HomeMy WebLinkAbout10-15-13 1505611185
REV-1500 EX(D2-1 1)(FI)
OFFICIAL USE ONLY
PA Department of Revenue
Bureau or Individual Taxes County Code Year File Number
PO BOX 280601 INHERITANCE TAX RETURN 20 13 767
Harrisburg,PA 17128-0601 RESIDENT DECEDENT .
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death MMDDYYYY Dale of Birth MMDDYYYY
315-20-3288 05272013 04151926
Decedent's Last Name Suffix Decedent's First Name M I -
HIPPENSTEEL JOHN H
(If Applicable)Enter Surviving Spouse's Information Below
Spouse's Last Name Suffix Spouse's First Name MI -
HIPPENSTEEL SHIRLEY M
Spouse's Social Security Number
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
204-26-7678 REGISTER OF WILLS
FILL IN APPROPRIATE BOXES BELOW
® 1.Original Return 2. Supplemental Return �- 3. Remainder Return(Dale 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)
❑ B. Decedent Died Testate ❑ 7. Decedent Maintained a Living Trust — 8. Total Number of Safe Deposit Boxes
(Attach Copy of Will) (� (Attach Copy of Trust.)
❑ 9. Litigation Proceeds Received ❑ 10.Spousal Poverty Credit(Date of Death ® 11. Election to Tax under Sec.9113(A)
Between 12-31.91 and 1.1-95) (Attach Schedule 0)
CORRESPONDENT- THIS SECTION MUST BE COMPLETED.ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
Name Daytime Telephone Number
JOSEPH K. GOLDBERG, ESQ - 717-540-91-70 _
r- _ 1'17 f,l
REGISTEROFWILLS' SEONLY�'' GC1
tT
First Line of Address
SUITE 106 >: e
Second Line of Address n1
2080 LINGLESTOWN ROAD F r= y
DaTE FILED r
City or Post Office State ZIP Code co O
HARRISBURG PA 17110
Correspondenf'se-magaddress: JGOLDBERG@SSBC—LAW- COM
Under p lies of perjury.I declare that I have examined this return,Including accompanying schedules and statements,and to the beat or my knowledge and belief,
b is tr orrect and compiets.Dade ation of prep__t_rer other than the personal representative is based on all Information of which preparer has any knowledge,
SI RE OF P R RESP E FOR PILING RETURN DATE
s
1800 BRENTWOOD DRIVE MIDDLETOWN, PA 170577 J
SiGNATURE�OFj��AN PRESENTATIVE
L �r
ADDRESY /
2080 LINGLESTOWN RD. , SUITE 106 HARRISBURG, PA 17110
PLEASE USE ORIGINAL FORM ONLY
Side 1
1505611165 OM4047 3,000 1505611185
J 1505611285
REV-1500 EX(FI)
Decedent's Social Security Number
315-20-3288
Decedmfs Name HIPPENSTEEL JOHN H
RECAPITULATION
1. Real Estate(Schedule A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 . 00
2. Stocks and Bonds(Schedule B) . . . . . . . . . . . . . . . . . . . . . . . . . 2 810,787 - 00
3. Closely Held Corporation,Partnership or Sole-Proprietorship(Schedule C), , , , , 3 0 • 00
4. Mortgages and Notes Receivable(Schedule D) . . . . . . . . . . . . . . . . . 4 0 . 00
5. Cash, Bank Deposits and Miscellaneous Personal Property(Schedule E) , , , , , 5, 111255 • 00
6. Jointly Owned Property(Schedule F) F-1 Separate Billing Requested , , , . g 0 • 00
7. Inter-Vivos Transfers&Miscellaneous Non-Probate Property
(Schedule G) ❑ Separate Billing Requested . . . . 7. 0 • 00
8. Total Gross Assets(total Lines 1 through 7) , , , , , , , , , , , , , , , , , 8. 822 ,042 • 00
9. Funeral Expenses and Administrative Costs(Schedule H). . . . . . . . . . . . . 9. 25,618 • 00
10. Debts of Decedent, Mortgage Liabilities,and Liens(Schedule 1) , , , , , , , . . 10. 11 615 • 00
11. Total Deductions(total Lines 9 and 10), , , , , , , , , , , , , , , , , , , , , 11 271233 •00
12. Net Value of Estate(Line 8 minus Line 11) , , , , , , , , , , , , , , , , , , , 12 794 ,809 • 00
13. Charitable and Governmental Bequests/See 9113 Trusts for which
an election to tax has not been made(Schedule J), , , , , , , , , , , , , , , , 13. 0 • 00
14. Net Value Subject to Tax(Line 12 minus Line 13) , 14. 7941809 - 00
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- 67,714 . 00 15. 0 . 00
16. Amount of Line 14 t xable
at lineal rate-0 49 717,095 - 00 16. 321269 . 00
17. Amount of Line 14 taxable
at sibling rate X.12 51000 - 00 17. 600 - 00
18. Amount of Line 14 taxable
at collateral rate X.15 51000 . 00 18. 750 - 00
19. TAX DUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19. 331619 . 00
20. FILL IN THE BOX IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT X❑
Side 2
L 1505611285 1505611285
OM4648 3.000
REV-1500 EX(FI) Page File Number
Decedent's Complete Address: 20 13 767
DECEDENTS NAME
STREETADDRESS
L20 SUTTON DRTVF
CUMBERLAND
CITY STATE ZIP
ICARLISLE p
Tax Payments and Credits:
1. Tax Due(Page 2,Line 19) (1) 33,619 .00
2. Credits/Payments
A. Prior Payments 32,000- 00
B. Discount 1,674 - nn
Total Credits(A+B) (2) 331674 - 00
3. Interest
(3) 0 . 00
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 request a refund. (4) 55 - 00
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 . . . . . . . . . . . . . . . . . . . . . . . . El
erty
b. retain the right to designate who shall use the prop transferred or its income . . . . . . . . . . ❑ ❑X
c. retain a reversionary interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑
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 account 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, and before Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse
is 3 percent[72 P.S.§9116(a)(1.1)(1)].
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(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,
under Section 9102,as an individual who has at least one parent in common with the decedent,whether by blood or adoption.
OM4671 2.000
REVA 50 EXi(`12)
pennsylvania SCHEDULE B
DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN STOCKS & BONDS
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
JOHN H. HIPPENSTEEL 20 13 767
All property jointly owned with right of survivorship must be disclosed on Schedule F.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1. 2,230.914 Shares
PIMCO TOTAL RETURN FUND (CETERA BROKERAGE)
HELD AS TENANTS IN COMMON WITH SPOUSE.
TOTAL VALUE: $56,183.00
ONE HALF TAXABLE VALUE: $28,091 28,092
2 140.5 Shares
ALLIANZGI NFI INTERNATIONAL FUND (CETERA BROKERAGE) HELD
AS TENANTS IN COMMON WITH SPOUSE.
TOTAL VALUE: $6300
ONE-HALF TAXABLE VALUE: 2934 3,150
3 2,835.721 Shares
ALLIANZ FD NFJ INSTI (ED JONES ACCOUNT) 41,444
4 3,970.047 Shares
AMERICAN CENTURY T/F BD
(ED JONES ACCOUNT) 46,311
5 4,260.741 Shares
FRANKLIN FED T/F INC (ED JONES ACCOUNT) 53,898
6 3,540.142 Shares
FRANKLIN HIGH YIELD T/F INC. (ED JONES ACCOUNT) 38,658
7 1,722.418 Shares
HARTFORD DIV & GROWTH (ED JONES ACCOUNT) 41,381
8 1,829.317 Shares
INVESCO INTL' GROWTH (ED JONES ACCOUNT) 55,794
9 1,305.617 Shares
JOHN HANCOCK INTL CORE (ED JONES ACCOUNT) 40,337
10 4,315.246 Shares
MFS MUNICIPAL INC (ED JONES ACCOUNT) 38,514
11 1,070.694 Shares
MUNDER MID CAP CORE GROWTH (ED JONES ACCOUNT) 41,024
12 1,256.177 Shares
MUTUAL GLOBAL DISCOVERY (ED JONES ACCOUNT) 41,046
Total from continuation schedules 341,138
TOTAL (Also enter on Line 2,Recapitulation) $ 810,787
2w4696 2.000 If more space is needed,insert additional sheets of the same size
A `)
Estate o£: JOHN H. HIPPENSTEEL 20 13 767
Schedule B (Page 2)
Item Value at Date
No. Description of Death
13 3,960.307 Shares
NEUBERGER BERMAN (ED JONES ACCOUNT) 32,950
14 1,337.84 Shares
PERKINS MID CAP VALUE (ED JONES ACCOUNT) 32,730
15 781.114 Shares
T. ROWE BLUE CHIP GRWTH (ED JONES ACCOUNT) 41,028
16 3,240.019 Shares
T. ROWE SUMMIT MUNI (ED JONES ACCOUNT) 38,637
17 4,126.435 Units
TAX EXEMPT BOND FD (ED JONES ACCOUNT) 54,180
18 4,753.677 Shares
THORNBURG LMTD TERM MUNI (ED JONES ACCOUNT) 69,618
19 2,494.523 Shares
WASATCH LRG CAP VALUE (ED JONES ACCOUNT) 41,135
20 3,082.939 Shares
WELLS FARGO ADV S/T MUNI
(ED JONES ACCOUNT) 30,860
Total (Carry forward to main schedule) 341,138
REV-5508 E%.;0,842)
pennsylvania SCHEDULE E
DEPARTMENTOF TAX RETURN TURN CASH, BANK DEPOSITS & MISC.
RESIDENTDECEDENTURN PERSONAL PROPERTY
ESTATE OF: FILE NUMBER:
JOHN H. HIPPENSTEEL 20 13 767
Include the proceeds of litigation and the date the proceeds—a received by the estate.
All proper Llnt owned with ri ht of survIV "hi must be disclosed on Schedule F.
REM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
t. ED JONES MONEY MARKET 886
2 T. ROWE TAX—EX b2dKT (ED JONES ACCOUNT) 10,369
TOTAL(Also enter on line 5,Recapitulation) $ 11,255
2w46AD 2.000 If more space is needed,use additional sheets of paper of the same size.
REV-1511 EX.(1409)
pannsylvania SCHEDULE H
DEPARTNUff OF REVENUE FUNERAL EXPENSES AND
INHERITANCE TAX RETURN ADMINISTRATIVE COSTS
RESIDENTDECEDENT
ESTATE OF FILE NUMBER
JOHN H HIPPENSTEEL 20 1 767
Decedent's debts must be reported on Schedule 1.
REM
NUMBER DESCRIPTION AMOUNT
A. FUNERALEXPENSES:
1. EWING BROTHER FUNERAL HOME, INC. 10,559
2 BPO ELKS #578 444
B. ADMINISTRATIVE COSTS:
7. Personal Representative Commissions:
Name(s)of Personal Representative(s)
Street Address
City State ZIP
Year(s)Commission Paid:
2. Attorney Fees: 5,000
3. Family Exemption:(If decedent's address is not the same as claimant's,attach explanation.) 3,500
Claimant SHIRT Y HIPPENSTEEL
Street Address 620 SUTTON DRIVE
City CARLISLE State PA ZIP 17013
Relationship of Claimant to Decedent
4. Probate Fees: 634
5. Accountant Fees:
5,000
6. Tax Return Preparer Fees:
7.
1 KRISTA L BARRICK, APPRAISER 325
2 CUMBERLAND LAW JOURNAL 75
3 THE SENTINEL 61
TOTAL(Also enter on Line 9,Recapitulation) $ 25 618
9 W46AG 2 000 If more space is needed, use additional sheets of paper of the same size.
REV-1312 EX.(12-12)
pennsylvania SCHEDULE I
DEPARTMENTOF REVENUE DEBTS OF DECEDENT,
WHERRANDE EDENT URN MORTGAGE LIABILITIES & LIENS
WHERIMDEOEDENT
ESTATE OF FILE NUMBER
JOHN H. HIPPENSTEEL 20 13 767
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. HOMESTEAD SENIOR CARE 80
2 MILLENNIUM PHARMACY SYSTEMS 67
3 HAZEN ELDER LAW
(OUTSTANDING BILLING) 1,468
TOTAL(Also enter on Line 10,Recapitulation) $ 1,615
2w46AH 2.000 If more space is needed, insert additional sheets of the same size.
REVa1513 EX.([81-10) SCHEDULE J
Pennsylvania
DEPARTMENT OF REVENUE BENEFICIARIES
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF: FILE NUMBER:
JOHN H. HIPPENSTEEL 20 13 767
RELATIONSHIP TO DECEDENT AMOUNT OR SHARE
NUMBER NAME AND ADDRESS OF PERSON(S)RECENING PROPERTY Do Not List Trustee(s) OF ESTATE
I TAXABLE DISTRIBUTIONS[Include outright spousal distributions and transfers under
Sec. 9116(a)(1.2).]
1. JOHN H. HIPPENSTEEL CREDIT SHELTER
TRUST U/W
100% of Residue: 684,809 Credit Shelter T 684,809
2 LESLIE A. 13URCHFIELD
400 CROSSROAD SCHOOL ROAD
CARLISLE, PA 17015
General Bequests: 25,000 Daughter 25,000
3 MARTHA S. HENEGAR
60 OLIVER DRIVE
PALMYRA, PA 17078
General Bequests: 5,000 Sister 5,000
ENTER DOLLARAMOUNiS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15THROUGH 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:
i.
5.CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS:
1.
TOTAL OF PART II-ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. $ 0
9W4eAl 2.000 If more space is needed,use additional sheets of paper of the same size.
Estate o£: JOHN H. HIPPENSTEEL 20 13 767
Schedule J Part 1 (Page 2)
Item
No. Description Relation Amount
4 LEROY L. HIPPENSTEEL, II
1184 GREENFIELD DRIVE
MECHANICSBURG, PA 17055
General Bequests: 5,000 Nephew 5,000
5 CAROLYN L. ACKER
1800 BRENTWOOD DRIVE
MIDDLETOWN, PA 17057
General Bequests: 25,000 Daughter 25,000
6 JOHN D. HIPPENSTEEL
105 FLINTSTONE DRIVE
NEWVILLE, PA 17241
General Bequests: 25,000 Son 25,000
7 LISA S. MAYBERRY
121 RIDGE ROAD
CARLISLE, PA 17015
General Bequests: 25,000 Daughter 25,000
REV-1647 EX.(02-10) SCHEDULE M
pennsylvania FUTURE INTEREST COMPROMISE
DEPARTNEW OF REVENUE
INHERITANCE TAX RETURN
RESIDENT DECEDENT Check Box 4a on REV-1500
ESTATE OF FILE NUMBER
JOHN H. HIPPENSTEEL 20 13 767
This schedule is appropriate only for estates of decedents who died after Dec.12,1982.
This schedule is to be used for all future interests where the rate of tax that will be applicable when the future interest vests in
possession and enjoyment cannot be established with certainty.
Indicate below the type of instrument that created the future interest and attach a copy to the tax return.
❑
X Will ❑Trust ❑ Other
I. Beneficiaries
NAME OF BENEFICIARY RELATIONSHIP DATE OF BIRTH AGE TO
NEARESTBIRTHDAY
1.BURCHFIELD, LESLIE A Daughter 4/3/1956 57
2.HIPPENSTEEL SHIRLEY M Surviving Spouse 2/22/1934 79
3.ACKER CAROLYN L Daughter 4/3/1960 53
4.HIPPENSTEEL JOHN D Son 9/10/1962 50
5.MAYBERRY LISA S Dau hter 7/29/1964 48
IL For decedents who died on or after July 1, 1994, if a surviving spouse exercised or intends to exercise a right of withdrawal within
nine months of the decedent's death, check the appropriate box below and attach a copy of the document in which the surviving spouse
exercises such withdrawal right.
Unlimited right of withdrawal Limited right of withdrawal
III. Explanation of Compromise Offer:
Pursuant to the Last Will and Testament of John H. Hippensteel,
Shirley Hippensteel, his wife, was to receive all tangible personal
property. In addition, specific bequests and/or distributions to
named beneficiaries totaled $110,000. The residue of the Estate was
to pass to the Credit Shelter Trust with distributions to Wife for
life as detailed in the Will. Upon the death of Wife, distribution
of the remaining Trust shall be distributed to the decedent's
children.
The date of death value of all assets are $822,042. The assets
($822,042) , less specific bequests ($110,000) and less fees and
costs attributable to the Estate (27,233) are to be allocated to the
Trust. The residue allocated to the Trust is $684,809. It is
requested that the determination of the Department be made by an
actuarial formula without the need for subjective review.
IV. Summary of Compromise Offer:
1.Amount of future interest , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , $ 684,809
2.Value of Line 1 exempt from tax as amount passing to charities,etc.
(Also include as part of total shown on Line 13 of REV-1500.) . , , . . . $ 0
3. Value ofU I Rassing tos ouse,a,—tt �;propriate tax rate
Check one. u6%, �3%, UO% , , , , , , , , , , , , , , , $ 67,714
(Also include as part of total shown on Line 15 of REV-1500.)
4.Value of Line 1 taxable at lineal rate
Check one. ❑—X 6%, []4.5% . . . . . . . . . * . . . . . . . . , $ 617,095
(Also include as part of total shown 1 f 500.)
5. Value of Line 1 taxable at sibling rate(12%)
(Also include as part of total shown on Line 17 of REV-1500.) , , , , , , $ 0
6. Value of Line 1 taxable at collateral rate(15%)
(Also include as part of total shown on Line 18 of REV-1500.) . . . . . . $ 0
7. Total value of future interest(sum of Lines 2 thru 6 must equal Line 1) . . . . . . . . . . . . . . . . . . . . $ 684,809
If more space is needed, use additional sheets of paper of the same size.
9W46AN 1000
Estate of: JOHN H. HIPPENSTEEL 20 13 767
Schedule M Part 3 (Page 2)
Value of fund from which life estate is payable: $684,809
Actuarial factor per appropriate table: 0.09888
Value of life estate: $67,714
Annuity, Life Estate, and Remainder Factors 9/1 712 01 3
Transfer Date: 5/1/2013
§7520 Rate: 1.20%
Calculation Type: Life
Principal: $684,809
Lives: 1
Age(s): 79
Life Estate Remainder
Factor: 0.09888 0.90112
Value: $67,713.91 $617,095.09
„REV-1649 P+(09-12)
pennsylvania SCHEDULE O
DEPARTMENT OF REVENUE ELECTION UNDER SEC. 9113(A)
INHERITANCE TAX RETURN (SPOUSAL TRUSTS)
RESIDEMDECEDENT
ESTATE OF FILE NUMBER
JOHN H HIPPENSTEEL 20 13 767
PART A-DEFERRING STATEMENT
For all trust assets reportable for Pennsylvania inheritance tax purposes for which a deferral of tax is being elected under
Section 9113(a), the personal representative responsible for filing the return and the trustee(s) of the trust in question hereby
acknowledge the department's Statement of Policy set forth at 61 Pa. Code§94.3 concerning any potential termination of the
trust under 20 Pa.C.S. §7710.1 that occurs after the return was filed. Specifically,the signatories recognize each individual's
assumption of liability for inheritance tax consequences that result from any termination of the trust under 20 Pa.C.S.§7710.1
that occurs after a return has been filed.
Signature of Person Responsible for Filing Return Signature(s)of Trustee(s)
PART B -ELECTION TO TAX AMOUNTS
Complete this section only if making the election to tax available under Section 9113(a)of the Inheritance&
Estate Tax Act.
If the election applies to more than one trust or similar arrangement, a separate form must be filed for each trust.This election
applies to the CREDIT Trust(marital, residual A, B. by pass, unified credit,etc.).
Enter the description and value of all interests for which the Section 9113(a) election is made.
DESCRIPTION VALUE
(SEE SCHEDULE M) 684,809
Total 684,809
zwasez Z000 If more space is needed, insert additional sheets of the same size.
I
I
I
Last Will and Testament
OF
JOHN H. HIPPENSTEEL
I
I, JOHN H. HIPPENSTEEL, of the Borough of Carlisle, Cumberland
County, Pennsylvania, do make, publish and declare this to be my Last Will and
Testament, hereby revoking all Wills and Codicils by me heretofore made.
ITEM I: Family Information. I am married to
SHIRLEY M. HIPPENSTEEL, and all references to my wife in this Will are to her.
I have four children: LESLIE A. BURCHFIELD, CAROLYN L. ACKER, LISA S.
MAYBERRY and JOHN D. HIPPENSTEEL. These are described in this Will as
"my children," or as "a child of mine." Any person born to or adopted by issue of
mine is to be included as issue of mine. Provided, however, no adopted person shall
benefit under this Will unless the order or decree of adoption is entered before the
adopted person attains the age of twenty-one (21) years.
ITEM II: Death Taxes. I direct that all inheritance i
and estate taxes becoming due by reason of my death, whether payable by my i
estate or by any recipient of any property, shall be paid by the Executor out of the
residue of my estate, as an expense and cost of administration of my estate, except
that no taxes shall be charged against any gift qualifying for the marital or
charitable deduction in my estate. The Executor shall have no duty or obligation to
obtain reimbursement for any such tax so paid, even though on proceeds of
insurance or other property not passing under this Will.
ITEM III: Debts and Final Expenses. I direct the
Executor to pay the expenses of my last illness, my legally enforceable debts, and
my funeral expenses from the residue of my estate as an expense and cost of
administration of my estate.
I
Page 1 l�K
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ITEM IV: Cash Gifts. If I predecease my wife, I make
i
the following cash gifts:
(i) To each of my children who survive me, the sum of
i
TWENTY-FIVE THOUSAND ($25,000) DOLLARS, to be paid in
two (2) installments. The first installment, in the amount of
THIRTEEN THOUSAND ($13,000) DOLLARS, shall be paid as soon
as practical after my death. The second installment, in the amount of
TWELVE THOUSAND ($12,000) DOLLARS, shall be paid on or near
the first anniversary of my death.
I
(ii) To my sister, MARTHA HENEGAR, if she survives
me, the sum of FIVE THOUSAND ($5,000) DOLLARS; and
(iii) To my nephew, LEROY HIPPENSTEEL, if she survives
me, the sum of FIVE THOUSAND ($5,000) DOLLARS.
ITEM V: Tangible Personal Property.
(a) Written List. I may leave a written list in my safe deposit
box or elsewhere disposing of certain items of my tangible personal
property. The Executor shall dispose of items of my personal property
as specified in the written list. If no written list is found in my safe
deposit box or elsewhere and properly identified by the Executor
within thirty (30) days after the probate of my Will, it shall be
presumed that there is no other statement or list. Any subsequently
discovered list shall be ignored.
(b) If Wife Survives. If I die before my wife, SHIRLEY M.
HIPPENSTEEL, I give to her all my tangible personal property not set
forth in the written list referenced in paragraph (a), including but not
limited to, all of my household furniture and furnishings, books,
pictures, jewelry, silverware, automobiles, wearing apparel and all
Page 2
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other articles of household or personal use or adornment and all
policies of insurance thereon.
(c) If Wife Predeceases. If I survive my wife, I give any
property of the type described in paragraph (b) and not set forth in a
written list to my children, to be divided among them as they shall
agree. Should there be no agreement, the Executor shall divide this
property among them in as nearly equal portions as the Executor, in
the discretion of the Executor, deems appropriate, having due regard
to the personal preferences of the beneficiaries.
ITEM VI: Residue. I give the residue of my estate, not
disposed of in the preceding portions of this Will, as follows:
(a) Credit Trust. To my daughter, CAROLYN L. ACKER and
ING NATIONAL TRUST as Trustees, herein collectively referred to as
"Trustee," IN TRUST, to be administered and distributed as provided
in ITEM VII, a fraction of my residuary estate. The numerator shall
be a sum equal to the largest amount that can pass free of Federal
estate tax under my Will by reason of the applicable credit amount and
the state death tax credit (provided that the use of this credit does not
require an increase in state death taxes) allowable to my estate but no
other credit and after taking account of dispositions under other items
of this Will and property passing outside of this Will which do not
qualify for the marital or charitable deduction and after taking account
of charges to principal that are not allowed as deductions in computing
my Federal estate tax. The denominator shall be the value of my
residuary estate. For purposes of establishing this fraction, the values
finally fixed in the Federal estate tax proceeding relating to my estate
shall be used. I recognize that the numerator of such fraction may be
zero (0), in which case no property shall pass to this Trust. I also
recognize that the numerator may be affected by the action of the
Executor in exercising certain tax elections.
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If, at the time of my death, the federal estate tax and the
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federal generation skipping transfer tax do not exist or do not apply to
my estate, the provisions of my Will shall be interpreted as if I had
died in 2009, so that The Hippensteel Family Credit Trust is funded
and administered as would have been the case had I died in 2009.
(b) Marital Gift. The balance of my residuary estate shall be
paid to my wife, SHIRLEY M. HIPPENSTEEL, if she survives me. If
she does not survive me, the residue shall be distributed as provided in
ITEM VII.
ITEM VII: Applicable Credit Trust. The following
provisions shall apply to the Trust established by ITEM VI (a):
(a) Name of Trust. This Trust shall be known as The
Hippensteel Family Credit Trust.
(b) Income to Spouse. The Trustee shall pay to or for the
benefit of my wife, SHIRLEY M. HIPPENSTEEL, all of the net income
of this Trust in convenient installments, but not less frequently than
annually.
(c) Principal to Spouse. The Trustee shall pay to my wife,
SHIRLEY M. HIPPENSTEEL, so much of the principal of this Trust as
may be necessary in the discretion of the Trustee for the reasonable
support, maintenance, education and health care of my wife.
(d) Death of Spouse. Upon the death of my wife, the Trustee
shall divide the principal into as many equal parts as there are then
living children of mine and then deceased children of mine represented
by then living issue. The Trustee shall distribute one (1) share to each
living child and one (1) share to the then living issue of each deceased
child, per stirpes. However, if any issue of a deceased child has not
attained the age of thirty-five (35) years at the time of distribution, the
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share of the beneficiary who has not attained that age shall be held by
the Trustee, IN TRUST, for his or her benefit in accordance with
paragraph (e) of this Item. !
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(e) Trust for Issue. In each Trust established for a
beneficiary under the age of thirty-five (35) years (each the
"Beneficiary" of his or her Trust):
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(i) Net Income. The Trustee shall pay to the
Beneficiary in convenient, at least annual, installments so j
much of the net income as the Trustee, in the discretion of
the Trustee, considers necessary for the proper support,
maintenance, health care and education,including college
or other post-secondary education, of the Beneficiary.
Income not distributed shall be accumulated and added to
principal.
(ii) Principal. The Trustee shall also pay to or
for the benefit of the Beneficiary so much of the principal
as is necessary, in the discretion of the Trustee, for the
proper support, maintenance, health care and education,
including college or other post-secondary education, of the
Beneficiary.
(iii) Termination of Trust. Upon the attainment
of the age of thirty (30) years by the Beneficiary, the
Trustee shall pay to the Beneficiary one-half of the
principal of his or her Trust. Upon the attainment of the
age of thirty-five (35) years by the Beneficiary, the Trust
shall terminate and the Trustee shall pay to the
Beneficiary the remaining assets of the Trust.
(iv) Death before Termination. Should the
Beneficiary die before final distribution of the assets of
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his or her Trust, the Trust shall terminate and the
Trustee shall pay the assets of the Trust to the then living
issue of the Beneficiary, per stirpes. However, if any
issue has not attained the age of twenty-five (25) years at
the time of distribution, the Trustee shall continue to hold
the share for that issue as Custodian under the
Pennsylvania Uniform Transfers to Minors Act for the
benefit of that issue.
(f) Trust Without Beneficiaries. If before final distribution of
the assets of any Trust established for my issue, there is no living
beneficiary of that Trust, it shall terminate. The assets of the Trust
shall be paid to the then living issue, on a per stirpital basis, of the
nearest deceased ancestor (with issue living at the time of distribution)
of the Beneficiary who is me or my issue. However, if there is then in
existence any trust created under this Will for the benefit of that issue,
the share which would have been distributed to that issue shall be
added to the principal of his or her trust, to be administered and
distributed as provided in this Will.
(g) Failure of Issue. In the event I am not survived by my
wife or any issue, or if there are no issue of mine surviving upon the
termination of any trust, the residue (or principal) shall be divided in
two (2) equal parts. One part shall be paid to those persons who would
then be entitled to my estate under the intestate laws of Pennsylvania
then in effect as if I had died at that time intestate. One part shall be
paid to those persons who would then be entitled to my wife's estate
under the intestate laws of Pennsylvania then in effect as if my wife
had died at that time intestate owning that part of my estate.
ITEM VIII: Spendthrift Clause. No part of the income or
principal of any Trust created by this Will shall be subject to attachment, levy or
seizure by any creditor, spouse, assignee or trustee or receiver in bankruptcy of any
beneficiary prior to his or her actual receipt of income or principal distributed. The
Trustee shall pay the net income and the principal to the beneficiaries specified by
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me, as their interests may appear, without regard to any attempted anticipation, j
pledging or assignment, and without regard to any claim or attempted levy,
attachment, seizure or other process against the beneficiary.
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ITEM IX: Administrative Powers. In addition to the
powers granted at law, the Executor and the Trustee shall each possess the
following powers, each of which shall be construed broadly and may be exercised
without court approval, but in a fiduciary capacity only:
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(a) Retain Investments. To retain any investments I have at
my death, including specifically those consisting of stock of any bank
even if I have named that bank as the Executor or Trustee.
(b) Vary Investments. To vary investments, to make loans,
and to invest in bonds, stocks, notes, real estate mortgages or other
securities or in other property, real or personal, without being
restricted to so-called "legal investments", and without being limited
by any statute or rule of law regarding investments by fiduciaries.
(c) Division of Assets. In order to divide the principal of a
Trust or for any other purpose, including final distributions, the
Executor and Trustee are authorized to divide and distribute personal
property and real property, partly or wholly in kind, and to allocate
specific assets among beneficiaries and Trusts so long as the total
market value of each share is not affected by the division, distribution
or allocation in kind. The Executor and Trustee are each authorized to
make, join in and consummate partitions of lands, voluntarily or
involuntarily, including giving of mutual deeds, or other obligations,
with as wide powers as an individual owner in fee simple.
(d) Sell Assets. To sell either at public or private sale real
and personal property severally or in conjunction with other persons,
and to consummate sale(s) by deed(s) or other instrument(s) to the
purchaser(s), conveying a fee simple title. No purchaser shall be
obligated to see to the application of the purchase money or to make
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inquiry into the vaLidity.of any sale{s). The Executor and Trustee are t
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authorized to execute, acknowledge and deliver deeds, assignments,
. .- , .- a ..s...a; ara .: e,*v .,r i•: :;.[!U!x:'!'ciY7r,rTll. L_ • r&C.rx
options or otherlwritrings.as necess�ary�or convenient n to ane of he tDii
power conferred upon the Executor and Trustee.
(e) Encumber Real Estate. To mortgage real estate, and to
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make leases of real estate. t
tiDQ t Lix,T_Out 1timty ,' bi `Ill ng
,- ,• :#;-s i~'i. isrt *r.t4 aIy Kure 3vllz�_ s�ttttgL_ anrf tr> msf�f> tL12 L1X.
.(f)autiBorrow Money. To borrow money from any person,
including the Executor or Trustee, to pay indebtedness of mine or of
my estate, expenses of administration or inheritance, legacy, estate
1'L:.'.'7 J' . -'r.,,l,: "f l. : .1 •'t•"1?, Jt CUS'-nn.^'k.' it rrrMvF ,+t.
and other taxes, and to assign and pledge assets of my estate or any
1. ., ,.c au txt't 'a, ...ttiL.w.t1L,`7 '11() ":L"{.il`?St:VL It fht
-.Trust established by this Will.
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y _(g) . ,Pay Costs. To pay all costs, taxes, expenses and charges
_ _ .1},_
in connection with the administration of my estate-or any Trust
established under this Will.;
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assets which pass as part of my probate estate as opposed to other
property for which a basis adjustment is allowable. The Executor shall
allocate basis increase equitably among those beneficiaries receiving
property as a result of my death, but shall not be liable to any person,
nor subject to removal or surcharge, for any reasonable allocation of
basis increase.
(q) Compromise Claims. To compromise claims.
(r) Terminate Trust. To terminate any trust, if in the j
opinion of the Trustee, the expense of administration of the trust is not
justified. Upon termination, the Trustee shall distribute the trust
property to the person(s) then entitled to receive or have the benefit of
the income therefrom. If there is more than one current income
beneficiary, the Trustee shall distribute trust assets to the income
beneficiaries in the proportion in which they receive income, or if no
proportion is designated, in equal shares to the income beneficiaries.
This power may only be exercised by a Trustee who is an independent
Trustee, and this power shall be ineffective to the extent that the effect
of the power is to vest in any Trustee or beneficiary a general power of
appointment.
(s) Other Acts. To do all other acts in his or her judgment
necessary or desirable for the proper and advantageous management,
investment and distribution of the estate and Trusts established under
this Will.
ITEM X: Accounting. The Trustee, on an annual
basis, shall provide each income beneficiary who has attained the age of eighteen
(18) years, and the Guardian of the person of any income beneficiary who has not
attained the age of eighteen (18) years, statements showing transactions of each
Trust established for the benefit of that beneficiary. The beneficiary, or the
Guardian of the person of such beneficiary, may waive this right to receive an
annual accounting. The Trustee may, at any time, settle any account, or questions
concerning the administration of any Trust established under this Will, by
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agreement with the then qualified beneficiaries (as defined in the Pennsylvania
Uniform Trust Act) of the Trust, if legally competent, or if not legally competent,
with the Guardian of the person of the beneficiary, the legally competent spouse of
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the beneficiary, or the oldest legally competent relative of the beneficiary who
would take a portion of the estate of the beneficiary were the beneficiary to die at
that time intestate under the laws of the Commonwealth of Pennsylvania. Any
settlement made in accordance with this Item shall bind all persons who have an
interest in the Trust, and shall constitute a release and discharge of the Trustee
with respect to transactions specified in the settlement.
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ITEM XI: Distributions to or for Beneficiaries. The
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Trustee is authorized to distribute principal and/or income in any one or more of the
following ways if the Trustee, in the discretion of the Trustee, considers the
beneficiary unable to apply distributions to the beneficiary's own best interests, or if
the beneficiary is under a legal disability:
(a) To Beneficiary. Directly to the beneficiary;
(b) To Guardian or Conservator. To the legal guardian or
conservator of such beneficiary;
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(c) To Custodian. To the Trustee, or to another person
selected by the Trustee, as custodian under the Pennsylvania Uniform
Transfers to Minors Act as to a beneficiary under the age of twenty-
five (25) years;
(d) To a Relative. To a relative of the beneficiary, to be
expended by that relative for the benefit of the beneficiary; or
(e) Direct Expenditure. By directly applying distributions for
the benefit of the beneficiary.
ITEM XII: Merger of Trusts. Should my wife,
SHIRLEY M. HIPPENSTEEL, by Will or Agreement of Trust, establish Trusts
similar to the Trusts I have established for the benefit of my issue, the Trustee of
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each Trust created in this Will shall have the right to merge it with the similar
Trust created by my wife for the same beneficiaries. If merged, the Trustee shall
operate the merged Trusts as a single Trust.
ITEM XIII: Survival. Any person, other than my wife,
who has died within thirty (30) days of my death, or under such circumstances that
the order of our deaths cannot be established by proof, shall be deemed to have
predeceased me. If my wife and I die simultaneously, or under such circumstances
that the order of our deaths cannot be established by proof, my wife shall be deemed
to have survived me. Any person (other than myself) who has died at the same time
as any then beneficiary under this Will or in a common disaster with that j
beneficiary, or under such circumstances that the order of deaths cannot be
established by proof, shall be deemed to have predeceased that beneficiary.
ITEM XIV: Trust Situs. The initial situs of each Trust
created under this Will shall be the county where I am domiciled at the time of my
death. The Trustee may determine, from time to time, to change the situs of any
Trust established under this Will. However, no change in situs shall be effective
until written notice is provided to the living beneficiaries of the Trust.
ITEM XV: Executors and Trustees. I make the
following provisions with respect to Executors and Trustees:
(a) Initial Executor and Trustee. I appoint my daughter,
CAROLYN L. ACKER, to serve as Executor. I appoint my daughter,
CAROLYN L. ACKER and ING NATIONAL TRUST to serve as
Trustees, herein collectively referred to as "Trustee".
(b) Successor Executor. In the event that my daughter is
unable or refuses to serve as Executor, I appoint my sister-in-law,
ESTHER MOONEY, to serve as Executor.
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(c) Co-Trustees and Successor Trustees. Each person serving
as a sole Trustee shall have the power to appoint a Co-Trustee. Each
Trustee shall have the power to appoint his or her successor in office.
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(d) Power to Remove Trustee. Any Trustee or Co-Trustee I
appointed by a Trustee may be removed by that Trustee. My daughter,
CAROLYN L. ACKER, and any other individual serving as Trustee
shall have the power to remove any institutional Trustee, provided she
first appoints another institutional Trustee which accepts the
appointment.
(e) Method of Appointment and Removal. Each appointment
or removal of a Trustee shall be in writing and shall be filed with the
court in the jurisdiction which is the situs of the Trust. The written
instrument shall be signed by the person having the power to make the
appointment or removal.
(f) Temporary Trustee. Each Trustee shall have the power
to designate a temporary Trustee by an instrument in writing
delivered to such temporary Trustee. The temporary Trustee shall
serve as such only during the legal incapacity of the appointing
Trustee, or, during such period of time as the appointing Trustee in
writing designates, and upon the expiration of that time, or at such
time as the legal incapacity of the appointing Trustee ceases, the
appointing Trustee shall once again become the Trustee.
(g) Resignation. Any Trustee may resign upon ninety (90)
days written notice to the then income beneficiary and each adult sui
juris remainder beneficiary of the Trust; provided, however, that the
resignation shall not become effective until and unless at least one
person is then serving as Trustee of the affected Trust.
(h) Delegation. Any Trustee may delegate investment and
related management functions to another Trustee, provided the other
Trustee accepts the delegation in writing. To the extent accepted, the
delegating Trustee shall be relieved of responsibility for the
investment decisions of the Trustee to whom investment and related
management functions were delegated.
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(i) Responsibility. No Trustee shall be responsible for the
acts or omissions of any other Trustee.
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(j) Duty to Investigate. In the absence of actual knowledge
of a breach of trust, or information concerning a possible breach of
trust that would cause a reasonable person to inquire, a successor
Trustee is under no duty to examine the accounts and records of any
predecessor Trustee, or to inquire into the acts or omissions of such
predecessor, is not liable for any failure to seek redress for any act or
omission of such predecessor, shall have responsibility only for
property which is actually delivered to the Trustee by such predecessor
and shall have all of the powers conferred upon a Trustee hereunder.
(k) Compensation. The Executor and Trustee shall have the
right to receive reasonable compensation for services rendered and
reimbursement for reasonable expenses.
(1) Standard of Care. The Trustee shall not be liable or
accountable for any loss that may result from the good faith exercise of
the authority granted in this Will. This shall specifically include
decisions of the Trustee with respect to discretionary distributions of
income and/or principal to any beneficiary.
(m) Security. The Executor and Trustee are specifically
relieved from the duty of filing bond or entering security.
IN WITNESS WHEREOF, I have set my hand and seal to this, my
Last Will and Testament, consisting of this and the preceding thirteen (13) pages,
at the end of each page of which I have also set my initials for greater security and
better identification this /S' day of 20/G.
IN H. HIP N TEEL (SEAL)
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We, the undersigned, hereby certify that the foregoing Will was signed,
sealed, published and declared by the above-named Testator as and for his Last
Will and Testament, in the presence of us, who, at his request and in his presence
and in the presence of each other, have hereunto set our hands and seals the day
and year first above written, and we certify that at the time of the execution
thereo=(SEAL)und and disposing mind and memory.
Residing at �'rr LAC
Oro (SEAL) Residing at a�
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ACKNOWLEDGMENT
COMMONWEALTH OF PENNSYLVANIA )
) SS:
COUNTY OF CUm k1'lAj7-Jt )
I, JOHN H. HIPPENSTEEL, Testator, whose name is signed to the
attached or foregoing instrument, having been duly qualified according to law, do
i
hereby acknowledge that I signed and executed the instrument as my Last Will and
Testament; that I signed it willingly; and that I signed it as my free and voluntary
act for the purposes therein expressed.
'(SEAL)
J H. HIPPED EEL
Sworn to and subscribed before
me this day of
, 20/6 .
N blic
My Commission Expires: /nit I tly 10 )1?102-
(SEAL) Novit" $t
Nowt' h"C
my CanwAsdon MoY at, 2012
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AFFIDAVIT
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COMMONWEALTH OF PENNSYLVANIA )
SS: �
COUNTY OF ) j
We, r « Q �v�4. and (9 �2
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the Witnesses whose names are signed to the attached or foregoing instrument,
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being duly qualified according to law, do depose and say that we were present and
I
saw Testator, JOHN H. HIPPENSTEEL, sign and execute the instrument as his
Last Will and Testament; that Testator signed willingly and that he executed said
Will 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 Will as Witnesses; 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 er no constraint or undue influence.
Witness Witness
Sworn to and subscribed before
me this J,� day of �U
, 20/0.
N a ublic ry
My Commission Expires:
1
(SEA
NMEAR SEAL
0p4kALM iM�f1►OKINAAM
MM CMW48*n Dom U"".4012
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