HomeMy WebLinkAbout06-24-13 � 1505611180
REV-1500 °��°�-����F��
OFFlCIAL USE ONLY
PA Depertment of Revenue pennsylVania
. DEPPRTMENTO'NHERITANCE TAX RETURN �unty code Year Fi�e Number
Bureau of tndividual Taxes � ' /� ��"V �
PO BOX 280601 ./7, d(
��b��,,PA 17128-0601 RESIDENT DECEDENT /�
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death MMDDYYYY Date of Birth MMDDWW
01072012 03271932
Decedent's Last Name Suffix Decedent's First Name MI
VALK RICHARD P
(It Applicable)Enter Surviving Spouse's Information Below
Spouse's Last Name Suffix Spouse's First Name MI
VALK JUDY B
Spouse's Social Security Number
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
FILL IN APPROPRIATE BOXES BELOW
Q 1.Original Retum Q 2.Supplemental Retum 0 3.Remainder Retum(Date of Death
Prior to 12-13-82)
� 4.Limited Estate Q 4a.Future Interest Compromise(date of Q 5.Federal Estate Tax Retum Required
death after 12-12-82)
� 6.Decedent Died Testate Q 7.Decedent Maintained a Living Trust 8.Total Number of Safe Deposit Boxes
(Attach Copy of Will) (Attach Copy of Trust)
Q 9.Litigation Proceeds Received Q 10.Spousal Poverty Credit(Date of Death � 110E�lection to Tax�r Sec.9113{A)
Betvueen 12�31-91 and 1-1-95) �ttxh Schedul� �► "�
T�
CORRESPONDENT-THIS SECTION MUST BE COMPLETED.ALL C�tRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULI�E. CTED TO�,� � p
Name Daytirr�'f�pbone N�ber cn �
�' � .� � � �'3
ROBERT G. FREY 717�+��8 --� � �
. �ds�o�'to�a.�s �Y
� � � � � �
: � � � �
First Line of Address -�p "� �-- �
� � � �<
5 S. HANOVER ST.
Second Line of Address
DATE FlLED
City or Post Office State ZIP Code
CARLISLE PA 17013
Correspondent's e-mai�addrsss: R F R E Y a�F R E Y T I L E Y. C 0 M
Under penalties of perjury,I declare that I have e mined this retum,including accompanying schedules and statements,and to the best of my knowledge and belief,
' it is tnie coRect and com lete.Dec re re er th e I�e r e is based on all information of which re rer has a knowled e.
' SIGNATURE OF PERS SIBLE F DATE� �
ADDR
SIGNA E P P ER R REPR ENTATIVE DATE
' �i.> �� �0�
ADDRESS
5 SOUTH HANOVER STREET� RLISLE� PA 17�13
�# PLEASE USE ORIGINAL FORM ONLY
Side 1
L 1505611180 1505611180 �
�
. 1505611280
�
REV-1500 EX(FI)
Decedent's Social Security Number
�ecedent'sName: RICHARD P VALK
RECAPITULATION
1. Real Estate(Schedule A).... ... ... . .... ... .. ..... . .. . .. . ... . .. ... 1. N 0 N E
2. stocks and Bonds(schedu�e B)... .. ... .. .. ... .. .. . .. .. . .. .. .. . .. .. 2. 5 8 318 7 2. 0�
3. Closely Held Corporation, Partnership or Sole-Proprietorship(Schedule C). .. 3. N O N E
4. Mortgages and Notes Receivable(Schedule D).... . .. .. . .. . .... .. ..... 4. 6���0. 0�
5. Cash,Bank Deposits and Miscellaneous Personal Property(Schedule E).. .. 5. 4 3 6 2 2.�0
6. Jointly Owned Property(Schedule F) QSeparate Billing Requested. .. .... 6. 5 2 4 6. �0
7. Inter-Vivos Transfers&Miscellaneous Non-Probate Property
(Schedule G) �Separate eilling Requested. ... ... 7, 4 2 3 3 9 5 4 . 0 0
s Total Gross Assets(total Lines 1 throuc�h� s. 1017 4 6 9 4 .0 0
9. Funeral Expenses and Administrative Costs(Schedule F�. . .. . .. . . . ... ... s. 2 918 3.0 0
10. Debts of Decedent, Mortgage Liabilities and Liens(Schedute I). .. .. ... .. .. 10. 2 6 9 3 4 . ��
11. Total Deductions(total Lines 9 and 10).. . .. .. . .. .. . .. .. .. . .. .. . .. .. 11. 5 6117.0 D
12. Net Value ot Estats(Line 8 minus Une 11).. . .. .. ... .. .. . .. .. .. . .. ... 12. 1 O 118 5��. 0 0
13. Charitable and Govemmertital Bequests/Sec 9113 Trusts for which 3 0 0 D 0 0 . �0
an election to tax has not been made(Schedule J). .. .. .. . .. .. ... .. .. . ..13.
14 Net Value Subject to Tax(Line 12 minus Line 13) .14. 9 818 5??.��
TAX CALCULATION-SEE INSTRUCTIONS FOR APPLICABLE RATES
15.Amount of Line 14 taxable at
the spousal tax rate,or
transfers under Sec.9116
(a)(�.2)x.o 0 5109034 .00 15. 0 .00
16.Amour�t of Line 14 taxable
at�inea�ratex.o 45 4559543. DO �s. 205179. 44
17.Amour�t of Line 14 � .��
taxable at sibling rate X .12 ��•
18.Amour�t of Line 14 taxable
at collateral rate X .15 150000 . 00 �s. 22500 .00
19.TAX DUE... .. . .. .. .. ... .. . .. .. .. . .. .. . .. .. ... .. .. . .. .. ... .. .. .. 19. 2276�9. 4 4
Z0. FILL IN THE BOX IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT �
Side 2
�
15D5611280 ],5D5611280 J
REV-1500 EX(Fn Page 3 Fle Number 210-26-8991
Decedent's Complete Address: 21-12-0050
DECEDENT'S NAME
RICHARD P VALK
STREET ADDRESS
66 EAST MAIN STREET
CITY STATE Z�P
NEW KINGSTOWN PA 17072
Tax Payments and Credits:
1. Tax Due(Page 2, Line 19) (1) 227679.44
2. Credits/Payments
A.Prior Payments 220000.00
B.Discour�t 11000.00
Total Credits(A+B) (2) 231000.00
3. Interest
�3)
4. If Line 2 is greater than Line 1 +Line 3,enter the difference.This is the OVERPAYMENT.
Fill in box on Page 2,Line 20 to roquest a rei�nd. (4) 3320.56
5. If Line 1 +Line 3 is greater than Line 2,enter the difference.This is the TAX DUE. (5) 0.00
Make check payable to: REGISTER OF WILLS, AGENT
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred....................................................................................... ❑ �
b. retain the right to designate who shall use the property transferred or its income.......................................... ❑ �
c. retain a reversiornary ir�terest.......................................................................................................................... ❑ �
d. receive the promise for life of either payments,benefits or care?................................................................... ❑ �
2. If death occurred after Dec. 12, 1982,did decedent transfer property within one year of death
` without receiving adequate consideration?.......................................................................................................... ❑ �
3. Did decedent own an"in trust for"or payable-upon-death bank accour�t or security at his or her death?............ ❑ �
4. Did decedent own an individual retirement account,annuity or other non-probate property,which
contains a beneficiary designation?...............................................................:.................................................... � ❑
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES,YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
For dates of death on or after July 1, 1994,arxl before Jan. 1,1995,the tax rate imposed on the net value of transfers to or for the use of the surviving
spouse is 3 percent[72 P.S.§9116(a)(1.1)(i)].
For dates of death on or after Jan. 1, 1995,the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0 percent
[72 P.S.§9116(a)(1.1)(ii)].The statute does not exempt a transfer to a surviving spouse from tax,and the statutory requiremer�ts for disclosure of
assets and filing a tax retum 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 parer�t,an
adoptive parent or a stepparer�t of the child is 0 percer�t[72 P.S.§9116(a)(1.2)].
• The 1ax rate�nposed on the net value of transfers to or fw the use of the deceden�s lineal beneficiaries is 4.5 percent,except as noted in(!2 P.S.§9116(a)(1)].
' • The tax rate imposed on the net value of transfers to or for the use of the decedeM's siblings is 12 percent[72 P.S.§9116(a)(1.3)].A sibling is
defined,under Section 9102,as an individual who has at least one parer�in common with the decedent,whether by blood or adoption.
REV-1503 DC+(7-11)
pennsylvania SCHEDULE B
DEPARTMENT OF REVBdUE
INHERITANCETAXRETURN STOCKS & BONDS
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Richard P and Judy B Valk 21-12-OQ50
Ail propertyjointlyowned with right of survivorship must bs disclossd on Schsdule F.
ITEM VALUE AT DATE
; NUMBER DESCRIPTION OF DEATH
1. Raymond James, Bank Deposit Program 795,468
Brokered Certficates of Deposit 470,408
Stocks invested with Raymond James 1,646,480
Investments in publicly traded partnerships 400,757
Investmetns in bonds, including accrued interest 2,518,759
TOTAL(Also enter on Line 2, Recapitulation) $ 5,831,872
If more space is needed,insert additional sheets of the same size
R�-'S°'�+��9$' SCHEDULE D
COMIAONWEALTH OF PENNSYLVANIA MORTGAGES � NOTES
INHERITANCE TAX RETURN RECEIVABLE
RESiDENT DECEDENT
ESTATE OF FILE NUMBER
Richard P and Judy B Valk 21-12-0050
Ail propsrty jar�tlyowned with right ot survivorship rrwst be disdossd on Schedule F.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1. Note owed by Judy B.Valk 60,000
TOTAL(Also enter on line 4, Recapitulation) S 60,000
(If more space is needed,insert additional sheets of the same size)
REV-1508 EX+(11-10) SCHEDULE E
. pennsylvania CASH, BANK DEPOSITS, & MISC.
DEPARTMENTOFREVENUE pERSONAL PROPERT1(
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF: FILE NUMBER:
Richard P and Judy B Valk 21-12-0050
Include the proceeds of litigation and the date the proceeds were received by the estate.
All property jantlyowned with right ot survivorship must be disclosed on Scheduls F.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1 Personal property bequeathed to Ted P.Valk 13,645
2 Personal property bequeathed to spouse,Judy B. Valk 10,000
3 Quail Ridge Golf Club Membership 15,250
4 Ocean Club of Florida membership 2,500
5 Pennsylvnia lncome tax refund 769
6 Harbour's Edge refun 1,442
7 AT&T refund 16
TOTAL(Also enter on line 5, Recapitulation) S 43,622
If more space is needed,use additional sheets of paper of the same size.
' REV-1509 EX+(01-10)
pennsylvania SCHEDULE F
DEPARTMENT QF REVENUE
JOINTLY-OWNED PROPERTY
I NHERITANCE TAX RETURN
RESIDENT DECmENT
ESTATE OF: FILE NUMBER:
Richard P and Judv B Valk 21-12-0050
it an asset becarrro jointly owned within one year of the decedent's date of death,it must be reported on Schedule O.
SURViVING JOINT TENANT(S)NAME(S) ADDRESS RELA710NSHIP TO DECEDENT
A. Judy B. Valk 1334 Partridge Place North Wife
Boynton Beach, FL 33436
B.
C.
JOINTLY OWNED PROPERTY:
�Err�t DATE DESCRIPTION OF PROPERTY %oF DATE OF DEATH
ITEM FOR JOINT MADE INCLUDE NAME OF FINANqAL INSTITUTION AND BANK ACCOUNT NUIvBER OR SIMILAR DATE OF DEATH DECEDENT VALUE OF
NUMBER TENANT JOINT IDENTIFYING NUMBER.ATTACN DEED FOR JOIMLY HELD REAL ESTATE. VALUE OF ASSET INTEREST DECEDENT'S INTEREST
1. A. M&T checking account no. 23388714 10,492.00 50.00% 5,246.00
0.00
o.ao
o.00
o.00
o.00
a.o0
o.00
a.00
o.ao
o.00
o.00
o.00
o.o0
o.00
o.o0
TOTAL(Also enter on Line 6, Recapitulation) a 5 246.00
If more space is needed,use additional sheets of paper of the same size.
RE�-��,o EX+co�-o9� SCHEDULE G
pennsylvania lNTER-VIVOS TRANSFERS &
DEPARTMENT OF REVENUE
INHERITANCETAXRETURN MISC. NON-PROBATE PROPERTY
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Richard P and Judy B Valk 21-12-0050
This schedule must be completed and filed if the answer to any of questions 1 through 4 on page three of the REV-1500 is yes.
DESCRIPTION OF PROPERTY
ITEM INCLUDETHENAMEOFTHETRMISFEREE,THORREUTIONSHIPTODECEDENTAND DATE OF DEATH %OF DECD'S EXCLUSION TAXABLE
NUMBER TME DATE OFTRANSFER.AITACH A COPYOF THE DEED FOR REAL ESTATE. VALUE OF ASSET tNTEREST ��FAPPLIGoBLE) VALUE
1. Cash gift to Jessica Smart, step grandchild 1Q,Q00 100.40% 3,000 7,000
' 2. Cash gift to Kyle Brannon, step grandchifd 10,000 100.00°!0 3,000 7,000
3. Individual Retirement Account,Wachovia Securities 2,211,954 100.00% 0 2,211,954
4. Annuity,Allstate,surviving spouse as beneficiary 2,008,000 100.00% 0 2,008,000
0
0
0
0
0
0
0
a
0
0
0
0
0
0
0
0
0
� o
a
0
a
0
0
0
0
a
0
0
0
0
0
a
0
0
a
0
Q
0
0
0
a
0
TOTAL Also enter on Line 7 Reca itulation S 4 233 954
If more space is needed, use additional sheets of paper of the same size.
��-1511 EX+(10-09) S C H E D U L E H
pennsylvania
DEPARTMENT OF REYENUE F'UNERAL EXPENSES AND
RESDENT DECEDENTrURN ADMINISTRATIVE COSTS
ESTATE OF FILE NUMBER
Richard P and Judy B Valk
Decedent's debts must bs roported on Schedule i.
; ITEM
NUMBER DESCRIPTION AMOUNT
A. FUNERAL EXPENSES:
1. Casket and transporting body from Florida 11,645
2. Funeral home services 3,619
3. Cemetery charges 3,392
4. Food for memorial service 503
B. ADMINISTRATIVE COSTS:
1. Personal Representative Commissions:
Name(s)of Personal Representative(s)
Street Address
Ciiy State ZIP
Year(s)Commission Paid:
2. Attorney Fees: 3,700
3. Family Exemption:(If decedenYs address is not the same as claimanYs,attach explanation.)
Claimant
Street Address
City State ZIP
Relationship of Claimant to Decedent
4. Probate Fees: 1,794
5. Accour�tant Fees: 3,630
6. Tax Retum Preparer Fees:
7. Appraisals 180
8. Advertising in the Sentinel a�d Cumberland Law Joumal 96
9. Executrix travel expenses 624
TOTAL(Also enter on Line 9, Recapitulation) S 29 183
If more space is needed,use additional sheets of paper of the same size.
REV-1512 DC+(12-08j
pennsylvania SCHEDULE I
DEPARTMENT OF REVENUE DEBTS OF DECEDENT,
INHERITANCE TAX RETURN
RESIDENTDECEDENT MORTGAGE LIABtLITtES &LIENS
ESTATE OF FILE NUMBER
Richard P and Judv B Va{k
Repo�t debls incumed by the decedeM prior ta death that remalned unpafd at the date of death,inciuding unreimbursed medical expenses.
17EM VALUE AT DATE
NUMBER DESCRIPTION QF DEATH
1.
Bank of Ameica, outstanding credit card balance 5,796
2. Capital Tax Coilection Bureau, local eamed income tax for 2011 8
3. Cypress Lawn Senrice, November and December services 1,186
4. Intemal Revenue Service,2011 federal income tax 1,536
5. Judy B. Valk, reimbursement for December expenses 8,936
6. Judy B.Valk, reimbursement for 2011 real estate tax 9,472
TOTAL(Also er�ter on Line 10,Recapitulation) S 26,934
If more space is needed,insert additional sheets of the same size.
REV-1513 EX+(01-10)
pennsylvania SCHEDULE J
DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN BENEFICIARtES
RESIDENT DECEDENT
ESTATE OF: FILE NUMBER:
Richard P and Jud B Valk 21-12-0050
RELATIONSHIP TO DECEDENT AMOUNT OR SHARE
NUMBER NAME AND ADDRESS OF PERSON(S)RECENING PROPERTY Do Not List Trustee(s) OF ESTATE
1 TAXABLE DISTRIBUTIONS(Include outright spousal distributions and transfers under
' Sec.9116(a)(1.2).]
� Judy B. Valk
1330 Partridge Place North Wife Bequests 8�10%of residue
Boynton Beach, FL 33436
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18 OF REV-1500 COVER SHEET,AS APPROPRIATE.
II NON TAXABLE D{STRIBUTIONS
A. SPOUSAL DISTRiBUTiONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN:
1.
2.
3.
4.
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS:
1. CARLISLE CHAPTER OF THE AMERICAN RED CROSS 50,OOO.QO
CARLISLE CITADEL, SALVATION ARMY 50,000.00
NEW BIRTH OF FREEDOM COUNCiL OF BOY SCOUTS OF AMERiCA, (SUCCESSOR BY MERG 50,000.00
TO THE KEYSTONE COUNCIL OF BOY SCOUTS OF AMERICA)
FAlTH UNITED METHODIST CHURCH OF BOYNTON BEACH FLORIDA 150 000.00
TOTAL OF PART II—ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. S 300 000.00
If more space is needed,use additional sheets of paper of the same size.
OND J � °
February 28,2012
Mr. Robert G. Frey, Esquire
Frey&Tiley
5 South Hanover Street
Cariisle, PA 17013
RE: Estate of Richard P.Valk
Date of Death—January 7,2012
Dear Mr. Frey,
Please be advised that we received notification of the passing of Richard P Valk.The account has since
been transferred into an estate account which names Ted Valk&Judy Valk as co-executors per the
Letters of Testamentary and Death certificate which we received in our office. The account information
is as followr.
Acct#28064568
JUDY B VALK&TED P VALK EXEC
E/O RICHARD P VALK
I have enclosed a copy of the date of deatt�valuati�n for Richard's investment accour�t. A valuation date
of lanuary 7,2012 was used to make these calculations.
In the interim,should you have any questions or concerns or need anything further do not hesitate to
contact me directly at 610-771-0115.Thank you.
Sincerely,
�
Richard Greenwald,AAMS, CRPC
First Vice President, Investments
RGG/smc
EncL
Cc:copy by fax to:717-243-5838
401 E.City Avenue,Suite 700 'Bala Cynwyd,PA 19004
610.771.0115 . 800.657.8969 F 610.771.0125
Raymond James&Associates,Inc.,member NewYork Stock Exchange�SIPC
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M&TBank
499 Mitchell Road,Millsboro,DE 19966 Adjustment Services
Phone 888-502-4349
F ax (302)934-2955
February 29,2012
Frey & Tiley
Attorneys at Law
5 South Hanover Street
Carlisle,PA 17013
Re: Estate of Richard P. Valk
Social Securi�: 210-26-8991
Date of Death• January 7, 2012
Dear Sir or Madam:
Per your inquiry on February 22, 2012, please be advised that at the time of death, the above-named decedent
had on deposit with this bank the following:
1. Type of Account Checking Account
Account Number 23388714
Ownership(Names o� Ted P. Valk(POA)
Judy Brannon Ualk
Richard P. Ualk
Opening Date 0828/1964
Balarice on Date of Death $10,491.75
Accrued Interest $ .01
__ ___.._.__..
__.__-.______._ _. _
Total $10,491.76
For any additional information on the above accounts,including ownership and any changes,closures and/or reimbursement of funds,
please call the High Street Carlisle at 717-240-4536.
We were unable to locate any safe deposit box for the above-mentioned deceden�
This letter does not include any accounts in which the deceased may have been listed as Power of Attorney,Custodian of Uniform Transfers,
Representative Payee,or Trustee under a Written A.greement�
Si cerely,
i.,��� V�'l��,c�
Valarie Mercer
Adjustment Services
LAST WILL AND TESTAMENT
OF
RICIiARD P.VALK
I, RICHARD P. VALK, of 1005 Drayer Court in the Borough of Carlisle,
Cumberland Counry, Pennsylvania, being of sound and disposing mind, memory and
understanding, do hereby make, publish and declare this as and for my Last Will and
Testament hcreby revoking and making void any and all Wills by me at any time
; heretofore made.
1. I direct my hereinafter named Executors to pay all of my just debts and
funeral expenses and all costs of administration of my estate as soon after my death as may
be found convenient to do so. T direct that my funeral arrangements be made by JUDY B.
VALK and my Executors as they deem appropriate,and that my body be interred on my
! burial lot located in Westminster Cemetery in North Middleton Township near the
Borough of Carlisle,Pennsylvania. I direct that my body be interred immediately beside
and West of the grave of my father Paut Valk. I further direct that the gravesite beside my
grave and immediately West thereof shall be reserved for the grave of my wife,Judy B.
Valk. The grave of my former wife Helen A.(Dolly)Valk is located immediately East of
the grave of my father,Paul Valk. All of the other gravesites on said Valk Lot on which no
bodies are interred,including that rescrved for my wife in the event she should be interred
elsewhere,I give devise and bequeat6 to my son TED P.VALK to be used by him and for
the interments of such other persons as he may designate.
2. I direet that all inheritance, transfer, succession, estate and death taxes
which may be payable on account of my death,including interest and penalties thereon,
shall be paid from the 90%of the residue of my estate which is provided for my two sons,
of which one-half thereof shall be deducted from the 3096 share of the residue of my estate
provided in paragraph 18 hereof for my son Richard A.Valk,and one-hatf thereof shall be
deducted from the 60°lo share of the residue of my estate provided in paragraph 18 hereof
for my son Ted P.Valk,and none shail be paid from the 10%of.the residue of my estate
which is provided for my wife,regardless of whether the assets upon which such taxes are
based are included in my probate estate.
� 3. If at the time of my death I am still the owner of the house and land known
as 1005 Drayer Court,Carlisle,Pennsylvania,and which tand extends from Drayer Court
on the north to Hi!lside Drive an the south,I givo,devise and bequeath the same tooether
. with al!of the household goods and furnishings located therein to my son,RICHARD A.
VALK provided he sha(I survive me by a period of ninety(90)days. Should he fail to so
survive me thett this bequest and devise shall lapse. I bring to the attcntion of my
Executors that my wife,JUDY A.VALK,owns in her own individual r'sght all articles of
her personat use and adornment, photography equipment and supplies, and painting .
equipment and supplies including various paintings of which she is the artist,and any and
all of her personal jewelry.
4. If at the time of my death I am married to NDY B.VALK and am stitl the
owner of the real estate known as 1005 Drayer Court,Carlisle,Pennsylvania,I direct that
my wife JUDY B.VALK be entitled to occupy said house and tand at 1005 Drayer Court,
Carlisle,Pennsylvania,and to use the household goods and fumishings located therein for
a period not to exceed six months after my demise if she so chooses, and during such
occupancy she shall be responsible for payment of the operating expenses of the property,
but not for real estate taxes or hazard insurance.
. 5. I give and bequeath the sum of six hundred thousand($600,000.00)dollars
to my wife,JUDY B.VALK,her heirs and assigns,which shall be in lieu of any interest
she may have in the household goods and furnishings located in my residence at 1005
Drayer Court.
6. If at the time of my death I am married to NDY B.VALK and if I am still
the owner of a membership in Quail Ridge Golf Club located near Boynton Beach,Florida,
; �
Last Wit!and Testament of Richard P.Vclk ,, /��(� �� Page I of 7
/
I give,devise and bequeath all of my right,title and interest therein to JUDY B. VALK.
provided she shall survive me by a period of ninety(90)days.
7. If at the time of my death I am married to JUDY B.VALK and if I am stil(
the owner of any interest or equity in Delray Beach Club in Delray Beach,Florida,and if I
have any interest or equity in Ocean Club of Florida,located in Boynton Beach,Florida,I
give, devise and bequeath all of my right, title, and interest therein to JUDY B. VALK,
provided she shall survive me by a period of ninety(90)days.
8. If at the time of my death I am the owner of any automobiles, I give and
bequeath the automobile of his choice to my son,RICHARD A.VALK,and any additional
automobiles which I may own at time of my death,if any,to my son,TED P.VALK.
9. If at the time of my death I am the owner of any of the following items,I
givo and bequeath to my son TED P.VALK my Rolex watch and my Audumar Tiger's
Eye watch and Tiger's Eye ring and cufflinks set, All other articles of personal use and
adornment belonging to me shall be distributed to my wife and/or children and
grandchildren as my Executors shall deem appropriate,but should they fail to agr�e,then
the same shall lapse and be included in the r�sidue of my estate.
10. If at the time of my death I am the owner of any shares of stock in any
closely held company in such event I givo,dovise and bcqueath the same to my son,TED
P.VALK,but at the prasent time I am not the awner of any shares of stock in any closely
held company.
11. I give and bequeath the following amounts provided th� beneficiary
qualifies as a charity, exempt from Federal Estate Tax and Pennsylvania Transfer
Inheritance Tax:
� (a) $50,000.00 to the Carlisle Chapter of the American Red Cross,to be
used for such purposes as its Board of Directors shatl deem appropriate.
(b) $50,000.00 to the Salvation Army for the use of its Carlisle Citade(,
� to be used for such purposes as it shall deem appropriate.
(c) $50,000.00 to thc Keystone Area Council of Boy Scouts of
America,One Baden Powell Lane,Mechanicsburg,PA,to be used for such
purposes as it shall deem appropriate.
(d) $150,000.00 to Faith United Methodist Church at Boynton Beach,
Florida,to be used for such purpose or purposes as its official Baard shall
deem appropriate.
12. I give and bequeath the sum of$50,000.00 to SL John's Lodge No.260 of
Free and Accepted Masons, Carlisle,Pennsylvania, to be used by it for such purposo or . .
purposes as it shall deem appropriate.
13. I give and bequeath to my long timc secretary,GLORIA A. PERRYMAN,
the sum of$50,000.00,provided she shall survive me by a period of ninety(90)days,but
, should she fail to so survive me then the same shall lapse.
14. I give and beqneath to my long time friend ROBERT P.LANG,the sum of
$50,004.00 provided he shall survive me by a period of ninety(90)days,but should he fail
to so survive me then the same shall lapse.
15. I give, devise and bequeath the lesser of$1,000,000.00 or one-half of the
amount which is exempt from gcneration skipping Federal Estate Tax, to my grandson,
CAMERON P.VALK,his heirs and assigns,provided he shall survivc mc by a period of
ninoty(90)days,but should he fail to so survive me then to such of his legitimato issue as •
shall survivo me by a period of ninety(90)days,their heirs and assigns,per stirpes,and if
i��� �� '
Last Wil!and Testament af Richard P.Valk l�% �Page 1 of 7
there be no such legitimate issue then the same shall lapse and be added to the share
hereinafter provided for my granddaughter,LAUREN M.VALK,her heirs and assigns;
16. I give, devise and bequeath the lesser of$1,000,000.00 or one-half of the
amount which is exempt from generation skipping Federal Estate Tax, to my
granddaughter,LAUREN M.VALK,her heirs and assigns,provided she shall survive me
by a period of ninety(90) days,but should she fail to so survive me then to such of her
legitimate issue as shall survive me by a period of ninety(90)days,per stirpes,and if there
be no such legitimate issue then the same shall lapse and be added to the share hereinabove
provided for my grandson,CAMERON P.VALK,his heirs and assigns.
17. All of the rest,residue and remainder of my estate,real personal and mixed
and wheresoever the same may be situate,I give,devise and bequeath as follows:
a) If at the time of my death I am married to JUDY B.VALK,in such
event I give, devise and bequeath 10% thereof to JUDY B. VALK, her
heirs and assigns;
b) I give, devise and bequeath 30%thereof to my son RICHARD A.
VALK his heirs and assigns,provided he shall survive me by a period of
ninety (90) days, but should he fail to so survive me then to such of his
legitimate issue as shall survive me by a period of ninety(90)days,their
heirs and assigns,per stirpes,and if there be no such issue the same shall
lapse and be added to the share of my other son,TED P.VALK,his heirs
and assigns;
c) I oive, devise and bequeath 60% thereof to my son, TED P. VALK his
heirs and assigns, provided he shall survive me by a period of ninety(90)
days,but should he fail to so survive me then to such of his legitimate issue
as shall survive me by a period of ninety(90)days,their heirs and assigns,
per stirpes,and if there be no such issue the same shall lapse and be added
to the share of my other son,RICHARD A•VALK,his heirs and assigns;
18. The meaning of"legitimate issue"as used in this Last Will and Testament
shall be limited to a child or children bom of a female descendant of Testator regardless of
whether the mother is married to the father of such child or children,and shall be limited to
a child or children bom to a male descendant of Testator where the father of such child or
children is married to the mother either before or after the birth of the child or children. In
any case the meaning of child or children or legitimate issue as used herein shall NOT
include any adopted child or children.
19. Should either of my grand children or any of their decedents be less than 50
years of age and be entitled to distribution from my estate, in such event I nominate,
constitute and appoint my son and daught�ees for the beneftEof a h su h� personNand
VALK, or the survivor of them, as Trus
authorize and direct that they shall receive and invest the same and to pay the income
arising therefrom at least annually to or for the benefit of such person together with so
much of the principal thereof as in the opinion of the Trustees is necessary or desirable to
• be expended for the proper maintenance, support, education and investment desirability
until such person shall attain 50 years of age, at which time said Trust shall terminate
unless sooner terminated by total distribution of the principal thereof as hereinbefore
authorized,and at the time of termination the then remaining principal together with any
undistributed income shall be paid to such person. In the event the beneficiary of the Trust
shall become deceased prior to the termination of the Trust, said Trust shall at that time
terminate and the principal thereof be paid to the estate of such deceased person.
20. No title, in any devise or bequest or trust hereby�reated or in the income
accruing therefrom,or in its accumulation,shall vest in any beneficiary and no beneficiary
shall have the right or power to transfer,assign,anticipate or encumber his or her interest
in said devise or bequest or trust or the income therefrom, prior to the actual distribution
thereof by the Executors or Trustees to said beneficiary. Further,neither the income nor
!'�
J��j � /�� Page 3 of 7
Last Wil!and Testament of Richard P.Valk � `
the principal of said devise or bequest or tnist shall be liable in any manner, in the
possession of the Executors or Trustees,for the debts,contracts or engagements of any of
the bene�ciaries.
. 21. I hereby nominate,constitute and appoint my wife,NDY B.VALK and my
son TED P. VALK,as Co-Executors of this my Last Will and Testament, but shou{d my
son,Ted P. Valk predecease me or fail to qualify or cease serving as such,then in such
event I nominate,constitute and appoint ROBERT G.FREY as alternate or successor Ca
Executor,to my son Ted P.Valk. Should my wife,Judy B.Valk predecease me or fail to
qualify or cease serving as such,in such event I direct that the surviving Co-Executor or
his successor shall be the sole Executor. I further direct that none of them shall bc
required to post any bond to secure the faithful performance of his or her duties in the
Commonweaith of Pennsylvania or in any other jurisdiction. I further direct that neither
my wife,Judy B.Valk or my son Ted P.Valk shall receive any compensation for service
as an Executor or Co-Executor.
22. I have made no provision herein for my son,RANDALL LYNN VALK not
because of any want of affection for him but because he has already received everything
that I wish him to ru:eive from me.
23. If any person not named as a beneficiary under this Will or if any
beneficiary under this Will shall directly or indirectly, by legal proceedings or otherwise,
challenge or contest this Will or any of its provisions,or shall attempt in any way to oppose
or set aside the probate of this Will or impair or invalidate any of the pmvisions I have
made in it, any gift to,or other provision for,that person under this Will is revoked and
shall be disposed of in the same manner as if that contesting beneficiary had predeceased
me without issue.
, 24. I URGE any Court which may have jurisdiction of any matter concerning .
my estate to take note of and be guided by my intentions set forth in paragraph number 24
above.
25. I URGE my wife,Judy B.Valk,to contact and confer with my son Ted P.
Valk for financia! advice and assistance in investing whatever she may inherit from me
including that which passes to her undor the terms of this Will,and to take as part of hcr
share of the lOR6 of the residue of my estate from my Smith-Barney Citi Group Account
No. 72404636 thost tax free municipal bontis that the Executors choose as having best
yields and calls and maturities with Triple"A"ratings.
26. I direct that my Executors shall as soan as possible contact Wachovia
Securities for proper�ansfer of my IRA Account No. 798fr1655 to my wife,NDY B.
VALK to maintain the income stream from this account to her, of which she is the
beneficiary.
� 27. I dir�ct that my Ezecutors shall as soon as possible contact Allstate Life
Insurance Company for the proper transfer of my Annuity Contract No.A110175003 to my
wife JUDY B.VALK to maintain for her the income stream from this annuity,of which
she is the beneficiary:
28. In addition to the powers conferred by law, my hereinbefore-named
Executors and Trustees and thcir successors are empowered:
a. To invest any part of the trust corpus in such securities,investments,
or othcr property as may be deemed advisable and proper,irrespective of
whether the same are authorized for the investment af trust funds under the
laws of any governing jurisdiction. �
b. With respect to any corporation, the stocks, bonds, or other
securities of which may be held, to vote in person or by proxy on any
shares of stock;to consent to the merger,consolidation or reorganization
of such corporadons;to consent to the leasing,mortgaging or salc of the
Last Wi11 and Testament of Riehard P.Valk %� ,�'� ���� Puge 4 oj7
l%
property of any such corporations; to make any surrender, exchange or
substitvtion of such stocks, bonds or other securities as an incident to the
merger, consolidation or reorganization of such corporations; to pay all
assessments, subscriptions and other sums of money which may be
deemed wise and expedient for the grotection and maintenance of the
proportionate interest of the investment in such corporations; to exercise
any option or privilege which may be conferred upon the holders of such
stocks, bonds, or other securities of such corporations either for the
conversion of the same inta other securities or for the purchase of
additional securities, and to make any and all necessary payments which
may be required in connection therewith; and generally to have and
exercise as to aIl such stocks,bonds and other securities,the powers of an
individua�owner who is not under trust obligation.
c. To hold the trust carpus in one or more consolidated funds in which
separate shares shall have undivided interests.
d. To selt at public or grivate sale for cash or upon credit,or partly for
cash and partly on credit, and upon such terms and conditions as shall be
deemed proper, any part or parts of my estate or the trust estate, and no
purchaser at any such sale shall be bound to inquire into the expediency or
propriety of any snch sale or to see to the application of the pnrchase
moneys arising therefrom.
e. To keep on hand and uninvested such money as may be deemed
proper and for such period as may be found exgedient.
f. To compromise,settle or arbitrate any ciaim or demand in favor of
or against my estate or the trust estate.
g. And authorized in the discharge of fiduciary duties, ta employ
counsel and to determine and to pay such counsel reasonable
compensation which shall be charged against the principal or income of
the trust fund,and shail further be entided to charge against the principal
or income such other reasonable expenses and chazges as may be
necessary and proper to incur for the proper discharge of ficluciary duties
and for the proper management and administration of the trust estate.
�. In making any division of property into shares for the purpose of
any distribution thereof directed by the provisions of the trust, to make
such division or distribution,either in cash or in kind,or partly in cash and
partiy in kind, as shall be deemed most expedient, and in making any
division or distribution in kind may allot any specif c security or property
or any undivided interest therein to any one or more of such shares,and to
that end may appraise any or al! of the property so to be allotted and the
judgment as to the propriety of such allotment and as to the relative vatue
for purposes of distribution of the securities or property so allotted shali be
final and conclusive upon all persons interested in the trust or in the
division or distribution thereof.
i. And authorized to register any shares of stock or other assets of any
trust in their own names or in the name of a nominee.
j. To retain and invest in shares of stock of my Trustee.
k. To retain any investments including mutual funds which I may own
at the time of my death and in addition to invest any part of the Trust
corpus in such mutual fund ar mutual funds as may be deemed advisable
or proger, irrespective of whether the same are authorized for the
investment of trust funds under the laws of any governing jurisdiction.
�
Last Will and Testament of Richard P.Yalk ���' :� /1� �� Page 5 of 7
�
�
1. To determine from time to time whether all or some portion of
realized capitai gains shall be treated as ordinary income for distribution to
a beneficiary or treated as principal to be retained as part of the corpus,
and such designation need not be consistent from one year to another.
IN WITNESS WHEREOF,I have hereunto set my hand and seal to this my
Last Will and Testament written on seven(7)pages,this 14th day of Mazch,2008.
�
�
1 ' �
' SEAL)
• P.VALK
Signed,sealed,published,and declared by RICHARD P.VALK,the Testator
above named, as and for his L.ast Will and Testament, in our presence, who, in his
presence,at his request,and in the presence of each other,have hereunto subscribed
out names as attesting witnesses.
��'4rGw� 2�r ��
.
. �� '
� , .
Lest Witt and Testament of Riehard P.Valk Page 6 of 7
COMMONWEALTH OF PENNSYLVANIA )
)
) SS:
)
COUNTY OF CUMBERLAND )
We, RICHARD P. VALK the Testator herein in, and Robert M. Frey, and
Sharon J. DeVos, the witnesses, to the Last Will and Testament, the attached or
foregoing instrument, who have signed the instrument, having been duly qualified
according to law do depose and say:
a. That I,the Testator,do hereby acknowledge that I signed and executed
the instrument as my Last Will and Testament,that I signed it willingly and as my free
and voluntary act for the purposes therein expressed;and
b. That we, the witnesses, were present and saw the Testator sign and
execute the instrument as his Last Will and Testament,that he signed it willingly and
executed it as his free and voluntary act for the purposes therein expressed;that each of
us in the hearing and sight of the Testator signed the Last Will and Testament as a
witness and that to the best of our knowledge the Testator was at that time eighteen
(18)or more years of age,of sound mind and under no constraint or undue influence.
�'��
i�' � - ��/!�J
/
� ' hard P.Valk
���c.�,���. �-�
Robert M.Frey
�' �
; ��
Sharon J.DeVos
Subscribed, sworn to and acknowledged before me by the Testator and the
witnesses above-named,this 14th day of March,2008
5 h ��-�
roo�a�in�s�
rRis�a uESS,Notary PubC�
Borough of Cadisle,Cumb.Cow�ty,PA
My Commission Expires Ul�y 20,2010
Last Will and Testament of Richard P.Valk Page 7 of 7
���