HomeMy WebLinkAbout04-24-15 (3) pennsylvania
15 0 5 618 6 2 7 3M464710.000
DEPARTMENT OF REVENUE Ex(03-14)(TP)
REV-1500 OFFICIAL USE ONLY
County Code Year File Number
Bureau oflndividualTaxes
PO BOX 280601 INHERITANCE TAX RETURN 21 14 0863
Harrisburg,PA 17128-0601 RESIDENT DECEDENT
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death MMDDYYYY Date of Birth MMDDYYYY
08142014 11081923
Decedent's Last Name Suffix Decedent's First Name MI
HOLLENBAUGH ALFRED H
(If Applicable) Enter Surviving Spouse's Information Below
Spouse's Last Name Suffix Spouse's First Name MI
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
FILL IN APPROPRIATE OVALS BELOW
1. Original Return El 2. Supplemental Return ❑ 3. Remainder Return(date of death
prior to 12-13-82)
4. Agriculture Exemption(date of 5. Future Interest Compromise(date of 6. Federal Estate Tax Return Required
death on or after 7-1-2012) death after 12-12-82)
0 7. Decedent Died Testate F� 8. Decedent Maintained a Living Trust 9. Total Number of Safe Deposit Boxes
(Attach copy of will.) (Attach copy of trust.)
0 10. Litigation Proceeds Received ❑ 11. Non-Probate Transferee Return 12. Deferral/Election of Spousal Trusts
(Schedule F and G Assets Only)
El13. Business Assets El 14. Spouse is Sole Beneficiary
(No trust involved)
CORRESPONDENT-THIS SECTION MUST BE COMPLETED.ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
Name Daytime Telephone Number
KEITH 0 - BRENNEMAN 717-697-8528
First Line of Address
44 WEST MAIN STREET
Second Line of Address
City or Post Office State ZIP Code
MECHANICSBURG PA 17055
C==) j
C7 t M
Correspondent's email address: � Q
—0
REGISTERIO!�W I L7S USE ONLY - 1 .
REGISTER OF WILLS USE ONLY N (-`t
DATE FILED MMDDYYYY "
r- 1z1
" �.C,
DAI.FILED STAM
PLEASE USE ORIGINAL FORM ONLY
Side 1
I IIIIII VIII VIII VIII VIII VIII VIII VIII VIII ILII IIII IIII
1505618627 1505618627 J
1505618635
REV-1500 EX(TP)
Decedent's Social Security Number
Decedent's Name:H 0 L L E N B A U G H ALFRED H
RECAPITULATION
1. Real Estate(Schedule A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. 34 -1398 • 00
2. Stocks and Bonds(Schedule B) . . . . . . . . . . . . . . . . . . . . . . . . 2. 0 . 00
3. Closely Held Corporation,Partnership or Sole-Proprietorship(Schedule C), , , . . 3_ 0 • 00
4. Mortgages and Notes Receivable(Schedule D). . . . . . . . . . . . . . . . . . 4, 0 • 00
5. Cash, Bank Deposits and Miscellaneous Personal Property(Schedule E), , , , . , 5. 3481993 • ?9
6. Jointly Owned Property(Schedule F) F-1 Separate Billing Requested. . . . . 6. .50,019 • 63
7. Inter-Vivos Transfers&Miscellaneous Non-Probate Property
(Schedule G) El Separate Billing Requested, . . . . 7. 31,144 •07
8. Total Gross Assets(total Lines 1 through 7) , , , , , , , , , , , , , , , , , , 8. 4641555. 4 9
9. Funeral Expenses and Administrative Costs(Schedule H). . . . . . . . . . . . . 9. 181382 • L4
10. Debts of Decedent, Mortgage Liabilities and Liens(Schedule 1), . . . . . . . . . 10. 1365•15
11. Total Deductions(total Lines 9 and 10). . . . . . . . . . . . . . . . . . . . . 11. 19-104? .79
12. Net Value of Estate(Line 8 minus Line 11) . . . . . . . . . . . . . . . . . . . 12. 445-,507 -70
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, 4451507 -70
TAX CALCULATION - SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable
at the spousal tax rate,or
transfers uer Sec.9116
(a)(1.2)X.01V_ 0 .00 15. 0 . 00
16. Amount of Line 'j pxabie
at lineal rate X.0- 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 4451507 - 70 18. 6 6,8 2 6 .15
19. TAX DUE . . . . . . . . . . . . ... . . . . . . . . . . . . . . . . . . . . . 19. 66-18213 -15
20. FILL IN THE BOX IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENTX❑
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 person responsible for filling the return is based on all information of which preparer has
any knowledge.
SIGNf jIJR F P RSO RES ONSIBLE FOR FILING RETURN ATE
ADDRESS
S . RICHARD BRENNEMAN, EXECUTOR 319 LOWER JULIAN PIKE, PORT MATILDA
SIGs E OF PREPARER OTHER THAN PERSON RESPONSIBLE FOR FILING THE RETURNAT PA, 16870
ADDRESS ����
KEITH 0 • BRENNEMAN, ESQUIRE 44 WEST MAIN STREET, MECHANICSBURG
Side 2 PA, 17055
llllllllll
IIIIIIIIIIIIIIIIII�I�I�IIIIII�IIIilll�llllllllll 1505618635
3M464810,000
REV-1500 EX(TP) Page 3
File Number
Decedent's Complete Address: 21 14 0863
DECEDENTS NAME
HOLLENBAUGH ALFRED H
STREET ADDRESS
180 HOLLENBAUGH ROAD, SOUTH MIDDLETON TOWNSHIP
CUMBERLAND COUNTY
CITY STATE ZIP
CARLISLE PA 17013
Tax Payments and Credits:
1. Tax Due(Page 2,Line 19) (1) 661826 - 15
2. Credits/Payments
A. Prior Payments 601000 - 00
B.Discount 3,000 - 00
(See instructions.) Total Credits(A+B) (2) 63,000 - 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 oval on Page 2, Line 20 to request a refund. (4) 0 . 00
5. If Line 1 + Line 3 is greater than Line 2,enter the difference.This is the TAX DUE. (5) 31826 - 15
Make check payable to: REGISTER OF WILLS, AGENT.
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑
b. retain the right to designate who shall use the property transferred or its income . . . . . . . . . . . . . . ❑ ❑X
c. retain a reversionary interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Eld. 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? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 ❑
3. Did decedent own an"in trust for"or payable-upon-death bank account or security at his or her death? . . . . . X❑ ❑
4. Did decedent own an individual retirement account,annuity,or other non-probate property,which
contains a beneficiary designation? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 ❑
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 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 step-parent of the child is 0 percent[72 P.S.§9116(a)(1.2)].
• The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5 percent,except as noted in[72 P.S.§9116(a)(1)].
• The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12 percent [72 P.S.§9116(a)(1.3)]. A sibling is defined,
under Section 9102,as an individual who has at least one parent in common with the decedent,whether by blood or adoption.
3M4671 4.000
REV-1502 EX-(12-12) SCHEDULE A
pennsylvania
DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN REAL ESTATE
RESIDENT DECEDENT
ESTATE OF: FILE NUMBER:
Alfred H. Hollenbaugh 21 14 0863
All real property owned solely or as a tenant in common must be reported at fair market value.Fair market value is defined as the price at which property
would be exchanged between a willing buyer and a willing seller,neither being compelled to buy or sell,both having reasonable knowledge of the relevant fads.
Real property that is jointlyowned with right of survivorship must be disclosed on Schedule F.
Attach a copy of the settlement sheet if the property has been sold.
ITEM Include a copy of the deed showing decedent's interest if owned as tenant in common. VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1. Property known and numbered as 34,398.00
180 Hollenbaugh Road, South Middleton Township,
Cumberland County, Carlisle, PA.
An agricultural exemption is being claimed for 95.80% of
the property. 109 acres out of 113.78 acres is
currently being used for agricultural use.
Total appraised value (see attached appraisal) of farm
is $819,000.00 with a total of $784,602.00 being exempt
and marked as agricultural use ($819,000.00 x 95.80% =
$$784,602.00)
Under the terms of the Will, the farm is bequeathed to
the decedent's newphew, S. Richard Brenneman. It is the
intent of Mr. Brenneman to maintain the land for
agricultural use.
TOTAL (Also enter on Line 1,Recapitulation.) $ 34,398.00
2w4695 2.000 If more space is needed, use additional sheets of paper of the same size.
REV-1197(5-13)
pennsylvania SCHEDULE AU
DEPARTMENT OF REVENUE
AGRICULTURAL U S E
BUREAU OF INDIVIDUAL TAXES
INHERITANCE TAX DIVISION EXEMPTIONS
PO BOX 28o6o1
HARRISBURG PA 17128-o6oi
ESTATE OF: Alfred H. Hollenbaugh FILE NUMBER: 21-14-0863
Use this schedule to report real estate for which you claim an exemption from inheritance tax under the "Farmland - Other"
Exemption (72 P.S. § 9111(s.1)) or the "Business of Agriculture" Exemption (72 P.S. § 9111(s)). Check the box below next
to the exemption you are claiming (select only one):
Business of Agriculture Exemption ❑ Farmland - Other Exemption
Complete Parts 1 and 2 of this form. Agricultural Conservation Easement; Agricultural
Reserve; Agricultural Commodity; Agricultural Use
Property; or Forest Reserve (Definitions on back of
form). Complete Part 1 and check the applicable
category on the back of this form.
Attach a written statement explaining in detail how the real estate qualifies for the claimed exemption. In addition, if you
are claiming an exemption for any structure affixed to the real estate, identify the structure and explain in detail how each
structure qualifies for the claimed exemption. Structures affixed to the real estate that do not qualify for an exemption must
be valued and reported on Schedule A to the Inheritance Tax Return. Please also attach all supporting documents with the
written statement, including the county assessment card. Failure to provide this information may result in a denial of the
claimed exemption or a delay in processing your return.
PART 1: PROPERTY.INFORMATION
Property Parcel Identification Number: 40-09-0535-004
Percentage of Parcel Exempted: 95.80% (109 acres out of 113.78 total is farmed)
Date of Death value under 72 P.S. § 9121: $819,000.00
Physical Location: 180 Hollenbaugh Road Carlisle, PA Cumberland
STREET ADDRESS(DO NOT REPORT P.O. BOX) CITY COUNTY
PART 2: OWNER(S)'S INFORMATION
Provide the name and mailing address of all transferees of the real estate listed above (attach additional sheets if necessary):
S.Richard Brenneman Nephew
OWNER NAME RELATIONSHIP TO DECEDENT OWNER NAME RELATIONSHIP TO DECEDENT
319 Lower Julian Pike
MAILING ADDRESS MAILING ADDRESS
Port Matilda PA 16870
CITY STATE ZIP CITY STATE ZIP
OWNER NAME RELATIONSHIP TO DECEDENT OWNER NAME RELATIONSHIP TO DECEDENT
MAILING ADDRESS MAILING ADDRESS
CITY STATE ZIP CITY STATE ZIP
Farmland: - Other Exemption Categories and Definitions: ,
If claiming the "Farmland - Other" exemption, indicate the category below the real estate identified on this form
qualifies:
❑ Agricultural Commodity - Any and all plant and animal products, including Christmas trees
produced in Pennsylvania for commercial purposes.
❑ Agricultural Conservation Easement - An interest in land, less than fee simple, which interest
represents the right to prevent the development or improvement of a parcel for any purpose.
other than agricultural production. The easement may be granted by the owner of the fee
simple to any third party or to the Commonwealth, to a county governing body, or to a unit
of local government. It shall be granted in perpetuity as the equivalent of covenants running
with the land. The exercise or failure to exercise any right granted by the easement shall not be
deemed to be management or control of activities at the site for purposes of enforcement of
the act of October 18, 1988 (P.L 756, No. 108), known as the "Hazardous Sites Cleanup Act"
❑ Agricultural Reserve - Noncommercial open space lands used for outdoor recreation or the
enjoyment of scenic or natural beauty and open to the public for such use, without charge or
fee, on a nondiscriminatory basis.
❑ Agricultural Use Property - Land used for the purpose of producing an agricultural commodity
or devoted to and meeting the requirements and qualifications for payments or other
compensation pursuant to a soil conservation program under an agreement with an agency of
the federal government.
❑ Forest Reserve - Land of 10 acres or more, that is stocked by forest trees of any size and
capable of producing timber or other wood products.
~Business of
Agriculture Exemption - Annual Certification
To maintain the "Business of Agriculture" exemption, each member of the same family who has inherited real
estate for which the business of agriculture exemption was claimed is required to certify to the department that
the real estate still qualifies for the "Business of Agriculture Exemption" for a period of seven years beyond the
decedent's date of death. If during the seven-year post-death period the real estate ceases to be used in the
business of agriculture at any point or does not generate a minimum of $2,000 of gross income in any year, the
owner(s) must notify the department within 30 days of such occurrence and will be liable for inheritance tax
in the amount that would have been paid on the fair market value of the real estate as of the date of the
decedent's death, plus interest. The department will supply the owners with the annual certification form.
REV-1508 EX-(0$-12)
Pennsylvania SCHEDULE E
DEPARTMENT OF REVENUE CASH, BANK DEPOSITS&MISC.
MERITANCE TAX RETURN
RESIDENT DECEDENT PERSONAL PROPERTY
ESTATE OF: FILE NUMBER:
Alfred H. Hollenbaucrh 21 14 0863
Include the proceeds of litigation and the date the proceeds were received by the estate.
All property jointly owned with right of survivorship must be disclosed on Schedule F.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1. ACNE Bank 13,500.94
certificate of deposit #5990449
2 ACNB Bank 20,005.38
certificate of deposit #160341
3 Bank of Landisburg 10,996.07
certificate of deposit #700024416
4 Bank of Landisburg 10,025.86
certificate of deposit #700023527
5 Bank of Landisburg 8,357.12
certificate of deposit #700020993
6 Bank of Landisburg 22,132.03
certificate of deposit #700018187
7 Bank of Landisburg 35,753. 96
certificate of deposit #700017768
8 Bank of Landisburg 16,728.55
certificate of deposit #700011968
9 Centerville Feed & Mineral 7,038.32.
crop proceeds due the decedent
10 Commonwealth of Pennsylvania 127.00
2014 income tax refund due the decedent
11 County of Cumberland 4,688.26
refund the decedent from Claremont nursing home
12 F&M Trust 8,003.68
certificate of deposit #162975845
13 Health Network 42.61
refund due the decedent
14 Household goods / personal property 1,650.00
appraised value (see attached listing)
is Member's 1st Federal Credit Union 5,004.15
certificate of deposit #200223-66
Total from continuation schedules . . . . . . . . . 184,939.86
TOTAL(Also enter on line 5,Recapitulation) $ 348,993.79
2W46AD 2.000 If more space is needed,use additional sheets of paper of the same size.
Estate of: Alfred H. Hollenbaugh 21 14 0863
Schedule E (Page 2)
Item Value at Date
No. Description of Death
16 Member's 1st Federal Credit Union 13,659.65
certificate of deposit #200223-65
17 Member's lst Federal Credit Union 13,659.65
certificate of deposit #200223-64
18 Member's 1st Federal Credit Union 26,318.58
certificate of deposit #200223-63
19 Member's 1st Federal Credit Union 7,347.14
certificate of deposit #200223-62
20 Member's 1st Federal Credit Union 2,000.85
certificate of deposit #200223-47
21 Member's 1st Federal Credit Union 1,688.12
certificate of deposit #200223-43
22 Member's 1st Federal Credit Union 3,718.39
savings account #200223-00
23 Orrstown Bank 357.53
savings account #706000780
24 Orrstown Bank 12,544.98
certificate of deposit #4000042171
25 Orrstown Bank 14,471.01
certificate of deposit #4000041415
26 Orrstown Bank 6,367.44
certificate of deposit #4000039857
21 Orrstown Bank 3,004.25
certificate of deposit #4000039581
28 Orrstown Bank 5,731.61
certificate of deposit #4000036164
29 Orrstown Bank 9,060.07
certificate of deposit #4000035871
30 Orrstown Bank 6,221.13
certificate of deposit #4000035814
31 Orrstown Bank 26,580.73
certificate of deposit #4000035541
Total (Carry forward to main schedule) 152,731.13
Estate of: Alfred H. Hollenbaugh 21 14 0863
Schedule E (Page 3)
Item Value at Date
No. Description of Death
32 Sunday Mill Company 5,655. 60
crop proceeds due the decedent
33 The Sentinel 93.10
refund due the decedent on newspaper subscription
34 Wells Fargo 26,460.03
certificate of deposit ending in #4021
Total (Carry forward to main schedule) 32,208.73
REV-1509 EX,(01-10)
pennsylvania SCHEDULE F
DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN JOINTLY-OWNED PROPERTY
RESIDENT DECEDENT
ESTATE OF: FILE NUMBER:
Alfred H Hollenbaucrh 21 14 0863
If an asset became jointly owned within one year of the decedent's date of death,it must be reported on Schedule G.
SURVIVMJOINT TENANT(S)NAME(S) ADDRESS RELATIONSHIP TO DECEDENT
A Brenneman, S. Richard 319 Lower Julian Pike, Port
Matilda, PA 16870 Nephew
JOINTLY OWNED PROPERTY:
ETTER DATE DESCRIPTION OF PROPERTY %OF DATE OF DEATH
ITEM FOR JOINT MADE INCLUDE NAM=OF FINANCIAL INSTITUTION AND BANK ACCOUNT NUMBER OR SIMILAR DATE OF DEATH DECEDENT'S VALUEOF
NUMBER TENANT JOINT IDENTIFYING NUMBER.ATTACH DEED FOR JOINTLY HELD REAL ESTATE. VALUE OF ASSET INTEREST DECEDENT'S INTEREST
1 A 7/15/1997 U.S. Savings Bonds 2,002.40 50.0000 1,001.20
2 series EE bonds with face
value of $1,000.00 each.
Jointly owned with
decedent's nephew, S.
Richard Brenneman (see
attached listing)
2 A 1/30/2012 Wells Fargo 86,382.31 50.0000 43,191.16
checking account ending in
#3568. Jointly owned with
decedent's newphew, S.
Richard Brenneman
3 A 1/30/2012 Wells Fargo 11,654.54 50.0000 5,827.27
savings account ending in
#7433. Jointly owned with
decedent's newphew, S.
Richard Brenneman.
s
TOTAL (Also enter on Line 6, Recapitulation) $ 50,019.63
9W46AE 2.000 If more space is needed, use additional sheets of paper of the same size.
REv-1510Ex+l08-09> SCHEDULE G
pennsylvania
DEPARTMENT OF REVENUE INTER-VIVOS TRANSFERS AND
INHERITANCE TAX RETURN MISC. NON-PROBATE PROPERTY
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Alfred H. Hollenbaugh 21 14 0863
This schedule must be completed and filed if the answer to any of questions 1 through 4 on page three of the REV-1500 is yes.
DESCRIPTION OF PROPERTY
ITEM INCLU)ED-E NAME OFTtETRANSFEREE,THEIRRELATIONSHPTODECEDENTMo DATE OF DEATH %OFDECUS EXCLUSION TAXABLE
NUMBEF TrEDATE OFTRAWFERATTACNArOPYOFTrEDEED FOR REALESTATE, VALUE OF ASSET INTEREST IFAPFUCAaLE VALUE
1 Gifts made within 1 year of
death as follows: 26,000.00 100.0000 6,000.00 20,000.00
a) 9/28/2013 gift to Helen and
S. Richard Brenneman in the
amount of $13,000.00.
b) 8/7/14 gift to Helen and S.
Richard Brenneman in the amount
of $13,000.00
2 Transamerica Life Insurance
Company 10,342.47 100.0000 0.00 10,342.47
annuity account #26860178.
Designated beneficiaries are
Ann Bucher (decedent's niece)
and S. Richard Brenneman
(decedent's newphew) , in equal
shares
3 U.S. Savings Bonds 801.60 100.0000 0.00 801,60
1 series EE savings bond with
face value of $1,000.00.
Payable on death to Ann Bucher
(see attached listing)
TOTAL(Also enter on line 7,Recapitulation)$ 31 144.07
If more space is needed,use additional sheets of paper of the same size.
9W46AF 2.000
REV-1511 EX,(08-13) SCHEDULE H
pennsylvania
DEPARTMENTOF REVENUE FUNERAL EXPENSES AND
INHERITANCE TAX RETURN ADMINISTRATIVE COSTS
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Alfred H Hollenbaugh 21 14 0863
Decedent's debts must be reported on Schedule I.
ITEM
NUMBER DESCRIPTION AMOUNT
A. FUNERAL EXPENSES:
1 Ronan Funeral Home
funeral services 10,343.47
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) 1,000.00
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: 395.50
5. Accountant Fees: 75.00
6. Tax Return Preparer Fees:
7.
1 Cumberland Law Journal
advertising Executor's Notice 75.00
Total from continuation schedules . . . . . . . . . 6,493.67
TOTAL(Also enter on Line 9,Recapitulation) $ 18 382.64
3W46AG 2.000 If more space is needed, use additional sheets of paper of the same size.
Estate of: Alfred H. Hollenbaugh 21 14 0863
Schedule H Part 7 (Page 2)
2 Jennifer L. Varner, Tax Collector
real estate taxes 1,961.27
3 Larry Foote
appraisal fee for real estate 500.00
4 Register of Wills
short certificates 20.00
5 Roy D. Gottshall
appraisal fee for household goods/personal property 70.00
6 Snelbaker & Brenneman, P.C.
attorney services from 9/4/14 to 4/15/15 2,720.00
7 The Sentinel
advertising Executor's notice 222.40
8 Reserve
for filing fees, accountant fees and other
miscellaneous costs associated with the
administration of the decedent's estate 1,000.00
Total (Carry forward to main schedule) 6,493.67
REV-,512 EX+(,2-,2) SCHEDULE
Pennsylvania
DEPARTMENT OF REVENUE DEBTS OF DECEDENT,
INHERITANCE TAX RETURN MORTGAGE LIABILITIES & LIENS
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Alfred H. Hollenbaugh 21 14 0863
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 Alert Pharmacy
medical services 52.34
2 Carlisle Regional Medical Center
medical services 130.00
3 Cumberland Goodwill EMS
ambulance service 171. 93
4 Dexter Weldman, M.D.
medical services 68.52
5 Pinker & Associates
medical services 15.45
6 W.L. Schnedier Associates, M.D.
medical services 4.36
7 Willis Trucking Company
fee for hauling crops 222.55
TOTAL(Also enter on Line 10,Recapitulation) $ 665.15
2w46AH 2.000 If more space is needed, insert additional sheets 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:
Alfred H. Hollenbau h 21 14 0863
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).]
1. S. Richard Brenneman
319 Lower Julian Pike
Port Matilda, PA 16870
Gifts made within 1 year of death as
follows:
Inventory Value: 20,000.00
Household goods / personal property
Inventory Value: 1,650.00
Property known and numbered as
Inventory Value: 34,398.00
U.S. Savings Bonds
Inventory Value: 1,001.20
Wells Fargo
Inventory Value: 43,191.16
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN 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 II-ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. $ 0.00
9W46AI 2.000 If more space is needed,use additional sheets of paper of the same size.
Estate of: Alfred H. Hollenbaugh 21 14 0863
Schedule J Part 1 (Page 2)
Item
No. Description Relation Amount
1 Wells Fargo
Inventory Value: 5,827.27
One Half of Residue: 169,319.23 Nephew 275,386.86
2 Ann Bucher
574 Barber Street
Sebastian, FL 32958
U.S. Savings Bonds
Inventory Value: 801. 60
One Half of Residue: 169,319.23 Niece 170,120.83
SUMMARY APPRAISAL REPORT
180 HOLLENBAUGH ROAD
CARLISLE, PENNSYLVANIA
PREPARED FOR
THE ESTATE OF ALFRED H. HOLLENBAUGH
BY
LARRY E. FOOTS
DIVERSIFIED APPRAISAL SERVICES
35 EAST HIGH STREET, SUITE 101
CARLISLE, PENNSYLVANIA
17013-3052
(717) 249-2758
"IN fl""IN F
Diversified Appraisal Services
Real Estate Appraisers and Consultants 35 East High Street
Carlisle,PA 17013-3052
(717)249-2758
FAX(717)2584701
September 17, 2014
TO: The estate of Alfred H. Hollenbaugh
FM: Larry E. Foote
RE: Summary Appraisal Report
Farm Property
180 Hollenbaugh Road
Carlisle, Pennsylvania
At your request, I have appraised the captioned property. The appraisal report, which
follows this letter, is submitted in support of my opinion of Market Value of the Fee Simple
Interest in the property, as of August 14, 2014.
I hereby certify that,to the best of my knowledge and belief,the data, facts, and
opinions set forth therein, are accurate, subject to the Statement of Assumptions and Limiting
Conditions that is also made a part of the report, and that the indicated Market Value of the
subject property, as of August 14, 2014 is:
EIGHT HUNDRED NINETEEN THOUSAND DOLLARS
$819,000
This appraisal has been made in conformity with the standards of professional practice
of the National Association of Realtors Appraisal Section. I appreciate your having considered
me for this assignment and trust that you find the report entirely satisfactory.
Respectfully submitted,
Larry E. Foote
Pa. Certified General Appraiser
GA-000014-L
2
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
LOCATION: 180 Hollenbaugh Road, Carlisle,Pennsylvania
TAX PARCEL NUMBER: 40-09-0535-004
IMPROVEMENTS: Two-story detached single-family dwelling, barn and
other farm buildings..
PROPERTY RIGHTS: Fee simple interest.
OWNERSHIP HISTORY: The subject property is owned by Alfred H. Hollenbaugh.
No transfers of the subject property have taken place
during the past three years..
SCOPE OF THE ASSIGNMENT: The scope of the assignment included an analysis of the
subject's area, an inspection of the subject property, an
estimation of the property's highest and best use,
consideration of all three approaches to value, and the
application of those relevant to the valuation of•the
subject.
CLIENT: The estate of Alfred H. Hollenbaugh.
INTENDED USER: The estate of Alfred H. Hollenbaugh and others.
OBJECTIVE: To estimate the market value of the subject property as
unencumbered.
USE OF THE APPRAISAL: Use by the client in an estate settlement.
EFFECTIVE DATE: August 14, 2014.
INSPECTION DATE: September 10, 2014.
HIGHEST AND BEST USE: Continued use as a farm.
COST APPROACH: N.A.
SALES APPROACH: $819,000
INCOME APPROACH: N.A.
FINAL VALUE CONCLUSION: $819,000
3
THE VALUATION PROCESS
The valuation process is defined in The Appraisal of Real Estate as published by the
Appraisal Institute, as "a systematic set of procedures an appraiser follows to provide answers
to a client's questions about real property value."
It consists of a series of steps that are appropriate to a specific and particular appraisal
assignment that begins with a client engaging a real estate appraiser to develop an opinion of
value for a specific property as of a given effective date and ends when the appraiser
communicates and reports the final conclusions and opinions to the client.
Definition of the Appraisal Problem:
The first step in the appraisal process includes the presentation of the following:
I. Identification of the client,the intended use, and the intended users of the appraisal
report.
2. The purpose of the appraisal, including a definition of the value being reported.
3. Determination of the effective date of the appraisal report.
4. Extraordinary assumptions that are applicable to the appraisal assignment.
5. Hypothetical conditions that are applicable to the appraisal assignment.
Scope of Work:
Scope of work is defined in the Uniform Standards of Professional Practice as being
"the type and extent of research and analyses in an assignment." This includes the degree and
extent of research and the data that is deemed as necessary to develop a credible opinion of
value for the property being appraised.
Data Collection and Analysis:
The appraiser must gather and analyze market area data, subject property data, and
comparable property data that is relative and relevant to the appraisal assignment.
Development and Application of Traditional Approaches to Value:
The appraiser must consider which of the three traditional approaches to value are
applicable,relevant, and necessary for developing a credible opinion of value for the subject
property. These three traditional approaches to value include the Cost Approach, Sales
Comparison Approach, and Income Capitalization Approach. When two or more of these
approaches to value are developed, the appraiser must determine the amount of emphasis and
consideration to be given to each of those approaches to value, since one or more may have
greater significance in the appraisal of a specific property.
Reconciliation of Value Indications and Final Opinion of Value:
The final step in the valuation process is the reconciliation of the value indications
developed by the appraiser. Reconciliation is the analysis of alternative conclusions to arrive at
a final value estimate. Reconciliation is required because different value indications result
from the use of multiple approaches to value and within the application of a single approach.
The final value estimate is not derived simply by applying technical and quantitative
4
F
procedures, rather, it involves the exercise of judgment, and the value conclusion reached must
be consistent with market thinking.
5
APPRAISAL CERTIFICATION
I hereby certify that upon application for valuation by:
THE ESTATE OF ALFRED H. HOLLENBAUGH
the undersigned personally inspected the following described property:
All those certain pieces or parcels of land, with the improvements thereon erected,
situate in South Middleton Township, Cumberland County, Pennsylvania, bounded and
described as follows:
TRACT NO. 1: Beginning at a stone in the center of the public road leading from the
Trindle Springs Road to the Lisburn Road; thence by the same and lands formerly of Mrs. E.
Cornman, South 54 degrees 30 minutes West 900 feet to a point; thence by the same South 59
degrees West 1,511 feet to a stone at the intersection of said road with the Lisburn Road; thence
by the Lisburn Road North 64 degrees West 550 feet to a point in the center of the said road;
thence by lands now or formerly of George Eichelberger North 73 degrees 30 minutes East 880
feet; thence by the same North 2 degrees West 1,421 feet to a point;thence by lands now or
formerly of George Farenbaugh South 82 degrees East 1,827 feet to a point;thence by land
now or formerly of Joseph Swiler South 14 degrees East 223 feet to a point; thence by same
and a public road North 42 degrees 45 minutes East 680 feet to a point-,thence South 30
degrees 30 minutes East 2,815.4 feet to a point; thence by lands now or formerly of John R.
Etter South 54 degrees 30 minutes West 871 feet to a white oak;thence by lands now or
formerly of the said Mrs. E. Cornman North 29 degrees 15 minutes West 2,632 feet to the place
of beginning. Containing 99.78 acres, more or less,
TRACT NO. 2: Beginning at a point in the center of the Lisburn Road at the
intersection of said road with another public road; thence by the center of the said last named
public road North 54 degrees East 99.3 perches to a point in the center of said public road;
thence by the same North 49 degrees 45 minutes East 2.9 perches to a point in the center of the
said public road; thence by lands now or formerly of George G. Meixel South 28 degrees East
26.76 perches to a point; thence by the same South 56 degrees 15 minutes West 73.94 perches
to a point in the center of the Lisburn Road;thence by the same North 70 degrees 25 minutes
West 432 feet, more or less,to a point at the intersection of the Lisburn Road with the other
public road first mentioned, the place of beginning. Containing 14 acres, more or less.
To the best of my knowledge and belief the statements contained in this report are true
and correct, and that neither the employment to make this appraisal nor the compensation is
contingent upon the value reported, and that in my opinion the Market Value as of August 14,
6
' t
2414 is:
EIGHT HUNDRED NINETEEN THOUSAND DOLLARS
$819,000
The property was appraised as a whole, subject to the contingent and limiting conditions
outlined herein.
Larry E. Foote
Pa. Certified General Appraiser
GA-040014-L
7
INTENDED USE OF THE APPRAISAL
The intended use of this appraisal is to estimate the Market Value of the subject
property as of August 14,'2014 for use in an estate settlement.
Market Value is defined as the most probable price which a property should bring in a
competitive and open market under all conditions requisite to a fair sale, the buyer and seller,
each acting prudently, knowledgeably and assuming the price is not affected by undue
stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the
passing of title from seller to buyer under conditions whereby:
a. Buyer and seller are typically motivated.
b. Both parties are well informed or well advised, and each acting in what
he considers his own best interest.
c. A reasonable time is allowed for exposure in the open market.
d. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto.
e. The price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions granted
by anyone associated with the sale.
Source: Office of the Comptroller of the Currency, 12 CFI §34.42(f).
HIGHEST AND BEST USE
Highest and Best Use is defined by the Appraisal Terminology and Handbook,
published by the Appraisal Institute, as "the most profitable likely use to which a property can
be put". The opinion of such use may be based on the highest and most profitable continuous
use to which the property is adapted and needed, or likely to be in demand, in the reasonable
near future.
However, elements affecting value that depend upon events or a combination of
occurrences which, while within the realm of possibility, are not fairly shown to be reasonably
probable, should be excluded from consideration. Also, if the intended use is dependent on an
uncertain act of another person,the intention cannot be considered.
Based on the above definition and after seeing the site, neighborhood, and area, it is my
opinion that the present use of the subject is its Highest and Best Use.
8
OWNERSHIP HISTORY
The subject property is owned by Alfred H. Hollenbaugh. No transfers of the subject
property have taken place during the past three years.
ESTIMATED MARKETING TIME
The reasonable marketing time is an estimate of the amount of time that it would take to
sell a property at the estimated market value during the period of time immediately after the
effective date of the appraisal assignment. It is estimated that if the subject property were
offered for sale at the indicated Market Value, a reasonable marketing time would be six to
twelve months. This estimate is based upon quarterly sales figures published by Central Penn
Multi List, Inc.
ECONOMIC TRENDS
Historically, property values for similar properties have steadily increased, with
vacancy rates remaining stable. However, the recent lag in the economy has resulted in a
leveling of appreciation rates and longer marketing times. Financing is readily available to
qualified purchasers at reasonable rates and terms.
EXPOSURE TIME
The length of time the property being appraised would have been offered on the market
prior to the hypothetical consummation of a sale at the market value on the effective date of the
appraisal. Exposure time is presumed to precede the effective date of the appraisal. The
reasonable exposure period is a function of price,time and use. It is not an isolated opinion of
time alone. Exposure time is different for various types of property and under various market
conditions. It is a retrospective opinion based on an analysis of past events, assuming a
competitive and open market. It assumes not only adequate, sufficient and reasonable time but
adequate, sufficient and a reasonable marketing effort. Exposure time and conclusion of value
are therefore interrelated. Based upon the information presented in this report, a reasonable
exposure time for the subject property is estimated to be six to twelve months.
9
SITE DATA
ADDRESS: 180 Hollenbaugh Road
MUNICIPALITY: South Middleton Township
COUNTY: Cumberland
STATE: Pennsylvania
LOT SIZE: 113.78 acres.
SEWERS: On-site septic system.
WATER: On-site well.
ELECTRICITY: Public utility.
LANDSCAPING: Typical for the area, with a sodded lawn,trees and shrubs.
DETRIMENTAL INFLUENCES
None. Pride of ownership is evident throughout the neighborhood.
DESCRIPTION OF IMPROVEMENTS
GENERAL DESCRIPTION: Two-story detached single-family dwelling containing approxi-
mately 1,904 square feet of gross living area above grade.
CONDITION: Exterior: Fair to average.
Interior: Poor to fair.
ROOMS: First Floor: Living room,parlor, dining room and an eat-in kitchen.
Second Floor: Four bedrooms and a full bathroom.
Basement: Full, with concrete floor.
EXTERIOR: Foundation: Stone
Walls: Aluminum siding.
Sash: Wood-framed, single-glazed.
Gutters: Aluminum,painted.
Roof: Gable, with standing seam steel panels.
Storm units: Combination storm and screen units.
10
INTERIOR, PRINCIPAL ROOMS: Flooring: Carpet
Walls: Plaster and wood paneling.
Ceilings: Plaster and suspended acoustical tile
blocks.
Trim: Wood, painted.
KITCHEN: Cabinets: Wood,painted.
Counters: None
Walls: Plaster,painted.
Flooring: Vinyl
Sink: Single-bowl, stainless steel.
BATHROOM: Flooring: Vinyl
Walls: Plaster, painted.
Bathtub: Shower stall.
Lavatory: Vanity
Water closet: Two-piece.
Medicine cabinet: Wall-mounted.
CONSTRUCTION: Joists: Wood
Beams: Wood and steel.
Columns: Steel and concrete block.
Plumbing: Copper, cast iron and PVC.
HEATING: None
COOLING: None
HOT WATER: Electric, 50-gallon.
ELECTRIC: Circuit breaker system, 200-ampere.
OTHER: Attached to the front of the dwelling is'a covered concrete porch.
Attached to the one end of the dwelling is an enclosed porch, a concrete patio and a summer
kitchen. The site is further improved with a 59'x42' frame bank barn in poor condition, an
18'x30' frame shed in fair condition, a 14'x14' frame shed in fair condition, an 8'x10' frame
shed in fair condition, an 11'x16' frame shed in poor condition, a 16'x18' frame shed in fair
condition, an 18'x30' frame machinery shed in fair condition, a 20'x40' concrete block
machinery shed in average condition, and a 10'x42' concrete block silo in fair condition.
GENERAL CONDITION: The dwelling is considered to be in poor to fair condition on the
interior and fair to average condition on the exterior. The mechanical systems appearing to be
adequate and functioning properly, but the dwelling has no heating system. Also, there are no
closets in the bedrooms.
II
THE APPRAISAL PROCESS
Three approaches to value are generally included in an appraisal report. These
techniques include the cost approach, sales comparison approach, and income approach to
value.
The cost approach to value is based on the assumption that the reproduction cost of a
building plus land value, tends to set the upper limit to value. A key assumption is that a newly
constructed building would have advantages over the existing building, therefore an evaluation
focuses upon disadvantages or deficiencies (depreciation) of the existing building compared to
a new facility. Due to the age of the subject improvements, the cost approach is considered to
be inappropriate and has, therefore, not been included in the development of this appraisal
report.
The sales comparison approach to value assumes that under normal conditions, a given
number of parties acting intelligently and voluntarily, tend to seta pattern from which value
can be estimated. Application of this approach relies on a comparison of the subject with a
sufficient number of recent transactions of comparable properties in the market, based on a
common unit, such as price per square foot of building area.
The income approach concerns itself with present worth of the future potential. benefits
of a property. The initial estimate involves the net income, which a fully informed person is
justified in assuming the property will produce during its remaining useful life. This estimated
net income is then capitalized into a value estimate, based upon the level of risk as compared
with that of a similar type and class. Since homes similar to the subject are not typically
utilized as income-producing investment properties, the income approach to value is considered
to be inappropriate and has, therefore, not been included in the development of this appraisal
report.
12
SALES COMPARISON APPROACH
In arriving at this conclusion of the value of the subject property, the appraiser made a
survey of properties that have sold in the area of the subject property.
Consideration was given and adjustments were made on each comparable sale as to
time of sale, size, location, as well as all other factors that might affect value. A resume of
some of the sales considered by the appraiser is as follows:
SALE NO. 1:
Location: 123 Ladnor Lane, Carlisle.
Date of Sale: November 1, 2012.
Sale Price: $620,000
Size: 2,432 square foot two-story dwelling, two-car garage, barn, corn crib and
two machinery buildings.
Unit Price: $7,848 per acre.
SALE NO. 2:
Location: 331 East Old York Road, Carlisle.
Date of Sale: March 20, 2013.
Sale Price: $900,000
Size: 4,628 square foot two-story dwelling and a two-car garage.
Unit Price: $9,544 per acre.
SALE NO. 3:
Location: 946 West Old York Road, Carlisle.
Date of Sale: July 24,2013.
Sale Price: $1,000,000
Size: 2,976 square foot two-story dwelling,barn,two sheds with lean-tos,
three silos, five machinery buildings and a lean-to.
Unit Price: $9,827 per acre.
The appraiser, in addition to the sales listed, also considered several additional sales in
arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this
page are dollar adjustments reflecting market reaction to those items of significant variation
between the subject and comparable properties. If a significant item in the comparable
property is superior to, or more favorable than, the subject property, a minus (-) adjustment is
made, thus reducing the indicated value of the subject; if a significant item in the comparable is
inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, 'thus
increasing the indicated value of the subject.
After making all of the necessary adjustments, it is the appraiser's considered opinion
that the indicated value of the subject property by the Sales Comparison Approach is $819,000.
13
SALES COMPARISON ANALYSIS
ITEM SUBJECT COMPARABLE #1 COMPARABLE #2 COMPARABLE #3
1$4 Hollenbaugh Rd. 123 Ladnor Lane 331 East Old York Road 946 West Old York Road
Address Carlisle Carlisle Carlisle Carlisle
Proximity to Subject 7.50 utiles 5.34 miles 11.84 miles
Sale Price N.A. $622
00 $900,000 $1,000,OOQ
Price/Sq.Ft,GLA N.A. $7,848 $9,544 $9,827
Data Source Inspection Courthouse&Central Penn MLS Courthouse&Central Penn MLS Courthouse&exterior inspection
ADJUSTMENTS DESCRIPTION DESCRIPTION $ Adjust. DESCRIPTION $Adjust. DESCRIPTION $Adjust.
Sales or Financing
Concessions None None None
Date of Sale/Time As of 8-14-14 11-1-12 3-20-13 7-24-13
Location Average Similar Similar Superior -100,440
Site/View 113.78 acres 79.00 acres +243,500 94.30 acres +136,400 101.76 acres +84,140
Design and Appeal Two-story detached Two-story detached Two-story detached Two-story detached
Construction Aluminum siding Brick -5,004 Brick -5,400 Wood +3,400
Age 144 years 132 years 148 years 163 years
Condition Fair Similar Superior -50,000 Superior -50,000
Above Grade Tot. Bed. Bath Tot. Bed. Bath Tot, Bed, Bath Tot, Bed. Bath
Room Count
8 4 1 8 4 2 -2,000 9 5 1 2 4,000 11 6 2.&2 -10,000
1/2s
Gross Living Area 1,904 square feet 2,432 square feet -21,300 4,028 square feet -85,000 2,976 square feet -42,900
Basement&Finished
Rooms Below Grade Full basement Similar Similar Similar
Functional Utility Average Similar Similar Similar
Heating/Cooling None Oil hot wtr.w/cen air -5,000 Oil hot air w/cen.air -5,000 Coal hot air -2,000
Garage/Carport None 2-car garage -10,000 4-car garage -20,000 None
Porches,Patios Porch,encl.porch, 2 porches,patio,2 2 porches,enclosed
Pools,etc. patio,summer kit. Porch +3,000 enclosed porches porch +2,000
Special Energy Typical for the
Efficient Items region. Similar Similar Similar
Fire laces) None 4fireplaces 11,000 Wood-buming stove -1,000 None
Other(e.g.kitchen Barn,7 farm bldgs., Barn,com crib,2 Barn,3 silos,7 mach.
equip.,remodeling) silo machinery bldgs. None +20,004 bldgs,3 lean-tos -50,040
Net Ad'. total +199 200 -13,600 165$00
Indicated Value
of Su819,200 886,400 835,000
FINAL INDICATED VALUE OF SUBJECT PROPERTY: $819,000
14
CORRELATION
Correlation may be defined as "the bringing together of parts in a proper relationship."
The parts of this appraisal report are the following approaches to value your appraiser used:
Value Indicated by Cost Approach N.A.
Value Indicated by Sales Comparison Approach $819,000
Value Indicated by Income Approach N.A.
These approaches are representative of the market value of the subject property. I have
carefully reexamined each step in each method, and I believe the conclusions accurately reflect
the attitude of typical purchasers of this type property in this neighborhood. It is my belief that
this reexamination has confin-ned the original conclusions.
The Cost Approach will result in an excellent estimate if all elements are figured
accurately, because no prudent person will pay more for a property than the cost to produce a
substitute property with equal desirability and utility. Purchasers of the type of dwelling
typical of the subject property are more concerned with amenities than with hypothetical
replacement of the property. Due to the age of the subject improvements, the Cost Approach is
considered to be inappropriate and has not been included in this appraisal report.
The Sales Comparison Approach was based on several recent sales of properties similar
to that of the subject, all of which are located in the same general area. The adjusted sales
prices are most consistent under comparison. This approach is the most reliable because it
reflects the reactions of typical buyers and sellers in the market.
The Income Approach is most applicable to income producing properties or properties
that are primarily utilized for income producing purposes. Purchasers of income producing
properties are willing to pay no more for a particular property than the net operating income
will support. Since the majority of properties similar to the subject are not utilized for income
producing purposes,this approach to value has not been included in this appraisal report.
Therefore, as a result of this appraisal and analysis, it is this appraiser's considered
judgment and opinion that the Market Value of the subject property, as of August 14,2014, is:
EIGHT HUNDRED NINETEEN THOUSAND DOLLARS
$819,000
15
UNDERLYING ASSUMPTIONS AND LIMITING
CONDITIONS SUBJECT TO THIS APPRAISAL
1. 1 assume no responsibility for matters legal in nature, nor do I render any opinion as to
the title, which is assumed to be marketable. The property is appraised as though under
responsible ownership.
2. The legal description used herein is correct.
3. 1 have made no survey of the property, and the boundaries are taken from records
believed to be reliable.
4. 1 assume that there are no hidden or unapparent conditions of the property, subsoil or
structures which would render it more or less valuable. I assume no responsibility.for
such conditions or for engineering which might be required to discover such factors.
5. The information, estimates, and opinions furnished to me and contained in this report
were obtained from sources considered reliable and believed to be true and correct.
However, no responsibility for accuracy can be assumed by me.
6. This report is to be used in its entirety and only for the purpose for which it was
rendered.
7. Neither all nor any part of the contents of this report (especially any conclusions as to
value, the identity of the appraiser or the firm with which he is connected) shall be
reproduced, published, or disseminated to the public through advertising media, public
relations media, Dews media, sales media, or any other public means of communication,
without the prior written consent and approval of the appraiser.
8. This appraisal was prepared under the extraordinary assumption that any easements or
rights of way of record have no adverse impact upon the highest and best use or value
herein reported. A title search was not requested nor included in the scope of work for
this assignment.
9. This appraisal was prepared for the exclusive use of the client identified in this appraisal
report. The information and opinions contained in this appraisal set forth the
appraiser's best judgment in light of the information available at the time d the
preparation of this report. Any use of this appraisal by any other person or entity, or
any reliance or decisions based on this appraisal are the sole responsibility and at the
sole risk of the third party. The appraiser accepts no responsibility for damages
suffered by any third party as a result of reliance on or decisions made or actions taken
based on this report.
16
CERTIFICATE OF APPRAISAL
I certify that, to the best of my knowledge and belief:
I. The statements of fact contained in this report are true and correct.
2. The reported analysis, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
3. 1 have no present or prospective interest in the property that is the subject of this report
and no personal interest with respect to the parties involved.
4. 1 have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
5. My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
6. My compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors the
cause of the client, the amount of the value opinion,the attainment of a stipulated result,
or the occurrence of a subsequent event directly related to the intended use of this
appraisal.
7. My analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the Uniform Standards of professional Appraisal Practice.
8. 1 have made a personal inspection of the property that is the subject of this report.
9. No one provided significant real property appraisal assistance to the person sign-
ing this certification.
10. 1 have performed no services, as an appraiser or in any other capacity, regarding
the property that is the subject of this report within the three-year period immediately
preceding acceptance of this assignment.
Larry E. Foote
Pa. Certified General Appraiser
GA-000014-L
17
PRIVACY NOTICE
Pursuant to the Gramm-Leach-Billey Act of 1999, effective July 1, 2001, appraisers,
along with all providers of personal financial services are now required by federal law to
inform their clients of the policies of the firm with regard to the privacy of client nonpublic
personal information. As professionals, we understand that your privacy is very important to
you and are pleased to provide you with this information.
In the course of performing appraisals, we may collect what is known as"nonpublic
personal information" about you. This information is used to facilitate the services that we
provide to you and may include the information provided to us by you directly or received by
us from others with your authorization.
We do not disclose any nonpublic personal information obtained in the course of our
engagement with our clients to nonaffiliated third parties,except as necessary or as required by
law. By way of example,a necessary disclosure would be to our independent contractors, and
in certain situations, to unrelated third party consultants who need to know that information to
assist us in providing appraisal services to you. All of our independent contractors and any
third party consultants we engage are informed that any information they see as part of an
appraisal assignment is to be maintained in strict confidence within the firm. A disclosure
required by law would be a disclosure by us that is ordered by a court of competent jurisdiction
with regard to a legal action to which you are a party.
We will retain records relating to professional services that we have provided to you for
a reasonable time so that we are better able to assist you with your needs. In order to protect
your nonpublic personal information from unauthorized access by third parties,we maintain
physical, electronic and procedural safeguards that comply with our professional standards to
insure the security and integrity of your information.
18
LARRY E. FOOTE
REAL ESTATE APPRAISER
EXPERIENCE:
1979-Present: Chief Appraiser, Diversified Appraisal Services,Carlisle,Pa.
Principal Broker, LaRue Development Company, Carlisle, Pa.
1976-1979: Associate Broker,Colonial Realty,Carlisle,Pa.
1972-1976-. Realtor Associate,Jack Gaughen Realtor, Carlisle, Pa.
Appraisal experience included undeveloped land, farms,building lots, single-family dwellings, mobile
home parks,medical centers, nursing homes, motels, apartment buildings and complexes,office
buildings, service stations,veterinary clinics,rehabilitation centers,retail buildings,daycare centers,
warehouses,and manufacturing facilities.
EDUCATION:
Bachelor of Business Administration,Pennsylvania State University, 1,976.
Associate Bachelor of Business Administration, Harrisburg Area Community
College, 1974.
Diploma,Carlisle Senior High School, 1965.
Certificate,Pennsylvania Realtors Institute, GRI 1,GRI 11,GRI 111.
Certificate, Realtors National Marketing Institute,CI 101, CI 102, CI 103,CI 104,
CI 105.
Standards of Professional Practice,American Institute of Real Estate Appraisers.
Real Estate Appraisal Principles,American Institute of Real Estate Appraisers.
Residential Valuation,American Institute of Real Estate Appraisers.
Appraisal Procedures,Appraisal Institute.
Principles of Income Property Appraising,Appraisal Institute.
Case Studies in Real Estate Valuation, Appraisal Institute.
Report Writing and Valuation Analysis,Appraisal Institute.
PROFESSIONAL LICENSES:
General Appraiser 4GA-0000 I 4-L, Commonwealth of Pennsylvania.
Real Estate Broker#RB-029729-A, Commonwealth of Pennsylvania.
PROFESSIONAL DESIGNATIONS EARNED:
GRI: Graduate of the Pennsylvania Realtors Institute, awarded by the Pennsyl-
vania Association of Realtors.
CRS: Certified Residential Specialist,awarded by the Realtors National Market-
ing Institute of the National Association of Realtors.
CCIM: Certified Commercial Investment Member, awarded by the Realtors
National Marketing Institute of the National Association of Realtors.
PROFESSIONAL ORGANIZATION AFFILIATIONS:
National Association of Realtors Appraisal Section.
Greater Harrisburg Association of Realtors.
Pennsylvania Association of Realtors.
National Association of Realtors.
Realtors National Marketing Institute.
19
PAST CLIENTS:
Borough of Carlisle American Home Bank
Keystone Financial Mortgage Trans Union
Cornerstone Federal Credit Union M&T Mortgage Corporation
Pennsylvania State Bank Cody Financial Mortgage Services
Commerce Bank Waypoint Bank
Cumberland-Perry Association for Retarded Citizens Northwest Savings Batik
Carlisle Suburban Authority Blue Ball National Bank
Members I` Federal Credit Union Adams County National Bank
Pennsylvania National Bank Countrywide Home Loans
Evans Financial Corporation Aarrow Mortgage
Greenawalt& Company,CPA Various law firms and individuals
Smith's Transfer Corporation
Carlisle Department of Parks and Recreation
Executive Relocation Services
Carlisle Area School District
Messiah Homes, Incorporated
ERA Eastern Regional Services
Pennsylvania Turnpike Commission
Chase Home Mortgage Corporation
Defense Activities Federal Credit Union
Pennsylvania State Employees Credit Union
PNC Mortgage Corporation
F&M Trust Company
National City Mortgage Corporation
Washington Mutual Home Loans, Inc.
Prudential Relocation Services
Lender's Choice
Market Intelligence,Incorporated
United Telephone Employees Federal Credit Union
Cumberland County Commissioners
Allstate Enterprises Mortgage Corporation
Dickinson College
PPG Industries,Incorporated
Gettysburg College
Redevelopment Authority of Cumberland County
Record Data Appraisal Services,Incorporated
First United Federal Savings Association
Fulton Bank
United States Marshall Service
GMAC Mortgage Corporation
Orrstown Bank
Letterkenny Federal Credit Union
BancPlus Mortgage Corporation
Coldwell Banker Relocation Services, Incorporated
Central Pennsylvania Savings Bank
Mellon Bank
Provident Home Mortgage Corporation
Drovers Bank
20
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r Page I of I
Calculated Value of Your Paper Savings Bond(s)
Calculator Results for Redemption Date 08/2014
Total Price Total Value Total Interest YTD Interest
$1,500.00 $2,804.00 $1,304.00 $277.60
Bonds: 1-3 of 3
Serial # Series Denorn Issue Next Final Issue Interest Interest Value Note
Date Accrual Maturity Price Rate
M72576374EE EE $1,000 03/1999 09/2014 03/202 $500,00 $301.60, 1,199/ L
p wj6
IM68925200EE EE $1,000 07/1997 09/2014, 07/20279 $500.00 $501,20 1 &$,80dt,".
$1001,20,
IM68925199EE EE $1,000:07/1997 09/2014: 07/2027 $500.00. $501.20
I Totals for 3 Bonds $1,500.00 $1,304.00, $2,804.00
Notes
NI Not Issued
NE Not eligible for payment
P5 Includes 3 month interest penalty
L.MA -Matured and not earning interest
-7/1
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1117'11")111 A
COPY
LAST WILL AND TESTAMENT
OF
ALFRED H. HOLLENBAUGH
I, ALFRED H. HOLLENBAUGH, of Cumberland County, Pennsylvania, declare
this to be my Last Will, hereby revoking all prior wills and codicils.
FUNERAL EXPENSES
FIRST: I direct the payment of my funeral expenses, including my gravemarker,
as soon as may be convenient after my death.
PAYMENT OF DEATH TAXES
SECOND: I direct that all taxes that may be assessed in consequence of my death,
of whatever nature and by whatever jurisdiction imposed, shall be paid from my residuary
estate as a part of the expense of administration of my estate.
PERSONAL PROPERTY
THIRD: I bequeath those items of my household furnishings, personal effects, and
personal property to S. RICHARD BRENNEMAN,per stirpes. I also bequeath my
_residence and my farm property to S. RICHARD BRENNEMAN, per stirpes.
DISTRIBUTION OF RESIDUE
FOURTH: I give the entire residue of my estate to be divided equally and
distributed among S. RICHARD BRENNEMAN and ANN BUCHER, provided that the
share of any beneficiary who predeceases me or dies on or before the thirtieth day
following my death shall be distributed to his or her issue, per stirpes, living on the thirty-
first day following my death, and in default of any such then-living issue, such share shall
be added to the share or shares for my other beneificiaries.
PROTECTION OF BENEFICIARIES
(Spendthrift Provision)
FIFTH: No interest in income or principal shall be assignable by a beneficiary or
available to anyone having a claim against a beneficiary before actual payment to the
beneficiary.
COPY
TRUSTEE OF ESTATE OF
MINORS AND INCAPACITATED BENEFICIARIES
SIXTH: If any income or principal shall be payable to any person who shall be a
minor I appoint my executor, as trustee to hold such income and principal during minority
and shall be entitled to apply such income and principal to the health, maintenance,
support and education of such person during minority without the appointment of any
committee or any authority of court. My trustee shall be entitled to make direct
application hereunder or to make application by payment of income and principal to the
parent or other person in charge of such minor or to his or her guardian or to a custodian
under the Uniform Transfers to Minors Act. Trustee may, in discharge of all the Trustee's
duties, pay any minor's share deemed impractical of administration to the parent or other
person in charge of the minor or to his or her guardian or to a custodian for the minor
under the Uniform Transfers to Minors Act. Any remaining income and principal to
which such person shall be entitled shall be distributed to such person upon such person
reaching the age of 21. My Trustee shall have the same powers as my executor and shall
serve without bond.
If any income or principal shall be payable to any person who shall be
incapacitated for any reason, my executor, as trustee shall hold such income and principal
during incapacity and shall be entitled to apply such income and principal to the health,
maintenance, support and education of such person during incapacity without the
appointment of any committee or any authority of court. My Trustee shall have the same
powers as my executor and shall serve without bond.
POWERS OF EXECUTOR
SEVENTH: I confer upon my executor the right to sell or otherwise convert any
real or personal property at public or private sale, at such time or times, in such manner,
and for such price or prices, and upon such terms and conditions as my executor shall
determine, and to execute and deliver good and sufficient conveyances, assignments and
transfers thereof, without liability of any purchaser for the application of any
consideration; to borrow money and to secure its payment by mortgage of real or personal
property, pledge of investments or otherwise, without liability on the part of the lenders to
see to the application thereof, to retain any investments at discretion; to invest and
reinvest at discretion, without restriction to so-called "legal investments;" to make
distribution in cash or in kind; and to do all other acts and things necessary or appropriate
in the management, administration and distribution of my estate.
COPY
APPOINTMENT OF EXECUTOR
EIGHTH: I appoint S. RICHARD BRENNEMAN executor of my will. If S.
RICHARD BRENNEMAN is unable or unwilling to qualify as executor or having
qualified is unable or unwilling to act, I then appoint HELEN G. BRENNEMAN as
executor hereof. I direct that my executor shall not be required to furnish security in any
jurisdiction.
INTERCHANGEABILITY OF LANGUAGE
NINTH: Words used in the singular may be read to include the plural or the
plural may be read as the singular. Similarly, the masculine form may be read to include
the feminine and neuter; the feminine may be read to include the masculine and neuter;
and the neuter may be read to include the masculine and feminine.
HEADINGS
TENTH: The headings used on the various paragraphs of this will are included
for convenience only and shall have no legal significance.
I have signed this Will on November 14, 2011.
ALFRED H. HOLLENBAUGH
Witness
Witness
COPY
ACKNOWLEDGEMENT and AFFIDAVIT
COMMONWEALTH OF PENNSYLVANIA:
SS.
COUNTY OF CUMBERLAND
1
ALFRED H. IJOLLENBAUGH, the testator herein, and Pa d"/L1L_ QC
�� i
and it J v 67�'0— , the witnesses to the last will, the attached or
foregoing instrument, who have signed the instrument, having been duly qualified
according to law do depose and say:
(a) that 1, the testator, do hereby acknowledge that I signed and executed the
instrument as my last will, that I signed it willingly and as my free and
voluntary act for the purposes therein expressed; and
(b) that we, the witnesses, were present and saw the testator sign and execute the
instrument as his last will, that he signed it willingly and executed it as his free
and voluntary act for the purposes therein expressed; that each of us in the
hearing and sight of the testator signed the will as a witness and that to the best
of our knowledge the testator was at that time 18 or more years of age, of
sound mind and under no constraint or undue influence.
ALFRED H. HOLLENBAUGH
Lam,
s
W(!:",
Witness
SUBSCRIBED, sworn to or affirmed and acknowledged before me by the above-named
testator and by the witnesses whose names appear above o/the 14th
day of November 2011.
COMMONWEALTH OF PENNSYLVANIA
Notarial Seat Notary Public' j
Faith D.Henry,Notary Pub#c
New Cumberland Bora,Cumberland County
My Commission Expires 9,2012
Member,Pennsvti,- of Notaries