HomeMy WebLinkAbout09-30-05
LAW OFFICES OF
ZULLINGER - DAVIS
PROFESSIONAL CORPORATION
JOEL R. ZULLINGER
14 North Main Street
Suite 200
Chambersburg, P A 17201
717-264-6029
Fax: 717-264-1884
zulngrlaw@earthlink.net
Dale F. Shughart, Jr.
of counsel
HAMILTON C. D VIS
20 East Burd Street, Site 6
P.O. B x40
Shippensburg, P A 1 257
717-532- 713
Fax: 717-530.. 222
hamiltondavislaw comca .net
September 29,2005
Register of Wills
Cumberland County
One Courthouse Square
Carlisle, P A 17013
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RE: Estate of Fredrick B. McGillvray
Estate No. 21-05-0056
Dear Sir or Madam:
Enclosed herewith please find an inheritance tax return, filed in duplicate, and payment i
the amount of Sixteen Thousand Five Hundred Thirty-two and 03/100 ($16,532.03), as paymen for
the above estate. Since the return is due October 4, 2005, this payment is timely filed with a
postmark of the same.
A check for filing fee in the amount of $15.00 is also enclosed
If there are any questions or concerns, please contact me at the Shippensburg office. Th nk
you.
Sincerely yours,
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Hamilton C. Davis
for Zullinger - Davis
Professional Corporation
HCD/njk
Enclosures
Reply to: Hamilton C. Davis
P.O. Box 40
Shippensburg, P A 17257
REV. 1500 EX. (SoOOJ
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REV-1500
INHERITANCE TAX RETURN
RESIDENT DECEDENT
FILE NUMBER
21 05
COUNTY CODE YEAR
SOCIAL SECURITY NUMBER
0056
NUMBER
o 2. Supplemental Return
o 4a. Future Interest Compromise (date of death after
12-12-82)
o 7. Decedent Maintained a Living Trust (Attach
copy of Trust)
o 10. Spousal Poverty Credit (date of death between
1 - ,- 1 n 1-1-
lHIS SECTION MUST BE..coMpI.EiEI:);Ai.I.CORR'ESPoNDENCl'fANDCONFIDENTIAtTAXiN~ORMATION'SHOUI.l).I3E"'DIf~EC'l"EDt():\
AME COMPLETE MAILING ADDRESS
Hamilton C. Davis
COMMONWEAlTH OF PENNSYlVANIA
DEPARTMENT OF REVENUE
DEPT. 280601
HARRISBURG, PA 17128-0601
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DECEDENTS NAME (LAST, FIRST, AND MIDDLE INITIAL)
McGillvray, Fredrick B.
DATE OF DEATH (MM-DD-YEAR) DATE OF BIRTH (MM-PP-YEAR)
01/04/2005
09/03/1930
(IF APPLICABLE) SURVIVING SPOUSE'S NAME { LAST, FIRST AND MIDDLE INITIAL}
McGillvray, Barbara B.
181 1. Original Return
o 4. Limited Estate
181
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6. Decedent Died Testate (Attach copy
of Will)
9. Litigation Proceeds Received
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IRM NAME (If applicable)
Zullinger - Davis, PC
ELEPHONE NUMBER
717/532-5713
1. Real Estate (Schedule A)
2. Stocks and Bonds (Schedule B)
3. Closely Held Corporation. Partnership or Sole-Proprietorship
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4. Mortgages & Notes Receivable (Schedule D)
5. Cash, Bank Deposits & Miscellaneous Personal Property
(Schedule E)
6. Jointly Owned Property (Schedule F)
o Separate Billing Requested
7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property
(Schedule G or L)
8. Total Gross Assets (total Lines 1-7)
9. Funeral Expenses & Administrative Costs (Schedule H)
10. Debts of Decedent. Mortgage Liabilities. & Liens (Schedule I)
11. Total Deductions (total Lines 9 & 10)
12. Net Value of Estate (Line 8 minus Line 11)
140-26-2115
THIS RETURN MUST BE FILED IN D PLICATE WITH THE
147-28-6984
REGISTER OF ILLS
SOCIAL SECURITY NUMBER
o 3. Remainder Return (date of death p 'or to 12-13-82)
o
1
5. Federal Estate Tax Return ~ quired
8. Total Number of Safe Deposi Boxes
o 11. Election to tax under Sec. 911 13(A) (Attach Sch 0)
20 East Burd Street, Suite 6
P.O. Box 40
Shippensburg, P A 17257
(1 )
(2)
(3)
(4)
(5)
(6)
(7)
GFFICIAL. USE ONLY
192,470.50
465,991.34
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None
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681.03
1,577.86
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57,080.67
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(8)
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7,801.40
(9)
(10)
56,663.43
4,472.98
(11 )
61,136.41
56,664.99
(12)
(13)
13. Charitable and Governmental Bequests/See 9113 Trusts for which an election to tax has not been
made (Schedule J)
14. Net Value Subject to Tax (Line 12 minus Line 13)
(14)
56,664.99
SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES
0.00
16,532.03
16,532.03
20.0
CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT.
15. Amount of Line 14 taxable at the spousal tax rate, 289,286.52 x .00 (15)
or transfers under Sec. 9116(a){1.2)
z 367,378.47 .045 (16)
0 16.Amount of Line 14 taxable at lineal rate x
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'" 17. Amount of Line 14 taxable at sibling rate x .12 (17)
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S 18. Amount of Line 14 taxable at collateral rate x .15 (18)
19. Tax Due (19)
Copyright 2000 form software only The Lackner Group, Inc.
Form REV.1500 EX\(Rev. 6-00)
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Decedent's Complete Address:
STREET ADDRESS
120 Buttermilk Road
CITY
Newville
STATE PA
ZIP 17241
Tax Payments and Credits:
1. Tax Due (Page 1 Line 19)
2. Credits/Payments
A. Spousal Poverty Credit
B. Prior Payments
C. Discount
(1)
1 ,532.03
Total Credits (A + B + C)
(2)
0.00
3. Interest/Penalty if applicable
D. Interest
E. Penalty
(3) 0.00
(4)
(5) 1 ,532.03
(SA)
(58) 16, 32.03
Total Interest/Penalty (0 + E)
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
5. If Line 1 + Line 3 is greater than Une 2. enter the difference. This is the TAX DUE.
A. Enter the interest on the tax due.
8. Enter the total of Une S + SA. This is the BALANCE DUE.
Make Check Payable to: REGISTER OF WILLS, AGENT
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death?.........
4. Did decedent own an Individual Retirement Account. annuity. or other non-probate property which
contains a beneficiary designation? ....................... ................. ...... ..................... ..... .............. ...............................
PLEASE ANSWER THE FOllOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
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a. retain the use or income of the property transferred;.................................................................................. ,
b. retain the right to designate who shall use the property transferred or its income;....................................
c. retain a reversionary interest; or..................................................................................................................
d. receive the promise for life of either payments. benefits or care?..............................................................
2. If death occurred after December 12. 1982. did decedent transfer property within one year of death without
receiving adequate consideration?.. ........................ ........ ..... ..... ....... ...................... ...... ..... .......... ............ ............ D
D
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181
181
D
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF
AODRESS
122 Buttermilk Road
Newville, PA 17241
20 East Burd Street, Suite 6
P.O. Box 40
Shippensburg, P A 17257
Under penalties of perjury. I declare that I have examined this retum. including accompanying schedules and statements. and to the best of my knowledge and belief. it is true. correct and
of preparer other than the personal representative is based on all infonnation of which pr arer has an knowled e.
SIGNATURE OF PERSON RESPONSIBLE FOR FILING RETURN ADDRESS
Bar ra 8. McGillvray 120 Buttermilk Road
Newville, PA 17241
ADDRESS
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For dates of death on or after July 1. 1994 and before January 1, 1995. the tax rate imposed on the net value of transfers to or for the use 0
surviving spouse is 3% [72 P.S. ~9116 (a) (1.1) (i)].
For dates of death on or after January 1. 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is
[72 P.S. 99116 (a) (1.1) (ii)]. The statute does not exemot a transfer to a surviving spouse from tax. and the statutory requirements for disci
of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary.
For dates of death on or after July 1. 2000:
The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a
parent. an adoptive parent, or a stepparent of the child is 0% [72 P.S. 99116 (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.S%. except as noted in 72 P.S,
1.2) [72 P.S. 99116 (a) (1 )].
The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12% [72 P.S. 99116 (a) (1.3)]. A sibling is de ned.
under Section 9102. as an individual who has at least one parent in common with the decedent. whether by blood or adoption. I
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*' SCHEDULE A I
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REAL ESTATE
COMMONWEAl. TH OF PENNSYlVANIA
INHERITANCE TAX RE11JRN
RESIDENT DECEDENT
ESTATE OF McGillvray, Fredrick B. I FILE NUMBER
21 - 05 - 0056
All real property owned solel~ or as a tenant in common must be rer,orted at fair market value. Fair market value is (:I 3fined as the price
at which property would be exc anged between a willing buyer and a wiling seller, neither being compelled to buy or sell. be th having
reasonable knowledge of the relevant facts. Real property which is jointly-owned with right of survivorship must be di closed on
schedule F.
ITEM DESCRIPTION V t\LUE AT DATE OF
NUMBER DEATH
1 Real Estate located at 120 Buttermilk Road, upper Frankford Township, Cumberland County, Newville, 192,470.50
PA 17241; Fair Market Value appraisal $825,000.00; the deceased owned 31.15% as Tenant in Common
at the time of his death. (Less 25% discount for minority interest). $256,987.50 - $64,247.00 =
$192,740.50. 31.15% is owned as Tenants in Common by surviving spouse, Barbara B. McGillvray and
the remaining interest 37.7% is owned by decedent's son, Fred McGillvray and his wife, Chris
McGillvray.
TOTAL (Also enter on Line 1, Recapitulation) 192,470.50
*' SCHEDULE B I
STOCKS & BONDS
COMMONWEAl. TH Of' PENNSYLVANIA I
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF McGillvray, Fredrick B. I FILE NUMBER
21 - 05 - 0056
All property jointly-owned with right of survivorship must be disclosed on Schedule F.
ITEM DESCRIPTION UNIT VALUE 1\ ALUE AT DATE OF
NUMBER DEATH
1 Prudential Financial- 146 shares of stock at $53.87 per share = $7,865.75; CUSIP 7,865.75
744320102
2 Dreyfus Service Corporation - Stock Fund AlC No. 0728-0400003224 119,343.99
3 Wachovia Corporation 12,660 shares of stock at $53.52 per share = $677,563.20; 338,781.60
CUSIP 337358105; one-half interest as tenants in common at date of death
$338,781.60
TOTAL (Also enter on line 2. Recapitulation) 465,991.34
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SCHEDULE D
MORTGAGES & NOTES RECEIVABLE
COMMONWEAl. TH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF McGillvray, Fredrick B. I FILE NUMBER
21 - 05 - 0056
All property jointly-owned with the right of survivorship must be disclosed on Schedule F.
ITEM DESCRIPTION V} LUE AT DATE OF
NUMBER DEATH
1 Promissory Note receivable from Kevin and Karen McGillvray - principal balance as of decedants date of 681.03
death.
TOTAL (Also enter on Line 4, Recapitulation) 681.03
. SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
COMMONWEALTH OF PENNSYlVANIA I PERSONAL PROPERTY
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF McGillvray, Fredrick B. I FILE NUMBER
21 - 05 - 0056
Include the proceeds of litigation and the date the proceeds were received by the estate. All property jointly-owned with t e right of
survivorship must be disclosed on schedule F.
ITEM DESCRIPTION V I\LUE AT DATE OF
NUMBER DEATH
1 PNC Savings Account - Account No. 5003813712 975.78
2 PNC Savings Account - Account No. 5003852471 602.08
TOTAL (Also enter on Line 5, Recapitulation) 1,577.86
.
SCHEDULE F
JOINTLY-OWNED PROPERTY
I
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
McGillvray, Fredrick B.
I FILE NUMBER
21-05-0056
If an asset was made joint within one year of the decedent's date of death, it must be reported on schedule G.
SURVIVING JOINT TENANT(S) NAME
A Barbara B. McGillvray
ADDRESS
RELATIONSHIP TC DECEDENT
Wife
120 Buttermilk Road
Newville, P A 17241
JOINTL Y OWNED PROPERTY:
LETTER DATE DESCRIPTION OF PROPERTY "10 OF
ITEM Include name of financial institution and bank account number DATE OF DEATH DATE OF DEATH
NUMBER FOR JOINT MADE or similar identifying number. Attach deed for jointly-held real DECO'S VALUE OF
TENANT JOINT estate. VALUE OF ASSET INTEREST OEr-EOENTS INTEREST
1 A Real Estate owned as tenants by the entirety with 77,580.00 0% 0.00
spouse located at 263 and 265 West Ridge Street,
Borough of Carlisle, Cumberland County, Carlisle,
PA 17013; Full Market Value $155,160.00; One-half
value at date of death $77,580.00
2 A PNC Rental Account owned jointly with spouse - 301.24 0% 0.00
value at death $602.48. One-half value at death
$301.24
3 A Interest on 2. 0.04 0% 0.00
4 A PNC Checking Account owned jointly with spouse- 3,984.66 0% 0.00
Account No. 5140415964 - value at death $7,969.33.
One-half value at death $3,984.66
TOTAL (Also enter on line 6, Recapitulation)
.
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
ITEM
NUMBER
McGillvray, Fredrick B.
FILE NUMBER
21 - 05 - 0056
This schedule must be completed and filed if the answer to any of auestions 1 through 4 on page 2 is yes
DESCRIPTION OF PROPERTY
Include the name of the transferee, their relationship to decedent and the date of transfer.
Attach a copy of the deed for real estate.
DATE OF DEATH % OF
EC 's EXCLUSION
VALUE OF ASSET D D {IF APPLICABLE)
INTEREST
Delaware Investments IRA - Account No. 5014388489; the
decedant had not designated a beneficiary, therefore the
account is payable to the Estate
48,315.21 100%
2
AllstatelPutnam Investment Annuity (non IRA) - Contract
No. PA00051455 - payable to surviving spouse as named
beneficiary
8,765.46 100%
TOTAL (Also enter on line 7, Recapitulation)
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TAXJ BlE VALUE
48,315.21
8,765.46
57,080.67
*'
SCHEDULE H
FUNERAL EXPENSES &
ADMINIS1RATIVE COSTS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
McGillvray, Fredrick B.
I FILE NUMBER
I 21 - 05 - 0056
Debts of decedent must be reported on Schedule I.
I
ITEM DESCRIPTION AMOUNl
NUMBER
A. FUNERAL EXPENSES:
1 Egger Funeral Home 6,278.00
B. ADMINISTRATIVE COSTS: 11,585.68
1. Personal Representative's Commissions
Fred McGillvray - See attached
Social Security Number(s) I EIN Number of Personal Representative(s):
Street Address 122 Buttermilk Road
City Newville State PA Zip 17241
-
Year(s) Commission paid
2. Attorney's Fees Hamilton C. Davis, Esquire 35,800.00
3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Claimant
Street Address
City State Zip
Relationship of Claimant to Decedent
4. Probate Fees Register of Wills - Cumberland County 150.00
5. Accountant's Fees
6. Tax Return Preparer's Fees
7. Other Administrative Costs
1 George Ebener and Associates - Appraisal Fee 250.00
2 Legal Advertising - Cumberland County Legal Journal 75.00
Total of Continuation Schedule(s) 2,524.75
TOTAL (Also enter on line 9, Recapitulation) 56,663.43
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Schedule H I
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Funeral Expenses & I
COMMONWEALTH OF PENNSYLVANIA I
I
INHERITANCE TAX RETURN AdministratNe Cos1s continued
RESIDENT DECEDENT
ESTATE OF McGillvray, Fredrick B. I FILE NUMBER
21 - 05 - 0056
3 Legal Advertising - The News Chronicle 24.75
4 Reserve for contingencies and closing costs 2,500.00
Page 2 of Schedu]~ H
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. SCHEDULE I
DEBTS OF DECEDENT, MORTGAGE
COMMONWEALTH OF PENNSYLVANIA LIABILITIES, & LIENS
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF I FILE NUMBER
McGillvray, Fredrick B. 21 - 05 - 0056
Include unreimbursed medical expenses.
ITEM DESCRIPTION AMOUNT
NUMBER
1 William H. Sweet, Jr. for installation of Low Boy furnace in Tenant House 1/2 half interest. 1,300.00
2 31.15% interest in 2005 County and Township Real Estate Taxes on property located at 120 Buttermilk 249.64
Road, Newville, P A 17241
3 Godfelt Mutual Insurance Company - one-half interest 1,649.00
4 31.15% interest in 2005-2006 School Real Estate Taxes on property located at 120 Buttermilk Road, 1,274.34
Newville,PA 17241
TOTAL (Also enter on Line 10, Recapitulation) 4,472.98
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REV.1513 EX+ (9-00) * I
SCHEDULE J
COMMONWEALTH OF PENNSYLVANIA BENEFICIARIES
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF I FILE NUMBER
McGillvray, Fredrick B. 21 - 05 - 0056
I RELATIONSHIP TO
AMOU T OR SHARE
NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY DECEDENT Of ESTATE
,Tft.......J.,
I. TAXABLE DISTRIBUTIONS (include outright spousal distributions)
1 Barbara B. McGillvray Wife Tangib e Personal
120 Buttermilk Road Propert II and Life
Newville, P A 17241 Interest in Trust
2 Fred McGillvray Son Remair der Interest in
122 Buttermilk Road Trust
Newville, PA 17241
3 Jeff McGillvray Son Remain der Interest in
120 Buttermilk Road Trust
Newville, PA 17241
4 Colleen Oliphant Daughter Remain der Interest in
12 Westminster Court Trust
Carlisle, P A 17013
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
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TOTAL OF PART II - ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET
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REV 1647 EX+ (9-00)
I SCHEDULE M I
, FUTURE MEREST COMPROMISE I
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COMMONWEALTH OF PENNSYLVANIA (Check Box4a on Rev-1500 Cowl" Sheet) I
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF McGillvray, Fredrick B. I FILE NUMBER
21 - 05 - 0056
This schedule is appropriate only for Estates of decedents dying after December 12, 1982.
This schedule is to be used for all future interests where the rate of tax which will be applicable when the future interest vests in po~ S ession and
enjoyment cannot be established with certainty.
Indicate below the type of instrument which created the future interest and attach a copy to the tax return
~ Will o Trust o Other
I. Beneficiaries
NAME OF BENEFICIARY RELATIONSHIP DATE OF BIRTH AGE TO
NEAREST -,.. ~Y
1. Barbara B. McGillvray Wife 05/11/1935 7C
2. Fred McGillvray Son 10/08/1955 4c
3. Jeff McGillvray Son 11/21/1961 4
4. Collen Oi1phant Daughter 11/18/1964 4C
5.
II. For decedents dying on or after July 1, 1994, if a surviving spouse exercised or intends to exercise a right of withdrawal within 9
months of the decedent's death, check the appropriate block and attach a copy of the document in which the surviving spouse
exercises such withdrawal riE:{
Unlimited right of withdrawal o Limited right of withdrawal
III. Explanation of Compromise Offer:
See attached calculation. The By-Pass Trust provides a unitrust annual income flow to the widow with remain, er or
continued in trust to children at widows death. Given widow's lifestyle and other assets and sources of income it is
unlikely that any principal will be distributed from the Trust to either the spouse or children. Thus the acturia1
computation is a reasonable compromise.
IV. Summary of Compromise Offer:
1. Amount of Future Interest; ~47,899.53
2. Value of Line 1 exempt from tax as amount passing to charities, etc.
(also include as part of total shown on Line 13 of Cover Sheet)
3. Value of Line 1 passing to spouse at appropriate tax rate 280,521.06
Check One 0 6% 03% 1810%
(also include as part oftotal shown on Line 15 of Cover Sheet)
4. Value of Line 1 taxable at lineal rate 367,378.47
06% 1814.5%
(also include as part of total shown on Line 16 of Cover Sheet)
5. Value of Line 1 taxable at sibling rate (12%)
(also include as part of total shown on line 17 of Cover Sheet)
6. Value of Line 1 taxable at collateral rate (15%)
(also include as part of total shown on line 18 of Cover Sheet)
7. Total value of Future Interest (sum of Lines 2 thru 6 must equal Line 1) 6 7,899.53
.
II
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ATTACHMENT TO SCHEDULE H
Barbara B. McGillvray (S.S. No. 147-28-6984) hereby waives any Personal
Representative's Commission payable to her. The total amount shown in Item B.1 of Schedul
H is payable to Fred McGillvray (the decedent's son), the Co-Executor.
..
Date:~;t.~ :J,./Jd!)
'I
GEORGE L. EBENER & ASSOCIATES
REALTOR
APPRAISAL UPDATE REPORT
of
McGILLVRAY FARM
..
LOCATED
at
120 BUTTERMILK ROAD
NEWVILLE
PENNSYLVANIA
17241
FOR
HAMIL TON C. DAVIS, Attorney
20 E. BURD STREET
SHIPPENSBURG
PENNSYLVANIA
17257
AS OF
JANUARY, 2005
BY
CHARLES L. WENGER, GRI
GEORGE L. EBENER
139 W. IDGH STREET
CARLISLE
PENNSYLVANIA
17013
GEORGE L. EBENER & ASS
REALTORS
m
REAlTORt'
Residential, Commercial & Farm
Appraisals . Sales . Rentals
MUI.. TIPLE
lISTING
SERVCf
II"
March 1,2005
430 East King Street. Shippensburg. PA 17257
(717) 532-8530 (717) 532-3 30
Hamilton C. Davis, Attorney
20 E. Burd street
Shippensburg, Pa 17257
RE: Updated appraisal Report
of
McGillvray Farm
120 Buttermilk Road
Newville. Pa 17241
Dear Hamilton:
At the request of your secretaIy, Nicole, I was asked to update the Market Value of the 1992
appraisal of the Frederick B. & Barbara B. McGillvray farm which is captioned above. Mr.
George L. Ebener and I were out to the farm on Monday the 14th of February, 2005. We met with
there son Fred to view the property.
Market Value is defmed as "The most probable price which a property should bring in a
competitive and open market under all conditions requisite to a fair sale, the Buyer and Seller each
acting prudently and knowledgeably and assuming the price is not affected by undue stimulus."
The value shown has been arrived at after careful study of the location, type of soil and type of
improvements, their physical condition and their present use. Therefore, I believe it to reflect a
true measure of the Market value as of January 2005, the date of the death of Frederick B.
McGillvray.
VALUE REPORTED: Eight Hundred Twenty-Five Thousand Dollars ( $825,000.00 ) to
Eight Hundred Fifty Thousand Dollars ( $850,000.00 )
We hereby certify that we have no financial interest, present or contemplated, in this property and
that neither the employment to make the appraisal nor the compensation therefrom is contingent
upon the value reported.
This property was appraised as a whole, subject to the Contingent and Limiting Conditions
outlined herein.
Submitted by,
aJ~4Y~~rd
Charles L. Wenger, GR!
Broker/Partner
Pa. Certification # BA-OOI849-L
Location:
Purpose of
Appraisal:
Market Value:
Function of
Appraisal:
Property
Rights
Appraised:
Area:
Utilities:
Zoning:
Flood Zone:
Title:
Recording
Information:
The subject property is located 3 miles west of the small village of Blosersville,
11 miles northwest of Carlisle and 5 miles north of Newville in Upper Frankfor;
Township, Cumberland County, Pa. There is approximately 2400' of road
frontage on the east and west sides of Buttermilk Road (T-420) and 2700' on th
northside of Rock Run Road (T -421).
The purpose of the appraisal is to estimate the Market Value of the property as 0
January 2005.
Market Value is defined as "At a given time, the highest price estimated in tenus
of money which a Buyer would be warranted in paying and a Seller justified in
accepting, provided both parties were fully informed, acted intelligently and
voluntarily and further that all rights and benefits inherent in or attributed to the
property were included in the transfer."
The function of the appraisal is its utilization as a guide to establishing value
under current market conditions.
The property rights appraised are assumed to be fee simple in ownership.
The area is rural in character with most of the land used for agricultural purposes.
Telephone and Electricity.
Upper Frankford Township has no zoning.
The farm is not in the flood zone area, however, a small stream (Rock Run) runs
on the eastside of the propery making some of he land to be known as wetland.
There are several ponds on the property.
Currently titled: Frederick B. McGillvray and Barbara B. McGillvray, husband
and wife. Frederick is deceased, Thus, ownership is Barbara B. McGillvray or per
will and Fred McGillvray and Christine McGillvray, husband and wife, as
recorded in Deed Book Volume 261 page 4257.
Parcel # Part of 43-05-0415-011 -- Deed Book Volume 261 page 4257 - Tax
Assessment - current land value 371,880. - current improvement value 261,630-
Clean and Green status - current prefered land value 75,700 = total tax assessment
of337,330.
1
Lot Size:
Soil Type:
Improve-
ments:
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Deed Book Volume 261 page 4257 records 204 acres 60 perches (translated is
204.375 acres.) There are approximately 170 cropland acres and the remainin
are in pasture, wooded and wasteland.
A w Atkins silt loam
BeB Berks shaly silt loam, 3-8% slope
BpB Blairton silt loam, 3-8% slope
BrA Brinkerton silt loam, 0-3% slope
BrB Brinkerton silt loam, 3-8% slope
WeB Weikert very shaly silt loam, 3-8% slope
Wee Weikert very shaly silt loam, 8-15% slope
WeD Weikert very shaly silt loam, 15-25% slope
These soils come under the classification of Shale.
Over the years there has been over 4 miles of under ground drainage pipe
installed.
The dwelling house is a two-story framellog with metal roof and three sides
covered with vinyl siding. The first floor of the original house was remodeled in
1986 when a new one-story 21' X 34' addition with a full basement was added.
The living space is approximately 2500 Sq. ft.
Large modem kitchen and family room in the new addition.
The original first level has a new bathroom with showerstall.
Launchy room
Bedroom with hardwood floors and double closets
Living room with open beam ceiling, oak floor and a fireplace which is not
functional.
An open stairway leads to the second floor which has three bedrooms (one very
small) , a balcony and a bathroom with large vanity, linen closet and
linoleum flooring.
The attic provides storage.
A partial basement under the original dwelling contains the Oil Forced Air
furnace which provides heat for the entire dwelling, an electric water
heater and the electric service has been upgraded to a 200 amperes.
Septic is an in-ground system.
Water is a dri1led well 90+ feet and supplies water to the tenant house.
The tenant house is a 2 story aluminum siding dwelling with metal roof, screened
porch, kitchen with wooden cabinets, electric range and linoleum floor, dining
room, living room, bathroom with shower stall and vanity and bedroom. An open
stairway leads to two bedrooms and a bath. A second level addition in the late
90' s made it possible for the second bedroom. There is a partial basement (some
water problems) with an Oil Fired hot air furnace.
Electric is a 100 ampere system.
Septic is an in-ground system.
2
Other
Improve-
ments:
Market
Value
Approach:
A dairy complex 40' X 210' frame and metal dairy barn, which consists of the
following: 15' X 20' milk house: 15' X 20' Utility room, 62 tie stalls, 4.5' in
width, DeLaval pipeline milking unit, 1250 gal. DeLaval bulk milk tank and
washer, electric water heater, energy recovery unit and a half bath. In this
complex is an area for additional livestock and an area for fed storage. The
manure from the livestock is gravity flow to a 10' deep concrete lagoon. There
are four 10 ton feed bins for concentrates. Three silos with unloaders are located
near an outside feed trough. 24' X 60' poured concrete, 16' X 60' stave and 20'
X 60' stave all with unloaders. Electric is a 200 amp service with an emergency
power hook-up.
The original 2 floor bank barn 50' X 72' with a metal roof and open front is used
for dry cows and calves. An original milk house is used for storage. There is an
addition to the east end of the barn that is used for livestock. At the rear of the
barn are two 14' X 55' stave silos with unIoaders. There is a steel / block 30' X
48' machine building and a 2 car garage. All of these buildings are in fair to good
condition.
There is a wagon shed and several other small sheds that add little value to the
property.
Water to the dairy complex is from a 90+ foot drilled well.
Fred and Christine McGillvray own the milking equipment and the silo
unloaders.
Several improvements were made within the past eight years, such as, an
addition to the tenant house and a 20' X 60' stave silo with an unloader.
A survey of properties that have sold was used in arriving at this conclusion.
Since no two properties are ever identical, it was necessary to make adjustments
on each comparable sale as related to the subject property. These adjustments
were made on time of sale, size, location and utilities as well as any other factors
that may affect value. From this analysis the Market Value, in our opinion, is best
estimated to be in the range of:
Eight Hundred Twenty-Five Thousand Dollars ( $825,000.00 ) to
Eight Hundred Fifty Thousand Dollars ( $850,000.00 )
3
SALE NO.1
Location:
Sale Date:
Type:
Size:
Sale Price:
SALE NO.2
Location:
Sale Date:
Type:
Size:
Sale Price:
SALE NO.3
Location:
Sale Date:
Type:
Size:
Sale Price:
SALE NO.4
Location:
Sale Date:
Type:
Size:
Sale Price:
1020 Baltimore Road, Southampton Township, Franklin County, Shippensbur
Pa 17257
March 11,2004
Dairy Farm -- 40' X 164' frame/metal dairy bam --42' X 78' 2 floor bank bam
with 30' X 78' addition -- 28' X 40' -- 24' X46' -- 24' X 42' frame/metal
buildings -- various smaller sheds -- 2 Bunk silos -- 2 story frame/weatherboard
dwelling, 2672 sq. ft. living space -- Oil Forced Heat.
51.9 Acres -- Murrill Soil -- 42 crop acres
$ 467,500.00
744 Orrstown Road, Southampton Township, Franklin County, Shippensburg. P
17257.
February 12, 2004
Dairy Farm -- 48' X 104' frame/metal dairy bam -- 50' X 78' 2 floor bank bam-
30' X 42' -- 48' X 60' --45' X 72' - 40' X 80' -- 54' X 90' pole/frame/metal
buildings -- various smaller sheds -- 5 Harvestor processing units -- Slunystor
manure storage unit -- 2 story 3088 sq. ft. brick dwelling -- Oil Forced Heat
69.22 Acres -- Limestone Soil -- 42.33 crop acres
$ 500,000.00
14596 Paxton Run Road, Lurgan Township, Franklin County, Shippensburg, Pa
17257
March 26, 2004
Dairy Farm -- 44' X 215' frame/metal dairy barn -- 32' X 160' graduated heifer
barn -- 40' X 96' pack manure barn - 44' X70' 2 floor bank barn with addition -
36' X 50' -- 20' X 88' -- 34' X 39' pole/frame/metal buildings -- various small
sheds -- 3 upright silos & 1 Harvestor unit -- 2 stm)' 2724 sq. ft brick dwelling --
Oil Hot Water Baseboard Heat.
141. 71 Acres -- Shale Soil -- 120 crop acres.
$ 605,000.00
4970 Sunset Pike, Greene Township, Franklin County, Chambersburg, Pa 1720 I
May 24, 2004
Dairy Farm -- 80' X 106' dairy barn -- 48' X 90' bank bam -- 42' X 99' -- 37' X
43' -- 24' X 36' frame/metal buildings -- various small sheds -- upright silos and
a Harvestor unit -- 2 story 2288 sq. ft. brick dwelling -- Oil steam heat.
156.34 Acres -- Limestone Soil-- 150 crop acres.
$ 780,000.00
4
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Comps no's. 1&2 are much smaller fanus but are vel)' compamble with improvements. Com s
no's. 3 & 4 are not as large, but are vel)' similar with respect to the facilities. Location has vel
little to do with the price. Different types of soil is somewhat a factor, but the subject propel1y las
over 4 miles of under ground drainage lines. It is your appraiser's opinion that with the additio al
acreage on the subject property the Market Value is:
A range of $ 825,000 to $ 850,000
The subject property has a second living quarters consisting of the following:
1447 sq. ft. - frame/aluminum 2 story dwelling - Screened porch
First level:
Kitchen
Dining room
Living room
Bedroom & bath
Second level:
2 Bedrooms & bath
5
70~F:
~.)C\. Vl )
PI~ C! Dc) tJ,,+ fV\.b.) \~sh
THIS INDENTURE
Madetbe 0I3~ day of LT~
BETWEEN
, 2004,
FREDRICK B. McGILLVRAY and BARBARA B. McGILLVRAY, husband and wife, of 120
Buttermilk Road, Newville, Pennsylvania, 17241, parties of the first part,
"GRANTORS",
and
FRED McGILLVRAY and CHRISTINE McGILLVRAY, husband and wife, of 122 Butt 'lk
Road, Newville, Pennsylvania, 17241, to an undivided six and five tenths percent (6.5%) interes as
Tenants in Common, parties of the second part,
"GRANTEES" .
WITNESSETH, that the GRANTORS, for and in consideration of the sum of One Do lar .
($1.00), lawful money of the United States of America, unto them well and truly paid at and be re
the sealing and delivery hereof, the receipt whereof is hereby acknowledged, have grant ,
bargained, sold, aliened, enfeoffed, released, conveyed and confirmed, and by these presents do
grant, bargain and sell unto the said GRANTEES, their heirs and assigns, an Wldivided six and ve
tenths percent (6.5%) interest as Tenants in Common (and as between them their interest shall be
held as Tenant by the Entirety),
ALL that certain tract of land or fann situate in Upper Frankford Township, Cumberl
CmUlty, Pennsylvania, more particularly bounded and described as follows:
BEGINNING at a stone in the public road along line of property now or formerly of
Levi Miller; thence North three (03) degrees forty-five (45) minutes East, one
hundred thirty-two and eight tenths (132.8) perches to a point; thence by land
formerly of David Mitten, North fifty-two (52) degrees fifty (50) minutes East,
forty-eight and nine tenths (48.9) perches to a fence post; thence by land now or
formerly of the said David Mitten and of W. S. Kamarer, North fifty-two (52)
degrees East, one hundred fifty-one and two tenths (151.2) perches to a point;
thence by lands now or formerly of Samuel Burkhart, South twenty-seven (27)
degrees ten (10) minutes East, one hundred seventy-one and four tenths (171.4)
perches to a point; thence by land now or formerly of Solomon Bloser, South sixty-
nine (69) degrees forty-five (45) minutes West, one hundred forty-three and one
tenth (143.1) perches to a stone; thence by the same, South twenty (20) degrees
eO'OK 261 rA::4251
".,' .... ......,... ... ,_. ". -_....~,... ,. ,~.._--... ,':'.-. .~.. ....'." .....- .... -' .-.'.... ,...............~-
forty-five (45) minutes West, twenty-three and two tenths (23.2) perches to a stone;
thence by land now or formerly ofS. P. Yost, South seventy-two (72) degrees thirty
(30) minutes West, one hundred six and six tenths (106.6) perches to the point and
place of BEGINNING. CONTAINING two hundred four (204) acres and sixty (60)
perches and being improved with a two and one-half (2-1/2) story frame house,
tenant house, bank barn and various outbuildings.
AND BEING an undivided interest in the same premises conveyed by Fredrick B.
McGillvray and Barbara B. McGillvray by deed dated March 5,1993 and recorded in the Offic of
the Recorder of Deeds of Cmnberland County, Pennsylvania, in Deed Book "D", Vol. 36, P ge
1197, unto Fredrick B. McGillvray and Barbara B. McGillvray, the grantors herein, as equal ten ts
in common.
TOGETHER with all and singular, the said property, improvements, ways, waters, w
courses, rights, liberties, privileges, hereditaments and appurtenances whatsoever there to
belonging, or in anywise appertaining, and the reversions, and remainders, rents, issues and pro ts
thereof, and all the estate, right, title, interest, property, claim and demand whatsoever, of the s 'd
GRANTORS, in law, equity or otherwise howsoever, of, in and to the same and every part thereo .
TO HA VE AND TO HOLD the said hereditament and premises hereby granted or
mentioned, and intended so to be, with the appurtenances, unto the said GRANTEES, their he rs
and assigns, to and for the only proper use and behoof of the said GRANTEES, their heirs d
assigns forever.
1HIS CONVEYANCE is between parent and child and therefore is exempt from Real
Transfer Tax and the obligation to file a Statement of Value,
AND, the said GRANTORS, for their heirs, executors and administrators, does by the e
presents covenant, grant and agree to and with the said GRANTEES, their heirs and assigns, th t
the said GRANTORS, and their heirs, all and singular the hereditament and premises herein abo e
described and granted or mentioned, and intended so to be, with the appurtenances, unto the sa d
GRANTEES, their heirs and assigns, against the said GRANTORS, their heirs, and against all d
every other person or persons whomsoever lawfully claiming, or to claim the same or any p
rOOK 261 p,\c:4255
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thereof generally shall and will warrant and forever defend.
IN WITNESS WHEREOF, the said GRANTORS have to these presents set their hand d
seal dated the day and year first above written.
WITNESS:
6uu-9.~~
/3, /Jn9=
FREDRICK B. MCGILLVRAY
~Ak4~ IJ. '1J;JJ;~AL)
B RBARA B. MCGILLVRAY
tJ<Jch./X/Y4-J
COMMONWEALTH OF PENNSYL V ANlA
: 55.
COUNTY OF CUMBERLAND
On this, the Ja"... day of ~ ,-~ ' 2004, befure me, the undersign
officer, personally appeared FREDRICK B. MC L VRA Y and BARBARA B. MCGILL VRA ,
known to me (or satisfactorily proven) to be the persons whose names are subscribed to the wi
instrument, and acknowledged that he executed same for the purposes therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
COMMONWEALTH OF PENNSYLVANIA
NcGriaI Self
Cant J. WWntir. NoIIry PIdc
~ Twp.. CU.lbeI1aIdCoulty
My Ca'rmIlI8IOn ~ ~ 3, 'JJXl1
Member. PenllB':lvania Auocletlon Of NotIrin
~ 9,~'
Notary Public
(SEAL)
I do hereby certify that the precise residence and complete post office address of the wi n
named GRANTEES is 122 Buttermilk Road, Newville, P 17241.
r -c;L _ 2- ~
,2004
Hamilton C. Davis, Esq.
POBox40
Shippensburg, PAl 7157 '
(717) 532-$713
!':" : :q<' LO be recorded
,j ,., ..,;-;and County PA
BOOK 261 PAGE4259
,
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i1l1l'p':lis:11 liT l':Iid"r SUllie, Ihc IIlllllgllgCC or il:: SUcccs5ms UIltJ USS/gIlS, llIollgage IlIsuicls, cOllsullllllls, I'lurCSSiUlIlIl IJlJlillislIl
III g:U';l.1IIillll::. III'Y slllle 01" Ii:t1nally aI'I"lll'cd /Il1ll/lcilll" '''sliItHimi, nllY tlep/l I I IIIC JlI , ugelley. (}r IJlsllUlIlclIllIlily ur 111 Uuilctf
,'ilafc.~ III 1111.1' slllle III" lllc f)isi~il-i .ur ('lIll11l1l1ia, \I'ifluwl Ihc Plevlous wr/Ilell CUllsCJlI uf lire ^ilpllllser; IIut shall iI be ullveycr!
I'r 1II')'CfI.e '" IIII' iOlllllic 111I1'''gll IIIh'crlisillg; IJlllllic Icllllillll~, IIews, SlIfeS, or oilier mcdill, willllml Ilrc \\'flllclI CIIII. CIII nlld
111'.1'1\11':11 \If 1111' /\I'llIlIisel",
e). "" "II lJlil'llIhal5. ::lIhjCl:1 hi :;lIlisCiIl"hllJ cIIIIIJlleliun, I"cl'lIirs; iI,. IIltcmliull5, Illc II1'Pl"lI;SIII rC/luI'1 1I11t! valuc CIllldu.iuII lIIC
cII"liIlL:I:'" "1'111' l'IIIIIl'kliulI ur Ihe "npnll'l'lIlelllS 'ill I~ \~.urkllllllllikc 1IIIIIIIICt".
I~N"IItONI\IEN'r,\L IJ/SCL^'~IEIl:. The vnlue.e~liIll8Iet! i~ bllser! all Ille IISSUIII/JliUII Illnlllle ,"upe,ly /5 IIolllcgnlivcly.I eelet!
t.y II,e c~i~kll"c \If hnr.illllllus SU!JSIIlIICC5 or tlclril/lelllnl cllvirOIlIllCIIIII/ cOIIUilloll! UII ess olherwise stnlctllll Illls lel'ml. The. '/J/Bber
i~ 11111 1111 ('~/'e'l.iJ.i lire hir.lli;fir:"illt~1I ur h8T.nrduu~ suu51811C~5 urdelrillle/llol ,cllvirulli!ICII,iB' cUlltlilluIIS. "'hc nl'Jlr~~scr's rOllllll~ 11~l'ec.
11111I ur nIllIIllIIIlIlIC.S nl.l{Il1llhe slIbJccl I'luI'c.ly dllJ l1ul develop RlIY IlIrO(IItOIIOIl tJrnlll"heolcd OilY Dflp8rcrtl S1glllfICDJI' IrnT.oulo 5 sub-
slnrll'cs III ,lcllilllclIl"' CIlI'i,UlIlIlelllnl cm.uirioll! which lVOUItl .rreelllre propcrly lIeg8lively.ultlcss otJler.wlsc slalctl inlhis reI Ii.
" i.. I,,,~~jlolc 111:11 Ic~l~ mid i"~/'eclillli~ IIInclc by n 'lunlineJ ItIlZIUJOUS subsllUlCe RIIlJ clIVirOlllJlCIIlul c)(l'c,1 would .Ievcnl tI,c c)ll5l lice
III 1r~/.nitlllll~ ~1I"~I""CeS or ,lclrilllclll"' elll'llulllllelllnl ClllldiliulIS Oil or OJullndlhe ,"ojlclly tJlul wouhlllcgulively Hlrccl its vnlu ,
,\IJlJITlIJN,H. C,.:il"i'IFH":ATION: T"~ ^"I'rni~er [mlher eellmes nllt! nglees 1.1101: '.'.' .
I. ""I;~ "1'1'1:.is"' ""l/fll/llS III II,e Ul/irUIIlI Slnlll/ultls of /'rore!sionnl ^I'praisol l'loelice ("USI'^f''') nlh",redlJ)' lhe
f\,o,":Ibn' Shlllllmll.. J1imlil j,f Tlte Al'prn;snl FulllltlnliUll, e!tceflllhilt IJlli Deflntluro l'IOVlsioil uf IlIe USl'Af' duc!! 1101 81'1"Y.
1. Theil (1IIl1pen~nli\l" i~ nlll Clllllil1&ClIllIPU'1 tllti reporling uf i1l'redelermilled volllc or diteeliulIllI vnluc .hol fnvOlS Lhe CII
lof 111\: diclIl. I',c 1111I1111111 of Ihe VAlue eslilJlnte, the nllniulllclIl uf . shl'ulaled reslllr, or Ihc uccurrcllee of R sulrsc1luenl eVenl.
J, '1 "is n",',n;snl nssigl1lllCllI Ivn!!lIul bn.~cJ UII a 1l;I/lICS~~.lIIilliIllUIII v8hJalllill, a sl'ceific va/uulioll, Ilr rllc nl'l'lUval oT l\ 'uill .
. '':f''r: .')'c rll'llIlIlIlI".nlnl dh,cbilltt', .rlll/UI Ihe .d,JIIIUII.f nUlliu"un .'e Ifch'i<<' "'1'101,(1111 11411 ,rr'.""ffJVrJ, '~r ':,nhIJr Mile or ':'lIllle t.he:.
. Ii .. ."-- 'J...,;7 ~~'. .V" ,''';6.(' /.l >u'h'
. ~l I / :2C:CJ:5 .'. I.' C~? "I'" ~.~./ Va - co -S"7'"'7-L
D.lle. , , , ,1:< t 1./ ,', . ,', " ^""rlll~rJ(s) ,c.:/(..;t,.<. .4'-!it::.. . . . ., .~...... 1. , . . , :;.(.. . . , , . . . , . . . " . .
GEORGE L. EBENER & ASSOCIATES REALTOR
REAL ESTATE APPRAISER
CHARLES L. WENGER, GRI
EXPERIENCE:
1986 -- PRESENT
Partner I Associate Broker I Appraiser
George L. Ebener & Associates
139 W. High Street
Carlisle, Pennsylvania 17013
1 9S2 -- 1 986
Associate Broker I Appraiser
George L. Ebener & Associates
139 W. High Street
Carlisle, Pennsylvania 17013
1978 - 1982
Real Estate Salesperson
George L. Ebener & Associates
139 W. High street
Carlisle, Pennsylvania 17013
EDUCATION:
Pennsylvania Association of Realtors Appraisal Courses
RA 1 - Basics of Appraisal
RA 2 -- Real Estate Analysis
RA 3 -- Sales Comparison Approach
RA 4 - Cost & Income Approaches
RA 5 -- Appraisal Standard & Ethics
RA 6 - Narrative Report Writing
RA 7 -- Introduction to Commercial Appraisal
Residential Appraisal
PROFESSIONAL LICENSES:
Real Estate Associate Broker -:-AB-043963-A, Commonwealth of PA.
Real Estate Broker I Appraiser - BA -001849-l, Commonwealth of PA.
PROFESSIONAL DESIGNATION:
GRI (Graduate of the Pennsylvania Realtors Institute) awarded by the
Pennsylvania Association of Realtors.
APPRAISAL EXPERIENCE:
Governmental Condemnation of Land, Township Condemnation of Land
Commercial Business, Farms, Undeveloped Land, Building Lots,
Apartments, Single Family Dwellings and Estates.
Estate Valuation
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Estate of: Frej McGillvray
Report Type: D te of Death
Number of S curities: 1
File ID: McGillvray Fred
Date of Death: 01/04/2005
Valuation Date: 01/04/2005
Processing Date: 09/14/2005
Shares
or Par
securi ty
Description
High/Ask
Low/Bid
Mean and/or Div and Int
Adjustments Accruals
Se urity
Va ue
1 )
146 PRUDENTIAL FINL INC (744320102)
NYSE
01/04/2005
54.28000
53.47000 H/L
53.875000
7,865.75
Total Value:
Total Accrual:
Total: $7,865.75
$7,865.75
$0.00
Page 1
This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have quest ons,
please contact EVP Systems at {818} 313-6300. (Revision 6.4.0)
Dreyfus
Service Corporation
144 Glenn Curtiss Boulevard
UniondaJe, New York II5S6-0144
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rAR 2 1 201lS
March 14, 2005
Ms. Nicole Kellert
Law Offices of Zullinger-Davis
P.O. Box 40
Shippenberg, P A 17257
RE: Fredrick B. McGillvray
Dreyfus Disciplined Stock Fund
AlCNo.0728-0400003224
Ref No. 20050311104416
Dear Ms. Kellert:
As per your request, the following is a summary of the Date of Death balance for the above
referenced account.
The balance ofthe Dreyfus Disciplined Stock Fund, Ale No. 0728-0400003224, as of
January 4,2005 was $119,343.99.
If you have any questions regarding the above information, please feel free to speak with one 0
our service representatives toll free at 1-800-645-6561. The service department hours are
Monday through Friday, 8 a.m. to 6 p.m., Eastern time.
Kenneth Jefferson
Correspondent
Call Toll Free 1-800-645-6561 . In New York City Call 1-718-895-1206 . On Long Island Call 516-794-5Z00
Estate Valuation
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Estate of: FREDRICK B. ~'GILLVRAY
Account: MCGILLV Y ESTATE
Report Type: Distribu ion Date
Number of Secu ities: 1
File 10: M< Gillvray
As-of Date: 01/04/2005
Valuation Date: 03/01/2005
Processing Date: 03/11/2005
Shares
or Par
security
Description
High/Ask
Low/Bid
Mean
Seculity
ValuE
1)
12660 WACHOVIA CORP 2ND NEW (337358105)
NYSE
03/01/2005
53.99000
53.05000 H/L
53.520000
67 ,563.20
Total Value:
$67 ,563.20
Page 1
This report was produced with EstateVa1, a product of Estate Valuations & pricing Systems, Inc. If you have questi ns,
please contact EVP Systems at (818) 313-6300. (Revision 6.4.0)
ITIHK-':::::':::::-':::::~~~ 1:;: ~1
t-'NCtlRNK
\
412 768 345
IV 1'(
o PNCBAN<
March 23, 2005
Hamilton C Davis
Attorney at Law
20 East Burd St. Suite 6
Shippensbw-g, PA 17257
scp
RE: Estate of Fred B McGillvray (Deceased)
SSN: 140-26-2115
DOD: 01-04-2005
Dear Mr. Davis:
In response to your request for Date of Death balances for the customer noted above, our
records show the following:
Checking ACCOUDt
Account #5140415964 Established 01-31-1989
FRED B MCOll.L VRAY
BARBARA MCGILLVRAY
DOD balance: $7,969.33 + $0.00 accrued interest
Savings Account
ACCOW1t #5003813712 Established 07-23-2001
FRED B MCOn.L VRA Y
DOD balance: $975.78 + $0.02 accrued interest
Account #5003852471 Established 04-30-2002 *
FREDB MCOlLLVRAY
DOD balance: $602.08 + SO.03 accrued interest
Account #5004088073 Established 02-24-2003
FRED B MCGILLVRAY
BARBARA MCGll.L VRA Y
RENTAL ACCT
DOD balance: $602.48 + SO.08 aCcnled interest
Page 10f2
P.01/1212
ITIHI'<-dd-d\::1\::1:;' 1':;1: \::11
PNCBRNK
412 768 34~8
P.02/02
Please note that this office only provides date of death balances for deposit accounts
(lRAs, CDs, Checking and Savings accounts). We do not process any fmandal ,
transactions or provide statements. If you need assistance with any of these items, !
please call1-888-PNC-BANK (1-888-762-2265) or stop by your local PNC Bank branch
office. I
Sincerely,
~ "2_L~ L_~__
Erica L Schlegel- ---,- -
1-800-762-1775
P7-PFSC-04-F
500 First Ave.
Pinsburgh PAl 5219
Member FDIC
Page2of2
TOTAL P.02
Delaware
Investll1ents'M
A member of Lincoln Financial Group'
March 22, 2005
Law Offices of ZulIinger-Davis
Attn: Hamilton C. Davis
P. O. Box 40
Shippenburg, P A 17257
Re: Delaware Large Cap Value Fund A #1-5014388489
DMTC Custodian For The IRA Of Fred B. McGiilvray
00244565201
Dear Mr. Davis:
II
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MAR 2 8 2005
2005 Market Street
Phila elphia. PA 19103-7094
I am truly sorry to learn of the death of Frederick B. McGillvray. Please convey our condolences to the family on behalf of
Delaware Investments. I received your request for the date-of-death balance of the account listed above. I will be g~ d to provide
you with this information.
On January 4,2005, Frederick B. McGillvray owned 2,643.064 shares of the Delaware Large Cap Value Fund A. Th s is a mutual
fund with a fluctuating price per share. The net asset value of the Fund on that day was $18.28. Thus, the value ofth s account on
the date of death was $48,315.21.
If you have any questions, please feel free to contact our Service Center directly at 1-800-523-1918. I hope that you ill continue
to look to Delaware Investments to serve your investment needs and that we may have the pleasure of serving you in e future.
Sincerely,
~jjf)U.A idA/x.u)
Delores Turner
Client Service Representative
Delaware Investments is the marketing name for Delaware Management Holdings. Inc. and its subsidiaries.
""WW.delawareinvestments.com
Life and Annuity Claims
P.o. Box 94212
Palatine,IL 60094-4212
. !
~Ar.R 05_
~ ;
i
Allstat ~
You're in good hand .
March 31, 2005
Hamilton C Davis
Po Box 40
Shippensburg, P A 17257
Re:
Contract No:
Claimant(s):
Frederick B McGillvray
PA00051455
Barbara McGillvray
Dear Mr. Davis:
We have been requested to complete futernal Revenue Service (IRS) Form 712 with regard to the
referenced contract.
The purpose of Form 712 is to provide an estate or donor with the value of a life insurance contract
with its proceeds as of certain date (usually the owner's date of death or date of transfer of the cont
The contract referenced was an annuity contract, which is not reportable on IRS form 712.
The following information is provided regarding the value of the annuity and other data as of the dat
specified:
Date of Death: 01/04/2005
Annuity Value* as of Date of Death: $ 8.765.46
Cost Basis: $ 11,200.75
Named Beneficiary: Barbara McGillvaray
*The actual amount paid may differ due to Market Value Adjustments and/or any applicable Surrend r
Charges.
If you have any questions, or need further assistance, please contact the Customer Care Unit at 1-877-49 _
6418.
Sincerely,
Jennifer Long
Life and Annuity Claims
Overnight Address: 544 Lakeview Parkway, Vernon Hills, IL 60061
Toll Free Fax: 1-866-635-4523
;~_~#~~~/':'~;~~J~:t~$F~~~~~_
^!,~ . ....... .~Gill>>''''''
.~~~.~
....... .~f'f.~r; e 'Was. '. ....8 Ille
;~~:~;iofthe'CUIllbUIaiid County C'.., <c. ,0'. ......'
~.....~. E.xtensi~n.' Board:'imci .... a'p . st,' M:ai~s~Il!:~;!1
., .... . .i.i, \. director" ofC1.1mberland.SaJI. y ....... ?urg,diec:l.~o~
m. . pt.. ,'193~in ........ Cooperative.}. ..'{.,t..3.~:;;! /;;:,(t",;Y Ul theCbamJjE
.!.;;~was)he:ll()n.of;"'j.. He. was retired aftk bemg' a..... '.: /<..~e.~as..llori
. encit ~~;and,:Helen ..... dairy farmer alIo! his' life. e. ". ". Ship~burg;
c.~~~Y~;~til' ...o/.:tn~:;em~I:....~~~..;~~;~~t,,:;,"~ahel~~a~
s)>::tEBarbara';"~Bird":.. A mem~rial.. ~ervice will.... ............' Mr. Rolaris
'~~:FIeilJ aIsO sUrvived held Friday. Jari.: 7, 2005 at .,:sist-erLilJ,i~ C
't19'O:..sODB:1:FredMgGillvraY......p.m,in .St. ...Peter's Luthera ." pensburg;"o#e?
irhiSjVife ChriStineandJeff.'Church, 210 Brick .Church Rd. ' Mowers, Enota;
cgillvr8;y.alI of. N'ewVille; one. Newville with .'. the Rev.. Caro' ... Dennis '.' L:',Mo'
c~gbtef.f?c:olleiln,oliphant.: Bowmanofficiating. .., ....... ......... . Hall. ~bertD.
'arlisle~~()'giandsons Ke.Vin({:Interment will beheld at'th burg, : Ricky,;'
c:Gillvra~tand his wife Kai-en. .convemence of the family. In lie Mechanicsburg
ork:andEric McGillvrayandofflo',1Vers,memorial contribu Mowers, Sbippe:
".=jh\yife:;~obbi. J 0.. Hanoyer; .:tions may be madet() the Amer- He. was a life
.ee: gr,ai1~dau:ghters;.MelanyicanCancer . Society, 3211 '. N.
.'_"~e'_ M~inyray.:';tf.N~fflIle:J~\" aild, Front St. SuitelOO, Harrisburg,
\~":(16. Meganandi~elissa....Oliphant,Pa.17110-1342 or.to Celltral PA
,tio~Uig C8!lisle;' folii-i'great.:grandchil~;; Hospice~ P.O.. Box 266,.: Enola.
""'.s~F,~!1~lieisPrecededin d~ath by~~Pa; 17025 or the Epilepsy Foun-
~:f ;~'^;c)!;a' son; Ro~rl;' and a'daughter; dation, .' 4351 Garden City. Dr. .
C "IMcGill ..... ......?V'....."..','Lan. d "Md.' '. ..... ....'
l:U'O .... '. vray. -i:);;.i5,,,).e~"}~)<'"::~>.. over, . . 20785-7223.;1
-;~'iMr.'l~IcGiItV!8y':w#"a 'ul~x!i-:t!irii:~angemlm~s' are~under the
. . t:,?fth~Cun(berl~~, C~~ti>~dfrection;.of theEgger"FUIler~
,~i}~ea~~~;;~,~,~~:~0;;:~~~".~~;!,,~e:~~till.~:i.;~:;f:,n.t({tfs:',
Kauffn
'} Continue
.... ...
for" publicse~
stituency . servic(
said. "'...'. ,c'
l>' In' order' to' de
man plans to: ".
s.:. '. Help them
related matters.
t~'~'. Make them a
programs. .'. ..,,,,-.:
J:;;'~~i Provide 'the
se!lta~,?n.possible
ct;,.,":::".;,.....
'.. Utilize his v;
.>~oteon legislati
?:S. Fund projeCts
.' Kauffman's Sh
fficewilf. be ope
F:\WPS1\CLIENT\MCGILLVR\MCGILFRZ.WLL 2/7/97 4:50pm Wed
LAST WILL AND TESTAMENT
('}
~ ~ <=:> ::.:~ ~J')
:_, ::;~ c._ ?~;~3
of Upper Frankford.~ ~;:~n -hip ,';:1 \J
;,. 7: t!-] r'~,-~ - --~';"~
declare this to be Il1y~-r?ctst ~ilr---, _~=?
"; ~::-~:~ 8 ~~ .~~ '~~~1
or Codicil previously:made b _"me .2~; ~-')
:~~ --j .~~ L.: ::~:
just debts and funeral expe ~es, "', ';
t'5
I,
FREDRICK
B.
McGILLVRAY,
Cumberland county, Pennsylvania,
and Testament and revoke any Will
ITEM I:
I direct that all my
including my gravemarker and all expenses of my last illness, hall
be paid from my residuary estate as soon as practicable after my
decease as a part of the administration of my estate.
ITEM II: I give and bequeath allot, my tangible pers nal
~
property (not including cash or securitie~ and not including any
:1
tangible personal property utilized by me in any busin ss,
including farming) including, without limitation, personal effe
household furniture and furnishings, automobiles, and
my
together with any policies of insurance in effect at the
death applicable thereto, including any prepaid premiums thereon,
to my wife, BARBARA B. McGILLVRAY, if she survives me by thi ty
(30) days. Should my wife, BARBARA B. McGILLVRAY, predecease me or
die on or before the thirtieth day following my death, I beque th
such tangible personalty and the insurance thereon to such of my
children as are living on the thirty-first day after my death to be
divided among them by my executor as nearly as possible in e
shares in such manner as they may agree upon or, failing agreem
for any reason whatsoever, then in such manner as my executor sha 1
determine, giving due regard for their personal preferences. I
hereby direct that the costs of moving, shipping or otherwi e
transporting any such items bequeathed hereunder shall be paid y
~P};(
my Executors as a part of the cost of administration of my estate.
ITEM III: If my wife, BARBARA B. McGILLVRAY, survives me (and
I direct that for the purpose of this ITEM III of my will she
be deemed to have survived me unless it appears unmistakably
she predeceased me), and if the Federal Estate Tax due becau
my death will be reduced by making this gift for her benef't, I
devise and bequeath to my wife, BARBARA B. McGILLVRAY, absolu ely,
the least amount (based upon values as finally determined
Federal Estate Tax purposes) as shall be needed for the Fed
Estate Tax unlimited marital deduction to reduce the Federal Es
Tax to its lowest possible figure after full use of all 0
deductions and credits allowable in calculating the Federal Es
Tax, except that such amount shall be calculated without regar to
the augmenting of my taxable estate by reason of
generation-skipping transfers and without regard for any credit
state death taxes that would not otherwise be payab e.
Accordingly, I direct that:
A. The amount of this gift shall be undiminished by
income, estate, succession, legacy, death, inheritance, or
generation-skipping tax or any interest or penalties thereo .
B. The amount of this gift shall take into consideration t e
value of any property, including property or interests
property under those provisions of this will, by rights f
survivorship, by operation of law, by insurance, annuity,
2
Yt&'>;(
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,
endowment contract or otherwise, which my wife, BARB B.
McGILLVRAY, has received prior to my death or at my
receive other than pursuant to this ITEM III,
is
includable in my gross estate for Federal Estate Tax pu
and with respect to which the marital deduction or any si
benefit is allowable.
c. The amount of this gift shall also take into
consideration the use of any deductions (other than the ma
to
deduction), exclusions, exemptions or credits availabl
reduce the Federal Estate Tax to the lowest possible figu
D. No property ineligible for the marital deduction, 0 any
similar benefit, shall be distributed to this gift for my w'fe,
BARBARA B. McGILLVRAY, pursuant to this ITEM III.
E. Either cash or investments or both may be
to
the gift under this ITEM III.
F. Any property allocated under this ITEM III in kind saIl
be valued at the value at which it is finally included in my
gross estate for Federal Estate Tax purposes, provided that he
aggregate market value thereof on the date of allocation (p
the value as finally determined for Federal Estate Tax purpo
of all other property qualifying for the marital deduction) is
at least equal to the dollar value of the marital deduction as
finally determined for Federal Estate Tax purposes.
G. If any provision of my will shall result in depriving my
3
~ ~/Jtr
estate of the marital deduction for Federal Estate Tax purp ses,
such provision is hereby revoked and my will shall be read s if
any portion thereof inconsistent with allowance of the marital
deduction for Federal Estate Tax purposes is null and void.
H. Not withstanding any thing to the contrary in
this Item III, if my wife, BARBARA B. McGILLVRAY, disclaims
interest in any portion or part of the property passing u
this ITEM III, or in my other property passing to her by vi
of my death, such disclaimed property or portion shall not
hereunder, but instead shall pass under the provisions of
IV hereof (even if such disclaimer and passing would result in
the payment of Federal Estate Tax by my estate).
ITEM IV: I devise and bequeath the residue of my estate of
every nature and wherever situate, including property over whic I
shall have any power of appointment other than any such power gi en
to me in any will or intervivos trust of my wife, BARBARA B.
McGILLVRAY, to my trustee hereinafter named, IN TRUST, for he
following uses and purposes:
A. To pay the net income therefrom to my wife, BARBARA B.
McGILLVRAY, for and during her lifetime.
B. As much of the principal of this trust as my trustee 'n
its sole discretion may from time to time think advisable
the support of my wife, BARBARA B. McGILLVRAY, and for
4
7e4t
protection and preservation of her property or for the su port
and education of my children or grandchildren, (incl
college education, both graduate and undergraduate), or d
illness or emergency, shall either be paid to her or or
else applied directly for her or their benefit by my
after taking into account her or their other readily avail ble
assets and sources of income.
c. My trustee may apply the net income of this trust for the
support of my wife, BARBARA B. McGILLVRAY, should she by re son
of age, illness or any other cause in the opinion of my tru tee
be incapable of disbursing it.
D. In addition to the above provisions, my wife, BARB B.
McGILLVRAY, shall have the power to direct my trustee to pa to
her or to apply out of principal in each year including the
of my death and the year of her death an amount not in exces of
the greater of Five Thousand ($S,OOO.OO) Dollars or Five %}
percent of the then aggregate value of the trust principal. is
power is noncumulative and can be exercised only by an
instrument in writing intended to take effect during her Ii e,
signed by my wife, BARBARA B. McGILLVRAY, and delivered to
trustee.
E. Upon the death of my wife, BARBARA B. McGILLVRAY,
upon my death should she predecease me}, should my son, F
5
~~
McGILLVRAY, then be living, the then remaining principal and any
undistributed income shall be held, administered and distrib ted
as follows:
1. All farm real estate (including any reside
thereon) situated in Upper Frankford Township, Cumber and
County, Pennsylvania (or any farm real estate acquired in
substitution therefore) shall be distributed to my son,
McGILLVRAY. Should my son, FRED McGILLVRAY, predecease
survivor of my wife and me, then this provision shall
and the farm real estate hereunder to be distributed
pass as part of the assets distributable under Item IV, F,
below.
2. My Trustee shall grant to my son, FRED McGILLVRAY,
option to purchase any cows, farm machinery and
equipment held by my Trustee at the time of the death of
survivor of my wife and me. The purchase price of such co
farm machinery and farm equipment shall be the fair mar
value thereof as determined by my Trustee utilizing s
appraisal(s), as are reasonable. The terms t
therefore shall be such terms as are determined by my son a
my Trustees to be reasonable under the then
circumstances and may include installment
option must be exercised by written notification to
6
~ /} /Jrt
Trustee within one (1) month following the death 0 the
survivor of my wife and me. If my son, FRED McGILLVRAY,
to exercise this option or notifies my Trustee in writi
his release of this option prior to its expiration, then such
cows, farm equipment and farm machinery shall be sold an the
proceeds shall be distributable as a part of the
distributable under Item IV, Paragraph E, 3 below.
3. All of the remainder (including the purchase ice
payable pursuant to the exercise of the option granted a ove
or the proceeds from the sale thereunder) shall be div'ded
into two equal shares and each of those two shares shal be
distributed and/or held as follows:
(a) one equal share (half) thereof shall be hel IN
TRUST by my hereinafter named TRUSTEE, for the benefi of
my son, JEFF McGILLVRAY, upon the following terms and
conditions:
(1) To pay the net income therefrom to JEFF for and
during his lifetime.
(2) As much of the principal of this trust as
TRUSTEE in his sole discretion may from time to t'me
think advisable for the health and medical care nd
support and maintenance in reasonable comfort of FF
and for the protection and preservation of is
7
7t8~
property, or during illness or emergency, shall ether
be paid to him or else applied directly for his be efit
by TRUSTEE after taking into account his or their ther
readily available assets and sources of income. In
exercising this discretion, TRUSTEE shall give due
regard to the considerations of subparagraphs (4)-(7)
below.
(3) TRUSTEE may apply the Income or principa of
this trust for the benefit of JEFF, should he by re son
of age, illness or any other cause, in the opinio of
TRUSTEE, be incapable of appropriately receivin or
disbursing it.
(4) No paYments of principal shall be made rom
this TRUST until the TRUSTEE shall have taken
consideration all of JEFF's available assets
sources of income, including entitlement to bene
and services from any local, state or fed
government or agency (or from any private agency).
(5) During the life of JEFF and subject to
considerations and stated in subparagraph (4) here
TRUSTEE may expend such portions of the Principal U
JEFF, for his health and medical care and support
maintenance in reasonable comfort, as TRUSTEE sh 11
nto
and
7/3~
8
determine. TRUSTEE shall have sole and abs
discretion in determining whether any such expendi
for JEFF are to be made. It is TESTATOR'S desire
the TRUSTEE provide such resources and experience as
will contribute to and make JEFF's life as pleas nt,
comfortable and happy as is feasible. Nothing
shall preclude the TRUSTEE from purchasing
services and items which promote JEFF's happin
welfare and development, including, but not limited to,
vacation and recreation trips away from places of
residence, expenses for traveling companions if
necessary, entertainment expenses, supplemental med . cal
and dental expenses, social services
transportation costs, private room, telephone
television services, a mechanical bed, an elec
wheelchair, personal care services, and the like. 11
payments from this TRUST which go to JEFF's dir
benefit shall be direct payments to the person
entities supplying goods or services to him at
request of the TRUSTEE.
(6) Should the existence of this TRUST disqual fy
JEFF from eligibility for substantial governmental or
private aid or benefits or services, then this TR ST
~ 13 O;J
9
may, in the sole discretion of the TRUSTEE, be
terminated and the then remaining Principal and any
accumulated and undistributed income be distribute to
JEFF's then living issue, per stirpes. Should t
not be any then living issue of JEFF at that t me,
TRUSTEE may distribute to my then living issue, per
stirpes, other than JEFF, except any share for my
daughter, COLLEEN OLIPHANT, shall be added to her t
as provided for in ITEM IV E.3(b) below.
(7) It is TESTATOR'S intention in creating
TRUST to provide for the comfort and happiness of J
without interfering with, reducing or disqualifying im
from aid, benefits or services he or she ld
otherwise be entitled to and to maximize the ultim te
distributive shares for TESTATOR'S other beneficiari s.
TESTATOR does hereby specially waive, renounce
disclaim any rights which TESTATOR'S heirs and assigr
or other person or entity may otherwise have to s
invasion of the assets of this TRUST pursuant to
rule of law or statute of any jurisdiction.
(8) Upon the death of JEFF, this Trust
terminate and any remaining principal and accumula
and undistributed income shall be distributed to
10
7/d~
then living issue of JEFF, per stirpes.
of JEFF, should he not be survived by issue, then
distributable portion hereof shall be distribute to
TESTATOR'S issue, per stirpes, who are living on the
date of the death of JEFF, provided that any share for
my daughter, COLLEEN OLIPHANT, shall be added to her
trust as provided for in ITEM IV. E.3.(b) below.
(b) one equal share (half) shall continue to be
by my Trustee, in a separate trust for the benefit of
daughter, COLLEEN OLIPHANT, to be administered
distributed in accordance with the provisions hereinaf er
set forth:
(1) To pay 1/2 of the net income therefrom to my
daughter, COLLEEN OLIPHANT, until she reaches age 55
and thereafter all of the net income for the remain
of her life. Trustee(s) may apply the net income
this trust for the support of my N
OLIPHANT, should she by reason of age, illness or a
other cause, in the opinion of the trustee (s)
incapable of disbursing it. Any income earned and n
distributed shall be added to and thereafter be treat
as part of the principal.
(2) No principal of this trust may be paid to
11
72't13//r;
for my daughter, COLLEEN OLIPHANT, or her husban or
her descendants until after the death of my daugh
I hereby express my specific and conscious desire
direction that my Trustee(s) shall not have the p
or discretion to expend principal to or for the ben
of my daughter, COLLEEN OLIPHANT, because
intention in creating this trust is to my
daughter an income for the remainder of her life nd
expenditures of principal which permanently reduce he
trust's ability to generate income for my daughter re
not in my opinion in her best interest.
(3) Upon the death of my daughter, COL
OLIPHANT, (or upon the death of the survivor of me
my wife, should my daughter have predeceased me and my
wife), this trust shall terminate and the
remaining principal and any accumulated or
undistributed income shall be distributed to my
daughter's then living issue, per stirpes, and in
default of such issue shall be distributed to my t
living issue, per stirpes, provided, however, that t e
share for any person (including shares hereunder r
otherwise under this Will for any issue of my son ,
JEFF and FRED) who shall not have attained the age f
12
78/JrJ
thirty-five (35) years shall be held by my trust
a separate continuing trust to be administere and
distributed in accordance with the provisions set
as follows:
(a) My Trustee shall accumulate the net i
and expend and apply so much of the net in
accumulated income, and principal of the tru as
trustee in its sole discretion deems to
or for the benefit of such person for the
education and health of such person and the
protection and preservation of his property u til
such person attains the age of eighteen years.
(b) Upon such person's attaining the ag of
eighteen (18) years, my Trustee shall distri
the net income of such person's trust to him or
his benefit and so much of the principal as tru
in its sole discretion deems advisable for the
support, education and health of such person and
for the protection and preservation of his prop rty
shall be distributed to such person or for his
benefit. Such person shall be entitled during his
lifetime, to withdraw sums of principal from his
trust in accordance with the following formula:
(1) At any time after attaining the age of
thirty (30) years and prior to attaining the ge
13
7B,~
of thirty-five (35) years, such sums as hall
not exceed one-half (~) of the market val e of
the principal as constituted on his thir ieth
(30th) birthday or on the creation of his
separate trust, whichever shall last occur
(2) At any time after attaining the a
thirty-five (35) years, any and all prin
remaining.
(c) Upon the death of any such person, his
trust shall terminate and the then remai ing
principal shall be distributed, per stirpes, to his
then living issue, or, if there shall be no uch
issue, to my then living issue, in equal es,
per stirpes.
F. Upon the death of my wife, BARBARA B. McGILLVRAY, (or
upon my death should she predecease me) and should my son, RED
McGILLVRAY, not then be living, the then remaining principal and
any undistributed income shall be held, administered and
distributed as follows:
1. One third (1/3) thereof shall be distributed, per
stirpes, to the issue of my son, FRED McGILLVRAY, or in
defaul t of such issue to my issue, per stirpes, ed
however that the share for any person who shall
attained the age of 35 years shall be held, administered
distributed in a separate continuing Trust in accordance w'th
14
719 /);1J
the terms specified in Item IV, E.3. (b) (3) above.
2. One third (1/3) thereof shall be held by my TR STEE
for the benefit of my son, JEFF McGILLVRAY, in accor ance
with the terms of ITEM IV, E.3.(a) above. Should my son,
JEFF McGILLVRAY, have predeceased the survivor of my wi e or
me, then his share shall be distributable in accordance with
the terms of Item IV, Paragraph E.3.(a), above, except that
the share of my son, FRED McGILLVRAY, shall be distribu able
or held in accordance with the terms of Paragraph F .1.
immediately preceding.
3. One-third (1/3) thereof shall be held by my Trust e in
a separate trust for the benefit of my
OLIPHANT, in accordance with the terms of
E.3. (b) above.
ITEM V: If any property passes outright (either under this
or otherwise) to a minor (which shall be defined as anyone
twenty-one (21) years of age) and with respect to which am
authorized to appoint a guardian and have not othe
specifically done so, I decline to appoint a guardian
authorize my Executor to distribute such property to
selected by my Executor (and my Executor may act as such Custod' an)
as Custodian for the minor under the Pennsylvania Uniform Trans
to Minors Act. Provided, however, that this appointment shall not
supersede the right of any fiduciary to distribute a share where
15
7~;;"
possible to the minor or to another for the minor's benefit. I
ITEM VI: All Federal, state and other death taxes
because of my death (but not including any increase in fe
estate tax resulting from excess retirement accumulation
section 4981(d) of the Internal Revenue Code and not includin any
generation-skipping transfer tax for which I may be liabl as
transferor under Section 2603(a) (3) of the Internal Revenue Co
wi th respect to the property forming my gross estate for tax
purposes, whether or not passing under this Will, including any
interest or penalty imposed in connection with such tax, shal be
considered a part of the expense of the administration of my es ate
and shall be paid out of that portion of my residuary estate u
ITEM IV, without apportionment or right of reimbursement. I di
that any increase in Federal Estate Tax resulting from applica
of section 4981(d) of the Internal Revenue Code be paid by the
recipient of such distribution and I direct that any
generation-skipping transfer tax for which I may otherwise be
liable be paid from the property constituting such transfer. In
addition to other powers vested in my Executor{s) by er
provisions of my Will, I hereby authorize and empower
Executor(s) to (1) allocate any of my unused fede
generation-skipping transfer tax exemption to any property of wh
I
I am the transferor for the purposes of such tax (whether or ot
passing under this Will); (2) exclude any such property from
16
7Zb~
such allocation; and (3) make any related election, all as th in
ITEM VII:
My Executors, Trustees and Guardians, wh
their sole and conclusive discretion deems most advantageou and
equitable. I direct that no party in interest to the transf
any such property shall have any claim against my Executor(s)
estate or any claim for equitable reimbursement or any other c
masculine, feminine, singular, plural, individual or corpor te,
(herein sometimes referred to as "fiduciaries" or "fiducia y")
shall have the following powers in addition to those vested in
by law and by other provisions of my will applicable to all
property, whether principal or income, including property held for
minors, exercisable without court approval, and effective u til
actual distribution of all property:
A. Any fiduciary hereunder may renounce or resign at any
time with or without cause.
B. No fiduciary shall be required to file bond, execute any
instrument appointing anyone to accept service of process, or
file inventories or accounts of any kind, except as ordere to
do so by a court of competent jurisdiction or as required t do
so under a state statute not providing for release of s ch
requirements by a testator.
c. If there is no corporate fiduciary acting hereunder, my
Executor or Trustee may designate a corporation (regardless of
where organized or headquartered) with fiduciary powers to rct
17 I
~~~
as agent or custodian hereunder, may delegate to it such d
as may be appropriate (including investment
duties), may pay to it reasonable compensation
and may discharge it with or without cause.
D. To retain any or all of the assets of my estate,
personal, including stock of any corporate fiduciary, wi out
regard to any principal of diversification or risk.
E. To invest in all forms of property, including ck,
common trust funds, and mortgage investment funds
operated by my fiduciary or others, without restrictio to
investments authorized for Pennsylvania Fiduciaries, as
deem proper, without regard to any principle of diversifica
or risk.
F. To sell at public or private sale, to exchange, 0 to
lease for any period of time, any real or personal property and
to give options for sales, exchanges or leases, for such pr'ces
and upon such terms or conditions as they deem proper.
G. To allocate receipts and expenses to principal or in ome
or partly to each as they from time to time think proper in
their sole discretion.
H. To borrow from or to sell to my Trustee even though s ch
Trustee may be my E:>:ecutor.
I. To cause the title to any property held hereunder to
stand in the name of a nominee or nominees.
J. To repair, al ter or improve any real or perso al
18
./2~~
'"I
property; to borrow money, including the right to borrow oney
from any fiduciary hereunder, and to pledge, mortgage, or c
a security interest in any property held by them as see
therefor, and to make loans, secured or unsecured, for such
purposes and upon such terms and conditions as they may deem
advisable, including loans to my estate, with
interest, for any purpose whatsoever, and to exercise optio
any kind.
K. To subscribe for or to exercise options for stocks,
or other investments; to join in any plan of lease,
merger, consolidation, reorganization, foreclosure
Trust and to deposit securities thereunder; to vote
in person or by proxy, in such connection to
discretionary powers; and generally to exercise all the
of security holders or employees of any corporation.
L. To compromise, submit to arbitration or release any c aim
of my estate or any Trust hereunder against others and to ay,
compromise, or submit to arbitration any claim of others
my estate or any Trust hereunder.
M. To exercise any law-given option to pay death taxes in
installments, the payment of interest due on such installments
to be a charge against principal.
N. To exercise any law-given option to treat administrat"ve
expenses either as income tax or as estate tax deductio s,
without regard to whether the expenses were paid from princi
19
ge,
ing
ies
ate
7,iJ /Jft
or income, without regard to whether the size
o. To receive other property of any type acceptable
ital
deduction share created in ITEM III hereof will
ased
thereby, and without requiring reimbursement.
the
Trustee, including, but not in way of limitation,
insurance proceeds, which may be devised, bequeathed, assi
granted, conveyed or made payable to the Trustee by any other
person, to be added to and administered in accordance with the
then applicable provisions of the Trust or Trusts hereun er;
ing
provided, however, if more than one Trust is then
administered hereunder, such other person may specify, in
instrument of transfer, among which Trusts, and in
proportions such property shall be allocated.
P. To treat the entire trust estate as a common fund for the
purpose of investment, notwithstanding any provision herein for
division thereof into shares or separate Trusts.
Q. Any Trust beneficiary will have the right at reason ble
times to request of and receive from the Trustee a
ete
written accounting of such matters pertaining to
administration of the Trust as are pertinent to
beneficiary. In the Trustee's discretion, income tax return of
the Trust and other appropriate information may be used to
satisfy such request.
I
I
I
R. In making distribution of my estate, my Executor (an~ in
making distribution of any Trust, my Trustee) is hereby granFed
20 I
7/}/'0/1
I
I
the power to make non-prorata distribution of assets in k'nd.
S. My Trustee in addition to other powers granted shall have
the authority to purchase life insurance on the lives of a
all beneficiaries of the Trust. In addition, specific auth
or power is granted to pay premiums on existing policies as
as those purchased after the creation of the Trust even th
said policies may not be owned by or payable to the Truste as
beneficiary. Premiums may be paid from the income of the T st
estate or, if necessary, from principal.
T. Should the principal of any Trust herein provided fo be
or become so small that, in the Trustee's discret on,
establishment or continuance of Trust is inadvisable, my Tru
or my personal representative may make immediate distributio of
the
then remaining principal and
any
accumulated or
undistributed income outright to the person or persons
in
the proportions they are then entitled to. If any such
is then a minor, distribution may be made to that pers
guardian, or to a person selected by the Trustee to be custo
for such person until the age of twenty-one (21) years under the
Pennsylvania Uniform Gifts to Minors Act.
U. My fiduciaries, generally, shall have full power and
authority to exercise all rights and privileges appurtenan to
any property held by my fiduciaries, and to execute and deli~er
I
any and all instruments which may be necessary or expedient in
21
y/}~
the exercise of the powers granted herein.
v. The situs of any Trust created hereunder shall be in the
County of Cumberland, and state of Pennsylvania, and all
questions pertaining to the construction or validity of the
provisions of this instrument shall be governed by the law of
that state. Despite the foregoing, the Trustee may, at any
for the benefit or security of this Trust.
The Trustee
ed
and from time to time, change the situs of any Trust ere
hereunder as the Trustee in his sole discretion deems desir
elect (or decline to elect) the law of a different jurisdie
and thereafter the court of such other jurisdiction shall
the power to effectuate the purposes of this instrument to s ch
extent. The Trustee may change the situs of any Trust
hereunder, and may change the situs of one Trust
changing the situs of other Trusts created hereunder.
a continuing power which will not be exhausted by its use.
determination of the Trustee as to the change of situs shall be
conclusive and binding on all persons interested or claiming to
be interested in any Trust hereunder.
w. If there are co-fiduciaries serving hereunder, they ay
delegate any and all management duties and responsibilities to
one of them. My co-fiduciaries may, for example, designate ne
of them to maintain a bank account or accounts, and in t at
I
instance the signature of only that fiduciary shall be requi~ed
I
I
22
72'"6 /J1f
to open and maintain such account, to deposit funds to such
account and to write checks on such account.
X. The individual fiduciaries shall have jointly all the
powers given to the fiduciaries, except that no individual
fiduciary shall participate in the exercise of any discretion to
determine the proprietary or amounts of payments of income or
principal to himself or herself or to any person to whom he or
she is legally obligated, or possess any of the incidents of
ownership with respect to any policy of insurance on his or her
life, and the remaining fiduciaries alone shall exercise that
discretion and possess those incidents of ownership.
Y. In the event of any disagreement between or amongi my
fiduciaries, the decision of my individual fiduciary excep~ as
may be limited by Paragraph X immediately preceding, shall
control. No fiduciary shall be liable for any loss resul t:ing
from a decision in which that fiduciary did not join.
z. To continue the operation of any business in which I may
be interested or engaged at the time of my death (regardless of
the form or organization of any such business, whether the s~me
be a sole proprietorship, a partnership or a corporation, in
which I own all or a substantial portion of the stock and
including any farming business and the rental of farm land which
,
I may own, either solely or as a co-tenant, including undivided
fractional interests), which business or an interest in which
23
7"t3~
shall be received by my fiduciary, subject to the terms of any
i
agreement I may have made for the sale of such busines$ or
I
interest or any assets thereof, until such time as my respec~ive
I
fiduciaries deem it advisable to sell, liquidate or distri~ute
I
I
the same in kind. My fiduciaries shall have all the rightsl and
I
I
powers in connection with said business as I had when liv~ng,
I
including by way of example and not limitation the power~ to
I
I
operate or join in the operation thereof as a going concern, I the
I
I
right to change the form of any such business by:the
I
I
reorganization or incorporation thereof, or the formatiot or
re-formation of a general or limited partnership with resfect
thereto, and also including the right to invest in any business
I
I
or make agreements for the utilization in any business or l.ase
I
I
to or in conjunction with any business the property of my estate
I
I
or any trust hereunder for such periods of time and upon ,uch
terms and conditions and to liquidate or sell the same or I any
I
part thereof, all as my respective fiduciaries shall 4eem
advisable for the best interests of my estate and of I the
I
beneficiaries thereof, without any liability for loss resuI~ing
i
from the operation of said business except where such los~ is
the result of gross negligence
or
fraud on the part of
ithe
I
I
I
I
I
I
particular fiduciary.
AA. In connection with the continued operation of lany
business,
my fiduciaries shall be entitled to receive
I
I
~uch
24
~~An
additional compensation as may be commensurate therewith. My
fiduciaries are specifically authorized and empowered to e~gage
the services of such persons as may be reasonable necessary or
desirable to provide legal, accounting and business manag~ment
expertise to or for said business and to engage employees! and
agents therefor and to agree for the compensation of said
persons in addition to the additional compensation of my
respective fiduciaries provided for above.
BB. If the assets of any Trust hereunder consist of any
interest in residential real estate, whether it be a full fee
interest: a leasehold interest: a fractional interest: a life
tenancy or a remainder interest: the right to income from such
trust shall include the right to possession of such residential
real estate (and if the income beneficiary is my wife, she s~all
have the right to share that possession with such other me~ers
of my family as she shall determine). The costs of obtaining,
maintaining, insuring, repairing and/or replacing such :r:real
estate shall be considered appropriate costs to be paid! by
Trustees and shall be allocated to income or principal in
accordance with the character of the cost paid. Should my wife
be residing on a permanent basis (temporary absences for
vacations and the like not considered) in such residence,
Trustee shall consult with my wife prior to sale or other
disposition of such residential real estate, and shall not
25
~/J~
dispose of such residential real estate without the consent of
my wife or her agreement concerning a substitute or replacclment
residence. Trustee is authorized to execute and deliver such
Deeds, assignments or other documents as may be necessar~ and
desirable to effectuate the transfer of ownership of any
interest in any real estate.
ITEM VIII: I appoint my wife, BARBARA B. McGILLVRAY, and my
son, FRED McGILLVRAY, Executors of this my Last will. Should both
of my said Executors fail to qualify or cease to act as Executlors,
I appoint HAMILTON C. DAVIS, Executor of this my Last will.
ITEM IX: I appoint my son, FRED McGILLVRAY, and HAMILTO~ C.
DAVIS, of Shippensburg, PA, Co-Trustees of any trusts createa by
this my Last will.
ITEM X: In the event that FRED McGILLVRAY should resign, die or
otherwise be unable or unwilling to continue to act as Trusteei, he
shall have the power in writing (including a provision in his Wlll)
to designate a successor Trustee. In addition, during his
lifetime, FRED McGILLVRAY shall have the power, in a writing to
discharge any corporate Trustee and name a successor Trustee (or
not) as he in his discretion shall determine. Any such succe~sor
or co-Trustees shall have all of the power given to the TRUSTEE
under this Agreement, but shall not be liable for acts or omissions
of prior Trustees. The terms "TRUSTEE" or "TRUSTEES" or fiduciary
or fiduciaries, shall mean the TRUSTEE or TRUSTEES serving at the
26
~120J
time in question.
Should FRED McGILLVRAY resign or die or
otherwise be unable or unwilling to designate a
succe~sor J
I
substiJtute
I
I
I
HAMILTON C. DAVIS shall have the power to designate a
co-Trustees.
Anything herein to the contrary notwi thstanding, i t i~ my
I
intention that there shall at all times be serving hereunder at
I
least one TRUSTEE who is not a "related or subordinate party~' as
I
defined in CODE section 672 (c), and is not a "Member of the Famlily"
I
I
as defined in CODE section 2704(c) (2), with respect to me or! any
beneficiary hereunder.
I
i
I
ITEM XI: I direct that my Executors and Trustees or guardia~ or
their successors shall not be required to give
faithful performance of their duties in any jurisdiction.
bond for I the
I
I
I
i
I
ITEM XII: Any corporate fiduciary shall be entitledl to
I
compensation based upon its regular schedule of fees for ~uch
I
services in effect from time to time during the period over which
its services are performed.
ITEM XIII:
Any individual fiduciary shall be entitledl to
reasonable compensation for his or her services rendered from time
I
I
to time unless different compensation has been provided for in a
i
I
I
separate letter of agreement.
I
I
ITEM XIV: The interests of the beneficiaries hereunder sijall
i
not be subject to anticipation or to voluntary or involuntl.ary
I
alienation.
IN WITNESS WHEREOF, I hereunto set my hand and seal to this my
I
27
~/3/JJ1
II
Last will and Testament , written on twenty-nine
paper, dated this rJj! day of
(29)
sheets of
~
, 1997.
~~f!J,1JI1~1I~
Fredrick B. McGillvray .
The preceding instrument, consisting of this and twenty-elight
(28) other typewritten pages, each identified by the signatur~ or
initials of the Testator, was on the day and date thereof sigred,
published and declared by the Testator therein named, as and! for
his Last Will, in the presence of us, who, at his request, ini his
presence, and in the presence of each other have subscribedl our
names as witness s hereto.
residing at
;V~lf//r 10.
,
[IX. 6~ PJ:1.
1 ~.. c
Ju ~tv.
residing at
28
II
COMMONWEALTH OF PENNSYLVANIA
SSe
COUNTY OF CUMBERLAND
I, FREDRICK B. McGILLVRAY, the Testator whose name is signed
to the attached or foregoing instrument, having been duly qual~fied
according to law, do hereby acknowledge that I signed and executed
the instrument as my Last will; and that I signed it willingly and
as my free and voluntary act for the purposes therein expres$ed.
J;!~ j1;. ~~~~L)
Fredrick B. McGill y
Sworn to or affirmed and acknowledged
before me by rR.EDl<.;CK. 8. Mt-6'L.L-V?;" the
Testator, this 7 ~ day of
-y,.,~ ' 1997.
NOT AFHAl SEAL
LOIS A. SOLLENBERGER. N:lbry Pt..'b~:::
j .;.::.;;;::::ne;r.U1'g tl-Ol'O. O.lffibana."Y.l Gcumy
I ~.'< '-'~'-ml~-'I-n "'-J-~ >J"'r~,t... ~ .....'-1
~ ""'c"..', ~ ,,~:...... 'l,J. ~I":,,",..&';Q n:.,;. ....:.~, 1..."', i::-~l"..}
..".- ..-.--......---........--.........
COMMONWEALTH OF PENNSYLVANIA
SSe
COUNTY OF CUMBERLAND
and I~' NA t'"Y'. (3 IZooI<:G'N S i
,
the witnesses whose names are signed to the attached or fore~oing
instrument, being duly qualified according to law, do depos~ and
say that we were present and saw the Testator sign and execut. the
instrument as his Last will; that the Testator signed willingly and
executed it as his free and voluntary act for the purposes th~rein
expressed; that each subscribing witness in the hearing and ~ight
of the Testator signed the Will as a witness; and that to the/best
of our knowledge the Testator was at the time eighteen (18) or/more
years of age and of sound mind and under no constraint or undue
influence. ~;;~ (! A~
,-ZW ~f~
We,
J./ Am' ~ 'Tl)I\J C. l>AU IS
Sworn to or affirmed and subscribed to
before me by HAmll-'1bu C. .))Av IS and
'""iteIAl,A fI'l. ~eDOItt~~ , witnesses, this
'74t.. day of 'Yn d ' 1997.
NC'T~H~AL SEAL
. j".-;:; ~ -'~~r-';.~=r'~R, N~~ ~
I Shipp.s;;3'i~ Ekli"o, Ctmbsi'land Countv
I My C::mrrr.ssior. f_~ret Ma'Cl13, 2001'
--........ --.......""".--.,....
29
II
. >
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
BUREAU OF INDIVIDUAL TAXES
DEPT. 280601
HARRISBURG, PA 17128-0601
REV-1162 EXI11-96)
RECEIVED FROM:
PENNSYLVANIA
INHERITANCE AND ESTATE TAX
OFFICIAL RECEIPT
NO. CD 005854
DAVIS HAMilTON C
20 E BURD ST STE 6
PO BOX 40
SHIPPENSBURG, PA 17257-0040
n__n__ fold ---._---.- -----.--
101 I $16,532.03
ESTATE INFORMATION: SSN: 140-26-2115 I
FILE NUMBER: 2105-0056 I
DECEDENT NAME: MCGill VRA Y FREDRICK B I
DATE OF PAYMENT: 09/30/2005 I
POSTMARK DATE: 09/29/2005 I
COUNTY: CUMBERLAND I
DATE OF DEATH: 01/04/2005 I
I
TOTAL AMOUNT PAID: $16,532.03
REMARKS:
CHECK#123
INITIALS: JA
SEAL RECEIVED BY: GLENDA FARNER STRASBAUGH
REGISTER OF WillS
REGISTER OF WILLS
ACN
ASSESSMENT
CONTROL
NUMBER
AMOUNT
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