HomeMy WebLinkAbout11-20-14 1505611185
REV-1500 EX(02-11)(FI'
OFFICIAL USE ONLY
PA Department of Revenue
County Code Year File Number
Bureau of Individual Taxes
PO BOX 280601 INHERITANCE TAX RETURN 21 14 0148
Harrisburg,PA 17128-0601 RESIDENT DECEDENT
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death MMDDYYYY Date of Birth MMDDYYYY
1214201-3 12181934
Decedent's Last Name Suffix Decedent's First Name MI
BOLOSKY WILLIAM A
(If Applicable) Enter Surviving Spouse's Information Below _
Spouse's Last Name Suffix Spouse's First Name M I
BOLOSKY CAROL A
Spouse's Social Security Number
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
FILL IN APPROPRIATE BOXES BELOW
® 1. Original Return 2. Supplemental Return ❑ 3. Remainder Return(Date of Death
Prior to 12-13-82)
❑ 4. Limited Estate ❑ 4a. Future Interest Compromise(date of ❑ 5. Federal Estate Tax Return Required
death after 12-12-82)
❑ 6. Decedent Died Testate ❑ 7. Decedent Maintained a Living Trust 0 8. Total Number of Safe Deposit Boxes
(Attach Copy of Will) (Attach Copy of Trust.)
❑ 9. Litigation Proceeds Received ❑ 10. Spousal Poverty Credit(Date of Death ❑ 11. Election to Tax under Sec.9113(A)
Between 12-31-91 and 1-1-95) (Attach Schedule O)
CORRESPONDENT- THIS SECTION MUST BE COMPLETED.ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
Name Daytime Telephone Number
KEITH 0 • BRENNEMAN, ESQ • 717-697-8528
REGISTER OF WILLS-USE ONLY
CD First Line of Address CO e-- C
44 WEST MAIN STREET r1\3 ��I M
M r i
Second Line of Address r- C:) t`a
f 5'DATE FILED
City or Post Office State ZIP Code J J
MECHANICSBURG PA 17055 - C o
CD
Correspondent's e-mail address:
Under penalties of perjury,I declare that I have examined this return,including accompanying schedules and statements,and to the best of my knowledge and belief,
it is true,correct and complete. Declaration of preparer other than the personal representative is based on all information of which preparer has any knowledge.
SIGf�iTUR�RS RESSPPp JSIBLE FOR FVNG RETURN DATE
((�� G� 11 /0 Icab i S�
ADDRESS
CAROL A. BOLOSKY, EXECUTRIX 318 CARMELLA DRIVE, MECHANICSBURG , PA
SIGNATURE OF PREPARER OTHER THAN REPRESENTATIVE DATE 17050
ADDRESS
KEITH 0• BRENNEMAN, ESQUIRE 44 WEST MAIN STREET, MECHANICSBURG, PA
PLEASE USE ORIGINAL FORM ONLY
Side 1
1505611185 OM46473.000 1505611185
1505611285
REV-1500 EX(FI)
Decedent's Social Security Number
Decedent's Name: 8 0 L 0 S K Y WILLIAM A
RECAPITULATION
1. Real Estate(Schedule A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 . 00
2. Stocks and Bonds(Schedule B) . . . . . . . . . . . . . . . . . . . . . . . . . 2. 2 5 2,7 8 6 . 8 8
3. Closely Held Corporation,Partnership or Sole-Proprietorship(Schedule C), , , . . 3. 0. 00
4. Mortgages and Notes Receivable(Schedule D) , , , , , , , , , , , , , , , , , q. 0 .00
5.' Cash, Bank Deposits and Miscellaneous Personal Property(Schedule E) , . , . , 5, 0 . 00
6. Jointly Owned Property(Schedule F) ❑ Separate Billing Requested , , , , 6. 0 . 00
7. Inter-Vivos Transfers&Miscellaneous Non-Probate Property
(Schedule G) ❑ Separate Billing Requested . . . . 7. 1351079 -20
8. Total Gross Assets(total Lines 1 through 7) . . . . . . . . . . . . . . . . . . g 387-181313 -08
9. Funeral Expenses and Administrative Costs(Schedule H). . . . . . . . . . . . . 9. 1-1952 •14
10. Debts of Decedent, Mortgage Liabilities,and Liens(Schedule I) , . , , . . . . . 10. 0 •00
11. Total Deductions(total Lines 9 and 10). . . . . . . . . . . . . . . . . . . . . 11. 1-1952 •14
12. Net Value of Estate(Line 8 minus Line 11) . . . . . . . . . . . . . . . . . . . 12, 3851913 •94
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. 385,913 -94
TAX CALCULATION -SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable
at the spousal tax rate,or
transfers unfjer Sec.9116
(a)(1.2)X.0- 3851913 - 94 15. 0 .00
16. Amount of Line 14 taxable
at lineal rate x.0.45 0 . 00 16. 0 . 00
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. 0 . 00
20. FILL IN THE BOX IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT ❑
Side 2
1505611285 1505611285
OM4648 3.000
REV-1500 EX(FI) Page 3 File Number
Decedent's Complete Address: 21 14 0148
DECEDENTS NAME
BOLOSKY WILLIAM A
STREET ADDRESS
3-18 CARMELLA DRIVE, SILVER
CUMBERLAND
CITY STATE ZIP
MECHANICSBURG PA 1?050-
Tax Payments and Credits:
1. Tax Due(Page 2,Line 19) (1) 0 . 00
2. Credits/Payments
A. Prior Payments 0 . 00
B.Discount 0 . 00
Total Credits(A+B) (2) 0 .00
3. Interest
(3) 0 . 00
4. If Line 2 is greater than Line 1 +Line 3,enter the difference.This is the OVERPAYMENT.
Fill in box on Page 2,Line 20 to request a refund. (4)
5. If Line 1 +Line 3 is greater than Line 2,enter the difference.This is the TAX DUE. (5) 0 . 00
Make check payable to: REGISTER OF WILLS, AGENT.
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred . . . . . . . . . . . . . . . . . . . . . . X
b. retain the right to designate who shall use the property transferred or its income . . . . . . . . . .. ❑ 0
c. retain a reversionary interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
d. receive the promise for life of either payments,benefits or care? . . . . . . . . . . . . . . . . . . ❑
2. If death occurred after Dec. 12, 1982,did decedent transfer property within one year of death
without receiving adequate consideration? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑
3. Did decedent own an"in trust for"or payable-upon-death bank account or security at his or her death?
4. Did decedent own an individual retirement account, annuity, or other non-probate property,which
contains a beneficiary designation? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ® ❑
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
For dates of death on or after July 1, 1994, and before Jan. 1, 1995,the tax rate imposed on the net value of transfers to or for the use of the surviving spouse
is 3 percent 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 172 P.S.§9116(a)(1.2)].
• The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5 percent,except as noted in(72 P.S.§9116(a)(1)].
• The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12 percent (72 P.S.§9116(a)(1.3)]. A sibling is defined,
under Section 9102,as an individual who has at least one parent in common with the decedent,whether by blood or adoption.
OM4671 2.000
REV-1503 EX+(8-12)
pennsylvania SCHEDULE B
DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN STOCKS & BONDS
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
William A. Bolosky 21 14 0148
All property jointly owned with right of survivorship must be.disclosed on Schedule F.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1. E-Trade Financial 252,786.88
individual brokerage account ending in #2591
TOTAL (Also enter on Line 2,Recapitulation) $ 252,786.88_
2w4696 2.000 If more space is needed,insert additional sheets of the same size
REV-1510EX+(08-09) SCHEDULE G
pennsylvania
DEPARTMENT OF REVENUE INTER-VIVOS TRANSFERS AND
INHERITANCE TAX RETURN MISC. NON-PROBATE PROPERTY
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
William A. Bolosky 21 14 0148
This schedule must be completed and filed if the answer to any of questions 1 through 4 on page three of the REV-1500 is yes.
DESCRIPTION OF PROPERTY EXCLUSION TAXABLE
ITEM MLLOETFENAMEOFTHE TRANSFEREE.THEIR RELATIONSHIP TO DECEDENT AND DATE OF DEATH %OFDECD'S
NUMBE TFEDATE OFTRANSFER ATTACH ACOPY OFTHE DEED FOR REAL ESTATE. VALUE OF ASSET INTEREST IFAPPUCABLE VALUE
1. E-Trade Financial 135,079.20 100.0000 0.00 135,079.20
traditional IRA brokerage
account ending in #8950. Carol
A. Bolosky is the listed
beneficiary on this account.
TOTAL(Also enter on line 7,Recapitulation)$ 135 07 9.20
If more space is needed,use additional sheets of paper of the same size.
9w46AF 2.000
REV-1511 EX-(10-09) SCHEDULE H
pennsylvania
DEPARTMENTOF REVENUE FUNERAL EXPENSES AND
INHERITANCE TAX RETURN ADMINISTRATIVE COSTS
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
William A. Bolosky 21 14 0148
Decedent's debts must be reported on Schedule I.
ITEM
NUMBER DESCRIPTION AMOUNT
A. FUNERAL EXPENSES:
1 None
B. ADMINISTRATIVE COSTS:
1. Personal Representative Commissions:
Name(s)of Personal Representative(s)
Street Address
City State ZIP
Year(s)Commission Paid:
2. Attorney Fees: Snelbaker & Brenneman, P.C. (Estimated) 1,330.00
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: 303.50
5. Accountant Fees:
6. Tax Return Preparer Fees:
7.
1 Cumberland Law Journal
advertising Executrix Notice 75.00
2 The Sentinel
advertising Executrix Notice 243. 64
TOTAL(Also enter on Line 9,Recapitulation) $ 1,952.14
9w46Ac 2.000 _ ' If more space is needed, use additional sheets of paper of the same size.
REV-1513 EX+(01-10) SCHEDULE J
pennsylvania
DEPARTMENT OF REVENUE BENEFICIARIES
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF: FILE NUMBER:
William A. Bolosky 21 14 0148
RELATIONSHIP TO DECEDENT AMOUNT OR SHARE
NUMBER NAME AND ADDRESS OF PERSON(S)RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE
TAXABLE DISTRIBUTIONS[include outright spousal distributions and transfers under
Sec.9116(a)(1.2),)
Carol A. Bolosky
318 Carmella Drive
Mechanicsburg, PA 17050
All of Residue: 385,913. 94 Surviving Spouse 385,913.94
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN
HOW ABOVE ON LINES 15 THROUGH 18 OF REV-1500 COVER SHEET,AS APPROPRIATE.
NON-TAXABLE DISTRIBUTIONS
A.SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN:
1.
B.CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS:
1.
TOTAL OF PART 11-ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. $ 0.00
If more space is needed,use additional sheets of paper of the same size.
9W46AI 2.000
UTO ratantmt
OF
NVILLIAIVIA.BOLOSKY
1.WILLIAM A. BOLOSKY,OfFredCriClk County,State 01`114aryland,hereby declare this to be triv Last Will
and"testament,hereby ievokin,any and all other VVills and Codicils that I previously may have executed.
SECTION 1.
The definitions and designations set forth in this Section I shall apply in connection with the administration of
in),estate and the construction of this Will.
1.01. For purposes hereof,the term"Fiduciary"and/or"Fiduciaries,"however expressed,shall refer to my
Personal Representative(s) and/or my TRISteC(S) Who may be serving at any time. \k[here powers or discretions are
conferred upon the fiduciaries,such powers or discretions Shall be exercised by the Personal Representative(s)as such,
or the Trustee(s)as Such,as the case may be,in their respective capacities and not by theii-joint action.
1.02. Any reference in this Will to my"wife,"or in),"Spouse,"whether specifically named or not,shall be
construed as meaning only CAROL A.BOLOSKY.
1.01 For purposes hereof,the term "child," however expressed, shall refer to any descendant in the first
degree of the parent designated.The term "descendant,"however expressed,shall include(i)children or more remote
descendants,either naturally born or legally adopted,but only if such descendant was adopted prior to attaining the age
of eighteen(18)years, it being my intent that such adoption shall have the same effect as if such individual had been
naturally born to the adopting parent or parents and(ii)any child or remote descendant in gestation at any time specified
in connection with the administration,division or distribution of any portion of my estate.
1.04. For purposes hereof,the term"per stirpes"shall be as defined in Sections 1-210 and 1-210.1 of the
Estates and Trusts Article,Annotated Code of Maryland,as in effect at the time of the execution of my Will.
1.05. 1 designate and appoint my wife,CAROL A.BOLOSKY,to serve as my Personal Representative. If
for any reason my wife, CAROL A.BOLOSKY, is or becomes Unwilling or unable to serve in this capacity,then I
constitute and appoint my daughter, AMY 1). DENGLER, as my Personal Representative. If for any reason my
daughter, AMY D. DENGLER, is or becomes Unwilling or unable to serve in this capacity, then I constitute and
appoint my son,WILLIAM J.BOLOSKY,as my Personal Representative.
1.06. 1 designate and appoint my wife,CAROL A.BOLOSKY,to serve as the Trustee of any trust created
or at any time existing hereunder. If for any reason my wife,CAROL A.BOLOSKY,should be or become unable or
Unwilling-to SCI-Ve bl Such capacity,then I constitute and appoint my daughter,AMY D.DENGLER,as Trustee. If for
any reason my daughter,AMY D.DENGLER,should be or become Linable or unwilling to serve in such capacity,then
I constitute and appoint my son,WILLIAM.1. BOLOSKY,as Trustee. (Tile term"it"or"its"may be used to refer to
the Trustee or Trustees hereunder.)
SECTION 2. HEADINGS,
2.01.1. Tile headings,titles,and subtitles in this Will have been inserted solely for convenience,and shall be
ignored in its consti-Liction.
SECTION 3. FUNERAL EXPFAISE
3,01. 1 direct my Personal Representative to pay the expenses of my funeral (including, if no provisions
therefor Shall have been made during my lifetime,the costs of cemetery plot and headstone and markers for my grave),
in Such amount as my Personal Representative may deem proper,without the necessity of obtaining the approval of any
Court havirigjtuisdiction over the administration of my estate and without regard to any applicable statutory limitation.
SECTION 4, DEB7N AND ADj1f1,VJS7W,4T10,V L�VPEN,SES,
4.01. 1 direct my Personal Representative to pay all debts and cla.itris which are legally enforceable against
me,e-.,,ccl)t that all mortgages,liens,and other encumbrances on property owned by tile at the time of my death shall be a
charge On the property so encumbered,and my esuile shall not be liable for any such indebtedness. I direct my Personal
Representative to pav all administration expenses, including, expenges of administering nonprobate assets, and I
authorize illy Personal representative to alloclue such expenses between income and principal in a reasonable manner
Consistent with applicable slate law and optimal UIN results.
1
SECTION 5, SPECIFIC GEOUESTS,DiSPOSiTION OF T4AIGIBLE PERSONAL PROPERTY.
5.01. I give my personal and household affects, automobiles and other tatizible personal property to my
wife, CAROL A. BOLOSKl', if she survives me. If my wife does not survive tile, then I give my personal and
household effects,eutontobiles and other tangible Personal property,in approximately equal shares,to my children who
survive me.My Personal Representative shall divide such property in shares as nearly equal in value as practicable and
by such method as my Personal Representative may deem equitable.To the extent possible,my Personal Representative
shall make such division and distribution to my children in accordance with their wishes,but the decision of my Personal
Representative with respect to the division of such property,when made,shall be final and-binding upon all distributees.
My Personal Representative shall be authorized to sell or convert any tangible personal property if my Personal
Representative deems it practical with the proceeds thereof to become pan of my residuary estate.
5.02. If, before my death, I left with my Personal Representative, with this Will or amort.- my important
personal papers, instructions indicating 1 would like any specified articles of my tangible personal property that any
legatee may inherit under this Section 5 to pass to any designated individual or individuals,it is my hope and expectation
that my instructions will be carried out,and without intending to impose any trust or legal obligations upon such legatee
or Personal Representative,1 am confident that my wishes will be followed.
i
SECTION 6. P,AY49ENTOFTAXES.
6.01. If my wife shall survive Tile, 1 direct that all estate, inheritance, succession,transfer or other death
taxes assessed by any taxing authority,whether foreign or domestic,in respect of all property taxable by reason of my
death or by reason of the inclusion of such property in my gross estate for estate tax purposes, be paid, without
apportionment,out of that portion of my residuary estate not qualifying for the Federal or state marital deduction.To the
extent the nottmarital portion of my residuary estate is insufficient to pay such taxes, I direct that the balance of such
taxes be paid from that portion of my residuary estate,if any,which qualifies for the Federal or state marital deduction,
in my Personal Representative's discretion,without apportionment,If my wife shall not survive nue,I direct that all such
taxes shall be paid from my residuary estate without apportionment, The aforesaid notwithstanding,if,at the time of my
death,I am the beneficiary of a trust for which a Federal or state qualified terminable interest property,(QTIP)election
was made, and the principal of that trust is includible in my gross estate for tax purposes, the estate, inheritance and
similar taxes, including interest and penalties, payable on the QTIP n-ust assets shall not be paid from my residuary
estate.
SECTION 7. RPSIDUARYESTATE.
7.01. My residuary estate shall consist of(a) all property or interests therein not otherwise effectively
disposed of in this Will,of whatever kind,nature or description,and wherever located,includ n.6 any property to which I
shall be in any way entitled at the tune of my death,and any insurance proceeds which may be payable to my estate,less
(b)all valid claims asserted against my estate and all expeatses incurred in administering my estate,including expenses
of administering nonprobate assets.
SECTION 8, DISPOSITION OFRESIDUARY ESTATE.
8.01. If my wife survives me,then 1 give my residuary estate unto my wife.
8,02. If my wife does not survive me,then I give my residuary estate to my living descendants,per stupes.
8.03. If my wife survives me but disclaims(either by herself,her guardian or her attorney-in-fact),in whole
or in part,]ter interest in any part of her bequest or her interest in arty other property which may pass to her under this
Will, then my Personal Representative shah distribute any such property so disclaimed unto the Trustee, heretofore
named, and its successor or successors, to hold the same IN'TRUST,to be known as the"DISCLAIMER TRUST,"
which shall be administered and disposed of as follows.
(a) Accounting From the tirne of my death, the Trustee shall pay the net income from the
DISCLAIMER TRUST to my wife,payable at least annually;for and during her lifetime.
(b) In addition to the income,the Trustee shall pay to my wife such amounts fiom the principal of the
Disclaimer Trust as the Trustee deems advisable for her continued health and maintenance in reasonable comfort and for
her support in the standard of living to which she has become accustomed.
(c) Upon my wife's death,the Trustee shall distribute the remaining prutcipal of the Disclauner Trust
to my living descendants,per stirpes.
8.04. The following additional provisions shall apply with respect to the Disclaimer Trust:
(a) iA4y Personal Representative shall, in its sole and absolute discretion,determine whether to elect
under the provisions of the Internal Revenue Code or any state death tax law applicable to my estate to qualify any
2
portion of the Disclaimer Trust for the Federal or state marital deduction. I specifically authorize such election under
anv state.law even if such election is inconsistent with any similar election made with respect to the Federal estate tax.
The determination of my Personal Representative with respect to the exercise of any such election shall be final and
binding on all interested persons. IvIv Personal Repiesentatke shall not be liable for any, loss resulting from its
determination with respect to the exercise ofany such election made by it in food faith.
(b) Upon the election by my Personal Representative to quality a portion of the Disclainer Trust for
the Federal or state marital deduction, the Trustee shall divide the Disclaimer Trust into two separate trusts so as to
create one trust("Disclaimer Trust A")based upon the portion of the Disclaimer Trust that would be included in my
wife's estate for federal or state estate tax purposes,and one trust("Disclaimer Trust B")based upon the portion of the
Disclaimer Trust that would not be included in rr w iie's estate for Federal or state estate tax purposes.
(c) Both Disclaimer Trust A and Disclaimer Trust B shall be held pursuant to the provisions of
Section 8.03,except that:
(1) with respect to Disclaimer Trust A,my wife shall have the right and power to direct that
the assets of this nest be reinvested to produce such income as is reasonable and consistent with the value of the trust
corpus,and
(2) if my Personal Representative made a Federal or state QTIP election for Disclaimer
Trust A, upon the death of my wife,the Trustee shall pay for the account of my wife's estate, from the principal of
Disclaimer Trust A,that aunount by which the estate and inheritance taxes,including interest and penalties,payable by
my wife's estate shall have been increased by reason of my wife's death and the inclusion of Disclaimer Trust A in her
estate for estate tax purposes. The balance of Disclai ner Trust A shall be added to and become a part of Disclaimer
Trust B.
SECTION 9. PROPERTY NOT VALIDLYDISTRIBUTABLE.
9.01. In the event that any portion of nny estate or any portion or portions of the trust property remaining in
the hands of the Personal Representative or Trustee shall be undisposed of or not be validly distributable under the
foregoing provisions of this, my Last Will and Testament,the Personal Representative or Trustee shall grant,convey,
pay over and deliver,absoluteh'free and clear of any trust,such property as follows:
(a) One-half(1/2) thereof(or all thereof, in the event nothing passes pursuant to Section 9.01(b)
hereof,as the case may be)to those persons,and in such proportions,as would be entitled to take the same(under the
laws of the State of Maryland,in effect at any such tine),had 1 then died,seized and possessed of the same, intestate,
umnarried,without creditors and a resident of the State of Maryland.
(b) One-half(1/2) thereof(or all thereof,in the event nothing passes pursuant to Section 9.01(a)
hereof,as the case may be)to those persons,and in such proportions,as would be entitled to take the same(under the
laws of the State of Maryland, in effect at any such tine), had my wife then died, seized and possessed of the sarne,
intestate,Unmarried,without creditors and a resident of the State of Maryland.
SECTION 10. POIVERSANDAUTHORITIES OFTRUSTEE;ADA9INISTRATIOVOFTRUSTS.
10.01. In addition to,and not in limitation of,all powers,authorities,and discretions granted to any Trustee
by statute,common law,or under any rule of court, I hereby expressly confer upon my Trustee the following powers,
which may be exercised in my Trustee's sole and absolute discretion without application.to,approval of or ratification by
anv court:
(a) to invest and reinvest in any kind of property, real or personal, and including common and
preferred stocks,zero coupon bonds,voting trust certificates,securities,interests,and obligations in or of corpol ations.
governmental bodies or agencies, unincorporated associations, partnerships (general or limited), limited liability
companies,joint ventures,tenancies in common,trusts,investment companies,investment trusts,common trust funds,or
in any other land of property,domestic or foreign,wasting or nonwasting,productive or nonproductive,regardless of the
fact that any or all of the investments made or retained are of a character or size which would not be permissible under
any statute or rule of court or otherwise deemed advisable for investments by fiduciaries;
(b) to retain, invest in; sell, mortgage, lease, exchange, manage, subdivide, develop,build, alter,
repair, improve, raze,abandon or otherwise deal with or dispose of any property, regardless of its nature, the lack of
diversification of any trust.or the fact that any arrangement with respect to such property extends beyond tine duration of
anv trust,
(c)to vote in person at stock or security holders'meetings,partners' or members'meetings,nr at any
adjournnnent of such meetings;to vote by general or limited proxy',with or without power of substitution,with respect to
am such shares of stock or other Securities:,or to execute proxies to one Or more nominees;
(d)to value and appraise the assets comprising the trust estate and make any allocations,divisions or
distr'ibUtiOns required or permitted by this Will in land or din money. or partly in kind and partly in money, in different
i
assets or disproportionate interests in assets.and to[hilt end to allot it)any-part o3-share such assets,real or personal.or
portions thereof or undivided interests therein, as the Trustees may select. Except as otherwise herein specifically
provided,thejudi nhent and any determination ofmr Trustee in connection with,including any decisions to male a non-
pro rata distributions and an%-decisions rcgarding the values assigned to various assetsshall.be binding and conclusive
Oil all parties interested therein: V
(e)to retain,for any period.all property initially received by Illy I rusiee as a part orally trust created
under 111V Will. including any assets with respect to which inv Trustee is viven the power to invest and reinvest,
regardless or whedner such proper[),or asset constitutes a large part Or all of ally trust car are not of the character,size,or
income yield permissible or otherwise deemed adrisabie for invesmrients by fiduciaries, as the fldUCIarie$ may
determine.without any liability or loss;
(f)to borrow money in such amounts and upon such terms and Pions such persons or,corporations as
my Trustee shall deem prudent, and for the repayment of tuiy monies so borrowed, to bind the oust estate by the
e.tecution and delivery of such obligations and such other evidences of indebtedness and by the imposition of such liens
upon the real and personal prnperry of the trust estate or any part thereof as illy`Ilustee nay deem advisable;
(g) to pay, compromise., adjust,abandon, submit to arbitration, renew, settle, sue on, defend, sell,
release and othewisedeal with any claims or demands orally trust against others or ofothers against my estate or such
trust is my Trustee may determine, including the acceptance of deeds of real property in satisfaction of bonds,
mortgages and security interests,and to make any pay-nnents, in connection with the exercise of this power which my
Trustee may determine,out of any trust created under illy Will;
(h) to make, execute, acknowled=ge and deliver all such deeds, assignments, transfers, mortgages,
pledges,leases,covenants,contracts options,promissory notes,guarantees,bills of sale,powers of attorney,releases and
other instruments and documents,sealed or unsealed,of whatsoever character,and to do or cause to be done all such
other matters or things as my Trustee may deenn necessary or proper to effect or exercise any power or authority given to
or vested in my Trustee herein or,by law;
(i) in any division of principal into separate trusts or shares,and in any distribution of i casts or shares,
to allocate to any trust,share, or beneficiary, property different from the property allocated to another trust,share,or
beneficiary,as the Trustee,using fair market values on the date of division or distribution,deems appropriate;provided,
hog-vever,that this power shall not be exercised in a manner contrary to any specific allocation of property elsewhere in
this instrument or in a manner that renders ineligible all or any part of any gift for any tax deduction,including but not
limited to tine Federal or state estate tax marital deduction.
10.02. My Trustee shall not be personally liable to any beneficiary or other party interested in the trust,or to
any third parties,for any claim against Ole trust for the diminution in value of trust property resulting from matters
involving hazardous substances, including any reporting of or response to(t)the continination of trust property by
hazardous substances,or(2)violations of any environmental laws related to the trust;provided that my Trustee shall not
be excused from liability for its own negligence or wrongful or wilful acts.
10.03. My Trustee shall be excused from filing any account with any court.All decisions made in good faith
and with reasonable diligence by my Trustee shall be conclusive and binding on all persons having or acquiring any
interests in any trust under this Will.
10.04. My Trustee shall at all thnes serve as such without bond.
10.05. My Trustee,while acting in good faith and exercising due care,shall not be liable or held responsible
for any loss or depreciation in the value of any trust, created herein, resulting from any of the investments or
reinveshnents made or retained as aforesaid.
10.06. The named Trustees are hereby authorized to name and appoint such successor Trustee or Trustees,
Co-Trustee or Co-Trustees as they may deem advisable,the said appointment to be made by an instrument in writing
duly signed and executed by the Trustees,and delivered to the new Trustee Or Trustees.Thereupon,such new Trustee or
Trustees shall be vested with all powers and duties :ranted to and imposed upon the TrnsteeS, hereinafter named,
including the power of appointing a suCceSsor or Co-Trustee. The successor or Co-Trustee herein referred to may be
either in individual ora corporation.
10.07. My spouse,and after the death of nnv spouse.a majority of my children(with the guardians who&trill
time to time are acting as such voting oil behalfof illy-minor children)may li,onn time to time.regardless ofby vvhom the
appointment originally was made:
(a)remove any corporate'Trustee hereunder so lone os there is a contemporaneous appointment of a
substitute corporate Trustee that has continuously engaged in business as a corporate Trustee for at least ten(10)years
prior to its appointment(includine such activities throu_h predecessor corpontte entities);and
(b)remove any individual Trustee hereunder so long as there is it contertporanoous appointment of a
substitute individual Trustee(as well LIS to appoint it substintie whenever ally individual Trustee dies or otherwise fails to
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act or continue as such);provided,however.that such substitrte shall be a person other than someone who is,directly or
indirectly.a beneficial-\,under this Will.
I0.0S. Any removal and appointment made pursuant to this Section shall be in writing and shall be effective
when an executed copy thereof is delivered ro the Trustee;hen acting as such.together with a written acceptance of die
trust by the newly-appointed Trustee.
10.09. Any Trustee may resign at any time by sending notice by registered mail to the remaining Trustee(sl,
if any,and to the adult beneficiaries,if any.and to the guardian ofam•minor beneficiaries,if any.After thirty(30)days
from the date of such mailing,such resignation shall become etlective,and thereafter the Trustee so resigning shall be
discharged from anv further duties hereunder,such right of resignation to be:1 continuing one.Such right to resign shall
become effective without regard to the availabilir:of s successor Trustee.
10.10. If at any time the office of Trustee of any trust hereunder should become vacant,a majority of the
beneficiaries of such trust, with guardians acting for any minor beneficiaries, to whom income or principal is then
required or permitted to be distributed shall have the right to appoint an individual or a bank or trust company to serve as
successor Trustee of such trust.
10.11. A Trustee by instrument in writing may delegate to a Co-Trustee for a specified period of time any of
such Trustee's powers and authorities; provided, however, that the powers and authorities vested exclusively in a
disinterested Trustee shall not be delegated to a Trustee who is not disinterested. Upon termination of any such
delegation, the delegating Trustee may accept, without audit, the books and records of a Co-Trustee to whom such
powers and authorities have been delegated and shall be free fi-om liability for any and all acts or omissions of such Co-
Trustee during the period of such delegation.
10.12. Substitute or Successor Trustees hereunder shall have all the rights, powers,discretion,duties,and
responsibilities,as well as the limitations thereof,granted to or imposed upon Illy Trustee herein named.Such Trustee
shall not be liable for the acts of their predecessors if,by the exercise of reasonable diligence,they do not discover such
acts upon becoming acting Trustees.
10.13. No trust created hereunder shall be administered under the direction orjurisdiction of any court.
10.14. The property and assets of all trusts created hereunder shall be held in the sole custody and possession
ofthe Trustee.
10.15. Anything to the contrary notwithstanding, the Trustees may designate such person or persons who
may withdraw funds from any checking,savings or other similar account,maintained for any trust created in this Will,
and in such case only one(1)Trustee need be the signatory for the withdrawal of funds 6-om such account,or for such
deed,instrument or d0(Aa1lent.
10.16. 1 direct that no person acting as a Trustee hereunder shall participate in any decision regarding
whether,and the extent to which,any discretionary payment shall be made to or for such Trustee's personal benefit or
the benefit of any other person for whose support such Trustee may be legally liable.Any such decision shall be made
solely by another Trustee. Any successor Trustee serving as a result of removal of a Trustee shall have no right to
participate in any decision regarding whether,and the extent to which, discretionary payments shall be made to any
beneficiaries fort+4hom my spouse has a legal obligation of support.
10.17. In making my designation of Personal Representative and Trustee, I recognize that said individuals
may be placed in a position of potential conflict with other fiducial responsibilities and representations arising out of
their position and/or interest in assets in which I may have an interest. I have selected the said designated individuals
with the said potential for apparent conflict in mind,and with full faith and confidence in them. I hereby direct that the
Personal Representative,and Trustee while actin,in good faith and exercising due care shall be exonerated from any
personal Ilablllty arising out of any decision which they may make or act which they may take in furtherance of the
position to which I have appointed them.
10.18. The Trustee shall be entitled to commissions as allowed by 1\41ryland law,or in accordance with the
Trustee's fee schedule as published from time to time.
10.19. My Personal Representative and the Trustee me authorized to maintain, pay premiums upon,
desigthate beneficiaries of and otherwise exercise all incidents of ownership in connection with any policy of
insurance on the life of any person which shall be or become a part of the property of my estate or any trust,in such
manner as they deem appropnate; provided. however, no fiduciary who is the insured party under any such lile
insurance policy may, whether acting alone, or in conjunction with any other party. exercise any incident of
ownership with respect to any such policy insuring his or her life.and may not in any manner.have,exercise,direct
or conuol any power to change the beneficial ownership in am such policy. its proceeds.or the time or manner of
enjoyment thereof. No insurance policy shall be heli)in a nest for which a Federal or state()TIP election was or will
be made.
10.20. The Trustee is authorized to move the donnicile of any oust from the state of its original domicile
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to any state of the United States if in the jUj_nhint of the Trustee it is in the best interest of the trust or its
beneficiaries to do so.
10.31. My Trustee shall have the po��er to divide any trust created hereunder or any property used to fund or
auvnnent any t-ust created hereunder into Two or more tractional shares to be held as separate t'usts hereunder, or to
divide any trust created hereunder into one or more separate trusts for the benefit of one or more of the beneficiaries(to
the exclusion of the other beneficiaries)of the trust so divided,as the Fiduciary,in the exercise of said Fiduciary's sole
and absolute discretion,may determine and to allocate to such divided trust some or all of the assets of the[rust estate
for any reason including. but not limited to, enabling any such trust to qualify as an eligible shareholder of an S
corporation as described in IFC Sections 1361(c)(2)(A)(I)or 136l(d),as the case may be,to provide an inclusion ratio
(within the meaning of IRC Section 2641(a)of zero for a trust to which an allocation of generation-skipping transfer tax
exemption may be made,or to qualify a separate must for any Federal or state Qualified'Terminable Interest Property
election (including an election provided under Section 7-309 of the Tax General Article of the Annotated Code of
;\Maryland or equivalent provision of i'vlaryland law),or for any other purpose.
1022. My Personal Representative and nny Trustee shall not have authority to exercise any power under this
document that would cause any property passing hereunder for which my Personal Representative has or will make a
Federal or state QTIP election to fail to qualify for the Federal or state estate tax marital deduction.
1023. The provisions of this Section pertain to the Federal generation-shipping transfer tax,and I refer to the
Internal Revenue Code(the"Code')and the Federal Regulations,as they may be amended Prom time to time,for the
definition of the technical words used below. For purposes of minimizing or eliminating this tax,and notwithstanding
the provisions contained in any preceding Section, I authorize my Personal Representative and Trustee to divide any
trust created by this Will into two separate trusts,so that one trust will have an inclusion Ration of zero and the other
must will have an Inclusion Ratio of one. The trust having an Inclusion Ratio of zero shall be designated as the"Exempt
TrUSt",and the trust having an Inclusion Ratio of one shall be designated as the"Nonexempt Trust." Each trust shall be
held and disposed of in accordance with the preceding provisions of this Will as if no division had been made,subject,
however,to the following exceptions:
(a) The Trustee shall not make any discretionary payments of principal to or for the benefit of a Non-
Skip Person from the Exempt Trust until the Non-Exempt Trust is exhausted.
(b) Except as provided in paragraph(d)of this Section,the Trustee shall not make any discretionary
payments of principal to or for the benefit of a Sldp Person from the Non-Exc rpt Trust until the Exempt Trust is
exhausted.
(c) Wherever a beneficiary is entitled to withdraw or receive any part of the principal of a trust,the
part which he or she is entitled to withdraw or receive shall be detennined as if the trust held for that beneficiary had not
been divided as provided above. In no event,however,shall the part which can be withdrawn or received by a Non-Skip
Person be paid from the Exempt Trust until the Non-Exempt Trust is exhausted.
(d) Any payments of income or principal which the Trustee may make for the purposes of a Skip
Person for medical or educational purposes shall not be made from the Exempt Trust until the Non-Exempt Trust is
exhausted.
(e) If the Trustee has discretionary authority to pay income to or for the benefit of more than one
person,and if they exercise that authority,the Trustee shall,to the extent possible,make any of these payments to or for
a Non-Skip Person from the Non-Exempt Trust and make any of these payments to or for a Slip Person from the
Exempt Trust.
(f) Ifthe assets of an Exempt Trust and a Non-Exempt Trust are subject to the Federal estate tax upon
the death of any beneficiary, then all estate, inheritance or succession taxes, including interest and penalties, payable
with respect to the assets held in those trusts,shall,to the extent possible,be paid fi om the Non-Exempt Trust,unless the
Failure to make these payments from the Exempt Trust would cause any ofthe assets held in that trust to be subject to the
Federal generation-skipping transfer tax.
(g) If' upon the termination of an Exempt Trust,assets allocated to a beneficiary are to be held in
trust for that beneficiary,and if there is an Exempt Trust held for that beneficiary under my Will,then I direct that those
assets shall be added to that Exempt Trust. it: upon the termination of a Non-Exempt Trust, assets allocated to a
beneficiary are to be held in test for that beneficiary,and if there is a Non-Exempt Trust held for that beneficiary under
my Will,then 1 direct that those assets shall be added to that Non-Exempt Trust.
('h) Ira Non-F.xennpt Trust terminates because of the death of a Non-Ship Person and if,as a result,a
Federal Qeneration-skipping nansfer tax would otherwise be payable with respect to any of the property distributable
fiom the trust,then I give that Non-Slip Person the poster to appoint to those creditors of his or her estate designated by
the Non-Skip Person in his or her Will.fironn the assets of such crust,an amount equal to the nhltinntnn amount necessary
to cause the Federal estate tax payable with respect to his or her estate and the veneration-skipping transfer tax payable
with respect to the Non-Exempt Trust to be reduced to the lowest combined amount possible. The exercise of this
power of appoinmhent shall be effective only if the Non-Ship Person makes specific reference to this power in his or her
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(i) The Trustee shall not exercise any power which would cause the assets held ii the Exempt Trust
to be Snblect to the Federal generation-shipping transfer taN.
SECTION I I. LVSL1R.9AaC'E OR PEEN)N`PL.i,V
11.01. If I designate the TrLsteC under ntv Will to be the beneficiary of any life insurance policy or
retirement plan,it is my desire that the same shall be added to the designated IRUST under Section S hereof,even if d-re
proceeds thereof represent the only assets in Trust:and require thereby for such`(lust to be established.
SECTION 12, PUhhCRSOFPER:30A%.4L REPRE.SF_,�,T4TIl'E.
12.01. My Personal Representative shall serve without bond.
12.02. My Personal Representative shall have all powers and discretions conferred by Maryland law,and all
powers and discretions with respect to my estate that are set forth or referred to with respect to the Trustee hereunder,to
be exercised without court order.
12.03. My Personal Representative is authorized to execute on my behalf or on behalf of my estate any tax
retum which may be filed.
12.04. My Personal Representative shall have,in addition to any other power,the specific powers to invest,
reinvest,sell,mortgage or otherwise dispose of any part or all of my estate,without the necessity of obtaining prior or.
subsequent court approval.
12.05. DiSnlbntlOnS may be made in cash or in hind in the discretion of my Personal Representative.
12.06.. No Personal Representative shall be personally liable to any beneficiary or other parry interested in
my estate or to any third parties,for any claim against my estate for the diminution in value of estate property resulting
fi'om matters uwolving hazardous substances, including any reporting of or response to(i)the contamination of estate
property by hazardous substances,or(ii)violations of any environmental laws related to my estate;provided that my
Personal Representative shall not be excused from liability for its own negligence or wrongful or wilful acts.
12.07 My Personal Representative shall have authority to renounce or disclaim on my behalf or on behalf of
my estate any property or interest in property or powers to which I or my estate may become entitled;provided however,
that if my spouse is serving as Personal Representative,my spouse shall not have authority to renounce or disclaim any
property or property interest under this paragraph if such act would constitute a gift for Federal gift and estate tax
purposes.
SECTION 13. SPLNDTHRIFTPRO VISIONS ANDFACILITYOFPAYMENTS.
13.01. Except as otherwise specifically provided in other portions of this Will,my Fiduciaries shall make all
payments hereunder directly to the beneficiary entitled to them and not to any other person.A deposit of funds to the
beneficiary's account in a bank or other financial institution is the equivalent of direct payment to the beneficiary. No
payment may be assigned,anticipated,or encumbered by the beneficiary;nor may ally payment be attached,garnished,
OF executed upon by any creditor of the beneficiary.
13.02. My Fiduciaries shall have the further power to make payments of any income or principal for a
beneficiary (i) directly to the beneficiary;(it) to the individual who is, in the judgment of my Fiduciaries, in proper
charge of such person, regardless of whether there is a cows order to that effect; (iii) in the case of a minor, to a
custodian for the minor named by my Fiduciaries.to(told as a gift under the Maryland Uniform Transfers to Minors Act,
with the custodial arrangement continuing until the beneficiary reaches twenty-one(21)years of age;or(iv)by paying
or applying any part or all thereof for a beneficiary's benefit or on a beneficiary's behalf; and in every such event
payment may be made without any necessity of obtaining a receipt or the approval of any court,and such payments
made in good faith shall be deemed proper and shall be a complete rebase and acquittance of m} Fiduciaries therefor.
13.03. Nly Fiduciaries may make discretionary payments of itcome or principal to any person after taking
into consideration, or without taking into consideration, as my Fiduciaries deem appropriate, any other income or
Financial resources reasonably available to said beneficiary. All aspects of decisions with respect to discretionary-
payments
iscretionarypayments of income and principal shall be made by ntv Fiduciarics in their sole and absolute discretion,Such that no
creditors of anv beneficiary. including any"overnmental agencies which may furnish services.payments or benefits to a
beneficiary,shall have any claim to any of the income or principal of my estate Orally trust.
SECTION 14. SL'RF'll'l.)RSHIP.
14.01. If my wife and I should die under such circumstances that here is no sufficient evidence that the two
of us shall have died otherwise than simultaneously. I hereby direct that for the pui4)ose of constrain,the provisions of
my Will my wife shall be deemed to have survived me.and that the provisions of my Will shall be construed upon that
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I �presumption, nonvi[hsrandinz- the provisions of anv late establishing a dilferent presumption as to the order of our
tleati?s.
14.02. If any person shall be requi'ed to survite nne or be living ;.It the time of np death in order to be
entitled to anv interest hereunder,I direct that For the purpose of construine the provisions of my Will such person shall'
be deemed to have predeceased ne unless such puson survives ne by[hirrr(30)full days;except[hat[Ile foregoing
sentence of this paragraph shall no[apply with respect to my wife, who shall be entitled to receive her share if she
survives me by as much as an instant or is deemed ro lace survived ne under Section 14.01 hereinabove.
SECTION 13. RCiLE.,IGAhVSTPER PET(_ITIES.
15.01. Any other provisions of this\ iII to the coniran nohvithscmding,if at the end of the month preceding
the month of expiation of twenty-one (=11 years following the death of the last survivor of my wife and all of ny
descendants who are living at fire time of my death,any property is held in must hereunder.such trust shall thereupon
terminate and the entire remaining principal thereof shall be paid over and distributed Gee of any further trust to the
persons then entitled or permitted to receive the principal and income t'herefiorn in fhc proportions in which they are then
entitled to the same.
SECTION 16. GENDER.
16.01. Any use in this Will ofpronotuns ofthe masculine or feminine gender shall be interpreted as including
persons of the temale and male sex,where the sense so requires.
IN WITNESS\kg4EREOP,I have signed my name to this Last Will and Testament this day of
j(' :2007. 7 —
WI LIAM A.)§OLdSKY .
Signed,sealed,published and declared by the above-named Testator,as and for his Last Will and Testament,in
the presence of us,who at his request, in his presence and in the presence of each other,have hereunto subscribed our
names as witnesses thereto.
WITNESS: �,/y / ADDRESS:
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yl:
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