HomeMy WebLinkAbout10-13-05
REV - 1500 EX + 16-00)
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COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
DEPT. 280601
HARRISBURG. PA 17128-0601
REV-1500
INHERITANCE TAX RETURN
RESIDENT DECEDENT
D 2. Supplemental Return
~ 4a. Future Interest Compromise (date of death after
12-12-82)
~ 7. Decedent Maintained a Living Trust(Attach
copy of Trust)
D 10. Spousal Poverty Credit (date of death between
12,31-~1 Md
THIS SECTION MUST BE C()MPLI:TEl)..ALL(fqr:t~$l':!9.I\II?I:I\I..
NAME
Dale F Shughart, Jr. Esquire
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DECEDENTS NAME (LAST. FIRST, AND MIDDLE INITIAL)
Whitcomb, Mary L.
DATE OF DEATH (MM-DD-YEAR)
DATE OF BIRTH (MM-DD-YEAR)
04/12/2005
10/28/1914
(IF APPLICABLE) SURVIVING SPOUSE'S NAME ( LAST, FIRST AND MIDDLE INITIAL)
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Whitcomb, Luther M.
~ 1. Original Return
D 4. Limited Estate
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6. Decedent Died Testate (Attach copy
of Will)
9. Litigation Proceeds Received
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FIRM NAME (If applicable)
TELEPHONE NUMBER
717/241-4311
1. Real Estate (Schedule A)
2. Stocks and Bonds (Schedule B)
3. Closely Held Corporation, Partnership or Sole-Proprietorship
4. Mortgages & Notes Receivable (Schedule D)
5. Cash, Bank Deposits & Miscellaneous Personal Property
(Schedule E)
6. Jointly Owned Property (Schedule F)
~ D Separate Billing Requested
~ 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property
~ (Schedule G or L)
~ 8. Total Gross Assets (total Lines 1-7)
()
ll! 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)
COMPLETE MAILING ADDRESS
FILE NUMBER
21 05
COUNTY CODE YEAR
SOCIAL SECURITY NUMBER
0386
NUMBER
182-40-8986
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
SOCIAL SECURITY NUMBER
182-36-3213
D 3. Remainder Return (date of death prtor to 12-13-82)
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5. Federal Estate Tax Return Required
8. Total Number of Safe Deposit Boxes
D 11. Election to tax under Sec. 9113(A) (Attach Sch 0)
35 E. High Street, Suite 203
Carlisle, PAl 70 13
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(1 ) None
(2) 1,113,543.40
(3) None
(4) None
(5) 2,500.00
C.:l
(6) None
(7) None .....J
(8) 1,116,043.40
(9) 15,484.53
(10) 3,346.44
SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES
(11 )
18,830.97
1,097,212.43
(12)
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)
15. Amount of Line 14 taxable at the spousal tax rate, 174,085.24 x .00 (15)
or transfers under Sec. 9116(a)(1.2)
z 923,127.26 .045 (16)
0 16. Amount of Line 14 taxable at lineal rate x
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Q. 17. Amount of Line 14 taxable at sibling rate x .12 (17)
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)( 18. Amount of Line 14 taxable at collateral rate
co: x .15 (18)
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19. Tax Due (19)
(13)
(14)
1,097,212.43
0.00
41,540.73
20.0
CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT.
41,540.73
-, ;; BE ~RE-~o:~~~_f!~~~~~9N f!EV!!!~_~Ii_~,~!!EE~~~ M~T!'~<.=~: ~__ -:~-=-__=__~--]T.~__---
Copyright 2000 form software only The Lackner Group, Inc.
Form REV-1500 EX (Rev. 6-00)
11
Decedent's Complete Address:
STRFFf ADDRESS
616 Mooreland Avenue
CITY
Carlisle
STATE PA
ZIP '17013
Tax Payments and Credits:
1. Tax Due (Page 1 Line 19)
2. Credits/Payments
A. Spousal Poverty Credit
B. Prior Payments
C. Discount
(1 )
41,540.73
38,950.00
2,050.00
Total Credits (A + B + C)
(2)
41,000.00
3. Interest/Penalty if applicable
D. Interest
E. Penalty
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 Line 2, enter the difference. This is the TAX DUE.
A. Enter the interest on the tax due.
B. Enter the total of Line 5 + 5A. This is the BALANCE DUE.
(3) 0.00
(4)
(5) 540.73
(5A)
(58) 540.73
Make Check Payable to: REGISTER OF WILLS, AGENT
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and:
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?................................................................................................................. ......
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? ......................................................................................................................
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IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
Under penalties ot perjury. I declare that I have examined this return. including accompanying schedules and statements, and to the best of my knowledge and beliel, it is true. correct and complete. Declaration ot
preparer other than the personal representative IS based on all Information of which preparer has any knowledge.
SIGNATURE OF PERSON RESPONSIBLE FOR FILING RETURN ADDRESS
Luther M. Whitcomb
Thomwa1d Home
442 Walnut Bottom Road G-5
Carlisle, PAl 70 13
DATE
ADDRESS
35 E. High Street, Suite 203
Carlisle, P A 17013
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DATE
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ADDRESS
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 us~ of the
surviving spouse is 3% [72 P.S. 99116 (a) (1.1) (i)].
For dates of death on or after January 1, 1995, the tax rate imposed on the net value of I
[72 P.S. 99116 (a) (1.1) (ii)]. The statute does not exemot a transfer to a surviving spow
of assets and filing a tax return are still applicable even if the surviving spouse is the ont~
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 yea
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 line
1.2) [72 P.S. 99116 (a) (1 )J.
The tax rate imposed on the net value of transfers to or for the use of the decedent's sibli _ . - . .-. ;:s~ , ,.... 'ell' I."IJ. PI 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.
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spousei is 0%
ts for di$closure
~~ . ?-.v\.S'
! use ota natural
in 72 P.S. 99116
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SCHEDULE B
STOCKS & BONDS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF .
WhItcomb, Mary L.
FILE NUMBER
21-05-0386
All property jointly-owned with right of survivorship must be disclosed on Schedule F.
ITEM DESCRIPTION UNIT VALUE VALUE AT DATE OF
NUMBER DEATH
I 5,642 shares Allied Irish Bank @ 42.223, (238,219.35) plus accrued interest 42.223 243,909.44
5,690.09, CUSIP #019228402
2 556 shares Allstate Corp at 54.300, CUSIP #020002101 54.300 30,190.80
3 2,590 shares American Express (133,605.15) @ 51.585, plus accrued interest 51.585 133,915.95
310.80, CUSIP #025816109
4 794 shares BP PLC @ 62.885, CUSIP #055622104 62.885 49,930.69
5 800 shares Bristol Myers Squibb @25.125 (20,100), plus accrued interest 224.00, 25.125 20,324.00
CUSIP #110122108
6 600 shares EI DU PONT DE NEMOURS @ 49.790, CUSIP #263534109 49.790 29,874.00
7 100 shares Eastman Chemical, @ 56.875, CUSIP #277432100 56.875 5,687.50
8 3,312 shares Exxon Moil Corp @ 60.185, CUSIP #30231G 102 60.185 199,332.72
9 800 shares Gannett Co., Inc. @ 79.010, CUSIP #364630101 79.010 63,208.00
10 2, I 00 shares General Electric @ 35.880 (75,348), plus accrued interest 462.00, 35.880 75,810.00
CUSIP #369604103
II 674 shares M & T Bank @ 103.74, CUSIP #55261F104 103.74 69,920.76
12 300 shares PNC Financial @ 50.820, CUSIP #693475105 50.820 15,246.00
13 1,500 shares Pepco Holdings @ 21.190, CUSIP #713291102 21.190 31,785.00
14 800 shares Royal Dutch @ 60.835, CUSIP #780257804 60.835 48,668.00
15 3,395 shares SBC Communications @ 23.83 (80,902.85), plus accrued interest 23.83 81,997.74
1.094.89, CUSIP #78387G 103
16 94 shares Sears Holdings @ 146.20, CUSIP #12350106 146.20 13,742.80
TOTAL (Also enter on line 2, Recapitulation)
1,113,543.40
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COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
ESTATE OF
Whitcomb, Mary L.
FILE NUMBER
21 - 05 - 0386
Include the proceeds of litigation and the date the proceeds were received by the estate. All property jointly-owned with the right of
survivorship must be disclosed on schedule F.
ITEM
NUMBER
I Jewelry and personal effects.
DESCRIPTION
VALUE AT DATE OF
DEATH
2,500.00
TOTAL (Also enter on Line 5, Recapitulation)
2,500.00
*'".
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COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULEH
RJNERAL EXPENSES &
ADIVINSTRA11VE COSTS
ESTATE OF
Whitcomb, Mary L.
FILE NUMBER
21-05-0386
Debts of decedent must be reported on Schedule I.
ITEM
NUMBER
A.
DESCRIPTION
AMOUNT
FUNERAL EXPENSES:
Hoffman-Roth Funeral Home, funeral expenses
2
Pastor Thompson, honorarium
3
Pastor Sheaffer, honorarium
B.
ADMINISTRATIVE COSTS:
Personal Representative's Commissions
1.
Social Security Number(s) / EIN Number of Personal Representative(s):
Street Address
City
Year(s) Commission paid
State _ Zip
2.
Attorney's Fees
Dale F. Shughart, Jr., Esquire (estimated)
3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Claimant
Street Address
4.
City
Relationship of Claimant to Decedent
Probate Fees Register of Wills (paid 58.00) (probate 20) owe 740
State
Zip
5. Accountant's Fees
6.
Tax Return Preparer's Fees Estimated
7.
1
Other Administrative Costs
Register of Wills, Short Certificates
2
Cumberland Law Journal, advertise Letters
Total of Continuation Schedule(s)
TOTAL (Also enter on line 9, Recapitulation)
2,606.50
100.00
200.00
10,000.00
798.00
1,000.00
8.00
75.00
697.03
15,484.53
,~~.
~
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Whitcomb, Mary L.
3
The Sentinel, advertise Letters
4
Bonnie L. Coyle, notary fee
5
Postmaster, certified mail
SchedUeH
Fu'leraI Expes l5eS &
Aa1ir1sIraNe CosIs COI'1Iiru!d
6
Register of Wills, filing Inheritance Tax Return and Inventory
7
Reserve for Account.
FILE NUMBER
21 - 05 - 0386
Page 2 of Schedule H
11
137.03
25.00
5.00
30.00
500.00
11
.~
~
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE I
DEBTS OF DECEDENT, MORTGAGE
LIABILITIES, & LIENS
ESTATE OF
Whitcomb, Mary L.
FILE NUMBER
21-05-0386
Include unreimbursed medical expenses.
ITEM
NUMBER
I
DESCRIPTION
AMOUNT
Sarah Todd Nursing Home, final nursing care bill
2,854.29
2
PharMerica, prescriptions
382.15
3
Vascular Assoc., doctor bill
110.00
TOTAL (Also enter on line 10, Recapitulation)
3,346.44
11
REV-1513 EX+ (9-00)
SCHEDULE J
BENEFICIARIES
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Whitcomb, Mary L.
FILE NUMBER
21-05-0386
NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY
RELATIONSHIP TO
DECEDENT
Do Not UsI Trustee(s)
AMOUNT OR SHARE
OF ESTATE
I. TAXABLE DISTRIBUTIONS (include outright spousal distributions)
L.M. Whitcomb
Thomwald Home
442 Walnut Bottom Road G-5
Carlisle, PAl 70 13
Husband
Jewelry and personal
effects $2,500. Also life
interest as Beneficiary
of Standby Trust
171,585.24
2 Thomas L. Whitcomb
616 Mooreland Avenue
Carlisle, P A 17013
Daughter
1/2 remainder interest
of Standby Trust
$461,563.63/
3 Mary Luise Freeman
901 North Main Street
Byers, TX 76357
Daughter
1/2 remainder interest
of Standby Trust
$461,563.63/
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
TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET
REV-1647 EX+ (g-OO)
~
;*"
SCHEDULE M
RJTURE INTEREST COMPROMISE
(Check Box 4a on Rev-1500 Co\.e' Sheet)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Whitcomb, Mary L.
FILE NUMBER
21-05-0386
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 possession and 04
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
o Will 181 Trust 0 Other
I. Beneficiaries
1. Luther M. Whitcomb
2.
3.
4.
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 ri911t.
i Unlimited right of withdrawal D Limited right of withdrawal
III. Explanation of Compromise Offer:
Life Estate in Standby Trust under ITEM III of Will with Remainder Interest to children. Given income from this Trust
and other resources the total monthly income of surviving spouse should be approximately $8,000. Thus, it is unlikely that
there will be any principal invasion for the spouse. On the other hand, given Testator/Settlor's desire to provide for her
widower, it is unlikely that there will be any invasions for the children who are the Remaindermen. This acturial
computation should be accurate as per attached and set forth below.
husband
AGIETO
DATE OF BIRTH NEARESTBlRTHDAY
0611111912 93
Ci
NAME OF BENEFICIARY
RELATIONSHIP
IV. Summary of Compromise Offer:
1. Amount of Future Interest:
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
Check One 0 6% 0 3% ~ 0%
(also include as part of total shown on Line 15 of Cover Sheet)
4. Value of Line 1 taxable at lineal rate
06% ~4.5%
(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)
'3. 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)
1,094,712.50
171,585.24
923,127.26
Ij094,712.50
'-?l 7 r.~-; '3 C) r~'; ~~.I ,~I :_1
10~.Oti .' OS 1"1: 11:~ FE:::.l!,.'] -ZU1.LIN(:;EB L:~~J\/I~-) PHCIF 717 :1~::O--~,2ZZ
AnnUity, life E.state, and Hemamder I actors
W'hitcomb Fstate
Factor
Value.
l'
T- :~:=:7 POl,/Wl u- 510
1 U/6/200t')
Transfer Date:
~7520 Rate
Calculation Type:
Principal:
Lives
Ages:
Ufe Estate
015674
$171,585.24
4/2005
500%
life
$1,094,713
1
93
B.~lILalnder
o 8432G
$923,'127.26
LAST WILL AND TESTAMENT OF
MARY L. WHITCOMB
I, Mary L. Whitcomb, of the Borough of Carlisle, Cumberland
County, Pennsylvania, declare this to be my last Will and
Testament and revoke all Wills and Codicils previously made by
me.
ITEM I: I direct that my legally enforceable debts and
funeral expenses shall be paid from my residuary estate as soon
as practicable after my decease, as a part of the cost of
administration of my estate.
ITEM II: I bequeath all of my tangible personal property
(excluding motor vehicles, cash, securities and other tangible
evidences of intangible property), including but not limited to
all household goods, furniture and furnishings, china,
silverware, jewelry and ornaments, works of art, pictures,
wearing apparel, and personal effects, together with any policies
of insurance, including any, prepaid premiums thereon, unto my
husband, Luther M. Whitcomb, provided he shall survive me by
thirty (30) days. Should my said husband, Luther M. Whitcomb,
predecease me or die on or before the thirtieth day following my
death I bequeath such tangible personal property unto my
children, Thomas L. Whitcomb and Mary Luise Freeman, who shall be
living on the thirty-first day following my death, to be divided
-\l, "-- LLI "j- Lc . {:/c. i 1 '" [ ~
between them as they may agree in as nearly equal shares as
possible.
I direct that any costs of moving, shipping or
otherwise transporting any such items bequeathed hereunder shall
be paid by my Executor as a part of the cost of administration of
my Estate.
ITEM III: I devise and bequeath the rest, residue and
remainder of my estate of every nature and wherever situate to
the Trustee acting at the time of my death under the Trust
created by me on December 10, 1998, of which Dauphin Deposit Bank
and Trust Company, of Carlisle, Pennsylvania is Trustee IN TRUST,
for the uses and purposes and subject to the terms and conditions
thereof. My residuary estate shall be added to such Trust and
administered and distributed as a part thereof, including any
alterations or amendments thereto made pursuant to its terms or
to any other lifetime trust which I may hereafter substitute
therefor.
Should the Trust created by me on December 10, 1998 be
entirely revoked without a substitute (or other provision made in
the document of revocation) or should that Trust fail to exist or
be or become unenforceable for any reason, then my residuary
estate shall be held and administered and distributed by my
Executor as a Trustee pursuant to the terms and provisions of
that Trust as it existed on December 10, 1998, without such
resultant Trust being considered a Testamentary Trust.
1v<- fA
I'P
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\
t 1 ,) j{~tQ (;YYL,L
ITEM V: My Executors and/or Trustees and/or Custodians
herein appointed shall have, in addition to those powers vested
in them by law and any other provisions of my Will, all powens
granted by me to the Trustee in the above referenced Trust (and
any amendment of or substitute for such) as fully and complet,ely
as if the same were set forth herein in their entirety and the
same are hereby incorporated herein by reference.
ITEM V: All Federal, State and other death taxes payable
because of my death with 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 and not caused by negligent delay, shall be considered a part
of the expense of the administration of my estate and shall be
paid from the non-marital portion of my estate or of the Trust
created by me on December 10, 1998, and as referenced to in
Item III above, without apportionment or right of reimbursement,
except for the following specified death taxes, which shall be
payable from the sources specified herein (and if no source is
specified, from the source determined under the provisions of
Chapter 37 of the Pennsylvania Probate, Estates and Fiduciaries
Code, as in effect on the date of execution of this Will) :
A. Any tax imposed by Chapter 13 of the Internal
Revenue Code of 1986, as amended (herein "CODE") (generation-
skipping transfer tax) shall be payable from the property
'lilt Q [),Co l) C:h~~L
constituting such taxable transfer (except as may be provided
otherwise in later provisions hereof or in relevant Trust
instrument) i
B. Any tax resulting from the inclusion in my Estate
of any qualified retirement plan benefit under CODE Section
2039 (b) (whether such amounts are included in the probate estate)
and any tax resulting from excess retirement accumulation under
CODE Section 4980 A(d), shall be payable by the recipient(s) of
any such benefits.
C. Any tax resulting from the inclusion of any
property in my estate under CODE Section 2044 and/or CODE Section
2056(b) (7) (certain property for which marital deduction was
previously allowed), whether or not such taxes are statutorily
payable by my estate or the recipient of any such property shall
be payable by the recipient of or from such property.
D. Any additional estate tax imposed by CODE Section
2032A (valuation of certain farms, etc., real property) shall be
payable by the qualified heir or heirs whose actions result in
the imposition of such additional estate tax.
E. Any tax resulting from the inclusion in my estate
under CODE Section 2040 of the value of any jointly owned
property shall be payable by the surviving joint tenant(s) of
such property.
l\\. ~ )\_~ r tJ~-t 1.l)1i\.J~
\
F. Any tax resulting from the inclusion in my estate
under CODE Section 2042 of the proceeds of life insurance shall
be payable by the beneficiary(s) of such life insurance.
G. Any tax resulting from the inclusion in my estate
under CODE Section 2041 of the value of any property subject to a
Power of Appointment, shall be payable by the appointee of such
property.
H. Any tax payable from a Trust or other source which
instrument specifically rather than generally provides therein
for the payment of taxes shall be paid as provided for in the
relevant instrument.
ITEM VI: I appoint my husband, Luther M. Whitcomb, Executor
of this my last Will and Testament. Should my said husband fail
to qualify or cease to act as Executor, I appoint my son, Thomas
L. Whitcomb, and my daughter, Mary Luise Freeman, co-Executors of
this my last Will and Testament.
ITEM VII: I direct that my Executor or his successors,
shall not be required to give bond for the faithful performance
of their duties in any jurisdiction.
IN WITNESS WHEREOF, I have hereunto set my hand and seal,
this )O~day of December, 1998.
I. [SEAL]
The preceding instrument, consisting of five (5) typewritten
S each identified by the signature of the Testatrix, was on
page ,
the date thereof, signed, published and declared by Mary L.
h't mb the Testatrix therein named, as and for her last Will,
W ~ co ,
in the presence of us, who, at her request, in her presence and
in the presence of each other, have subscribed
ses hereto. ciJ ~ P
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF CUMBERLAND
ht1 R- J
, and
, the Testatrix and the
witnesses, respectively, whose names are signed to the foregoing
instrument, being first duly sworn, do hereby declare to the
undersigned authority that the Testatrix signed and executed the
instrument as her last Will and that she had signed willingly,
and that she executed it as her free and voluntary act for the
purposes therein expressed, and that each of the witnesses, in
the presence and hearing of the Testatrix, signed the Will as
witness and that to the best of his/her knowledge the Testatrix
was at that time eighteen years of age or older, of sound mind
and under no constraint or undue influence.
Subscribed, sworn to and acknowledged before me by
Mary L. Wh.itcOmb, tHe !estatrix, and subscribed and sworn to
before meJ?1 ~ '::;-~9[;/ltJ'A f;/N and
0< ~:rn uJ~,-- witnesses, this /(/{Lday
of December, 1998.
NOTAAW. lEAL
BOfI=~NOrAflYPU8UC
MY - CUM8DLANO COUNTY
COMMISSION EXPIRU OCToBER 17 2002
~X~,
/ Not Public
,
"
REVOCABLE STANDBY TRUST
THIS AGREEMENT OF TRUST executed in multiple counterparts
this 10 ~ day of J)-e(-e..,~b~VL, 1998, among MARY L. WHITCOMB of
616 Mooreland Avenue, Carlisle, Pennsylvania 17012 (hereinafter
called "SETTLOR"), and DAUPHIN DEPOSIT BANK AND TRUST COMPANY OF
CARLISLE, PA (hereinafter whether singular or plural, masculine or
feminine, individual or corporate, called "TRUSTEE").
WIT N E SSE T H :
WHEREAS, SETTLOR has created this Trust by this Agreement and
by deposit with TRUSTEE of the sum of $10.00; and
WHEREAS, SETTLOR or other persons may, by inter vivos
transfer, Will, beneficiary designation or otherwise, contribute
or add cash or other property to this trust; and
WHEREAS, SETTLOR may designate TRUSTEE as beneficiary under
certain life insurance policies which (when such designa!tion
occurs) will be described and listed on a Schedule to be attached
hereto and made a part hereof.
NOW, THEREFORE, TRUSTEE agrees:
to hold any property, real
or personal, that has been or may be contributed or added to the
Tru~t, (either before or after any insur~nce or similar policies
or plans); to collect the proceeds of any such policies upon
maturity thereof by the death of the insured; and to hold such
property and proceeds and additions (such property and proceeds
and additions being hereinafter called the "Principal"), IN TRQST,
as specified and provided for below.
FIRST:
During the SETTLOR's lifetime, the TRUSTEE shall
,
...
invest and manage the Principal as a separate trust and make
distributions as follows:
A. TRUSTEE shall pay from the net income therefrom
such periodic installments to SETTLOR for and during her
lifetime as SETTLOR shall request, provided that if, in the
opinion of TRUSTEE, SETTLOR should by reason of age, illhess,
or for any other cause become incapable of appropriately
receiving or disbursing income TRUSTEE may then apply the net
income of this Trust for the support of SETTLOR to maintain
her in the station of life to which she is accustomed at the
creation of this trust. Any income in excess of $500.00 not
disbursed hereunder or as directed by SETTLOR under ARTICLE
SEVENTH shall periodically be added to Principal.
B. As much of the accumulated income and Principal of
this Trust as TRUSTEE in TRUSTEE'S sole discretion may from
time to time think advisable for the support of SETTLQR to
maintain her in the station of life to which she is
accustomed at the creation of this trust, or during illness
or emergency, shall be either paid to her or else applied
directly for her benefit by TRUSTEE.
SECOND: At SETTLOR's death, if SETTLOR I s husband, LUTHBR M.
WHITCOMB, survives SETTLOR {and he shall be presumed to have
survived her unless it appears unmistakably that he predeceased
her} and if the federal estate tax falling due because of
SETTLOR's death will be reduced by making this gift for his
benefit, then upon SETTLOR's death, this TRUST shall become
2
,
~
irrevocable and TRUSTEE shall set aside in a separate share under
this Article SECOND .A. the least amount (based upon values as
finally determined for federal estate tax purposes) as shall be
needed for the federal estate tax marital deduction to reduce the
federal estate tax to the lowest possible figure after full use of
all other deductions and credits allowable in calculating the
federal estate tax, except such amounts shall be calculated
without regard to the augmenting of SETTLOR's estate by reason of
generation-skipping transfers and without regard for any credit
for state death taxes that would not otherwise be payable.
This
Article SECOND.A. is intended to take advantage of the unlimited
marital deduction provided in Internal Revenue Code-Section 2056
).
(as amended) or such other similar section as may be in effect at
the time of SETTLOR's death. Accordingly, it is agreed that:
1. The amount of this gift shall be undiminished by
any income, estate, succession, legacy, death, inheritance,
or any generation-skipping tax or any interest or penalties
thereon.
2 .
The
take
into
amount of
the gift
shall
consideration the value of any property, including property
or interests in property under other provisions of this
Trust, under the provisions of SETTLOR's Will, by rights of
survivorship, by operation of law, by insurance, annuity, or
endowment contract or otherwise, which SETTLOR's husbanQ has
received prior to SETTLOR's death or at SETTLOR's death 'will
receive other than pursuant to this Article SECOND.A. which
3
,
.,
is includable in SETTLOR's gross estate for Federal Estate
Tax purposes and with respect to which the marital deduction
or other similar benefit is allowable.
3. No property ineligible for the marital deduction,
or any similar benefit, shall be distributed to this gift for
SETTLOR's husband, pursuant to this Article SECOND.A.
4. Either cash or investments or both may be allocated
to the gift under this Article SECOND.A.
5. Any property allocated under this Article SECOND.A.
in kind shall be valued at the value at which it is finally
included in SETTLOR I S gross estate for Federal Estate Tax
purposes, but in no event shall any such property be valued
at less than its fair market value on the date of allocation
to this gift.
6. SETTLOR's husband shall be paid the entire amount
of this gift as soon as is practicable after SETTLOR's death,
absolutely and free of Trust.
7. Should SETTLOR's husband disclaim all or any
portion of any assets passing to him on account of SETTLOR's
death (including any portion of this MARITAL DEDUCTION SHARE)
(and SETTLOR's husband. is reminded that it may be wise to
disclaim certain assets in view of the anticipated
incremental estate taxes or the anticipated length of his
survival, even though such disclaimer may result in the
payment of some death taxes by SETTLOR's estate), all of' the
disclaimed assets shall be held by the TRUSTEE, IN TRUST, for
4
...
''\
the uses and purposes, and under the terms and provisions as
are specified and contained in ARTICLE SECOND B., below.
B. TRUSTEE shall hold all of the Principal not subject
to Article SECOND A. above, as a separate Trust under this
Article SECOND. B. (which may be referred to as the By-Pass
Trust) for the following uses and purposes:
1. To pay the net income therefrom to SETTLOR's
husband, for and during his lifetime.
2. As much of the Principal of this Trust as
TRUSTEE in Trustee's sole discretion may from time to
time think advisable for the support of SETTLOR's
husband, and for the protection and preservation of his
property or for the support and education of SETTLOR's
children or grandchildren, including college education,
both graduate and undergraduate), or during illness or
emergency, shall either be paid to him or them or else
applied directly for his or their benefit by TRUSTEE
after taking into account his or their other readily
available assets and sources of income.
3. TRUSTEE may apply the net income of this Trust
for the support of SETTLOR's husband, should he by
reason of age, illness or any other cause in the
opinion of TRUSTEE be incapable of appropriately
receiving or disbursing it.
4. Upon the death of SETTLOR's husband, or ~pon
SETTLOR's death if her husband shall not survive her,
5
r-
...
,
the then remaining principal and any undistributed
income shall be distributed to SETTLOR's children,
THOMAS L. WHITCOMB and MARY LUISE FREEMAN, in equal
shares. Should any of SETTLOR's children not be then
surviving, but be survived by living issue, such issue
shall receive, per stirpes, the share that their
ancestor would have received, provided, however, that
the share for any person who shall not have attained
the age of thirty (3D) years, shall be held, IN
SEPARATE TRUST, for the following uses and purposes:
(i) To pay, appl y , or accumulate the net
income therefrom as is provided in sub-paragraph
(iv) below.
(ii) As much of the principal of each
separate trust as the TRUSTEE may from time to
time think advisable for the support and
maintenance in reasonable comfort, education and
health of such person and for the protection and
preservation of his or her property, after taking
into consideration his or her or their o:ther
readily available assets and sources of income or
during illness or emergency shall be either paid
to him or her or them or else applied directly for
his or her or their benefit by the TRUSTEE.
(iii) The beneficiaries hereunder shall be
entitled during their lifetime to withdraw sum$ of
6
,
"
principal from their trust in accordance with the
following formula:
(1) At anytime after attaining the age
of twenty-five (25) years and prior to
attaining the age of thirty (30) years, such
sums as shall not exceed one-half of the
market value of the principal as constituted
on his or her twenty-fifth (25th) birthday or
on the creation of his or her separate trust,
whichever shall last occur.
(2) At anytime after attaining the age
of thirty (30) years, any and all principal
remaining and any accumulated and
undistributed income. Upon the death of any
beneficiary, his or her trust shall terminate
and the then remaining principal and any
undistributed income shall be distributed,
per stirpes, to his then living issue, and in
default of such issue, shall be added to the
shares of SETTLOR's other then living
children or of the then living issue of
children who survive SETTLOR but are then
deceased, per stirpes.
(iv) TRUSTEE shall have the authority and
power, with a view towards minimization of income
taxes, to deal with the income of this Trust in
7
anyone or more of the following ways:
(1) To accumulate income;
(2) To distribute income to a custodian
for the benefit of any minor (under 21)
beneficiary, under the Uniform Transfers for
Minors Act of any appropriate state. The
Custodian may be the TRUSTEE (other than
SETTLOR's spouse) or may be selected by the
TRUSTEE;
(3) To distribute income to a
beneficiary who is twenty-one (21) years of
age or older.
These powers may be exercised or not
exercised by TRUSTEE in TRUSTEE's absolute
discretion and may be exercised in differing
amounts, or differently in different years
and no beneficiary shall have any claim
against TRUSTEE or right of reimbursement
from TRUSTEE or the Trust on account of
TRUSTEE's exercise or non-exercise of any of
these powers.
(v) Anything herein to the contrary
notwithstanding, any provision of this Trust which
would result in actuality in a violation of the
Pennsylvania rule against perpetuities is amended
to require that the Trust be terminated one day
8
before such violation and the principal disbursed
to the persons then entitled to the income in the
proportions of their entitlement to income.
5. In the event that at the death of the survivor of
SETTLOR and SETTLOR's husband no issue of them shall then be
living, the entire balance of this TRUST shall be distributed
as follows:
(i) 50% thereof to GRACE UNITED METHODIST CHURCH
of 45 West South Street, Carlisle, PA;
(ii) 25% thereof to DICKINSON COLLEGE of
Carlisle, PA; and
(iii) 25% thereof to the CUMBERLAND COUNTY
HISTORICAL SOCIETY presently of 21 North Pitt Street,
Carlisle, PA.
THIRD: The Principal and income of this TRUST shall be free
from anticipation, assignment, pledge or obligation of SETTLOR or
of any beneficiary and shall not be subject to voluntary or
involuntary alienation, or levy or seizure by any creditor,
spouse, assignee or trustee or receiver in bankruptcy, or anyone
obligated for the support of SETTLOR or any beneficiary (including
any government or governmental agency or private agency which has
provided benefits or services to SETTLOR or to any beneficiary) .
It is SETTLOR's intention herein to provide for SETTLOR's and any
other beneficiary's comfort and happiness without interfering
with, reducing or disqualifying anyone from aid, benefitSi or
services he or she would otherwise be entitled to and to maximize
9
the ultimate distributive shares for all of SETTLOR's ultimate
beneficiaries. SETTLOR does hereby specially waive, renounce and
disclaim any rights which she, her heirs and assigns, and any
other person or entity may otherwise have to seek invasion of the
assets of this Trust pursuant to any statute or rule of law of any
jurisdiction. The TRUSTEE may pay over any sums to be distributed
herefrom to the persons herein designated without regard to any
attempted anticipation (except as specifically provided in this
Agreement), pledging or assignment and without regard to any claim
thereto or attempted levy, attachment, seizure or other process
against TRUSTEE.
FOURTH: TRUSTEE shall have the power, but not the duty, to
make such expenditures out of the Principal allocated to the TRUST
in Article SECOND.B as TRUSTEE may consider desirable in order to
facilitate the settlement of SETTLOR's estate and also in the
event SETTLOR's husband survives her, in order to facilitate
settlement of his estate provided that in no event in settlement
of SETTLOR's estate shall any paYment for such purposes be made
out of the assets allocable to the marital share in Article
SECOND .Ai and further provided that no property which would be
otherwise exempt from federal estate"or state death taxes shall be
used to make any paYments under this Article, or in any other
fashion, so as to make the property so used become subj ect to
federal estate or state death taxes.
I
In exercising such po~er,
TRUSTEE may pay, in whole or in part, any or all of the following
items:
the expenses of SETTLOR's or her husband's last illness
10
and burial, including cost of gravemarkeri his or her debts; his
or her income taxes i the death taxes on any or all property
included in his or her gross estate for tax purposes and not
including any generation-skipping transfer tax for which SETTLOR
might be liable as a transferor under Section 2603(a) (3) of the
Internal Revenue Code, including any interest or penalty imposed
in connection with such taxi and all other items in connection
with the settlement of his or her estate. Any such items may be
paid directly by TRUSTEE or the funds for their payment may be
transferred by TRUSTEE to SETTLOR's or SETTLOR's husband's
executor or administrator i and neither such executor or
administrator nor any beneficiary of SETTLOR1s or SETTLOR's
husband's estate shall be required to reimburse TRUSTEE for any
funds so paid or transferred. All such death taxes on present or
future interests shall be paid at such time or times as TRUSTEE
may think, regardless of whether such taxes are then due. The
provisions of this ARTICLE and the tax payment provisions of
SETTLOR's will shall be interpreted as an integrated whole and
each fiduciary is authorized to rely upon certifications from any
others as to the amounts of various taxes, expenses and assets and
shall .make decisions with a view toward overall minimalization of
taxes.
FIFTH: SETTLOR's TRUSTEE(S), Executor(s) and Custodian(s)
(whether masculine or feminine, singular or plural, corporat~ or
individual and sometimes referred to as "fiduciaries" or
"fiduciary") shall have the following powers in addition to those
11
vested in them by law and by other provisions of SETTLOR's Will or
this Trust applicable to all property, whether Principal or
income, including property held for minors, exercisable without
court approval, and effective until 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 ordered
to do so by a court of competent jurisdiction or as required
to do so under a state statute not providing for release of
such requirements by a testator or settlor. Any beneficiary,
however, will have the right at reasonable times to request
of and receive an accounting of such matters as are pertinent
to that beneficiary. Income tax returns and other relevant
information may be submitted to satisfy this requirement.
C. If there is no corporate fiduciary acting
hereunder, TRUSTEE may designate a corporation (regardless of
where organized or headquartered) with fiduciary powers to
act as agent or custodian hereunder, may delegate to it such
duties as may be appropriate (including investment
recommendation duties), may pay to it reasonable compensation
for its services, and may discharge it with or without caUse.
D. To retain any or all of the assets of SETTLOR IS
estate, or this Trust, real or personal, including stock of
12
any corporate fiduciary, without regard to any principle of
diversification or risk. 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 shall include the right to possession of
such residential real estate {and if the income beneficiary
is SETTLOR's spouse, he shall have the right to share that
possession with such other members of SETTLOR's family as he
shall determine}. The costs of obtaining, maintaining,
insuring, operating, repairing and/or replacing such 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. TRUSTEE
shall consult with SETTLOR's husband prior to sale or other
disposition of such residential real estate, and shall not
dispose of such residential real estate without the consent
of SETTLOR's spouse or his or her agreement concerning a
substitute or replacement residence. TRUSTEE is authorized
to execute and deliver such Deeds, assignments or other
documents as may be necessary and desirable to effectuate the
transfer of ownership of any interest in any real estate.
E. To invest in all forms of property, including
stock, common trust funds, and mortgage investment funds
whether operated by SETTLOR's fiduciary or others, without
restriction to investments authorized for Pennsylvania
13
Fiduciaries, as they deem proper, without regard to any
principle of diversification or risk.
F. To sell at public or private sale, to exchange, or
to lease for any period of time, any real or personal
property and to give options for sales, exchanges or leases,
for such prices and upon such terms or conditions as they
deem proper.
G. To allocate receipts and expenses to Principal or
income or partly to each as they from time to time think
proper in their sole discretion.
H. To borrow from or to sell to SETTLOR's Executor or
other TRUSTEE even though such Executor or other TRUSTEE may
be also be SETTLOR's TRUSTEE hereunder.
I. To cause the title to any property held hereunder
to stand in the name of a nominee or nominees.
J. To repair, alter or improve any real or personal
property; to borrow money, including the right to borrow
money from any fiduciary hereunder, and to pledge, mortgage,
or create a security interest in any property held by them as
security 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 SETTLOR's estate, with
or without interest, for any purpose whatsoever, and to
exercise options of any kind.
K. To subscribe for or to exercise options for stocks,
bonds or other investments; to join in any plan of lease,
14
mortgage, merger, consolidation, reorganization, foreclosure
or voting trust and to deposit securities thereunder; to vote
securi ties in person or by proxy, in such connection to
delegate discretionary powers; and generally to exercise all
the rights of
security holders or employees of any
corporation.
L. To compromise, submit to arbitration or release any
claim of SETTLOR's estate or any TRUST against others and to
pay, compromise, or submit to arbitration any claim of others
against SETTLOR's 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
administrative expenses either as income tax or as estate tax
deductions, without regard to whether the expenses were paid
from Principal or income, without regard to whether the size
of the marital deduction share created in ARTICLE SECOND A
hereof will be increased thereby, and without requiring
reimbursement.
O. To receive other property of any type acceptable to
the TRUSTEE, including, but not in way of limitation, life
insurance proceeds,
which may be devised,
bequeathed,
I
assigned, granted, conveyed or made payable to the TRUSTE~ by
any other person, to be added to and administered in
accordance with the then applicable provisions of this T~st;
15
provided, however, if more than one TRUST is then being
administered hereunder, such other person may specify, in the
instrument of transfer, among which TRUSTS, and in what
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
reasonable times to request of and receive from the TRUSTEE a
complete written accounting of such matters pertaining to the
administration of the trust as are pertinent to that
beneficiary. In the TRUSTEE's discretion, income tax returns
of the TRUST and any other relevant information may be used
to satisfy such request.
R. In making distribution of this Trust, TRUSTEE is
hereby granted the power to make non-prorata distribution of
assets in kind.
S. TRUSTEE in addition to other powers granted shall
have the authority to purchase life insurance on the lives of
any or all beneficiaries of the TRUST. In addition, specific
authority or power is granted to pay premiums on existing
policies as well as those purchased after the creation of' the
TRUST even though said policies may not be owned by or
payable to the TRUSTEE as beneficiary. Premiums may be paid
from the income of the trust estate or, if necessary, fpom
16
Principal.
T. Should the Principal of any TRUST herein provided
for be or become so small that, in the TRUSTEE's discretion,
establishment or continuance of TRUST is inadvisable, TRUSTEE
may make immediate distribution of the then remaining
principal and any accumulated or undistributed income
outright to the person or persons and in the proportions they
are then entitled to. If any such person is then a minor,
distribution may be made to that person's guardian, or to a
person selected by the TRUSTEE to be custodian for such
person until the age of twenty-one (21) years under the
Pennsylvania Uniform Transfers for Minors Act.
U. SETTLOR's fiduciaries, generally, shall have full
power and authority to exercise all rights and privileges
appurtenant to any property held by them, and to execute and
deliver any and all instruments which may be necessary or
expedient in the exercise of the powers granted herein.
V. Any fiduciaries are authorized to make
distributions in any manner which he or she deems to be in
the best interest of a beneficiary, including:
1. To such beneficiary directly, including
mailing to his or her last-known address or depositing
to his or her bank account or to a bank account to be
opened by him or her; and
2. To an existing TRUST (or fund thereof) for the
sole benefit of such beneficiary and providing no less
17
a right to present enj oyment of income and Principal
that would be the case under the TRUST hereunder; and
3. Directly to third persons for the sole benefit
of such beneficiary or such beneficiary's dependents.
4. The receipt for any distribution made in
conformity with the above provisions will fully
discharge TRUSTEE from any further liability for that
distribution.
S. No fiduciary will exercise any discretionary
authority to distribute Principal or income for the
benefit of any beneficiary to reimburse any
governmental or private entity which may have incurred
expense for the benefit of that beneficiary or pay any
obligation of a beneficiary if that expense or
obligation is otherwise payable by any governmental or
private entity or pursuant to any governmental or
private program of reimbursement or payment. SETTLOR
does hereby specifically waive, renounce and disclaim
any rights which SETTLOR, SETTLOR's heirs and assigns,
and any other person or entity may otherwise have to
seek invasion of the assets of SETTLOR's estate or any
TRUST hereunder, pursuant to any rule of law or statute
of any jurisdiction.
w. In any proceeding, legal or equitable, forma} or
informal, in court or out of court, in any jurisdiction,
concerning any property or personal rights or interests,
18
whether vested or contingent, which arise hereunder, the
interests of the following persons shall be represented as
hereinafter provided for:
1. In the case of beneficiaries whose whereabouts
cannot be
ascertained,
TRUSTEE or
executor will
represent them.
2. In the case of beneficiaries who are unborn,
unknown, incompetent, or otherwise subject to the
appointment of a guardian and a guardian for such
beneficiary has not been designated, the following
persons in the order named will represent them:
(a) The oldest competent parent, or if there
is no competent parent, the oldest comp~tent
grandparent, of such beneficiary.
(b) The oldest competent sibling.
(c) The oldest competent child, or if there
is no competent child, the oldest competent child
of a sibling of such beneficiary.
3. Unborn beneficiaries will be represented by
their parent who is related most closely to SETTLOR.
No person will represent a beneficiary if it could or
would result in an increase of federal or state income,
gains, gift, death or other
x. If there are co-fiduciaries serving hereunder, they
may delegate any and all management duties ,and
responsibilities to one of them. Such co-fiduciaries rray,
19
for example, designate one of them to maintain a bank account
or accounts, and in that instance the signature of only that
fiduciary shall be required to open and maintain such
account, to deposit funds to such account and to write checks
on such account.
SIXTH:
TRUSTEE shall have no duty to but may pay any
premiums on any life insurance policies subject hereto and the
companies issuing such policies shall have no responsibility to
see to the fulfillment of this TRUST or the application of the
proceeds of such policies and TRUSTEE shall have no duty to but
may bring suit upon any of such life insurance policies subject
hereto if it holds funds hereunder out of which it may be (or if
by appropriate actions of beneficiaries or others) indemnified
against all costs, legal fees and other expenses of suit.
SEVENTH:
SETTLOR reserves to herself the following rights
{each of which may be exercised by SETTLOR alone (or by a duly
constituted attorney-in-fact for SETTLOR) whenever and as often as
SETTLOR may wish) :
A. All rights now or hereafter vested in SETTLOR as
the owner and the insured under any life insurance policies
subject hereto, including, but "not limited to, the rights to
change beneficiaries, to borrow on policies either from the
issuing companies or from other institutions or other
persons, to assign and pledge policies for any loan an~ to
,
receive dividends and all other payments available to: the
20
owner and the insured; and
B. The right by an instrument in writing intended to
take effect during SETTLOR's lifetime signed by SETTLOR and
delivered to TRUSTEE to revoke or amend this Agreement in
whole or in part or to withdraw sums of income and/or
Principal or to direct payments of income or Principal to
others, provided that the duties, powers and liabilities of
TRUSTEE shall not be substantially changed without TRUSTEE's
written consent.
EIGHTH: Subject to the approval of TRUSTEE, anyone may add
property, real or personal, to the Principal of this Trust by
Deed, Will or otherwise. In addition, SETTLOR specifically
authorizes TRUSTEE to receive property transferred into the Trust
by SETTLOR's attorney-in-fact (including transfers from TRUSTEE
acting as attorney-in-fact for SETTLOR) .
NINTH: TRUSTEE shall recei ve compensation for the
performance of its functions hereunder in accordance with its
standard schedule of fees in effect from time to time during the
period over which it services are performed, provided that any
increase over its present schedule of fees must be approved by
SETTLOR or after' SETTLOR's death by a majority of the income
beneficiaries who are living and sui juris and then entitled to
receive income currently. In no case, however, shall TRUSTE~ be
entitled to compensation until this TRUST is funded with aS$;iets
requiring administration.
TENTH: The situs of this Trust for administrative and
21
accounting purposes shall be in the County of Cumberland,
Commonwealth of Pennsylvania, and all questions pertaining to the
construction or validity of the provisions of this instrument
shall be governed by the laws of Pennsylvania. Despite the
foregoing, the TRUSTEE may, at any time and from time to time,
change the situs of any TRUST created hereunder as the TRUSTEE in
his sole discretion deems desirable for the benefit or security of
this TRUST. The TRUSTEE may elect (or decline to elect) the law
of a different jurisdiction and thereafter the court of such other
jurisdiction shall have the power to effectuate the purposeS of
this instrument to such extent. The TRUSTEE may change the situs
of any TRUST created hereunder, and may change the situs of one
TRUST without changing the situs of other TRUSTS created
hereunder. This is a continuing power which will not be exhausted
by its use. The 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.
ELEVENTH: SETTLOR's children, THOMAS L. WHITCOMB and MARY
LUISE FREEMAN or the survivor of them shall have the power, in a
writing, to discharge any corporate Trustee and name a successor
Qualified Corporate Trustee as they in their discretion shall
determine. Any successor 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
"TRUSTEESII or fiduciary or fiduciaries, shall mean the TRUSTEtE: or
22
,,'
TRUSTEES serving at the time in question.
TWELFTH:
Consolidation of Multiple Trusts.
Following! the
death of SETTLOR, the TRUSTEE of any trust estate created
hereunder may, in the TRUSTEE I s discretion, combine such trust
estate with any other trust estate (whether or not created
hereunder), merging the assets of such trust estates into a single
trust estate; provided, that in all respects deemed material by
the TRUSTEE, including, but not limited to, their respective
inclusion ratios for purposes of the Federal generation skipping
transfer tax, the trust estates to be combined are held on the
same terms and conditions and for the benefit of the same
beneficiaries.
The TRUSTEE may thereafter hold, administer and
distribute the merged trust under the terms and conditions of any
one of the instruments creating any of such trusts as the TRUSTEE,
in the TRUSTEE's sole discretion, may select.
THIRTEENTH: Pennsylvania Realtv Transfer Tax Provisions. It
is SETTLOR I S intention that for purposes of the Pennsylvania
Real ty Transfer Tax Act
(and Regulations and Ordinances
thereunder) this Trust is intended to be an "ORDINARY TRUST" and
not a "LIVING TRUST", as the same are defined in Section 1101-C of
the Act.
Further, should any reai estate be transferred to the
Trust by the grantor for no or nominal actual consideration; no
portion of such real estate nor proceeds from sale of such real
,
estate shall be distributable to any possible beneficiary who is a
member of a class of persons to whom a direct transfer of the ~ame
property would not be exempt from Realty Transfer Tax.
,
This
23
'-
provision is intended to comply with the requirements and
provisions of Section 1102-c.3(8) of the Act as amended by Act 7
of 1997 and any portion hereof not in accordance therewith is
hereby amended or revoked so as to become in accordance therewith.
IN WITNESS WHEREOF the parties hereto have executed or caused
written.
this instrument to be executed the day and date first above
Witness:
Attest:
Its
~ -.-.......::::::>. _,. ~..L,' , . ~
".:,
Yke Prst.:r<,l\Y"~~
CorporiJ-s Ti-U~'i' OHkcl'!
COMMONWEALTH OF PENNSYLVANIA
- iAct-u-IK ~ tfLL'\ ~t~
Mary L. )1hi tcomb I SETTtLOR
DAUPHIN DEPOSIT BANK AND TRUSt CO,
TRUSTEE
By: ~~ /$L
Its SWIOR VICE PRESIDENT
ss.
COUNTY OF CUMBERLAND
On this, the 1{)17t~day of ~ , 1998, befd>re
me, the undersigned officer, personally appeared Mary L. Whitcomb
known to me (or satisfactorily proven) to be the person whose name
'is subscribed to the within instrument, and acknowledged that: she
executed same for the purposes therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official s~al.
NOTARIAL IIAL
80NNIa I.. OOYLI, NOT~V ,ulue
BORO OF CARUlLI, CUMI."LAHO OOUNTY
tIV COMMIIIION MXHIM OOTMlft" _.
~a~~
24
4
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF ~
ss.
On this, the /()# day of ~ ' 1998, before
me, the undersigned officer, personally~peared ,~..x~
who acknowledged himself '<J' be the ""- ~ A. ~ :.e.J _: of
~~ -tk.lq,J- -c.--f:e.,.,;-.'I;.s 'suc~ ~ation, and tha~
being authorized to do so, executed the oregoing instrument for
the purposes therein contained by signing the name of the
corporation by himself as ./.-. I/~ r;.v"~:/-_1,,
IN WITNESS WHEREOF, I hereto set my hand and official seal.
~J~~~c
i
I '. I' Notarial S8al ._,
I ,,::;r,e,oa VV. Yantz. ~jot~w' Put,!;"
I 1/,;~~I~:;:~,~;:~::;.r;:J;}~~J,i.i~"':~!t if {i)'
25
.
LEGG MASON TRUST, fsb
DESIGNATION OF SUCCESSOR CORPORATE TRUSTEE
THIS DESIGNATION of Successor Corporate Trustee executed in
multiple counter-parts this 1),"}lt\;!day of At.-t1L1~1 , 2005,
by and among THOMAS L. WHITCOMB, of the Borough of Carlisle,
Cumberland County, Pennsylvania, and MARY LUISE FREEMAN, of
Byers, Texas, (hereinafter called "Remainder Beneficiaries") and
LEGG MASON TRUST, fsb.
WITNESSETH:
WHEREAS, Mary L. Whitcomb entered a Revocable Standby Trust
with Dauphin Deposit Bank and Trust Company of Carlisle,
pennsylvania on December 10, 1998; and
WHEREAS, Mary L. Whitcomb died on April 12, 2005; and
WHEREAS, pursuant to the Last will and Testament of Mary L.
Whitcomb, the rest, residue and remainder of her Estate was
devised and bequeathed to her Revocable Standby Trust; and
WHEREAS, the original Trustee, Dauphin Deposit Bank and
Trust Company, has been acquired, by merger, by Manufacturers and
Traders Trust Company (hereinafter "M & T Trust); and
WHEREAS, Paragraph Eleventh of the Revocable Standby Trus't
provides that the Remainder Beneficiaries have the power to
discharge a corporate trustee and name a successor Qualified
corporate Trustee by written document; and
WHEREAS, the undersigned Remainder Beneficiaries have
decided to replace M & T Trust, Successor by Merger to Dauphin
Deposit Bank and Trust Company, with Legg Mason Trust, fsb, and
Legg Mason Trust, fsb has agreed to act as Successor Trustee.
NOW, THEREFORE, the parties hereto, intending to be legally
bound hereby, do covenant and agree as follows:
1. Thomas L. Whitcomb and Mary Louise Freeman, pursuant to
the authority provided in Paragraph Eleventh of the Mary L.
Whitcomb Revocable Standby Trust of December 10, 1998, hereby
discharge M & T Trust, Successor by merger to Dauphin Deposit
.
..
Bank and Trust Company as Corporate Trustee, and hereby designate
Legg Mason Trust, fsb, as Successor Trustee.
2. Legg Mason Trust, fsb, a qualified Corporate Trustee
under the laws of the Commonwealth of Pennsylvania, hereby agrees
to be the Successor Corporate Trustee of the Mary L. Whitcomb
Revocable standby Trust of December la, 1~98. Legg Mason Trust,
fsb shall not be liable for the acts or omissions of prior
Trustees.
3. In all other respects the Mary L. Whitcomb Revocable
Standby Trust of December la, 1998 be and is hereby ratified and
affirmed.
IN WITNESS WHEREOF, the parties hereto have executed or
caused this instrument to be executed the day and date first
above written.
WiJ)~ ~
~~a-~
1l ?1- :UL't I
" J~-ni~LA \ .. L. c"".,~/L
to omas L. Whitcomb -
~ ~73~
M~Luise Freeman
REMAINDER BENEFICIARIES
LEGG MASON TRUST, fsb
Attest:
BY'~
/M1'rf?oeHJ~
VUE $~~
~
."--
;- R E. U EtZ ,c/<:, N - J-IoPI'\. J /\Is
fR/rJC-./P;h_
-2-
if
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF CUMBERLAND
'i!:L
On this, the ,;lIP day of August, 2005, before me, the
undersigned officer, personally appeared Thomas L. Whitcomb, k~own
to me (or satisfactorily proven) to be the person whose name is
subscribed to the wi thin instrument, and acknowledged that he
executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I have set my hand and official seal.
~,-?;
~~~
[SEAL]
NOTARIAL SEAL
BONNIE l. COYLE, NOTARY PUBLIC
E10RO OF CARLISLE, CUMBERLAND CO. PA
OilY COMMISSION EXPIRES OCTOBER 17. 2006
STATE OF TEXAS
COUNTY OF
On this, the ?-:J- day of August, 2005, before me, the
undersigned officer, personally appeared Mary Luise Freeman, known
to me (or satisfactorily proven) to be the person whose name is
subscribed to the wi thin instrument, and acknowledged that she
executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I have set my hand and official seal.
.J2:0~ K ~~SEAL]
-
- -
-
:@
MR8MA K DEAlHEfW;f
My CornrniIIlon Ex....
February 16, 2GOI
-3-
"
cS--M-~ ~r ~UNj)
:~T1Iv'J ~;;~ ~ h-",b~
On this, the ~ day of -Au~udt, 2005, before J' the
undersigned officer I personally appeared ;I14'ff Bb/tJ<JC/ , who
acknowledges himself/herself to be 1//( (..... plLM,clel'l f- of Legg
Mason Trust, fsb, and that he/she as such c)-f-1-1c~
being duly authorized to do so, executed the foregoing instrument
for the purposes therein contained by signing the name of Legg
Mason Trust, fsb, by himself/herself as
IN WITNESS WHEREOF, I have set& ~l se::~AL]
Eileen R. Stoner
NOTARY PUBLIC
Howard Co
.~ ~.. . unty, ~ary/and
. .SSlOn EXPIres 1/1/07
-4-
'"
Register of Wills of Cumberland County, Pennsylvania
INVENTORY
Estate of
Whitcomb, Mary L.
, Deceased
No. 21 - 05 - 0386
Date of Death 4/12/2005
Social Security No. 182-40-8986
also known as
Luther M. Whitcomb
The Personal Representative(s) of the above Estate, deceased, verify that the items appearing in the following Inve tory
include all of the personal assets wherever situate and all of the real estate located in the Commonwealth of Penns vania
of said Decedent, that the valuation placed opposite each item of said Inventory represents its fair value as of the d e of the
Decedent's death, and that the Decedent owned no real estate outside of the Commonwealth of Pennsylvania exce t that
which appears in a memorandum at the end of this Inventory. I/We verify that the statements made in this Inventory re true
and correct. I/We understand that false statements herein are made subject to the penalties of 18 Pa. C. S. Section 904
relating to unsworn falsification to authorities.
I.D. No.:
19373
Signature:
",
Attorney:
Dale F Shughart, Jr. Esquire
Personal Representative
Signature: ;/~"
Luther M. Whitcomb
Signature:
Address:
35 E. High Street, Suite 203
Address: Thomwald Home
442 Walnut Bottom Road G-5
Carlisle, P A 17013
Telephone: 717-243-2961
Dated: /0/7 o{
~)
Carlisle, P A 17013
Telephone: 717/241-4311
',:)
Personal Property
5,642 shares Allied Irish Bank @ 42.223, (238,219.35) plus accrued interest 5,690.09, CUSIP
#019228402
2 3,909.44
556 shares Allstate Corp at 54.300, CUSIP #020002101
2,590 shares American Express (133,605.15) @ 51.585, plus accrued interest 310.80, CUSIP
#025816109
133,915.95
794 shares BP PLC @ 62.885, CUSIP #055622104
,930.69
(Attach additional sheets if necessary)
Total Personal Property and Real Estate
800 shares Bristol Myers Squibb @25.125 (20,100), plus accrued interest 224.00, CUSIP
#110122108
600 shares EI DU PONT DE NEMOURS @49.790, CUSIP #263534109
100 shares Eastman Chemical, @ 56.875, CUSIP #277432100
3,312 shares Exxon Moil Corp @ 60.185, CUSIP #30231GI02
$1,11 ,043.40
,
....
Register of Wills of Cumberland County, Pennsylvania
INVENTORY
continued
Estate of Whitcomb, Mary L.
No. 21 - 05 - 0386
Date of Death 41l2/2005
Social Security No. 182-40-8986
also known as
, Deceased
I
6 ,208.00
800 shares Gannett Co., Inc. @ 79.0 I 0, CUSIP #364630101
2,100 shares General Electric@ 35.880 (75,348), plus accrued interest 462.00, CUSIP
#369604103
674 shares M & T Bank@ 103.74, CUSIP #55261F104
300 shares PNC Financial @ 50.820, CUSIP #693475105
1,500 shares Pepco Holdings @ 21.190, CUSIP #713291102
800 shares Royal Dutch @ 60.835, CUSIP #780257804
3,395 shares SBC Communications @ 23.83 (80,902.85), plus accrued interest 1,094.89,
CUSIP #78387G 103
94 shares Sears Holdings @ 146.20, CUSIP #12350106
Jewelry and personal effects.
7 ,810.00
69,920.76
I ~,246.00
31,785.00
48,668.00
81,997.74
15,742.80
2,500.00
Total Personal Property
$1,Ur,,043.40
2
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
BUREAU OF INDIVIDUAL TAXES
DEPT. 280601
HARRISBURG, PA 17128-0601
REV-1162 EX(11-96)
RECEIVED FROM:
PENNSYLVANIA
INHERITANCE AND ESTATE TAX
OFFICIAL RECEIPT
NO. CD 00$894
SHUGHART DALE F JR
35 EAST HIGH STREET
SUITE 203
CARLISLE, PA 17013
ACN
ASSESSMENT AMOUNT
CONTROL
NUMBER
-------- fold ---------- --------
101 I $540.73
ESTATE INFORMATION: SSN: 182-40-8986 I
FILE NUMBER: 2105-0386 I
DECEDENT NAME: WHITCOMB MARY L I
DATE OF PAYMENT: 10/13/2005 I
POSTMARK DATE: 10/13/2005 I
COUNTY: CUMBERLAND I
DATE OF DEATH: 04/12/2005 I
I
TOTAL AMOUNT PAID: $540173
REMARKS:
CHECK# 601
INITIALS: JA
SEAL RECEIVED BY: GLENDA FARNER STRASB.AlUGH
REGISTER OF WILLS
REGISTER OF WILLS