HomeMy WebLinkAbout01-03-14 (2) , , 1505610149
REV-1500 EX(02-11)pennsytvama OFFICIAL USE ONLY
PA Department of Revenue a " ` County Code Year File Number
Bureau of Individual Taxes INHERITANCE TAX RETURN
PO BOX 280601 20 13 00903
Harrisburg,PA 17128-0601 RESIDENT DECEDENT
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death MMDDYYYY Date of Birth MMDDYYYY
06 27 2013 05 05 1921
Decedent's Last Name Suffix Decedent's First Name MI
Keller John W
(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
® 1.Original Return Q 2. Supplemental Return Q 3. Remainder Return(Date of Death
Prior to 12-13-82)
Q 4.Limited Estate Q 4a. Future Interest Compromise(date of Q 5. Federal Estate Tax Return 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 Q 11.Election to Tax under Sec.9113(A)
Between 12-31-91 and 1-1-95) (Attach Schedule O)
CORRESPONDENT-THIS SECTION MUST BE COMPLETED.ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
Name Daytime Telephone Number
Elyse E . Rogers , Esquire 717 612 58D1
,cam .=
g ESTER OF WILLS SLY
First Line of Address rn
= C-1
635 North 12th Street , Suite 400 Cs
c.�
Second Line of Address
t DATE F ED Co
City or Post Office State ZIP Code ,. �?
Lemoyne PA 17043
Correspondent's e-mail address: erogerS @SSr-attorneys.com
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
pl-t—tni, ,zl.
A
DDRESS 6200 Westover Drive 1
Mechanicsburg, PA 17055
SIGNATURE OF ARER OT R THAN RESENTATIVE DATE'JP
A S J� !DDRESS i
PLEASE USE ORIGINAL FORM ONLY
Side 1
1505610149 1505610149
I 1505610249
REV-1500 EX(Fl)
Decedent's Social Security Number
Decedent's Name:
John W Keller
RECAPITULATION
1. Real Estate(Schedule A) 1• 0 . 00
.. .... . . . . ... . .. . . .. .. . .. ....... . . ... . ... .
2. Stocks and Bonds(Schedule B) 2. 0 . 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. 10,320 • 4?
6. Jointly Owned Property(Schedule F) O Separate Billing Requested ... . 6. 0 - 00
7. Inter-Vivos Transfers&Miscellaneous Non-Probate Property 4 4 4 ,9 7 6 . ?3
(Schedule G) O Separate Billing Requested .. . . 7.
8. Total Gross Assets total Lines 1 through 7 8_ 455-129? - 2 0
9. Funeral Expenses and Administrative Costs(Schedule H) .. . .. .. ..... .... . 9. 381491 • 6 2
10. Debts of Decedent,Mortgage Liabilities and Liens(Schedule 1) .. .. . . .. . .. ... 10. 17 • 12
11. Total Deductions(total Lines 9 and 10) . . .. . ... .. . .. .. . .... .. ....... . 11. 38,508 • 7 4
12. Net Value of Estate(Line 8 minus Line 11) 12. 416 ,7 8 8 • 4 6
.. .. . . . . ... . . .. . .. ... . . .... .
13. Charitable and Governmental Bequests/Sec 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. 416 ,7 8 8 • 46
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 - 00 15. 0 . 00
16. Amount of Line 14 taxable
at lineal rate X.0 45
416 ,788 . 46 16. 181755 . 48
17. Amount of Line 14 taxable
at sibling rate X.12 0 - 00 17. 0 . 00
18. Amount of Line 14 taxable
at collateral rate X.15 0 - 00 18. 0 . 00
19. TAX DUE .. . ... ... . . . .. ... . . . .. .. .. . . .. .. . ... . .. ... . .. .. . . . . . 19. 18,755 . 48
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
Side 2
1505610249 1505610249
REV-1500 EX(FI) Page 3 File Number
Decedent's Complete Address: 20 13 00903
DECEDENT'S NAME
John W. Keller
STREET ADDRESS
5225 Cobblestone Drive
CITY STATE ZIP
Mechanicsburg PA 17055
Tax Payments and Credits:
1. Tax Due(Page 2,Line 19) (1) 18,755.48
2. Credits/Payments
A.Prior Payments 18,000.00
B.Discount 755.48
Total Credits(A+B) (2) 18,755.48
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 oval on Page 2,Line 20 to request a refund. (4)
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.
�
;� .,r�3�
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 . .. .... ... .. .... .... . .. . .. .. .. ❑X ❑
b. retain the right to designate who shall use the property transferred or its income . .. . . .. ❑ ❑X
c. retain a reversionary interest. . . .. . . .... . .... . ........ . . . ... ... . . ... . .. . . . . . .. ❑ ❑X
d. receive the promise for life of either payments, benefits or care? .. .. .. . ............. ❑ ❑X
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 172 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(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.
REV-1508 EX+ (08-12)
;r pennsytvania SCHEDULE E
DEPARTMENT DF REVENUE CASH, BANK DEPOSITS & MISC.
INHERITANCE TAX RETURN PERSONAL PROPERTY
RESIDENT DECEDENT
ESTATE OF: FILE NUMBER:
John W. Keller 20 13 00903
Include the proceeds of litigation and the date the proceeds were received by the estate.
All property jointly owned with right of survivorship must be disclosed on Schedule F.
ITEM DESCRIPTION VALUE AT DATE
NUMBER OF DEATH
1 PNC Bank Checking Account 51-4016-5424 7,809.60
Per statement
2 Misc. Household Items 500.00
3 Royal Neighbors of America Refund of Unearned Premium 1,760.87
4 PA Department of Revenue Property Tax/Rent Rebate 250.00
TOTAL (Also enter on Line 5, Recapitulation) 10,320.47
If more space is needed, use additional sheets of paper of the same size.
REV-1510 EX+ (08-09)
pennsylvania SCHEDULE G
DEPARTMENT OF REVENUE
INTER-VIVOS TRANSFERS AND
R SIDENT DE EDENT URN MISC. NON-PROBATE PROPERTY
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
John W. Keller 20 13 00903
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.
ITEM DESCRIPTION OF PROPERTY DATE OF DEATH %OF DECD'S EXCLUSION TAXABLE
NUMBER INCLUDE THE NAME OF THE TRANSFEREE,THEIR RELATIONSHIP TO DECEDENT VALUE OF ASSET INTEREST (IF APPLICABLE) VALUE
AND THE DATE OF TRANSFER.ATTACH COPY OF THE DEED FOR REAL ESATE.
1 Items 1-7 are owned by the John W. Keller 169,000.00 100 169,000.00
Irrevocable Trust dated November 9, 2012
5225 Cobblestone Drive, Mechanicsburg, PA
17055
Sale price
2 PSECU Regular Share ID 01 5.08 100 5.08
Per statement
3 Members 1st Savings Account 6.47 100 6.47
Per statement
4 PSECU Money Market Account ID 07 111,240.17 100 111,240.17
Per statement
5 Members 1st Federal Credit Union CD 53,194.81 100 53,194.81
Matures 7/13/14
Per statement
6 Members 1st Federal Credit Union Account 56,466.69 100 56,466.69
0041 CD
Matures 10/19/13
Per statement
7 Members 1st Federal Credit Union Account 54,139.01 100 54,139.01
0043 CD
Matures 8/14/14
Per statement
8 2001 Buick Century gifted to Decedent's 3,924.50 100 3,000.00 924.50
grandson, David P. Giusti February 2013
TOTAL (Also enter on Line 7, Recapitulation) 444,976.73
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 EXPENSE AND
IESIDE TDE EDENTTURN ADMINSTRATIVE COSTS
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
John W. Keller 20 13 00903
Decedent's debts must be reported on Schedule I.
ITEM DESCRIPTION AMOUNT
NUMBER
A. FUNERAL EXPENSES:
1 Malpezzi Funeral Home 11,418.50
2 St. Elizabeth Ann Seton Church, funeral luncheon 400.00
3 Rolling Green Cemetery 1,495.00
B. ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions:
Name(s) of Personal Representatives)
Street Address
City State ZIP
Year(s) Commission Paid:
2. Attorney Fees: 4,500.00
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: 123.50
5. Accountant Fees: 125.00
6. Tax Return Preparer Fees:
See schedule attached 20,429.62
TOTAL (Also enter on Line 9, Recapitulation) 38,491.62
If more space is needed, use additional sheets of paper of the same size.
Page 2
Estate of: John W. Keller 20 13 00903
Schedule H, Part B - Administrative Costs
Miscellaneous Expenses
Item
Number Description Amount
7 PNC Bank, service charge 20.00
8 Patricia Giusti, reimbursement for payment of supplies purchased at Home 43.21
Depot for repairs to condo
9 Repair garage dry wall, scrape&paint porch deck 214.83
10 Wesley Mews, condo fee 181.00
11 Steve Naticchia, paining condo 2,650.00
12 Stephanie Shatzer, cleaning condo 30.00
13 PNC Bank, service charge 20.00
14 Gelco, condo carpet cleaned 455.75
15 UGI 13.48
16 The Hartford, homeowners insurance 85.96
17 Replace base of kitchen sink cabinet 191.58
18 Steve Naticcia, paint condo basement, basement stairway, and garage 1,450.00
19 PPL 131.85
20 Misc. electric 18.12
21 PA American Water 35.25
22 UGI AVAC Enterprises, service contract paid quarterly 52.00
23 PPL 131.85
24 Wesley Mews, condo fee 181.00
25 Patriot News ad for sale of condo/misc. supplies 179.55
26 UGI 13.48
27 PA American Water 18.32
28 PPL 143.22
TOTAL. (Carry forward to main schedule) . . . . . . 6,260.45
Page 3
Estate of: John W. Keller 20 13 00903
Schedule H, Part B - Administrative Costs
Miscellaneous Expenses
Item
Number Description Amount
29 UGI 12.49
30 PPL 48.02
31 Wesley Mews Condo Fee 181.00
32 Lower Allen Township, sewer/refuse 117.70
33 Replace gas flue pipe in attic 107.46
34 PA American Water 14.56
35 Tuan Nguyen, ARS radon reduction 900.00
36 UGI 28.35
37 PPL 29.73
38 PA American Water 10.06
39 Expenses associated with sale of 5225 Cobblestone Drive, Mechanicsburg, 12,524.80
PA including:
$6,900.00 Help U Sell
$ 75.00 Deed prep fee to Salzman Hughes, P.C.
$1,690.00 State tax/stamps re: Deed
$ 10.00 Tax certification to Salzmann Hughes, P.C.
$ 75.00 Resale certificate to Sterling Property Managmnt
$4,000.00 Seller assistance
Minus adjustments for items paid by seller in advance:
$ 142.05 County taxes 10/28/13-12/31/13
$ 83.15 Trash/sewer 10/28/13-12/31/13
40 Cumberland County Register of Wills, filing fees 30.00
41 Saidis, Sullivan & Rogers, reserve for additional out of pocket expenses 150.00
42 Register of Wills, additional probate fee 15.00
TOTAL. (Carry forward to main schedule) . . . . . . 14,169.17
REV-1512 EX+ (12-12)
pennsylvania SCHEDULE I
DEPARTMENT OF REVENUE DEBTS OF DECEDENT,
INHERITANCE TAX RETURN MORTGAGE LIABILITIES & LIENS
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
John W. Keller 20 13 00903
Report debts incurred by the decedent prior to death that remained unpaid at the date of death,including unreimbursed medical expenses.
ITEM DESCRIPTION VALUE AT DATE
NUMBER OF DEATH
1 PAWC 17.12
TOTAL (Also enter on Line 10, Recapitulation) 17.12
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 BENEFICIARIES
RESIDENT DECEDENT
ESTATE OF: FILE NUMBER:
John W. Keller 20 13 00903
NUMBER NAME AND ADDRESS OF PERSON(S)RECEIVING PROPERTY RELATIONSHIP TO DECEDENT AMOUNT OR SHARE
Do Not List Trustee(s) OF ESTATE
I TAXABLE DISTRIBUTIONS[Include outright spousal distributions and
transfers under Sec.9116(a)(1.2).]
1 Patricia A. Giusti Daughter 416,788.46
6200 Westover Drive
Mechanicsburg, PA 17055
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:
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS:
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.
senior Premium Plan Statement
For the period 06/11/2013 to 07/k\
For 24-hour information,sign onto PNC Bank Online Banking JOHN W KELLER
on pnc.com. Primary account number:51-4016-5424 '.
Account number:51-4016-5424-continued Page 2 of 5
'1
kctivity Detail
)eposits and Other Additions There were 3 Deposits and Other Additio
)ate Amount Description totaling$2,072.85.
b�
�7/O1 945.78 Direct Deposit-Deposit
Benefit Payments XX` 1357
17/03 1,127.00 Direct Deposit-Xxsoc Sec
SSA Treas 310 XXXXX8631A
17/09 .07 Interest Payment
'hecks and Substitute Checks
:heck Date Reference Check Date Reference
umber Amount paid number number Amount paid number
1632 230.00 06/14 086493671 6635 20.42 06/18 084637924
1633 197.r5 06/20 086101530 6636 255.00 06/2 1 086908735
1634 2,520.00 06/18 085102063 6637 181.00 06/26 085681885
Gap in check sequence There were 6 checks listed totaling
$3,403.97.
Dinline and Electronic Banking Deductions There were 2 Online or Electronic Banking
)ate Amount Description Deductions totaling$68.23.
)6/25 51.11 Direct Payment-Elec Svc Ppl Eu XXX,1XX3014W s
)7/05 U5 17.12 Direct Payment-Payment PAWC 1118535
Dither Deductions There was 1 Other Deduction totaling
)ate Amount Description $20.00.
)7/09 20.00 Calculated Service Charge Type Hd
Daily Balance Detail
)ate Balance Date Balance D to Balance Date Balance
)6/11 11,264.68 06,/20 8,296.'d 1 /26 7,809.60 07/05 9,865.26
)6/14 11,034.68 06/21 8,041.71 07/09 9,845.33
)6/18 8,494.26 06/25 7,990.60 07/U3 9,882.38
SENIOR PREMIUM PLAN - Service Charge Explanation
>ccount type Account number Balance type As of Balance
:nterest Checking XX-X-- X-5424 This Cycle Avg Balance 07/10 9,276.73 These accounts were reviewed meet
the balance requirements of your Senior
Premium Plan Account.Since balance
requirements were not met this month,a
$20.00 fee was deducted from this
account.
O d Medicare Supplement
Administration Office: (877) 815-8877 (toll-free)
P.O.Boa 10851 Fax: (727) 373-4553
O _'
G�
E Clearwater,FL 33757-8851 Online:https://service.iasadmin.com/rna
g M RA
AUGUST 1, 2013
ESTATE OF JOHN W KELLER Certificate/Policy No: 3077848
C/O PATRICIA GIUSTI Check No: 30030832
6200 WESTOVER DR Check Amount: $1,760.87
MECHANICSBURG PA 17050 Date of Death: 06/27/2013
RE: REFUND OF UNEARNED PREMIUM ON CERTIFICATE/POLICY
Dear Sir or Madam:
We wish to offer our sympathy and condolences for the loss of your loved one.
Attached you will find our check representing a refund of the unearned premium for the above-referenced
coverage.
If we can be of assistance to you in the future, please do not hesitate to contact one of our representatives
at our toll-free number shown above.
Sincerely,
zneidre Brooks-Doug(.as
Z.
Customer Service Department
cc: SENIOR FINANCIAL SERVICES INC
DBD/KAZ
KeeD this statement for tax ourooses. No other record will be provided.
J.
Bank One,NA N o. 30030832
.Royal Neighbors of America _ Columbus,or,
Iv edicare'Supplement Administration 56-15 441
PO Box 10851 08/01/2013
Clearwater,FL 33757-8851
-DATE=`;-
MN
Disbursement Account
$1,760.87
PAY: ONE THOUSAND SEVEN HUNDRED SIXTY AND 87/100 DOLLARS VOID AFTER 90 DAYS
TO THE ESTATE OF JOHN W KELLER
ORDER C/O �PATRICIA GIUSTI AUTHORIZED SIGNATURE
OF
620Q WESTOVER DR; = a
MECHANICSBURG PAs- 17050
AUTHORIZED
11'003003083 211' 1:044 L I S 4431: 66057694311'
pennsylvania C, J
DEPARTMENT OF REVENUE > S 6.3 2 5 4L(6 REV-1629 EX(05-12)
Enclosed, please find your Property Tax/Rent Rebate check, funded by the Pennsylvania Lottery and revenue from
slots gaming.
Some homeowners may receive a larger rebate than requested. Based on where you live, income and/or property taxes,
you may have qualified for a supplemental property tax rebate added to your regular rebate. In addition to funding the
expansion of the Property Tax/Rent Rebate program, revenue from slots gaming will provide general property tax relief
again this summer, further cutting school property taxes for millions of homeowners across the commonwealth.
The Property Tax/Rent Rebate program is one of many benefits the Pennsylvania Lottery provides to older Pennsylvanians.
Ours is the only state lottery that designates all proceeds to programs that benefit older residents.
You may be familiar with other programs the Lottery funds, including PACE and PACENET, our low-cost prescription drug
programs; free and reduced-fare transportation services; long-term living services; senior centers; and Area Agencies on
Aging. All of these services are part of our commitment to ensuring a healthier, happier life for you and all Pennsylvania's
older residents.
If you have questions about this check or your rebate claim, please call, toll-free, 1-888-222-9190. P��A
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TO THE ORDER OF
* * ** 250 00
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TREASURER OF PENNSYLVANIA
Il' 68 254 L5811' 1:03 30 271,81: 12119 5384711'
Previous editions are obsolete form HUD-1(3186)ref Handbook 4305.2
A. Settlement Statement U.S.Department of Housing and Urban Development
8.Type of Loan OMS Anoroval No qrn9-n
I. ❑FHA 2. ❑FmHA 3. ❑Conv.Unins. 6.File Number 7.Loan Number 8.Mortgage Insurance Case Number
OVA 21 - 2
This forth is furnished to give you a statement of actual selement crosls.Amounts paid to and by the settlement agent are shown.
C.Note: Items marked-(p.o.c. were paid outside the dosing;they are shown here for information purposes and are not Included in the totals. TilleExpress Settlement System
WARNING:tt is a crime to knowingly make false statements to the United Stales on this of anyolher simdarforn.Penalties upon
vi,D.NAME OF BORROWER Rosanne Cramer
6804 Clubhouse Dri ve Apt.D.Harrisburg.
E.NAME OF SELLER: The Keller Family Trust
ADDRESS-
F.NAME OF LENDER: N/A
ADDRESS-
G.PROPERTY ADDRESS: 5225 Cobblestone Drive,Mechanicsburg,PA 17055
Lower Allen Township
H.SETTLEMENT AGENT: PA Real Estate Settlement Services,LLC,Telephone:717-249-6333 Fax:717-249-7334
PLACE oFsmLEmENT- 4 Alexander Spring Road, arlis e 5
1.SETTLFMENT DATE 28/2
J.SUMMARY OF BORROWER'S TRANSACTION: K.SUMMARY OF SELLER'S TRANSACTION:
100, GROSS AMOUNT DUE FROM BORROWER 400, GROSS AMOUNT TO SELLER
101 Contract sales price 169,000-00 401 Contract sales price 169 000.00
103 Settlement chames to borrower(line 1400) 3,307.50 Am
104 4Q4
105 4f)5
Adjustments for items paid by seller n idvnnrp Adiustments for II
107- County taxes 10 28 13 to 12 31 13 142.05 4o7 county taxes 10 26 13 12 31 13 142.05
inA School taxes 1012 8 13 to 06 30 14 1,037.16 10 28 13 to 06 30 14 1,037.16
109, AnQ
13 to 12 31 13 83.15 13 to 12 31 13 83.15
AMOUNT ill 411
112 412,
120, GROSS 173 569.86 420, GROSS AMOUNT DUE TO SEL ER 170 262.36
AMOUNTS F OF BORF OWER 500, REDUCTIONS IN AMOUNT DUE TO SELLER
901 Den—ft cr P,m,.,t money 1,000.00 501. Fxce-Deposit(see instrurtimm)
202 Principal amount of new loans 509 Settlement charoes tn seller(line 14001 8,750.00
9n3 Fxlstina loan(s)taken subiect to 503 Fxistinc loan(s)taken sublect to
904 504 Payoff of First Mortosae Loan
909 rn-r
4,000.00 4,000.00
9Q7 S07
2n8 .508
9f)9 509
Adjustments r items unpaid
910 CityLtown taxes .910 QWown taxes
211 County taxes r1l County taxes
212 School taxes 512 School taxes
214 1,14
215 515
916 rig
217, 517
71A 91A
919 -119
790 TOTAL PAID R BORROWER 5,000.00 12 750.00
300. CASH AT SETTLEMENT FROM OR To BORROWFR 600, CASH AT SETTLEMENT TO R FR
173 569.86 170 262.36
5 000.00 12 750.00
BORROWER 109 1 e-amounts n 303, CASH FROM 168,569.8 1 603, CASH 157 512.36
SUBSTITUTE FORM 1099 SELLER STATEMENT:The information contained herein is important tax information and is being furnished to the Internal Revenue Service.If you are required to file a return,
a negligence penalty or other sanction will be imposed on you if this item is required to be reported and the IRS determines that It has not been reported.The Contract Sales Price described on
line 401 above constitutes the Gross Proceeds of this transaction.
You are required by law to provide the settlement agent(Fed.Tax to No: 1 wiM your correct taxpayer identification number.If you do not provide your correct taxpayer Identification
number,you may be subject to civil or criminal penalties Imposed by law.under pelf pe ry f cMlfy That the number shown on this statement a my correct taxpayer idendficaGon number.
TIN: 1 SELLER(S)SIGNATURE(S): 1
SELLER(S)NEW MAILING ADDRESS:
SELLER(S)PHONE NUMBERS: (H) (W)
Previous editions are obsolete form HUD-1(3186)ref Handbook 4305.2
U.S.DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT File Number.2013-220 PAGE 2
SETTLEMENT STATEMENT
L. SE77LEMEUI CHARGES PAID FROM PAID FROM
7 COMMISSION 169 000.00 = 6,900-00 BORROWER'S SELLER'S
Division of commission fline 700)aS fQljQWS* FUNDS AT FUNDS AT
SETTLEMENT SETTLEMENT
6,900.00 to Hel -U-Sell
703 CommissioD pairf at Settlement 6,900.00
800, IT MS PAYABLE IN
81`19 1 can riscount
801 Anomi-I Fee
A04 Credit Recent
900, ITEMS REQUIRED BY LENDER IQ
901 Interest From to Iday
902 Morlaaae,Insurancp Premium for to
9f)l Hn-rrl Insurance Premium for
1000,RESERVES DEPOSITED WITH LENDER FOR
1001 H—ard Insurance me OS Imo
1003 City Propea I
1004 County PropeU lax mo(a)S /me
1005, School takes
0.00 0.00
TITLE E
11()1 Settlement QE Qjo,inci Fee
11117 Abstract or Title Spprch
1103 Title Fx2mination
1104 Title IDSUM[trg Rinrier
1105, Deerl Pren Fee to Salzmann Hughes, P.C. 75.00
1106 Notary Fees
(in ludeg ahoVA items No*
1108,Title Insurance 10 Stewart Title Guaranty/PA RE SS 1,369.50
fincludes Phove items No*
1109 Lenders Policy
1110 Owner's Poliry 169 000.00 — 1,369.50
1200-GOVERNMENT RECORDING AND TRANSFER
67.00 67.00
1909 Citv1Countvt@Xj-�tamds 1 690.00 1,690.00
19(13 qtateTaxtstamns 1 690.00 1,690.00
1300,ADDITIONAL SETTLEMENT CHAErES
1301 lax Certification 10 Salzmann Hughes, P.C. 10.00
1309 Resale Certiflrate to Sterling Property Manacrement 75.00
1103 Monthly D,VS to Sterlincr Property Management 181.00
1400,TOTAL SE=LEMENT R 3,307.50 8,750.00
HUD CERTIFICATION OF BUYER AND SELLER
I have carefully reviewed the HUD-1 Settlement Statement and to the best of my knowledge and belief,it is a true and accurate statement of all receipts and disbursements made on my account or by me
I Is ransacbon.I further certify that I ha received a copy of the HUD-1 Settlement Statement.
l`YD O �/l ��/t
R anne Cramer
The Keller Family Trust •/
1 n!n- ; 2p IpC/
ey Patricia A.Giusti. rust- r
WARNING:R IS A CRIME TO KNOWINGLY MAKE FALSE STATEMENTS TO THE The MUD-1 Settlement Statement which I have prepared is a true and accurate account of this transaction.
UNITED STATES ON THIS OR ANY SIMILAR FORM.PENALTIES UPON CONVICTION I have caused or will cause the funds to be disbursed in accordance with this statement.
CAN INCLUDE A FINE AND IMPRISONMENT.FOR DETAILS SEE TITLE 18: L' '0 f 2
U.S.CODE SECTION 1001 AND SECTION 1010. I
DAT
U®
Pennsylvania State Employees Credit Union
P.O. Box 67013 Harrisburg, PA 17106-7013 Member Number: 8928'««.*,
P S E C1 800.237.7328
psecu.com . Statement Period: 06/01/13 to 06/30/13
Direct inquiries regarding preauthorized electronic
transfer or account errors to the above address. Page Number: Regular 1 of 1
Account Balances at a Glance
Total Shares: $111,263.54
24327 1 AV 0.360 00.563 D0.049 T90 P1 325 Total Certificates: $0.00
JOHN W KELLER IRREV TRUST Total Loans: $0.00
PATRICIA A GIUSTI TRUSTEE
6200 WESTOVER DR
MECHANICSBURG, PA 17050-2340
Is 11111 111 I'll I III�I�I��InInI111 all III III I 11111111111111111111
000848 06 024421 001 D S1 SAP: 1,2,3,4
T'SIyOURNUMMER Monthly credit score
s for free.
■ Learn more at psecu.com/fico.
5�
YEAR TO DATE INFORMATION
Description Amount
Total Dividends Year to Date $251.06
SHARES
Posting Effective Transaction New
Date Date Transaction Description Amount Balance
REGULAR SHARE ID 01
06/01 Beginning Balance 5.08
06/30 Ending Balance 5.08
Dividend YTD: Year to Date 0.00
CHECKING ID 04
06/01 Beginning Balance 0.00
06/30 Ending Balance 0.00
Dividend YTD: Year to Date 0.00
MONEY MARKET ID 07 _
06/01 Beginning Balance r 1 1 240.17
06/30 Payment: Dividend 0.200% 18.29 1 .46
Annual Percentage Yield Earned 0.200%from 06/01/13 through 06/30/13
06/30 Ending Balance 111,258.46
Dividend YTD: Year to Date 41.48
T� x
St Send Inquires to: Statement of Accounts
5000 Louise Drive
PO Box 40
Mechanicsburg,PA 17055 Jun 25, 2013 thru Sep 24, 2013
www.membemist.org
Main Switchboard: (800)283-2328
EZ Call: (717)697-4372 or(800)283-4372 Account Number: 487523
TDD: (717)697-5312 or(800)283-2328 ext.5312
TeleBranch: (800)237-7288
MEMBERS 1" Balances at a Glance:
FEDERAL CREDIT UNION Checking: 0.00
11379 1 AV 0.360 22757-11379 SaVIngS: 6.47
III�III'11111'111111'll'111111"'I'llllllllll"'III'llll'I'I'llll Certificates: 164,241 .41
JOHN KELLER IRREVOCABLE TRUST Loans: 0.00
6200 WESTOVER DR Money Management: 0.00
MECHANICSBURG PA 17050 Swipe 5 YTD Reward: 0.00
Page: 1 of 2
Your current Member Loyalty Rewards level is Titanium.
Please read the enclosed insert regarding upcoming statement changes.
SAVINGS- ACCOUNTS
0000 REGULAR SAVINGS
Date Transaction Description Additions Subtractions Balan
Jun '25. Balance Forward, 6.47
Sep 24: Ending Balance.' ":47
CERTIFICATE"ACCOUNTS
_.0040_- 19 MONTH CERT.,Maturit Date-JuIT13.,.2014
Date Transaction Descri lion Additions, Subtractions
Jun 25 Balance .Forwards t ;4194_81_1y
Jun 30 Deposit Dividend 1.1100%
4 48.09-
Annua/ Percentage Yre/d Earned.l:910%from 0610112013 through 06 13012013
Jul 31 uEposit Dsvidend 1.i00% ' 4a.7r+ - 5s,282.i4
Annual.Percentage �Ie/d famed 1.110'%fmm 07/01/20.13 through 0713112013
Aug 31. .-- Deposit Dividend 1.10A.. 53;342.43
Annual Percentage Ye/d Earned 1.110%from 081011,2013,though 0813112013:
Sep 24 Ending Balance 53;342.43 .
0041.-15 MONTH CERT Maturity Date -Oct 19, 2013 ,
Date Transaction Descn tion Additions Subtractions 1
Jun 25 Balance Forward °� 56466.69
Jun 30 Deposit Dividend 1:100% 1 ts, i f 51:05 5 4
Annual Percentage.Ye/d Earned 1. 1101 from_0u/01/2013 through 06130/2013
_ -Jul.31- Deposit Dividend 1.1000/6 _ �- �- 52.80. 56-,570.54.
Annual Percentage re%d,Earned 1. 1101 from 0710112013 through 0713112013 -
Aug 31'. Deposit Dividend.1.100% - 52.85 . 56,623..39
Annual Percentage- Ye/d Earned 1.. 110lo from 0810112013 Through 0813112013
Sep 24 Ending Balance 56,623".39,
--- Continued on following page ---
A Send Inquires to: Main Switchboard: (800)283-2328
5000 Louise Drive EZ Call: (717)697-4372 or(800)283-4372
Po Box 4o Jun 25, 2013 thru Sep 24, 2013
Mechanicsburg PA 17055 TDD: (717)697-5312 or(800)283-2328 ext.5312 71758-11379 Account Number: 487523
MEMBERS1 , TeleBranch: (800)237-7288
www.memberslst.org Page: 2 of 2
0043 - 19 MONTH CERT Maturity Date -Aug 14, 2014
Date Transaction Description Additions Subtractions Bala c
Jun 25 Balance Forward 4,139.01
Jun 30 Deposit Dividend 1.000% 44.50
Annual Percentage Yield Eamed 1.000'%from 0610112013 through 0613012013
Jul 31 .Deposit Dividend 1.000% 46.02 54,229.53
N Annual Percentage Kield Eamed 1.000%from ,0710112013 through 0713112013
N Aug 31 Deposit Dividend 1.000% 46.06 54,275.59
w Annual Percentage Yield.Earned 1..000'%from 0810112013 through 0813112013
c, Sep 24 Ending Balance 54,275.59
YTD SUMMARIES
TOTAL DIVIDENDS PAID
0000 REGULAR SAVINGS 0.00
.0040 19-MONTH CERT 369:04
0041 15 MONTH CERT. 412.96
004319 MONTH CERT 346..72
Total Year To Date Dividends Paid" 1,165.20
'NOTE: Total includes closed shares
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LAST WILL AND TESTAMENT
OF
JOHN W. KELLER
I, JOHN W. KELLER, having my legal residence at 5225 Cobblestone Drive, Mechanicsburg,
Cumberland County, Pennsylvania, 17055, do hereby declare this to be my Last Will and Testament,
revoking all other Wills and Codicils heretofore made by me. I declare that I am a widower and that I
have the following child bom to me; Patricia A. Giusti, and that all references to my child are to her. I
further declare that I have the following three (3) grandchildren, David P. Giusti, Karen M. Giusti, and
Andrea L. Caloiero, and that all references to my grandchildren are to them.
ITEM ONE: I direct that all my valid debts and the expenses of my last illness and funeral
be paid from my estate as soon as practicable after my death.
ITEM TWO: I give and bequeath all of my tangible personal property to my residuary heirs
under Item Four, below as follows:
A. All items of tangible personal property shall be inventoried and valued at a fair market value.
B. I may leave a Memorandum listing some of the items of my tangible personal property which
I wish certain persons to have and request that my wishes as set forth in the memorandum be
observed by my Personal Representative. Any items of tangible personal property not so
designated shall be divided and distributed among my residuary heirs as follows:
1. Each of my heirs may select one item, in rotation, in order determined by lot, until such
time at which the items chosen by each heir reach such heir's proportionate share of the
total value of my estate, or until such time as each heir wishes to make no further
selections.
2. Any items not selected shall be sold and the net proceeds added to the residue of my
estate.
1
3. To the extent my heirs are unable to agree, the decision as to what may constitute "one
item"for purposes of this selection shall be made by my Personal Representative(s).
4. Any disputes concerning this method of allocation shall be resolved by my Personal
Representative(s)in my Personal Representative's sole discretion.
5. To the extent my Personal Representative is unable to resolve a dispute among two or
more of my heirs concerning the in-kind distribution of any of my personal property, I
direct my Personal Representative to sell the disputed property and the net proceeds there
from be added to the residue of my estate.
ITEM THREE: I give and devise any interest I may own in any real property together with the
insurance thereon to my residuary heirs under Item Four. My Personal Representative may either
distribute any real property at its then fair market value to one or more of my residuary heirs under and
in accordance with Item Four below, or may sell any such real property and the net proceeds there from
shall be added to the residue of my estate.
ITEM FOUR: I give, bequeath and devise the entire residue of my estate, of whatever nature
and wherever situate,to my beneficiaries as follows:
1) To my grandchild, DAVID P. GIUSTI, I give TWENTY THOUSAND ($20,000)DOLLARS. In the
event David fails to survive me, this gift shall lapse and I give his share to his then-living issue in
equal shares per stirpes. In the event David has no then-living issue, I give his share in equal shares
per stirpes to my remaining beneficiaries under this Item Four. In making this distribution, if there is
not enough money in my estate to equally provide this sum to my grandchildren, then I want this
sum ($20,000) changed to an amount that would allow each of my grandchildren to receive a sum in
equal shares.
2) To my grandchild, KAREN M. GIUSTI, I give TWENTY THOUSAND ($20,000) DOLLARS. In
the event Karen fails to survive me, this gift shall lapse and I give her share to her then-living issue
in equal shares,/per stirpes. In the event Karen has no then-living issue, I give her share in equal
shares per stirpes to my remaining beneficiaries under this Item Four. In making this distribution, if
there is not enough money in my estate to equally provide this sum to my grandchildren, then I want
this sum ($20,000) changed to an amount that would allow each of my grandchildren to receive a
sum in equal shares.
2
3) To my grandchild, ANDREA L. CALOIERO, I give TWENTY THOUSAND ($20,000)
DOLLARS. In the event Andrea fails to survive me, this gift shall lapse and I give her share to her
then-living issue in equal shares per stirpes. In the event Andrea has no then-living issue, I give her
share in equal shares per stirpes to my remaining beneficiaries under this Item Four. In making this
distribution, if there is not enough money in my estate to equally provide this sum to my
grandchildren, then I want this sum ($20,000) changed to an amount that would allow each of my
grandchildren to receive a sum in equal shares.
4) I devise and bequeath all of the rest, residue and remainder of my estate of whatever nature and
situate to my daughter,PATRICIA A. GIUSTI,per stirpes.
ITEM FIVE: Should any beneficiary of mine be under the age of twenty-five (25)years, my
Personal Representative shall hold such beneficiary's share of my estate, as Trustee, IN TRUST and
shall invest,reinvest and distribute the principal and net income of such beneficiary's share as follows:
A. Until such beneficiary attains the age of twenty-five (25)years,my Trustee,in my Trustee's sole
but reasonable discretion, may pay or apply the income and any or all of the principal of such
beneficiary's share for the health, maintenance, support and education of such beneficiary
considering all other sources of income available to such beneficiary and known to my Trustee.
Upon such beneficiary attaining the age of twenty-five (25) years, my Trustee shall distribute
the balance of the principal and accumulated income, if any, of each such beneficiary's share to
such beneficiary.
B. Should the principal of the Trust Estate, in the sole opinion of my Trustee, be or become too
small to warrant placing or continuing of such fund in trust or should its administration be or
become impractical for any other reason, my Trustee, in the exercise of their sole discretion,
may pay such share absolutely to the person maintaining such beneficiary or may place such
shares in the beneficiary's name in an interest-bearing deposit in any bank, bank and trust
company or national banking association of his choosing, payable to the beneficiary at majority,
or if said beneficiary has reached his or her majority,then to him or her directly.
C. All shares of principal and income hereby given shall be free from anticipation, assignment,
pledge or obligation of my beneficiary(s), and shall not be subject to any execution or attach-
ment.
3
ITEM SIX: I appoint, my daughter, PATRICIA A. GIUSTI, Personal Representative of
this my Will. In the event my daughter is unable or unwilling to act or continue to act as my Personal
Representative, I appoint my son-in-law, DONATO P. GIUSTI, Personal Representative of this my will.
I give to my said Personal Representative(s)the same powers as are hereinafter given to my Trustee. Such
powers shall be in addition to those conferred by law.
ITEM SEVEN: I appoint my duly appointed Personal Representative as Trustee of any
Trust(s) created pursuant to Item Five, above.
ITEM EIGHT: No bond shall be required of any fiduciary hereunder in any jurisdiction. No
fiduciary hereunder shall have any liability for any mistake or error of judgment made in good faith.
ITEM NINE: I authorize my Personal Representative(s) and Trustee(s) to exercise the
following powers in addition to those given by law,to be exercised in their sole discretion:
A. To retain any or all of the assets of my estate,without regard to any principle of
diversification,risk or productivity;
B. To invest in all forms of property without restriction to investments authorized for any type of
fiduciary;
C. To compromise any claim or controversy;
D. To loan money to or buy property from my estate;
E. To borrow money from any person, including any Executor or Trustee, and to mortgage or
pledge any real or personal property;
F. To sell at public or private sale, to exchange or to lease for any period of time, any real or
personal property, and to give options for sales, exchanges or leases, all for such prices and
upon such terms and conditions as they deem proper;
G. To allocate receipts and expenses to principal or income or partly to each as they deem proper;
H. To repair, alter or improve any real or personal property;
I. To distribute in cash or in kind or partly in each at valuations fixed by them;
J. To keep reasonable amounts of cash in a bank uninvested if deemed advisable for the protection
of the principal;
K. To subscribe for or to exercise options for stocks,bonds or other investments;to join in any plan
of lease, mortgage, merger, consolidation, reorganization, foreclosure or voting trust and to
deposit securities thereunder, and to generally exercise all the rights of security holders or
employees of any corporation;
L. To register securities in the name of a nominee or in such manner that title shall pass by
delivery;
M. To add to the principal of any trust created by this instrument any real or personal property
received from any person by Deed, Will or in any other manner;
4
N. To exercise all power, authority and discretion given by this instrument after the termination of
any trust created herein until the same is fully distributed;
O. To use their sole discretion in deciding whether stock dividends on stock they hold in trust
should be apportioned to principal or income, except stock dividends of regulated investment
companies which shall be added to principal;
P. To commingle the assets of any trust estate created by this Will in any one or more common
funds for greater convenience and flexibility;
Q. To employ agents, accountants, engineers and such other persons, professional or otherwise, as
may be necessary for the proper administration of this estate or trust and to pay their
compensation from such funds; and
R. To disclaim all or any interest in a property passing to me or my estate.
ITEM TEN: I realize that Personal Representatives are given discretion by law to make
various elections which affect the income and estate taxes payable by estates and beneficiaries, as well
as the relative shares of beneficiaries, such as taking administration expenses as deductions for either
estate or income tax purposes, selecting options for the payment of employee death benefits, electing to
take a qualified terminable interest as part of the marital deduction, selecting alternate valuation dates,
postponing the payment of taxes, filing joint income tax or gift tax returns and redeeming corporate
stock. The decisions made by my fiduciaries in any of these matters shall be binding upon, and not
subject to question by, any affected persons. I rely upon my fiduciaries to take into consideration the
total income and estate taxes payable by reason of their decisions including those payable by my
survivors, and they are authorized in their discretion, but not required, to make adjustments between
income and principal as a result thereof.
ITEM ELEVEN: I direct that all estate, inheritance and other taxes in the nature thereof,
together with any interest and penalties thereon, becoming payable because of my death with respect to
the property constituting my gross estate for death tax purposes, whether or not such property passes
under this my Last Will and Testament, shall be paid from the principal of my residuary estate, and no
person receiving or having a beneficial interest in any such property, whether under this my Last Will
and Testament or otherwise, shall at any time be required to contribute to or refund any part thereof,
PROVIDED, however, that this direction shall not apply to the taxes on any property included in my
estate solely because of a power of appointment thereover which I possess but have not exercised or on
any qualified terminable interest or to any generation- skipping transfer taxes.
5
ITEM TWELVE: No gift or beneficial interest shall be subject to anticipation,
assignment, pledge, obligation, or alienation of my beneficiary(s), whether voluntary or involuntary, and
the income and principal thereof shall not be subject to any execution or attachment.
ITEM THIRTEEN: If any beneficiary, person or entity in any manner, directly or indirectly,
contests or attacks this Will or any of its provisions, or objects to the accounts or actions of my fiduciaries,
without probable cause, such beneficiary, person or entity shall pay all costs, including but not limited to
attorneys' fees, arising in connection with such contest, attack or objection incurred by my estate, such trust
or such fiduciary personally. In the event that such beneficiary, person or entity does not prevail in such
action, any share or interest in my estate or such trust which would otherwise pass to such beneficiary,
person, entity or remainderman under this Will shall be revoked and the property consisting of such share
shall be disposed of in the manner provided herein as if that contesting person or entity had predeceased me
without surviving issue.
ITEM FOURTEEN: Should any of the provisions of my Will be for any reason declared
invalid, such invalidity shall not affect any of the other provisions of this Will and all invalid provisions
shall be wholly disregarded in interpreting this Will.
ITEM FIFTEEN: This Will shall be construed, regulated and governed by and in
accordance with the laws of the Commonwealth of Pennsylvania.
IN WITNESS WHEREOF, I have at Mechanicsburg, Pennsylvania, on -November 9, 2012, set
my hand and seal to this my Last Will and Testament consisting of six (6) pages plus any witness,
acknowledgement, affidavit and certification pages.
— -L�_ `)/,- V a'L L
JOHN P. KELLER
6
SELF-PROVING AFFIDAVIT
COMMONWEALTH OF PENNSYLVANIA
. SS:
COUNTY OF CUMBERLAND
We JOHN W. KELLERu
and .�G�h LV i the Testator and the witnesses
respectively, whose names are signed to the attached or foregoing instrument, being first duly
sworn, do hereby declare to the undersigned authority that the Testator signed and executed the
instrument as his Last Will and Testament that he had signed willingly (or willingly directed
another to sign for him), and that he executed it as his free and voluntary act for the purposes
therein expressed, and that each of the witnesses, in the presence and hearing of the Testator,
signed the Will as witness and that to the best of their knowledge the Testator was at that time
eighteen years of age or older, of sound mind and under no constraints or undue influence.
JO W. KEL ER
WITNES S
01' TNESS
Subscribed, sworn to and acknowledged before me by JOHN W. KELLER, the
Testator and the witnesses, on November 9, 2012.
Notary Public or PA Attorney
NOTARIAL SEAL
MARCIA M NESBIT
Notary Public
UPPER ALLEN TWP.,CUMBERLAND COUNTY
My Commission Expires Jun 4,2014
7
ESTATE MEMORANDUM OF
JOHN W. KELLER
This informal letter of instruction to my family and Personal Representative serves to
convey my personal wishes concerning distribution of selected personal effects. In any situation
where the provisions of this letter may be deemed to be inconsistent with or contrary to the terms
of my Will, or other formal Estate Planning Documents, it is my desire and intent that the
provisions of my Will and other formal Estate Planning instruments shall govern and be
controlling since I do not intend that this letter shall serve in any respect as a Will nor shall the
terms of this letter override the provisions of a Will or a Trust executed by me whether it was
signed prior or subsequent to the date of this letter.
Distribution of Personal Property
Description of Property Beneficiary
1. 1.
2. 2.
3. 3.
4. 4.
5. 5.
6. 6.
7. 7.
8. 8.
9. 9.
10. 10.
11. 11.
12. 12.
1
Description of Property Beneficiary
13. 13.
14. 14.
15. 15.
16. 16.
17. 17.
18. 18.
19. 19.
20. 20.
21. 21.
22. 22.
23. 23.
24. 24.
25. 25.
Other Directions To My Family:
2
Estate of John W. Keller
John W. Keller Irrevocable Trust U/A dated 11/09/2012
The Keller Family Irrevocable Trust U/A dated 02/15/1993
On or about February 15, 1993, Decedent, John W. Keller, and his wife (who
predeceased him) transferred substantially all of their assets to themselves and
their daughter, Patricia A. Giusti, as co-trustees of an irrevocable trust, a copy of
which is enclosed with this return.
Pursuant to the terms of Article IV, Section 4.02, John W. Keller reserved the right
to the income from the trust for the balance of his lifetime.
Decedent purported to merge the 1993 Irrevocable Trust with a new irrevocable
trust, The John Keller Irrevocable Trust, created under Agreement dated November
9, 2012, a copy of which is also enclosed with this return. Purportedly, pursuant to
the terms of this Agreement, the Decedent was surrendering all rights to any of the
assets in the trust, except for the use and enjoyment of his principal residence,
which had already been subject to the terms of the 1993 trust.
The assets subject to the 1993 trust and purportedly to the 2012 trust are reported
on Schedule G of this return, as the transfers were either made within one year of
his death or were in fact transfers with retained life interests.
THE
KELLER FAMILY
IRREVOCABLE TRUST
THIS TRUST AGREEMENT is executed in triplicate on this
day of .4r 1993, by and between JOHN W. KELLER and
VIRGINIA M. KELLEk, both now of 5133 Kylock Road, Mechanicsburg
.(Upper Allen Township) , Cumberland County, Pennsylvania 17055
(herein Called "Settlors" or "Co-Settlors") and JOHN W. KELLER and
VIRGINIA M. KELLER, both now of 5133 Kylock Road, Mechanicsburg
(Upper Allen Township) , Cumberland County, Pennsylvania 17055 and
PATRICIA A. GIUSTI, now of 6200 Westover Drive, Mechanicsburg,
Cumberland County, Pennsylvania (herein called "Trustees" or "Co-
Trustees" ) .
ARTICLE I . TRUST ESTATE
1 . 01 . Initial Principal . Settlors, desiring to establish
an irrevocable trust, do hereby irrevocably transfer, assign and
deliver to the Trustees and their successors, and assigns the
assets listed on Schedule A, attached hereto and made a part
hereof . As further evidence of such assignment, the Settlors have
executed or will execute or cause to be executed such other
instruments as may be required for the purposes of completing the
assignment or transfer of title to such property to the Trustees .
The Trustees accept such transfer and assignment to themselves as
T tees, and undertake to hold, manage, invest and reinvest the
as er of this Trust, and to distribute the income and principal of
t e,� Trust in accordance with the provisions of this Agreement.
i
1 .02 . Additional Principal . The Settlors and any other
person or persons, with the consent of the Trustees , shall have the
right at any time to make additions to the corpus of this Trust or
any -share thereof hereby established. All such additions shall be
held, governed, and distributed by the Trustees in accordance with
the terms and conditions of this Agreement.
ARTICLE II . IRREVOCABILITY OF TRUST
2 .01 . Irrevocability. Settlors have been advised of the
consequences of an irrevocable trust and hereby declare that this
Trust shall be irrevocable and shall not be altered, amended,
revoked, or terminated by Settlors or any other,- person or persons .
ARTICLE III. LIFE INSURANCE POLICIES
3 .01 . General Provisions . If any insurance policies are
transferred into this Trust, the Trustees shall be vested with all
right, title, and interest in and to the transferred policies of
insurance, and are authorized and empowered to exercise and enjoy,
for the purposes of the Trust herein created and as absolute owner
of such policies of insurance, all the options, benefits, rights
anc3 privileges _ n er, E _�� q � � ,upon anti to,*} ledge;t -for_,a loan or: oar TheTrustees fake all rights, tite; and ierest in and, to the above stated insurance
policies subject to any prior split-dollar life insurance agreement
and assignments, which may be in effect at the time of transfer.
The insurance companies which have issued policies are hereby
authorized and directed to recognize the Trustees as absolute
owners of such policies of insurance and as fully entitled to all
options, rights, privileges, and interests under such policies , and
any receipts, releases, and other instruments executed by the
Trustees in connection with such policies shall be binding upon all
persons interested in this Trust. The Settlors hereby relinquish
all rights, title, interest and powers in such policies of
insurance which Settlors may own and which rights, title,
interest and powers are not assignable, and' will, at the request of
the Trustees, execute all other instruments reasonably required to
effectuate this relinquishment.
3 .02. Payment of Premiums. The Trustees shall be under no
obligation to pay the premiums which may become due and payable
under the provisions of any policy of insurance which may be
transferred or assigned to this Trust, or to make certain that such
premiums are paid by the transferor of such policy, or to notify
any persons of the nonpayment of such premiums, and the Trustees
shall be under no responsibility or liability of any kind in case
such premiums are not paid, except the Trustees shall apply any
dividends received on such policies to the payment of premiums
thereon. Upon notice at any time during the continuance of this
Trust that the premiums due upon such policies are -in default, or
that premiums which will become due will not be paid, either by the
transferor or by any other person, the Trustees, within their sole
discretion, may apply any cash values attributable to such policy
to the purchase of paid-up insurance or of extended insurance, or
may borrow upon such policy for the payment of premiums due
thereon, or may accept the cash values of such policy upon the
policy's forfeiture. In the event that the Trustees receive the
cash value of such policy upon its forfeiture for nonpayment of
premiums, the amount received shall be added to the corpus of this
Trust, and shall be administered according to the terms of this
Agreement. If the insured under such policies of insurance,
becomes totally and permanently disabled within the meaning of any
policies and because thereof the payment of premiums, or any of
them, shall during the pendency of such disability, be waived, the
Trustees, upon receipt of such knowledge, shall promptly notify the
insurance company which has issued such policies, and shall take
any and all steps necessary to make such waiver of premium
provision effective.
3 .03 . Duties of Trustees With Regard to Life Insurance
Policies. The Trustees shall be under no obligation or duty
whatever except with respect to the safekeeping of such policies of
insurance and the duty to receive such .sums as may be paid to them,
2
in accordance with the requirements of this Trust, by the companies
issuing such policies, and to hold, manage and disburse such
proceeds subject to the terms of this Agreement. Upon the death of
the insured, the Trustees shall make reasonable efforts to carry
out the provisions of this Agreement, including the maintenance or
defense of any suit, provided, however, the Trustees shall be under
no duty to maintain or enter into any litigation unless its
expenses, including counsel fees and costs, have been advanced or
guaranteed in an amount and in a manner reasonably satisfactory to
the Trustees . The. Trustees may repay any advances made by them or
reimburse themselves for any such fees and costs from any corpus or
income of this Trust.
ARTICLE IV. TRUST DISTRIBUTIONS
4 . 01 . Trust Principal . The entire corpus of this Trust,
including the assets initially transferred to this Trust,
subsequent additions to this Trust, and the proceeds of any sale,
exchange or investment of such Trust assets, shall be, used for the
purposes herein contained.
4 .02 . Income Distribution. . During the Settlors '
lifetimes, the Trustees shall distribute all of the net income of
the trus t to, or f or the benef i t of, JOHN W. KELLER and VIRGINIA M.
KELLER, for and during the remainder of their lives, and the
Trustees shall distribute all of the net income of the Trust to, or
for the benefit of, the survivor of them during the survivor' s
lifetime; provided that if . either JOHN W. KELLER or VIRGINIA- M.
KELLER should be admitted into a long-term care facility for a
period of time greater than thirty (30) days, then the Trustees
shall distribute. all of the net income of the trust to, or for the
benefit of, JOHN W. KELLER or VIRGINIA M. KELLER, whichever of them
is not residing in a long-term care facility. In the event both
JOHN W. KELLER and VIRGINIA M. KELLER should be residing in a long-
term care facility for a period of time greater than thirty (30)
days , the Trustees shall discontinue distribution of all income to
both of them, and shall accumulate any and all of the net income of
the trust, and shall add such net income to the principal of the
trust.
4 . 03 . Principal Distributions. Upon the death of both of
the Settlors , the Trust shall terminate. Upon termination, the
remaining trust estate shall be distributed to the Settlors '
daughter, PATRICIA A. GIUSTI . If the Settlors ' daughter, Patricia
A. Giusti, predeceases the termination of this Trust, the trust
estate shall be distributed equally to Patricia A. Giusti ' s
children, per stirpes .
4 .04 . General Power of Appointment. Settlors ' daughter,
PATRICIA A. GIUSTI is hereby granted the general power to appoint
some or all of the principal of this Trust to herself, in such
proportions and upon such terms (in trust, outright gifts, or in
3
any other manner) as she deems advisable. This power shall not be
exercisable under her will. If Settlorsl daughter fails, either in
whole or in part, to exercise this general power of appointment
herein granted, the unappointed principal shall continue in trust
and shall be administered according to the terms of this Trust.
Upon the death, resignation, removal or incapacity of Settlors ,
daughter, PATRICIA A. GIUSTI, then JOHN W. KELLER shall exercise
the general power of appointment under this- provision.
ARTICLE V. POWERS OF TRUSTEES
5.01. General Powers. In addition to such other powers
and duties as may have been granted elsewhere in this Trust, but
subject to any limitations contained elsewhere in this Trust, the.
Trustees shall have the following powers and duties : -
A. In the management, care and disposition of this Trust, the
Trustees shall have the power to do all things and to execute such
deeds, instruments, and other documents as may be deemed necessary
and proper, including the following powers, all of which .may be
exercised without order of or report to any court:
(1) To sell, exchange, or otherwise dispose of any
property, real, personal or mixed, wheresoever located, at any
time held or acquired hereunder, at public or private sale,
for cash or on terms as may be determined by the Trustees,
without advertisement, including the right to lease for any
term notwithstanding the period of the Trust, and to grant
options, including an option for a period beyond the duration
of the Trust.
(2) To invest all monies in such stocks, bonds,
securities, investment companies or trust shares, mortgages,
notes, choses in action, real estate, improvements thereon,
and other property as the Trustees may deem best, without
regard to any - law now or hereafter in force limiting
investments of fiduciaries; except that the Trustees may not
invest in any stock or securities issued by the corporate
Trustee or issued by a parent or affiliate company of such
Trustee.
(3) To retain for investment any property deposited with
the Trustees hereunder; except that the Trustees may not
retain for investment any stock or securities in the corporate
Trustee or in a parent or affiliate company of such Trustee.
(4) To vote in person or by proxy any corporate stock or
other security and to agree to or take any other action in
regard to any reorganization, merger, consolidation,
liquidation, bankruptcy or other procedure or proceedings
affecting any stock, bond, note or other security held by this
Trust.
4
(5) To use lawyers, real estate brokers, accountants and
any other agents, if such employment is deemed necessary, or
desirable, and to pay reasonable compensation for their -
services .
(6) To compromise, settle or adjust any claim or demand
by or against the Trust and to agree to any rescission or
modification of any contact or agreement affecting the Trust.
(7) To renew any indebtedness, as well as to borrow
money, and to secure the same by mortgaging, pledging or
conveying any property of the Trust, including the power to
borrow from the Trustees (in the Trustees ' individual
capacity) at a reasonable rate of interest.
(8) To retain and carry on any business in which the
Trust may acquire any interest, to acquire additional
interests in any such business, to agree to the liquidation in
kind of any corporation in which the Trust may have any
interest and to carry on the business thereof, to join with
other owners in adopting any form of management for any
business or property in which the Trust may have an interest,
to become or remain a partner, general or limited, in regard
to any such business or property and to hold the stock or
other securities as an investment, and to employ agents, and
confer on them authority to manage and operate the business,
property or corporation, without liability for the acts of any
such agent of for any loss, liability or indebtedness of such
business if the management is selected or retained with
reasonable care.
(9) To register any stock, bond or other security in the
name of a nominee, without the addition of words indicating
that such security is held in a fiduciary capacity, but
accurate records shall be maintained showing that the stock,
bond or other security is a trust asset and the Trustees shall
be responsible for the acts of the nominee.
(10) To merge this Trust with any other trust created in
my Will or otherwise, with similar provisions and purposes and
the same beneficiary or beneficiaries , but only to the extent
that the merger of the trusts will not cause the imposition of
gift tax or generation-skipping tax, federal or otherwise.
B. Whenever the Trustees are directed to distribute any trust
principal - in fee simple to a person who is then under twenty-one
(21) years of age, the Trustees shall be authorized to hold such
property in trust for such person until he becomes twenty-one (21)
years of age, and in the meantime shall use such ,part of the income
and the principal of the trust as the Trustees may deem necessary
to provide for the proper support and education of such person in
the standard of living to which he has become accustomed. If such
5
• ��
person should die before becoming twenty-one. (21) yedi:s,of'.age .jthe, .
property then remaining in trust shall be distributedt`to
personal representative of such person' s estate.
C. In making distributions from the Trust to, or,,,,f%or,=r-the',
benefit of any minor or other person under a legal disabil'itY',,. ;t ie
Trustees need not require the appointment of a guardian, but, sha•1'1, �
be authorized to pay or deliver the distribution to the custodian;=
of such person, to pay or deliver the distribution to such person"- t,
without the intervention of a guardian, to pay or deliver- 'tie_' °f
distribution to the legal guardian of such person if a guardian=has`
already been appointed, or to use the distribution for the benefit` ,
of such person.
D. In the distribution of the Trust and any division- into`
separate trusts and shares, the Trustees shall, be authorized_ to
make the distribution and division in money or in kind or in both,:..;,: . ,
regardless of the basis for income tax purposes of any property'
distributed or divided in kind, and the distribution and division
made and the values established by the Trustees shall be binding
and conclusive on all persons taking hereunder. The Trustees may
in making such distribution or division allot undivided interests
in the same property to several trusts or shares .
E. If at any time after Settlors ' death the total fair market
value of the assets of any trust established or to be established
hereunder is so small that the corporate Trustee' s annual fee for
administering the trust would be equal to or less that the minimum
annual fee set forth in the Trustee' s regularly published fee
schedule, then the Trustee in its discretion shall be authorized to
terminate such trust or to decide not to establish such trust, and
in such event the property then held in or to be distributed to
such trust shall be distributed to the persons who are then or
would be entitled to the income of such trust. If the amount of
income to be received by such persons is to be determined in the
discretion of the Trustee, then the Trustee shall distribute the
property among such of the persons to whom the Trustee is
authorized to distribute income, and in such proportions, as the
Trustee in its discretion shall determine.
F. The Trustees shall be authorized to lend or borrow,
including the right to lend to or borrow from the Settlors '
estate, at an adequate rate of interest and with adequate security
and upon such terms and conditions as the Trustees shall deem fair
and equitable.
G. The Trustees shall be authorized to sell or purchase, at
the fair market value as determined by the Trustees, any property
to or from Settlors ' estate, the estate of Settlor' s spouse, or any
trust created by Settlor or Settlor' s spouse during life or by
will, even though the same person or corporation may be acting as
executor of Settlor' s estate or the estate of Settlor' s spouse or
6
Y6-f i�-r ..,y.•
as trustee of any other such trusts and as the :.Trustees of `this,.
Trust. ......
H. The Trustees shall have discretion to deteimn� fiether k
items should be charged or credited to income or principal or
allocated between income and principal as the T
rust ees,.,may eem
equitable and fair under all the circumstances , including'ah_e power
to amortize or fail to amortize any part or all of any premium or
discount, to treat any part or all of the profit resulting from the aye.
maturity or sale of any asset, whether purchased at a premium or at
a discount, as income or principal or apportion the same between
income and principal, to apportion the sales price of any asset "
between income and principal, to treat any dividend or other
distribution on any investment as income or principal or `to
apportion the same between income or principal, to charge any
expense against income or principal or apportion the same, and . tow
provide or fail to provide a reasonable. reserve against
depreciation or obsolescence on any asset subject to depreciation
or obsolescence, all as the Trustees may reasonably deem equitable
and just under all of the circumstances.
I. The Trustees are hereby authorized and empowered to
purchase such insurance policies as they deem appropriate.
5 .02 . Voting by Trustees. When the authority and power
under this Trust is vested in two (2) or more Trustees or Co-
Trustees, the authority and power under this Trust or granted by
law shall be vested in, and exercised by, each of the Trustees
individually or all of the Trustees jointly, such that each Trustee
may act independently, or the trustees may act jointly, in the
administration or under the terms of the Trust agreement.
ARTICLE VI. SPENDTHRIFT PROVISION
6 . 01 . General Provision. No beneficiary shall have the
power to anticipate, encumber or transfer his interest in the Trust
Estate in any manner other than by the valid exercise of a Power of
Appointment. No part of the Trust Estate shall be liable for or
charged with any debts, contacts, liabilities or torts of a
beneficiary or subject to seizure or other process by any creditor
of a beneficiary.
ARTICLE VII. CONSTRUCTION OF TRUST
7. 01 . Choice of Law. This Trust shall be administered and
interpreted in accordance with the laws of the Commonwealth of
Pennsylvania.
7.02 . Code. Unless otherwise stated, all references in
this Trust to section and chapter numbers are to those of the
Internal Revenue Code of 1986 , as amended, or corresponding
. i �,"'Mt'.f ACS♦ 1, ^C '-�.
i -;yam rr,
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provisions of any subsequent federal tax laws- app -�ca�
Trust. , . ..1
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7.03 . Other Terms . Unless the context otherwise a
the use of one or more genders in the text includes , K1.
genders, and the use of either the singular or the plural _�e
text includes both the singular and the plural .
7.04. Captions. The captions set forth in 'eeme _ =Y 1d
at the beginning of the various divisions hereof are fwo� �„ �
convenience of reference only and shall not be. deemed to defineor � zr:
limit the provisions , hereof or to affect in any
construction and application. z, ;' ;
A.
N
.
7.-05 . Situs of Trust The Trust shall have its le alr_ _ � �_
4_..
situs in Cumberland County, Pennsylvania.,
ARTICLE VIII .
COMPENSATION OF TRUSTEES AND
APPOINTMENT OF SUCCESSOR TRUSTEES
8 .01 . Compensation. The Trustees shall receive as their
compensation for the services performed hereunder that sum* of
money, based on an hourly charge or percentage rate', which the
Trustees normally and customarily charge for performing similar
services during the. time which they perform these services .
8.02 . Removal of Trustees. Settlors, or the survivor of
them, may remove the Trustees, or any of them, at any time or
times, with or without cause, upon thirty (30) days ' written notice
given to the current Trustees. Upon the death of both Settlors, a
majority of the current income beneficiaries .may remove the
Trustees, or any of them, at any time or. times, with or `without
cause, upon thirty (30) days ' written notice given to the Trustees .
Upon the removal of the Trustees, a successor Trustee shall be
appointed in accordance with the terms set forth in Paragraph 8 ..03 .
8 .03 . Appointment of Successor Trustee. The Trustees, or
any of them, may resign at any time upon thirty (30) days ' written
notice given to the Settlors, or the survivor of the Settlors; or
in the event of the death of both Settlors; upon thirty (30) days '
written notice given to the current beneficiary or beneficiaries
(including a beneficiary's natural or legal guardian or legal
representative) , hereunder. Upon the death, resignation, removal
or incapacity of all of the above-named Trustees , then Settlors'
son-in-law, DONATO 'GIUSTI, is hereby appointed as the successor
trustee. Upon the death, resignation, removal or incapacity of
Settlors ' son-in-law, DONATO GIUSTI, additional successor trustees
may be appointed by the Settlors, or the survivor of the Settlors,
during Settlors ' lifetimes, or, after Settlors ' deaths, by a
majority of the current beneficiaries . Any successor trustee shall
be a financially sound and competent corporate trustee. Any
8
successor trustee thus appointed, or, if the Trustees shall merge
with or be consolidated with another corporate fiduciary, then such
corporate fiduciary; shall succeed to all the duties and to all the
powers, including discretionary powers, herein granted to the
Trustees..
ARTICLE IX. PERPETUITIES CLAUSE
9 .01. General Provision. Notwithstanding anything to the
contrary in this 'Trust, each disposition I have made here, legal or
equitable, to the extent it can be referred in its postponement of
becoming a vested interest to a duration measured by some life or
lives in being at the time of my death is definitely to vest in
interest, although not necessarily in possession, not later that
twenty-one (21) years after such lives (and any period of gestation
involved) ; or, to the extent it cannot be referred in any such
postponement to such lives, is to so vest not later than twenty-one
(21) years from the time of my death.
ARTICLE X.
ACQUISITION OF UNITED STATES TREASURY BONDS
ELIGIBLE FOR TAX PAYMENT; PAYMENT OF TAXES, FUNERAL
EXPENSES, AND EXPENSES OF ADMINISTRATION
10 . 01 . Acquisition of Bonds . The Trustees may, at any
time, without the prior approval or direction of the Settlors and
whether or not the Settlors are able to manage their own affairs,
acquire United States Treasury Bonds selling at a discount, which
bonds are redeemable at their par value plus accrued interest
thereon for the purposes of applying the proceeds to the payment of
the United States estate tax on the Settlors estate; and the
Trustee may borrow from any lender, including itself, with or
without security, to so acquire these bonds .
10 . 02 . Payment of United States Estate Tax by Bond
Redemption. The Settlors direct that any United States Treasury
Bonds which may be redeemed at their par value plus accrued
interest thereon for the purpose of applying the proceeds to the
payment of the United States estate tax imposed on the Settlors '
estates, and which are held by the Trustees, shall, to the extent
of the amount determined to be required for payment of the estate
tax, be distributed to the legal representative of the Settlors '
estates to be used by the legal representative ahead of any other
assets and to the fullest extent possible to pay the estate tax.
10 . 03 . Payment of Death Taxes and Other Estate Settlement
Costs . After the Trustees have complied with' paragraph 10 .02,
above, and ascertained from the legal representative that all such
bonds have been redeemed in payment of the United States estate
tax, the Trustees shall also ascertain from the legal
representative whether the legal representative has sufficient
assets to pay the remaining legacy, succession, inheritance,
9
transfer, estate and other death taxes or duties (except the
additional estate tax imposed by Section 2032 (c) , or corresponding
provisions of the Internal Revenue Code of 1986 applicable to the
Settlors ' estates and imposing the tax) levied or assessed against
the Settlors ' estates (including all interest and penalties
thereon) , all of which taxes, interest and penalties are hereafter
referred to as the death taxes, interest and penalties. If the
legal representative advises the Trustees that insufficient funds
exist to pay all the death taxes, interest and .penalties, the
Trustees shall then pay to the legal representative from the trust
property, an amount equal to all the death taxes, interest' and
penalties in excess of the funds available to the legal
representative for this purposes, which payments are to be made
without apportionment. In making the payments, the Trustees shall
use only those assets or their proceeds which are includable in the
Settlors' gross estates for purposes of the United States estate
tax and shall not impair the marital portion without first
exhausting the entire non-marital portion.
If the Executors of the Settlors ' Estates, in such Executor's
sole discretion, shall determine that' appropriate assets of
Settlors ' estates are not available in sufficient amount to.pay (1)
the Settlors ' funeral expenses, and (2) expenses of administering
the Settlors ' estates; the Trustees shall, upon the request of the
Executor of the Settlors ' estates, contribute from the principal of
the trust estate the amount of such deficiency; and in connection
with any such action the Trustees shall rely upon the written
statement of the Executor of the Settlors ' estates as to the
validity .and correctness of the amounts of any such expenses, and
shall furnish funds to such Executor so as to enable such Executor
to discharge the same, or to discharge any part of all thereof
itself by making payment directly to the person entitled or
claiming to be entitled to receive payment thereof. No
consideration need be required by the Trustees from the Executor of
Settlors ' estates for any disbursement made by the Trustees
pursuant hereto, nor shall there be any obligation upon such
Executor to repay to the Trustees any of the funds disbursed by it
hereunder, and all amounts disbursed by the Trustees pursuant to
the authority hereby conferred upon it shall be disbursed without
any right in or duty upon the Trustees to seek or obtain
contribution or reimbursement from any . person or property on
account of such payment. The Trustees shall not be responsible for
the application of any funds delivered by it to the Executor of the
Settlors ' estates pursuant to the authority herein granted, nor
shall the Trustees be subject to liability to any beneficiary
10
t
V
hereunder on account of any payment made by it pursuant to the
provisions hereof .
IN WITNESS WHEREOF, the Settlors and Trustees have hereunto
set their hands and seals as of the day and year first above
written.
WITNESS:
- �
All (SEAL)
JOIN W. KEL E , SETTLOR '
(SEAL)
VIRGINIA M. RELLER, SETTLOR
COMMONWEALTH OF PENNSYL ANIA :
SS:
COUNTY OF
��'�►�erlan
On this, the day of 1993 , before me, a
Notary Public,. the undersigned officer, per onally appeared JOHN W.
RELLER and VIRGINIA M. RELLER, his wife, known to me (or
satisfactorily proven) to be the persons whose names are subscribed
to the within Trust Agreement, and acknowledged that they executed
the same for the purposes therein contained.
IN WITNESS WHEREOF, I have set my hand and official Seal.
Neadal Seal
Stacey L 1lace,Nctary Pubrr. Q
Ferm;�ar,7�tip.,>Jr:;a1�Ccurriy Notary P b l i c
My Exp�;es OCL 16,1995
tihe;r�er,Fer;nsylva;ea�c�asan c;\c;a�s
My Commission Expires:
The foregoing Trust Agreement was delivered, and is hereby
accepted, at _�el�)Q a/'V Pennsylvania, on L.°-�Cuaa
1993 .
WITNESS: ,
JOHN W. RELLER, CO-TRUSTEE
/ �,
VIRGINIA M.. RELLER, CO-TRUSTEE
PATRICIA A. GIUSTI, CO-TRUSTEE
11
SCHEDULE "A"
SCHEDULE
REFERRED TO IN THE ANNEXED
TRUST AGREEMENT
DATEDi✓i.(�, 1 , 19-93
FROM JOHN W. KELLER AND VIRGINIA M. KELLER,
SETTLORS
TO JOHN W. KELLER, VIRGINIA M. KELLER AND. PATRICIA A. GIUSTI,
CO-TRUSTEES
PROPERTY DESCRIPTION:
12
� ry
JOHN KELLER IRREVOCABLE TRUST
November 9, 2012
LAW OFFICES
KEYSTONE ELDER LAW P.C.
555 GETTYSBURG PIKE, SUITE C-100
MECHANICSBURG, PENNSYLVANIA 17055-5204
(717) 697-3223
John Keller Irrevocable Trust
Article One
Establishing My Trust
The date of this Irrevocable Trust Agreement is November 9, 2012. The parties to the
agreement are John W. Keller (the "Grantor") and Patricia A. Giusti (my "Initial
Trustee").
Keystone Elder Law P.C. will serve as my Distribution Trustee while I am living (my
"Lifetime Distribution Trustee").
This agreement creates two subtrusts, the Residence Trust and the Nongrantor Trust.
Unless otherwise provided, the terms of this agreement apply to both of those subtrusts.
Unless the context demands otherwise, any reference in this agreement to my trust refers
to both subtrusts.
Section 1.01 Identifying My Trust
My trust is called the "John Keller Irrevocable Trust." However, the following format
should be used for taking title to assets: "Patricia A. Giusti, Trustee of the John Keller
Irrevocable Trust dated November 9, 2012."
While not required, the title to assets may identify the subtrust, for example, "Patricia A.
Giusti, Trustee of the Nongrantor Trust under the John Keller Irrevocable Trust dated
November 9, 2012." My Principal Residence must be held according to the Residence
Trust provisions. All other assets of my trust must be held according to the Nongrantor
Trust provisions. This is so, even if the title of the asset identifies the other subtrust.
For the purpose of transferring property to my trust, or identifying my trust in any
beneficiary or pay-on-death designation, any description referring to my trust is effective
if it reasonably identifies my trust.
Section 1.02 Third-Party Reliance on Affidavit or Certification of Trust
My Trustee may provide an affidavit or certification of trust to third parties in lieu of
providing a copy of this agreement. Third parties are exonerated from any liability for
acts or omissions in reliance on the affidavit or certification of trust, and for the
application that my Trustee makes of funds or other property delivered to my Trustee.
Section 1.03 An Irrevocable Trust
This trust is irrevocable, and I may not alter, amend, revoke, or terminate it in any way.
Section 1.04 Transfers to the Trust
I transfer to my Trustee the property listed in Schedule A, attached to this agreement, to
be held on the terms and conditions set forth in this instrument. I retain no right, title or
1
interest in the income or principal of this trust or any other incident of ownership in any
trust property.
(a) Trustee Acceptance
By execution of this agreement, my Trustee accepts and agrees to hold the
trust property described on Schedule A. All property, including life
insurance policies, transferred to my trust after the date of this agreement
must be acceptable to my Trustee. My Trustee may refuse to accept any
property. My Trustee shall hold, administer and dispose of all trust
property accepted by my Trustee for the benefit of my beneficiaries in
accordance with the terms of this agreement.
(b) No Distributions of Income or Principal
My Trustee shall have no right, power, privilege, or authority to invade or
distribute income or principal of the trust to or for my benefit, under any
circumstances.
Section 1.05 Statement of My Intent
I am creating this trust as part of my estate plan to ensure efficient management,
administration and protection of the trust assets for my beneficiaries. The purpose of this
trust is more than for asset protection but is also to serve as a will substitute, to avoid
probate, protect my assets from scams and undue influence, and protect the assets from
creditors and lawsuits. This is not a business trust. It is my express intent that the
principal and income of this trust will not be available to me for any purpose, including
Medicaid.
In order to maximize the benefit to my trust beneficiaries, I give my Trustee broad
discretion with respect to the management, distribution and investment of assets in my
trust. My specific objectives in creating this trust include, but are not limited to, having:
Any gift made to the trust be treated as a completed gift for federal estate
and gift tax purposes;
The assets of the trust estate, including life insurance proceeds, be
excluded for federal estate tax purposes from my gross estate and the gross
estates of my trust beneficiaries except to the extent I have explicitly
granted a general power of appointment to a trust beneficiary; and
The assets in this trust not be subject to the claims of any beneficiary's
creditors.
All provisions of this agreement shall be construed so as to accomplish my objectives.
Any beneficiary has the right at any time to release, renounce or disclaim any right,
power or interest that might be construed or deemed to defeat my objectives.
Section 1.06 Family Information
I am widowed and I have one child, Patricia A. Giusti.
All references in this agreement to "my children" are references to Patricia A. Giusti.
2
References to "my descendants" are to Patricia A. Giusti and her descendants.
Section 1.07 My Lifetime Beneficiary
While I am living, Patricia A. Giusti is the only beneficiary of trust income and principal
(my"Lifetime Beneficiary").
In this agreement, "Lifetime Beneficiary" refers only to Patricia A. Giusti, and does not
include me. As specified in Section 1.04(b) above, under no circumstances may my
Trustee invade or distribute trust income or principal to or for my benefit.
The distribution provisions for income and principal are specified in Article Three.
Article Two
Trustee Succession and Trust Protector Provisions
Section 2.01 Resignation of a Trustee
A Trustee may resign by giving written notice to me. If I am deceased, a resigning
Trustee will give written notice to the income beneficiaries of the trust and to any other
Trustee then serving.
Section 2.02 Trustee Succession
This Section governs the succession of my Trustees.
(a) I May Not Serve as Trustee
Notwithstanding any provision of this agreement to the contrary, under no
circumstances may I serve as Trustee or Distribution Trustee at any time.
(b) Successors to Initial Trustee
If Patricia A. Giusti fails to serve as Initial Trustee, I appoint Donato P.
Giusti to serve as successor Trustee.
Section 2.03 Removal and Replacement of Trustees
(a) Removal and Replacement by Me
As to the Residence Trust, I may remove any Trustee, with or without
cause, and appoint an individual or corporate successor Trustee (other than
me).
As to the Nongrantor Trust, I may remove any Trustee, with or without
cause, provided I appoint an individual or corporate successor Trustee that
simultaneously commences service as Trustee and that is not related or
subordinate to me within the meaning of Section 672(c) of the Internal
Revenue Code.
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(b) Removal by Beneficiaries
After my death, the primary beneficiary of any trust created under this
agreement may remove a Trustee at any time, with or without cause.
The right to remove a Trustee under this subsection will not be deemed to
grant to the person holding that right any of the powers of that Trustee.
If a beneficiary is a minor or is incapacitated, the parent or legal
representative of the beneficiary, other than me, may act on behalf of the
beneficiary.
(c) Default of Designation and Appointment of Trustee
If the office of Trustee or Distribution Trustee of a trust created under this
agreement is vacant and all designated successor Trustees fail to act, I
must appoint an individual or corporate successor Trustee that is not
related or subordinate to me within the meaning of Section 672(c) of the
Internal Revenue Code. If I am incapacitated or deceased, my Trust
Protector shall appoint an individual or corporate successor Trustee. If my
Trust Protector fails to act, the primary beneficiary may appoint an
individual or corporate fiduciary to serve as successor Trustee. In the case
of a minor or incapacitated beneficiary, the parent or legal representative
of such beneficiary, other than me,may act on behalf of such beneficiary.
If the office of Distribution Trustee of a trust created under this agreement
is vacant and all designated successor Distribution Trustees fail to act, the
primary beneficiary of the trust shall appoint an individual or corporate
fiduciary that is not related or subordinate to any beneficiary of the trust
within the meaning of Section 672(c) of the Internal Revenue Code as
successor Distribution Trustee.
Any beneficiary or his or her legal representative may petition a court of
competent jurisdiction to appoint a successor Trustee to fill any vacancy
remaining unfilled after a period of 30 days. By making such
appointment, such court shall not thereby acquire any jurisdiction over the
trust, except to the extent necessary for making such appointment.
Section 2.04 Notice of Removal and Appointment
Notice of removal shall be in writing and shall be delivered to my Trustee being
removed, along with any other Trustees then serving. The notice of removal shall be
effective in accordance with its provisions.
Notice of appointment shall be in writing and shall be delivered to the successor Trustee
and any other Trustees then serving. The appointment shall become effective at the time
of acceptance by the successor Trustee. A copy of the notice shall be attached to this
agreement.
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Section 2.05 Prohibition Against SNT Beneficiary Serving as Trustee
Notwithstanding any other provision of this agreement, under no circumstances may the
beneficiary of a trust share that is being administered pursuant to the terms of Article Six,
entitled"Supplemental Needs Trust," serve as Trustee of that share.
Section 2.06 Appointment of a Cotrustee
Any individual Trustee may appoint an individual or a corporate fiduciary as a Cotrustee.
A Cotrustee so named shall serve only as long as my Trustee who appointed such
Cotrustee (or, if such Cotrustee was named by more than one Trustee acting together, by
the last to serve of such Trustees) serves, and such Cotrustee shall not become a
successor Trustee upon the death, resignation, or incapacity of my Trustee who appointed
such Cotrustee, unless so appointed under the terms of this agreement. Although such
Cotrustee may exercise all the powers of the appointing Trustee, the combined powers of
such Cotrustee and the appointing Trustee shall not exceed the powers of the appointing
Trustee alone. The Trustee appointing a Cotrustee may revoke the appointment at any
time with or without cause.
Section 2.07 Corporate Fiduciaries
Any corporate fiduciary serving under this agreement as a Trustee must be a bank, trust
company, or public charity that is qualified to act as a fiduciary under applicable federal
and state law and that is not related or subordinate to any beneficiary within the meaning
of Section 672(c) of the Internal Revenue Code.
Section 2.08 Incapacity of a Trustee
If any individual Trustee becomes incapacitated, it shall not be necessary for the
incapacitated Trustee to resign as Trustee. A written declaration of incapacity by the
Cotrustee, if any, or, if none, by the party designated to succeed the incapacitated
Trustee, if made in good faith and if supported by a written opinion of incapacity by a
physician who has examined the incapacitated Trustee, will terminate the trusteeship.
If the Trustee designated in the written declaration refuses to sign the necessary medical
releases needed to obtain the physician's written opinion of incapacity within 30 days of
a request to do so, the trusteeship will be terminated.
Section 2.09 Appointment of Independent Special Trustee
If for any reason a Trustee or Distribution Trustee of any trust created under this
agreement is unwilling or unable to act with respect to any trust property or any provision
of this agreement, the Trustee or Distribution Trustee, or the Trust Protector, shall
appoint, in writing, a corporate fiduciary or an individual to serve as an Independent
Special Trustee as to such property or with respect to such provision. The Independent
Special Trustee appointed shall not be related or subordinate to me while living or to any
beneficiary of the trust within the meaning of Section 672(c) of the Internal Revenue
Code. The appointing party may revoke any such appointment at will.
An Independent Special Trustee shall exercise all fiduciary powers granted by this
agreement unless expressly limited elsewhere in this agreement or by the appointing
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parry in the instrument appointing the Independent Special Trustee. An Independent
Special Trustee may resign at any time by delivering written notice of resignation to the
appointing party. Notice of resignation shall be effective in accordance with the terms of
the notice.
Under no circumstances may I serve as an Independent Special Trustee.
Section 2.10 Rights and Obligations of Successor Trustees
Each successor Trustee serving under this agreement, whether corporate or individual,
shall have all of the title, rights, powers and privileges granted to the Initial Trustee
named under this agreement. In addition, each successor Trustee shall be subject to all of
the restrictions imposed upon, as well as all obligations and duties, both discretionary and
ministerial, given to the Initial Trustee named under this agreement.
Section 2.11 Provisions for Trust Protector
The function of the Trust Protector is to direct my Trustee in matters concerning the trust,
and to assist, if needed, in achieving my objectives as manifested by the other provisions
of my estate plan.
In order to serve, any Trust Protector named or appointed under this Section must be a
corporate fiduciary or an individual who is not related or subordinate to a transferor or
any beneficiary within the meaning of Section 672(c) of the Internal Revenue Code.
(a) Designation of Trust Protector
I make no appointment of Trust Protector at the time this agreement is
executed. Rather, a Trust Protector may be appointed pursuant to
paragraph(d) of this Section as needed.
(b) Authority to Name Successor
The serving Trust Protector may appoint a successor Trust Protector in
writing, which appointment will take effect upon the resignation,
incapacity, or death of the appointing Trust Protector.
Under no circumstances may I serve as Trust Protector.
(c) Resignation of Trust Protector
A Trust Protector may resign by giving notice as provided in paragraph (n)
below. A resigning Trust Protector will not be liable or responsible for the
acts or omissions of any successor Trust Protector.
(d) Default of a Designated Trust Protector
During any period in which a trust created under this agreement requires a
Trust Protector to act and no Trust Protector is serving, a majority of the
members of Keystone Elder Law P.C. may appoint a Trust Protector.
If the members of Keystone Elder Law P.C. fail to make the appointment
after 30 days, then any beneficiary or trustee may petition a court of
competent jurisdiction to appoint a Trust Protector.
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The court acting to appoint a Trust Protector will acquire jurisdiction or
authority over the trust only to the extent necessary to make the
appointment and may not subject the trust to the continuing jurisdiction of
the court.
If a beneficiary is a minor or is incapacitated, the parent or Legal
Representative of the beneficiary may act on behalf of the beneficiary.
A Trust Protector appointed under this paragraph (d) may be removed by
the party or parties who made the appointment.
(e) Rights of Successor Trust Protectors
Any successor Trust Protector has all of the authority of any predecessor
Trust Protector, but will not be responsible for the acts or omissions of its
predecessor.
(f) Power to Remove and Appoint Trustees
After my death, the Trust Protector may remove any Trustee of a trust
created under this agreement.
Whenever the office of Trustee of a trust is vacant and no successor
Trustee is effectively named, the Trust Protector may appoint an
individual or a corporate fiduciary to serve as Trustee.
No Trust Protector may be self-appointed as a Trustee and may not
simultaneously serve as both Trust Protector and Trustee.
(g) Good Faith Standard Imposed
The authority of the Trust Protector is conferred in a nonfiduciary
capacity, and the Trust Protector is not liable for any good-faith act,
omission, or forbearance. The Trust Protector will be reimbursed
promptly for any costs incurred in defending or settling any claim brought
against the Trust Protector in the capacity as Trust Protector, unless it is
conclusively established that the act, omission, or forbearance was
motivated by an actual intent to harm the beneficiaries of the trust or was
an act of self-dealing for personal benefit.
(h) Power to Amend
The Trust Protector may amend any provision of this agreement as it
applies to any trust for which the Trust Protector is serving to do any of
the following:
(i) alter the administrative and investment powers of my Trustee;
(ii) grant a beneficiary of any trust created under this agreement the
testamentary power to appoint all or part of the beneficiary's trust
or trust share to the creditors of the beneficiary's estate;
(iii) more fully comply with my stated intent as expressed in Section
3.02, entitled "Intent as to Grantor Trust Status," in Article Three;
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(iv) correct ambiguities, including scrivener errors, that might
otherwise require court construction or reformation; and
(v) reflect tax or other legal changes that affect trust administration.
Any amendment made by the Trust Protector to correct a scrivener's error
in accordance with this Section is effective as of the original date of the
trust. Any other amendment made by the Trust Protector as authorized
above is effective as of the date of the trust, or the date of the amendment,
in the sole and absolute discretion of the Trust Protector. The decision of
the Trust Protector as to the effective date of any such amendment must be
set forth in the amendment.
In granting a testamentary power of appointment, the Trust Protector may
require, as a condition for the beneficiary's exercise of the power, that the
beneficiary first obtain the consent of the Trust Protector. The Trust
Protector may revoke the power at any time during the lifetime of the
beneficiary to whom it was given. I suggest, but do not require, that the
Trust Protector exercise this authority to subject trust property to estate tax
instead of the generation-skipping transfer tax when it appears that it may
reduce overall taxes.
Notwithstanding the foregoing, the Trust Protector may not amend this
agreement in any manner that would make trust corpus or income
available to me for Medicaid eligibility or Medicaid estate recovery
purposes. Further,the Trust Protector may not limit or alter the rights of a
beneficiary in any trust assets held by the trust before the amendment, nor
may the Trust Protector remove or add any individual or entity as a
beneficiary of trust assets.
Any amendment made by the Trust Protector must be in a signed written
instrument. The Trust Protector must provide notice of the amendment as
provided in paragraph(n)below, along with a copy of the amendment.
(i) Not a General Power of Appointment
The Trust Protector may not participate in the exercise of a power or
discretion conferred under this agreement that would cause the Trust
Protector to possess a general power of appointment within the meaning of
Sections 2041 and 2514 of the Internal Revenue Code. Specifically, the
Trust Protector may not use such powers for his or her personal benefit,
nor for the discharge of his or her financial obligations.
(j) Release of Powers
The Trust Protector, acting on its own behalf and on behalf of all
successor Trust Protectors, may at any time, by a written instrument
delivered to my Trustee, irrevocably release, renounce, suspend, or reduce
any or all powers and discretions conferred on the Trust Protector by this
agreement.
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(k) No Duty to Monitor
The Trust Protector has no duty to monitor or supervise any Trustee or
trust created under this agreement. Further, the Trust Protector has no
duty to be informed as to the acts or omissions of others or to take any
action to prevent or minimize loss. Any exercise or non-exercise of the
powers and discretions granted to the Trust Protector is in the sole and
absolute discretion of the Trust Protector.
(1) Compensation
Any Trust Protector serving under this agreement is entitled to receive
reasonable compensation for services as determined by my Trustee. The
Trust Protector is entitled to reimbursement for all expenses incurred in
the performance of its duties as Trust Protector, including travel expenses.
Serving in the capacity of Trust Protector does not prevent the Trust
Protector from also providing legal, investment or accounting services on
behalf of the trust or the trust beneficiaries. If the Trust Protector is
providing professional services, the Trust Protector may charge its typical
fees for professional services, and may also be compensated for its
services as Trust Protector.
(m) Right to Examine
The books and records of each trust created under this agreement,
including all documentation, inventories and accountings, must be open
and available for inspection by the Trust Protector at all reasonable times.
(n) Notice
Unless otherwise specified, when notice is required by a provision of this
Section, notice must be given in a signed written instrument delivered to
the following or the personal representative of the following, to the extent
practicable:
(i) me;
(ii) the income beneficiaries of the trust; and
(iii) the Trustee then serving.
Article Three
Administration While I am Living
While I am living, my Trustee shall administer the trust as provided in this Article.
Section 3.01 Residence and Distribution Provisions
While I am living, my Trustee shall administer all property held by my trust as follows:
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(a) Residence Provisions
Only as it relates to my Principal Residence held by the Residence Trust, I
have the exclusive right to possess, occupy, and use the property for
residential purposes, and the following provisions apply:
(1) No Payment of Rent; Payment of
Maintenance
I may not be required to pay rent for such property, but will
be responsible for and required to pay all of the expenses of
the maintenance of the property, including taxes, insurance,
utilities, mortgage payments and normal costs of
maintenance and upkeep of the property.
(2) Termination of Tenancy
If I cease to use such property as a residence my Trustee
may, in the exercise of sole and absolute discretion, either
continue to hold such property as an investment or sell it,
but may not rent or lease it to anyone. Notwithstanding the
above, any purchaser of real property owned by this trust
will be entitled to rely upon the authority of my Trustee to
sell such real property.
(3) Homestead Exemption
In order to claim homestead exemption rights under
Pennsylvania law, I shall have the right to use, possess, and
occupy any real property that may be owned by the trust.
My interest in such real property shall be construed so as to
qualify as my homestead property.
I currently reside in the real property located at 5225
Cobblestone Drive, Mechanicsburg, Pennsylvania, which
property is designated as my Homestead under
Pennsylvania law. It is my intention that the transfer of the
aforementioned property into this trust shall in no way
diminish the property's status as Homestead property under
Pennsylvania's Homestead laws. My Trustee shall take
any and all actions necessary to maintain the status of the
property located at 5225 Cobblestone Drive,
Mechanicsburg, Pennsylvania as Homestead property,
including any successor property which may qualify as my
Homestead under Pennsylvania law.
(b) Sales Proceeds of Principal Residence
Upon the sale of my Principal Residence, the sales proceeds immediately
become the property of the Nongrantor Trust and must be held pursuant to
those provisions.
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(c) Distribution of Income
As to the Nongrantor Trust, my Lifetime Distribution Trustee must pay, at
least annually, all of the net income from the trust property, after
deducting all expenses associated with the trust property, to or for Patricia
A. Giusti's benefit.
If, for any reason, the required distribution of income is not made to a
beneficiary, such income may not be accumulated with principal and will
not be subject to Section 3.03, entitled"Administration Upon My Death."
Under no circumstances may income of the Nongrantor Trust be-
(i) distributed to me;
(ii) held or accumulated for future distribution to me; or
(iii) applied to the payment of premiums on policies of insurance on
my life.
As to the Residence Trust, no income may be distributed to any
beneficiary.
(d) Distribution of Principal to My Lifetime Beneficiary
As to the Nongrantor Trust, my Lifetime Distribution Trustee may
distribute to Patricia A. Giusti as much of the principal of the trust
property as my Lifetime Distribution Trustee may determine advisable for
any purpose. No other Trustee may make distributions of principal from
the trust.
As to the Residence Trust, my Trustee, including an Interested Trustee,
may not distribute to Patricia A. Giusti or anyone else, any of the principal
of the trust for any purpose. If my Trustee is an Interested Trustee, the
provisions of Section 9.23(a) shall apply. No Trustee or Cotrustee may
make distributions to himself or herself, to his or her estate, to his or her
creditors, or to the creditors of his or her estate.
A distribution to or for the benefit of Patricia A. Giusti shall be charged to
the trust as a whole rather than against the beneficiary's ultimate share,
unless determined to be an advancement in accordance with subsection (e)
below.
No Trustee shall have any right, power, privilege, or authority to invade or
distribute income or principal of the trust to or for my benefit.
I direct that no provision of Pennsylvania law, or the laws of any other
state, shall be available to require any invasion of principal by my Trustee
or any court.
(e) Advancements
My Lifetime Distribution Trustee may make advancements by distributing
principal of the trust to any of my beneficiaries under Article Four (limited
to those beneficiaries who would be entitled to a share if I died at the time
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of the advancement). Before making an advancement to a beneficiary, I
request, but do not require, that my Lifetime Distribution Trustee consider
the respective needs and requirements of all of my Lifetime Beneficiary.
A determination by my Lifetime Distribution Trustee as to whether.a
distribution is for an advancement under this subsection or is a distribution
under subsection (d) shall be conclusive on all persons, including all
successor Trustees.
(f) Discharge of a Legal Obligation
No payment or distribution shall be made by any Trustee for the discharge
of any of my legal obligations or otherwise for my monetary benefit.
Section 3.02 Intent as to Grantor Trust Status
I intend for the Residence Trust to be treated as a grantor trust under Internal Revenue
Code (the "Code") sections 671 through 679. However, I intend for the Nongrantor Trust
not to be treated as a grantor trust under Code sections 671 through 679.
My intent is accomplished by the following requirements, as expressed elsewhere in this
agreement:
(i) that the grantor's power to remove and replace the trustee of the Nongrantor
Trust is limited to replacing the trustee with a trustee who is NOT related or
subordinate to the grantor and that only an Independent Trustee can distribute
principal of the Nongrantor Trust (required for the removal and replacement
power to fall within Code section 674(c) as an exception to grantor trust status
under 674(a));
(ii) that the grantor's power to remove and replace the trustee of the Residence
Trust allows the grantor to replace the trustee with a trustee who is related or
subordinate and that an interested trustee can distribute principal of the
Residence Trust for any purpose (to achieve grantor trust status under Code
section 674(a) without falling within the exception of section 674(c)); and
(iii) that the grantor has the power to add charitable beneficiaries to the Residence
Trust(to achieve grantor trust status under Code section 674(a)).
The Trust Protector may amend my trust to more fully comply with my stated intent.
Section 3.03 Administration Upon My Death
Upon my death, my Trustee will administer the remaining trust property as provided in
Article Four.
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Article Four
Administration of Remaining Trust Property
My Trustee shall give the remaining trust property to PATRICIA A. GIUSTI,per stirpes,
and distribute each share outright, free of trust, except as provided in Article Seven.
Notwithstanding the preceding paragraph, during any period that a beneficiary is a
Supplemental Needs Person, my Trustee shall administer the beneficiary's share as
provided in Article Six.
In determining the value of each share,my Trustee shall add to the value of the remaining
trust property the value of all advancements, if any, made under Section 3.01(e) using the
value of the advancement as of the date of the advancement. My Trustee shall use the
resulting total to calculate the value of the shares created under this Section.
My Trustee shall reduce the share of each beneficiary by the value of each advancement,
if any, made to the beneficiary under Section 3.01(e) using the value of the advancement
as of the date of the advancement. If a beneficiary to whom an advancement was made is
deceased, then the shares of the beneficiaries who take the deceased beneficiary's share
shall be reduced by the value of the advancement pro rata based on each beneficiary's
share of the deceased beneficiary's share.
If the amount of the reduction of a beneficiary's share exceeds the value of the share, the
beneficiary will receive nothing and have no duty to refund any amount to the trust. In
such case, the remaining beneficiaries' shares shall be reduced pro rata to account for the
shortfall.
Article Five
Remote Contingent Distribution
If, at any time, there is no person or entity qualified to receive final distribution of the
trust estate or any part of it, then my Trustee shall distribute the portion of my trust estate
with respect to which the failure of qualified recipients has occurred to those persons who
would inherit it had I then died intestate owning the property, as determined and in the
proportions provided by the laws of Pennsylvania then in effect.
Article Six
Supplemental Needs Trust
Trust property will be administered pursuant to the terms of this Supplemental Needs
Trust Article when:
(i) another Article of this agreement directs that the property is to be
administered as provided in this Supplemental Needs Trust Article; or
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(ii) the beneficiary of the property under another Article of this agreement is
a Supplemental Needs Person, unless the other Article directs the
beneficiary's interest to be distributed to an existing trust.
"Beneficiary"under this Supplemental Needs Trust Article refers to the beneficiary of the
property under the other Article. The provisions of the other Article shall continue to
apply to the extent they do not conflict with the provisions of this Supplemental Needs
Trust Article; specifically, the provisions of this Supplemental Needs Trust Article shall
control the distributions of income and principal.
Section 6.01 Distributions of Income and Principal
The Trustee shall collect income and, after deducting all charges and expenses attributed
thereto, may apply for Beneficiary's benefit, in-kind, or in cash, so much of the income
and principal (even to the extent of the whole) as the Trustee deems advisable in the
Trustee's sole and absolute discretion, subject to the limitations set forth below. The
Trustee shall add the balance of net income not paid or applied to the principal of the
Supplemental Needs Trust.
(a) Maximize Benefits
Consistent with the purpose of the Supplemental Needs Trust, before
expending any amounts from the net income and/or principal of this trust,
the Trustee shall consider the availability of all benefits from government
or private assistance programs for which Beneficiary may be eligible. The
Trustee, where appropriate and to the extent possible, shall endeavor to
maximize the collection and facilitate the distribution of these benefits for
Beneficiary's benefit.
(b) No Reduction in Benefits
None of the income or principal of the Supplemental Needs Trust shall be
applied in such a manner as to supplant, impair or diminish any
governmental benefits or assistance for which Beneficiary may be eligible
or which Beneficiary may be receiving.
(c) No Assignment
Beneficiary shall not have the power to assign, encumber, direct, distribute
or authorize distributions from the Supplemental Needs Trust.
(d) Supplemental Needs Trust Savings Clause
Notwithstanding any provision to the contrary, in the event that the
Supplemental Needs Trust is challenged or faces imminent invasion by
any governmental department or agency in such a way as to affect
Beneficiary's eligibility for benefits available under any governmental
program, the Trustee is empowered to amend the trust so as to maintain
Beneficiary's eligibility for benefits under such governmental program.
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Section 6.02 Definition of "Supplemental Needs"
"Supplemental needs" refers to the requisites for maintaining the good health, safety, and
welfare of Beneficiary when, in the sole and absolute discretion of the Trustee, such
requisites are not being provided by any public agency, office, or department of any state
or of the United States.
"Supplemental needs" shall also include, but not be limited to, medical and dental
expenses, annual independent checkups, clothing and equipment, programs of training,
education, treatment and rehabilitation, private residential care, transportation (including
vehicle purchases), maintenance, insurance, and essential dietary needs. "Supplemental
needs" may include spending money; additional food; clothing; electronic equipment
such as radio, recording and playback, television and computer equipment; camping;
vacations; athletic contests; movies; trips; and money to purchase appropriate gifts for
relatives and friends. However, in deciding whether to make these distributions the
Trustee must first consider the impact on certain government benefits as is directed in
Section 6.05, entitled"Distribution Guidelines."
The Trustee shall have no obligation to expend trust assets for such needs, but if the
Trustee, in its sole and absolute discretion, decides to expend trust assets, under no
circumstances should any amounts be paid to, or reimbursed to, the federal government,
any state, or any governmental agency for any purpose, including for the care, support,
and maintenance of Beneficiary.
Section 6.03 Objective to Promote Independence of Beneficiary
While actions are in the Trustee's sole and absolute discretion, the Trustee should be
mindful that it is my wish that Beneficiary live as independently, productively, and
happily as possible.
Section 6.04 Not Available Resource to Beneficiary
It is my intent to create a Supplemental Needs Trust that conforms to Pennsylvania law,
in order to provide for Beneficiary's Supplemental Needs. I intend that the trust assets be
used to supplement, not supplant, impair or diminish, any benefits or assistance of any
Federal, state, county, city, or other governmental entity for which Beneficiary may
otherwise be eligible or which Beneficiary may be receiving. Consistent with that intent,
it is my desire that, before expending any amounts from net income and/or principal of
the trust, the Trustee consider the availability of all benefits from government or private
assistance programs for which Beneficiary may be eligible and that, where appropriate
and to the extent possible, the Trustee endeavors to maximize the collection of such
benefits and to facilitate the distribution of such benefits for the benefit of Beneficiary.
All actions of the Trustee shall be directed toward carrying out this intent and the
discretion granted the Trustee under this agreement to carry out this intent is absolute.
For purposes of determining Beneficiary's eligibility for any such benefits, no part of the
principal or undistributed income of the Supplemental Needs Trust shall be considered
available to Beneficiary for.public benefit purposes. Beneficiary shall not be considered
to have access to principal or income of the trust, and he or she has no ownership, right,
authority, or power to convert any asset into cash for his or her own use.
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The Trustee shall hold, administer, and distribute all property allocated to the
Supplemental Needs Trust for the exclusive benefit of Beneficiary during his or her
lifetime. All distributions from the trust are in the sole and absolute discretion of the
Trustee, and Beneficiary is legally restricted from demanding trust assets for his or her
support and maintenance.
In the event the Trustee is requested to release principal or income of the Supplemental
Needs Trust to or on behalf of Beneficiary to pay for equipment, medication, or services
that any government agency is authorized to provide, or in the event the Trustee is
requested to petition a court or any other administrative agency for the release of trust
principal or income for this purpose, the Trustee is authorized to deny such request and is
authorized in its sole and absolute discretion to take whatever administrative or judicial
steps may be necessary to continue Beneficiary's eligibility for benefits, including
obtaining legal advice about Beneficiary's specific entitlement to public benefits and
obtaining instructions from a court of competent jurisdiction ruling that neither the trust
corpus nor the trust income is available to Beneficiary for eligibility purposes. Any
expenses of the Trustee in this regard, including reasonable attorney's fees, shall be a
proper charge to the Supplemental Needs Trust.
Section 6.05 Distribution Guidelines
Consistent with the purpose of the Supplemental Needs Trust, before expending any
amounts from the net income and/or principal of the trust, the Trustee shall consider the
availability of all benefits from government or private assistance programs for which
Beneficiary may be eligible. The Trustee, where appropriate and to the extent possible,
shall endeavor to maximize the collection and facilitate the distribution of these benefits
for the benefit of Beneficiary. In making distributions,the Trustee will:
(i) consider any other known income or resources of Beneficiary that are
reasonably available;
(ii) take into consideration all entitlement benefits from any government agency,
such as Social Security Disability payments (SSDI), Medicaid, Department of
Public Welfare, Supplemental Security Income (SSI), and any other special
purpose benefits for which Beneficiary is eligible;
(iii) take into consideration resource and income limitations of any such assistance
program;
(iv) make expenditures so that Beneficiary's standard of living will be comfortable
and enjoyable;
(v) not be obligated or compelled to make specific payments;
(vi) not pay or reimburse any amounts to any governmental agency or department,
unless proper demand is made by such governmental agency and reimbursement
is required by the state; and
(vii) not be liable for any loss of benefits.
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Section 6.06 Use of Care Manager
The Trustee shall have the option of utilizing the services of a Care Manager to assist in
advising on how best to provide for Beneficiary's needs. The primary objective of the
Care Manager shall be to assist the Trustee to carry out the purposes of the Supplemental
Needs Trust to ensure that Beneficiary maintains a safe living situation, receives
counseling services when appropriate and lives as independently as possible.
A Care Manager shall be a professional Clinical Licensed Social Worker, Professional
Conservator, or care management agency that has experience in the field of assessment of
conditions similar to those of Beneficiary and is familiar with the public benefits to which
Beneficiary may be entitled.
(a) Distribution Advisement
If the Trustee uses a Care Manager, the Care Manager shall advise the
Trustee concerning discretionary distributions to be made from the trust
that are helpful and appropriate for Beneficiary's needs including payment
for medical care, counseling services, and daily support.
(b) Annual Care Plan
If the Trustee uses a Care Manager, the Care Manager shall provide to the
Trustee, at least annually, a written care plan for purposes of evaluation of
Beneficiary's medical and psychosocial status. The care plan shall include
recommendations concerning resources and services beneficial to
Beneficiary.
(c) Quarterly Assessments
If the Trustee uses a Care Manager, the Care Manager shall, at least
quarterly, visit Beneficiary to assess his or her physical and emotional .
needs including the appropriateness of present placement, monitoring
attendant care, accessing required resources, making and keeping medical
appointments, and accessing socialization activities.
(d) Compensation of the Care Manager
If the Trustee uses a Care Manager, the Care Manager shall be entitled to
fair and reasonable compensation for the services it renders. The amount
of compensation shall be an amount equal to the customary and prevailing
charges for services of a similar nature during the same period of time and
in the same geographic locale.
(e) The Resignation of a Care Manager
Any Care Manager may resign by giving thirty (30) days' written notice to
the Trustee.
(f) Replacement of Care Manager
The Trustee may terminate the Care Manager without cause and name a
replacement. If a Care Manager cannot serve for any reason, the Trustee
may name a replacement, which may begin to serve immediately. If the
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Care Manager must be replaced, then the successor Care Manager shall
also be a professional Clinical Licensed Social Worker, Professional
Conservator, or care management agency who has experience in the field
of assessment of conditions similar to those of Beneficiary and is familiar
with the public benefits to which Beneficiary may be entitled.
Section 6.07 No Seeking of Order to Distribute
For purposes of determining Beneficiary's state Medicaid program equivalent eligibility,
no part of the principal or undistributed income of the Supplemental Needs Trust may be
considered available to Beneficiary. The Trustee will deny any request by Beneficiary to:
(i) release principal or income of the trust to or on behalf of Beneficiary to pay for
equipment, medication, or services that the state Medicaid program equivalent
would provide if the trust did not exist; or
(ii) petition a court or any other administrative agency for the release of trust
principal or income for this purpose.
The Trustee may, in its sole and absolute discretion, take necessary administrative or
legal steps to protect Beneficiary's state Medicaid program eligibility, including
obtaining a ruling from a court of competent jurisdiction that the trust principal is not
available to Beneficiary for purposes of determining eligibility. Expenses for this
purpose, including reasonable attorney's fees, are a proper charge to Beneficiary's
Supplemental Needs Trust.
Section 6.08 Indemnification of Trustee When Acting in Good Faith
The Trustee shall be indemnified from the trust property for any loss or reduction of
public benefits sustained by Beneficiary as a result of the Trustee exercising, in good
faith,the authority granted to the Trustee under this Article.
Section 6.09 Distribution Upon the Death of Beneficiary
Upon the death of Beneficiary, the Trustee shall distribute or retain the remaining
Supplemental Needs Trust property according to the other Article of this agreement that
directed the property to be held pursuant to this Article.
If the other Article does not provide for distribution upon the death of Beneficiary, then
the Trustee shall distribute or retain the remaining Supplemental Needs Trust property as
though Beneficiary had predeceased me.
Section 6.10 Waiver of Court Invasion of Principal
Under no circumstances shall Supplemental Needs Trust principal be subject to any
court-directed invasion pursuant to the provisions of the laws of Pennsylvania or any
other state.
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Section 6.11 Prohibition Against Beneficiary Serving as Trustee
Notwithstanding any other provision of this agreement, under no circumstances may
Beneficiary serve as Trustee of any share that is being administered for his or her benefit
under the provisions of this Supplemental Needs Trust Article.
Section 6.12 Limitation on Power to Remove and Replace Trustee
Notwithstanding any other provision of this agreement, Beneficiary has the power to
remove and replace the Trustee of the Supplemental Needs Trust, but may not appoint
himself or herself as the replacement Trustee.
Section 6.13 No Power to Adjust from Principal to Income
Notwithstanding any provision of this agreement or state law to the contrary, the Trustee
does not have the power to adjust any item of principal to income pursuant to
Pennsylvania law for any Supplemental Needs Trust administered under this Article.
Section 6.14 No General Power of Appointment
Notwithstanding any provision of this agreement or state law to the contrary, Beneficiary
shall not have a lifetime or testamentary general power of appointment as defined in
Section 2041 of the Internal Revenue Code, or as defined under Pennsylvania law, or the
laws of any other state.
Section 6.15 Application of Article
Any decision made by the Trustee under this Article shall be final, controlling and
binding upon all beneficiaries subject to the provisions of this Article.
Article Seven
Administration of Trusts for Underage and Incapacitated
Beneficiaries
Section 7.01 Distributions for Underage and Incapacitated Beneficiaries
If under another provision of this agreement any part of the trust property is directed or
required to be distributed outright to a person (other than me) who has not yet attained the
age of 25 years or is incapacitated, then my Trustee may distribute or retain that part of
the trust property as described in Section 7.02, unless the provisions of Article Six,
entitled"Supplemental Needs Trust," apply.
When making a distribution, I request, but do not require, that my Trustee consider the
ability that the beneficiary demonstrated in managing prior distributions.
All decisions made by my Trustee under this Article are final, controlling and binding
upon all beneficiaries subject to the provisions of this Article.
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Section 7.02 Methods of Distribution
Property to which this Article applies may be:
(i) distributed directly to the beneficiary;
(ii) distributed to the beneficiary's guardian, conservator,parent, family member, or
other person who has assumed responsibility for his or her care;
(iii) distributed to any person or entity, including my Trustee, as custodian for the
beneficiary under the Uniform Transfers to Minors Act, or similar statute;
(iv) distributed to other persons or entities for the benefit of the beneficiary;
(v) distributed to an agent authorized to act for the beneficiary under a power of
attorney for property;
(vi) retained in trust, distributing income and principal for any purpose, in any
amount, using any of the methods described above, all in my Trustee's sole and
absolute discretion, and distributing the remainder outright to the beneficiary
when he or she attains the age of 25 years (unless he or she is incapacitated),
and upon the beneficiary's death distributing the remainder as appointed by the
beneficiary, and if not appointed, as though the beneficiary had predeceased me;
(vii) retained in trust pursuant to the provisions of Article Six, entitled
"Supplemental Needs Trust," for the benefit of the beneficiary; or
(viii) distributed or retained in any combination of one or more of the above.
Article Eight
Trust Administration
Section 8.01 Distributions to Beneficiaries
Whenever this agreement authorizes or directs my Trustee to make a distribution of net
income or principal to a beneficiary, my Trustee may apply for the benefit of the
beneficiary any property that otherwise could be distributed directly to the beneficiary.
My Trustee shall have no responsibility to inquire into the beneficiary's ultimate
disposition of the distributed property unless specifically directed otherwise by this
agreement.
My Trustee may make distributions in cash or in kind, or partly in each, in proportions
and at values determined by my Trustee. My Trustee may allocate undivided interests in
specific assets to a beneficiary or trust in any proportion or manner that my Trustee
determines, even though the property allocated to one beneficiary may be different from
that allocated to another beneficiary.
My Trustee may make these determinations without regard to the income tax attributes of
the property and without the consent of any beneficiary.
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Section 8.02 No Court Proceedings
This trust shall be administered expeditiously, consistent with the provisions of this
agreement, free of judicial intervention, and without order, approval or action of any
court. The trust shall be subject to the jurisdiction of a court only if my Trustee or
another interested parry institutes a legal proceeding. A proceeding to seek instructions
or a court determination shall be initiated in the court having original jurisdiction over
matters relating to the construction and administration of trusts. Seeking instructions or a
court determination shall not subject this trust to the continuing jurisdiction of the court.
I request that any questions or disputes that may arise during the administration of this
trust be resolved by mediation and if necessary, arbitration in accordance with the
Uniform Arbitration Act. Each interested party involved in the dispute (including my
Trustee, if involved) shall select an arbiter and, if necessary to establish a majority
decision, the arbiters selected shall select an additional arbiter. The decision of a
majority of the arbiters selected shall control with respect to the matter.
Section 8.03 No Bond
No Trustee is required to furnish any bond for the faithful performance of my Trustee's
duties, unless required by a court of competent jurisdiction and only if the court finds that
a bond is needed to protect the interests of the beneficiaries. No surety will be required
on any bond required by any law or rule of court, unless the court specifies that a surety
is necessary.
Section 8.04 Exoneration of My Trustee
No successor Trustee is obligated to examine the accounts, records or actions of any
previous Trustee or of the personal representative of my estate. No successor Trustee
shall be in any way or manner responsible for any act, omission, or forbearance on the
part of any previous Trustee or the personal representative of my estate. Unless my
Trustee has received notice of removal, my Trustee shall not be liable to me or to any
beneficiary for the consequences of any action taken by my Trustee that would have
been, but for the prior removal of my Trustee, a proper exercise by my Trustee of the
authority granted to my Trustee under this agreement. Absent bad faith on the part of my
Trustee, my Trustee is exonerated from any and all liability for the acts, omissions, and
forbearances of my Trust Protector.
Any Trustee may request and obtain from the beneficiaries or from their legal
representatives, agreements in writing releasing my Trustee from any liability that may
have arisen from my Trustee's acts, omissions, and forbearances, and indemnifying my
Trustee from liability for the acts, omissions, and forbearances. An agreement described
in this paragraph, if acquired from all the living beneficiaries of the trust or from their
legal representatives, shall be conclusive and binding upon all parties, born or unborn,
who may have, or may in the future acquire, an interest in the trust.
My Trustee may require a refunding agreement before making any distribution or
allocation of trust income or principal and may withhold distribution or allocation
pending determination or release of a tax lien or other lien.
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Section 8.05 Trustee Compensation
An individual serving as Trustee shall be entitled to fair and reasonable compensation for
the services rendered as a fiduciary. A corporate fiduciary serving as Trustee shall be
compensated by agreement with an individual Trustee or, in the absence of an individual
Trustee or in the absence of an agreement, in accordance with the corporate fiduciary's
published schedule of fees in effect at the time the services are rendered.
My Trustee may charge additional fees for services it provides that are not comprised
within its duties as Trustee such as fees for legal services, tax return preparation and
corporate finance or investment banking services.
In addition to receiving compensation, my Trustee may be reimbursed for reasonable
costs and expenses incurred in carrying out its duties under this agreement.
Section 8.06 Employment of Professionals
My Trustee may appoint, employ and remove, at any time and from time to time,
investment advisors, accountants, auditors, depositories, custodians, brokers, consultants,
attorneys, expert advisers, agents, and employees to advise or assist my Trustee in the
performance of its duties. My Trustee may act upon the recommendations of the persons
or entities employed with or without independent investigation.
My Trustee may reasonably compensate an individual or entity employed to assist or
advise my Trustee regardless of whether the person or entity shall be a Trustee of a trust
established under this agreement or a corporate affiliate of a Trustee and regardless of
whether the entity shall be one in which a Trustee of a trust created under this agreement
is a partner, member, stockholder, officer, director or corporate affiliate or has any other
interest.
My Trustee may pay the usual compensation for services contracted for under this
Section out of principal or income of the trust as my Trustee may deem advisable. My
Trustee may pay compensation to an individual or entity employed to assist or advise my
Trustee without diminution of or charging the same against the compensation to which
my Trustee is entitled under this agreement. Any Trustee who shall be a partner,
stockholder, officer, director or corporate affiliate in any entity employed to assist or
advise my Trustee shall nonetheless receive my Trustee's share of the compensation paid
to the entity.
Section 8.07 Collection of Proceeds Upon the Death of an Insured
Upon the death of an insured under any policy of life insurance forming a part of the trust
principal, my Trustee shall make a reasonable effort to collect all sums payable directly
to my Trustee or the trust. My Trustee may exercise any of the options of settlement that
may at any time be available to my Trustee under the terms of any such policy. My
Trustee shall not be liable to any beneficiary for the settlement option ultimately selected.
My Trustee may refuse to enter into or maintain any proceeding, whether in law or
equity, administrative or otherwise, with respect to any life insurance policy, until my
Trustee has been indemnified to its satisfaction against all expenses and liabilities that, in
my Trustee's judgment, may be involved in the proceeding.
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My Trustee is authorized to compromise and adjust claims arising out of any insurance
policy upon such terms and conditions, as my Trustee may deem prudent. The decisions
of my Trustee shall be conclusive on all persons.
Section 8.08 Insurance Carrier Protected in Dealing With My Trustee
An insurance carrier is entitled to presume that my Trustee is properly exercising its
powers as Trustee under this agreement when working with or assisting my Trustee in
any transaction. The insurance carrier and the insurance carrier's agents are not required
to inquire into any of the provisions of this agreement to determine if my Trustee has the
power to act or is properly exercising its power or see to my Trustee's application of any
proceeds paid to my Trustee.
My Trustee's receipt of the insurance proceeds shall relieve the insurance carrier of any
further liability with respect to payment of the proceeds.
Section 8.09 Exercise of Testamentary Power of Appointment
A testamentary power of appointment granted under this agreement may be exercised by
a valid will that specifically refers to the power of appointment.
The holder of a testamentary power of appointment may exercise the power to appoint
property among the permissible appointees in equal or unequal proportions, and on such
terms and conditions, whether outright or in trust, as the holder of the power designates.
The holder of a testamentary power of appointment may grant further powers of
appointment to any person to whom principal may be appointed, including a presently
exercisable limited or general power of appointment.
My Trustee may conclusively presume that any power of appointment granted to any
beneficiary of a trust created under this agreement has not been exercised by the
beneficiary if my Trustee has no knowledge of the existence of a valid will exercising the
power within 30 days after the beneficiary's death, and my Trustee shall then be released
from any liability for any distributions made in good faith.
Section 8.10 Determination of Principal and Income
Capital gains of the Residence Trust must be allocated to principal, and capital gains of
the Nongrantor Trust must be allocated to income. Receipts of rents, royalties, interest,
dividends, and other ordinary income must be allocated to income.
Section 8.11 Trust Accounting
Except to the extent required by law, my Trustee is not required to file accountings in any
jurisdiction. Upon the written request of an income beneficiary of a trust created under
this agreement, my Trustee must render an accounting to the income beneficiaries of that
trust during the accounting period that includes the date of the written request.
The accounting must include the receipts, expenditures, and distributions from the trust
for which the accounting is prepared occurring during the accounting period. If a tax
return is prepared for a trust during a period for which a trust accounting is made, my
Trustee's accounting must include a copy of that tax return. If there is no tax return
prepared for the accounting period, my Trustee's accounting must include a balance sheet
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itemizing the trust property and my Trustee's reasonable estimation of the value of the
assets held in the trust as of the date the accounting is completed.
In the absence of fraud or manifest error, the assent by all income beneficiaries to my
Trustee's accounting will make the matters disclosed in the accounting binding and
conclusive upon all persons, including those living on the date of this agreement and
those to be born in the future who have, or will in the future have, a vested or contingent
interest in the trust property. In the case of an income beneficiary who is a minor or who
is incapacitated, that beneficiary's natural guardian or legal representative may give the
assent required under this Section.
A beneficiary may object to an accounting rendered by my Trustee only if the beneficiary
gives written notice to my Trustee within 60 days after my Trustee renders the
accounting. Any beneficiary who does not submit a written objection to the accounting is
deemed to assent to the accounting.
My Trustee must make the trust's financial records and documentation available to
beneficiaries at reasonable times and upon reasonable notice for inspection by the
beneficiaries. My Trustee is not required to furnish any information regarding my trust to
anyone other than a beneficiary. My Trustee may exclude any information that my
Trustee determines is not directly applicable to the beneficiary receiving the information.
Section 8.12 Action of Cotrustees
Unless otherwise specified, if two Trustees are eligible to act with respect to a given
matter, the concurrence of both is required; if more than two Trustees are eligible to act
with respect to a given matter,the concurrence of a majority of the Trustees is required.
If the Trustees are unable to concur with respect to a matter as to which they have joint
powers, I request that the matter be settled by mediation and, if necessary, arbitration in
accordance with the Uniform Arbitration Act. Each of the Trustees will select an arbiter
and, if necessary to establish a majority decision, the arbiters so selected will select an
additional arbiter. The decision of a majority of the arbiters so selected will control with
respect to the matter.
A nonconcurring Trustee may dissent or abstain from any action of the other Trustee or
Trustees. The nonconcurring Trustee is absolved from personal liability by registering
his or her dissent or abstention in the records of the trust. After doing so, the
nonconcurring Trustee will then act with the other Trustees in any way necessary or
appropriate to effectuate the action of the other Trustees.
Section 8.13 Trustee Authority to Disclaim or Release Powers
Notwithstanding any provision of this agreement to the contrary, any Trustee may
disclaim or release, in whole or in part, by an instrument in writing, any power held as
Trustee, irrevocably or for any period of time that the Trustee may specify. The Trustee
may make the relinquishment of a power personal to the Trustee or may relinquish the
power for all subsequent Trustees.
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Section 8.14 Delegation of Trustee Authority; Power of Attorney
Subject to the limitations set forth in Section 9.23, any Trustee may, by an instrument in
writing, delegate to any other Trustee the right to exercise any power (including a
discretionary power) granted my Trustee in this agreement. During the time a delegation
under this Section is in effect, my Trustee to whom the delegation was made may
exercise the power to the same extent as if the delegating Trustee had personally joined in
the exercise of the power. The delegating Trustee may revoke the delegation at any time
by giving written notice of revocation to my Trustee to whom the power was delegated.
My Trustee may execute and deliver a revocable or irrevocable power of attorney
granting any individual or entity the power to transact any and all business on behalf of
my trust or any other trust created under this agreement. The power of attorney may
grant to the attorney-in-fact all of the rights, powers, and discretion that my Trustee is
entitled to exercise under this agreement.
Section 8.15 Additions to Separate Trusts
If upon the termination of any trust created under this agreement a final distribution is to
be made to a person who is the only beneficiary of another trust created under this
agreement, my Trustee shall make the distribution to the second trust instead of
distributing the property to the beneficiary outright. For purposes of administration, my
Trustee shall treat the distribution as though it had been an original part of the second
trust.
Section 8.16 Authority to Merge or Sever Trusts
The provisions of this Section only apply after my death.
My Trustee may merge and consolidate a trust created under this agreement with any
other trust, if the two trusts contain substantially the same terms for the same
beneficiaries and at least one Trustee in common.
My Trustee may administer the merged and consolidated trust as a single trust or unit. If,
however, a merger or consolidation does not appear feasible, my Trustee may consolidate
the assets of the trusts for purposes of investment and trust administration while retaining
separate records and accounts for each respective trust.
My Trustee may sever any trust on a fractional basis into two or more separate and
identical trusts or may segregate a specific amount or asset from the trust property by
allocation to a separate account or trust. The separate trusts may be funded on a non pro
rata basis provided that funding is based on the total fair market value of the assets on the
date of funding. Income earned on a segregated amount or specific asset after the
segregation passes with the amount or asset segregated. My Trustee shall hold and
administer each separate trust upon terms and conditions substantially identical to those
of the trust from which it was severed.
Subject to the terms of the trust, my Trustee may consider differences in federal tax
attributes and other pertinent factors in administering the trust property of any separate
account or trust, in making applicable tax elections, and in making distributions. A
separate trust created by severance must be treated as a separate trust for all purposes
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from the date on which the severance is effective; however, the effective date of
severance may be retroactive to a date before the date on which my Trustee exercises the
power.
Section 8.17 Merger of Corporate Fiduciary
If any corporate fiduciary acting as my Trustee under this agreement is merged with or
transfers substantially all of its trust assets to another corporation or if a corporate
fiduciary changes its name, the successor shall automatically succeed to the trusteeship as
if originally named a Trustee. No document of acceptance of trusteeship shall be
required.
Section 8.18 Beneficiary's Status
Until my Trustee receives notice of the incapacity, birth, marriage, death or other event
upon which a beneficiary's right to receive payments may depend, my Trustee shall not
be liable for acting or failing to act with respect to the event or for disbursements made in
good faith to persons whose interest may have been affected by such event. Unless
otherwise provided in this agreement, the parent or legal representative may act on behalf
of a beneficiary who is a minor or is incapacitated.
My Trustee may rely on any information provided by a beneficiary with respect to the
beneficiary's assets and income. My Trustee shall have no independent duty to
investigate the status of any beneficiary and shall not incur any liability for failure to do
so.
Section 8.19 Discharge of Third Persons
Persons dealing in good faith with my Trustee shall not be required to see to the proper
application of money paid or property delivered to my Trustee, or to inquire into the
authority of my Trustee as to any transaction. The receipt from my Trustee for any
money or property paid, transferred or delivered to my Trustee shall be a sufficient
discharge to the person or persons paying, transferring or delivering the money or
property from all liability in connection with its application.
Section 8.20 Certificate by Trustee
A written statement of my Trustee may always be relied upon by, and shall always be
conclusive evidence in favor of, any transfer agent or any other person dealing in good
faith with my Trustee in reliance upon the statement.
Section 8.21 Funeral and Other Expenses of Beneficiary
Upon the death of a beneficiary other than me, my Trustee may pay the funeral expenses,
burial or cremation expenses, enforceable debts and other expenses incurred due to the
death of the beneficiary from trust property. This Section shall only apply to the extent
the beneficiary has not exercised any testamentary power of appointment granted to him
under this agreement.
My Trustee may rely upon any request by the personal representative or members of the
family of the deceased beneficiary for payment without verifying the validity or the
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amounts and without being required to see to the application of the amounts so paid. My
Trustee may make decisions under this Section without regard to any limitation on
payment of expenses imposed by statute or rule of court and may be made without
obtaining the approval of any court having jurisdiction over the administration of the
deceased beneficiary's estate.
Section 8.22 Generation-Skipping Transfer Tax Provisions
Notwithstanding any other provision of this agreement to the contrary, if a trust created
under this agreement would be partially exempt from generation-skipping transfer tax
after the intended allocation of Available GST Exemption to the trust then:
(a) Division into Exempt and Nonexempt Trusts
My Trustee may divide the property of the trust into two separate trusts so
that the allocation of Available GST Exemption can be made to a trust that
will be entirely exempt from generation-skipping transfer tax (the "exempt
trust"). The exempt trust shall consist of the largest fractional share of the
total trust assets that will permit the exempt trust to be entirely exempt
from generation-skipping transfer tax. The "nonexempt trust" shall
consist of the balance of the total trust assets. For purposes of computing
the fractional share, asset values as finally determined for federal estate
tax purposes shall be used. The fraction shall be applied to the assets at
their actual value on the effective date or dates of distribution so that the
actual value of the fractional share resulting from the application of such
fraction will include fluctuations in the value of the trust property.
(b) Administration of the Trusts
The trusts created under this Section shall have the same terms as the
original trust. To the extent possible, distributions to a non-skip person as
defined by Section 2613 of the Internal Revenue Code shall be made from
a nonexempt trust and distributions to a skip person as defined by Section
2613 shall be made from an exempt trust.
My Trustee shall administer each exempt and nonexempt trust as a
separate and independent trust.
Any exempt or nonexempt trust established under this agreement may be
referred to by the name designated by my Trustee.
If an exempt trust and a nonexempt trust are further divided under the
terms of this agreement, my Trustee may allocate property from the
exempt trust first to the trust from which a generation skipping transfer is
more likely to occur.
(c) My Intent; Trust Additions
My intent is to minimize the application of the generation-skipping
transfer tax to the trust property but not to affect the total amount of trust
property to which any beneficiary may be entitled under this agreement.
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This agreement shall be so construed and interpreted to give effect to this
intent.
If at any time any property that has an inclusion ratio greater than zero for
generation-skipping transfer tax purposes would be added to a trust with
property that has an inclusion ratio of zero, then my Trustee shall instead
hold such property in a separate trust on the same terms and conditions as
the original trust.
Section 8.23 Grantor Trust Provisions
I intend that the Residence Trust be a grantor trust for federal income tax purposes for
those periods of time during which I or any other person holds one or more of the powers
described in Sections 671 through 679 of the Internal Revenue Code, the effect of which
is that I will be taxed on the income of the Residence Trust. To carry out this intent, the
following provisions apply to the administration of the Residence Trust.
(a) Power to Add Charities as Beneficiaries
While I am living, I may add beneficiaries to the Residence Trust by
designating any charitable organization described in Section 170 of the
Internal Revenue Code as an additional beneficiary of the net income or
principal of the trust. After designating any additional charitable
beneficiary, my Trustee may, but is not required to, distribute net income
or principal to the additional charitable beneficiary, in amounts and
proportions determined by my Trustee.
(b) Nonfiduciary Capacity
The powers described in this Section are exercisable solely in a
nonfiduciary capacity without approval or consent of any person acting in
a fiduciary capacity. No claim for breach of fiduciary duty may be
imposed as a result of the exercise or nonexercise of the powers granted
under this Section.
Section 8.24 Waiver of Court-Ordered Invasion of Principal
Under no circumstances, however, shall trust principal be subject to any court-directed
invasion pursuant to any provision of Pennsylvania law, or the laws of any other state.
Article Nine
My Trustee's Powers
Section 9.01 Introduction to Trustee's Powers
Except as otherwise specifically provided in this agreement, my Trustee may exercise,
without prior approval from any court, all the powers conferred by this agreement and
any other powers conferred by law, including, without limitation, those powers set forth
under the common law or statutory law of Pennsylvania or any other jurisdiction whose
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law applies to this trust. The powers set forth in Pennsylvania law related to fiduciary
powers are specifically incorporated into this trust agreement. The powers conferred
upon my Trustee by law, including those powers conferred by Pennsylvania law related
to fiduciary powers, shall be subject to any express limitations or contrary directions
contained in this agreement.
My Trustee shall exercise these powers in the manner my Trustee determines to be in the
best interests of the beneficiaries. My Trustee shall not exercise any of its powers in a
manner that is inconsistent with the right of the beneficiaries to the beneficial enjoyment
of the trust property in accordance with the general principles of the law of trusts.
The Trustee of a trust may have duties and responsibilities in addition to those described
in this agreement. I encourage my Trustee to obtain appropriate legal advice if my
Trustee has any questions concerning its duties and responsibilities as Trustee.
Section 9.02 Power to Appoint in Further Trust (Trust Decanting)
Whenever assets may be distributed to or for the benefit of a beneficiary of any trust
created under this agreement(the "old trust"), an Independent Trustee (the "trustee") may
distribute the assets to a new trust that meets all of the following requirements:
(i) the new trust must not reduce any fixed income, annuity, or unitrust right of any
beneficiary of the old trust;
(ii) the new trust must provide for one or more of the beneficiaries of the old trust;
(iii) the new trust must not accelerate the interests of remainder beneficiaries of the
old trust;
(iv) the new trust must not benefit the trustee, the trustee's creditors, the trustee's
estate, or the creditors of the trustee's estate;
(v) the term of the new trust must not extend beyond the period of perpetuities
provided under the governing law of the old trust;
(vi) the new trust must not defeat a beneficiary's presently-exercisable right to
withdraw property from the old trust;
(vii) the new trust must not create or expand my rights as a beneficiary over what
was provided in the old trust; and
(viii) the new trust must qualify for each of the following if the old trust so qualifies:
(a) the marital deduction;
(b) the charitable deduction;
(c) the gift tax or generation-skipping transfer tax annual exclusion for gifts to
the trust;
(d) exclusion from a person's estate; or
(e) as a qualified subchapter S corporation shareholder.
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Section 9.03 Execution of Documents by My Trustee
My Trustee may execute and deliver any and all instruments in writing that my Trustee
considers necessary to carry out any of the powers granted in this agreement.
Section 9.04 Investment Powers in General
My Trustee may invest in any type of investment that my Trustee determines is consistent
with the investment goals of my trust, whether inside or outside the geographic borders of
the United States of America and its possessions or territories, taking into account my
trust's overall investment portfolio. Without limiting my Trustee's investment authority
in any way, I request that my Trustee exercise reasonable care and skill in selecting and
retaining trust investments. I also request that my Trustee take into account the following
factors in choosing investments for my trust:
The potential return from the investment, both in the form of income and
appreciation;
The potential income tax consequences of the investment;
The investment's potential for volatility; and
The role the investment will play in the trust's portfolio.
I request that my Trustee, in arranging the investment portfolio of the trust, also consider
the possible effects of inflation or deflation, changes in global and U.S. economic
conditions,transaction expenses, and the trust's need for liquidity.
My Trustee may delegate its discretion to manage trust investments to any registered
investment adviser or corporate fiduciary.
Section 9.05 Banking Powers
My Trustee may establish bank accounts of any type in one or more banking institutions
that my Trustee may choose. My Trustee may open accounts in the name of my Trustee
(with or without disclosing fiduciary capacity) or in the name of the trust. When an
account is in the name of the trust, checks on that account and authorized signatures need
not disclose the fiduciary nature of the account or refer to any trust or Trustee.
An account from which my Trustee makes frequent disbursements need not be an interest
bearing account. My Trustee may authorize withdrawals from an account by check, draft
or other instrument or in any other manner.
Section 9.06 Business Powers
My Trustee is authorized to serve as an officer, director, manager, or in any other
capacity of any proprietorship, partnership,joint venture, corporation, or other enterprise
in which the trust has an interest(whether or not such interest is total or controlling). My
Trustee may receive compensation for services.
My Trustee may contract with and otherwise deal with any such enterprise in the same
manner as it would with any enterprise in which the trust has no interest, and may use any
voting power my Trustee may have to implement its authority (whether as Trustee or as
an officer, director, or other official of the enterprise).
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With respect to any units in a limited liability company, limited partnership, or stock in a
closely-held corporation ("closely-held company") that are contributed to the trust, the
powers granted to my Trustee in this Article shall not disqualify my Trustee from acting
personally and independently, and not in a fiduciary capacity, with respect to any closely
held company, from holding office in the closely-held company, from accepting
remuneration from the closely-held company, from voting any units or stock in favor of
my Trustee as a director or officer of the closely-held company, or from purchasing or
selling units or stock of the closely-held company.
If any trust created under this agreement is funded with subchapter S stock, my Trustee
may either elect to qualify the trust as a qualified subchapter S trust ("QSST") under
Section 1361(d)(3) of the Internal Revenue Code or as an electing small business trust
under Section 1361(e)(1) to administer the trust in accordance with the requirements of
the corresponding Section.
Section 9.07 Contract Powers
My Trustee may sell at public or private sale, transfer, exchange for other property, and
otherwise dispose of trust property for consideration and upon terms and conditions that
my Trustee deems advisable. My Trustee may grant options of any duration for any such
sales, exchanges, or transfers of trust property.
My Trustee may enter into contracts, and may deliver deeds or other instruments, that my
Trustee deems appropriate.
Section 9.08 Common Investments
For purposes of convenience with regard to the administration and investment of the trust
property, my Trustee may invest part or all of the trust property jointly with trust property
of other trusts for which my Trustee is also serving as a Trustee. For this purpose, a
corporate fiduciary acting as my Trustee may use common funds for investment.
When trust property is managed and invested in this manner, my Trustee shall maintain
records that sufficiently identify that portion of the jointly invested assets that constitute
the trust property of this trust.
Section 9.09 Environmental Powers
My Trustee shall have the right to inspect trust property to determine compliance with or
to respond to any environmental law affecting the trust property. "Environmental law"
shall mean any federal, state, or local law, rule, regulation, or ordinance relating to
protection of the environment or of human health.
My Trustee may refuse to accept property if my Trustee determines that the property is or
may be contaminated by any hazardous substance or is or was used for any purpose
involving hazardous substances that could create liability to the trust or to my Trustee.
My Trustee may use and expend trust property to (i) conduct environmental assessments,
audits or site monitoring; (ii) take remedial action to contain, clean up or remove any
hazardous substance including a spill, discharge or contamination; (iii) institute, contest
or settle legal proceedings brought by a private litigant or any local, state, or federal
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agency concerned with environmental compliance; (iv) comply with any order issued by
any court or by any local, state, or federal agency directing an assessment, abatement or
clean-up of any hazardous substance; and (v) employ agents, consultants and legal
counsel to assist my Trustee in these actions.
My Trustee shall not be liable for any loss or reduction in value sustained by my trust as a
result of my Trustee's retention of property on which hazardous materials or substances
requiring remedial action are discovered unless my Trustee contributed to the resulting
loss or reduction in value through willful misconduct or gross negligence.
My Trustee shall not be liable to any beneficiary or to any other party for any decrease in
the value of trust property as a result of my Trustee's compliance with any environmental
law, including any reporting requirement.
My Trustee may release, relinquish or disclaim any power held by my Trustee that my
Trustee determines may cause my Trustee to incur individual liability under any
environmental law.
Section 9.10 Insurance Powers
My Trustee may purchase, accept, hold, and deal with as owner, policies of insurance on
my life, the life of any beneficiary, or on the life of any person in whom any beneficiary
has an insurable interest. It is my intent that life insurance policies be considered proper
investments of trust principal. ,
My Trustee may purchase disability, medical, liability, long-term health care and other
insurance on behalf of and for the benefit of any beneficiary. My Trustee may purchase
annuities and similar investments for any beneficiary.
My Trustee shall have the power to execute or cancel any automatic premium loan
agreement with respect to any policy, and shall have the power to elect or cancel any
automatic premium loan provision in a life insurance policy. My Trustee may borrow
money to pay premiums due on any policy, either by borrowing from the company
issuing the policy or from another source. My Trustee may assign the policy as security
for the loan.
My Trustee shall have the power to exercise any option contained in a policy with regard
to any dividend or share of surplus apportioned to the policy, to reduce the amount of a
policy or convert or exchange the policy, or to surrender a policy at any time for its cash
value.
My Trustee may elect any paid-up insurance or extended term insurance nonforfeiture
option contained in a policy.
My Trustee shall have the power to sell any policy at its fair market value to anyone
having an insurable interest in the policies including the insured.
My Trustee shall have the right to exercise any other right, option, or benefit contained in
a policy or permitted by the insurance company issuing the policy.
Upon termination of the trust, my Trustee shall have the power to transfer and assign the
policies held by the trust as a distribution of trust property.
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The provisions of this Section shall supersede the principles of general trust law with
respect to my Trustee's duties and obligations relating to any life insurance policies
owned or acquired by my trust.
Section 9.11 Borrowing Powers
My Trustee may borrow money at interest rates and on other terms that my Trustee
deems advisable from any person, institution, or other source, including, in the case of a
corporate fiduciary, its own banking or commercial lending department.
My Trustee may encumber trust property by mortgages, pledges, and other
hypothecation, even though the term may extend beyond the termination of the trust or
beyond the period that is required for an interest created under this agreement to vest in
order to be valid under the rule against perpetuities.
My Trustee may purchase, sell at public or private sale, trade, renew, modify, and extend
mortgages. My Trustee may accept deeds in lieu of foreclosure.
Section 9.12 Lending Powers
My Trustee may make secured or unsecured loans to any person (other than a
Supplemental Needs Person, but including any other beneficiary), entity, trust, or estate,
for any term or payable on demand, with or without interest. My Trustee may enter into
or modify the terms of any mortgage or security agreement granted in connection with
any loan and may release or foreclose on the mortgage or security.
Section 9.13 Nominee Powers
My Trustee may hold real estate, securities and any other trust property in the name of a
nominee or in any other form without disclosing the existence of any trust or fiduciary
capacity.
Section 9.14 Oil, Gas and Mineral Interests
My Trustee may acquire, maintain, develop and exploit, either alone or jointly with
others, any oil, gas, coal, minerals or other natural resource rights or interests.
My Trustee may drill, test, explore, mine, develop, extract, remove, convert, manage,
retain, store, sell and exchange any of such rights and interests on terms and for a price
that my Trustee deems advisable.
My Trustee may execute leases, pooling and unitization agreements and other types of
agreements in connection with such oil, gas, coal, mineral and other natural resource
rights and interests even though such arrangements may extend beyond the termination of
the trust.
My Trustee may execute division orders, transfer orders, releases, assignments, farm
outs, and any other instruments that it deems proper.
My Trustee may employ the services of consultants and outside specialists in connection
with the evaluation, management, acquisition, disposition, and development of any
mineral interest, and may pay the cost of the services from the principal and income of
the trust property.
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Section 9.15 Payment of Taxes and Expenses
Except as otherwise provided in this agreement, my Trustee is authorized to pay all
property taxes, assessments, fees, charges, and other expenses incurred in the
administration or protection of the trust. All payments shall be a charge against the trust
property and shall be paid by my Trustee out of the income, or to the extent that the
income is insufficient, then out of the principal of the trust property. The determination
of my Trustee with respect to the payment of expenses shall be conclusive upon the
beneficiaries.
Section 9.16 Purchase of Assets from and Loans to My Probate Estate
Upon my death, my Trustee is authorized to purchase and retain in the form received, as
an addition to the trust; any property that is a part of my probate or trust estate. In
addition, my Trustee may make loans, with or without security, to my probate or trust
estate. My Trustee shall not be liable for any loss suffered by the trust as a result of the
exercise of the powers granted in this Section.
Notwithstanding anything in this agreement to the contrary, my Trustee shall not have the
power to use any trust property for the benefit of my estate if doing so would cause such
assets to be deemed available resources for Medicaid eligibility or Medicaid estate
recovery purposes.
Further, notwithstanding anything in this agreement to the contrary, my Trustee shall not
have the power to use any trust property for the benefit of my estate as defined in Section
20.2042-1(b) of the Treasury Regulations, unless such property is included in my gross
estate for federal estate tax purposes.
Section 9.17 Qualified Tuition Programs
My Trustee may purchase tuition credits or certificates or make contributions to an
account in one or more qualified tuition programs as defined under Section 529 of the
Internal Revenue Code on behalf of a beneficiary for the purpose of meeting the qualified
higher education expenses of the beneficiary. With respect to an interest in any qualified
tuition program, my Trustee is authorized to act as contributor (or similar designation
given to the person who maintains control of an interest in the qualified tuition program)
and take any and all actions to administer the interest, including, without limitation, the
following:
To designate and change the designated beneficiary of the interest in the
qualified tuition program;
To request withdrawals, both qualified and nonqualified;
To select among investment options and to reallocate funds in the interest
in the qualified tuition program among different investment options;
To make rollovers to another qualified tuition program; and
To determine the allocation of any tax benefits or penalties to the
beneficiaries of the trust.
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Notwithstanding anything in this paragraph to the contrary, the designated beneficiary at
all times must be a beneficiary of the trust from which the funds were distributed to
establish the interest in the qualified tuition program. My Trustee's investment in a
qualified tuition program shall not be considered a delegation of investment
responsibility under any applicable statute or other law.
Section 9.18 Real Estate Powers
My Trustee may sell at public or private sale, convey, purchase, exchange, lease for any
period, mortgage, manage, alter, improve and in general deal in and with real property in
such manner and on such terms and conditions as my Trustee deems appropriate.
My Trustee may grant or release easements in or over, subdivide, partition, develop, raze
improvements, and abandon, any real property.
My Trustee may manage real estate in any manner that my Trustee deems best and shall
have all other real estate powers necessary for this purpose.
My Trustee may enter into contracts to sell real estate. My Trustee may enter into leases
and grant options to lease trust property even though the term of the agreement extends
beyond the termination of any trusts established under this agreement and beyond the
period that is required for an interest created under this agreement to vest in order to be
valid under the rule against perpetuities. For such purposes, my Trustee may enter into
any contracts, covenants and warranty agreements that my Trustee deems appropriate.
Section 9.19 Residences and Tangible Personal Property
My Trustee may acquire, maintain and invest in any residence for the use and benefit of
the beneficiaries, whether or not the residence is income producing and without regard to
the proportion that the value of the residence may bear to the total value of the trust
property and even if retaining the residence involves financial risks that trustees would
not ordinarily incur. My Trustee may pay or make arrangements for others to pay all
carrying costs of the residence, including, but not limited to, taxes, assessments,
insurance, expenses of maintaining the residence in suitable repair, and other expenses
relating to the operation of the residence for the benefit of the beneficiaries.
My Trustee may acquire, maintain and invest in articles of tangible personal property,
whether or not the property is income producing, and may pay the expenses of the repair
and maintenance of the property.
My Trustee shall have no duty to convert the property referred to in this Section to
productive property except as required by other provisions of this agreement.
Other than my Principal Residence, my Trustee may permit any Lifetime Beneficiary to
occupy any real property or use any personal property owned by the trust on terms or
arrangements that my Trustee may determine, including rent free or in consideration for
the payment of taxes, insurance,maintenance,repairs, or other charges.
My Trustee shall have no liability for any depreciation or loss as a result of the retention
of any property retained or acquired under the authority of this Section.
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Section 9.20 Retention and Abandonment of Trust Property
My Trustee may retain, without liability for depreciation or loss resulting from retention,
any property constituting the trust at the time of its creation, at the time of my death or as
the result of the exercise of a stock option. My Trustee may retain property,
notwithstanding the fact that the property may not be of the character prescribed by law
for the investment of assets held by a fiduciary, and notwithstanding the fact that
retention may result in inadequate diversification under any applicable Prudent Investor
Act or other applicable law.
My Trustee may hold property that is non-income producing or is otherwise
nonproductive if holding the property is, in the sole and absolute discretion of my
Trustee, in the best interests of the beneficiaries. On the other hand, my Trustee shall
invest contributions of cash and cash equivalents as soon as reasonably practical after the
assets have been acquired by the trust. My Trustee is permitted to retain a reasonable
amount in cash or money market accounts in order to pay anticipated expenses and other
costs and to provide for anticipated distributions to or for the benefit of a beneficiary.
My Trustee may abandon any trust property that my Trustee deems to be of insignificant
value.
Section 9.21 Securities, Brokerage and Margin Powers
My Trustee may buy, sell, trade and otherwise deal in stocks, bonds, investment
companies, mutual funds, common trust funds, commodities, options and other securities
of any kind and in any amount, including short sales. My Trustee may write and
purchase call or put options, and other derivative securities. My Trustee may maintain
margin accounts with brokerage firms and may pledge securities to secure loans and
advances made to my Trustee or to or for the benefit of a beneficiary.
My Trustee may place all or any part of the securities held by the trust in the custody of a
bank or trust company. My Trustee may have all securities registered in the name of the
bank or trust company or in the name of its nominee. My Trustee may appoint the bank
or trust company as the agent or attorney in fact to collect, receive, receipt for and
disburse any income and generally to perform the duties and services incident to a
custodian of accounts.
My Trustee may employ a broker-dealer as a custodian for securities held by the trust and
may register the securities in the name of the broker-dealer or in the name of a nominee
with or without the addition of words indicating that the securities are held in a fiduciary
capacity. My Trustee may hold securities in bearer or uncertificated form and may use a
central depository, clearing agency or book-entry system, such as The Depository Trust
Company, Euroclear or the Federal Reserve Bank of New York.
My Trustee may participate in any reorganization, recapitalization, merger or similar
transaction. My Trustee may exercise or sell conversion or subscription rights for
securities of all kinds and description.
My Trustee may give proxies or powers of attorney that may be discretionary and with or
without powers of substitution. My Trustee may vote or refrain from voting as "to any
matter.
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Section 9.22 Settlement Powers
My Trustee may settle, by compromise, adjustment, arbitration or otherwise any and all
claims and demands in favor of or against the trust. My Trustee may release or abandon
any claim in favor of the trust.
Section 9.23 Limitation on My Trustee's Powers
All powers granted to my Trustee under this agreement or by applicable law shall be
limited as set forth in this Section, unless explicitly excepted by reference to this Section.
(a) An Interested Trustee Limited to Ascertainable
Standards
An Interested Trustee may not exercise or participate in the exercise of
discretion with respect to the distribution of income or principal, or the
termination of the trust to or for the benefit of a beneficiary, to the extent
that the exercise of such discretion is other than for the health, education,
maintenance or support of a beneficiary as described under Sections 2041
and 2514 of the Internal Revenue Code.
(b) No Distributions in Discharge of Certain Legal
Obligations
My Trustee may not exercise or participate in the exercise of discretion
with respect to the distribution of income or principal that would in any
manner discharge a legal obligation of my Trustee, including the
obligation of support.
If a beneficiary or any other person has the power to remove a Trustee,
that Trustee may not exercise or participate in the exercise of discretion
with respect to the distribution of income or principal that would in any
manner discharge a legal obligation of the person having the power to
remove my Trustee, including that person's obligation of support.
(c) Purchase of Real Estate
If my Trustee uses funds of the Nongrantor Trust to purchase a Principal
Residence for my use, then such real property must be held in the
Residence Trust and may not be held in the Nongrantor Trust.
(d) Insurance Policy on the Life of My Trustee
If the trust holds a policy that insures the life of my Trustee, my Trustee
shall have no right to exercise any powers or rights with respect to the
policy. A Cotrustee serving under this agreement shall exercise the
powers and rights with respect to the policy.
If the insured Trustee is the only Trustee, then an Independent Special
Trustee designated under Section 2.09 shall exercise the powers and rights
with respect to the policy.
If any rule of law or court decision construes the ability of the insured
Trustee to name an Independent Special Trustee as an incident of
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ownership of the policy, then a majority of the then current mandatory and
discretionary income beneficiaries (excluding the insured Trustee if he or
she is a beneficiary) shall select the Independent Special Trustee.
(e) Insurance Policy on a Beneficiary's Life
If the trust holds a policy that insures the life of a beneficiary, the
beneficiary (acting individually or as Trustee) shall have no power over
the policy, the cash value of the policy, or the proceeds of the policy. The
intent of this denial of power is to prevent an insured beneficiary from
having a power that would constitute an incident of ownership of the
policy.
The limitations of this subsection shall not apply if the proceeds of the
policy would, upon the death of the beneficiary, otherwise be included in
the gross estate of the beneficiary for federal estate tax purposes.
Article Ten
General Provisions
Section 10.01 Maximum Term for Trusts
Pursuant to Pennsylvania law, the rule against perpetuities does not apply to any trust
created under this agreement. However, if for any reason the rule against perpetuities
does apply, then this Section controls the maximum term for trusts.
Notwithstanding any other provision of this agreement to the contrary (except for the
preceding paragraph), unless terminated earlier under other provisions of this agreement,
each trust created under this agreement shall terminate 21 years after the last to die of the
descendants of my maternal and paternal grandparents,who are alive at the relevant time.
At that time, the remaining trust property shall vest in and be distributed to the persons
then entitled to receive mandatory distributions of net income of the trust and in the same
proportions to which they are entitled to receive the net income. If no beneficiary is
entitled to receive mandatory distributions of net income, then the remaining trust
property shall vest in and be distributed to the beneficiaries then entitled to receive
discretionary distributions of net income of the trust, in equal shares.
Section 10.02 Spendthrift Provision
Neither the income nor the principal of any trust created under this agreement may be
assigned, anticipated, encumbered, alienated, or otherwise voluntarily transferred in any
manner by any beneficiary. In addition, neither the income nor the principal of any trust
created under this agreement is subject to attachment, bankruptcy proceedings or any
other legal process, to the interference or control of creditors or others, or otherwise
subject to any involuntary transfer.
This section does not restrict a beneficiary's right to disclaim any interest or the exercise
of any power of appointment granted in this agreement. In addition, this Section does not
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limit the ability of an Independent Trustee to appoint property in further trust for any
beneficiary as provided in Section 9.02, entitled "Power to Appoint in Further Trust
(Trust Decanting)."
Section 10.03 Contest Provision
If, after receiving a copy of this Section, any person, in any manner, directly or indirectly,
attempts to contest or oppose the validity of this agreement, (including any amendment to
this agreement), or commences, continues, or prosecutes any legal proceeding to set this
agreement aside, then such person shall forfeit his or her share, cease to have any right or
interest in the property, and shall, for purposes of this agreement be deemed to have
predeceased me.
Section 10.04 Changing the Governing Law and Situs of Administration
My Trust Protector may, at any time, change the governing law of the trust, remove all or
any part of the property or the situs of administration of the trust from one jurisdiction to
another, or both. My Trust Protector may elect, by filing an instrument with the trust
records, that the trust will thereafter be construed, regulated and governed as to
administration by the laws of the new jurisdiction. My Trust Protector may take action
under this Section for any purpose my Trust Protector deems appropriate, including the
minimization of any taxes in respect of the trust or any beneficiary of such trust, and may
do so with or without providing notice to any beneficiary.
If necessary, or if deemed advisable by my Trust Protector, my Trust Protector will
appoint an Independent Trustee to serve as trustee in the new situs.
If necessary, and if my Trust Protector does not appoint an Independent Trustee within 30
days of my Trust Protector's action to change the governing law or situs of the trust, the _
beneficiaries entitled to receive distributions of net income under the trust may, by
majority consent, appoint a corporate fiduciary in the new situs. If a beneficiary is a
minor or is incapacitated, the parent or legal representative of the beneficiary may act on
behalf of the beneficiary.
Section 10.05 Definitions
For purposes of this agreement,the following terms have the following meanings:
(a) Adopted and Afterborn Persons
A legally adopted person in any generation and his or her descendants,
including adopted descendants, has the same rights and shall be treated in
the same manner under this agreement as natural children of the adopting
parent, provided such person is legally adopted prior to attaining the age
of 18 years. A person is deemed to be legally adopted if the adoption was
legal in the jurisdiction in which it occurred at the time that it occurred.
A fetus in utero that is later born alive shall be considered a person in
being during the period of gestation.
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(b) Agreement
The term "this agreement" means this trust agreement and includes all
trusts created under the terms of this trust agreement.
(c) Available GST Exemption
An individual's "Available GST Exemption" means the GST exemption
provided in Section 2631 of the Internal Revenue Code in effect at the
time reduced by the aggregate of:
(i) the amount, if any, of GST exemption allocated to lifetime
transfers; and
(ii) the amount, if any, of allocations of GST exemption made or
deemed made to transfers other than allocations to transfers
under this agreement.
If, at the time, the individual has made a gift with an inclusion ratio of
greater than zero but has not filed a gift tax return and the due date for the
gift tax return has not yet passed, that individual's GST exemption is
deemed to have been allocated to this gift to the extent necessary and
possible to exempt the gift from generation-skipping transfer tax.
(d) Descendants
The term "descendants" means the lineal descendants of all generations of
the identified person.
(e) Distribution Trustee
The term "my Distribution Trustee" or "Distribution Trustee" refers to a
person or a corporate fiduciary who is qualified to serve as an Independent
Trustee and is appointed as Distribution Trustee in one or more trusts
under this agreement. A Distribution Trustee's authority is limited to
participating in discretionary distributions specifically assigned to the
Distribution Trustee, and has no other powers or responsibilities.
(fl Education
The term "education" is intended to be an ascertainable standard in
accordance with Section 2041 and Section 2514 of the Internal Revenue
Code and includes,but is not limited to:
(i) enrollment at private elementary, junior and senior high school
including boarding school;
(ii) undergraduate and graduate study in any field at a college or
university;
(iii) specialized, vocational or professional training or instruction at
any institution, including private instruction; and
(iv) any other curriculum or activity that my Trustee may deem
useful for developing the abilities and interests of a beneficiary
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including, without limitation, athletic training, musical
instruction, theatrical training,the arts and travel.
The term "education" also includes distributions made by my Trustee for
expenses such as tuition, room and board, fees, books and supplies,
tutoring,transportation, and a reasonable allowance for living expenses.
(g) Grantor
The term "Grantor" has the same legal meaning as "Settlor," "Trustor,"
"Trustmaker,"or any other term referring to the maker of a trust.
(h) Incapacity
Except as otherwise provided in this agreement, a person is deemed
incapacitated in any one of the following circumstances.
(1) The Opinion of a Licensed Physician
An individual is deemed incapacitated whenever, in the
opinion of a licensed physician, the individual is unable to
effectively manage his or her property or financial affairs,
whether as a result of age, illness, use of prescription
medications, drugs or other substances, or any other cause.
An individual is deemed restored to capacity whenever the
individual's personal or attending physician provides a
written opinion that the individual is able to effectively
manage his or her property and financial affairs.
(2) Court Determination
An individual is deemed incapacitated if a court of
competent jurisdiction has declared the individual to be
disabled, incompetent or legally incapacitated.
(3) Disappearance, Absence, or Detention
An individual is deemed incapacitated whenever, in my
Trustee's sole and absolute discretion, he or she cannot
effectively manage his or her property or financial affairs
due to disappearance, absence, or detention (including
incarceration).
A person's disappearance, absence, or detention (including
incarceration), may be established by an affidavit of my
Trustee describing the relevant circumstances. A third
parry dealing in good faith with my Trustee may rely on the
affidavit as conclusive evidence of incapacity.
(i) Income Beneficiary
The term "income beneficiary" means any beneficiary who is then entitled
to receive distributions of the net income of the trust, whether mandatory
or discretionary.
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Q) Independent Trustee
The term "Independent Trustee" means a Trustee who is not an Interested
Trustee as defined in subsection (k) and includes an Independent Special
Trustee appointed under the provisions of Section 2.09. Whenever a
power is granted exclusively to an Independent Trustee or the phrase
"other than an Interested Trustee" is used (or similar prohibitive
language), then the power or discretion may be exercised only by an
Independent Trustee.
(k) Interested Trustee
The term "Interested Trustee" means a Trustee who (1) is a transferor or
beneficiary; (2) is related or subordinate to a transferor or beneficiary;
(3) can be removed and replaced by a transferor with either the transferor
or a party who is related or subordinate to the transferor; or (4) can be
removed and replaced by a beneficiary with either the beneficiary or a
parry who is related or subordinate to the beneficiary.
For purposes of this subsection, (1) "transferor" means a person who
transferred property to the trust, including a person whose disclaimer
resulted in property passing to the trust; (2) "beneficiary" means a person
who is or in the future may be eligible to receive income or principal from
the trust pursuant to the terms of the trust, even if such person has only a
remote contingent remainder interest in the trust, but not if the person's
only interest is as a potential appointee under a power of appointment; and
(3) "related or subordinate" means related or subordinate within the
meaning of Section 672(c) of the Internal Revenue Code.
(1) Internal Revenue Code and Treasury Regulations
References to the "Internal Revenue Code" or to its provisions are to the
Internal Revenue Code of 1986, as amended from time to time, and the
corresponding Treasury Regulations, if any. References to the "Treasury
Regulations" are to the Treasury Regulations under the Internal Revenue
Code in effect from time to time. If a particular provision of the Internal
Revenue Code is renumbered, or the Internal Revenue Code is superseded
by a subsequent federal tax law, any reference is deemed to be made to the
renumbered provision or to the corresponding provision of the subsequent
law, unless to do so would clearly be contrary to my intent as expressed in
this agreement. The same rule applies to references to the Treasury
Regulations.
(m) Lifetime Beneficiary or Lifetime Beneficiaries
The term "Lifetime Beneficiary" or"Lifetime Beneficiaries" means one or
more of those beneficiaries that are identified as such in Section 1.07.
(n) Per Stirpes
Whenever a distribution is to be made to a person's descendants "per
stirpes," the distribution will be divided into as many equal shares as there
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are then-living children of the person and deceased children of the person
who left then-living descendants. Each then-living child will receive one
share and the share of each deceased child will be divided among such
child's descendants in the same manner.
(o) Primary Beneficiary
The primary beneficiary of a trust created under this agreement is the
oldest income beneficiary of that trust unless some other individual is
specifically designated as the primary beneficiary of that separate trust.
(p) Principal Residence
Other than real property identified by the Trustee as not being my
Principal Residence, the term "Principal Residence" means the real
property (including condominiums or the shares of a cooperative
apartment)held by this trust that meets any of the following criteria:
(i) it is my principal residence for purposes of Section 121 of the
Internal Revenue Code, as further clarified by Section 1.121-1(b)
of the Treasury Regulations, or any successor code or regulation;
(ii) it is my principal residence for Department of Veterans Affairs
pension benefits purposes; or
(iii) it is the real property identified by the Trustee as my Principal
Residence.
There can only be one Principal Residence. If the trust holds more than
one parcel of real property that qualifies as a Principal Residence under
(i), (ii), or (iii), then the Principal Residence is the parcel identified by the
Trustee as the Principal Residence.
_(q) Shall and May
Unless otherwise specifically provided in this agreement or by the context
in which used, I use the word"shall" in this agreement to command, direct
or require, and the word "may" to allow or permit, but not require. In the
context of my Trustee, when I use the word "may" I intend that my
Trustee may act in my Trustee's sole and absolute discretion unless
otherwise stated in this agreement.
(r) Supplemental Needs Person
The term "Supplemental Needs Person"means a person who:
(i) is disabled; or
(ii) is receiving, or is eligible to receive, assistance or other benefits
under a means-based government program (such as Medicaid or
Supplemental Security Income).
As used above, the term "disabled" means disabled as defined in United
States Code Title 42, Section 1382c(a)(3), or under Pennsylvania law
related to means-based government programs.
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As used above, the term "assistance" means assistance or medical
assistance as defined in United States Code Title 42, Section 1396d(a), or
under Pennsylvania law related to means-based government programs.
(s) Trust
The terms "trust," "my trust," "this trust," "this agreement," and similar
terms refer to this agreement and all trusts created under the terms of this
agreement.
(t) Trustee
The terms "Trustee" and "my Trustee" refer to the Trustees named in
Article One, entitled "Establishing My Trust," and to any successor,
substitute, replacement, or additional person, corporation or other entity
that is from time to time acting as the Trustee of any trust created under
the terms of this agreement. The term "Trustee" refers to singular or
plural as the context may require.
(u) Trust Estate and Trust Property
The terms "trust estate" and "trust property" mean all property (income
and principal) held by my Trustee under this agreement, including all
property that my Trustee may acquire from any source.
Section 10.06 General Provisions and Rules of Construction
The following general provisions and rules of construction apply to this agreement:
(a) Duplicate Originals
I may have executed any number of counterparts of this agreement, each
of which is deemed to be an original. Any person may rely upon a copy of
this agreement certified under oath by my Trustee to be a true copy, to the
same effect as if it were an original.
(b) Singular and Plural; Gender
Unless the context requires otherwise, words denoting the singular may be
construed as plural and words of the plural may be construed as denoting
the singular. Words of one gender may be construed as denoting another
gender as is appropriate within the context.
(c) Headings of Articles, Sections, and Subsections
The headings of Articles, Sections, and subsections used within this
agreement are included solely for the convenience and reference of the
reader. They have no significance in the interpretation or construction of
this agreement.
(d) Governing Law
Unless the Situs of Administration is changed as provided in Section
10.04, Pennsylvania law governs the validity and construction of this
agreement.
44
(e) Notices
Unless otherwise stated, whenever this agreement calls for notice, the
notice must be in writing and personally delivered with proof of delivery,
or mailed postage prepaid by certified mail, return receipt requested, to the
last known address of the party requiring notice. Notice is effective on the
date personally delivered or on the date of the return receipt. If a party
giving notice does not receive the return receipt but has proof that he or
she mailed the notice, notice shall be effective on the date it would
normally have been received via certified mail. If notice is required to be
given to a minor or incapacitated individual, notice must be given to the
parent or legal representative of the minor or incapacitated individual.
(f) Severability
The invalidity or unenforceability of any provision of this agreement shall
not affect the validity or enforceability of any other provision of this
agreement.
Grantor and Trustee
I hereby execute this agreement on November 9,2012.
I certify that I have read this agreement, that I understand it, and that it correctly states
the provisions under which the trust property is to be administered and distributed by my
Trustee.
John . Keller, Grantor Patricia A. Giusti, Trustee
COMMONWEALTH OF PENNSYLVANIA )
) SS..
COUNTY CUMBERLAND )
On this day, November 9, 2012, before me personally appeared John W. Keller and
Patricia A. Giusti, personally known to me (or proved to me on the basis of satisfactory
evidence) to be the individuals whose names are subscribed to the foregoing instrument,
and acknowledged that they executed the same as their voluntary act and deed for the
purposes therein contained.
Witness my hand and official seal.
[Seal]
Notary Public
NOTARIAL SEAL
MARCIA M NESBIT
4$ Notary Public
UPPER ALLEN TWP.,CUMBERLAND COUNTY
My Commission Expires Jun 4,2014
Schedule A
1. Ten Dollars Cash
2. The Keller Family Irrevocable Trust dated February 15, 1993 has now merged into
this Trust per Article V. 5.01(10) of The Keller Family Irrevocable Trust, which states
the Trustees shall have the power"to merge this trust with any other trust created in my
will or otherwise, with similar provisions and purposes and the same beneficiary or
beneficiaries, but only to the extent that the merger of the trusts will not cause the
imposition of gift tax or generation skipping tax, federal or otherwise. The Gift Tax
exemption is currently $5,120,000;thus, no gift tax will be incurred because of this
merger. Therefore, any trust property owned by the Keller Family Irrevocable Trust will
follow the terms of this John Keller Irrevocable Trust dated November 9, 2012 and is
effectively owned by this Trust.
A- 1
COMMONWEALTH OF PENNSYLVANIA REV-1162 EX0 1-96)
DEPARTMENT OF REVENUE
BUREAU OF INDIVIDUAL TAXES
DEPT.280601
HARRISBURG,PA 17128-0601 -
PENNSYLVANIA
RECEIVED FROM: INHERITANCE AND ESTATE TAX
OFFICIAL RECEIPT
N0. CD 018159
GIUSTI PATRICIA A
6200 WESTOVER DRIVE
MECHANICSBURG, PA 17050-2340
ACN
ASSESSMENT AMOUNT
CONTROL
NUMBER
________ fold __________
101 $18,000.00
ESTATE INFORMATION: SSN:
FILE NUMBER: 2113-0903
DECEDENT NAME: KELLER JOHN W
DATE OF PAYMENT: 09/19/2013
POSTMARK DATE: 09/18/2013
COUNTY: CUMBERLAND
DATE OF DEATH: 06/27/2013
TOTAL AMOUNT PAID: $18,000.00
REMARKS:
CHECK# 117
INITIALS: CJ
SEAL RECEIVED BY: GLENDA FARNER STRASBAUGH
REGISTER OF WILLS
TAXPAYER