HomeMy WebLinkAbout12-10-14 (2) J 1505610143
REV-1500 Ex�o2_„> .�,
OFFICIAL USE ONLY
PA Department of Revenue pennsylvania County Code Year File Number
Bureau of Individual Taxes OEVARTMENTOFREVENIIE
Po Box.28o60� INHERITANCE TAX RETURN 21 14
Harrisburg, PA 17128-0601 RESIDENT DECEDENT
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death Date of Birth
09 16 2014 O1 07 1926
DecedenYs Last Name Suffix DecedenYs First Name MI
GRANOFF RUTH A
(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 � 2. Supplemental Return � 3. Remainder Return(Date of Death
Prior to 12-13-82)
� 4. Limited Estate � 4a.Future Imerest Compromise � 5. Federal Estate Tax Return Required
(dale of death afler 12-12-82)
� g Decedent Died Testate X � Decedent Maintained a Living Trust � 8. Total Number of Safe De osit Boxes
(Attach Copy of Wilp ❑ (Attach Copy of Trusl) P
� 9. Litigation Proceeds Received � �p.Spousal Povert Credit�(Date of Death 11.Election to tax under Sec.9113 A
between 12-31�J1 and -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
EDMUND G MYERS (717) 761 4540
REGISTER OF WI�USE ONLY
C'� „""""'� �f �
First Line of Address � q � � E7
4
301 MARKET STREET � '�n. � � cn a
;:�:f � t" N � t�'7
Second Line of Address C�� w: �-p � ..,� �y
� ;��
PO BOX 10 9 : �� : � � n
�-' a Fi� �' -�n
City or Post Office State ZIP Code
�„� t,... �.^' M
LEMOYNE PA 17043 -'� � � �
�
y N "'�l
Correspondent's e-mail address: egm@jdsw.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,
i is true,correct and complete.Decla n of preparer other than the personal representative is based on all information of which preparer has any knowledge.
SI NATURE OF P SON R NSIB F ILING RETURN DAT
Jon Stephen Granoff
R SS
33 North 24th Street, Camp Hill, PA 17011
SI URE OF PREPARF.�R OTHER THAN REPRESENTATIVE ATE
,�.�,,�� ,��, Edmund G. Myers �2 � �
RESS �
301 MARKET STREET, Lemoyne, PA 17043
Side 1
� 15�5610143 1505610143 � �
�
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� 1505610243
REV-1500 EX
DecedenYs Social Security Number
DecedenYsNarne: GRANOFF� RUTH A
RECAPITULATION
1. Real Estate(Schedule A)....................................................................................... 1.
2. Stocks and Bonds(Schedule B)............................................................................. 2.
3. Closely Held Corporation,Partnership or Sole-Proprietorship(Schedule C)......... 3.
4. Mortgages&Notes Receivable(Schedule D)........................................................ 4.
5. Cash,Bank Deposits&Miscellaneous Personal Property(Schedule E)............... 5. 100 . 00
6. Jointly Owned Property(Schedule F) ❑ Separate Billing Requested............ 6. 63 , 0 96 . 8 8
7. Inter-Vivos Transfers&Miscelianeous�aq Probate Property
(Schedule G) L� Separate Billing Requested............ 7. 1 ,214 � 898 . 98
8. Total Gross Assets(total Lines 1 through 7)........................................................ g. 1 ,2 7 8 , 0 95 . 8 6
9. Funeral Expenses and Administrative Costs(Schedule H).................................... 9. 21 ,511 . 02
10. Debts of Decedent,Mortgage Liabilities and Liens(Schedule I)............................ 10. 13,5 7 0 . 4 8
11. Total Deductions(total Lines 9 and 10)................................................................ ��. 3 5, �81 . 5 0
12. Net Value of Estate(Line 8 minus Line 11).......................................................... 12. 1 ,2 4 3 , 014 . 3 6
13. Charitable and Governmental Bequests/Sec 9113 Trusts for which
an election to tax has not been made(Schedule J)............................................... 13.
14. Net Value Subject to Tax(Line 12 minus Line 13)............................................... 14. 1 ,2 4 3 , �14 . 3 6
TAX COMPUTATION-SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxabie
at the spousal tax rate,or
transfers under Sec.9116
(a)(1.2)X.00 15. 0 . ��
16. Amount of Line 14 taxable 1 ,2 43 , 014 . 3 6 �s. 55, 935 . 65
at lineal rate X .045
17. Amount of Line 14 taxable
at sibling rate X.12 � . �� 17. � . ��
18. Amount of Line 14 taxable
at collateral rate X.15 0 . �0 18. � . 0�
19. TAX DUE................................................................................................................ 19. SS, 935 . 65
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT. �
Side 2
� 1505610243 1505610243 �
RUTH A GRANOFF
� � � ' � � � � � " � PA Estate Tax � 0.00
Date of Death Tue,Sep 16, 2014 Optimal Discount Paymen 53,138.87
3 Months After DOD Tue, Dec 16,2014
• � . Click here
if Paid Total Paid at Not Paid at
at Discount Date Paid Tax Paid Discount Discount
❑
❑
❑
❑
❑
❑
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Tax Discount
A. Tax Paid at Discount(per above) x 5/95 =
B. �Tax Due if Entire Balance paid on/before Tue. Dec 16. 2014 53,138.87 x 5/95 = 2,796.78
C. Total NET Tax Paid/To be Paid at Discount 53,138.87 x 5/95 = 2,796.78
D. Discount C. 53,138.87� x 5/95 = 2,796.78 (1)*
F. 55,935.65 x 5% = 2,796.78 (2)*
Lesser of(1)or(2)above 2,796.78
E. Tax Credit(C+ D) 55,935.65
F. GROSS Tax Due(Page 1, Line 19) 55,935.65
G. Balance of Tax Due 0.00
*The calculations in(1)and(2)are intentionally different. Item (1)computes the amount of discount
based upon an assumed NET payment. Item(2)computes the maximum potential discount based upon an
actual GROSS principal tax due. Thus,a discount always equals the NET payment x 5/95, or the GROSS tax x 5%.
REV-1500 EX Page 3 File Number 21-14
Decedent's Complete Address:
DECEDENT'S NAME
GRANOFF, RUTH A
STREETADDRESS
100 Mt.Allen Drive
CITY STATE ZIP
Mechanicsburg PA 17055
Tax Payments and Credits:
1. Tax Due(Page 2, Line 19) (1) 55,935.65
2. Credits/Payments
A. Prior Payments
B. Discount 2,796.78
Total Credits(A +B) (2) 2,796.78
3. Interest (3)
4, If Line 2 is greater than Line 1 +Line 3,enter the difference. This is the OVERPAYMENT. (4)
Check box on Page 2,Line 20 to request a refund
5. If Line 1 +Line 3 is greater than Line 2,enter the difference. This is the TAX DUE. (5) 53,138.87
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:.................................. ❑ �x
c. retain a reversionary interest;or............................................................................................................... ❑ �
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?.................................................................................................................... ❑ ❑X
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?.................................................................................................................. X
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES,YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
_ _._ _ _.
For dates of death on or after July 1,1994 and before Jan. 1,1995,the tax rate imposed on the net value of transfers to or for the use of the surviving spouse
is 3 percent[72 P.S.§9116(a)(1.1)(i)).
For dates of death on or after January 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 decedenYs 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 individuai who has at least one parent in common with the decedent,whether by blood or adoption.
Rev-1508 EX+�11-10)
SCHEDULE E
pennsylvania CASH, BANK DEPOSITS, & MISC.
DEPARTMENT OF REVENUE
INHERITANCETAXRETURN PERSONAL PROPERTY
RESIDENT DECEDENT .
ESTATE OF FILE NUMBER
GRANOFF, RUTH A 21-14
Include the proceeds of litigation and the date the proceeds were received by the estate.
All propertyjointly-ownedwith the right ofsurvivorship must be disclosedon schedule F.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1 Tangible Personal Property 100.00
TOTAL(Also enter on Line 5, Recapitulation) 100.00
(If more space is needed,additional pages of the same size)
Copyright(c)2010 form software only The Lackner Group, Inc. Form PA-1500 Schedule E(Rev. 11-10)
Rev-1509 EX+(01-70)
pennsylvania SCHEDULE F
DEPARTMENTOFREVENUE JOINTLY-OWNED PROPERTY
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
GRANOFF, RUTH A 21-14
If an asset was made joint within one yearof the decedent's date of death,it must be reported on schedule G.
SURVIVING JOINT TENANT(S)NAME ADDRESS RELATIONSHIP TO DECEDENT
A. Jon Stephen Granoff 233 N 24th Street Son
Camp Hill, PA 17011
B.
C.
JOINTLY OWNED PROPERTY:
DESCRIPTION OF PROPERTY %OF DATE OF DEATH
ITEM LETTER DATE INCLUDE NAME OF FINANCIAL INSTITUTION AND BANK ACCOUNT DATE OF DEATH DECD�S VALUE OF
NUMBER FOR JOINT MADE NUMBER OR SIMILAR IDENTIFYING NUMBER.ATTACH DEED FOR VALUE OF ASSE INTEREST DECEDENT'S INTEREST
TENANT JOINT JOINTLY-HELD REAL ESTATE.
1 Wells Fargo Crown Classic Checking 126,193.76 50.000% 63,096.88
Account No. 1010260551362-September
Account Statement is Attached
TOTAL(Also enter on Line 6, Recapitulation) 63,096.88
(If more space is needed,additionai pages of the same size)
Copyright(c)2010 form software only The Lackner Group, Inc. Form PA-1500 Schedule F(Rev.01-10)
Rev-1510 EX+(08-09)
SCHEDULE G
pennsylvania lNTER-VIVOS TRANSFERS AND
DEPARTMENTOFREVENUE MISC. NON-PROBATE PROPERTY
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
GRANOFF, RUTH A 21-14
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 THE DATE OF TRANSFER.SATTACNTA CO Y OF T�E DEIED FOR REa�ESTaTE. VALUE OF ASSET INTEREST (�F APPLICABLE) VALUE
1 Ruth A.Granoff Rollover IRA Account No.41638786- 566,361.78 566,361.78
Beneficiary: Jon Stephen Granoff,Son. Date of Death
Valuation is Attached
2 John H.Granoff Revocable Trust-Sole Use Trust- 0.00 0.00
Reported on John H. Granoffs Inheritance Tax Return
filed July 8, 2010 and tax paid on the remainder
interest. A copy of The Notice of Appraisement is
attached. FOR INFORMATION PURPOSES ONLY(File
No.21-10-0041)
3 Ruth A.Granoff Revocable Trust Account 20991728- 648,537.20 648,537.20
Trust Beneficiary:Jon Stephen Granoff,Son. Date of
Death Valuation is Attached
TOTAL(Also enter on Line 7,Recapitulation) 1,214,898.98
(If more space is needed,additional pages of the same size)
Copyright(c)2009 form software only The Lackner Group,Inc. Form PA-1500 Schedule G(Rev.08-09)
REV•7511 EX+(10-09)
pennsylvania SCHEDULE H
DEPARTMENT OF REVENUE F U N E RA L EXP E N S ES A N D
R SEDENNDECEDENT URN qDMINISTRATIVE COSTS
ESTATE OF FILE NUMBER
GRANOFF, RUTH A 21-14
Decedent's debts must be reported on Schedule I.
ITEM DESCRIPTION AMOUNT
NUMBER
A. FUNERAL EXPENSES:
See continuation schedule(s) attached 9,864.69
B. ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions
Name of Personal Representative(s)
Street Address
City State Zio
Year(s)Commission Paid
2. Attorney's Fees JOHNSON DUFFIE 6,000.00
3, Family Exemption: (If decedenYs address is not the same as claimanYs,attach explanation)
Claimant
Street Address
City State Zio
Relationshiq of Claimant to Decedent
4. Probate Fees
5. AccountanYs Fees
6. Tax Return Preparer's Fees 150.00
7. OtherAdministrative Costs 5,496.33
See continuation schedule(s) attached
TOTAL(Also enter on line 9, Recapitulation) 21,511.02
Copyright(c)2009 form software only The Lackner Group, Inc. Form PA-1500 Schedule H(Rev. 10-09)
SCHEDULE H
FUNERAL EXPENSES AND ADMINISTRATIVE COSTS
continued
ESTATE OF FILE NUMBER
GRANOFF, RUTH A 21-14
ITEM
NUMBER DESCRIPTION AMOUNT
Funeral Expenses
1 Blooms by Vickery-Funeral Flowers 454.69
2 Myers Harner Funeral Home 3,983.00
3 Rolfing Green Cemetery 5,427.00
H-A 9,864.69
Other Administrative Costs
4 Cumberland County Register of Wills Office-Filing Fee for Inheritance Tax Return and 30.00
Inventory
5 Messiah Village-Final Expenses 5,113.33
6 Messiah Village-Additional Expenses 103.00
7 Reserves:Additional Miscellaneous Administrative Costs 250.00
H-B7 5.496.33
Copyright(c)2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule H(Rev.6-98)
Rev-1512 EX+(12-08) '
SCHEDULE 1
pennsylvania DEBTS OF DECEDENT,
DEPARTMENT OF REVENUE
INHERITANCETAXRETURN MORTGAGE LIABILITIES AND LIENS
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
GRANOFF, RUTH A 21-14
Report debts incurred by the decedent prior to death that remained unpaid at the date of death,including unreimbursed medical expenses.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1 2014 Final Income Tax ReturnslTax Due-Federal and Pa Tax Returns 3,000.00
2 Alert Pharmacy 331.48
3 Check Clearing After Date of Death 45.00
4 Lifeways -August Rent 10,194.00
TOTAL(Also enter on Line 10, Recapitulation) 13,570.48
(If more space is needed,additional pages of the same size)
Copyright(c)2008 form software only The Lackner Group,Inc. Form PA-1500 Schedule I(Rev. 12-08)
REV-1513 EX+(07-10)
pennsylvania SCHEDULE J
DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN BENEFICIARIES
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
GRANOFF, RUTH A 21-14
RELATIONSHIP TO
NUMBER NAME AND ADDRESS OF DECEDENT SHARE OF ESTATE AMOUNT OF ESTATE
PERSON(S)RECEIVING PROPERTY (Words) ($$$)
Do ot List Trustee s
I� TAXABLE DISTRIBUTIONS [include outright spousal
distributions,and transfers
under Sec.9116 a 1.2
Jon Stephen Granoff Son Entire Estate
533 North 24th Street
Camp Hill, PA 17011
Total
Enter dollar amounts for distributions shown above on lines 15 throu h 18 on Rev 1500 cover sheet,as a ro riate.
NON-TAXABLE DISTRIBUTIONS:
II. 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
Copyright(c)2010 form software only The Lackner Group, Inc. Form PA-1500 Schedule J(Rev.01-10)
ESTATE OF R UTHA. GRANOFF
SCHED ULE OF EXHIBITS
EXHIBIT A Last Will and Testament for Ruth A. Granoff signed and dated May
23, 2001
EXHIBIT B Wells Fargo Account Statement (August-Septembe�) for Joint
Account with Jon Stephen Granoff
EXHIBIT C Ruth A Granoff Rollover IRA — Valuation of IRA Assets as of Date
of Death provided by Kuntz Lesher & Capital LLC
EXHIBIT D Notice of Inheritance Tax Appraisement—Estate of Jon H. Granoff
EXHIBIT E Ruth A. Granoff Revocable Trust - Valuation of Trust Assets as of
Date of Death provided by Kuntz Lesher & Capital LLC
EXHIBIT F Revocable Inter Vivos Trust Agreement of Ruth A. Granoff signed
and dated May 23, 2001
:668178
� A.. n1
t �
LAST WILL AND TESTAMENT
of
RUTH A. GRANOFF
I,RUTHA. GI2ANOFF,now of Camp Hill, Cumberland County, Pennsylvania, being of
sound and disposing mind, do hereby make, publish, and declare this to be my Last Will and
Testament, hereby revoking a�d makirig null and void all prior Witls ��octicit�made t�y me at
any time heretofore.
ITEM I. I direct that all my legally valid debts, funeral and admuustrative
expenses, and debts incurred or payable because of my death, sha11 be paid by my Trustee,
hereinafter named,first,from the assets of my Inter Vivos Trust,as referenced in Item V hereof and
more fully set forth in such Trust Agreement(described and defined below),if sufficient,but,if not,
then from the assets passing hereunder, as soon after my death as practicable. All death taxes,
including federal,state, and other death ta.xes,with respect to the property forming my gross estate
for tax purposes,whether or not passing under this Will,including any interest or penaliy imposed
thereon, sha11 be considered an expense of administration of my estate, without apportionment or
right of reimbursement. Taxes on future interests may be prepaid.
ITEM II. I acknowledge that, as of this time,the home in which I reside with
my husband, JOHN H. GRANOFF (my "Husband") is titled between us in a tenancy by the
_ _ . _
_ .
ExH�a�r A
I
, ° ° i .
entirety,so that it,and all personal property therein not otherwise identified as owned solely by ine,
shall not pass under this Wi11,but sha11 pass by operation of law in the event that I predecease him.
ITEM III. I give and bequeath certain items of tangible personal properly that are
solely owned by me at the time of my death and that are identified in any separate writing directing
distribution thereof after my death which is dated and is signed by me at the end thereof,to those
persons designated in such separate writing who survive me. If any item of tangible personal
property is identified in more than one separate writing,I direct that, unless stated to the contrary,
the separate writing bearing the last date shall goveni the disposition of such item.
ITEM IV. I give and bequeath all my household and personal effects,jewelry,
automobiles, and other tangible personalty of like nature not effectively disposed of by any sepaxate
writuig referred to above and that are solely owned by me at the time of my death,to my Husband,
JOHN H. GRANOFF, if he survives me. If my Husband does not survive me, I then make said
bequest outright to my son,JON STEPHEN GRANOFF (my"Son");Provided,however, that if
my Son does not so survive me, then I make such bequest outright to my grandson, MARK
GRANOFF (my "Grandson"), but if neither my Son, nor my Grandson so survive me, but leave
descendants who so survive me,such descendants shall receive,per sti�pes,the share such deceased
beneficiary would have received had he so survived me. Such property sha11 be divided by said
beneficiaries as they shall agree. As to those items upon which they shall not agree, distribution or �
2 �
, � ' I e
disposition thereof(whether in kind or in cash from the proceeds thereo fl shall be determined in the
sole discretion of my Executor, whose decisions shall be final.
ITEM V. I give, devise, and bequeath all of the residue of my estate,whether
real, personal, or mixed, and wherever siivate, including any property subject to any power of
appointment which I may now have or hereafter acquire,to my Trustees,namely,JON STEPHEN
GRANOFF and MARK GRANOFF, IN T�UTH NEVERTHELESS, to be held, administered,
governed, and distributed under the terms and conditions of that certain Trust Agreement executed
on this date, as it may be superseded or amended by such other trust agreement or amendment as I
might make now or hereafter from time to time in replacement of amendment thereof.
ITEM VI. The interest of beneficiaries hereunder shall not be subj ect to
anticipation or to voluntary or involuntary alienation.
ITEM VII. I hereby appoint my Husband,JOHN H. GRANOFF, and my Son,
JON STEPHEN GRANOFF, or the survivor of them, to serve as the executor(the "Executor"),
of this,my Last Will and Testament. In the event that both of them refuse or are unable to so serve,
I then nominate and appoint my Grandson, MARK GRANOFF, to serve in such capacity as
substitute Executor. In the event of the refusal or inability of a11 named persons to serve,I then grant
to the person last so nominated and capable of serving the right and power, exercisable in his
exclusive discretion,to nominate and appoint,whether in advance while competent, or at the time
3
of a renunciation or resignation, a person or persons to serve as such Executor, which nomination
shall be honored as if I had made such an appointment in this Will.
ITEM VIII. I direct that my Executor shall not be required to give bond or post any
other security for the faithful performance of duties in any jurisdiction.
ITEM IX. Any person,other than my Husband,who sha11 have died at the same
time as me, or in a common disaster with me, or under such circumstances that it is difficult or
impossible to determine who died first, sha11 be deemed to have predeceased me.
ITEM X. My Executor sha11 have the following powers in addition to those
invested by law a.nd by other provisions of my Will applicable to all property, whether principal of
income, exercisable without Court approval, and effective until distribution of all properiy:
A. To retain any investments I may have at my death so long as my
Executor may deem it advisable to my Estate so to do.
B. To vary investments,when deemed desirable by my Executor,and to
invest in such bonds, common trust funds, stocks, notes, real estate mortgages, or
other securities or in such other property, real or personal, as my Executor deems
wise, without being restricted to so-called"legal investments".
4
C. In order to effect a division of the principal of my Estate or for any
other purpose, including any fmal distribution,my Executor is authorized to make
said divisions or distributions of the personalty and realty partly or wholly in kind.
If such division or distribution is made in kind,said assets are required to be divided
or distributed at their respective values on the date or dates of their division or
distribution.
D. To sell either at public or private sale and upon such terms and
conditions as my Executor may deem advantageous to my Estate, any or all real or
personal estate or interests therein owned by my Estate severally or in conjunction
with other persons or acquired after my death by my Executor, and to consumtnate
said sale or sales by sufficient deeds or other instnzments to the purchaser or
purchasers, conveying a fee simple title, free and clear of all irust and without
obligation or liability of the purchaser or purchasers to see to the application of the
purchase money or to make inquiry into the validity of said sale or sales; also, to
make,execute,acknowledge,and deliver any and all deeds,assignments,options,or
other writings which may be necessary or desirable,in carrying out any of the powers
conferred upon my Executor in this paragraph or elsewhere in my Will.
E. To mortgage real estate, and to make leases of real estate for any
period of time as is deemed reasonable by them.
5
, . .
F. To borrow money from any pariy to pay indebtedness of mine,or of
my Estate, expenses of administration, or inheritance, legacy, estate or other taxes.
G. To pay all costs,taxes,expenses,and charges in connection with the
administration of my Estate. My Executor sha11 pay expenses of my last illness and
funeral expenses.
H. To vote any shares of stocic which form a part of my Estate, and to
otherwise exercise all the powers incident to the ownership of such stocic.
I. To compromise claims and to abandon any property which, in my
Executor's opinion, is of little or no value.
IN WITNESS WHEREOF,I have hereunto set my hand and seal to this,my Last Will and
Testament, consisting of six(6)typewritten gages,this�.� day of May,2001.
;� ,�—
,���� , (.,� � s>
RUTHA. G i OFF �
6
G '. .
We,the undersigned,hereby certify that the foregoing Will was signed,sealed,published and
declared by the above-named Testatrix, RUTH A. GRANOFF, as and for her Last Will and
Testament,in the presence of us,who at her request and in her presence and in the presence of each
other,have hereunto set our hands and seals the day and year above written, and we certify that at
the time of the execution thereof,the said Testatrix was of sound and disposing mind and memory.
������� ���- residing at �j�,3 �_��G� �afl�
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Of�esr��t� ,�s� O��il.�3
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-,� _ ,- i�E,�`��` residing at ���� �-�,���c�V,m�'�:�^
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F , .
COMMONWEALTH OF PENNSYLVANIA, .
. SS..
COUNTY OF DAUPHIN .
We, RUTH A. GRANOFF, the Testatrix, and �,�c�, �oU� r;'s-�� and
/��1L �N�Z��'�d!he witnesses, respectively, whose names are signed to the foregoing
instrument,being first duly sworn,do hereby declare to the undersigned authority that the Testatrix
signed and executed the instrument as her Last Will and that she had signed willingly, and that she
executed it as her free and voluntary act for the purposes therein expressed, and that each of the
witnesses,in the presence and hearing of the Testatrix,signed the Will as witness and that to the best
of his/her lcnowledge the Testatrix was at that time eighteen years of age or older,of sound mind and
under no constraint or undue influence. ,.-�--
��. -�-
�, �.��..:� �,
- � R UTHA. GRANOFF r �
�--��.
itnes
,
r.�(� -
itness
Subscribed, sworn to and acknowledged before me by the Testatrix, RUTHA. GRANOFF, and
subscribed and sworn to before me by�'cz.-tz.l-����-r�c� ���- and t'��6 �.�-x�'�o�-.,,��..F- ,
witnesses,this �.,�-�-"�-day of May, 2001. � `
.,
�"u���-�t,�,� t,� �`�'�°,c����
� N�otary Public
(SEAL)
I�OTRRIA!SEAL
[60283.]] fC1M9ERLY fl.A91tLER,NOTARY PUBUC
KARR156UR6,OAUPHIN COUNTY
{NY COMMISSION EXPIRES AUG.19,2Q03
g
Account number:707026055136� ■ August 27,2014-September 25,2014 ■ Page 2 of 4
� ' •
automatic payment(ACH)transaction-and this is typically one to three days AFTER you made the purchase.When the purchase
amount is sent to Wells Fargo for payment,the transaction will be paid with funds in your account,or if your account has insufficient
funds to cover the transaction we may pay the transaction into overdraft(at the bank's discretion),or return it unpaid.Ifi the
transaction is paid into overdraft or returned unpaid,you may be assessed an overdraft or returned item fee.if the item is returned,the
merchant may aiso charge a returned item fee and they will more than likely resubmit the transaction which could cause additional
fees if there is not enough money in the account.As a resuft,it is very important for you to keep track of these purchases to avoid
overspending,
Activity summary Account number:��
Beginning balance on 8/27 $66,775.74 EtUTH A GRAN()FF
Deposits/Additions 59,57735 ���1�jEPFiEN GRANO�F
Withdrawals/Subtractions - 5,583.47 Pennsylvaniaaccounttermsandconditionsapply
End6ng balance on 9/25 $�2�,7�3,6g For Qirect Deposit use
Routing Number(RTN): 031000503
Overdraft Protection
This account is not currently covered by Overdraft Protection. If you would like more information regarding Overdraft Protection and eligibiliiy requirements
p�ease call the number listed on your staYement or visii your Welis Fargo store.
Interest summary
Interest paid this statement $0.80
Average colleded balance $97,308.34
Annual percentage yield earned 0.07�a
Interest earned this statement period $0.80
InYerest paid this year $4.42
Transaction history
0
w
J
Cfleck Deposits/ �thdrawals/ Ending daily n
Date Number Description Additions Subtractions balance
$/�9 Comm of PA Annuitant 140829 AP007118202 Ruth A Granoff 1,055.65
8/29 1438 Check . . 20.00 67,757.39
9/3 � SSA Treas 37 0 Xxsoc Sec 0903 i 4 xxwcx0897A SSA Ruth Granoff 1,514.94 69,266.29
9/9 1440 Check 62.53 69,203.76
9l10 Schwab Brokerage Moneylink 140910 558622420991728 RutFi A 50,000.00 179,203.76
GranoffJon 5te
9%15 Schwa6 Brokerage Moneylink 14097 5 558622420991728 Ruth A 7,OD0.00 126,203.76
GranoffJon Ste
91iFk . , . ,,: .a.. ',T�"�:, 1�0, �:. . , ��:
'9/22 1441 Check � 5,427.00 120,766J6
9/23 1443 Check 63.88 120,702.88
9/25 Interest Payment 0.80 7 20,703.68
Endir►g b�lance on 9/25 120,7A3.68
Tota6s $59,571.35 $5,583.41 `8:�::
#
The Ending Daily Balance daes not reflectany pending wit(�drawals or holds on deposited funds that may have been outstanding on your accountwhen your
transactions posted.If you had insu�cienf available funds when a transaction posted fees may have been assessed.
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- _ NOTICE OF INHERITANCE TA V�:. pennsylvania i z�b
BUREAU OF INDIVIDUAL TAxEs APPRAISEMENT, ALLOWANCE OR DISALLOWANCE DEPARTMENTOFREVENUE �
INHERITANCE TAX ➢IVISION OF DEDUCTIONS AND ASSESSMENT OF TAX REV-1547 IX AFP (12-09)
PO BOX 280601
HARRISBURG PA 17128-0601
DATE 11-08-2010
ESTATE OF 6RANOFF JOHN H
DATE OF DEATH 10-17-2009
FILE NUMBER 21 10-0041
COUNTY CUMBERLAND
EDMUND G MYERS ACN 101
301 MARKET ST APPEAL DATE: 01-07-2011
PO BOX 10 9 (See reverse side under Objections)
LEMOYNE PA 17043 Amount Remitted
MAKE CHECK PAYABLE AND REMIT PAYMENT T0:
REGISTER OF WILLS
1 COURTHOUSE SQl1ARE
CARLISLE PA 17013
CUT ALON6 THIS LINE � RETAIN LOWER PORTION FOR YOUR RECORDS �
-------------------------------------------------------------------------------------------
REV-1547 EX AFP C12-09� NOTICE OF INHERITANCE TAX APPRAISEMENT, ALLOWANCE OR
DISALLOWANCE OF DEDUCTIONS AND ASSESSMENT OF TAX
ESTATE OF: 6RANOFF JOHN HFILE N0. :21 10-0041 ACN: 101 DATE: 11-08-2010
TAX RETURN WAS: t X) ACCEPTED AS FILED O CHANGED
APPRAISED VALUE OF RETURN BASED ON: ORIGINAL RETURN
1. Real Estate CSchedule A� C1) •00 NOTE: To ensure proper
2. Stocks and Bonds CSchedula B) (Z� 5,2b2.38 credit to your account,
.00 submit the upper portion
3. Closely Held Stock/PartnershipInterest (Schedule C) C3� of this form with your
4. Mortgages/Notes Receivable (Schedule D� C4) •�� tax payment.
5. Cash/Bank Deposits/Misc. Personal Property tSchedule E) C5) 1,800.00
6. Jointly Owned Property CSchedule F) �6) .00
7. Transfers CSchedule 6) �7� 857�586.12
8. Total Assets C8) 864.648.50
APPROVED DEDUCTIONS AND EXEMPTIONS:
9. Funeral Expenses/Adm.. Costs/Misc. Expenses CSchedule H) C9� 12.825.00
10. Debts/Mortgage Liabilities/Liens CSchedule IJ (10) .00
11. Total Deductions C11) 12,825.00
12. Net Value of Tax Return C12� 851�823.50
13. Charitable/Governmental Bequests; Non-elected 9113 Trusts (Schedule J) C13) .00
14. Net Value of Estate Subject to Tax C14) 851,823.50
NOTE: If an assessment was 3ssued previously, lines 14, 15 and/or 16, 17, 18 and 19 will
reflect figures that include the total of ALL returns assessed to date.
ASSESSMENT OF TAX:
15. Amount of Line 14 at Spousal rate C15) 161,282.09 X 00 = .00
16. Amount of Line 14 taxable at Lineal/Class A rate (16) 690.547 _41 X 045 = 31,074.36
17. Amount of Line 14 at Sibling rate C17) .�0 X 12 - .l70
18. Amount of Line 14 taxable at Collateral/Class B rate C18) .00 )( 15 = .0 0
19. Principal Tax Due C14�= 31,074.36
TAX CREDITS:
PAYMENT RECEIPT DISCOUNT C+) AMOUNT PAID
DATE NUMBER INTEREST/PEN PAID C-)
01-12-2010 CD012230 1,473.68 28,OOO.DO
07-D8-2010 CD013039 .00 1,600.68
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� TOTAL TAX PAYMENT 31,074.36
����� � � ���� �;� BALANCE OF TAX DUE .00
',� �,'�__"+ '��-�„��_ ':�_'� INTEREST AND PEN. .00
y TnTai__niiF .00
- - --- - -
* IF PAID AFTER DATE INDICATED, 5 ICREDIT" (CR), YOU MAY BE DUE
FOR CALCULATION OF ADDITIDNAL I EXHIBIT D iS FORM FOR INSTRUCTIDNS.
09/22/201� MON 1d: 38 FAX I�UVo/UVy
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REVOCABLE INTER VIVOS
TRUST AGREEMENT
� OF RUTH A. GRANOFF
_______ _________._.THIS REVOCABLE INTER VIVOS TRUST AGREEMENT (tlus_A _e_e_ment_ or
« � � .
- - - �----_ - -_ _
the"Trust Agreement")is made as of this 23rd day of May, 2001, by and between RU�I A.
GRANOFF, an adult individual now of Camp I�ill, Cumberland County,Pennsylvania(the
"Settlor"), and JONSTEPHEN GRANOFF and RUTHA. GRANOFF, both adult individuals,
as co-trustees(collectively, the"Trustee"), of the"Ruth A. Granoff Revocable Inter Vivos Ti�ust"
(the"Trust").
- -- - -__- --- -- -- --- - —L'r_ovisions--- --- - --
1. Trust property; Trust Agreement.
The Settlor heretofore transfers and delivers to the Trustee certain assets, which are
presently represented by the listing set forth in Schedule "A" attached hereto, to hold the same,
as well as any cash, securities, or other property that the Trustee may receive at any time pursuant
to thz provisians af this Trust Agreernent and thereafter hold or acquire(cclle�tiv�ly, th�"Trast
Estate"), for the uses and purposes and upon the terms and conditions set forth in this Trust
Agreement.
___ _
I
ExHis�r F
� } �
2. Dispositive Provisions During Life of Settlor.
During the life of the Settlor, the Trustee sha11 hold, manage, invest, and reinvest the Trust
Estate, shall collect the income therefrom, and shall dispose of the net income and principal as
follows:
A The Trustee shall pay to the Settlor so much of the net income of
the Trust Estate as the Settlor may request, but at least in quarterly installments.
At the direction of the Settlor, the Trustee may distribute net income more
frequently, or may retain a.nd accumulate some or all of the net income.
B. The Settlor retains the right to direct the Trustee how and when to
invest or maintain the assets of the Trust Estate;Provided, however, that the
Trustee is relieved of any liability for the consequences of an investment decision
or transaction directed by the Settlor.
C. During the Settlor's lifetime, if the Settlor is incompetent or is unable, for
any other reason, to act in her own behalf, the Trustee may, in the Trustee's absolute
discretion, after consultation with any agent heretofore or hereafter named by the Settlor
under a power of attorney, pay to or apply for the benefit of the Settlor, in addition to the
payments of net income provided for her, such amounts from the principal of the Trust
Estate,up to the whole of the Trust Estate, as the Trustee may from time to time deem
necessary or advisable for the Settlor's use and benefit.
D. If the Settlor is incompetent or is unable to so act for herself, the Trustee is
also authorized, in its sole and absolute discretion, after consultation with any agent
heretofore or hereafter named by the Settlor and also by the Settlor's husband, JOHN H.
2
. �
r { .
GRANOFF(the"Husband"), to pay to or apply for the benefit of the Settlor's Husband,
in addition to the payments provided for the Settlor, such amounts from the income or
principal of the Trust Estate, up to the whole of the Trust Estate, as the Trustee may from
time to time deem necessary or advisable for the Husband's use and benefit, after taking
into consideration his other available sources of income and resources, including any
governmental benefits available to him.
3. Dispositive Provisions Upon Death of Settlor if Spouse Suyvives.
Upon the death of the Settlor, if she is survived by her Husband, JOHN H. GRANOFF,
the Trustee shall divide the Trust Estate into two separate trusts, to be known as Trust "A"(also
to be known as the"Marital Trust"), and Trust "B"(also to be known as the"Bypass Trust"),to
be funded and administered as follows:
Trust"A"- The Marital Trust
A. Trust A shall be funded in an amount equal to the least amount
(based upon values as finally determined for federal estate t�purposes)which, by
use of the federal estate tax unlimited marital deduction,will reduce the Federal
Estate Tax payable because of the Settlor's death to a minimum after taking into
account all other deductions allowed on my Federal Estate Tax Return and all
credits against the Federal Estate Tax, including the unified credit and the state
death tax credit; provided that the state death tax credit shall not be taken into
account to the extent that it would increase state death taxes. Trust A shall be
further administered for the benefit of the Settlor's Husband, JOHN H.
GRANOFF, as follows:
3
` T
e F o
(1) If the marital deduction, or any similar benefit, is
allowable with respect to any property, including property held by
entireties, which the Settlor's Husband has received prior to the
Settlor's death, or at the Settlor's death will receive otherwise than
pursuant to this Section 3. A., the value of such property shall be
taken into consideration in calculating the size of the gift under this
Section 3. A.
(2) No property ineligible for the marital deduction, or
any similar benefit, shall be distributed to this bequest for the
Settlor's Husband, pursuant to this Section 3. A
(3) Either cash or investments or both may be allocated
to this bequest under this Section 3. A.
(4) Any assets distributed in kind shall be valued at the
lower of(i)its fair maxket value at the time of distribution, or(ii)its
value as finally determined for Federal Estate T�purposes(or, if it
is acquired after the Settlor's death, its adjusted basis for income
tax purposes). Subject to the foregoing, the Trustee shall have
absolute discretion in selecting the property to be allocated to this
Trust,without any duty to make a ratable apportionment of
appreciation and depreciation.
(5) The Settlor's Husband shall be paid the entire
income from the principal in such periodic installments as the
4
� ' 3. �
Trustee shall find convenient, but at least as often as quarter-annually.
(6) The Settlor's Husband is hereby given a power to
appoint by will to lus estate or to others, in such manner and for
such estates as he may appoint, exercisable only by specific
reference by him alone and in all events over the principal of this
trust.
(7) As much of the principal of the trust as the Trustee
may, from time to time, think advisable for the support of the
Settlor's Husband or for expenses during illness or emergency shall
either be paid to him or else applied directly for his benefit by the
Trustee.
(8) In addition to the above provisions, the Settlor's Husband
shall have the power to withdraw such amounts from principal as he shall
desire from time to time, including the entire e�austion of principal.
(9) If the Settlor's Husband shall fail, either wholly or in part,
to exercise effectively the power of appointment created in the preceding
subsection, the unappointed principal shall be added to, and thereafter
treated as part of, the principal of Trust B created hereunder;Provided,
that the Trustee shall first deduct and pay to the personal representative of
the Settlor's Husband's estate an amount equal to the increase in federal
and state death taxes and any increased administration expenses which his
estate will have to pay because of the inclusion of the principal of this Trust
in his estate for t�or administrative purposes.
5
. ' .
(10) If any provision of this Trust Agreement shall result
in depriving the Settlor's estate of the marital deduction for federal
estate tax purposes, such provision is hereby revoked and this Trust
Agreement shall be read as if any portion thereof inconsistent with
allowance of the marital deduction for federal estate t�purposes is
null and void.
Trust "B"- The Bypass Trust
B. Trust B shall be funded in an amount equal to the balance of the
Trust Estate remaining after deducting the amount allocated to Trust A. In
allocating the Trust Estate between TrustA and Trust B, the Trustee shall first
allot to Trust A the more liquid and saleable assets of the Trust Estate. If any
asset of the Trust Estate cannot qualify for the marital deduction under the federal
estate tax law, such asset sha11 be allotted to Trust B, and TrustA shall be reduced
in amount to the e�rtent that it cannot be composed of qualifying assets. Trust B
shall be further administered as follows:
(1) The Trustee shall pay the net income to the Settlor's
Husband, JOHN H. GRANOFF, during his lifetime, in such
periodic installments as the Trustee shall find convenient,but at
least quarter-annually.
(2) If the income so payable to the Settlor's Husband
shall, at any time, exceed the amount which the Trustee deems to
be in his best interests (considering her other income and means of .
support known to the Trustee, including the income from his other
6
solely-owned assets;the desirability of augmenting his separate
estate, and any other circumstances and factors deemed pertinent),
the Trustee may accumulate the same and add it to principal, as the
Trustee deems advisable.
(3) The Trustee may also pay as much of the principal
of the Trust B as the Trustee deems necessary or advisable, from
time to time,for the support and maintenance of the Settlor's
1
Husband at such times as the Trustee deems best, after considering
his needs, his other income and means of support known to the
Trustee, including the income from his other solely-owned assets,
the desirability of augmenting his separate estate, and any other
circumstances and factors deemed pertinent.
(4) Duruig illness or emergency,the Trustee may either
pay a distribution to the Settlor's Husband or may make a
distribution for his benefit.
(5) Upon the death of the Settlor's Husband, the assets
remauung in the Bypass Trust shall be distributed by the Trustee
pursuant to such of the Settlor's descendants and their spouses, in
such manner and shares, for such estates, or upon such trusts as the
Settlor's Husband may appoint in his last Will by specific reference
to this limited power;Provided, however, that any interest so
appointed to the spouse of a descendant of Settlor shall not exceed
an income interest for life. As to any assets remaining in the Bypass
7
Trust that are not effectively so appointed, such assets shall be
distributed pursuant to Section 4. hereof.
4. Dispositive Provisions After Deaths of Settlor and Spouse.
Upon the death of the Settlor if the Husband has predeceased her, or upon the death of the
Husband after the death of the Settlor, then the remaining Trust Estate,that is, the corpus of
Trust B if the Husband has failed or declined to exercise the special power of appointment vested
in the Husband, and also the corpus of Trust A if the Husband has failed or declined to exercise
the general power of appointment vested in the Husband, shall be distributed as follows:
A. To the e�ent that the Trust Estate consists of any household
furnishings, personal effects, crystal,jewelry, automobiles, or other tangible
personalty of like nature, such tangible personal property shall be distributed
outright to the Settlor's Son, JON STEPHEN GRANOFF(the"Son"), ifthen-
living, but, if not, then to the Settlor's grandson, MARK GRANOFF(the
"Grandson"), but if neither the Settlor's Son, nor her Grandson, are so then-living,
but leave descendants who are then-living, such descendants shall receive,per
stirpes,the share such deceased beneficiary would have received if then-living.
B. The residue of the Trust Estate shall be distributed outright to the
Settlor's Son, JON STEPHEN GRANOFF, if then-living, but, if not, then to the
Settlor's Grandson, MARK GRANOFF,but if neither the Settlor's Son, nor her
Grandson, are so then-living, but leave descendants who are then-living, such
descendants shall receive,per stirpes, the share such deceased beneficiary would
have received if then-living.
S
C. The Settlor expresses a strong conviction, desire, and expectation
that any assets received outright from tune to tune by any beneficiary hereunder,
including Jon Stephen Granoff or Mark Granoff, or by any of the children or
grandchildren of them, should be retained by them in their sole names, and not be
retitled or commuigled into the joint names of such a beneficiary and any other
person, including a spouse. The Settlor empowers and directs the Trustee to take
into consideration, while contemplating any discretionary distributions of principal
or interest, whether this desire and expectation of the Settlor is being honored by a
particular beneficiary. If it is not,then the Trustee may limit further discrerionary
distributions to any one particular beneficiary until compliance is attained.
D. If there exists, under documents executed by the Settlor's Husband,
a separate but identical trust to one established hereunder for the same beneficiary,
then distributions hereunder may be made to that e�usting other trust for such
beneficiary for purposes of economy and efficiency.
E. If at any tune no beneficiary or substituted beneficiary shall be
available to take hereunder, then the remaining assets of the trusts created
hereunder shall be distributable to the GREATER HARRISBURG
FOITNDATION, in a fund to be designated as the "JOHNH. AND RUTHA.
GRANOFF COMMUNITYACTIONFUND". Such Fund shall be retained and
used, in the discretion of the Foundation, as advised by a community advisory
board to be constituted by the Foundation, for the purpose of worthwhile
community activities in the Greater Harrisburg Area.
9
5. Rule Against Perpetuities.
Notwithstanding anything herein to the contrary, no trust created by this Agreement shall
continue for more than twenty-one(21)years after the death of the last survivor of the Settlor or
of those descendants of the 5ettlor who are in being at the date of the death of the Settlor. If, at
the expiration of this period, any property is still held in trust,that property shall unmediately be
distributed among the persons then receiving or entitled to have the benefit of the income in the
same proportions in which they are receiving or entitled to have the benefit of the income.
6. Trustees'Powers.
Without regard to any legal restrictions otherwise applicable to trustees, a Trustee is
empowered in their sold and absolute discretion,to exercise the following discretionary powers as
well as any other powers conferred by law:
A To retain, whether originally a part of the Trust Estate or
subsequently acquired, and to purchase or otherwise acquire and to retain, any
property,whether or not the property is authorized for investment by law, or is
unsecured,unproductive, or of a wasting nature, all without diversification as to
kind and amount.
B. To transfer, sell, exchange, partition, lease, mortgage, create a
security interest in, pledge, give options upon, or otherwise dispose of any
properiy at any time held by it, at public or private sale or otherwise,for cash or
other consideration or on credit, and upon such terms and conditions,with or
without security, and for such price, as it may determine.
10
C. To hold any part of the Trust Estate in cash or uiunvested for any
period deemed advisable.
D. To extend, modify, or waive the terms of any bond and mortgage at
any time forming part of the trust; to foreclose any mortgage or take title to the
property securing it by deed in lieu of foreclosure or otherwise;to protect or
redeem any property from forfeiture for nonpayment of t�es or other liens; and
generally to exercise as to the bond and mortgage or property all powers that an
absolute owner might exercise.
E. To exercise any option,right, or privilege to convert bonds, notes,
corporate shares, or other securities, or to subscnbe for additional or other bonds,
notes, corporate shares, or other securities;to make such conversions or
subscriptions;to make payments therefor, and to advance or borrow money for the
purpose of exercising any option, right, or privilege; and to hold as investments,
bonds, notes, corporate shares, and other securities so acquired, notwithstanding
that they are not of a character authorized for investments by law or by other
provisions of this Trust Agreement.
F. To vote any corporate shares held by it in person,through its
designees, or by proxy, with or without power of substitution, and to execute
authority or pro�es to one or more designees or nominees.
G. To bonow money for any trust purpose and to pledge all or part of
the Trust Estate to secure the borrowing, without incurring any personal liability.
11
H. To pay, extend, renew, modify, or comproiruse,upon the terms as
it may deternvne, and upon such evidence as it may deem sufficient, any obligation
or claim, including taxes, either in favor of or against the Trust Estate.
I. To hold or register any securities or other property of the Trust
Estate in the names of a nominee or in the form as to pass by delivery,with or
without indicating the fiduciary character of such securities or other property.
J. To hold any separate parts or shares of the Trust Estate wholly or
partly in undivided form for convenience of investment and administration.
K. To divide and distribute the Trust Estate in kind or in money, or
partly in each, or by way of undivided interests, and for such purposes to value any
property to be thus divided or distributed at fair market values at the date or dates
of distribution.
7. Additional Trustees'Powers Regarding Generation-Skipping Tax.
My Trustee is empowered, with regard to federal generation skipping t�(GST),
as follows:
A. The Settlor authorizes the Trustee to allocate any amount of
available GST exemption under Section 2631(a) of the Internal Revenue Code, as
then in effect(the"Code"),to such property of which the Settlor is the transferor
for the purposes of such ta� whether or not passing under this Trust Agreement,
as my Trustee shall, in my Trustee's absolute discretion, select, including property
transferred by the Settlor during life,whether or not the Settlor allocated any GST
12
, e � u
exemption to such property, and without any duty to favor beneficiaries under this
Trust over beneficiaries of property passing outside tlus Trust.
B. Whenever the Trustee allocates any amount of the Settlor's GST
exemption(within the meaiung of Section 2631 of the Code)to property passing
to a trust created under this Trust Agreement(including,but not limited to, a
separate trust described in the next paragraph), the Settlor authorizes the Trustee
to divide such property into two fractional shares equal, respectively,to the
applicable fraction and the inclusion ratio (within the meaning of Section 2642 (a)
of the Code)that would result for such trust if said amount were allocated to such
property without such division, and to allocate said exemption entirely to the share
equal to said applicable fraction. Any such shares shall be held and administered
by the Trustee as separate trusts with identical terms. The purpose of this
provision is to provide an inclusion ratio (within the meaning of Sec. 2642(a)(1)of
the Code) of zero for the separate trust receiving the fractional share to which the
alloca.tion is made, and if that trust is a trust described in Sec. 2652 (a) (3) of the
Code, to enable my Trustee to make the election described in that section with
respect to it as a separate trust.
C. Whenever two trusts hereunder axe directed to be combined into a
single trust(for example, because property of one trust is to be added to the other
trust), if said trusts have different inclusion ratios with respect to any common
transferor or have different transferors for generation skipping tax purposes, the
Settlor authorizes the Trustee, instead of combining said trusts,to admuuster them
as two separate trusts with identical terms in accordance with the provisions that
would have governed the combined trusts. If anyone(for example, my Husband)
adds property to a trust hereunder by gift or bequest after the death, the Settlor
13
� ' � :
authorizes the Trustee to hold the added property as a separate trust with terms
identical to the trust to which it would have been added
D. The Settlor authorizes the Trustee, at any time during the
administration of any trust created hereunder to divide such trust into two
fractional shares, which shall thereafter be administered as separate trusts with
identical terms,whenever the Trustee determines that the division may help reduce
GST or ease administrative problems resulting from GST. For example: a trust
with different transferors may be divided into separate trusts conesponding to the
separate trusts described in Section 2654 (b) (1 ) of the Code; a trust with an
inclusion ratio between zero and one may be divided into separate trusts
corresponding to the undivided trust's inclusion ratio and applicable fraction as
defined in Section 2642 (a) of the Code; and any trust that�,Till be included in the
gross estate of the Settlor's Husband may be divided in order to pernut the
Settlor's Husband, or his executor or trustee, to allocate some or all of the
Husband's GST exemption to one of such separate trusts, and the size of the trusts
may be deternuned with reference to the GST exemption so allocated, so that one
of such trusts has an inclusion ratio of zero with respect to the Husband as
transferor.
E. Separate trusts with identical terms created pursuant to such
authorizations by the Settlor may be invested in different ways, and the pattern of
discretionary distributions in one trust need not be followed in another. If a fixed
dollar amount (for example, an annuity payment or a power to withdraw a dollax
amount such as $5,000) applies to a trust that becomes separate trusts pursuant to
such authorizations,the dollar amount shall apply pro rata to each sepaxate trust in
proportion to the initial fractional shares constituting the trusts. The Settlor
14
authorizes the Trustee to hold sepaxate trusts with identical terms in solido, and
the Settlor authorizes the Trustee to combine separate trusts with identical terms
into a single trust at any time during the administration of the trusts.
F. The Trustee shall have absolute discretion in determining whether
to take or not to take an action that is authorized, but not directed, by this
authorizations. The Trustee is authorized to disclaim, renounce, or relinquish any
one or more powers given them under this Section, generally or as applied to a
particular trust, and any such action sha11 be binding on any successor to the
Trustee.
G. No party in interest to the transfer of any such property shall have
any claim against the Trustee or the Trust Estate or any claim for equitable
reimbursement or any other cause.
8. Power of Amendment and Revocation.
A. The Settlor reserves the right to amend, modify, or revoke this
Trust Agreement and the resulting Trust, in whole or in part, at any time, by notice
in writing, delivered to the Trustee. Any such amendment, modification, or
revocation shall be effective immediately upon delivery to the Trustee, except that
changes with respect to the Trustee's duties, liabilities, or compensation shall not
be effective without its consent.
B. The Settlor also may name a replacement or successor trustee at
any time by notice in writing, which shall be effective thirty(30) days from the date
of the receipt of such notice, unless otherwise agreed by the Trustee.
15
9. Additional Property.
The Settlor reserves the right for herself or any other person to increase the Trust Estate
by delivering property to the Trustee, or by having the proceeds of insurance policies made
payable to the Trustee, or by bequest or devise by will. The Settlor will notify the Trustee in
writing of any policies so made payable to it, or deliver such policies to the Trustee as custodians.
The duties and liabilities of the Trustee shall under no circumstances be substantially increased
except with.its written consent.
10. Accounting by Trustee.
The Trustee shall keep all the accounts and records of the trusts and, during the Settlor's
lifetune, at least semiannually, shall render to the 5ettlor statements showing all receipts,
disbursements, and investment transactions involving the Trust Estate. After the death of the
Settlor, the Trustee shall render, at least annually,to each adult beneficiary then entitled to income
under the terms of any trust, a statement showing in detail receipts, disbursements, and
distributions of both principal and income of the Trust Estate so administered.
11. Compensation of Trustee.
The Trustee shall be entitled to reasonable compensation, considering actual efforts and
assumed responsibilities.
12. Spendthrift Clause.
No interest of any beneficiary under any trusts, either in income or in principal, shall be
subject to pledge, assignment, sale, or transfer in any manner, nor shall any beneficiary have the
16
power in any manner to anticipate, charge, or encumber his or her interest, either in income or
principal, nor shall such interest of any beneficiary be liable or subject in any manner for the debts,
contracts, liabilities, engagements, or torts of such beneficiary.
13. Tc�Payment.
Upon the death of the Settlor,the Trustee shall pay a11 t�es that are properly charged
against the Trust Estate by reason of the death of the Settlor(but not including any
generation-skipping transfer t�for which a trust may be liable as transferor under Section
2603(a)(3) of the Internal Revenue Code. If any executor, administrator, or other person acting
in a fiduciary capacity shall have paid any estate, inheritance, or succession tax upon or with
respect to any or all of the Trust Estate required to be included in the gross estate of the Settlor,
the Trustee shall reimburse that executor, administrator, or other person acting in a fiduciary
capacity for the amount of those taxes. If the Husband of the Settlor shall survive the Settlor, all
such estate, inheritance, and succession taxes properly charged against the Trust Estate shall be
paid out of Trust B. I direct that any generation-skipping transfer tax for which the Trust Estate
may otherwise be liable shall be paid from the property constituting such transfer.
14. Situs.
This Trust Agreement sha11 take effect only upon the execution of this Agreement by both
the Settior and the Trustee, and it shall be governed and construed in all respects according to the
laws of the Commonwealth of Pennsylvania.
17
15. Effect and Execution.
This Trust Agreement shall take effect immediately upon execution hereof. The Trust
shall continue to be administered hereunder, as the Trust Agreement.
Execution
IN WITNESS WHEREOF, the Settlor and the Trustee have executed and sealed this
Revocable Inter Vivos Trust Agreement, constituting the"Trust Agreement", on the date set
forth above.
Witness: SETTLOR:
_. ��
,�,�v�l` � ' �/, f'� `
��'T/ '� /L✓K-� � �{ �--/�
�L_ L �
� RUTHA. GRA�OFF �
TRUSTEES:
� f,,/�. �'` 1
i �-��. ���i�f
IfUTHA. GRANOF� � �
����1�
�N STEPHEN URANOFF
[60267.2]
18
COMMONWEALTH OF PENNSYLVANIA .
COUNTY OF DAUPHIN .
�
On this, the �� day of May, 2001, before me, the undersigned, personally appeared
RUTHA. GRANOFF, who acknowledged herself to be an adult individual who executed, as
Settlor, the foregoing"Revocable Inter Vivos Trust Agreement"for the purposes therein
contained.
WITNESS my hand and seal the day and year aforesaid.
,rv-ti(,�.,�,�-r )�'^��-t_..�-t
f Notary Pi,blic `
(SEAL)
NOTARIA!5Ek1
[60267.2� NIMBERIY D.MILLER,NOTARY PUBLiC
tiARR1SBURG,DRUPHfN COUNiY
iNY COMNIlSSiON IXPIRES AUG. 19,2403
19
� N
�'a t � ' o ♦
n < .
COMMONWEALTH OF PENNSYLVANIA .
COUNTY OF DAUPHIN .
On this, the���`��day of May, 2001, before me, the undersigned officer, personally
appeaxed RUTHA. GRANOFF anrl JONSTEPHEN GRANOFFwho acknowledged
themselves to be adult individuals who executed, as Trustees, the foregoing"Revocable Inter
Vivos Trust Agreement" for the purposes therein contained.
WITNESS my hand and seal the day and year aforesaid. �
� I� A l���3�.E-c�
� Not �y ublic
(SEAL)
[6D267.2]
NDTARIAL SEAL
���NARR SBllRG�,D U H�N OUNTY'C
MY COMMIS310N EKPIRES AUG.19,2fl03
2�
y �— u' - s u
tc .
0
Schedule "A"
to
REVOCABLE INTER VIVOS
� TRUST AGREEMENT
OF RUTH A. GRANOFF
MUTUAL FUND: . Market Value
676,064 Evergreen Select Ec�uity $ 38,765.51
� CASH & CASH EQUIVALENTS 237,596.06
TOTAL as of 5/31/2001 $276,361.57