any substances defined as hazardous or toxic or otherwise
I regulated by such environmental laws.
t. After payment over and delivery sufficient to
vest all legal and beneficial right, title and interest in the
respective beneficiary of any such payment to the assets to be I
withdrawn, such trust shall terminate as to so much of the
principal thereof as shall have been so paid over and delivered.
Upon any discretionary payment or distribution made by my
Trustees from the income and/or principal of any trust created
hereunder, anything in this Will to the contrary notwithstanding,
the interests of all succeeding beneficiaries in such payment or
i distribution, whether vested or contingent, shall be terminated
and my Trustees shall be relieved of all liability in connection
with such payment or distribution and shall not be required to
account therefor in any manner.
U. To permit any person having any interest in
the income of any trust to occupy any real property forming part
of any trust upon such terms as they deem proper, whether rent-
free or in consideration of payment of taxes, insurance,
maintenance and ordinary repairs, or otherwise.
i
V. To insure the assets of any trust created
hereunder against damage or loss and themselves against liability
with respect to third persons.
W. To abandon any property, real or personal,
which they deem to be worthless or not of sufficient value to j
warrant keeping or protecting; to abstain from payment of taxes,
liens, water-rents, assessments, repairs, maintenance or upkeep
of any such property; to permit any such property to be lost by
I
SHULM AN, RO6ER8, GANDAL
PORGY 6 ECKER, P.A. 33
ROCKVILLE, MD 20852-2743
I I
,
•^ry{Trn\~ J 1 ~,I
j
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tax sale or other proceedings; or to convey any such property for
!II a nominal consideration, or without consideration.
!I X. Any Trustee may compromise any tax assessed
against any trust created hereunder.
Y. To deduct from the income of any trust
created hereunder reserves for taxes, assessments, insurance,
j repairs, depreciation, obsolescence, depletion, maintenance and j
i other anticipated expenses and to allocate such deductions
between a trust and the income beneficiaries thereof in such
manner as they deem proper.
i
Z. To determine who are the distributees of any
trust established hereunder, and in so doing act upon such
information as on reasonable inquiry they may deem reliable with
respect to heirship, relationship, survivorship, identity or any
other fact relating to such distributees.
i
aa. Whenever required to make a distribution or
transfer of all or a part of the assets of any trust, to retain
therefrom assets sufficient in my Trustees' judgment to cover any
liability which may then or later be imposed upon my Trustees,
including but not limited to my Trustees' liability for estate,
inheritance, income or other taxes, until such liability shall
have been finally determined.
bb. (i) My Trustees shall not be required to
make or file any inventory or appraisement or to make or file any
annual or other reports or accounts to any court in any
jurisdiction; and, in addition, any Trustee may accept such
Trustee's appointment without a judicial settlement of the
accounts of any predecessor Trustee. My Trustees shall account
annually to each income beneficiary who has attained the age of
eighteen (18) years and to the parents or guardians of any income
beneficiary who has not attained the age of eighteen (18) years.
(ii) Any income beneficiary and the parents
or guardians of any income beneficiary who has not attained the
age of eighteen (18) years shall have the power, at any time and
from time to time, by an instrument in writing signed and
acknowledged, to settle the account and the proceedings of any
!Trustee and any investment counsel to such Trustee as to all
transactions shown therein, and such written approval shall be
i final and binding upon all persons, whether in being or not, who
are then or may thereafter become entitled to share in either the
iprincipal or income of any trust created hereunder.
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SNULMAN, ROOERS, GANDAL 3
PoRDY 6 ECKER, P.A.
ROCKVILLE, MD 20552-2743
cc. My Trustees shall not be required to obtain
the order or approval of any court for any transaction affecting
any trust created hereunder, nor shall any person be required to j
inquire or investigate into my Trustees' authority for entering
into such transaction, or to see the application made by my
Trustees of the proceeds of any such transaction.
l dd. All of the rights, duties, powers,
authorities, and immunities given to my Trustees in this Will
shall continue after termination of the trusts created herein,
and until my Trustees shall have made actual distribution of all 1
property held by my Trustees hereunder.
I
ee. Notwithstanding any other provisions of this
instrument, any Trustee acting hereunder may delegate, at any
time or from time to time, any or all of such Trustee's rights,
powers, duties, and authority to any other Trustee acting
hereunder; provided, however, that any such delegating instrument
shall be revocable at any time.
i
I
ff. If more than one Trustee serves at any time,
the signature of any one authorized Trustee shall be sufficient
in exercising any of the powers referred to in this Will, and the
signature of any one authorized Trustee. shall be sufficient when
endorsing or otherwise negotiating any checks, stock
certificates, shares of investment trusts, stock or bond powers,
or any of the other assets that may be held in any trust created
hereunder from time to time. The provisions of this paragraph
are included for ease of administration only and do not relieve
any Trustee hereunder of such Trustee's duty to obtain the
consent or concurrence of any other Trustee to any proposed
action or in any other way alter or expand any of such Trustee's
powers and discretions hereunder.
I
gg. For convenience of administration and
1 investment, my Trustees shall be authorized to hold, manage and
invest separate trusts in one or more consolidated funds, in
whole or in part, as my Trustees may determine. As to each
consolidated fund, the division as to the various shares
comprising such fund need be made only on my Trustees' books of
accounts, in which each trust shall be allotted its proportionate
share of the principal and income of the fund and charged with
its proportionate part of the expenses thereof. In addition, my
Trustees may consolidate any trust or trusts created hereunder I
for the primary benefit of a beneficiary or beneficiaries with
I~ any other trust or trusts created by me or any member of my
family by Will or agreement for the primary benefit of that same
beneficiary or beneficiaries where the dispositive provisions of
i
SNULMAN.ROGERB,GANDAL C,
PORDY 6 ECKER,P.A.
ROCKVILLE, MO 208522743
1
the trusts are substantially identical, so as to have only one
trust to administer for such beneficiary or beneficiaries.
hh. Whenever my Trustees determine that the size
of any trust held hereunder does not warrant the cost of
continuing the administration of such trust or that such trust's
continued administration would be impractical or not in the best
interests of the beneficiary for any other reason, my Trustees,
without further responsibility, may pay such trust to the person
i1who is at that time entitled to or eligible to receive the income
ii from such trust.
II j
ICI ii. Generally, to do any and all acts and things
and to execute any and all written documents or instruments with
respect to any property at any time held hereunder which my
Trustees would be entitled to do were such property owned
outright and absolutely by my Trustees.
jj. All determinations by my Trustees as to any
act taken by my Trustees under my Will shall be in my Trustees'
sole and absolute discretion.
i ~
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C. Rule Against Perpetuities: As provided in Section 11-
102 of the Estates and Trusts Article of the Annotated Code of
Maryland, or any successor Section thereof, the rule against
perpetuities does not apply to any trust created under this Will.
ARTICLE EIGHTH: DEFINITIONS AND MISCELLANEOUS PROVISIONS:
I ~
A. As used in this Will, the words "Personal
Representative", "Personal Representatives", "Trustee" and
I ~
~j-Trustees", and all pronouns and verbs used herein, shall
linclude, where appropriate, the singular, the plural, the
!I ~
imasculine, the feminine and the neuter.
B. As used in this Will, the terms "fiduciary" or
"fiduciaries" shall include any Personal Representative or
it I
J Trustee, as the case may be, serving hereunder.
I I
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SHULMAN, ROOERS, GANDAL (I 3 6
Ponor 6 ECHER, P.A.
ROCKVILLE, MD 20852-2743
C. As used in this Will, the term "education" shall
include, all tuition, travel, room, board and other costs and
expenses related to preparatory or boarding school, college,
graduate school, professional school or special, vocational,
is
business, and professional training, as well as any art, literary
i
l or similar education, whether or not at an accredited college or I
j university.
D. As used in this Will, the term "health" shall include,
~j all medical, psychiatric, dental, hospital and nursing expenses
and expenses of invalidism and the
payment of the expenses of any
i
illness (whether physical or mental), accident or health
I
emergency.
E. As used in this Will, the term "Code" shall mean the
Internal Revenue Code of 1986, as amended up to the time of my
death, or any corresponding provisions of any succeeding law, and
i
any reference to any "Section" of the Code shall refer to that i
Section, as amended up to the time of my death, of the Code or
any corresponding provisions of any succeeding law. j
I
F. For purposes of this Will, a person in gestation who is
dater born alive shall be considered a person in being.
G. The headings, titles, and subtitles in this Will have
!been inserted solely for convenient reference and shall be
ignored in the construction of my Will.
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SNULMAN,ROOERS,GANDAL
PORDY 6 ECkER, P' A. 37
ROCKVILLE, MD 20052-2743
H. If any provision of this Will or any trust created
'I
hereunder, or the application of such provision to any person or
i
circumstance, shall be held invalid or unenforceable, the
II remainder of this Will or such trust or the application of such
'provision to persons or circumstances other than those to which
it is held invalid or unenforceable, shall not be affected
thereby.
IN WITNESS WHEREOF, I have subscribed and sealed and do
publish and declare this instrument to be my Last Will and
Testament, in the presence of the witnesses attesting the same at
i
my request, this _Lq_t1, day of aj~4,eft in the year two thousand
three (2003). I
[SEAL]
MARY L INE
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SHULMAN, ROGCR6, GANDAL o
Poaor 6 ECKER,P.A. 38
ROCKVILLE, MD 2 063 2-2 7 43
This instrument, consisting of thirty-nine (39) pages,
including the page on which we, the undersigned, have subscribed 11
our names as witnesses, were at the date thereof subscribed,
I sealed, published and declared by MARY LEVINE, the aforesaid
Testatrix, to be her Last Will and Testament, in the presence of
us and each of us, who, at her request, in her presence and in
the presence of each other, have hereunto subscribed our names as
witnesses thereto (the final clause of the Will having been read I
aloud to us by the aforesaid Testatrix immediately after she had
signed the Will, and this clause having been t`hgreupon read aloud;
her and our presence and hearing), this _day of
i
two thousand three (2003).
I
Signature
SNOW, 11921 Rodcdle Price, Suite 300
Ro*&. MD 20052 j
Name and Address I
nature
11 A
11921 RodwUle Pike, Suite 300
ROdN 0. MD M-09
Name and Address
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Renee M Seaojr
5500 Griffith Road
Si ature
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Laytonsviile Maryland 20882
,I
I; Name and Address
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SNULMAN,ROGERS,GANDAL I'll 3 9 .
PORDY 6 ECKER, P.A. l i
ROCKVILLE. MO 208 5 2-2 7 43
STATE OF No r\1 (a )
l ) SS:
COUNTY OF ~C )
i
Before me, the undersigned authority, on this da~y`~personally
appe d MARY LEVINE, ( pp, %1 (~°r
H and known to me to be the Tes trix
and the witnesses, re pectively, whose names are signed to the
foregoing instrument and, all of these persons being by me first
duly sworn, MARY LEVINE, the Testatrix, declared to me and to the
witnesses in my presence that said instrument is her Last Will
and Testament and that she had willingly signed or directed
another to sign the same for her, and executed it in the presences
of said witnesses as her free and voluntary act for the purposes
therein expressed; that said witnesses stated before me that the
foregoing Last Will and Testament was executed and acknowledged
by the Testatrix as her Last Will and Testament in the presence
of said witnesses who, in her presence and at her request, and in
the presence of each other, did subscribe their names thereto as
attesting witnesses on the date of said Last Will and Testament;
and that the Testatrix, at the time of the execution of said Last
Will and Testament, was over the age of eighteen (18) years and
of sound and disposing mind and memory.
I
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(SEAL)
MARY , Testatrix
Witness
ess
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Wit ss
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Subscribed, sworn and acknowledged before me by MARY LEVINE,
t e Testatrix, and subscribed and sworn before me by
rntl and
r
witnesses, this day of
2003
NOTARYPUBLIC
FREDERICK COUNTY
tai EaQF MM IlajVD Notary Public
M COMM. EXP.9 1-05 My Commission Expires:
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G:\ESTATES\WILLS\Levine-Mary4.wpd
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SHULMAN,ROOERE, GANDAL 0
PORGY 6 ECKER, P.A.
ROCKVILLE, MD 20852.Z743
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Combined Statement
Page 2 of 5 0039
Statement Period
MARY S LEVINE 08.11.12 through 09.07.12
BERNARD W LEVINE B 05 0 I P PI 5
KENNETH J LEVINE
Interest Checking
MARY S LEVINE BERNARD W LEVINE
KENNETH J LEVINE
Your Account at a Glance
Account Number 0039 1600 6328
Beginning Balance on 08-11-12 $ 16,164.79 Annual Percentage Yield Earned this Statement
Deposits and Other Additions + 20,000.14 period: 0.0190
Checks Posted 24,376.99 Interest Paid Year to Date: $1.08
Service Charges and Other Fees - 3.00
Other Subtractions 73.95
Ending Balance on 09-07.12 $ 11,710.99
Interest Checking Additions and Subtractions
ate Resulting
Posted Amount($) Balances($) Transactions
08-13 20,000.00+ 36,164.79 M T1r transfe
13anking tr urmont #5012437 MD
Confrmation#t 2569033292
08-17 8,420.06- 27,744.74 Check 436
08-20 1,887.41- 25,857.33 Check 437
08-20 1,357.53- 24,499.80 Check 435
08-20 48.60- 24,451.20 Vz Wireless Arc Des:Arc Check #:0438
Indn:090112384700001 Co ID:2005091202 Arc
08-21 25.36- 24,425.85 National Enquire Des:8772121942 Check #:0434
Indn:Xxxxvri)= Co ID:30014468W1 Arc
08-22 5,417.00- 19,008.85 Check 439
08-24 7,295.00- 11,713.85 Check 440
09-07 0.14+ 11,713.99 Interest Earned
09-07 3.00- 11,710.99 Check Image Service Fee
Checks Posted in Numerical Order
Check # Posting Date Amount($) Check # Posting Date Amount($) Check # Posting Date Amount($)
435 08-20 1,357.53 437 08-20 1,887.41 440 08-24 7,295.00
436 08-17 8,420.05 439" 08-22 5,417.00
Total Checks Posted $24,376.99
• Gap in sequential check numbers.
ftily Balance Summary
Date Balance($) Date Balance($) Date Balance($)
Beginning 16,164.79 08-13 36,164.79 08-17 27,744.74
I
Bank of America 40". Combined Statement H '
Page 3 of 5 003916006328
Statement Period
MARY S LEVINE 08-11-12 through 09.07-12
BERNARD W LEVINE B 05 0 1 P PI 5
KENNETH J LEVINE
Daily Balance Summary - Continued
Date Balance($) Date Balance($) Date Balance($)
08-20 24,451.20 08-22 19,008.85 09-07 11,710.99
08-21 24,425.85 08-24 11,713.85
Regular Savings
MARY S LEVINE BERNARD W LEVINE
KENNETH J LEVINE
Your Account at a Glance
Account Number 0000 9015 4635
Beginning Balance on 08-11-12 $ 27,978.32 Annual Percentage Yield Earned this Statement
Deposits and Other Additions + 3,449.08 period: 0.01%
Other Subtractions 20,000.00 Interest Paid Year to Date: $5.88
Ending Balance on 09-07-12 $ 11,427.40
Regular Savings Additions and Subtractions
ate Resulting
Posted Amount($) Balances($) Transactions
08-13 20,000.00- 7,978.32 MD Tlr transfer to Chk 6328
13anking tr urmon #5012437 MD
Confirmation# 2569033292
08-31 3,449.00+ 11,427.32 US Treasury 303 Des:Xxsoc Sec ID:Xxxxxxxxxa SSA
Indn:Mary S Levine Co ID:3031036030 Ppd
09-07 0.08+ 11,427.40 Interest Earned
Daily Balance Summary
Date Balance($) Date Balance($)
Beginning 27,978.32 08-31 11,427.32
08-13 7,978.32 09-07 11,427.40
1C LL& 4
ORRSTOWNBANK
A Traififion officellence
Date 8/24/12 Page 2
Primary Account 146001375
Enclosures
Mary S Levine
Kenneth J Levine
650 W Old York Rd
Carlisle PA 17015
50+ Interest Checking 146001375 (Continued)
Daily Balance Information
Date Balance Date Balance Date Balance
7/26 16,597.73 8/10 17,287.90 8/26 14,563.55
7/27 18,207.38 8/13 15,915.49
8/01 16,829.97 8/24 14,562.83
Interest Rate Summary
7/25 0.050000%
THANK YOU FOR BANKING WITH ORRSTOWN BANK
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----Crown Classic Banking*
Account number: 1010103623179 ■ July 19, 2012 - August 16, 2012 ■ Page 1 of 3
DC0031DTT9 000221
~~Ilili~ll~t~~~~tl~Irltlilt[llnllnlnlrtl~IiIrIIIIrIIIIIIIIIIII Qualstions?
7"" 7` MARY LEVINE Available by phone 24 hours a day, 7 days a week.
Pa KENNETH J LEVINE 1-800-742-4932
650 W OLD YORK RD m: 1-800-877-4833
CARLISLE PA 17015-9155 En esporiol. 1-877-727-2932
M 1-800-288-2288 (6 am to 7 pm PT, M-F)
Online: wellsfargo.com
Write: Wells Fargo Bank, N.A. (336)
P.O. Box 6995
Portland, OR 97228-6995 0
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You and Wells Fargo Account options o
Thank you for being a Wells Fargo customer. We appreciate your business and Acheck mark in the box indicates you have these N
understand that you are entrusting us with your banking needs. Let us assist you convenient services with your account. Go to z
in finding the right accounts and services to help you reach your financial goals. wellsforgo.com or call the number above ifyou have z
questions or if you would like to add new services. i
Please visit us online at wellsfargo.com, call us at the number at the top of your z
statement, or visit any Wells Fargo store - we'd love to hear from you! Online Banking E] Direct Deposit i
Online Bill Pay Auto Transfer/Payment z
~ z
Online Statements Overdraft Protection El z
z
Mobile Banking E] Debit Card z
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My Spending Report Ej Overdraft Service E] o
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Activity summary Account number: 1010103623179
C.
Beginning balance on 7/19 S 1.646.99 MARY LEVINE Q
Deposits/Additions 0.02 KENNETH J LEVINE
Withdrawals/Subtractions 0.00 Maryland account terms and conditions apply o
Ending balance on 5116 $1,6,6.96 For Direct Deposit and Automatic Payments use
Routing Number (RTN): 055003201
Overdraft Protection
This account is not currently covered by Overdraft Protection. If you
would like more information regarding Overdraft Protection and
eligibility requirements please call the number listed at the top of
your statement or visit your Wells Fargo branch.