HomeMy WebLinkAbout08-16-06
MacE!ree Harvey. Ltd.
Attorneys at Law
17 West Miner Street
Post Office Box 660
West Chester. PA 19381'0660
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MacElree r.fr.-
Harvey
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August 3, 2005
Joseph A. BellinghieriN
Via Certified Mail - Return ReceiDt Reauested
Register of Wills
Cumberland COlilnty Courthouse
1 Courthouse Square
Carlisle, PA 17013-3387
jbellinghieri@macelree.com
dI610.840.0239
pi 610.436.0100
f I 610.429.4486
Re: Estate of Claude L. Seaman
File No. 2105-0116
Dear Sir/Madam:
This office represents the Estate of Claude L. Seaman, deceased, who died on November 6,
2004.
I am enclosing the following documents for filing:
1. Two (2) originals of the Pennsylvania Inheritance Tax Return;
2. Check made payable to Register of Wills. Agent in the amount of $88.00, which
represents the final payment of the Pennsylvania Inheritance taxes;
3. Check made payable to Register of Wills in the amount of $15.00, for the cost of
filing the Pennsylvania Inheritance Tax Return; and
4. Face-page of the Pennsylvania Inheritance Tax Return for time-stamping.
Please send YOL:r official receipt, along with the time-stamped face-page, in the enclosed self-
addressed stamped envelope.
ITMC/dpb
260601_1
190570.49103
Enclosures
cc: Ms. Gale D. Seaman
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COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
BUREAU OF INDIVIDUAL TAXES
DEPT. 280601
HARRISBURG, PA 1712B-0601
REV-1162 EX!1 1-96),
RECEIVED FROM:
PENNSYLVANIA
INHERITANCE AND ESTATE TAX
OFFICIAL RECEIPT
SEAMAN GALE D
38 BLUE MOUNTAIN VISTA
MECHANICSBURG, PA 17050-1854
n______ fold
ESTATE INFORMATION: SSN: 207-24-7809
FILE NUMBER: 2105-0116
DECEDENT NAME: SEAMAN CLAUDE L
DATE OF PAYMENT: 08/11/2005
POSTMARK DATE: 08/11/2005
COUNTY: CUMBERLAND
DATE OF DEATH: 11/06/2004
NO. CD 005676
ACN
ASSESSMENT
CONTROL
NUMBER
AMOUNT
101 I $88.00
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TOTAL AMOUNT PAID:
REMARKS: GALE D SEAMAN
CHECK# 1635
SEAL
INITIALS: SK
RECEIVED BY:
REGISTER OF WILLS
$88.00
GLENDA FARNER STRASBAUGH
REGISTER OF WILLS
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REV-15QO EX (6-00)
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OFFICIAL USE ONLY
COMMONWEALTH OF
PENNSYLVANIA
DEPARTMENT OF REVENUE
DEPT. 280601
HARRISBURG, PA 17128-0601
REV-1500
INHERITANCE TAX RETURN
RESIDENT DECEDENT
FILE NUMBER
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COUNTY CODE
YEAR
NUMBER
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DECEDENTS NAME (LAST. FIRST, AND MIDDLE INITIAL)
SEAMAN CLAUDE
DATE OF DEATH (MM.DD-YEAR) DATE OF BIRTH (MM-DD-YEAR)
11/6/2004 6/21/1930
(IF APPLICABLE) SURVIVING SPOUSES NAME (LAST, FIRST, AND MIDDLE INITIAL)
Gale D. Seaman
L
SOCIAL SECURITY NUMBER
207-24-7809
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
SOCIAL SECURITY NUMBER
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[i] 1, Original Return
D 4. Limited Estate
[i] 6. Decedent Died Testate (Attach copy of Will)
D 9. Litigation Proceeds Received
D 2. Supplemental Return D 3. Remainder Return (dale of death prior to 12-13-82)
D 4a. Future Interest Compromise (date of death after 12.12-82) D 5. Federal Estate Tax Return Requ1red
[i] 7. Decedent Maintained a Living Trust (Attach copy of Trust) _ 8. Total Number of Safe Deposit Boxes
D 10. Spousal Poverty Credit {(late of dealh between 12-3'-91 are 1-1-95) [X] 11. Election to tax under Sec. 9113{A){AltachSc;hOl
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THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX IHFORMATIONSHOUlD BE OIRECTED TO:
NAME COMPLETE MAILING ADDRESS
Jose h A. Bellin hieri 17 W. Miner Street
FIRM NAME (If Applicable)
MacElree Harve , Ltd.
TELEPHONE NUMBER
West Chester, PA 19382
610-840-0239
1. Real Estate (Schedule A)
(1)
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Sc'1,FFICIAL USE or{?
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2. Stocks and Bonds (Schedule B)
(2)
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3. Closely Held Corporation, Partnership or Sole-Proprietorship (3)
4. Mortgages & Notes Receivable (Schedule D) (4)
5. Cash, Bank Deposits & Miscellaneous Personal Property
(Schedule E) (5)
Z 6. Jointly Owned Property (Schedule F) (6)
0 D Separate Billing Requested
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~ 7. Inter.Vivos Transfers & Miscellaneous Non-Probate Property (7)
;:) (Schedule G or L)
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ii: 8 Total Gross Assets (total Lines 1-7)
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W 9. Funeral Expenses & Administrative Costs (Schedule H) (9)
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10. Debts of Decedent, Mortgage liabilities, & Liens (Sdledule I) (10)
11. Total Deductions (total Lines 9 & 10)
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401,018
(8)
15,707
77,500
(11)
(12)
(13)
(14)
401,018
93,207
12. Net Value of Estate (Line 8 minus Line 11)
13. Charitable and Governmental Bequests/See 9113 Trusts for which an election to tax has not been
made (Schedule J)
307,811
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14. Net Value Subject to Tax (Line 12 minus Line 13)
307,811
SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES
15. Amount of Line 14 taxable at the spousal tax 149,125 L-(15)
z rate, or transfers under Sec. 9116 (a)(1.2) x .0
0
;:: 16. Amount of Line 14 taxable at lineal rate 158,686 x .0 ....!E- (1 6)
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l1. 17. Amount of Line 14 taxable at sibling rate x .12 (17)
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0 0
(.) 18. Amount of Line 14 taxable at collateral rate x .15 (18)
)(
<( Tax Due
I- 19. (19)
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7,141
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7,141
20. D
CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
> > BE SURE TO ANSWER ALL QUESTIONS ON REVERSE SIDE AND RECHECK MATH < <
3W46451.000
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Decedent's Com lete Address:
STREET ADDRESS
38 BLUE MOUNTAIN VISTA
CUMBERLAND
CllY
MECHANICSBURG
Tax Payments and Credits:
1. Tax Due (Page 1 Line 19)
2. Credits/Payments
A. SpDusal Poverty Credit
B. Prior Payments
C. Discount
STATE
PA
ZIP
1.7050-
(1)
7,1.41.
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6,700
353
Total Credits (A + B + C) (2)
7,053
3. Interest/Penalty if applicable
D. Interest
E. Penalty
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TotallnterestiPenalty (D + E)
(3)
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4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT,
Check box on Page 1 Line 20 to request a refund
(4)
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5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE,
(5)
88
A. Enter the interest on the tax due.
(5A)
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B. Enter the total of Line 5 + 5A. This is the BALANCE DUE,
Make Check Pa able to: REGISTER OF WILLS, AGENT
(58)
88
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iii6'fi~'fIi1l~t1Jl
PLEASE ANSWER THE FOllOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1 . Did decedent make a transfer and: Yes
a. retain the use or income of the property transferred;, , , . . . , . , . . , . . , [K]
b. retain the right to designate who shall use the property transferred or its income; . [K]
c. retain a reversionary interest; or . . . . . . . . . . . . , , . . . . . . , . . . [i]
d. receive the promise for life of either payments, benefits or care? . . . . . , . , . [i]
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death
without receiving adequate consideration? , , . . , . , . . . . . . . , . . . . . . . . , . . .. [i]
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? D
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which
contains a beneficiary designation? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. IXJ D
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
No
D
D
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Declaration of preparer other than the personal representative is based on all infonnation of which preparer has any knowledge.
PERSON RESPONSIBLE FOR Fill
..a..-& A9.
Mechanicsburg, PA 1.7050
DATE
ADDRESS
IJr
West Chester, PA 1.9382
fore January 1, 1995. the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 3''10
For dates of death on or fter Jan 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0% [72 P.S. 99116 (a) (1.1) (ii)]
The statute does not e m t ansfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and filing a tax retum are still applicable even if
the surviving spouse is nly beneficiary.
For dates of death on or after July 1,2000:
The tax rate imposed on the net value of transfers from a deceased chUd twenty-one years of age or younger at death to or for the use of a natural parent, an adoptive parent,
or a stepparent ofthe child is 0% [72 P.S.!3 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%. excepl as noted in 72 P.S.!3 9116(1.2) [72 P.S. !39116(a)(1)).
The tax rate imposed on the net value of transfers to or for the use of the decedenfs siblings is 12% (72 P.S. 99116(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.
3W4646 1000
.
.
REV-1510 EX + (6-98)
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
CLAUDE L. SEAMAN
FILE NUMBER
This schedule must be completed and filed if the answer to any of Questions 1 through 4 on the reverse side of the REV-1500 COVER SHEET is yes.
DESCRIPTlON OF PROPERTY
ITEM IN:tLDE llE t+\MEOF n-E TRANSFEREE, THEIR RELATIONSHIP TO DeceDeNT Af\()
NUMBER llE DATE OF TRANSFER ATTACHACOPV OF THE DEED FOR REAL ESTATE
1. wachovia Securities Acct.
#7530-5253
Claude L. Seaman Amended and
Restated Living Trust Dated
July 9, 2004.
Interest accrued to 11/6/2004
DATE OF DEATH
VALUE OF ASSET
% OF DECD'S
INTEREST
333,283 100.0000
3,759 100.0000
2 Wachovia Securities Acct.
#7530-5321
Claude L. Seaman Amended and
Restated Living Trust Dated
July 9, 2004
24,026 100.0000
3 Wachovia Securitieties IRA
Acct. #7530-5288
Beneficiary: Gale Seaman, Wife
39,950 100.0000
TOTAL (Also enter on line 7, Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
3W46AF 1.000
EXCLUSION
(IF APPLICABLE\
TAXABLE
VALUE
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333,283
3,759
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24,026
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39,950
401,018
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REV-1511 EX+(12.99)
.
SCHEDULE H
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
CLAUDE L. SEAMAN
ITEM
NUMBER
A.
B.
FILE NUMBER
Debts of decedent must be reported on Schedule I.
DESCRIPTION
FUNERAL. EXPENSES:
1.
Huff and Lakyes
Funeral Services
Total from continuation schedules . . . . . . . . .
1.
ADMINISTRATIVE COSTS:
Personal Representative's Commissions
Name 01 Personal Representative(s)
Social Security Number(s) I EIN Number 01 Personal Representatlve(s)
Street Address
City
State
Zip
Year(s) Commission Paid:
2.
Attorney Fees
3.
Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Claimant Gale D. Seaman
Street Address 38 Blue Mountain Vista
City Mechanicsburq
Relationship 01 Claimant to Decedent SPOUSE
State PA
Zip 17050
4. Probate Fees
2
3W46AG 1.000
5. Accountant's Fees
6. Tax Return Prepare~s Fees
7.
1
Cumberland County Recorder of
Deeds
Filing of deed
Reserve for Miscellaneous expenses
TOTAL (Also enter on line 9, Recapitulation)
(II more space is needed, Insert additional sheets 01 the same size)
$
AMOUNT
4,435
233
7,000
3,500
39
500
15,707
\0.;
Bstate of. CLAUDB L. SBAMAN
Item
No.
2
Description
Lansdale Florist
Funeral Flowers
.
Schedule H Part 1 (Page 2)
Total (Carry forward to main schedule)
.
207-24-7809
Amount
233
233
"
.
REV-1512 EX + (12-03)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RElURN
RESIDENT DECEDENT
ESTATE OF
CLAUDE L. SEAMAN
SCHEDULE I
DEBTS OF DECEDENT,
MORTGAGE LIABILITIES, & LIENS
FILE NUMBER
Report debts incurred by the decedent prior to death which remained unpaid as of the date of death, Including unreimbursed medical expenses,
ITEM
NUMBER
DESCRIPTION
VALUE AT DATE
OF DEATH
1.
One-half (1/2) of debt/mortgage on
premises located at 38 Blue
Mountain Vista, Mechanicsburg, PA
77,500
3W46AH 2.000
TOTAL (Also enter on line 10, Recaoituiation) $
(If more space is needed, insert additional sheets of the same size)
77,500
..
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REV-1513 EX. (9-00)
.
SCHEDULE J
BENEFICIARIES
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
CLAUDE L. SEAMAN
NUMBER
I
NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY
TAXABLE DISTRIBUTIONS [include outright spousal distributions. and transfers
under Sec. 9116 (a) (1.2)]
Bruce Alan Seaman Trust
38 Blue Mountain Vista
Mechanicsburg, PA 17050
1
Residue of Credit Trust
RELATIONSHIP TO DECEDENT
Do Not List Trustee(s)
Son
FILE NUMBER
AMOUNT OR SHARE
OF ESTATE
o
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET
II NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
3W46A11.000
TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET
(If more space IS needed, Insert additional sheets of the same size)
$
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, .
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
. SCHEDULE K
LIFE ESTATE, ANNUITY
& TERM CERTAIN
REV-1514 EX+ (12-03)
Check Box 4 on REV-1500 Cover Sheet
FILE NUMBER
CLAUDE L. SEAMAN
This schedule is to be used for all single life, joint or successive life estate and term certain calculations. For dates of death prior to 5-1-89,
actuarial factors for single life calculations can be obtained from the Department of Revenue, Specia~y Tax Unit.
Actuarial factors can be found in IRS Publication 1457, Actuarial Values, Alpha Volume for dates of death from 5-1-89 to 4-30-99,
and in Aleph Volume for dates of death from 5-1-99 and thereafter.
Indicate the type of instrument which created the future interest below and attach a copy to the tax return.
o Will [i] Intervlvos Deed of Trust 0 Other
LIFE ESTATE INTEREST CALCULATION
NAME(S) OF LIFE TENANT(S)
DATE OF BIRTH
NEAREST AGE AT
DATE OF DEATH
TERM OF YEARS
LIFE ESTATE IS PAYABLE
Gale D. Seaman
09/20/1934
70
Term of Years
Term of Years
Term of Years
Term of Years
1. Value of fund from which life estate is payable . . . . . . .
2. Actuarial factor per ap~riate table . . . . . . . . . . . .
Interest table rate - U 3 1/2% 0 6% 0 10%
3. Value of life estate (Line 1 multiplied by Line 2) .....
$
Term of Years
267,861
0.40758
[i] Variable Rate 4.20000%
$
109,175
ANNUITY INTEREST CALCULATION
NAME(S) OF LIFE ANNUITANT(S)
DATE OF BIRTH NEAREST AGE AT
DATE OF DEATH
TERM OF YEARS
ANNUITY IS PAYABLE
Term of Years
Term of Years
Term of Years
1. Value of fund from which annuity is payable . . . . . . . . . . . . . . . . . .
2. Check appropriate block below and enter corresponding (number) . . . . . .
Frequency of payout -0 Weekly (52) 0 Bi-weekly (2U Monthly (12)
o Quarterly (4) 0 Semi-annually (2) 0 Annually (1) OOther~) 0
3. Amount of payout per period ..............
4. Aggregate annual payment, Line 2 multiplied by Line 3
5. Annuity Factor (see instructions)
Interesttablerate-D 31/2% D 6% D 10% DVariableRateO.OoOOO%
6. Adjustment Factor (see instructions) ....................
7. Value of annuity -If using 3 1/2%, 6%, 10%. or if variable rate and period
payout is at end of period, calculation is: Line 4 x Line 5 x Line 6 . . . . .
If using variable rate and period payout is at beginning of period, calculation is:
(Line 4 x Line 5 x Line 6) + Line 3. . . . . . . . . . . . . . . . . . . . . . . . .
o Life or
$
D Term of Years
o
0.000
$
o
o
0.00000
0.00000
$
o
$
o
NOTE: The values of the funds which create the above future interests must be reported as part of the estate assets on Schedules A through
G of this tax return. The resulting life or annuity interest(s) should be reported at the appropriate tax rate on Lines 13 and 15 through 18.
(If more space is needed, insert additional sheets of the same size)
3W46AJ 3.000
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REV-1649 EX. (6-98)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE 0
ELECTION UNDER SEC. 9113(A)
SPOUSAL DISTRIBUTIONS
ESTATE OF
FILE NUMBER
CLAUDE L. SEAMAN
Do not complete this schedule unless the estate Is making the election to tax assets under Section 9113(A) of the Inheritance & Estate Tax Act
If the election applies to more than one trust or similar arrangement, a separate form must be filed for each trust.
This election applies to the Credi t Trust (marital, residual, A, B, By-pass, Unified Credit, etc.)
If a trust or similar arrangement meets the requirements of Section 9113(A). and:
a. The trust or similar arrangement Is listed In Schedule 0, and
b. The value of the trust or similar arrangement is entered in whole or in part as an asset on Schedule 0,
then the transferor's personal representative may specifically identify the trust (all or a fractional portion or percentage) to be included in the election to have such trust or sim-
ilar property treated as a taxable transfer in this estate. If less than the entire value of the trust or similar property is included as a taxable transfer on Schedule O. the personal
representative shall be considered to have made the election only as to a fraction of the trust or similar arrangement. The numerator of this fraction is equal to the amount of
the trust or similar arrangement included as a taxable asset on Schedule O. The denominator is equal to the total value of the trnst or similar arrangement.
PART A: Enter the description and value of all interests, both taxable and non-taxable, regardless of location, which pass to the decedent's
surviving spouse under a Section 9113(A) trust or similar arrangement.
Description
VALUE
Claude L. Seaman Credit Trust
Life Estate - $109,175
Remainder Estate - $158,686
267,861
Part A Total $ 267,861
PART B: Enter the description and value of all interests included in Part A for which the Section 9113(A) election to tax is beina made.
Description
Value
Claude L. Seaman Credit Trust
Life Estate - $109,175
Remainder Estate - $158,686
267,861
3W46E2 2.000
Part B Total $
(If more space IS needed, Insert additional sheets of the same size)
267,861
.
.
Estate of Claude L. Seaman
Social Security No. 207-24-7809
Date of Death: November 6, 2004
File No. 2105-0116
TABLE OF CONTENTS
PENNSYLVANIA INHERITANCE TAX RETURN
1. Death Certificate ..................................................................................................... Exhibit A
2. Last Will and Testament of Claude L. Seaman........................................................ Exhibit B
3. Claude L. Seaman Amended and Restated Living Trust, dated July 9, 2004.......... Exhibit C
4. Estate valuations of Wachovia Securities account .................................................. Exhibit D
260604_1
190570.49103
EXHIBIT
A
TVPEIPtIINT
IN
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This is to certify that this is a true co~f the tecotd which is on file in the pennSYl.I'a Division of Vital Recotds
with Act 66, P.L. 304, approved by th~eral Assembly, June 29, 1953. .
in accordance
WARNING: It is illegal to duplicate this copy by photostat or photograph.
0542560
~II~
Charles Hardester
State Registrar
NOV 2 2 Z004
No.
Date
H105.143 Rev. 2Jff1
COMMONWEALTH OF PENNSYLVANIA. DEPARTMENT OF HEALTH . VITAL RECORDS
CERTIFICATE OF DEATH
NAME OF DECEDENT (Fnt. MIddIe,l.uI)
1. Claude Landia
AGE {l.Mt EIII'thdIrJ:.
=~~)
.. Creamery. PA ...
FAQUTY NAME (Ifoot InIIIld;Ion, gtw....MlIl'Ur1ber)
74 y,,-
&
COUNTY OF DEATH
a-l
... Cumberland
DeCEDENT'S USUAl OCOJPATJON
Camp Hin-
KIND OF BUSINESS I INDUSTRY
General
Lawn Care
) DECEDENT'S
ACTUAl
RESIDENCE
~~
Ie.
White
SURVIVING SPOUSE
(lfwllll.gMl.,........n_l
MARITAL STATUS - M.m.d,
~-=...
,.. Married
17c. (I y-.dladlntlWldln
"..
own.
38 Blue Mountain Vista
,& Mechanicsbur . PA 17050
FATHER'S ~E (Fnt, MIddlI, l.eIIJ
1& William H. Seaman
INFORMAN1'S NAME
-
er
17L S...
Ckl
-
"'In.
-
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,,.. """" Cumberland
""-
D. Seaman
Cl OH
.....CD_O"'-__O
co._I
_hi"""""
1J~.llIIICIngto~
c:aIH. EnIiIr IINDERL YJHO
CAUSE ca-. or"""
...-.....
rwdlIng on M1h) LAST'
WAS AN AUTOPSY 't'\ERE AUTOPSY FINDINGS
PERFORMED? AVAJlA8lE PRIORTO
COMPLETION OF CAUSE
OF 0EATlt?
E
MANNER (F DEATH =. ~,~RY
....... CD - 0
....... 0 _,_ 0 Y..ONoO
O lOa. HIL M. He.
Y.. 0 No 0 SuIcIde CCUlIMlIIe ~ 0 PLACE OF ItoLlURY _ No homI, farm. atrMt, r.ctllry. DlIcI
..........-
2IL 28b. a. Me.
CERllFJER (ChQ GnI)' orw} SIGNA:
'~~~:a:'!'-'!!'!:'~~~.~~.~.~~I.................O....
.~:::O~~'=:'3..-=.~~.===,c:.~=':=""IClbd......................1IJ ~1~DMB R ct ,~ Md.
NAME ANDAOCRE" \If PE,05ON ~ COMPlEjE)>
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EXHIBIT
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WILL
OF
CLAUDE L. SEAMAN
I, CLAUDE L. SEAMAN, of Mechanics burg, Pennsylvania, declare this to be my
last Will arId I hereby revoke all prior Wills arId Codicils heretofore made by me.
FIRST: PAYMENT OF EXPENSES: I direct that the expenses of my last illness
arId funeral be paid from my estate as soon as practicable after my death.
SECOND: TAXES:
A. All estate, inheritance, succession or other death taxes, except generation-
skipping transfer taxes, imposed or payable by reason of my death, and due at my death or incurred
during the administration of my estate, arId interest arId penalties thereon, if any, with respect to all
property comprising my gross estate for death tax purposes, whether or not such property passes
under this Will, shall be paid out of the principal of my residuary estate. In the absolute discretion
of my Executor, such taxes may be paid immediately or may be postponed on future or remainder
interests until the time possession thereof accrues to the beneficiaries.
B. My Executor may join with my wife or her personal representative, in a
joint income tax return covering any period of time prior to my death, or in a gift tax return on
gifts made by my wife prior to my death; arId in connection therewith may determine what taxes,
interest arId penalties are proper; arId may pay the same even though not attributable in whole or
in part to income or gifts from my property and without requiring said wife or her personal
representative to indemnify my estate against liability to it for tax attributable to her.
,.....0.. _
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THE EXECUTED ORIGINAL OF
THIS DOCUMENT IS IN THE SAFE
DEPOSIT BOX OF MACHREE
HARVEY, LTD,
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220182_1
THIRD: TANGIBLE PERSONAL PROPERTY: I give all of my tangible
personal property, including any policies of insurance on it, to my wife, GALE D. SEAMAN, if
she survives me. In the event my said wife does not survive me, I give all of such property to my
son, BRUCE ALAN SEAMAN.
My Executor shall pay, as an expense of settling my estate, all costs of delivering
such tangible personal property, including the costs of packaging, delivery and insurance.
FOURTH: RESIDUE: I give the residue of my estate, real and personal, to the
Trustee named under a certain Deed of Trust amended and restated on >>v l,' , 2004, or
any amendment thereto, under which CLAUDE L. SEAMAN is named as Trustee, IN TRUST,
to be held in accordance with the provisions of that Deed as it exists at my death. If this bequest
to that trust is ineffective for any reason, or that Deed of Trust is no longer in existence at the
time this provision becomes operative, then I direct that the residue of my estate shall be
distributed to the persons named as trustee under the Deed of Trust, to be administered and
distributed by them upon the same terms and conditions set forth in that Deed as it exists as of
the date of this Will, whose terms and conditions be specifically incorporated by reference.
FIFTH: SURVN AL CLAUSE: If any beneficiary, with the exception of my
wife, shall die within thirty (30) days of the date of my death, any devise or bequest given or
appointed to or for the use of such beneficiary shall lapse and be divested, and this Will shall be
interpreted as if such beneficiary had predeceased me.
SIXTH: SURVNORSHIP: For the purposes of this Will my wife shall be
deemed to have survived me if the order of our deaths is not clear.
SEVENTH: PROTECTIVE PROVISION: All principal and income shall, until
actual distribution to the beneficiary, be free of debts, contracts, alienations and anticipations of
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220182_1
any beneficiary, and the same shall not be liable for any levy, attachment, execution or
sequestration while in the possession of my Executor or Trustee.
EIGHTH: POWERS: In addition to the powers above provided for, and those
given by law, my Executor or Trustee, without any order of Court and in his sole discretion,
may:
A. Retain any and all property received for as long as such retention appears
advisable;
B. Invest and reinvest in stocks, shares and obligations of corporations, of
unincorporated associations or trusts and of investment companies or in any other kind of
personal or real property, notwithstanding the fact that any or all of the investments made are of
a character or size which, but for this expressed authority, would not be considered proper for
executors or trustees;
C. Keep reasonable amounts of cash in bank uninvested, if deemed advisable
for the protection of principal;
D. Repair, alter, improve or lease, for any period of time, any property, and
give options for leases;
E. Sell for cash or on deferred payments at public or private sale, exchange,
or convey any portion of my estate, real or personal, at the time or price and on the terms and
conditions which my Executor or Trustee may deem best;
F. Borrow money from any person, including the Executor, or Trustee
hereinafter named, and mortgage or pledge any property;
G. Compromise claims;
H. Make distribution in cash or in kind, or partly in each;
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1. Exercise all powers in the management of my estate which any individual
could exercise in the management of similar property owned by that individual in his own right,
and upon such terms and conditions as may seem best to my Executor, and to execute and deliver
any and all instruments, and to do all acts which my Executor or Trustee may deem necessary
and proper to carry out the purposes of this Will;
J. Combine any trust created hereunder with any other trust, whether created
by me or others, having the same beneficiary and similar terms;
K. Change the situs for administrative and accounting purposes of any or all
trusts created hereunder to any jurisdiction, without the necessity of court approval;
L. Disclaim any power or interest in property, without court approval, with
such property to include, but not be limited to, all or a portion of survivorship rights in multiple-
party accounts, tangible personal property or real property; rights under retirement plans,
annuities, individual retirement accounts, endowment insurance policies and certain out-of-state
lottery proceeds; and inter vivos gifts.
These authorities shall extend to all property at any time held by my Executor and
shall continue in full force until the actual distribution of all such property. All powers,
authorities, and discretion granted by this Will shall be in addition to those granted by law and
shall be exercisable without leave of court.
NINTH: APPOINTMENT OF EXECUTOR AND TRUSTEE: I appoint my
spouse, GALE D. SEAMAN, as Executrix of this my Will. Should she predecease me or for any
reason be unable or unwilling to act or continue to act, I appoint my son, BRUCE ALAN
SEAMAN, as alternate Executor in her place and stead. Should he predecease me or for any
reason be unable or unwilling to act or continue to act, I appoint my friend, DEAN CAMP, as
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220182_1
second alternate Executor in his place and stead. No Executor or Trustee nor any duly appointed
successor shall be required to give bond or furnish sureties in any jurisdiction.'
TENTH: SI111S: Questions pertaining to the validity, construction and
administration of any trust hereunder shall be determined in accordance with the laws of the
Commonwealth of Pennsylvania.
ELEVENTH: GENDER AND NUMBER: Wherever any words are used herein
in the masculine gender, they shall be construed as though they were also used in the feminine
gender or neuter gender in all cases where they would so apply, and wherever any words are
used herein in the singular form, they shall be construed as though they were also used in the
plural form in all cases where they would so apply.
TWELFTH: SAVING CLAUSE: Should any provision contained herein be
determined by opinion of counselor by decree of court to be illegal, unenforceable or to result in
the loss of substantial inheritance or income tax benefits to my estate, such provision shall be
considered null and void and the remainder of this Will shall be in full force and effect and my
estate shall be administered accordingly and without reference to any such provision.
THIRTEENTH: HEADINGS: The headings used in this Will are used for
administrative purposes only and do not constitute substantive matter to be considered in
construing the terms of this Will.
IN WITNESS WHEREOF, 1 have hereunto set my hand and seal this fi'\ day of
~~Ad
,2004.
n.(~~.,~~~/~;" ~_ ~~~~
CLAUDE L. SEAMAN
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SIGNED, SEALED, PUBLISHED and DECLARED by the above named
Testator, CLAUDE L. SEAMAN, as and for his last Will and Testament, in the presence of us,
who, at his request, in his presence and in the presence of each other, all being present at the
same time, have hereunto subscribed our names as witnesses.
of (/u, ,,/ eL pi, .;J Jl
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220182_1
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF CHESTER
: SS
We, CLAUDE L. SEAMAN, the Testator, :J:s ep/1 II, l3e / l Jfj ~ ,. C r'f'
and ....lJi,l/(e ~h#e i dev , the witnesses, respectively, whose names are signed to the
foregoing instrument, being first duly sworn, do hereby declare to the undersigned authority that
the Testator signed and executed the instrument as his last Will and that he signed willingly, and
that he executed it as his free and voluntary act for the purposes therein expressed, and that each
of the witnesses, in the presence and hearing of the Testator, signed the Will as witness and that
to the best of our knowledge the Testator was at that time eighteen years of age or older, of
sound mind and under no constraint or undue influence.
.- .-,
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Claude L. Seaman
Witness
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(SEAL)
Witness
(~EAL)
Subscribed, sworn to and acknowledged before me by CLAUDE L. SEAMAN,
the Testator, and subscribed and sworn to before me by ....Jo..s e
'})uK €... Sc. hr,e ; de r , witnesses, this ~ day of .
~1Z-~
Notary Public
~QQM..M.ONWEAL TH OF PENNSYLVANIA
i Notarial Seal
I ~U1Mn. S. Pelly. Nolary Public
! Wt.ll!t Chesler Boro, Chester County
L.. y~~.~~~ ExpNJan. 20. 2008
iJ')';~,r,~~~,' ~~m'!~~~'~ A$~11 Of Notaries
2004.
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EXHIBIT
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220600_1
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THE CLAUDE L. SEAMAN
AMENDED AND RESTATED
LIVING TRUST
July 9, 2004
Prepared by:
Joseph A. Bellinghieri, Esquire
LAW OFFICES
MACELREE HARVEY, L TO.
17 WEST MINER STREET
POST OFFICE BOX 660
WEST CHESTER, PENNSYLVANIA 19381-0660
Phone: (610) 840-0239
Facsimile: (610) 429-4486
email: jbellinghleri@macelree.com
Copyright@2004MacElree Harvey, ltd.
THE EXECUTED ORIGINAL OF
THIS DOCUMENT IS IN THE SAFE
DEPOSIT BOX OF MACELREE
HARVEY, LTD.
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220600_1
The Claude L. Seaman Amended and Restated
Living Trust
Table of Contents
Section 1.03
Section 1.04
Section 1.05
Article One Establishing My Trust ................................................................. 1-1
Section 1.01 Identifying My Trust.................................................................... 1-1
Section 1.02 Reliance by Third Parties on Affidavit or Certification of
Trust ... ........... ................. ......... ......... ............ ..... ........ ................... 1-1
Transferring Property to My Trust............................................... 1-2
Powers Reserved by Me as Grantor............................................. 1-3
Grantor Trust Status ......................... ............................................ 1-3
Article Two Family Information ...................................................................... 2-1
Article Three Trustee Succession Provisions .............................................. 3-1
Section 3.01 Resignation of a Trustee .............................................................. 3-1
Section 3.02 Trustee Succession During My Lifetime..................................... 3-1
Section 3.03 Trustee Succession After My Death ............................................ 3-1
Section 3.04 Notice of Removal and Appointment .......................................... 3-2
Section 3.05 Appointment of a Cotrustee .........................................................3-2
Section 3.06 Corporate Fiduciaries................................................................... 3-3
Section 3.07 Incapacity of a Trustee................................................................. 3-3
Section 3.08 Appointment of Independent Special Trustee...........;.................. 3-3
Section 3.09 Rights and Obligations of Successor Trustees............................. 3-3
Article Four Administration of My Trust During My Incapacity................... 4-1
Section 4.01 Trust Distributions During My Incapacity................................... 4-1
Section 5.05
Section 5.06
Section 5.07
Article Five Administration of My Trust Upon My Death ............................. 5-1
Section 5.01 My Trust Shall Become Irrevocable............................................ 5-1
Section 5.02 Administrative Trust .................................................................... 5-1
Section 5.03 Payment of My Expenses and Taxes ........................................... 5-1
Section 5.04 Restrictions on Certain Payments from Qualified
Retirement Plans ..........................................................................5-2
Payment of Death Taxes ..............................................................5-2
Coordination with My Personal Representative ..........................5-3
Tax Elections ............................................................................... 5-4
Article Six Disposition of Tangible Personal Property ................................ 6-1
Section 6.01 Distribution of Tangible Personal Property by Memoranda........ 6-1
Section 6.02 Distribution of Remaining Tangible Personal Property............... 6-1
Section 6.03 Definition of Tangible Personal Property .................................... 6-1
220600_1
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Section 6.04
Encumbrances and Incidental Expenses of Tangible
Personal Property. ................................................................... ..... 6-2
Residuary Distribution ............ ..0................ ................ .................. 6-2
Section 6.05
Article Seven Creation of Trust Shares Upon My Death .............................. 7-1
Section 7.01 Division of My Trust if My Wife Survives Me ........................... 7-1
Section 7.02 Disposition of Property Upon Disclaimer by My Wife ............... 7-2
Article Eight The Credit Shelter Trust ........................................................... 8-1
Section 8.01 Credit Shelter Trust Beneficiary ..................................................8-1
Section 8.02 Separate Share for Disclaimed Property ......................................8-1
Section 8.03 Distribution of Income................................................................. 8-1
Section 8.04 Distribution of Principal.............................................................. 8-1
Section 8.05 My Wife's Right to Withdraw Principal...................................... 8-1
Section 8.06 Guidelines to My Trustee............................................................. 8-2
Section 8.07 Testamentary Limited Power of Appointment ............................ 8-2
Section 8.08 Tennination of the Credit Shelter Trust....................................... 8-2
Article Nine Distribution to My Descendants................................................ 9-1
Article Ten Remote Contingent Distribution............................................... 10-1
Section 11.01
Section 11. 02
Section 11.03
Article Eleven Administration of Trusts for Underage and
Incapacitated Beneficiaries .......................................... 11-1
Distributions for Underage and Incapacitated Beneficiaries ..... 11-1
Methods of Distribution............................................................. 11-1
Application of Article ................................................................ 11-2
Article Twelve Retirement Plans and Life Insurance Policies................... 12-1
Section 12.01 Retirement Plans ........................................................................12-1
Section 12.02 Life Insurance Policies............................................................... 12-2
Section 12.03 Limitation on Liability of Payor ................................................ 12-3
Section 12.04 Collection Efforts....................................................................... 12-3
Section 12.05 No Obligation to Purchase or Maintain Benefits ....................... 12-3
Article Thirteen Trust Administration .......................................................... 13-1
Section 13.01 Distributions to Beneficiaries .................................................... 13-1
Section 13.02 No Court Proceedings ................................................................ 13-1
Section 13.03 No Bond ..................................................................................... 13-1
Section 13.04 Exoneration of My Trustee ........................................................ 13-1
Section 13.05 Trustee Compensation ............................................................... 13-2
Section 13.06 Employment of Professionals .................................................... 13-2
Section 13.07 Exercise of Testamentary Power of Appointment..................... 13-3
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220600_1
Section 13.08
Section 13.09
Section 13.10
Section 13.11
Section 13.12
Section 13.13
Section 13.14
Section 13.15
Section 13.16
Section 13.17
Section 13.18
Section 13.19
Section 13.20
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Determination of Principal and Income..................................... 13-3
Trust Accounting ....................................................................... 13-3
Action of Trustees; Disclaimer ..................................................13-4
Delegation of Trustee Authority; Power of Attorney................ 13-4
Additions to Separate Trusts...................................................... 13-5
Authority to Merge or Sever Trusts ........................................... 13-5
Authority to Terminate Trusts ................................................... 13-5
Merger of Corporate Fiduciary .................................................. 13-6
Beneficiary's Status.... ........ ............. ............. ................ ........ ..... 13-6
Discharge of Third Persons........................................................ 13-6
Certificate by Trustee.... ............................................................. 13-6
Funeral and Other Expenses of Beneficiary .............................. 13-7
Marital Deduction Qualification ................................................ 13-7
Article Fourteen My Trustee's Powers ........................................................ 14-1
Section 14.01
Section 14.02
Section 14.03
Section 14.04
Section 14.05
Section 14.06
Section 14.07
Section 14.08
Section 14.09
Section 14.10
Section 14.11
Section 14.12
Section 14.13
Section 14.14
Section 14.15
Section 14.16
Section 14.17
Section 14.18
Section 14.19
Section 14.20
Section 14.21
Section 14.22
Introduction to Trustee's Powers ...............................................14-1
Execution of Documents by My Trustee ................................... 14-1
Investment Powers in General................................................... 14-1
Banking Powers ......................................................................... 14-2
Business Powers......... ........ .... ..... ......... ........ ............ ..... ..... ..... '" 14-2
Contract Powers ............................................:............................ 14-2
Common Investments ................................................................ 14-3
Environmental Powers ............................................................... 14-3
Farm, Ranch and Other Agricultural Powers............................. 14-4
Insurance Powers ....................................................................... 14-4
Loans and Borrowing Powers.................................................... 14-5
Nominee Powers ........................................................................ 14-5
Oil, Gas and Mineral Interests .....:............................................. 14-5
Payment of Taxes and Expenses................................................ 14-6
Qualified Family Owned Business Interests Deduction ............ 14-6
Qualified Real Property Valuation............................................. 14-6
Real Estate Powers..................................................................... 14-6
Residences and Tangible Personal Property.............................. 14-7
Retention and Abandonment of Trust Property ......................... 14-7
Securities, Brokerage and Margin Powers................................. 14-8
Settlement Powers.......... ........ ...................... ......... ........ ..... ........ 14-8
Limitation on My Trustee's Powers .......................................... 14-8
Article Fifteen General Provisions ............................................................... 15-1
Section 15.01 Maximum Term for Trusts......................................................... 15-1
Section 15.02 Spendthrift Provision ................................................................. 15-1
Section 15.03 Contest Provision....................................................................... 15-1
Section 15.04 Survivorship Presumption.......................................................... 15-1
Section 15.05 Divorce or Annulment ............................................................... 15-2
Section 15.06 Changing the Situs of Administration........................................ 15-2
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Section 15.07
Section 15.08
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Definitions................. .......... ...... ............... .................................. 15-2
General Provisions and Rules of Construction .......................... 15-6
IV
220600_1
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The Claude L. Seaman Amended and Restated
Living Trust
Article One
Restatement of my Trust
On January 7, 1999, I, Claude L. Seaman, executed the Claude L. Seaman Trust. On
October 3, 2000, I executed the First Amendment to the Claude L. Seaman Trust.
Pursuant to Article Five of the above-referenced trust agreement, dated January 7, 1999, I
have the power to Amend and Restate the Agreement and I do so as follows:
Section 1.01 Identifying My Trust
My trust may be referred to as "Claude L. Seaman, Trustee of the Claude L. Seaman
Living Trust dated January 7, 1999, and any amendments thereto."
For the purpose of transferring property to my trust, or identifying my trust in any
beneficiary or pay-on-death designation, any description referring to my trust shall be
effective if it reasonably identifies my trust. Any description that contains the date of my
trust, the name of at least one initial or successor Trustee and an indication that my
Trustee is holding the trust property in a fiduciary capacity shall be sufficient to .
reasonably identify my trust.
Section 1.02
Reliance by Third Parties on Affidavit or Certification of
Trust -
From time to time, third parties may require documentation to verifY the existence of this
agreement, or particular provisions of it, such as the name or names of my Trustee or the
powers held by my Trustee. To protect the confidentiality of this agreement, my Trustee
may use an affidavit or a certification of trust that (1) identifies my Trustee; (2) sets forth
the authority of my Trustee to transact business on behalf of the trust; and (3) may
include pertinent pages from the trust, such as title or signature pages.
A third party may rely upon an affidavit or certification of trust that is signed by my
Trustee with respect to the representations contained in the affidavit or certification of
trust. A third party relying upon an affidavit or certification of trust shall be exonerated
from any liability for actions the third party takes or fails to take in reliance upon the
representations contained in the affidavit or certification of trust. A third party dealing
with my Trustee shall not be required to inquire into the terms of this agreement or the
authority of my Trustee, or to see to the application that my Trustee makes of funds or
other property received by my Trustee.
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220600_1
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Section 1.03 Transferring Property to My Trust
Any person or entity may transfer property of any kind, nature and description to my trust
in any manner authorized by law.
(a) Initial Funding of My Trust
By execution of this agreement, I transfer, convey and assign to my
Trustee and my Trustee accepts and agrees to hold, the property described
in Schedule A, annexed hereto, together with all my right, title and interest
in and to all of my property that may by law be held in trust and that may,
by this assignment, be transferred to my trust. This assignment shall
include, without limitation, all real and personal, tangible and intangible
property, located in the United States, whether separate or community,
whether acquired before or after the execution of this agreement except for
the following assets that are expressly not transferred to my trust by this
assignment:
Life insurance policies, unless the ownership of a policy is
transferred to my trust by a separate instrument that
specifically refers to such policy;
Corporate and self-employed ("Keogh") pension, profit
sharing and stock bonus plans;
Simplified Employee Plans (SEPs);
Individual retirement accounts and tax sheltered annuities;
Commercial annuities;
Any property the transfer of which would violate a
restriction on transfer agreement.-
(b) Acceptance by My Trustee
By execution of this agreement, my Trustee accepts and agrees to hold the
trust property described on Schedule A. All property transferred to my
trust after the date of this agreement must be acceptable to my Trustee.
My Trustee may refuse to accept any property. My Trustee shall hold,
administer and dispose of all trust property accepted by my Trustee for my
benefit and the benefit of my beneficiaries in accordance with the terms of
this agreement.
(c) Community Property
Any community property conveyed to my trust, including the income from
such property and the proceeds from the sale of such property, shall retain
its character as community property during my life and the life of my wife
to the same extent as if it had not been conveyed to my trust.
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220600_1
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Section 1.04 Powers Reserved by Me as Grantor
During my lifetime, I shall retain the powers set forth in this Section in addition to any
powers that I reserve in other provisions of this agreement.
(a) Action on Behalf of My Trust
During any period that I am serving as a Trustee of my trust, I may act for
and conduct business on behalf of my trust without the consent of any
other Trustee.
(b) Amendment, Restatement or Revocation
I have the absolute right, at any time and from time to time, to amend,
restate, or revoke any term or provision of this agreement in whole or in
part. Any amendment, restatement, or revocation must be in a written
instrument signed by me.
(c) Addition or Removal of Trust Property
I have the absolute right, at any time and from time to time, to add to the
trust property and to remove any property from my trust.
(d) Control of Income and Principal Distributions
I have the absolute right to control the distribution of income and principal
from my trust. My Trustee shall distribute to me, or to such persons or
entities as I may direct, as much of the net income and principal of the
trust property as I deem advisable. My Trustee may distribute trust
income and principal to me or for my unrestricted use and benefit, even to
the exhaustion of all trust property. Any undistributed income shall be
added to the principal of my trust.
(e) Approval of Investment Decisions
I have the absolute right to approve my Trustee's investment decisions.
My approval of investment decisions shall be binding on all other
beneficiaries of this agreement.
Section 1.05
Grantor Trust Status
By reserving the broad rights and powers set forth in Section 1.04 of this Article, I intend
to qualify my trust as a "Grantor Trust" under Sections 671 to 677 of the Internal
Revenue Code so that, for federal income tax purposes, I will be treated as the owner
during my lifetime of all the assets held in my trust as though I held them in my
individual capacity.
During any period that my trust is a Grantor Trust, the taxpayer identification number of
my trust shall be my social security number, in accordance with Treasury. Regulation
Section 301.6109-1 (a)(2).
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220600_1
Article Two
Family Information
I am married to Gale D. Seaman. Any reference in this agreement to "my wife" is a
reference to Gale D. Seaman.
I have one child. His name is
Bruce Alan Seaman
All references in this agreement to "my children" are references to this child.
References in this agreement to "my descendants" are references to my child and his
descendants.
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220600_1
Article Three
Trustee Succession Provisions
Section 3.01 Resignation of a Trustee
A Trustee may resign by giving notice to me. If I am deceased, a resigning Trustee shall
give notice to the income beneficiaries of the trust and to any other Trustee then serving.
A Trustee's notice of resignation shall become effective upon the successor Trustee's
acceptance of appointment.
Section 3.02 Trustee Succession During My Lifetime
During my lifetime, this Section shall govern the removal and replacement of my
Trustees.
(a) Removal and Replacement by Me
I may remove any Trustee with or without cause at any time. If a Trustee
is removed, resigns or cannot continue to serve for any reason, I may serve
as sole Trustee, appoint a Trustee to serve with me or appoint a successor
Trustee.
(b) During My Incapacity
During any time that I am incapacitated, my wife shall serve as my
Trustee. If my wife is unable to serve for any reason, my child, Bruce
Alan Seaman, shall serve as my Successor Trustee.
If I am incapacitated, my wife, or if she is also incapacitated or deceased,
the person appointed my guardian may remove any Trustee with or
without cause.
If I am incapacitated and there is no named successor Trustee, my wife
shall appoint an individual or corporate fiduciary to serve as my successor
Trustee. If my wife is deceased, the person appointed my guardian shall
appoint my successor Trustee.
All appointments, removals and revocations shall be by signed written instrument.
Notice of removal shall be delivered to the Trustee being removed and shall be effective
in accordance with the provisions of the notice.
Notice of appointment shall be delivered to and accepted by the successor Trustee and
shall become effective at that time. A copy of the notice shall be attached to this
agreement.
Section 3.03 Trustee Succession After My Death
After my death, this Section shall govern the removal and replacement of my Trustees.
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(a) Successor Trustees
I appoint Gale D. Seaman and Bruce Alan Seaman, jointly, or the survivor
of them to serve as my successor Trustee upon my death, replacing any
then serving Trustee. In the event, neither is able or willing to serve, then
I appoint my friend, Dean Camp, as successor Trustee.
(b) Default of Designation
If the office of Trustee of a trust created under this agreement is vacant
and no designated successor Trustee is able and willing to act as Trustee, a
majority of the income beneficiaries of the trust shall appoint an attorney,
certified public accountant or corporate fiduciary that is not related or
subordinate to the person or persons making the appointment within the
meaning of Section 672(c) of the Internal Revenue Code as successor
Trustee.
Any beneficiary may petition a court of competent jurisdiction to appoint
a successor Trustee to fill any vacancy remaining unfilled after a period of
30 days. By making such appointment, the court shall not thereby acquire
any jurisdiction over the trust, excep,t to the extent necessary for making
the appointment.
If a beneficiary is a minor or is incapacitated, the parent or legal
representative of the beneficiary may act on behalf of the beneficiary.
Section 3.04 Notice of Removal and Appointment
Notice of removal shall be in writing and shall be delivered to the Trustee being removed
and to any other Trustees then serving. . The notice of removal shall be effective in
accordance with its provisions.
Notice of appointment shall be in writing and shall be delivered to the successor Trustee
and any other Trustees then serving. The appointment shall become effective at the time
of acceptance by the successor Trustee. A copy of the notice shall be attached to this
agreement.
Section 3.05 Appointment of a Cotrustee
Any individual Trustee may appoint an individual or a corporate fiduciary as a Cotrustee.
A Cotrustee so named shall serve only as long as the Trustee who appointed such
Cotrustee (or, if such Cotrustee was named by more than one Trustee acting together, by
the last to serve of such . Trustees) serves, and such Cotrustee shall not become a
successor Trustee upon the death, resignation, or incapacity of the Trustee who appointed
such Cotrustee, unless so appointed under the terms of this agreement. The Trustee
appointing a Co trustee may revoke the appointment at anytime with or without cause.
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Section 3.06 Corporate Fiduciaries
Any corporate fiduciary serving under this agreement as a Trustee must be a bank, trust
company, or public charity that is qualified to act as a fiduciary under applicable federal
and state law and that is not related or subordinate to any beneficiary within the meaning
of Section 672(c) of the Internal Revenue Code.
Such corporate fiduciary shall:
Have a combined capital and surplus of at least Two Million Five Hundred
Thousand Dollars; or
Maintain in force a policy of insurance with policy limits of not less than
Two Million Five Hundred Thousand Dollars covering the errors and
omissions of my Trustee with a solvent insurance carrier licensed to do
business in the state in which my Trustee has its corporate headquarters; or
Have at least Two Hundred Fifty Million Dollars in assets under
management.
Section 3.07 Incapacity of a Trustee
If any individual Trustee, other than me, shall become incapacitated, it shall not be
necessary for the incapacitated Trustee to resign as Trustee. A written declaration of
incapacity by the Cotrustee, if any, or, if none, by the party designated to succeed the
incapacitated Trustee, if made in good faith and if supported by a written opinion of
incapacity by a physician who has examined the incapacitated Trustee, shall terminate the
trusteeship.
Section 3.08 Appointment of Independent Special Trustee
If for any reason the Trustee of any trust created under this agreement is unwilling or
unable to act with respect to any trust property or any provision of this agreement, the
Trustee shall appoint, in writing, a corporate fiduciary or an individual to serve as an
Independent Special Trustee as to such property or with respect to such provision. The
Independent Special Trustee appointed shall not be related or subordinate to any
beneficiary of the trust within the meaning of Section 672(c) of the Internal Revenue
Code. The Trustee may revoke any such appointment at will.
An Independent Special Trustee shall exercise all fiduciary powers granted by this
agreement unless expressly limited elsewhere in this agreement or by the Trustee in the
instrument appointing the Independent Special Trustee. An Independent Special Trustee
may resign at any time by delivering written notice of resignation to the Trustee. Notice
of resignation shall be effective in accordance with the terms of the notice.
Section 3.09
Rights and Obligations of Successor Trustees
Each successor Trustee serving under this agreement, whether corporate or individual,
shall have all of the title, rights, powers and privileges granted to the initial Trustee
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named under this agreement. In addition, each successor Trustee shall be subject to all of
the restrictions imposed upon and obligations and duties, discretionary and ministerial,
given to the initial Trustee named under this agreement.
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Article Four
Administration of My Trust
During My Incapacity
Section 4.01 Trust Distributions During My Incapacity
During any period of time that I am incapacitated, my Trustee shall administer my trust
and distribute its net income and principal as provided in this Section.
(a) Distributions for My Benefit
My Trustee shall regularly and conscientiously make appropriate
distributions of trust income and principal for my general welfare and
comfort under the circumstances existing at the time such distributions are
made.
Distributions under this subsection shall include payments for any of my
enforceable legal obligations. My Trustee may also make distributions for
the payment of insurance premiums for insurance policies owned by me or
by my trust, including but not limited to, life, medical, disability, property
and casualty, errors and omissions and long-term health care insurance
policies.
The examples included in this subsection are for purposes of illustration
only and are not intended to limit the authority of my Trustee to make
distributions for my benefit that my Trustee determines to be appropriate.
(b) Manner of Making Distributions
My Trustee may make distributions for my benefit in anyone or more of
the following ways:
To me, but only to the extent I am able to manage such
distributions;
To other persons and entities for my use and benefit;
To my agent or attorney-in-fact authorized to act for me
under a legally valid durable power of attorney executed by
me prior to my incapacity;
To my guardian or conservator who has assumed
responsibility for me under any court order, decree or
judgment issued by a court of competent jurisdiction.
(c) Distributions for the Benefit of My Wife or Dependents
My Trustee may distribute as much of the net income and principal of my
trust as my Trustee deems necessary for the health, education,
maintenance or support of my wife.
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My Trustee may also distribute as much of the net income and principal as
my Trustee deems necessary for the health, education, maintenance or
support of other persons that my Trustee determines to be dependent on
me for support.
(d) Guidance for My Trustee Regarding Distributions
When making distributions under subsections (a) and (c), my Trustee shall
give consideration first to my needs and then to the needs of my wife and
those persons dependent on me.
When making distributions under subsections (a) and (c), I request, but do
not require, that my Trustee, in its sole and absolute discretion, .consider
the respective needs of those entitled to receive distributions. My Trustee
may consider other income and resources available to the beneficiaries
when making distributions. My Trustee may make unequal distributions,
distributions to some but not all beneficiaries or no distributions.
A distribution made to a beneficiary under this Section shall not be
considered an advance and shall not be charged against the share of the
beneficiary that may be distributable under any other provision of this
agreement.
(e) Distributions to Agents under General Durable. Power of
Attorney
My Trustee may make distributions for the purpose of making gifts to any
agent under a valid power of attorney executed by me as authorized in the
power of attorney, or to assist my agent in carrying out my estate planning
objectives.
(f) Power to Make Gifts
My Trustee is authorized to make gifts as provided in this subsection.
(1) Continuation of My Gifting
My Trustee is authorized to honor pledges and continue to
make gifts to charitable organizations that I have regularly
supported in the amounts I have customarily given. My
Trustee may make gifts in order to assure the continuation
of any gifting program initiated by me prior to the time I
became incapacitated.
(2) Gifts Limited to the Annual Exclusion
Amount
My Trustee may make gifts on my behalf, limited in
amount to the federal annual gift tax exclusion amount, to
or for the benefit of any remainder or contingent
beneficiary named in this agreement for purposes my
Trustee considers to be in my best interest or in the best
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interest of the beneficiary, including, without limitation, the
minimization of income, estate, inheritance or gift taxes.
(3) Gifts In Excess of the AnnuaJ Exclusion
Amount
Only an Independent Special Trustee appointed under the
provisions of Section 3.08 may make gifts in excess of the
annual federal gift tax exclusion.
If my Trustee determines that gifts in amounts in excess of
the annual federal gift tax exclusion are in my best interest
and the best interests of my beneficiaries, my Trustee, by
unanimous vote if more than one Trustee is serving, shall
appoint an Independent Special Trustee unrelated by blood
or marriage to any Trustee to review the facts and
circumstances and to decide whether such gifts should be
made. I recommend, but do not require, that my Trustee
select an independent certified public accountant, attorney,
or corporate fiduciary to serve as the Independent Special
Trustee under such circumstances.
Neither my Trustee, nor the Independent Special Trustee
appointed by my Trustee, shall be liable to any beneficiary
for exercising or failing to exercise its discretion to make
gifts.
(4) Gifts for Tuition
My Trustee may prepay the cost of tuition for any
remainder or contingent beneficiary named in this
agreement. My Trustee shall make such payments directly
to the educational institution or by establishing and
contributing to a Qualified State Tuition Program
established under Section 529 of the Internal Revenue
Code.
(5) Gifts for Medical Expenses
My Trustee may pay medical expenses for any remainder
or contingent beneficiary named in this agreement as
permitted under Section 2503(e) of the Internal Revenue
Code. My Trustee shall make such payments directly to
the medical provider.
(6) Gift Splitting Authorized
My Trustee is authorized to consent to the splitting of gifts
under Section 2513 of the Internal Revenue Code or under
similar provisions of any state or local gift tax laws.
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(7) Gifts by Interested Trustees Limited to
Ascertainable Standards
An futerested Trustee may only make gifts that are
necessary for the health, education, maintenance and
support of the person to whom gifts are made. The Trustee
is not required to consider other income and resources
available to the person to whom a gift is made.
(8) Methods of Making Gifts
My Trustee may make gifts of trust property under this
subsection outright, in trust or in any other manner that my
Trustee, in its sole and absolute discretion, deems
appropriate.
By way of example and without limiting my Trustee's
powers under this subsection, my Trustee is specifically
authorized to make gifts by creating tenancy in common
and joint tenancy interests or establishing irrevocable trusts
including charitable or non-charitable split interest trusts.
My Trustee may make gifts of trust property by
establishing and contributing trust property to corporations,
family limited partnerships, limited liability partnerships,
limited liability companies or other similar entities and by
making gifts of interests in any of those entities.
To accomplish the objectives described in this subsection,
my Trustee may establish and maintain financial accounts
of all types and may execute, acknowledge, seal and deliver
deeds, assignments, agreements, authorizations, checks and
other instruments. My Trustee may prosecute, defend,
submit to arbitration, settle or propose or accept a
compromise with respect to a claim existing in favor of or
against me based on or involving a gift transaction on my
behalf and may intervene in any related action or
proceeding.
My Trustee may perform any other act my Trustee
considers necessary or desirable to complete a gift on my
behalfin accordance with the provisions of this subsection.
(9) Standard for Making Gifts
It is my desire that in making gifts on my behalf, my
Trustee consider the history of my gift making and my
estate plan. To the extent reasonably possible, I direct my
Trustee to avoid disrupting the dispositive provisions of my
estate plan as established by me prior to my incapacity.
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Article Five
Administration of My Trust
Upon My Death
Section 5.01 My Trust Shall Become Irrevocable
Upon my death, my trust shall become irrevocable and my social security number may no
longer be used to identify my trust. My Trustee shall apply for a separate taxpayer
identification number for my trust.
Section 5.02
Administrative Trust
After my death and prior to the distribution of trust property as provided in the
subsequent Articles of this agreement, my trust shall be an administrative trust but may
continue to be known as the Claude L. Seaman Living Trust. My administrative trust
shall exist for a reasonable period of time necessary to complete the administrative tasks
set forth in this Article.
Section 5.03 Payment of My Expenses and Taxes
My Trustee is authorized but not directed to pay from the administrative trust:
Expenses of my last illness, funeral and burial or cremation, including
expenses of memorials and memorial services;
Legally enforceable claims against me or my estate;
Expenses of administering my trust and my estate; and
Court ordered allowances for those dependent upon me.
These authorized payments are discretionary with my Trustee. My Trustee may make
decisions on these payments without regard to any limitation on payment of such
expenses imposed by law and may make payments without obtaining the approval of any
court. No third party may enforce any claim or right to payment against my trust by
virtue of this discretionary authority. My Trustee shall not pay any administrative
expenses from assets passing to an organization that qualifies for the federal estate tax
charitable deduction or to a split-interest charitable trust or from the net income of
property qualifying for the estate tax marital deduction, if such payment would result in a
reduction in the estate tax marital deduction available to my estate under Section 2056(b)
of the Internal Revenue Code or violate the provisions of Treasury Regulation Section
20.2056(b )-4( d).
My Trustee shall pay death taxes out of the principal of the trust property as provided in
Section 5.05. If, however, a probate estate is opened within six months from the date of
my death, my Personal Representative shall pay claims, expenses and death taxes from
my probate estate to the extent that the cash and readily marketable assets included in my
probate estate are sufficient to pay such items unless my Trustee has already paid them.
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Section 5.04
Restrictions on Certain Payments from Qualified
Retirement Plans
The "designation date" shall mean September 30 of the calendar year following the
calendar year in which my death occurs, or on or after such other date as shall be
established by Treasury Regulations or other tax law authority as the fmal date for
determining whether this trust meets the requirements for treatment of the trust's
beneficiaries as if they had been named directly as beneficiary of any qualified retirement
plan payable to this trust.
Notwithstanding any other provision of this agreement or state law to the contrary, my
Trustee may not, on or after the "designation date", distribute to or for the benefit of my
estate, any charity or any other non-individual beneficiary any qualified retirement
benefit payable to a trust created under this agreement. It is my intent that all such
qualified retirement benefits held by or payable to this trust on or after the designation
date be distributed to or held for only individual beneficiaries, within the meaning of
Section 401(a)(9) of the Internal Revenue Code.
Accordingly I direct that qualified retirement benefits not be used or applied on or after
the designation date for payment of my debts, taxes, expenses of administration or other
claims against my estate or for payment of estate, inheritance or similar transfer taxes due
on account of my death. This paragraph shall not apply to any bequest or expense that is
specifically directed to be funded with qualified retirement benefits.
Section 5.05 Payment of Death Taxes
For the purposes of this Article, the term "death taxes" shall refer to any taxes imposed
by reason of my death by federal, state or local authorities, including but not limited to
estate, inheritance, gift, and direct-skip generation-skipping transfer taxes. For purposes
of this Section, death taxes shall not include any additional estate tax imposed by Section
2031(c)(5)(C), Section 2032A(c) or Section 2057(f) of the Internal Revenue Code or any
other comparable recapture tax imposed by any taxing authority. Nor shall death taxes
include any generation-skipping transfer tax, other than a direct skip generation-skipping
transfer tax.
Except as otherwise provided in this Section or elsewhere in this agreement, my Trustee
shall provide for payment of all death taxes from the administrative trust without
apportionment. My Trustee shall not seek contribution toward or recovery of any such
payments from any individual.
(a) Protection of Exempt Property
In no event shall death taxes be allocated to or paid from any assets that
are not included in my gross estate for federal estate tax purposes.
(b) Protection of the Marital Deduction
Notwithstanding anything to the contrary in this agreement, no death taxes
shall be paid from or allocated to any property qualifying for the federal
estate tax marital deduction. .
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(c) Protection of the Charitable Deduction
Notwithstanding anything in this agreement to the contrary, no death taxes
shall be allocated to or paid from any assets passing to an organization that
qualifies for the federal estate tax charitable deduction, or from any assets
passing to a split-interest charitable trust, unless my Trustee has first used
all other assets available to my Trustee to pay the taxes.
(d) Property Passing Outside of My Trust
Death taxes imposed with respect to property included in my gross estate
for death tax purposes but passing outside of my trust shall be apportioned
among the persons and entities benefited in the proportion that the taxable
value of the property or interest bears to the total taxable value of all
property and interests included in my gross estate for death tax purposes.
The values to be used for the apportionment shall be the values as finally
determined under federal, state or local law as the case may be.
I direct that any death tax paid as a result of the inclusion in my taxable
estate of property held in a qualified terminable interest property "QTIP"
trust created for me by my wife be apportioned to and collected from the
assets of the QTIP trust as provided in Section 2207 A of the Internal
Revenue Code.
Section 5.06 Coordination with My Personal Representative
The following provisions are intended to help facilitate the coordination between my
Personal Representative, if any, and my Trustee. These provisions apply even if my
Personal Representative and my Trustee are the same person or entity.
(a) Reliance on My Personal Representative
My Trustee may rely upon the written request of my Personal
Representative for payments authorized under this Article and the amounts
included in such payments without computing the sums involved. If a
payment is made under this Article to my Personal Representative, my
Trustee shall not have any duty to inquire into the application of the
payment.
My Trustee may accept distributions from my Personal Representative
without incurring any obligation to review the records of my Personal
Representative.
(b) Purchase of Assets from and Loans to My Probate Estate
My Trustee is authorized to purchase and retain, as an investment for my
trust estate, any property that forms a part of my probate estate. My
Trustee may make loans, with or without security, to my probate estate.
My Trustee shall not be liable for any loss suffered by my trust as a result
of the exercise of the powers granted to my Trustee in this subsection.
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(c) Discretionary Distributions to My Personal Representative
My Trustee is authorized to distribute to my probate estate, as a
beneficiary of this trust, cash or other trust property, including accrued
income, to whatever extent my Trustee determines it to be in the best
interests of the beneficiaries of my trust.
Section 5.07
Tax Elections
Following my death, I authorize my Trustee to make tax elections as provided in this
Section. If, however, a personal representative is appointed for my probate estate and as
my Personal Representative is the recipient of specific statutorily delegated authority
relative to any tax election, the discretionary authority granted my Trustee relative to the
tax election shall be subordinate to the statutorily delegated authority.
(a) Tax Elections
My Trustee's authority to make tax elections shall include, but shall not be
limited to, the right to choose the alternate valuation date, the right to elect
whether to take administration expenses as estate tax deductions or income
tax deductions, the right to allocate my unused generation-skipping
exemption to all or any portion of the trust property, the right to make
special use valuation elections, and the right to defer payment of all or any
portion of any taxes.
My Trustee may elect to treat my administrative trust as part of my estate
for federal or state income tax purposes or both.
My Trustee may elect to have trust property qualify for the "family owned
business deduction" authorized under Section 2057 of the Internal
Revenue Code. My Trustee may enter into any agreement on behalf of my
trust that. is necessary to validly make such election under the Internal
Revenue Code.
My Trustee may make equitable adjustments between income and
principal on account of any tax elections made by my Trustee.
(b) Allocation of GST Exemption
My Trustee may elect to allocate or not allocate any portion of the
available GST exemption under Section 2631 of the Internal Revenue
Code, or a counterpart exemption under any applicable state law, to any
property of which I am the transferor for generation-skipping transfer tax
purposes, including any property transferred by me during my life as to
which I did not make an allocation prior to death. The exercise of such
discretion shall be based on the transfers, gift tax returns and other
information known to my Trustee, with no requirement that allocations
benefit the various transferees or beneficiaries equally, proportionally, or
in any other particular manner.
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(c) Qualified Conservation Easements
My Trustee may create a qualified conservation easement, as defined in
Section 2031(c)(8)(A) of the Internal Revenue Code in any land held by
my trust and make the necessary election provided by Section 2031 (c)( 6).
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Article Six
Disposition of Tangible Personal Property
Section 6.01 Distribution of Tangible Personal Property by Memoranda
I reserve the right to make dispositions of items of tangible personal property by a signed
written memorandum executed after I sign this agreement that refers to my trust and lists
items of tangible personal property and designates the beneficiary of each item. If I
execute a memorandum, the memorandum is to be incorporated by reference into this
agreement to the extent permitted by law.
I direct that upon my death, my Trustee distribute the items of tangible personal property
listed in the memorandum, together with any insurance policies covering such property
and claims under such policies, as provided in the memorandum. Should I leave multiple
written memoranda that conflict as to the disposition of any item of tangible personal
property, the memorandum with the most recent date shall control as to those items that
are in conflict.
If the memorandum can not legally be incorporated by reference, the memorandum shall
then be treated as an amendment to my trust and I request that my Trustee follow my
wishes and distribute the items of tangible personal property listed in the memorandum
according to its terms.
Section 6.02 Distribution of Remaining Tangible Personal Property
My Trustee shall distribute any tangible personal property not disposed of by a written
memorandum to my wife, if she survives me. If she does not survive me, my Trustee
shall distribute such property to my child, Bruce Alan Seaman.
Section 6.03 Definition of Tangible Personal Property
For purposes of this Article, my tangible personal property shall include but not be
limited to my household furnishings, appliances and fixtures, works of art, motor
vehicles, pictures, collectibles, personal wearing apparel and jewelry, books, sporting
goods, and hobby paraphernalia.
My tangible personal property shall not include any property that my Trustee, in its sole
and absolute discretion, determines to be part of any business or business interest owned
by me or my trust.
If my Trustee receives property to be distributed under this Article from my probate
estate or in any other manner after my death, my Trustee shall distribute the property,
free of trust, in accordance with this Article. The fact that an item of tangible personal
property was not received by my trust until after my death shall not affect the validity of
the gift. If property to be distributed under this Article is not part of the trust property
upon my death and is not subsequently transferred to my Trustee from my probate estate
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or in any other manner after my death, then the specific distribution of property made in
this Article shall be considered null and void, without any legal or binding effect.
Section 6.04 Encumbrances and Incidental Expenses of Tangible
Personal Property
My Trustee shall distribute property under this Article subject to any liens, security
interests or other encumbrances on the property.
My Trustee shall pay, as an administration expense, the reasonable expenses of storing,
insuring, packing, transporting and otherwise caring for my tangible personal property
until each item of property is actually delivered to the appropriate beneficiary.
Section 6.05 Residuary Distribution
Any tangible personal property not distributed under this or prior Articles of this
agreement shall be distributed as provided in the Articles that follow.
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Article Seven
Creation of Trust Shares Upon My Death
If my wife predeceases me, my Trustee shall administer the remaining trust pro.perty as
provided in Article Nine.
If my wife survives me, my Trustee shall divide the remaining trust pro.perty into. two.
separate shares as provided in Sectio.n 7.01. One share shall be designated the "Marital
Share" and the o.ther share shall be designated the ''No.n-Marital Share."
Section 7.01 Division of My Trust if My Wife Survives Me
My Trustee shall divide the remaining trust property as prDvided in this SectiDn.
(a) Creation of the Marital Share
My Trustee shall allo.cate to. the Marital Share a pecuniary amo.unt equal to.
the minimum amo.unt that will pro.duce a marital deductio.n, assuming fo.r
purpo.ses o.f determining the minimum amo.unt that the minimum amo.unt
qualifies fo.r the marital deductio.n allo.wable in co.mputing such tax,
sufficient to. reduce all death taxes impo.sed by reason o.f my death, by
federal, state o.r lo.cal autho.rities, to. the lo.west pDssible amount. In
computing such amo.unt my Trustee shall take into. account my gifts
(including gifts treated as made by me) and all deductio.ns, exclusio.ns,
credits and reductio.ns in value allo.wed in computing such tax; pro.vided,
ho.wever, that any state death tax credit shall be taken into. account for this
purpose only to. the extent that it do.es no.t. increase the amo.unt Df state
death taxes payable..
In making the co.mputations necessary to. determine the pecuniary amount,
my Trustee shall use the value of those assets as finally determined fo.r
federal estate tax purpo.ses.
The Marital Share shall include its pro rata share o.f the income, pro.vided
that in no. event shall the Marital Share receive less inco.me than that
required to. be paid to. my wife under applicable state law.
My Trustee shall distribute the Marital Share to. my wife o.utright, free o.f
trust.
(b) Creation of the Non-Marital (Credit Shelter) Share
My Trustee shall allo.cate the balance of the trust property to. the Non-
Marital Share. My Trustee shall administer the No.n-Marital (Credit
Shelter) Share as provided in Article Eight.
(c) Funding the Pecuniary Amount
My Trustee shall have complete autho.rity and discretio.n to. satisfy the
pecuniary gift to. the Marital Share in cash o.r in kind, Dr partly in cash and
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partly in kind, or in undivided interests in property. To the extent that
there are insufficient assets qualifying for the marital deduction to fully
fund the Marital Share the amount of the funding to the Marital Share
shall be reduced accordingly, and I acknowledge that the amount of
funding may be affected by actions of my Trustee and my Personal
Representative in making certain tax elections.
My Trustee shall value all property allocated in kind at those values as
finally determined for federal estate tax purposes. Provided however, the
aggregate fair market value of the cash and other property allocated to
each share must have an aggregate fair market value fairly representative
of the appreciation or depreciation in value to the dates of sale or dates of
distribution of all assets available for distribution.
Allocation of assets by my Trustee shall be subject to the following
limitations.
(1) Ineligible ASsets
My Trustee shall not allocate or distribute property or the
proceeds of any property to the Marital Share that does not
qualify for the federal estate tax marital deduction.
(2) Tax Consequences of Certain Allocations
I request that my Trustee always consider the tax
consequences of allocating or distributing to the Marital
Share any policy of insurance that insures the life of my
wife, property subject to the foreign death credit, property
on which a tax credit is available, or property that is income
in respect of a decedent under the futernal Revenue Code.
(3) My Wife's Interest in Community Property
Any interest my wife has in community property that is or
becomes trust property at my death, even though not
included in my gross estate for federal estate tax purposes
and not included in the computation for the value of the
pecuniary amount, shall be allocated to the Marital Share.
My wife shall have the absolute and unrestricted right to
withdraw all of the net income and trust principal
consisting of her community property.
Section 7.02 Disposition of Property Upon Disclaimer by My Wife
My wife shall have the right within the time and in the manner provided by law to
disclaim any portion or all of the property passing to or for her benefit under this
agreement. If my wife disclaims any portion of the property that would otherwise be
allocated to the Marital Share, my Trustee shall add the disclaimed property to the Non-
Marital Share. If my wife disclaims the interest she has in any portion of the Non-Marital
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Share, my Trustee shall dispose of the disclaimed interest under the provisions of this
agreement as though she had predeceased me.
My wife's right to disclaim any portion or all of the property passing to or for her benefit
under this agreement shall either be exercised by my wife personally, or by any fiduciary
or agent appointed by my wife who is specifically empowered to exercise her right to
disclaim by the terms of the appointment, or under applicable law.
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Article Eight
The Credit Shelter Trust
My Trustee shall hold and administer the Non-Marital Share in trust as provided in this
Article. The trust will be referred to as the "Credit Shelter Trust."
Section 8.01 Credit Shelter Trust Beneficiary
My wife shall be the only beneficiary of the Credit Shelter Trust during her lifetime.
Section 8.02 Separate Share for Disclaimed Property
To the extent that any property is added to the Credit Shelter Trust as the result of a
qualified disclaimer by my wife, the property shall be held in a separate share of the
Credit Shelter Trust during the lifetime of my wife, and shall be separately administered
in accordance with all of the provisions of this Article except that Section 8.07, which
grants my wife a limited power of appointment, shall not apply to the separate share.
The sole purpose of maintaining the separate share is to keep the disclaimed property,
together with all income from the property that is accumulated in the trust, separate from
the other property of the Credit Shelter Trust over which my wife has a power of
appointment and avoid the possible disqualification of an otherwise qualified disclaimer
under Section 2518 of the Internal Revenue Code.
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Section 8.03
Distribution of Income
My Trustee shall distribute all of the net income of the Credit Shelter Trust to my wife at
least monthly during her lifetime.
Section 8.04 Distribution of Principal
My Trustee shall distribute to my wife as much principal of the Credit Shelter Trust as
my Trustee determines is necessary or advisable for her health, education, maintenance
and support.
Section 8.05 My Wife's Right to Withdraw Principal
My wife shall have the right, exercisable by written request to my Trustee before the
close of each calendar year, to withdraw either in cash or in kind:
An amount from the principal of the Credit Shelter Trust not exceeding the
amount referred to in Section 2514(e)(1) of the Internal Revenue Code
(currently $5,000); and
If my wife is living on the last day of the calendar year, that percentage
referred to in Section 2514(e)(2) (currently 5%) of the current fair market
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value of the principal of the Credit Shelter Trust that exceeds the amounts
previously withdrawn by my wife during the calendar year under this
paragraph.
The amount referenced by Section 2514(e)(1) must be determined by taking into account
all other powers of withdrawal exercised by my wife that must be aggregated under
Section 2514(e)(1) in determining the largest lapse that can occur without being treated
as a release. This right of withdrawal shall be noncumulative and shall lapse if not
exercised during the calendar year.
My Trustee shall distribute the requested property to my wife outright, free from trust.
Section 8.06 Guidelines to My Trustee
In making discretionary distributions under this Article, my Trustee should bear in mind
that my primary concern and objective is to provide for the well-being of my wife and the
preservation of principal is not as important as the accomplishment of this objective.
Section 8.07 Testamentary Limited Power of Appointment
My wife shall have the testamentary limited power to appoint all or any portion of the
principal and undistributed income remaining in the Credit Shelter Trust among my
descendants.
My wife may not exercise this testamentary limited power of appointment to appoint to
herself, her estate, her creditors, or the creditors of her estate. My wife may not exercise
this testamentary limited power of appointment to create another power of appointment
that, under the applicable local law, can be validly exercised so as to postpone the vesting
of any estate or interest in such property; furthermore, my wife is prohibited from
exercising the power to suspend the absolute ownership or power of alienation of the
property, for a period ascertainable without regard to the date of the creation of the first
power.
I intend that this testamentary power of appointment be a limited power of appointment
and not a general power of appointment as defmed in Section 2041 of the Internal
Revenue Code.
Section 8.08
Termination of the Credit Shelter Trust
The Credit Shelter Trust shall terminate upon the death of my wife and my Trustee shall
administer the unappointed balance or remainder of the Credit Shelter Trust as provided
in Article Nine.
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Article Nine .
Distribution to My Descendants
Upon the death of the survivor of my wife and me, my Trustee shall administer the entire
remaining Trust estate IN FURTHER TRUST as the BRUCE ALAN SEAMAN TRUST,
for the benefit of my son, BRUCE ALAN SEAMAN, ifhe survives me.
1. I hereby appoint my son, BRUCE ALAN SEAMAN, as Trustee of the
BRUCE ALAN SEAMAN TRUST. In the event of death, incapacity or
unwillingness of BRUCE ALAN SEAMAN to serve, I hereby appoint DEAN
CAMP as Successor Trustee of the BRUCE ALAN SEAMAN TRUST.
2. The Trustee shall administer the Trust estate consistent with the applicable
provisions contained elsewhere in this Trust Agreement.
3. The principal and income of the Trust estate may be invaded, at the sole and
complete discretion of the Trustee, to provide for the needs of the Trust
Beneficiary, BRUCE ALAN SEAMAN.
4. Upon the death of the Trust Beneficiary, this Trust shall terminate and the
entire principal and any undistributed income (the "remaining trust estate")
shall be distributed to the fOllowing named person as hereinafter indicated:
a. TEN PERCENT (10%) of the remaining trust estate to my nephew, PAUL
SEAMAN, JR., of Souderton, Pennsylvania, if living when this event
occurs;
b. TEN PERCENT (10%) of the remaining trust estate to my nephew,
DENNIS SEAMAN, of Telford, Pennsylvania, if living when this event
occurs;
c. TEN PERCENT (10%) of the remaining trust estate to my niece, DIANE
ALLEBACH, of Harleysville, Pennsylvania, if living when this event
occurs;
d. TEN PERCENT (10%) of the remaining trust estate to my niece, MARY
JO CIACIAK., of Perkiomenville, Pennsylvania, if living when this event
occurs;
e. TEN PERCENT (10%) of the remaining trust estate to my niece,
MICHELLE STONIER, of Creamery, Pennsylvania, if living when this
event occurs;
f. TEN PERCENT (10%) of the remaining trust estate to my friend, DEAN
CAMP, ofChadds Ford, Pennsylvania, ifliving when this event occurs;
g. TEN PERCENT (10%) of the remaining trust estate to my LUTHERN
COMMUNITY AT TELFORD, its successors and/or assigns in interest,
located at 235 N. Washington Street, Telford, Pennsylvania 18969, to be
used in the skilled nursing program only;
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h. TEN PERCENT (10%) of the remaining trust estate to the GRAND VIEW
HOSPITAL HOSPICE, its successors and/or assigns in interest, located at
700 Lawn Avenue, Sellersville, Pennsylvania 18960;
1. TEN PERCENT (10%) of the remaining trust estate to the SALVATION
ARMY, a Georgia Corporation, Hernando County Corps, its successors
and/or assigns in interest, P.O. Box 1135, Brooksville, Florida 34605; and
J. TEN PERCENT (10%) of the remaining trust estate to COMMUNITy
HOME SERVICES, it successors and/or assigns in interest located at 439
Har1eysville Pike, Franconia, Pennsylvania 18924.
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Article Ten
Remote Contingent Distribution
If, at any time, there is no individual beneficiary qualified to receive final distribution of
my trust estate or any part of it, then my Trustee shall distribute the portion of my trust
estate with respect to which the failure of qualified recipients has occurred to those
persons who would inherit it had I then died intestate owning the property, as determined
and in the proportions provided by the laws of Pennsylvania then in effect.
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Article Eleven
Administration of Trusts for Underage and Incapacitated
Beneficiaries
Section 11.01 Distributions for Underage and Incapacitated Beneficiaries
Whenever my Trustee is authorized.or directed to make a distribution to a beneficiary
who is younger than 25 years of age. is incapacitated or who is, in my Trustee's opinion,
unable to manage the distribution properly, my Trustee may either make the distribution
or retain the amount to be distributed in any manner my Trustee may determine
advisable, including of the methods set forth in the following Section.
I request, but do not require, that before making a distribution to a beneficiary, my
Trustee, to the extent that it is both reasonable and possible, consider the ability the
beneficiary demonstrated in managing prior distributions of trust property.
Section 11.02 Methods of Distribution
My Trustee may distribute or retain trust property in anyone or more of the folIowing
methods for the benefit of any beneficiary subject to the provisions of this Article:
(a) Distribution to Beneficiary
My Trustee may distribute trust property directly to the beneficiary.
(b) Distribution to Guardian or Conservator or Family
Member
My Trustee may distribute trust property to the beneficiary's guardian,
conservator, parent or a family member or other person who has assumed
the responsibility of caring for the beneficiary.
(c) Distribution to Custodian
My Trustee may distribute trust property to any person or entity, including
my Trustee, as custodian for the beneficiary under the Uniform Transfers
to Minors Act, or similar statute.
(d) Distribution to Other Persons or Entities
My Trustee may distribute trust property to other persons and entities for
the use and benefit of the beneficiary.
(e) Distribution to Agent under Durable Power of Attorney
My Trustee may distribute trust property to an agent or attorney-in-fact
authorized to act for the beneficiary under a legally valid durable power of
attorney executed by the beneficiary prior to the incapacity.
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(f) Retention in Trust
My Trustee may retain trust property in a separate trust for the benefit of
the beneficiary until the beneficiary attains 25 years of age or, in the
opinion of my Trustee, is no longer incapacitated (as the case may be).
My Trustee shall distribute as much of the net income and principal of any
trust created under this subsection that my Trustee deems necessary or
advisable for the health, education, maintenance and support of the
beneficiary for whom the trust was created. My Trustee shall accumulate
any undistributed net income and add such income to principal.
When the beneficiary for whom a trust is created under this subsection
attains 25 years of age or is no longer incapacitated (as the case may be),
the beneficiary may withdraw from the trust at any time or times any
portion or all of the accumulated trust income and principal.
The beneficiary for whom a trust is created under this subsection shall
have the testamentary general power to appoint all or any portion of the
principal and undistributed income remaining in the beneficiary's trust at
his or her death among one or more persons or entities, including the
creditors of the beneficiary's estate. The beneficiary shall have the sole
and exclusive right to exercise this general power of appointment.
I intend that this testamentary power of appointment be a general power of
appointment as defined in Section 2041 of the Internal Revenue Code.
If the beneficiary fails to validly exercise this testamentary general power
of appointment, my Trustee shall distribute the balance of his or her trust
property to the then living descendants of the beneficiary,per stirpes.
If the beneficiary has no then living. descendants, my Trustee shall
distribute the beneficiary's remaining trust property per stirpes to the
living descendants of the beneficiary's nearest lineal ancestor who was my
descendant or if no such descendant is then living, to my then living
descendants, per stirpes.
If I have no then living descendants, my Trustee shall distribute the
remaining trust property as provided in Article Ten.
Section 11.03 Application of Article
Any decision made by my Trustee under this Article shall be final, controlling and
binding upon all beneficiaries subject to the provisions of this Article.
The provisions of this Article shall not apply to distributions from any qualified
subchapter S trust ("QSST") as defined in Section 1361(d)(3) of the Internal Revenue
Code or from an electing small business trust as defined in Section 136l(e)(1) or to
distributions to me or my wife from any trust established under this agreement.
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Article Twelve
Retirement Plans and Life Insurance Policies
The provisions of this Article apply to qualified retirement plans and insurance policies
owned by or made payable to my trust.
Section 12.01 Retirement Plans
The provisions of this Section apply to qualified retirement plans.
(a) Rights of My Trustee
Subject to the provisions below pertaining to distributions from qualified
retirement plans, my Trustee may exercise the right to determine the
manner and timing of payments (by lump sum or otherwise) of qualified
retirement plan benefits that are permitted under qualified retirement plans
and are consistent with the federal income tax rules regarding required
minimum distributions under Section 401(a)(9) of the Internal Revenue
Code.
My Trustee may make a qualified disclaimer of any qualified retirement
benefits or non-qualified annuity benefits payable to my trust.
My Trustee shall not be liable to any beneficiary for the death benefit
election selected or for any decision regarding the disclaimer of any
qualified retirement benefits payable to my trust.
(b) Distributions from Qualified Retirement Plans to Trusts
Each year, beginning with the year of my death, if any trust created under
this agreement becomes the beneficiary of death benefits under any
qualified retirement plan, my Trustee shall withdraw from the trust's share
of the plan, in each year, the required minimum distribution required
under Section 401(a)(9) of the Internal Revenue Code. My Trustee may
withdraw such additional amounts from the trust's share of the plan as my
Trustee deems advisable; but, only if the dispositive terms of the trust
authorize my Trustee to immediately distribute the withdrawn amount as
provided below. My Trustee shall immediately distribute all net amounts
withdrawn to:
My descendants, per stirpes, who are beneficiaries of such
trust; and
If no descendant of mine is a beneficiary of the trust, then
to the income beneficiaries of such trust in equal shares.
Amounts required to be withdrawn and distributed under this Section
shall, to the extent they are withdrawn and distributed, reduce mandatory
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distribution amounts under other prOVISIOns of this agreement. that
otherwise require distribution of all of the income of the trust.
The purpose of this SeCtion is to insure that the life expectancy of the
beneficiaries of the trust may be used to calculate the minimum
distributions required by the Internal Revenue Code. This Section shall be
interpreted consistent with my intent despite any direction to the contrary
in this agreement.
(c) Minimum Required Distribution
In administering my trust, the minimum required distribution for any year
shall be, for each qualified retirement plan, the greater of (1) the value of
the qualified retirement plan determined as of the preceding year-end,
divided by the applicable distribution period; and (2) the amount that my
Trustee shall be required to withdraw under the laws then applicable to the
trust to avoid penalty.
If I die before my required beginning date with respect to a qualified
retirement plan, the applicable distribution period means the life
expectancy of the beneficiary. If I die on or after my required beginning
date with respect to a qualified retirement plan, the applicable distribution
period means the life expectancy of the beneficiary, or (if longer) my
remaining life expectancy.
Notwithstanding the foregoing, if I die on or after my required beginning
date with respect to a qualified retirement plan, the minimum required
distribution for the year of my death shall mean (a) the amount that was
required to be distributed to me with respect to the qualified retirement
plan during the year, minus (b) amounts actually distributed to me with
respect to the qualified retirement plan during the year.
"Life expectancy," "required beginning date" and other similar terms used
in this subsection, shall be determined in accordance with Section
401 (a)(9) of the Internal Revenue Code.
Section 12.02 Life Insurance Policies
The following provisions apply to life insurance policies owned by or made payable to
my trust.
(a) Provisions During My Life
During my life, I reserve all of the rights, powers, privileges, and options,
with respect to any insurance policy, annuity or any other third-party
beneficiary contract owned by or made payable to my trust, including, but
not limited to, the right to designate and change beneficiaries, the right to
borrow money, the right to surrender the policy, the right to receive any
payments as owner, and the right to make any available elections.
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My Trustee shall have no duty to exercise, or refrain from exercising, any
rights, powers, privileges or options with respect to any insurance policy,
annuity contract or other third-party beneficiary contract. My Trustee
shall have no obligation to pay premiums or other contractual amounts
that may be payable under any such policy.
(b) Provisions After My Death
After my death, my Trustee may make all appropriate elections with
respect to such policies and may collect all sums made payable to my trust
or my Trustee under all such policies or contracts.
My Trustee may exercise any settlement options or other options or rights
that may be available under the terms of any policy or contract. My
Trustee shall not be liable to any beneficiary on account of any election
made by my Trustee with respect to any policy or contract.
Section 12.03 Limitation on Liability of Payor
Persons or entities dealing in good faith with my Trustee shall not be required to see to
the proper application of proceeds delivered to my Trustee, or to inquire into any
provision of this agreement.
A receipt signed by my Trustee for any proceeds or benefits paid shall be a sufficient
discharge to the person or entity making the payment.
Section 12.04 Collection Efforts
My Trustee shall make reasonable efforts. to collect the proceeds of all life insurance
policies and qualified retirement benefits payable to my trust.
My Trustee may commence legal or administrative proceedings to collect the proceeds of
any life insurance policy or qualified retirement benefits to which the trust is entitled;
provided, however, that my Trustee need not commence any such proceedings until my
Trustee is indemnified to its satisfaction for any expenses and liabilities it may incur in
connection with the proceeding.
My Trustee may settle or compromise any and all claims with respect to the collection of
any life insurance proceeds or qualified retirement benefits to which my trust may be
entitled. A settlement made by my Trustee shall be binding on all beneficiaries.
Section 12.05 No Obligation to Purchase or Maintain Benefits
Nothing in this agreement shall impose any obligation, legal or otherwise, on me or on
my Trustee to purchase, invest, or maintain any qualified retirement plan or life insurance
policy.
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Article Thirteen
Trust Administration
Section 13.01 Distributions to Beneficiaries
Whenever this agreement authorizes or directs my Trustee to make a distribution of net
income or principal to a beneficiary, my Trustee may apply for the benefit of the
beneficiary any property that otherwise could be distributed directly to the beneficiary.
My Trustee shall have no responsibility to inquire into the beneficiary's ultimate
disposition of the distributed property unless specifically directed otherwise by this
agreement.
My Trustee may make distributions in cash or in kind, or partly in each, in proportions
and at values determined by my Trustee. My Trustee may allocate undivided interests in
specific assets. to a beneficiary or trust in any proportion or manner that my Trustee
determines, even though the property allocated to one beneficiary may be different from
that allocated to another beneficiary.
My Trustee may make these determinations without regard to the income tax attributes of
the property and without the consent of any beneficiary.
Section 13.02 No Court Proceedings
This trust shall be administered expeditiously, consistent with the provisions of this
agreement, free of judicial intervention, and without order, approval or action of any
court. The trust shall be subject to the jurisdiction of a court only if my Trustee or
another interested party institutes a legal proceeding. A proceeding to seek instructions
or a court determination shall be initiated in the court having original jurisdiction over
matters relating to the construction and administration of trusts. Seeking instructions or a
court determination shall not subject this trust to the continuing jurisdiction of the court.
Section 13.03 No Bond
My Trustee shall not be required to furnish any bond for the faithful performance of my
Trustee's duties. No surety shall be required on any bond required by any law or rule of
court.
Section 13.04 Exoneration of My Trustee
No successor Trustee is obligated to examine the accounts,. records or actions of any
previous Trustee or of the personal representative of my estate. No successor Trustee
shall be in any way or manner responsible for any act or omission to act on the part of
any previous Trustee or the personal representative of my estate.
Unless a Trustee has received notice of removal, the Trustee shall not be liable to me or
to any beneficiary for the consequences of any action taken by the Trustee that would
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have been, but for the prior removal of the Trustee, a proper exercise by the Trustee of
the authority granted to the Trustee under this agreement.
Any Trustee may request and obtain from the beneficiaries or from their legal
representatives, agreements in writing releasing the Trustee from any liability that may
have arisen from the Trustee's acts or omissions to act and indemnifying the Trustee from
liability for the acts or omissions. An agreement described in this paragraph, if acquired
from all the living beneficiaries of the trust or from their legal representatives, shall be
conclusive and binding upon all parties, born or unborn, who may have, or may in the
future acquire, an interest in the trust.
My Trustee may require a refunding agreement before making any distribution or
allocation of trust income or principal and may withhold distribution or aUocation
pending determination or release of a tax lien or other lien. This refunding agreement
provision shaU not apply to any distribution that qualifies for the federal estate tax
unlimited marital deduction or the federal estate tax charitable deduction.
Section 13.05 Trustee Compensation
An individual serving as Trustee, other than my wife or me, shaU be entitled to fair and
reasonable compensation for the services rendered as a fiduciary. A corporate fiduciary
serving as my Trustee shall be compensated by agreement with an individual Trustee or,
in the absence of an individual Trustee or in the absence of an agreement, in accordance
with the corporate fiduciary's published schedule of fees in effect at the time the services
are rendered.
My Trustee may charge additional fees for services it provides that are not comprised
within its duties as Trustee such as fees for legal services, tax return preparation and
corporate :finance or investment banking services.
In addition to receiving compensation, my Trustee may be reimbursed for reasonable
costs and expenses incurred in carrying out its duties under this agreement.
Section 13.06 Employment of Professionals
My Trustee may appoint, employ and remove, at any time and from time to time,
investment advisors, accountants, auditors, depositories, custodians, brokers, consultants,
attorneys, expert advisers, agents, and employees to advise or assist the Trustee in the
performance of its duties. My Trustee may act upon the recommendations of the persons
or entities employed with or without independent investigation.
My Trustee may reasonably compensate an individual or entity employed to assist or
advise my Trustee regardless of whether the person or entity shall be a Trustee of a trust
established under this agreement or a corporate affiliate of a Trustee and regardless of
whether the entity shall be one in which a Trustee of a trust created under this agreement
is a partner, member, stockholder, officer, director or corporate affiliate or has any other
interest.
My Trustee may pay the usual compensation for services contracted for under this
Section out of principal or income of the trust as my Trustee may deem advisable. My
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Trustee may pay compensation to an individual or entity employed to assist or advise my
Trustee without diminution of or charging the same against the compensation to which
the Trustee is entitled under this agreement. Any Trustee who shall be a partner,
stockholder, officer, director or corporate affiliate in any entity employed to assist or
advise my Trustee shall nonetheless receive the Trustee's share of the compensation paid
to the entity.
Section 13.07 Exercise of Testamentary Power of Appointment
A testamentary power of appointment granted under this agreement may be exercised by
valid will that specifically refers to this power of appointment. The holder of a
testamentary power of appointment may exercise the power to appoint property among
the permissible appointees in equal or unequal proportions, and on such terms and
conditions, whether outright or in trust, as the holder of the power designates. Except
where this agreement specifically provides otherwise, the holder of a testamentary power
of appointment may grant further powers of appointment to any person to whom
principal may be appointed, including a presently exercisable limited or general power of
appointment.
My Trustee may conclusively presume that any power of appointment granted to any
beneficiary of a trust created under this agreement has not been exercised by the
beneficiary if my Trustee has no knowledge of the existence of a valid will exercising the
power within 3 months after the beneficiary's death.
Section 13.08 Determination of Principal and Income
My Trustee may determine in a fair, equitable and practical manner how all Trustee's
fees, disbursements, receipts, and wasting assets shall be credited, charged, and
apportioned between principal and income.
My Trustee may set aside from trust income reasonable reserves for taxes, assessments,
insurance premiums, repairs, depreciation, obsolescence, depletion, and for the
equalization of payments to or for the beneficiaries. My Trustee may select appropriate
accounting periods with regard to the trust property.
Section 13.09 Trust Accounting
After my death, my Trustee shall render an accounting at least annually to the income
beneficiaries of the trust during the accounting period. The accounting shall include the
receipts, disbursements, and distributions occurring during the accounting period and a
balance sheet of the trust property.
In the absence of fraud or manifest error, the assent by all income beneficiaries to an
accounting of an Independent Trustee shall make the matters disclosed in the accounting
binding and conclusive upon all persons, both those in existence on the date of this
agreement and those to be born in the future who have, or will in the future have, a vested
or contingent interest in the trust property. In the case of a minor or incapacitated
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beneficiary, that beneficiary's natural guardian or legal representative shall give the assent
required under this Section.
The failure of any person to object to any accounting by giving written notice to my
Trustee within 60 days of the person's receipt of a copy of the accounting shall be
deemed to be an assent by such person.
The trust's financial records and documentation shall be available at reasonable times and
upon reasonable notice forinspection by trust beneficiaries and their representatives. My
Trustee shall not be required to furnish trust information regarding my trust to any
individual, corporation, or other entity that is not a beneficiary or the representative of a
beneficiary, and is not requesting the information pursuant to a valid court order.
Section 13.10 Action of Trustees; Disclaimer
Unless otherwise provided in this agreement, whenever I am serving as Trustee, I may
make all decisions and exercise all powers and discretions granted to my Trustee under
this agreement without the consent of any other Trustee.
When I am not serving as a Trustee, if two Trustees are eligible to act with respect to a
given matter, the concurrence of both shall be required for action to be taken; if more
than two Trustees are eligible to act with respect to a given matter, the concurrence of a
majority of my Trustees shall be required for action to be taken.
A nonconcurring Trustee may dissent or abstain from a decision of the majority. A
Trustee shall be absolved from personal liability by registering its dissent or abstention in
the records of the trust. After doing so, the dissenting Trustee shall then act with my
other Trustees in any way necessary or appropriate to effectuate the decision of the
majority.
Notwithstanding any provision of this agreement to the contrary, any Trustee may
disclaim or release, in whole or in part, by an instrument in writing, any power it holds as
Trustee, irrevocably or for any period of time that the Trustee may specify. The Trustee
may make the relinquishment of a power personal to the Trustee or may relinquish the
power for all subsequent Trustees.
Section 13.11 Delegation of Trustee Authority; Power of Attorney
Any Trustee may, by an instrument in writing, delegate to any other Trustee the right to
exercise any power (including a discretionary power) granted my Trustee in this
agreement. During the time a delegation under this Section is in effect, the Trustee to
whom the delegation was made may exercise the power to the same extent as if the
delegating Trustee had personally joined in the exercise of the power. The delegating
Trustee may revoke the delegation at any time by giving written notice of revocation to
the Trustee to whom the power was delegated.
My Trustee may execute and deliver a revocable or irrevocable power of attorney
granting any individual or entity the power to transact any and all business on behalf of
my trust or any other trust created under this agreement. The power of attorney may
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grant to the attorney-in-fact all of the rights, powers, and discretion that my Trustee is
entitled to exercise under this agreement.
Section 13.12 Additions to Separate Trusts
Ifupon the termination of any trust created under this agreement a final distribution is to
be made to a person who is the only beneficiary of another trust created under this
agreement, my Trustee shall make the distribution to the second trust instead of
distributing the property to the beneficiary outright. For purposes of administration, my
Trustee shall treat the distribution as though it had been an original part of the second
trust.
Section 13.13 Authority to Merge or Sever Trusts
My Trustee may merge and consolidate a trust created under this agreement with any
other trust, if the two trusts contain substantially the same terms for the same
beneficiaries and at least one Trustee in common.
My Trustee may administer the merged and consolidated trust as a single trust or unit. If,
however, a merger or consolidation does not appear feasible, my Trustee may consolidate
the assets of the trusts for pwposes of investment and trust administration while retaining
separate records and accounts for each respective trust.
My Trustee may sever any trust on a fractional basis into two or more separate and
identical trusts or may segregate a specific amount or asset from the trust property by
allocation to a separate account or trust. Income earned on a segregated amount or
specific asset after the segregation passes. with. the amount or asset segregated. My
Trustee shall hold and administer each separate trust upon terms and conditions
substantially identical to those of the trust from which it was severed.
Subject to the terms of the trust, my Trustee may consider differences in federal tax
attributes and other pertinent factors in administering the trust property of any separate
account or trust, in making applicable tax elections, and in making distributions. A
separate trust created by severance must be treated as a separate trust for all pwposes
from the date on which the severance is effective; however, the effective date of
severance may be retroactive to a date before the date on which my Trustee exercises the
power.
Section 13.14 Authority to Terminate Trusts
If, at any time, my Trustee, other than an Interested Trustee, in its sole and absolute
discretion, determines that a trust created under this agreement is no longer economical or
is otherwise inadvisable to administer as a trust, or if my Trustee, other than an Interested
Trustee, deems it to be in the best interest of my beneficiaries, my Trustee, without
further responsibility, may terminate the trust and distribute the trust property, including
any undistributed net income, in the following order of priority:
To me, in am then living;
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If! am not then living, to my wife, if then a beneficiary of the trust;
If I am not then living and my wife is not then a beneficiary of the trust, to
the beneficiaries then entitled to mandatory distributions of net income of
the trust and in the same proportions; and
If none of the beneficiaries are entitled to mandatory distributions of net
income, to the beneficiaries then eligible to receive discretionary
distributions of net income of the trust, in such amounts and shares as my
Trustee, other than an Interested Trustee, may determine.
Section 13.15 Merger of Corporate Fiduciary
If any corporate fiduciary acting as my Trustee under this agreement is merged with or
transfers substantially all of its trust assets to another corporation or if a corporate
fiduciary changes its name, the successor shall automatically succeed to the trusteeship as
if originally named a Trustee. No document of acceptance of trusteeship shall be
required.
Section 13.16 Beneficiary's Status
Until my Trustee receives notice of the incapacity, birth, marriage, death or other event
upon which a beneficiary's right to receive payments may depend, my Trustee shall not
be liable for acting or failing to act with respect to the event or for disbursements made in
good faith to persons whose interest may have been affected by such event. Unless
otherwise provided in this agreement, the parent or legal representative may act on behalf
of a beneficiary who is a minor or is incapacitated.
My Trustee may rely on any information provided by a beneficiary with respect to the
beneficiary's assets and income. My Trustee shall have no independent duty to
investigate the status of any beneficiary and shall not incur any liability for failure to do
so.
Section 13.17 Discharge of Third Persons
Persons dealing in good faith with my Trustee shall not be required to see to the proper
application of money paid or property delivered to my Trustee, or to inquire into the
authority of my Trustee as to any transaction. The receipt from my Trustee for any
money or property paid, transferred or delivered to my Trustee shall be a sufficient
discharge to the person or persons paying, transferring or delivering the money or
property from all liability in connection with its application.
Section 13.18 Certificate by Trustee
A written statement of my Trustee may always be relied upon by, and shall always be
conclusive evidence in favor of, any transfer agent or any other person dealing in good
faith with my Trustee in reliance upon the statement.
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Section 13.19 Funeral and Other Expenses of Beneficiary
Upon the death of an income beneficiary my Trustee may pay the funeral expenses,
burial or cremation expenses, enforceable debts and other expenses incurred due to the
death of the beneficiary from trust property. This Section shall only apply to the extent
the income beneficiary has not exercised any testamentary power of appointment granted
to him under this agreement.
My Trustee may rely upon any request by the personal representative or members of the
family of the deceased beneficiary for payment without verifying the validity or the
amounts and without being required to see to the application of the amounts so paid. My
Trustee may make decisions under this Section without regard to any limitation on
payment of expenses imposed by statute or rule of court and may be made without
obtaining the approval of any court having jurisdiction over the administration of the
deceased beneficiary's estate.
Section 13.20 Marital Deduction Qualification
I intend that the marital gift as described in Article Seven of this agreement qualify for
the federal estate tax marital deduction, and the provisions of this agreement shall be
construed to reflect this intent. To the extent that giving effect to a provision of this
agreement would result in the marital gift not qualifying for the federal estate tax
unlimited marital deduction, that provision shall be ineffective.
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Article Fourteen
My Trustee's Powers
Section 14.01 Introduction to Trustee's Powers
Except as otherwise specifically provided in this agreement, my Trustee may exercise,
without prior approval from any court, all the powers conferred by this agreement and
any powers conferred by law, including, without limitation, those powers set forth under
the common law or statutory law of the Commonwealth of Pennsylvania or any other
jurisdiction whose law applies to this trust. The powers set forth in the Pennsylvania
Probate, Estates and Fiduciaries Code are specifically incorporated into this trust
agreement. The powers conferred upon my Trustee by law, including those powers
conferred by the Pennsylvania Probate, Estates and Fiduciaries Code, shall be subject to
any express limitations or contrary directions contained in this agreement.
My Trustee shall exercise these powers in the manner my Trustee determines to be in the
best interests of the beneficiaries. My Trustee shall not exercise any of its powers in a
manner that is inconsistent with the right of the beneficiaries to the beneficial enjoyment
of the trust property in accordance with the general principles of the law of trusts.
The Trustee of a trust may have duties and responsibilities in addition to those described
in this agreement. I encourage my Trustee to obtain appropriate legal advice if my
Trustee has any questions concerning its duties and responsibilities as Trustee.
Section 14.02 Execution of Documents by My Trustee
My Trustee may execute and deliver any and all instruments in writing that my Trustee
considers necessary to carry out any of the powers granted in this agreement.
Section 14.03 Investment Powers in General
My Trustee may invest in any type of investment that my Trustee determines is consistent
with the investment goals of my trust, whether inside or outside the geographic borders of
the United States of America and its possessions or territories, taking into account my
trust's overall investment portfolio.
Without limiting my Trustee's investment authority in any way, I request that my Trustee
exercise reasonable care and skill in selecting and retaining trust investments. I also
request that my Trustee take into account the following factors in choosing investments
for my trust:
The potential return from the investment, both in the form of income and
appreciation;
The potential income tax consequences of the investment;
The investment's potential for volatility; and
The role the investment will play in the trust's portfolio.
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I request that my Trustee, in arranging the investment portfolio of the trust, also consider
the possible effects of inflation or deflation, changes in global and U.S. economic
conditions, transaction expenses, and the trust's need for liquidity.
My Trustee may delegate its discretion to manage trust investments to any registered
investment adviser or corporate fiduciary.
Section 14.04 Banking Powers
My Trustee may establish bank accounts of any type in one or more banking institutions
that my Trustee may choose. My Trustee may open accounts in the name of my Trustee
(with or without disclosing fiduciary capacity) or in the name of the trust. When an
account is in the name of the trust, checks on that account and authorized signatures need
not disclose the fiduciary nature of the account or refer to any trust or Trustee.
An account from which my Trustee makes frequent disbursements need not be an interest
bearing account. My Trustee may authorize withdrawals from an account by check, draft
or other instrument or in any other manner.
Section 14.05 Business Powers
My Trustee is authorized to serve as an officer, director, manager, or in any other
capacity of any proprietorship, partnership, joint venture, corporation, or other enterprise
in which the trust has an interest (whether or not such interest is total or controlling). My
Trustee may receive compensation for services.
My Trustee may contract with and otherwise deal with any such enterprise in the same
manner as it would with any enterprise in which the trust has no interest, and may use any
voting power my Trustee may have to implement its authority (whether as Trustee or as
an officer, director, or other official of the enterprise).
With respect to any units in a limited liability company, limited partnership, or stock in a
closely-held corporation ("closely-held company'') that are contributed to the trust, the
powers granted to my Trustee in this Article shall not disqualify my Trustee from acting
personally and independently, and not in a fiduciary capacity, with respect to any closely
held company, from holding office in the closely-held company, from accepting
remuneration from the closely-held company, from voting any units or stock in favor of
the Trustee as a director or officer of the closely-held company, or from purchasing or
selling units or stock of the closely-held company.
If a trust is funded with subchapter S stock, my Trustee may either elect to qualify the
trust as a qualified subchapter S trust ("QSST') under Section 1361(d)(3) of the Internal
Revenue Code or as an electing small business trust under Section 1361(e)(I) to
administer the trust in accordance with the requirements of the corresponding Section.
Section 14.06 Contract Powers
My Trustee may sell at public or private sale, transfer, exchange for other property, and
otherwise dispose of trust property for consideration and upon terms and conditions that
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my Trustee deems advisable. My Trustee may grant options of any duration for any such
sales, exchanges, or transfers of trust property.
My Trustee may enter into contracts, and may deliver deeds or other instruments, that my
Trustee deems appropriate.
Section 14.07 Common Investments
For purposes of convenience with regard to the administration and investment of the trust
property, my Trustee may invest part or all of the trust property jointly with trust property
of other trusts for which my Trustee is also serving as a Trustee. For this purpose, a
corporate fiduciary acting as my Trustee may use common funds for investment.
When trust property is managed and invested in this manner, my Trustee shall maintain
records that sufficiently identify that portion of the jointly invested assets that constitute
the trust property of this trust.
Section 14.08 Environmental Powers
My Trustee shall have the right to inspect trust property to determine compliance with or
to respond to any environmental law affecting the trust property. "Environmental law"
shall mean any federal, state, or local law, rule, regulation, or ordinance relating to
protection of the environment or of human health.
My Trustee may refuse to accept property if my Trustee determines that the property is or
may be contaminated by any hazardous substance or is or was used for any purpose
involving hazardous substances that could create liability to the trust or to my Trustee.
My Trustee may use and expend trust property to (i) conduct environmental assessments,
audits or site monitoring; (ii) take remedial action to contain, clean up or remove any
hazardous substance including a spill, discharge or contamination; (iii) institute, contest
or settle legal proceedings brought by a private litigant or any local, state, or federal
agency concerned with environmental compliance; (iv) comply with any order issued by
any court or by any local, state, or federal agency directing an assessment, abatement or
clean-up of any hazardous substance; and (v) employ agents, consultants and legal
counsel to assist my Trustee in these actions.
My Trustee shall not be liable for any loss or reduction in value sustained by my trust as a
result of my Trustee's retention of property on which hazardous materials or substances
requiring remedial action are discovered unless my Trustee contributed to the resulting
loss or reduction in value through willful misconduct or gross negligence.
My Trustee shall not be liable to any beneficiary or to any other party for any decrease in
the value of trust property as a result of my Trustee's compliance with any environmental
law, including any reporting requirement.
My Trustee may release, relinquish or disclaim any power held by my Trustee that my
Trustee determines may cause my Trustee to incur individual liability under any
environmental law .
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Section 14.09 Farm, Ranch and Other Agricultural Powers
My Trustee may retain, acquire, and sell any fann or ranching operation, whether as a
sole proprietorship, partnership, or corporation.
My Trustee may engage in the production, harvesting, and marketing of fann and ranch
products either by operating directly or with management agencies, hired labor, tenants,
or sharecroppers.
My Trustee may engage and participate in any government fann program, whether state
or federally sponsored.
My Trustee may purchase or rent machinery, equipment, livestock, poultry, feed, and
seed.
My Trustee may improve and repair all fann and ranch properties; construct buildings,
fences, and drainage facilities, and acquire, retain, improve, and dispose of wells, water
rights, ditch rights, and priorities of any nature.
My Trustee may do all things customary or desirable to operate a farm or ranch operation
for the benefit of the beneficiaries.
Section 14.10 Insurance Powers
My Trustee may purchase, accept, hold, and deal with as owner, policies of insurance on
my life, the life of any beneficiary, or on the life of any person in whom any beneficiary
has an insurable interest.
My Trustee may purchase disability, medical, liability, long-term health care and other
insurance on behalf of and for the benefit of any beneficiary. My Trustee may purchase
annuities and similar investments for any beneficiary.
My Trustee shall have the power to execute or cancel any automatic premium loan
agreement with respect to any policy, and shall have the power to elect or cancel any
automatic premium loan provision in a life insurance policy. My Trustee may borrow
money to pay premiums due on any policy, either by borrowing from the company
issuing the policy or from another source. My Trustee may assign the policy as security
for the loan.
My Trustee shall have the power to exercise any option contained in a policy with regard
to any dividend or share of surplus apportioned to the policy, to reduce the amount of a
policy or convert or exchange the policy, or to surrender a policy at any time for its cash
value.
My Trustee may elect any paid-up insurance or extended term insurance nonforfeiture
option contained in a policy.
My Trustee shall have the power to sell any policy at its fair market value to anyone
having an insurable interest in the policies including the insured.
My Trustee shall have the right to exercise any other right, option, or benefit contained in
a policy or permitted by the insurance company issuing the policy.
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Upon termination of the trust, my Trustee shall have the power to transfer and assign the
policies held by the trust as a distribution of trust property.
Section 14.11 Loans and Borrowing Powers
My Trustee may make secured or unsecured loans to any person (including a
beneficiary), entity, trust or estate, for any term or payable on demand, with or without
interest. My Trustee may enter into or modify the terms of any mortgage or security
agreement granted in connection with any loan and may release or foreclose on the
mortgage or security.
My Trustee may borrow money at interest rates and on other terms that it deems
advisable from any person, institution or other source including, in the case of a corporate
fiduciary, its own banking or commercial lending department.
My Trustee may encumber trust property by mortgages, pledges and other hypothecation
and shall have the power to enter into any mortgage, whether as a mortgagee or
mortgagor even though the term may extend beyond the termination of the trust and
beyond the period that is required for an interest created under this agreement to vest in
order to be valid under the rule against perpetuities.
My Trustee may purchase, sell at public or private sale, trade, renew, modify, and extend
mortgages. My Trustee may accept deeds in lieu of foreclosure.
Section 14.12 Nominee Powers
My Trustee may hold real estate, securities and any other trust property in the name of a
nominee or in any other form without disclosing the existence of any trust or fiduciary
capacity.
Section 14.13 Oil, Gas and Mineral Interests
My Trustee may acquire, maintain, develop and exploit, either alone or jointly with
others, any oil, gas, coal, minerals or other natural resource rights or interests.
My Trustee may drill, test, explore, mine, develop, extract, remove, convert, manage,
retain, store, sell and exchange any of such rights and interests on terms and for a price
that my Trustee deems advisable.
My Trustee may execute leases, pooling and unitization agreements and other types of
agreements in connection with such oil, gas, coal, mineral and other natural resource
rights and interests even though such arrangements may extend beyond the termination of
the trust.
My Trustee may execute division orders, transfer orders, releases, assignments, farm
outs, and any other instruments that it deems proper.
My Trustee may employ the services of consultants and outside specialists in connection
with the evaluation, management, acquisition, disposition, and development of any
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mineral interest, and may pay the cost of the services from the principal and income of
the trust property.
Section 14.14 Payment of Taxes and Expenses
Except as otherwise provided in this agreement, my Trustee is authorized to pay all
property taxes, assessments, fees, charges, and other expenses incurred in the
administration or protection of the trust. All payments shall be a charge against the trust
property and shall be paid by my Trustee out of the income, or to the extent that the
income is insufficient, then out of the principal of the trust property. The determination
of my Trustee with respect to the payment of expenses shall be conclusive upon the
beneficiaries.
Section 14.15 Qualified Family Owned Business Interests Deduction
My Trustee, other than an Interested Trustee, shall have the power to amend the terms of
a trust holding "qualified family-owned business interests" as defined in Section 2057 of
the Internal Revenue Code, in order to permit trust property to qualify for the "family
owned business deduction," even if the amendment changes beneficial interests and that
directs the segregation of trust property into more than one trust.
Section 14.16 Qualified Real Property Valuation
My Trustee, other than an Interested Trustee, shall have the power to amend the terms of
a trust holding "qualified real property" as defined in Section 2032A of the Internal
Revenue Code, in order to permit the qualified real property to qualifY or continue to
qualifY for special use valuation permitted under Section 2032A, even if the amendment
changes beneficial interests and that directs the segregation of trust property into more
than one trust.
Section 14.17 Real Estate Powers
My Trustee may sell at public or private sale, purchase, exchange, lease for any period,
mortgage, manage, alter, improve and in general deal in and with real property in such
manner and on such terms and conditions as my Trustee deems appropriate.
My Trustee may grant or release easements in or over, subdivide, partition, develop, raze
improvements, and abandon, any real property.
My Trustee may manage real estate in any manner that my Trustee deems best and shall
have all other real estate powers necessary for this purpose.
My Trustee may enter into contracts to sell real estate. My Trustee may enter into leases
and grant options to lease trust property even though the term of the agreement extends
beyond the termination of the trust and beyond the period that is required for an interest
created under this agreement to vest in order to be valid under the rule against
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perpetuities. For such purposes, my Trustee may enter into any contracts, covenants and
warranty agreements that my Trustee deems appropriate.
Section 14.18 Residences and Tangible Personal Property
My Trustee may acquire, maintain and invest in any residence for the use and benefit of
the beneficiaries, whether or not the residence is income producing and without regard to
the proportion that the value of the residence may bear to the total value of the trust
property and even if retaining the residence involves financial risks that trustees would
not ordinarily incur. My Trustee may payor make arrangements for others to pay all
carrying costs of the residence, including, but not limited to, taxes, assessments,
insurance, expenses of maintaining the residence in suitable repair, and other expenses
relating to the operation of the residence for the benefit of the beneficiaries.
My Trustee may acquire, maintain and invest in articles of tangible personal property,
whether or not the property is income producing, and may pay the expenses of the repair
and maintenance of the property.
My Trustee shall have no duty to convert the property referred to in this Section to
productive property except as required by other provisions of this agreement.
My Trustee may permit any income beneficiary of the trust to occupy any real property
or use any personal property owned by the trust on terms or arrangements that my
Trustee may determine, including rent free or in consideration for the payment of taxes,
insurance, maintenance, repairs, or other charges.
My Trustee shall have no liability for any depreciation or loss as a result of the retention
of any property retained or acquired under the authority of this Section.
Section 14.19 Retention and Abandonment of Trust Property
My Trustee may retain, without liability for depreciation or loss resulting from retention,
any property constituting the trust at the time of its creation, at the time of my death or as
the result of the exercise of a stock option. . My Trustee may retain property,
notwithstanding the fact that the property may not be of the character prescribed by law
for the investment of assets held by a fiduciary, and notwithstanding the fact that
retention may result in inadequate diversification under any applicable Prudent Investor
Act or other applicable law.
My Trustee may hold property that is non-income producing or is otherwise
nonproductive if holding the property is, in the sole and absolute discretion of my
Trustee, in the best interests of the beneficiaries. On the other hand, except when I am
serving as a Trustee, my Trustee shall invest contributions of cash and cash equivalents
as soon as reasonably practical after the assets have been acquired by the trust. My
Trustee is permitted to retain a reasonable amount in cash or money market accounts in
order to pay anticipated expenses and other costs and to provide for anticipated
distributions to or for the benefit of a beneficiary.
My Trustee may abandon any trust property that my Trustee deems to be of insignificant
value.
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Section 14.20 Securities, Brokerage and Margin Powers
My Trustee may buy, sell, trade and otherwise deal in stocks, bonds, investment
companies, mutual funds, common trust funds, commodities, options and other securities
of any kind and in any amount, including short sales. My Trustee may write and
purchase call or put options, and other derivative securities. My Trustee may maintain
margin accounts with brokerage firms and may pledge securities to secure loans and
advances made to my Trustee or to or for the benefit of a beneficiary.
My Trustee may place all or any part of the securities held by the trust in the custody of a
bank or trust company. My Trustee may have all securities registered in the name of the
bank or trust company or in the name of its nominee. My Trustee may appoint the bank
or trust company as the agent or attorney in fact to collect, receive, receipt for and
disburse any income and generally to perform the duties and services incident to a
custodian of accounts.
My Trustee may employ a broker-dealer as a custodian for securities held by the trust and
may register the securities in the name of the broker-dealer or in the name of a nominee
with or without the addition of words indicating that the securities are held in a fiduciary
capacity. My Trustee may hold securities in bearer or uncertificated form and may use a
central depository, clearing agency or book-entry system, such as The Depository Trust
Company, Euroclear or the Federal Reserve Bank of New York.
My Trustee may participate in any reorganization, recapitalization, merger or similar
transaction. My Trustee may exercise or sell conversion or subscription rights for
securities of all kinds and description.
My Trustee may give proxies or powers of attorney that may be discretionary and with or
without powers of substitution. My Trustee may vote or refrain from voting as to any
matter.
Section 14.21 Settlement Powers
My Trustee may settle, by compromise, adjustment, arbitration or otherwise any and all
claims and demands in favor of or against the trust. My Trustee may release or abandon
any claim in favor of the trust.
Section 14.22 Limitation on My Trustee's Powers
All powers granted to my Trustee under this agreement or by applicable law shall be
limited as set forth in this Section, unless explicitly excepted by reference to this Section.
The limitations set forth in this Section shall not apply to me.
(a) An Interested Trustee Limited to Ascertainable Standards
An Interested Trustee may not exercise or participate in the exercise of
discretion with respect to the distribution of income or principal, or the
termination of the trust to or for the benefit of a beneficiary, to the extent
that the exercise of such discretion is other than for the health, education,
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maintenance or support of a beneficiary as described under Sections 2041
and 2514 of the Internal Revenue Code.
(b) No Distributions in Discharge of Support Obligation of My
Trustee
My Trustee may not exercise or participate in the exercise of discretion
with respect to the distribution of income or principal to any person my
Trustee is legally obligated to support, to the extent the distribution
discharges the support obligation of my Trustee.
If a beneficiary has the power to remove a Trustee, the Trustee may not
exercise or participate in the exercise of discretion with respect to the
distribution of income or principal to any person the beneficiary having
the power to remove is legally obligated to support, to the extent such
distribution discharges the support obligation of the beneficiary.
(c) Insurance Policy on the Life of My Trustee
If the trust holds a policy that insures the life of my Trustee, my Trustee
shall have no right to exercise any powers or rights with respect to the
policy. A Cotrustee serving under this agreement shall exercise the
powers and rights with respect to the policy.
If the insured Trustee is the only Trustee, then an Independent Special
Trustee designated under Section 3.08 shall exercise the powers and rights
with respect to the policy.
If any rule of law or court decision co.nstrues the ability of the insured
Trustee to name an Independent Special Trustee as an incident of
ownership of the policy, then a majority of the then current mandatory and
discretionary income beneficiaries (excluding the insured Trustee if he or
she is a beneficiary) shall select the Independent Special Trustee.
(d) Insurance Policy on a Beneficiary's Life
If the trust holds a policy that insures the life of a beneficiary, the
beneficiary (acting individually or as Trustee) shall have no power over
the policy, the cash value of the policy, or the proceeds of the policy. The
intent of this denial of power is to prevent an insured beneficiary from
having a power that would constitute an incident of ownership of the
policy.
In addition, no distribution of income or principal to the insured
beneficiary shall be satisfied out of the proceeds of the policy, the cash
value of the policy or any other economic benefit of the policy.
The limitations of this subsection shall not apply if the proceeds of the
policy would, upon the death of the beneficiary, otherwise be included in
the gross estate of the beneficiary for federal estate tax purposes.
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Article Fifteen
General Provisions
Section 15.01 Maximum Term for Trusts
Notwithstanding any other provision of this agreement to the contrary, unless terminated
earlier under other provisions of this agreement, each trust created under this agreement
shall terminate 21 years after the last to die of the descendants of my maternal and
paternal grandparents and the descendants my wife's maternal and paternal grandparents
who are living at the time of my death.
At that time, the remaining trust property shall vest in and be distributed to the persons
entitled to receive mandatory distributions of net income of the trust and in the same
proportions. If no beneficiary is entitled to mandatory distributions of net income, the
remaining trust property shall vest in and be distributed to the beneficiaries entitled to
receive discretionary distributions of net income of the trust, in equal shares per stirpes.
Section 15.02 Spendthrift Provision
Neither the income nor the principal of the trust property shall be assigned, anticipated or
alienated in any manner by any beneficiary, nor shall it be subject to attachment,
bankruptcy proceedings or any other legal process, or to the interference or control of
creditors or others.
Nothing contained in this Section shall restrict in any way the exercise of any power of
appointment granted in this agreement.
Section 15.03 Contest Provision
If, after receiving a copy of this Section, any person shall, in any manner, directly or
indirectly, attempt to contest or oppose the validity of this agreement, (including any
amendment to this agreement), or commences, continues or prosecutes any legal
proceedings to set this agreement aside, then such person shall forfeit his or her share,
cease to have any right or interest in the trust property, and shall, for purposes of this
agreement be deemed to have predeceased me.
This Section shall not apply so as to cause a forfeiture of any distribution otherwise
qualifying for the federal estate tax marital deduction or charitable deduction.
Section 15.04 Survivorship Presumption
If my wife and I die under circumstances in which the order of our deaths cannot be
established, my wife shall be deemed to have survived me.
If any other beneficiary is living at my death, but dies within 30 days after my death, then
the beneficiary shall be deemed to have predeceased me for purposes of this agreement.
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Section 15.05 Divorce or Annulment
If my marriage to my wife ends by divorce or annulment, my wife shall cease to be a
beneficiary under this agreement and shall be treated for purposes of this agreement as
though she predeceased me. If my wife is serving as my Trustee at the time that my
marriage to my wife ends, she shall cease to be a Trustee.
Section 15.06 Changing the Situs of Administration
My Trustee may, at any time, remove all or any part of the property or the situs of
administration of the trust from one jurisdiction to another. My Trustee may elect, by
filing an instrument with the trust records, that the trust shall thereafter be construed,
regulated and governed as to administration by the laws of the new jurisdiction. My
Trustee may take action under this Section for any purpose my Trustee deems
appropriate, including the minimization of any taxes in respect of the trust or any
beneficiary of such trust.
If necessary, the beneficiaries entitled to receive distributions of net income under the
trust may, by m~ority consent, appoint a corporate fiduciary in the new situs. If a
beneficiary is a minor or is incapacitated, the parent or legal representative of the
beneficiary may act on behalf of the beneficiary.
Section 15.07 Definitions
For purposes of this agreement, the following terms shall have the following meanings:
(a) Adopted and Afterborn Persons
A legally adopted person in any generation and his or her descendants,
including adopted descendants, shall have the same rights and be treated in
the same manner under this agreement as natural children of the adopting
parent, provided such person is legally adopted prior to attaining the age
of 18 years. A person shall be deemed to be legally adopted if the
adoption was legal in the jurisdiction in which it occurred at the time that
it occurred.
A fetus in utero that is later born alive shall be considered a person in
being during the period of gestation.
(b) Agreement
The term "this agreement" means this trust agreement and includes all
trusts created under the terms of this agreement.
(c) Descendants
The term "descendants" shall include a person's lineal descendants of all
generations.
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(d) Education
The term "education" is intended to be an ascertainable standard in
accordance with Section 2041 and Section 2514 of the Internal Revenue
Code and shall include, but not be limited to:
Enrollment at private elementary, junior and senior high
school including boarding school;
Undergraduate and graduate study in any field at a college
or university;
Specialized, vocational or professional training or
instruction at any institution, including private instruction;
and
Any other curriculum or activity that my Trustee may deem
useful for developing the abilities and interests of a
beneficiary including, without limitation, athletic training,
musical instruction, theatrical training, the arts and travel.
The term "education" shall also include distributions made by my Trustee
for expenses such as tuition, room and board, fees, books and supplies,
tutoring and transportation and a reasonable allowance for living expenses.
(e) Grantor
The term "Grantor" shall have the same legal meaning as "Settlor,"
"Trustor" or any other term referring to the maker of a trust.
(1) Incapacity
Except as otherwise provided in this agreement, a person shall be deemed
incapacitated in anyone of the following circumstances.
(1) . The Opinion of Two Licensed Physicians
An individual shall be deemed incapacitated whenever, in
the opinion of two licensed physicians, the individual is
unable to effectively manage his or her property or
financial affairs, whether as a result of age, illness, use of
prescription medications, drugs or other substances, or any
other cause.
An individual shall be deemed restored to capacity
whenever the individual's personal or attending physician
provides a written opinion that the individual is able to
effectively manage his or her property and financial affairs.
(2) Court Determination
An individual shall be deemed incapacitated if a court of
competent jurisdiction has declared the individual to be
disabled, incompetent or legally incapacitated.
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(3) Detention, Disappearance or Absence
. An individual shall be deemed incapacitated whenever he
or she cannot effectively manage his or her property or
financial affairs due to the individual's unexplained
disappearance or absence for more than 30 days, or
whenever he or she is detained under duress.
An individual's disappearance or absence or detention
under duress may be established by an affidavit of my
Trustee, or, if no Trustee is serving, by the affidavit of any
beneficiary. The affidavit shall describe the circumstances
of the individual's disappearance, absence or detention and
may be relied upon by any third party dealing in good faith
with my Trustee in reliance upon the affidavit.
(9) Income Beneficiary
The term "income beneficiary" means any beneficiary who is then entitled
to receive distributions of the net income of the trust, whether mandatory
or discretionary.
Unless otherwise provided in this agreement, the phrase "majority of the
income beneficiaries" means any combination of income beneficiaries
who, if all accrued net income were distributed on the day of a vote by the
beneficiaries, would receive more than 50% of the accrued net income.
For purposes of this calculation, beneficiaries who are eligible to receive
discretionary distributions of net income shall be deemed to receive the
income in equal shares.
(h) Independent Trustee
The term "Independent Trustee" means a Trustee who is not an Interested
Trustee as defined in subsection (i). Only an Independent Trustee may
exercise those powers granted exclusively to an Independent Trustee and
when the phrase "other than an Interested Trustee" is used. Whenever this
agreement specifically prohibits an Interested Trustee from exercising
discretion or performing an act, then only an Independent Trustee may
exercise that discretion or perform that act. An Independent Trustee shall
not be liable to any person for any good faith exercise or nonexercise of its
discretion under this agreement.
(i) Interested Trustee
The term "Interested Trustee" means (1) a Trustee who is a transferor of
property to the trust (including a person whose qualified disclaimer
resulted in property passing to the trust); (2) a Trustee who is a beneficiary
of the trust; or (3) a Trustee whom a beneficiary of the trust can remove
and replace by appointing a Trustee that is related or subordinate to the
beneficiary within the meaning of Section 672(c) of the Internal Revenue
Code.
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For purposes of this subsection "a beneficiary of the trust" means a person
who is or in the future may be eligible to receive income or principal from
the trust pursuant to the terms of the trust. A person shall be considered a
beneficiary of a trust even if he or she has only a remote contingent
remainder interest in the trust; however, a person shall not be considered a
beneficiary of a trust if the person's only interest is as a potential
appointee under a testamentary power of appointment.
(j) Internal Revenue Code and Treasury Regulations
References to the "futemal Revenue Code" or to its provisions are to the
futemal Revenue Code of 1986, as amended from time to time, and the
corresponding Treasury Regulations, if any. References to the "Treasury
Regulations," are to the Treasury Regulations under the futemal Revenue
Code in effect from time to time. If a particular provision of the futemal
Revenue Code is renumbered, or the futemal Revenue Code is superseded
by a subsequent federal tax law, any reference shall be deemed to be made
to the renumbered provision or to the corresponding provision of the
subsequent law, unless to do so would clearly be contrary to my intent as
expressed in this agreement. The same rule shall apply to references to the
Treasury Regulations.
(k) Legal Representative or Personal Representative
As used in this agreement, the term "legal representative" or "personal
representative" means a person's guardian, conservator, executor,
administrator, Trustee, or any other person or entity personally
representing a person or the person's estate.
(I) Per Stirpes
Whenever a distribution is to be made to a person's descendants "per
stirpes," the distribution shall be divided into as many shares as there are
then living children of the person and deceased children of the person who
left then living descendants. Each then living child shall receive one share
and the share of each deceased child shall be divided among the child's
then living descendants in the same manner.
(m) Qualified Retirement Plan
The term "qualified retirement plan" means a plan qualified under Section
401 of the futemal Revenue Code, an individual retirement arrangement
under Section 408 or Section 408A or a tax-sheltered annuity under
Section 403. The term "qualified retirement benefits" means the amounts
held in or distributed pursuant to a plan qualified under Section 401, an
individual retirement arrangement under Section 408 or Section 408A, a
tax-sheltered annuity under Section 403 or any other benefit subject to the
distribution rules of Section 401 (a)(9).
15-5
.
.
.
220600_1
(n) Shall and May
Unless otherwise specifically provided in this agreement or by the context
in which used, I use the word "shall" in this agreement to command, direct
or require, and the word "may" to allow or permit, but not require. In the
context of my Trustee, when I use the word "may" I intend that my
Trustee may act in its sole and absolute discretion unless otherwise stated
in this agreement.
(0) Trust
The terms "this trust" or "this trust agreement" shall refer to this
agreement and all trusts created under the terms of this agreement.
(p) Trustee
The term "my Trustee" or "Trustee" refers to the Trustee named in Article
One and to any successor, substitute, replacement or additional person,
corporation or other entity that is from time to time acting as the Trustee
of any trust created under the terms of this agreement. The term "Trustee"
refers to singular or plural as the context may require.
(q) Trust Property
The phrase "trust property" shall be construed to mean all property held by
my Trustee under this agreement, including all property that my Trustee
may acquire from any source.
Section 15.08 General Provisions and Rules of Construction
The following general provisions and rules of construction shall apply to this agreement:
(a) Duplicate Originals
This agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original. Any person may rely upon a
copy of this agreement certified under oath by my Trustee to be a true
copy, to the same effect as if it were an original.
(b) Singular and Plural; Gender
Unless the context requires otherwise, words denoting the singular may be
construed as plural and words of the plural may be construed as denoting
the singular. Words of one gender may be construed as denoting another
gender as is appropriate within the context. The word "or" when used in a
list of more than two items may function as both a conjunction and a
disjunction as the context requires or permits.
(c) Headings of Articles, Sections, and Subsections
The headings of Articles, Sections, and subsections used within this
agreement are included solely for the convenience and reference of the
reader. They shall have no significance in the interpretation or
construction of this agreement.
15-6
.
.
.
220600_1
(d) Governing State Law
This agreement shall be governed, construed and administered according
to the laws of the Commonwealth of Pennsylvania as from time to time
amended, except as to trust property required by law to be governed by the
laws of another jurisdiction and unless my Trustee elects to change the
Situs of Administration as provided in Section 15.06.
(e) Notices
Unless otherwise stated, whenever this agreement calls for notice, the
notice shall be in writing and shall be personally delivered with proof of
delivery, or mailed postage prepaid by certified mail, return receipt
requested, to the last known address of the party requiring notice. Notice
shall be effective on the date personally delivered or on the date of the
return receipt. If a party giving notice does not receive the return receipt
but has proof that he or she mailed the notice, notice shall be effective on
the date it would normally have been received via certified mail. If notice
is required to be given to a minor or incapacitated individual, notice shall
be given to the parent or legal representative of the minor or incapacitated
individual.
(f) Plans Not Reciprocal
The fact that my wife and I are executing our estate plans concurrently
shall not be construed to create any contractual or reciprocal obligations
between us.
(g) Severability
The invalidity or unenforceability of any provision of this agreement shall
not affect the validity or enforceability of any other provision of this
agreement. If a court of competent jurisdiction determines that any
provision is invalid, the remaining provisions of this agreement shall be
interpreted and construed as if the invalid provision had never been
included in this agreement.
I have executed this agreement on the day and year first above written. This agreement
shall be effective when signed by me, whether or not now signed by a Trustee.
15-7
..
.
220600_1
.
I certify to the officer taking my acknowledgment that I have read this trust agreement,
that I understand it, and that it correctly states the provisions under which my trust
property is to be administered and distributed by my Trustee.
/;1 II ('
. ii(JUJ-w- j,.. _':> lrR;;linP
?
Claude L. Seaman, Grantor and Trustee
COMMONWEALTH OF PENNSYLVANIA )
) ss.
COUNTY OF CHESTER )
On this day, ~~. tJ ,2004, before me personally appeared Claude L. Seaman, as
Grantor and Tee, personally known to me (or proved to me on the basis of
satisfactory evidence) to be the individual whose name is subscribed to the foregoing
instrument, and acknowledged that he executed the same as his voluntary act and deed
for the purposes therein contained.
Witness my hand and official seal.
~
Notary Public
COMMONWEAlTH OF PENNSYlVANIA
Nolarlal Seal
Catharine S. Petry. Notary pubrlC
West Chester Bora. Chester County
My Commission ExpIres Jan. 20, 2008
Member PennS'l1vania Association Of Notaries
15-8
..
220600_1
Ten Dollars Cash
e
Schedule A.
A-I
.
EXHIBIT D
. .
Estate Valuation
Date of Death: 11/06/2004 Estate of: Claude Seaman
Valuation Date: 11/06/2004 Report Type: Date of Death
Processing Date: 03/24/2005 Number of Securities: 50
File 10: Seaman7809 032305
Shares Security Mean and/or Div and lot Security
or Par Description High/ASk Low/Bid Adjustments Accruals Value
1) 2000 WISCONSIN ENERGY CORP 1976657AB21
Financial Times Interactive Data
OTO: 03/28/2001 Mat: 04/01/2006 5.875%
11/05/2004 104.12500 AlB
11/08/2004 104.08050 Mkt
104.102750 2,082.06
Int: 10/01/2004 to 11/06/2004 11.42
2) 4000 AMERICAN ELEC PWR INC 1025537AA9)
Financial Times Interactive Data
OTO: 05/10/2001 Mat: 05/15/2006 6.125%
11/05/2004 104.28125 A/B
11/08/2004 104.23280 Mkt
104.257025 4,170.28
Int: 05/15/2004 to 11/06/2004 116.38
3) 5000 WELLS FARGO' CO NEW 1949746C01)
Financial Times Interactive Data
OTO: OS/23/2001 Mat: OS/21/2006 5.9%
11/05/2004 104.53125 AlB
11/08/2004 104.48630 Mkt
104.508775 5,225.44
Int: OS/21/2004 to 11/06/2004 135.21
4) 6000 CLEAR CHANNEL CCHruNlCATIONS (184502AM41
Financial Times Interact! ve Data
OTC: 10/26/2001 Mat: 11/01/2006 6%
11/05/2004 104.53125 AlB
11/08/2004 104.60570 Mkt
104.568475 6,274.11
Int: 11/01/2004 to 11/06/2004 5.00
5) 6000 JPMORGAN , CHASE' CO 146625HAP5)
Financial Times Interactive Data
OTO: 05/30/2002 Mat: 05/30/2007 5.25%
11/05/2004 104.40625 AlB
11/08/2004 104.34350 Mkt
104.374875 6,262.49
Int: 05/30/2004 to 11/06/2004 136.50
61 5000 CATERPILLAR FINL SVCS CORP 114911RAE9)
Financial Times Interactive Data
OTO: 06/27/2002 Mat: 06/15/2007 4.875%
11/05/2004 103.75000 AlB
11/08/2004 103.67790 Mkt
103.713950 5,185.70
Int: 06/15/2004 to 11/06/2004 95.47
71 5000 BANK OF AMERICA CORPORATION 106050SAW4J
Financial Times Interactive Data
OTO: 11/26/2002 Mat: 01/15/2008 3.875%
11/05/2004 101. 06250 AlB
11/08/2004 100.97430 Mkt
101.018400 5,050.92
Int: 07/15/2004 to 11/06/2004 59.74
8) 2000 PEMEX PROJ FOG MASTER TR 1706451M9J
Financial Times Interactive Data
OTO: 08/15/2001 Mat: 02/15/2008 8.5%
11/05/2004 112.50000 AlB
11/08/2004 112.75000 Mkt
112.625000 2,252.50
Int: 08/15/2004 to 11/06/2004 38.25
Page 1
Information has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. The
above report does not in any way supersede the proper use of your Wachovia client statements and trade confirmations,
which Wachovia Securities, Ltc considers the only official and accurate records of your account activity. This report was
produced by Wachovia Securities, LLC using Estate Val, a product of Wachovia Securities, LLC, member NYSE/SIPC, and
Wachovia Securities Financial Network, Ltc, member NASD/SIPC. If you have questi~::s please consult with your tax and legal
advisors. Wachovia Securities, LLC, member NYSE/SIPC, and Nachovia Securities Financial Network, LLC, member NASD/SIPC. If
you have questions please consult wi th your tax and legal advisors.
. .
Date of Death: 11/06/2004 Estate of: Claude Seaman
valuation Date: 11/06/2004 Report Type: Date of Death
Processing Date: 03/24/2005 Number of Securities: 50
File 10: Seaman7809 032305
Shares Securi ty Mean and/or Div and Int Security
or Par Description High/Ask Low/Bid Adjustments Accruals Value
91 6000 LEHMAN BROS HLDGS INC (524908JA9)
Financial Times Interactive Data
OTO: 07/28/2003 Mat: 08/07/2008 3.5%
11/05/2004 98.84375 AlB
11/08/2004 98.72180 Mkt
98.782775 5,926.97
Int: 08/07/2004 to 11/06/2004 51. 92
101 6000 CIT GROUP INC (125577AP11
Financial Times Interactive Data
OTO: 11/03/2003 Mat: 11/03/2008 3.875%
11/05/2004 99.71875 AlB
11/08/2004 99.61440 Mkt
99.666575 5,979.99
Int: 11/03/2004 to 11/06/2004 1.94
111 2000 DEUTSCHE TELEKOM INTL FIN B V (25156PAB91
Financial Times Interactive Data
OTO: 07/06/2000 Mat: 06/15/2010 8%
11/05/2004 119.43750 A/B
11/08/2004 119.25290 Mkt
119.345200 2,3B6.90
Int: 06/15/2004 to 11/06/2004 62.67
121 3000 CAPITAL ONE BK MTN BE (14040EHHBI
Financial Times Interactive Data
OTO: 09/0B/2003 Mat: 09/15/2010 5.75%
11/05/2004 106.15625 AlB
11/08/2004 106.00620 Mkt
106.081225 3,lB2.44
Int: 09/15/2004 to 11/06/2004 24.44
131 3000 MOTOROLA INC (620076AR0)
Financial Times Interactive Data
OTO: 11/13/2000 Mat: 11/15/2010 7.625%
11/05/2004 116.65625 A/B
11/0B/2004 116.49220 Mkt
116.574225 3,497.23
Int: 05/15/2004 to 11/06/2004 108.66
14) 4000 COUNTRYWIDE HCME LOANS MTN BE (22237LPA41
Financial Times Interactive Data
OTO: 03/22/2004 Mat: 03/22/2011 4%
11/05/2004 96.56250 AlB
11/0B/2004 96.45050 Mkt
96.506500 3, B60.26
Int: 09/22/2004 to 11/06/2004 19.56
15) 6000 GENERAL ELEC CAP CORP MTN BE (36962GXSBI
Financial Times Interactive Data
OTO: 02/15/2002 Mat: 02/15/2012 5.875%
11/05/2004 107.93750 A/B
11/08/2004 101.18210 Mkt
107.859800 6,471.59
Int: 08/15/2004 to 11/06/2004 79.31
16) 4000 CONOCOPHILLIPS (20825CAE4)
Financial Times Interactive Data
DTO: 10/09/2002 Mat: 10/15/2012 4.75%
11/05/2004 101. 78125 Al8
11/08/2004 101. 66830 Mkt
101.724175 4,068.99
Int: 10/15/2004 to 11/06/2004 11. 08
Page 2
Information has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. The
above report does not in any way supersede the proper use of your Wachovia client statements and trade confirmations,
which Wachovia Securities, LtC considers the only official and accurate records of your account activity. This report was
produced by Wachovia Securities, LtC using Estate Val, a product of Wachovia Securities, LLC, member NYSE/SIPC, and
Wachovia !:ecurities Financial Network, LLC, member NASD/SIPC. If you have questions please consult with your tax and legal
advisors. Hachovia Securities, LLC, member NYSE/SIPC, and Wachovia Securities Financial Network, LLC, member NASD/SIPC. If
you have questions please consult with your tax and legal advisors.
. .
Date of Death: 11/06/2004 Estate of: Claude Seaman
Valuation Date: 11/06/2004 Report Type: Date of Death
Processing Date: 03/24/2005 Number of Securities: 50
File ID: Seaman7809 032305
Shares Security Mean and/or Div and Int Security
or Par Description High/Ask Low/Bid Adjustments Accruals Value
17) 2000 CENDANT CORP 1151313AP8)
Financial Times Interactive Data
DTD: 01/13/2003 Hat: 01/15/2013 7.375%
11/05/2004 115.34375 NB
11/08/2004 115.11970 Mkt
115.231725 2,304.63
Int: 07/15/2004 to 11/06/2004 45.4B
18) 6000 KROGER CO 1501044CE9)
Financial Times Interactive Data
DTD: 01/28/2003 Hat: 02/01/2013 5.5%
11/05/2004 103.75000 NB
11/08/2004 103.67000 Mkt
103.710000 6,222.60
Int: OB/01/2004 to 11/06/2004 87.08
19) 5000 INTERNATIONAL LEASE FIN CORP (459745FG51
Financial Times Interactive Data
DTD: 04/29/2D03 Hat: 05/01/2013 5.B75%
11/05/2004 105.40625 AlB
11/08/2004 105.19220 Hkt
105.299225 5,264.96
Int: 11/01/2D04 to 11/06/2004 4.08
20) 3000 DAIMLER CHRYSLER NORTH AHER HL (233835AW7)
Financial Times Interactive Data
DTD: 11/06/2003 Hat: 11/15/2013 6.5%
11/05/2004 108.21875 AlB
11/0B/2004 107.98850 Mkt
108.103625 3,243.11
Int: 05/15/2004 to 11/06/2004 92.63
21) 3000 HARRAHS OPER INC 1413627ANOI
Financial Times Interactive Data
DTD: 12/11/2003 Mat: 12/15/2013 5.375%
11/05/2004 100.31250 NB
11/0B/2004 100.24410 Hkt
100.278300 3,00B.35
Int: 06/15/2004 to 11/06/2004 63.16
22) 3000 PULTE HOMES INC (745867AQ4)
Financial Times Interactive Data
DTD: 01/16/2004 Mat: 01/15/2014 5.25%
11/05/2004 98.96875 AlB
11/08/2004 98.75700 Mkt
98.862875 2,965.B9
Int: 07/15/2004 to 11/06/2004 48.56
23) 4000 PACIFIC GAS & ELEC CO 1694308GD3)
Financial Times Interactive Data
DTD: 03/23/2004 Hat: 03/01/2014 4. B%
11/05/2004 99.12500 AlB
11/0B/2004 9B.9B090 Mkt
99.052950 3,962.12
Int: 09/01/2004 to 11/06/2004 34.67
24) 3000 EOP OPER LTD PARTNERSHIP (268766BZ4)
New York Bond Exchange
DTD: 03/26/2004 Hat: 03/15/2014 4.75%
11/05/2004 96.51690 Hkt
11/0B/2004 96.30710 Hkt
96.412000 2,892.36
Int: 09/15/2004 to 11/06/2004 20.19
Page 3
Information has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. The
above report does not in any way supersede the proper use of your Wachovia client statements and trade confirmations,
which Wachovia Securities, LLC considers the only official and accurate records of your account activity. This report was
produced by Wachovia Securities, LLC using Estate Val, a product of Wachovia Securities, LLC, member NYSE/SIPC, and
Wachovia Securities Financial Network, 1LC, member NASD/SIPC. If you have questions please consult with your tax and legal
advisors. Wachovia Securities, LtC, member NYSE/SIPC, and Wachovia Securities Financial Network, LLC, member NASD/SIPC. If
you have questions please consult with your tax and legal advisors.
. .
Date of Death: 11/0612004 Estate of: Claude Seaman
Valuation Date: 11/0612004 Report Type: Date of Death
Processing Date: 03/24/2005 Number of Securities: 50
File ID: Seaman7809 032305
Shares Seeuri ty Mean and/or Div and Int Security
or Par Description High/Ask Low/Bid Adjustments Accruals Value
25) 3000 BELLSOUTH CORP (079860AG7)
Financial Times Interactive Data
DTD: 09/13/2004 Hat: 09/15/2014 5.2%
11/05/2004 101.18750 AlB
11/08/2004 100.93650 Hkt
101. 062000 3,031.86
Int: 09/13/2004 to 11/06/2004 22.97
261 5000 COMCAST CORP NEW (20030NAB7)
Financial Times Interactive Data
DTD: 01/10/2003 Hat: 01/15/2015 6.51
11/0512004 109.21875 AlB
11/0812004 108.94880 Hkt
109.083775 5,454.19
Int: 07/15/2004 to 11/06/2004 100.21
27) 4000 VODAFONE GROUP PLC NEW (92857WAD2)
New York Bond Exchange
DTD: 12/18/2002 Hat: 01/3012015 5.375%
11/05/2004 104.12500 103.00000 AlB
11/09/2004 104.25000 102.87500 AlB
103.562500 4,142.50
Int: 07/30/2004 to 11/06/2004 57.33
281 3000 FRANCE TELECOM SA 135177PAL1)
Financial Times Interactive Data
DTD: 09/01/2001 Hat: 03/01/2031 8.75%
11/05/2004 133.65625 AlB
11/08/2004 133.32410 Hkt
133.490175 4,004.71
Int: 09/0112004 to 11/06/2004 47.40
29) 3000 AOL TIME WARNER INC 100184AAC91
Financial Times Interactive Data
DTD: 04/19/2001 Hat: 04/1512031 7.6251
11/0512004 118.12500 A/B
11/0812004 117.66600 Hkt
117.895500 3,536.87
Int: 10/15/2004 to 11/0612004 13.34
301 2000 FORD HTR CO DEL (345370CA6)
Financial Times Interactive Data
DTD: 07/16/1999 Mat: 07/16/2031 7.45%
11/05/2004 98.40625 A/B
11/08/2004 98.05630 Mkt
98.231275 1,964.63
Int: 07/16/2004 to 11/0612004 45.53
31) 3000 SPRINT CAP CORP (852060AT91
Financial Times Interactive Data
DTD: 03/14/2002 Mat: 03/15/2032 8.751
11/05/2004 130.81250 AlB
11/0812004 130.46170 Mkt
130.637100 3,919.11
Int: 09/15/2004 to 11/0612004 37.19
32) 3000 WEYERHAEUSER CO {962166BR41
Financial Times Interactive Data
DTD: 09/1512002 Hat: 03/15/2032 7.3751
11/05/2004 116.06250 A/B
11/0812004 115.75950 Hkt
115.911000 3,477.33
Int: 09/15/2004 to 11/06/2004 31. 34
Page 4
Information has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. The
above report does not in any way supersede the proper use of your Wachovia client statements and trade confirmations,
which Wachovia Securities, LLC considers the only official and accurate records of your account activity. This report was
produced by Wachovia Securities, LLC using Estate Val, a product of Wachovia Securities, LLC, member NYSE/SIPC, and
Wachovia Securities Financial Network, LLC, member NASD/sIPC. If you h;::.ve questions please consult with your tax and legal
advisors. Wachovia Securities, LLC, member NYSE/SIPC, and Wachovia Securities Financial Network, L1C, member NASD/SIPC. If
you have questions please consult with your tax and legal advisors.
. .
Date of Death: 11/06/2004 Estate of: Claude Seaman
Valuation Date: 11/06/2004 Report Type: Date of Death
Processing Date: 03/24/2005 Number of Securities: 50
File ID: Seaman1809 032305
Shares Security Mean and/or Div and lnt Security
or Par Description High/Ask Low/Bid Adjustments Accruals Value
331 3000 VERIZON GLOBAL FOG CORP {92344GAS51
Financial Times Interactive Data
DTD: 06/21/2002 Mat: 06/15/2032 1.15%
11/05/2004 121. 90625 AlB
11/08/2004 121. 51110 Mkt
121.141915 3,652.26
Int: 06/15/2004 to 11/06/2004 91. 06
34} 2000 GENERAL MTRS CORP 1310442BTl}
Financial Times Interact! ve Data
DTD: 01/03/2003 Mat: 01/15/2033 8.315%
11/05/2004 105.68150 AlB
11/08/2004 104.98960 Mkt
105.338550 2,106.11
Int: 01/15/2004 to 11/06/2004 51. 65
35} 4000 GOLDHAN SACHS CAP I {38143V!\A1}
Financial Times Interactive Data
DTD: 02/20/2004 Mat: 02/15/2034 6.345%
11/05/2004 101. 03125 A/B
11/08/2004 100.18180 Mkt
100.909525 4,036.38
Int: 08/15/2004 to 11/06/2004 51.11
361 11000 UNITED STATES TREAS NTS I 912828AiiO}
Government/Agency (Dealer Quotations)
DTD: 03/31/2003 Hat: 03/31/2005 1. 625%
11/05/2004 99.84315 99.18125 A/B
11/08/2004 99.84315 99.18125 A/B
99.812500 16,968.13
Int: 09/30/2004 to 11/06/2004 28.08
31) 14000 FEDERAL NATL MTG ASSN 131359MQZ9}
Government/Agency {Dealer Quotations}
DTD: 02/28/2003 Mat: 04/15/2006 2.125%
11/05/2004 99.21815 99.15625 AlB
11/08/2004 99.18150 99.12500 AlB
99.171815 13,884.06
Int: 10/15/2004 to 11/06/2004 11.35
38) 11000 UNITED STATES TREASURY NT 1912821X80)
OTC
DTD: 05/15/1996 Mat: 05/15/2006 6.815%
11/05/2004 106.31500 106.31250 AlB
11/08/2004 106.32400 106.26200 AlB
106.318315 18,014.12
Int: 05/15/2004 to 11/06/2004 555.19
39) 13000 FEDERAL HOME LN MTG CORP (3134A4UB8)
Government/Agency (Dealer Quotations)
DTD: 08/15/2003 Mat: 08/15/2006 2.15%
11/05/2004 99.15000 99.65625 A/B
11/08/2004 99.11815 99.62500 A/B
99.681500 12,959.38
Int: 08/15/2004 to 11/06/2004 80.44
40) 25000 FEDERAL NATL MTG ASSN 131359HHP5}
Government/Agency (Dealer Quotations)
DTD: 03/26/2002 Hat: 04/15/2001 5.25%
11/05/2004 104.93150 104.81250 A/B
11/08/2004 104.90625 104.18125 A/B
104.859315 26,214.84
Int: 10/15/2004 to 11/06/2004 16.56
Page 5
Information has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. The
above report does not in any way supersede the proper use of your Nachovia client statements and trade confirmations,
which wachovia Securities, LtC considers the only official and accurate records of your account activity. This report was
produced by Wachovia Securities, LLC using Estate Val, a product of Wachovia Securities, LtC, member NYSE/SIPC, and
Wachovia Securities Financial Network, LLC, member NASD/SIPC. If you have questions please consult ~;ith your tax and legal
advisors. Wachovia Securities, LLC, member NYSE/SIPC, and Wachovia Securities Financial Network, LtC, member NASo/SIPC. If
you have questions please consult with your tax and legal advisors.
e e
Date of Death: 11/06/2004 Estate of: Claude Seaman
Valuation Date: 11/06/2004 Report Type: Date of Death
Processing Date: 03/24/2005 Number of Securities: 50
File 1D: Seaman7809 032305
Shares Security Mean and/or Div and lot Security
or Par Description High/Ask Low/8id Adjustments Accruals Value
41) 21000 FEDERAl HOME LN HTG CORP {3134A3EH41
Government/Agency (Dealer Quotations)
DTD: 03/12/1999 Hat: 03/15/2009 5.75%
11/05/2004 108.56250 108.34375 AlB
11/08/2004 108.43750 108.21875 AlB
108.390625 22,762.03
1nt: 09/15/2004 to 11/06/2004 171. 06
42} BOOO UNITED STATES TREASURY NT (9128275N8)
OTC
DTD: 08/15/1999 Hat: 08/15/2009 6%
11/05/2004 111.16000 111.09800 AlB
11/08/2004 111.01200 110.94900 AlB
111.054750 8,884.38
Int: 08/15/2004 to 11/06/2004 108.26
43} 20000 FEDERAL HATL MTG ASSN 131359HRGOI
Government/Agency IDea1er Quotations)
DTD: 03/28/2003 Hat: 03/15/2013 4.375%
11/05/2004 99.68750 99.34375 AlB
11/08/2004 99.50000 99.15625 AlB
99.421875 19,884.38
Int: 09/15/2004 to 11/06/2004 123.96
441 15000 UNITED STATES TREAS NTS (912828BA7)
Government/Agency (Dealer Quotations)
DTD: 05/15/2003 Hat: 05/15/2013 3.625%
11/05/2004 97.09375 97.03125 AlB
11/08/2004 96.87500 96.81250 AlB
96.953125 14,542.97
Int: 05/15/2004 to 11/06/2004 258.58
45} 3000 UNITED STATES TREASURY BD {912810EYO}
OTC
DTD: 11/15/1996 Hat: 11/15/2026 6.5%
11/05/2004 120.42970 120.36720 AlB
11/08/2004 120.11300 120.05100 AlB
120.240225 3,607.21
Int: 05/15/2004 to 11/06/2004 92.73
46} 3000 UNITED STATES TREASURY BD (912810FFO)
OTe
DTD: 11/16/1998 Hat: 11/15/2028 5.25%
11/05/2004 103.66400 103.60200 A/B
11/08/2004 103.32800 103.26600 AlB
103.465000 3,103.95
Int: 05/15/2004 to 11/06/2004 74.90
47} 10000 FEDERAL HATL HTG ASSN (31359HFJ7)
Government/Agency (Dealer Quotations)
DTD: 02/15/2000 Hat: 01/15/2030 7.125%
11/05/2004 123.78125 122.96875 AlB
11/08/2004 123.62500 122.81250 AlB
123.296875 12,329.69
Int: 07/15/2004 to 11/06/2004 219.69
4B} 3000 UNITED STATES TREASURY NT 1912B274Y5}
OTe
DTD: 01/15/1999 Hat: 01/15/2009 3. B75%
11/05/2004 113.06641 113.00391 A/B
11/0B/2004 112.9BOOO 112.91800 AlB
112.9920BO 3,389.76
Int: 07/15/2004 to 11/06/2004 36.01
Page 6
Information has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. The
above report does not in any way supersede the proper use of your Wachovia client statements and trade confirmations,
which Wachovia Securities, LLC considers the only official and accurate records of your account activity. This report was
produced by Wachovia Securities, LLC using Estate Val, a product of Wachovia Securities, LLC, member NYSE/SIPC, and
Wachovia Securities Financii:.l Network, LtC, member NASD/SIPC. If you have questions please consult with your tax and legal
advisors. Wachovia Securities, LtC, member NYSE/SIPC, and Wachovia Securities Financial Network, LtC, member NASD/SIPC. If
you have questions please consult with your tax and legal advisors.
. .
e
-
Date of Death:
Valuation Date:
Processing Date:
11/06/2004
11/06/2004
03/24/2005
Estate of: Claude Seaman
Report Type: Date of Death
Nwnber of Securities: 50
File ID: Seaman7809 032305
Shares
or Par
Security
Description
High/Ask
Low/Bid
Mean and/or Di v and lnt Security
Adjustments Accruals Value
491
3000 UNITED STATES TREASURY BD C912810FH61
OTe
DTD: 04/15/1999 Mat: 04/15/20293.875%
11/05/2004 132.01600
11/08/2004 131. 56641
Int: 10/15/2004 to 11/0612004
131. 95300 AtB
131. 50391 A/B
131.759830
3,952.79
7.03
50)
11656.73 Money Market Fund (CASH)
11,656.73
Total Value
Total Accrual
Total $337,041.89
$333,282.92
$3,758.97
Page 7
Information has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. The
above report does not in any way supersede the proper use of your Wachovia client statements and trade confirmations,
which Wachovia Securities, LLC considers the only official and accurate records of your account activity. This report was
produced by Hachovia Securities, LtC using Estate Val, a product of Wachovia Securities, LtC, member NYSE/SIPC, and
Wachovia Securities Financial Network, LLC, member NASD/SIPC. If you have questions please consult with your tax and legal
advisors. Wachovia Securities, LLC, member NYSE/SIPC, and Wachovia Securities Financial Network, LLC, member NASD/SIPC. If
you have questions please consult with your tax and legal advisors.
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