HomeMy WebLinkAbout01-31-06
IJ-1500 EX (6-00)
OFFICIAL USE ONLY
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COMMONWEALTH OF
PENNSYLVANIA
DEPARTMENT OF REVENUE
DEPT. 280601
HARRISBURG, PA 17128-0601
REV -1500
INHERITANCE TAX RETURN
RESIDENT DECEDENT
FILE NUMBER
~L
COUN1Y CODE
~L 0931 ___
YEAR NUMBER
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DECEDENTS NAME (LAST, FIRST, AND MIDDLE INITIAL)
Wert Elwood
DATE OF DEATH (MM-DD-YEAR) DATE OF BIRTH (MM-DD-YEAR)
9/13/2005 6/18/1913
(IF APPLICABLE) SURVIVING SPOUSE'S NAME (LAST, FIRST, AND MIDDLE INITIAL)
W
SOCIAL SECURITY NUMBER
183-07-8851
THIS RETURN MUST BE FII.ED IN DUPI.ICATE WITH THE
REGISTER OF WILLS
SOCIAL SECURITY NUMBER
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[Xl 1. Original Return
D 4. Limited Estate
[i] 6. Decedent Died Testate (Attach copy of Will)
D 9. Litigation Proceeds Received
D 2. Supplemental Return D 3. Remainder Retum (date of death prior to 12-13-82)
D 4a. Future Interest Compromise (date of death after 12-12-82) [i] 5. Federal Estate Tax Return Required
D 7. Decedent Maintained a Living Trust (Attach copy oITruS!) L B. Total Number of Safe Deposit Boxes
D 10. Spousal Poverty Credit (date Df dnth between 12-31-91 and 1-1-95) D 11. Election to tax under Sec. 9113(A) (AttachSch 0)
THIS SECTION MUST BE COMPLETED, ALL COR.RESPONDENCEAND CONFIDENTIAt.:tAX INFORMATIONSHOlJLD BE blRE CTEDTe:
NAME COMPLETE MAILING ADDRESS
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CPA
5006 E Trindle Rd
Wa oner Fruti er & Daub
TELEPHONE NUMBER
717-506-1222
Mechanicsburg, PA 17050
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1. Real Estate (Schedule A)
(1)
o
o
o
o
500
o
OFFICIAL USE ONLY
2. Stocks and Bonds (Schedule B)
(2)
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3. Closely Held Corporation, Partnership or Sole-Proprietorship (3)
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4. Mortgages & Notes Receivable (Schedule 0) (4)
5. Cash, Bank Deposits & Miscellaneous Personal Property
(Schedule E) (5)
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5
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6. Jointly Owned Property (Schedule F) (6)
D Separate Billing Requested
7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (7)
(Schedule G or L)
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1,489,006
B. Total Gross Assets (total Lines 1-7)
(B)
27,235
530
(11)
(12)
(13)
(14)
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1, 48f:~06
9. Funeral Expenses & Administrative Costs (Schedule H) (9)
10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) (10)
11. Total Deductions (total Lines 9 & 10)
27,765
1,461,741
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12. Net Value of Estate (Line B minus Line 11)
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)
1,461,741
SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES
15. Amount of Line 14 taxable at the spousal tax
rate, or transfers under Sec. 9116 (a)(1.2)
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18. Amount of Line 14 taxable at collateral rate
x.O ~(15)
X.O 45 (16)
x.12 (17)
x .15 (18)
(19)
o
65,778
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16. Amount of Line 14 taxable at lineal rate
17. Amount of Line 14 taxable at sibling rate
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19. Tax Due
20. D
65,778
CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
> > BE SURE TO ANSWER ALL QUESTIONS ON REVERSESIDEANDRECHECK MATH < <
IW46451.000
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I Decedent's Complete Address:
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STREET ADDRESS
129 E Green Street
Cumberland
CITY -r STATE I ZIP
Shiremanstown PA 17011-
I Tax Payments and Credits:
1. Tax Due (Page 1 Line 19)
2. Credits/Payments
I A. Spousal Poverty Credit
8. Prior Payments
C. Discount
(1)
65,778
o
61. 750
3,250
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Total Credits (A + 8 + C) (2)
65,000
3. Interest/Penalty if applicable
D. Interest
E. Penalty
o
o
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Total Interest/Penalty (0 + E) (3)
o
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4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT.
Check box on Page 1 Line 20 to request a refund
(4)
o
5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE.
(5)
778
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A. Enter the interest on the tax due.
(5A)
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8. Enter the total of Line 5 + 5A. This is the BALANCE DUE.
Make Check Payable to: REGISTER OF WILLS, AGENT
(58)
778
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
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1. Did decedent make a transfer and: Yes
a. retain the use or income of the property transferred;. . . . . . . . . . . . . . . [Z]
b. retain the right to designate who shall use the property transferred or its income; . [Z]
c. retain a reversionary interest; or . . . . . . . . . . . . . . . . . . . . . . . . [Z]
d. receive the promise for life of either payments, benefits or care? . . . . . . . . . D
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death
without receiving adequate consideration? . . . . . . . . . . . . . . . . . . . . . . . . . . .. D
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? D
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which
contains a beneficiary designation? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. D [j
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 of pe~ury, 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 complete.
Declaration of preparer other than the personal representative is based on al' rm tion of whi pre parer has any knowledge.
No
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SIGNA 1URE OF PERSON RESPONSIBLE FOR FILING RE1URN
David EWert
ADDRESS
24025 Ellis Lane
SIGNA1URE OF PREPARER OTHER THAN REPRESENTATIVE
Newberg, OR 97132
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Timoth
ADDRESS
5006 E Trindle Rd
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L DATE
1/20 (> b
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Mechanicsburg, PA 17050
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 of the surviving spouse is 3%
[72 P.S. S 9916 (a) (1.1) (i)].
For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0% [72 P.S. 99116 (a) (1.1) (ii)]
The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and filing a tax retum are still applicable even if
the surviving spouse is the only beneficiary.
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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 natural parent, an adoptive parent,
or a stepparent of the child is 0% [72 P.S. 9 9116(a)(1.2)].
The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5%, except as noted in 72 P.S. S 9116(1 ,2) [72 P.S. 9 9116(a)(1 )].
The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12% (72 P.S. 9 9116(a)(1.3)]. A sibling is defined, under Section 9102, as an
individual who has at least one parent in common with the decedent, whether by blood or adoption.
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r. Employment of Agents
My Trustee shall have the power to employ agents including attorneys,
accountants, investment advisors, custodians, appraisers or others to advise or
assist my Trustee and to delegate to them fiduciary powers and to indemnify
them against liability for positions taken in good faith and with reasonable basis.
s. Corporate Fiduciary
If any stock of a corporate Trustee or of any affiliate.or successor of a corporate
Trustee shall be included in the assets of the trust, the Trustee shall have full
authority in the Trustee's sole discretion and notwithstanding any regulation or
rule of law to the contrary to retain the stock and any increases resulting from
stock dividends and stock splits and from the exercise of purchase rights and the
purchase of fractional shares needed to round out fractional share holdings that
may arise concerning the stock. The Trustee shall vote the stock either directly
or by proxy except to the extent the Trustee is prohibited by law from voting the
stock in accordance with the\vritten instructions of a majority of the living
beneficiaries then entitled to current distributions of income or their personal
representatives. In the event there are no eligible beneficiaries to give
instructions, the Trustee is authorized to vote the stock in the best interests of
the beneficiaries in view of the purposes for which the trust was created.
t. Investment Transactions
\Vith regard to record keeping for investment transactions, my Trustee need not
provide copies of confIrmations or similar notifications each time a trade or
investment transaction occurs, but investment transactions shall be set forth in
my Trustee's periodic accounting.
u. Repairs and Improvements
My Trustee shall have the power to make ordinary or extraordinary repairs or
alterations in buildings or other structures, to demolish any improvements, to
raze existing or erect new party walls or buildings.
v. Business Personnel
My Trustee shall have the power to elect or employ directors, officers,
employees, partners or agents of any business and to compensate such persons
whether or not any such person is a Trustee, director, officer, partner or agent
of a Trustee or a beneficiary of the trust.
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w. Farm or Ranch Property
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With respect to farm or ranch property, my Trustee shall have the' power to
participate in and operate any farming (including tree farming) or ranch
operation personally or with hired labor, tenants or sharecroppers to lease any
farm for cash or a share of crops under a lease which permits or precludes the
material participation of my Trustee, to fertilize and improve the soil, to employ
conservation practices, and to participate in government programs and to perform
any other acts deemed necessary or desirable to operate the property. In making
a decision whether to materially participate in farming or ranch operations, my
Trustee shall consider whether an election should be made or has been made
under IRC ~ 2032A to qualify for special farm-use valuation.
x. Ancillary Trustees
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If for any reason my Trustee deems it advantageous to act through an ancillary
Trustee, my Trustee may designate an ancillary personal representative or
Trustee qualified to serve in the jurisdiction where such ancillary Trustee is to
act and may delegate to such ancillary Trustee such of the powers granted under
this agreement as my Trustee deems advisable without being chargeable with
loss if any arising out of such designation or delegation. My Trustee may
specify whether any corporate Trustee or any person or persons acting in an
ancillary capacity hereunder shall serve with or without bond. Except as may
be otherwise specifically provided, no ancillary Trustee need comply with the
provisions of any Uniform Trustee's Accounting Act, the Uniform Trust Act or
similar acts in force in any state where the Trustee may be acting.
y. Retention of Closely Held Interest
My Trustee shall have the power to retain any real estate interests, closely held
securities or affiliated companies or business interests and to sell. or dispose of
such interests only after careful consideration and after determining that sale or
disposition is in the existing circumstances in the best interests of the trust or its
beneficiaries.
If at any time, this trust holds any stock in an S corporation, and my Trustee
deems it appropriate for such corporation to maintain its Subchapter Selection,
my Trustee may take all of the necessary actions to segregate the S corporation
stock and assets of this trust, and in my Trustee's sole but reasonable discretion,
and othenvise consistent with the terms of this trust to the greatest extent
possible, may form new trusts and may amend the terms of this trust agreement
as would be necessary to establish Qualified Subchapter S Trusts to hold the said
S corporation stock and assets in compliance with Internal Revenue Code
Sections 1361(b) and 1361(d)(3).
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z. Exercise of Authority
Except as otherwise provided in this agreement, my Trustee shall have the power
to do all acts that might legally be done by an individual in absolute ownership
and control of property.
aa. Powers of an Interested Trustee
Any Trustee who has an interest as a beneficiary in my trust agreement or any
trust created by it shall be an interested Trustee. In all instances where an
interested Trustee distributes or participates in the distribution of trust income
or principal to or for the benefit of such Trustee which is limited by any
standard other than the standards of education, health, maintenance and support,
then the distribution shall be limited by the ascertainable standards of education,
health, maintenance and support.
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Article Fifteen
General Provisions
Section 1.
Spendthrift Protection
Neither the principal nor the income of any trust created or contained under my trust agreement
shall be liable for the debts of a beneficiary nor shall the same be subject to seizure by any
creditor of any beneficiary under any lien or proceeding at law or equity. Except to the extent
otherwise expressly provided in my trust agreement, no beneficiary shall have the authority or
power to sell, assign, transfer, encumber or in .any manner to dispose of a beneficial interest
whether income or principal. The limitations herein shall not restrict the exercise of any power
of appointment or the right to disclaim by any beneficiary.
Section 2.
The Rule Against Perpetuities
Unless sooner terminated or vested in accordance with other provisions of my trust agreement,
all . interests not otherwise vested including but not limited to all trusts and powers of
appointment created hereunder shall terminate one day prior to twenty-one (21) years after the
death of the last survivor of the group composed of me and my lineal descendants living on. the
date of my death. At that time, distribution of all principal and all accrued, accumulated and
undistributed income shall be made to the persons then entitled to distributions of income or
principal and in the manner and proportions herein stated irrespective of their then attained ages.
Section 3.
Incapacity
A person shall be considered incapaCitated in the event such person has been determined to be
legally incompetent by a court of competent jurisdiction; has been certified to be unable to
property handle his or her own affairs by reason of physical illness or mental illness; or is
unable freely to communicate for a period of 90 days.
Section 4.
Income and Principal Payments
All payments of income or principal shall be made in such of the following ways as my Trustee
determines appropriate:
a.
To each respective beneficiary in person upon his or her personal
receipt;
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b.
Deposited in any bank to the credit of such beneficiary in any account
carried in his or her name or jointly with another or others;
c.
To the parent or legal representative of the beneficiary;
d.
To a Custodian under a Uniform Transfers to Minors Act or Uniform
Gifts to ~linors Act selected by my Trustee for such period of time
under applicable law as my Trustee determines appropriate;
e.
To some near relative, friend or institution having primary
responsibility for the care and custody of the beneficiary;
f.
By my Trustee using such. payment directly for the benefit of such
beneficiary; or
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To the Trustee of any revocable trust of which the beneficiary is the
Trustor.
Section 5.
Limit on Trustee's Discretion
Notwithstanding any other provisio'n in my trust agreement, other than my Surviving Spouse
with respect to a Survivor's Trust, no individual Trustee who is also a beneficiary hereunder
shall have any right, power, duty or discretion concerning my trust estate if such right, power,
duty or discretion conferred upon such Trustee under my trust agreement is determined to be
a general power of appointment under Code Section 2041 or 2514 wlllch would cause any assets
of my trust estate to be included in the estate of such Trustee-beneficiary. Any such right,
power, duty or discretion with such effect shall be null and void with respect to such
Trustee-beneficiary. No Trustee who is under a legal obligation to any beneficiary of my trust
agreement or other person shall under any circumstances partake in any decisions relating to any
discretionary distributions of income or principal of my Trust which can be used to discharge
any such legal obligation of such Trustee.
Section 6.
No-Contest Clause
If any person or entity, other than me, singularly, or in conjunction with any other person or
entity, directly or indirectly, contests in any court the validity of my trust agreement, including
any amendments thereto, then the right of that person or entity to take any interest in my trust
estate or to act in any fiduciary capacity shall cease, and that person (and his or her descendants)
or entity shall be deemed to have predeceased me.
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Section 7.
Disclaimer by Beneficiary
A beneficiary shall be entitled to accelerate any distribution to the beneficiary or to terminate
his or her trust interest and thereafter receive outright distribution by use of a disclaimer.
Section 8.
Captions
The captions of Articles, Sections and Paragraphs used in my trust agreement are for
convenience of reference only and shall have no significance in the construction or interpretation
of my trust agreement.
Section 9.
Severability
Should any of the provisions of my trust agreement be for any reason declared invalid, such
invalidity shall not affect any of the other provisions of my trust agreement, and all invalid
provisions shall be wholly disregarded in interpreting my trust agreement.
Section 10.
Statutory References
Unless the context clearly requires another construction, each statutory reference in my trust
agreement shall be construed to refer to the statutory section mentioned, related successor
sections and corresponding provisions of any subsequent law including all amendments.
Section 11.
Gender and Number
In my trust agreement where appropriate except where the context otherwise requires, the
singular includes the plural and vice versa and words of any gender shall not be limited to that
gender.
Section 12.
Simultaneous Deaths
If any beneficiary under my trust agreement and I die under circumstances in which the order
of deaths cannot be established, I shall be deemed to have predeceased the beneficiary and my
trust agreement shall be construed accordingly.
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. Section .13.
Governing State Law
My trust agreement and the trusts created under it shall be construed, regulated and governed
by and in accordance with the laws of the Commonwealth of Pennsylvania.
Section 14.
Definitions
The following terms as used in my trust agreement are defined as indicated:
a. Beneficiary Designation
The term "Beneficiary Designation" means any document executed by me
which affects the manner of payment of amounts held in a plan (of whatever
type) subject to the distribution rules of section 401(a)(9) of the Code, or any
commercial annuity or any similar deferred payment arrangement.
b. Code
The term "Code" means the Internal Revenue Code of 1986, as amended from
time to time. The terms "gross estate," "adjusted gross estate," "taxable
estate," "unified credit," "state death taxcredit," "maximum marital deduction,"
"marital deduction, r. and any other form which from the context in which they
are used refer to the Code, shall have the same meaning as such terms have for
the purposes of applying the Code to my trust agreement.
c.
Child, Children, Issue and Descendants
The terms "child" or "children" means lawful blood descendants in the first
degree of the parent designated: and "issue" and "descendants" mean the lawful
blood descendants in any degree of the ancestor designated provided, however,
that if a person has. been adopted, that person shall be considered a child of
such adopting parent and such adopted child and his or her issue shall be
considered as issue of the adopting parent or parents and of anyone who is by
blood or adoption an ancestor of the adopting parent or either of the adopting
parents. The terms "child," "children," "issue," "descendant" and
"descendants" or those terms preceded by the terms "living" or "then living"
shall include the lawful blood descendant in the appropriate degree of the
ancestor designated even though such descendant is born after the death of a
parent.
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d. Death Taxes
The term "death taxes" means all inheritance, estate, succession and other
similar taxes that are payable by any person on account of that person's interest
in the estate of the decedent or by reason of the decedent's death, including
penalties and interest but excluding the following:
1. Any addition to the federal estate tax for any 11 excess
retirement accumulation" under Code Section 4980A;
2. Any additional tax that may be assessed under Internal
Revenue Code Section 2032A; and
3. Any federal or state tax imposed on a generation-
skipping transfer, as that term is defined in the federal
tax laws, unless that generation-skipping transfer tax is
payable directly out of the assets of a trust created by
my trust agreement.
e. Deceased Trustor
The term "Deceased Trustor" means a Trustor who has died.
)
f.
Education
The term II education" shall be given broad interpretation and may include but
not be limited to:
. 1. High School
Education at public or private elementary or. high schools,
including boarding schools.
2. College
Undergraduate and graduate study in any and all fields
. whatsoever, whether of a professional character in colleges
or other institutions of higher learning.
)
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3. Specialized Training
Specialized formal or informal training.in music, the stage,
the handicrafts, the arts, or vocational or trade schools
whether by private instruction or otherwise.
4. Other Educational Activities
Any other activity including foreign or domestic travel
which shall tend to develop fully the talents and
potentialities of each beneficiary regardless of age.
g. Heirs at Law
References to someone's "heirs at law" mean individuals, who are living at the
event when property is directed to be distributed to them. Those individuals'
identities, and the-shares of the distributable property which they each receive,
shall be determined under the intestacy laws of the Commonwealth _ of
Pennsylvania which then govern the distribution of the personal property of a
resident dying then. without creditors, owning only the distributable assets.
h. Personal Representative
The term "Personal Representative" means trustee, executor, executrix,
administrator, administratrix, conservator, guardian, custodian or any other type
of personal representation.
i. Per Stirpes
In every case in which a disposition of an interest is to be made to the issue of
a person "per stirpes" it is intended that such disposition shall be made in
accordance with the principle of representation. This principle in relation to my
trust agreement means that whenever property is to be distributed to the issue
of a person such property shall be divided into as many shares as there are, at
the time of disposition, living issue in the nearest degree of kinship to such
person and then deceased issue in the same degree who left issue who are then
living, each then living issue in the nearest degree receiving one share and the
share of each then deceased issue in the same degree being divided among his
or her issue in the same manner.
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j. Trust Estate
All of the property, real and personal, intangible and tangible, which has been
transferred to my Trustee, whether or not listed on any Exhibits.
k. Trustee's Discretion
The term "discretion" with regard to a Trustee means such Trustee's sole but
reasonable judgment. In exercising any discretionary power with respect to my
Trust, my Trustee shall at all times act in accordance with fiduciary principles
and shall act reasonably under the circumstances and not in bad faith or in
disregard of the purposes of my Trust.
l. Unp.sed Generation Skipping Tax Exemption Equivalent
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The term "Unused Generation Skipping Tax Exemption Equivalent" means the
generation-skipping transfer tax exemption provided in section 2631 of the Code
in effect at the time of death of a Trustor, reduced by the aggregate of (1) the
amount, if any, of such exemption allocated by a Trustor or by operation of law
to a Trustor's lifetime transfers and (2) the amount, if "any, a Trustor or a
Trustor's Personal Representative or a Trustee has specifically allocated to
property other than property to which such exemption is directed to be allocated
by any applicable provision of my trust agreement.
For purposes of my trust agreement, if at the time of death of a Trustor, such
Trustor has made lifetime transfers of property to which an inclusion ratio of
greater than zero would be applicable and for which the gift tax return due date
has not expired (including extensions) and a return has not yet been fIled, it
shall be deemed that the generation-skipping transfer exemption has been
allocated to such transfers to the extent necessary and possible to exempt such
transfers from generation-skipping transfer tax.
m. Unused Unified Credit Equivalent
The term "Unused UnifIed Credit Equivalent" means that the value of a
Deceased Trustor's taxable estate determined without regard to the marital
deduction which can be transferred at death without causing any federal estate
tax liability because of:
1. Any available Unified Credit,
2. The Credit for State Death Tax to the extent it does not
increase the amount of death taxes payable to any state,
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15-7
.ELWOOD W. vVERT LIVING TRUST
Article One
Trust Creation
Section 1.. Parties to My Trust
This trust :.greement dated OCT 1.:1. 1997
Trustor, aJ]ti the following initial Trustee(s):
I
is made between ELWOO) W. WERT, the
ELWOOD W. WERT
ALVENA K. WERT
S t' "
f:C IOn ...
Name of My Trust
This trust may be referred to as the:
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ELWOOD W. WERT LIVING TRUST, dated OCT 14 1997
The formed name of my trust arid the designation to be used for the transfer of title tt) the name
of my trult is:
ELWOOD W. WERT and ALVENA K. WERT, Trustees, or their successo;;s in tIust,
under the ELWOOD W. WERT LIVING TRUST dated OCT 14 1997_ and any
an I endments thereto
Section 3. Revocable Living Trust
My trust is a revocable living trust. Notwithstanding the preceding sentence. my trust agreement
may cre:31e an irrevocable family and irrevocable survivor's retirement subt:ust fa:: retirement
1::enetits planning. Such irrevocable retirement subtrusls shall be administered without regard to
qny ameIldments to my trust agreement other than an amend~ent which elimir ales either or both
such Tru!:ts.
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3. The Credit for Prior Transfers,
4. Allowable exclusions from the Taxable Estate;
and which is in excess of the net value of all property includable in the taxable
estate of a .Deceased Trustor which does not qualify for the marital deduction
or any other deduction and which passes outside of this Trust (whether by way
of joint tenancy, life insurance contract, will, or otherwise) and under other
provisions of this Trust.
I have executed my trust agreement on the date set forth on the first page of my trust agreement.
I certify that I have read my trust agreement and that it correctly states the terms and conditions
under which my trust estate is to be held, managed and disposed of by my Trustee. I approve
this revocable living trust in all particulars and request my Trustee to execute it.
!!:~kl. u LeAr
ELWOOD W. RT, Trustor
ejJA~ ,t<)M(-
ELWOOD W. T, Trustee
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ALVENA K. WERT, Trustee
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STATE OF PENNSYLVANIA
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SS
COUNTY OF DAUPHIN )
On this the I~ft day of ~ot , 1997, before me, Lr1Jbl:--.L~ fe:rreJ8HJr:P- , the
undersigned officer, personally appeared ELWOOD W. WERT, Trustor, known to me (or
satisfactorily proven) to be the person whose name is subscribed to the within instrument and
acknowledged that he executed the same for the purposes therein contained. .
In witness whereof I hereunto set my hand and official seal.
VJ Uf Y?J~.' /.)
~M .', ..'
, .~
Notary Public
. Notarial Seal .
Linda L. Fetterhoff. Notary Public
T i'\ n County
Title of Officer My Commission Expires Nov. 8, 1999
Member, Pennsylvania Association of Notaries
STATE OF PENNSYLVANIA
)
55
COUNTY OF DAUPHIN )
On ti-lis the t~tt\.;day of &eJ:-. 1997, before me, LttJ()/J.-l. k~ , the
undersigned officer, personally appeared ELWOOD W. WERT and ALVENA K. WERT, Trustees,
known to me (or satisfactorily proven) to be the persons whose names are subscribed to the
within instrument and acknowledged that they executed the same for the purposes therein
contained.
In witness whereof I hereunto set my hand and official seal.
~~~ . (I J-ffi~
Notary Public
Title of Officer
Notarial Seal .
Linda L. Fetterhoff. Notary Public
Derry Twp.. Dauphin County 0 9
My Commission ExpIres Nov. 8, 1 ~9 .
Member, Pennsylvania Msociation of Notanes
15-9
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THE ELWOOD W. WERT LIVING TRUST
~
NAME OF TRUST:
ELWOOD W. WERT LIVING TRUST
DATE ESTABLISHED:
OCT 1 A- 1997
PRIMARY DISABILITY
TRUSTEE:
ALVENA K. \VERT
SUCCESSOR DISABILITY
TRUSTEE(S):
DAVID ELWOOD \-VERT
PRIMARY DEATH TRUSTEE:
ALVENA K. WERT
SUCCESSOR DEATH
TRUSTEE(S):
DAVID ELWOOD WERT
INFORMAL TRUST NAME:
ELWOOD W. WERT LIVING TRUST, dated
OCT 1 4. 1997
FORMAL TRUST NAME:
(TITLE TO ALL ASSETS IN
THE TRUST ARE VESTED IN
THIS NA1\IE)
ELWOOD W. WERT and ALVENA K. WERT, Trustees, or their
successors in trus~ under the ELWOOD W. WERT LIVING
TRUST dated . ueT 14 1997 and any amendments
thereto
THIS SUMMARY IS NOT PART OF THE TRUST
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Assignme~t. of Personal Property
ELWOOD:W.~)VERT, does hereby transfer an~ assign, without consideration and in order to
change formal title only, all right, title and interest which he now has in that Personal Property
listed below, to ELWOOD W. WERT ~d ELVENA K. WERT, Trustees, or their successors in trust,
under the ELWOOD W. WERT LIVING TRUST dated OCT 14. 10.97 and any amendments
thereto:
Personal Propertv Assil!ned
Personal Effects
Furniture, Furnishings and Appliances
Jewelry
This assignment was executed on OCT 1 4 1997
e.~ fA). uJSl-r +
ELWOOD W. WERT
ST A TE OF PENNSYLVANIA
)
55
COUNTY OF DAUPHIN )
-rrf . ~ L' '
On this the )/l day of 0c:.--r , 19 q 7 , before me, A )CY.)C?l.j . U-Lc4.u L~ '
the undersigned officer, personally appeared ELWOOD W. WERT, known to me (or satisfac orily
proven) to be the person whose name is subscribed to the within instrument and acknowledged
that he executed the same for the purposes therein contained.
In witness whereof I he~eunto set my hand and official seal.
~ ~. ~I~I~:
Notary Publ
Title of Off~
~ NOTARIAL SEAL
. NANCY L. LUDWIG, Notary PUblic
i Hummelstown, Dauphin CountY
My Commissioil Expires Nov. 20. 2000
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Certification of Trust
The undersigned Trustor and Trustee( s) hereby certify the following:
1. This Certification of Trust refers to the ELWOOD W. WERT LIVING TRUST, dated
October 14, 1997, under a revocable trust agreement executed by ELWOOD W. WERT as
Trustor.
2. The address of the Trustor is 129 East Green Street, Shiremanstown, Pennsylvania 17011.
3. The initial Trustee of my Trust is:
ELWOOD W. WERT
4. The present Trustee is:
ELWOOD W. WERT
5. The incapacity trustee(s) of my Trust are:
DAVID ELWOOD WERT; THEN
:MICHAL A. WERT
6. The death trustee(s) of my Trust are:
DAVID ELWOOD WERT; THEN
:MICHAL A WERT
7. Unless otherwise provided in my Trust Agreement, when I am serving as Trustee under my
Trust, I may conduct business and act on behalf of my Trust without the consent of any
other Trustees. Further, when my Spouse is serving as an Initial Co-Trustee under my
Trust, my Spouse may conduct business and act on behalf of my Trust without my
consent, subject, however, to those rights and powers set forth in Section 1.04 of Article
One of my Trust Agreement, which are reserved solely unto me.
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8.
My Trustee(s) under my Trust Agreement is/are authorized to acquire, sell, convey,.
encumber, lease, borrow, manage and otherwise deal with interests in- real and personal
property in my Trust name. All powers of my Trustee(s) are fully set forth in Article Fifteen
of my Trust Agreement.
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My Trust has not been revoked and there have been no amendments limiting the powers of
my Trustees over trust property.
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No person or entity paying money to or delivering property to my Trustee shall be required
to see to its application. All persons relying on this document regarding my Trustee(s) and
their powers over trust property shall be held harmless for any resulting loss or liability from
such reliance. A copy of this Certification of Trust shall be just as valid as the original.
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The undersigned certify that the statements in this Certification o~t are true and correct and
that it was executed in the County ofDaupbin, Pennsylvania on l. 7 2004 .
Trustor:
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'" 17 J..' I L
C }?1AfO:-~-, W , U.J,
ELWOOD W. WERT
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Trustee:
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c~-?.-J . ~ 1 . LJ fUz-t
ELWOOD W. WERT '-'
=
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REV-1506 EX + (6-96)
COMMONWEAL1H OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
I
ESTATE OF
Elwood W Wert
FILE NUMBER
21 05 0931
Include the proceeds of litigation and the date the proceeds were received by the estate.
All property jointfy-owned with the right of survivorship must be disclosed on Schedule F.
...ITEM
_UMBER
.
DESCRIPTION
VALUE AT DATE
OF DEATH
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1
1990 Chevrolet CP
Value determined by executor
500
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W46AD 1000
TOTAL (Also enter on line 5, RecaDitulation) $
(If more space is needed, insert additional sheets of the same size)
500
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REV-1510 EX + (6-98)
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
I COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
~TATE OF FILE NUMBER
rlwOOd W Wert 21 05 0931
This schedule must be completed and filed if the answer to any of questions 1 through 4 on the reverse side of the REV-1500 COVER SHEET is yes.
ITEM
UMBER
1.
DESCRIPTION OF PROPERTY
IN:LLOE Tt€ NAME OF TIE TRANSFEREE. THEIR RELATIONSHIP TO t'ECEOENT AND
TIE DATE OF TRANSFER. ATTACHACOPY OF THE DEED FOR REAL ESTATE
DATE OF DEATH
VALUE OF ASSET
% OF DECO'S
INTEREST
EXCLUSION
(IF APPUCABLE'
TAXABLE
VALUE
I
Commerce Bank NA - checking
account # , titled in the
name of Elwood W Wert Living
Trust DTD 10/14/1997
Value per attached copy of bank
statement
5,303 100.0000
o
5,303
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2
Edward Jones brokerage account
# 270-11580-1-2 titled in the
name of Elwood W Wert Living
Trust DTD 10/14/1997
Interest accrued to 9/13/2005
121,870 100.0000
683 100.0000
o
121,870
683
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Janney Montgomery Scott
brokerage account # HB07
8651-8840 titled in the name of
Elwood W Wert Living Trust DTD
10/14/1997
Interest accrued to 9/13/2005
525,395 100.0000
2,530 100.0000
o
525,395
2,530
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4
Janney Montgomery Scott cash in
brokerage account # HB07
8651-8840 titled in the name of
Elwood W Wert Living Trust DTD
10/14/1997
67 100.0000
o
67
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.
- 5
Legg Mason brokerage account #
363-05646 titled in the name of
Elwood W Wert Living Trust DTD
10/14/1997
Interest accrued to 9/13/2005
418,209 100.0000
3,469 100.0000
o
418,209
3,469
6
Merrill Lynch brokerage account
# 872-49578 titled in the name
of Elwood W Wert Living Trust
DTD 10/14/1997
Interest accrued to 9/13/2005
102,689 100.0000
446 100.0000
o
102,689
446
7
Merrill Lynch cash in brokerage
account # 872-49578 titled in
the name of Elwood W Wert
Living Trust DTD 10/14/1997
174,550 100.0000
o
174,550
Total from continuation sched les
133,795
TOTAL (Also enter on line 7, Recapitulation) $
1.489.006
(If more space is needed, insert additional sheets of the same size)
v46AF 1.000
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I Estate of: Elwood W Wert
Schedule G (Page 2)
lem
~o. Descr~ption
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8
Personal Property, DOD value based
on sell~ng pr~ce at auct~on on
Jauary 5, 2006
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Residence - House and lot at 129 E
Green Street
Shiremanstown, Cumberland Co, PA
17011, t~tled in the name of
Elwood W Wert L~ving Trust DTD
10/14/1997. DOD value based on
selling price. See attached copy
of settlement sheet.
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Total (Carry forward to main schedule)
DOD Value
of Asset % Interest
1,795 100.0000
132,000 100.0000
Exclusion
183-07-8851
Taxable
Value
o
1,795
o
132,000
133,795
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Commerce
.Bank
Commerce Bank/Harrisburg N.A
100 Senate Avenue
Camp Hill Pa 17011
888-937 ~004
~-- ---
---
ELWOOD WERT
ALVENA K WERT
LIVING TRUST DATED 10/14/97
129 E GREEN STREET
SHIREMANSTOWN PA 17011
1
CHECK G
ACCOUNT NUMBER 0082002130
~OUS--STATEMEN'1'--BAliANeB--AS---o!'-()9ff}-91 05-- ;--.--; -;--. ~--;--;--;-;-;--;-;-;- -;- .;-:-~--;--;-.-;- -----
PLUS 1 DEPOSITS AND OTHER CREDITS ................ ...
LESS 2 CHECKS AND OTHER DEBITS .......... ............
CURRENT STATEMENT BALANCE.AS OF 10/10/05 ................... ......
NUMBER OF DAYS IN THIS STATEMENT PERIOD 31
paqe 1 of 2
I nMmmNT DAn I
to/10/05
I
100..002130
ACCOUNT NO.
CLOSED
-S-,-!-69~---
.26
5,369.77
.00
-----------------------------------------------------------------------------------
*** CHECKING ACCOUNT TRANSACTIONS ***
DATE DESCRIPTION
09/13 AC-PP - -ELEC BILL
09/22 I~ST PAYMENT
09/22 COUNTER WITHDRAWAL
DEBITS
66.49
5,303.28
cm:DITS
.26
5,303.02 09/22
-----------------------------------------------------------------------------------
*** BALANCE BY DATE ***
09/09 5,369.51 09/13
.00
23-2324730
8.20
.
PAYER FEDERAL ID NtlMBER
INTEREST PAID YEAR TO DATE
----------------------------------------------------
*** :INTEREST EARNED TH:IS STATEMENTPElUOD
DAYS IN PERIOD .........................
INTEREST EARNED ..................... ...
ANNUAL PERCENTAGE Y:IELD EABNED (APY)....
***
12
.26
0.15%
----------------------------------------------------
NOTE: SEE REVERSE SIDE FOR IMPORTANT INFORMATION
Member FDIC
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Estate Valuation
Date of Death: 09/13/2005
Valuation Date: 09/13/2005
Processing Date: 01/19/2006
Account:
Estate of: Estate of Elwood W. Wert
Elwood W Wert Living Trust DTD 10/14/97
Report Type: Date of Oeath
Number of Securities: 31
File 10: Wert
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Shares
or Par
Security
Description
Mean and/or Oiv and Tnt Security
Adjustments Accruals Value
High/ASk
Low/Bid
1)
25000 PITTSBURGH PA SCH DIST GO BDS (7252765M7)
Financial Times Interactive Data
OTD: 10/01/2004 Mat: 09/01/2023 4.25%
09/13/2005
Int: 09/01/2005 to 09/13/2005
35.42
99.94700 Mkt
99.947000
24,986.75
2)
50000 BANK AMER CORP SUB INTNTS BE (06050XSKOl
Financial Times Interactive Data
DTD: 10/28/2004 Mat: 10/15/2029 5.5%
09/1312005
Int: 07/15/2005 to 09/13/2005
443.06
97.89420 Mkt
97.894200
48,947.10
3)
50000 GE CAPITAL INTERNOTES (36966RXH4)
Financial Times Interactive Data
OTO: 05/19/2005 Mat: 05/15/2025 5.25%
09/1312005
Int: 08/15/2005 to 09/13/2005
204.17
95.87150 Mkt
95.871500
47,935.75 '
4 )
50000 LEHMAN BROS BK WILMINGTON DE (52519CJ41)
Financial Times Interactive Data
DTD: 02/19/2003 Mat; 03/02/2015 5%
09/1312005
Int: 09/02/2005 to 09/13/2005
50000 GENERAL MTRS ACCEP CPSMARTNBE (37042G3KO)
Financial Times Interactive Data
DTO: 05/06/2003 Mat: 05/15/2008 5.1%
09/1312005
Int: 08/15/2005 to 09/13/2005
25 PENNSYLVANIA INSD MUNS INCOME (708838529)
UT SER 25 M
Miscellaneous
09/13/2005
2,066.00
97.64250 Mkt
97.642500
48,821.25 '
76.39
5)
93.51050 Mkt
93.510500
46,755.25
198.33
61
82.64000 A/B
82.640000
7)
Carryover & Daily Interest
Int: 0.35 Ex: 09/07/2005 Rec: 09/09/2005 Pay: 09/25/2005
20 PENNSYLVANIA INSD MUNS INCOME (708838586)
UT SER 22 M
Miscellaneous
09/13/2005
57.00
8.75
252.31000 A/B
252.310000
5,046.20
8}
9)
Carryover & Daily Interest
Int: 1.33 Ex: 09/07/2005 Rec: 09/09/2005 Pay: 09/25/2005
174550.36 Cash (CASH)
1100 BLACKROCK INCOME TR INC (09247F100)
COM
New York Stock Exchange
09/13/2005
79.40
26.60
174,550.36
6.49000
6.42100 H/L
Oiv: 0.036780 Ex: 09/13/2005 Rec: 09/15/2005 Pay: 09/30/2005
6.455500
+ 0.036780
6.492280
7,141.51 ./
10}
2055.267 DRYDEN MUN SER FO (262468762)
PA SER CL A
Mutual Fund (as quoted by NASDAQ)
09/13/2005
10.21000 Mkt
10.210000
20,984.28
This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions,
please contact EVP Systems at (818) 313-6300 or www.evpsys.com. {Revision 7.0.41
Page 1
I
Date of Death: 09/13/2005 Estate of: Estate of Elwood W. Wert
I Valuation Date: 09/13/2005 Account: Elwood W Wert Living Trust DTD 10/14/97
Processing Date: 01/19/2006 Report Type: Date of Death
Number of Securities: 31
File 10: Wert
I Shares Security Mean and/or Div and Int Security
or Par Description High/Ask Low/Bid Adjustments Accruals Value
11) 2000 WELLS FARGO CAP VI (9497 8B205)
I GTD CAP 6.95%
New York Stock Exchange
09/13/2005 26.20000 26.07000 H/L
26.135000 52,270.00 v
I 12) 50000 BANK HAPOALIM B M NEW YORK BRH (062512GG7)
Financial Times Interactive Data
DTD: 11/21/2001 Mat: 11/21/2016 6%
09/13/2005 101. 324 60 Mkt
101. 324600 50,662.30 /
I Int: OS/21/2005 to 09/13/2005 933.33 I
13) 50000 FIRSTBANK P R (337627EC3l
Financial Times Interactive Data
DTD: 02/13/2004 Mat: 08/13/2019 5.5%
I 09/13/2005 98.37980 Mkt
98.379800 49,189.90 /
Full coupon paid on 09/13/2005
14) 50000 FIRSTBANK P R 1337627KZ5)
I Financial Times Interactive Data
OTO: 09/16/2004 Mat:: 03/16/2020 5.5%
09/13/2005 98.14190 Mkt
98.141900 49,070.95 {/
Int: 08/16/2005 to 09/13/2005 206.25 /
I 15) 50000 HUNTINGTON NATL BANK (446438EJ8)
Financial Times Interactive Data
DTO: 04/30/2003 Mat: 04/30/2015 5%
09/13/2005 97.54820 Mkt
97.548200 48,774.10
I Int: 08/31/2005 to 09/13/2005 90.28
16) 50000 LEHMAN BROS BK FSB DE (52519HHNO)
Financial Times Interactive Data
OTD: 08/27/2004 Mat: 08/27/2019 5.5%
I 09/13/2005 98.36290 Mkt
98.362900 49,181.45
Int: 08/27/2005 to 09/13/2005 122.22 "
17) 50000 MERRILL LYNCH BK USA. SALT LAKE (59020WSF9)
. Financial Times Interactive Data
DTD: 04/07/2004 Mat: 04/08/2019 5%
-- 09/13/2005 95.54070 Mkt
95.540700 47,770.35
Int: 09/08/2005 to 09/13/2005 34.72 /
18) 50000 TREASURY BK ALEXANDRIA VA (89465AGB8)
Financial Times Interactive Data
OTO: 02/25/2004 Mat: 02/25/2019 5.5%
09/13/2005 98.57450 Mkt
98.574500 49,287.25
Int: 08/25/2005 to 09/13/2005 137.50 f
19) 50000 TREASURY BK ALEXANDRIA VA (89465AJB5)
Financial Times Interactive Data
DTO: 04/16/2004 Mat: 04/16/2024 5.25%
09/13/2005 93.11390 Mkt
93.113900 46,556.95
Int: 08/16/2005 to 09/13/2005 196.88
20) 20000 WEST SHORE PA AREA HOSP AUTH H REV BDS (955817CRO)
Financial Times Interactive Data
OTD: 12/01/2001 Mat: 01/01/2006 4.35%
09/13/2005 99.99200 Mkt
99.992000 19,998.40
Int: 07/01/2005 to 09/13/2005 174.00
Page 2
This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions,
please contact EVP Systems at (818) 313-6300 or www.evpsys.com. (Revision 7.0.4)
Date of Death: 09/13/2005
Valuation Date: 09/13/2005
Processing Date: 01/19/2006
Estate of: Estate of Elwood W. Wert
Account: Elwood W Wert Living Trust DTD 10/14/97
Report Type: Date of Death
Number of Securities: 31
File ID: Wert
21)
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22)
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27)
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Shares
or Par
Securi ty
Description
Mean and/or Div and Int Security
Adjustments Accruals Value
High/Ask
Low/Bid
28)
20 PENNSYLVANIA INSD MUNS INCM TR (70884B679)
UT SER 111 S
Miscellaneous
09/13/2005 225.36000 A/B
225.360000 4,507.20 /
Carryover & Daily Interest 93.80 /
30000 NORTH POCONO SCH DIST PA G.O. SCH (661684GL8)
Financial Times Interactive Data
DTD: 07/01/2001 Mat: 09/15/2005 3.65%
09/13/2005 100.00000 Mkt
100.000000 30,000.00
Int: 03/15/2005 to 09/13/2005 541. 42
25000 GENERAL MTRS ACCEP CORP (370425SE1)
Financial Times Interactive Data
DTD: 08/29/2002 Mat: 08/28/2012 6.875%
09/13/2005 92.59520 Mkt
92.595200 23,148.80
Int: 08/28/2005 to 09/13/2005 71.61
100000 HOUSEHOLD FIN CORP INT NT BE (44181EKR8)
Financial Times Interactive Data
DTD: 08/08/2002 Mat: 08/15/2022 7.45%
09/13/2005 102.88820 Mkt
102.888200 102,888.20
Int: 08/15/2005 to 09/13/2005 579.44
50000 GENERAL MTRS ACCEP CORP (3704AOVZ2)
Financial Times Interactive Data
DTD: 01/19/2005 Mat: 01/15/2025 7.25%
09/13/2005 78 . 90320 Mkt
78.903200 39,451.60 i
Int: 08/15/2005 to 09/13/2005 281. 94
50000 FEDERAL HOME LN MTG CORP (3133FOX38)
Financial Times Interactive Data
DTD: 07/17/2003 Mat: 07/15/2019 5%
09/13/2005 97.76730 Mkt
97.767300 48,883.65
Int: 08/15/2005 to 09/13/2005 194.44
100000 FEDERAL HOME LN MTG CORP (3133FOD97)
Financial Times Interactive Data
DTD: 02/27/2003 Mat: 02/15/2023 5%
09/13/2005 96.66850 Mkt
96.668500 96,668.50 i
Int: 08/15/2005 to 09/13/2005 388.89
5000 PLEASANT HILLS PA IIUTH SWR REV GTD SWR R (7284 66CV3)
Financial Times Interactive Data
OTO: 05/15/2001 Mat: 09/01/2008 4.125%
09/13/2005 103.13200 Mkt
103.132000 5,156.60
Int: 09/01/2005 to 09/13/2005 6. 88 .~
29)
30)
25000 SOUTH BUTLER CNTY PA SCH DIST G.O. REF (836891CY5)
Financial Times Interactive Oata
OTO: 08/15/2001 Mat: 10/01/2009 4.1%
09/13/2005 100.99800 Mkt
Int: 04/01/2005 to 09/13/2005
461.25
100.998000
25,249.50
31)
25000 SOUTH BUTLER CNTY PA SCH DIST G.O. REF (836891CZ2)
Financial Times Interactive Data
DTD: 08/15/2001 Mat: 10/01/2010 4.2%
09/13/2005 100.99800 Mkt
Int: 04/01/2005 to 09/13/2005
472.50
100.998000
I 25,249.50
I
This report was produced with EstateVa1, a product of Estate Valuations & Pricing Systems, Inc. If you have questions,
please contact EVP Systems at (818) 313-6300 or www.evPsys.com. (Revision 7.0.4)
Page 3
Date of Death: 09/13/2005
Valuation Date: 09/13/2005
Processing Date: 01/19/2006
Shares
or Par
Estate of: Estate of Elwood W. Wert
Account: Elwood W Wert Living Trust DTD 10/14/97
Report Type: Date of Death
Number of Securities: 31
File 10: Wert
Security
Description
High/Ask
Low/Bid
32) 50000 PENNSYLVANIA HSG FIN AGY REV BOS (7087927U4)
Financial Times Interactive Data
OTO: 09/04/2003 Mat: 04/01/2012 4.5%
09/13/2005 103.02600 Mkt
1nt: 04/01/2005 to 09/13/2005
Total Value
Total Accrual
Total $1,349,841.62
.
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This report was
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Mean and/or Div and Int Security
Adjustments Accruals Value
103.026000
51,513.00 /
1,012.50 "
$1,342,712.65
$7,128.97
produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions,
please contact EVP Systems at (818) 313-6300 or www.evpsys.com. (Revision 7.0.4)
-
.
OMS NO. 2502~26 ,r
A. B. TYPE OF LOAN:
1.0FHA 2.DFmHA 3. DCONv. UNINS. 4. OVA 5.0CONV.INS.
U.S. DEPARTMENT OF HOUSING & URBAN DEVELOPMENT 6. FILE NUMBER: 17. LOAN NUMBER:
SETTLEMENT STATEMENT n5-1.s~
8. MORTGAGE INS CASE NUMBER:
C. NOTE: This form is furnished to give you a statement of ~ctu"_ttlement costs. Am~unts JM!d to 600 by the settlement egent .~ shown.
Items marked -[pOCr were paid outside the cloSlllg; they are shown here for lllformationlfl purposes and are not frlcluded III the totals.
1.0 3/98 (05-1436.p~14361'2D)
D. NAME AND ADDRESS OF BORROWER: E. NAME AND ADDRESS OF SELLER: F. NAME AND ADDRESS OF LENDER:
EML Associates EMIood W. Wert Estate
129 east Green Street
Shire/Tllnstown, PA 17011
G. PROPERTY LOCATION: H. SETTLEMENT AGENT: 23-2850082 I. SETTLEMENT DATE:
129 East Green Street White Rose Settlement Services, Inel05-1436
Shiremanstown. PA 17011 January 5, 2006
Cumberland County, Pennsytvanla PLACE OF SETTLEMENT
,
1441 East Market Street
York, Pennsylvania 17403
J. SUMMARY OF BORROWER'S TRANSACTION K SUMMARY OF SELLER'S TRANSACTION
1100. GROSS om:: FRnM 400. II'"
101. Contract Sales Price 132000.00 401. Contract Sales Price 132000.00
102. Personal Property 402. Personal Property
103. Settlement Charges to Borrower (Une 1400) 1 805.50 403.
104. 404.
105. 405.
in ltdVlfnce P.irl .rlvlln,....
106. CitvITown Taxes to 406. CitvITown Taxes to
107. County Taxes to 407. Countv Taxes to
108. School Taxes 01105106 to 07101/06 S02.n 408. School Taxes 01105106 to 07101106 B02.n
109. 409.
110. 410.
",. 411.
112. 412.
120. GROSS AMOUNT DUE FROM BORROWER 134.608.27 420. GROSS AMOUNT DUE TO SELLER 132,802.n
200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER: 600. REDUCTIONS IN AMOUNT DUE TO SELLER:
201. Deposit or earnest money 13200.00 501. Excess DeDOsit (See Instructions)
202. Principal Amount of New Loan(s) 502. Settlement Charoes to SeUer (Une1400) 1415.00
203. Existing loan(s) laken subiect to 503. Existing loan(s) taken subject to
204. 504. Payoff of first Mortgage
205. 505. Payoff of second Mortgage
206. 506.
207. 507. (DeDOsit disb. as proceeds)
208. SOS.
209. 509.
p,alUstmenrs ror Items UnIMIU a Y i:>fH/ef Adiustmen s ror Items unDBKI Bv :Seller
210. CilvITown Taxes to 510. CilvlTown Taxes to
211. County Taxes 01101/06 to 01105106 5.47 511. County Taxes 01101/06 to 01105/06 5.47
212. School Taxes to 512. School Taxes to
213. Sewer 1st Quarter 01/01/06 to 01/05106 1.33 513. Sewer 1 st Quarter 01/01/06 to 01105/06 1.33
214. 514.
215. 515.
216. 516.
217. 517.
218. 518. Auction to Ziealer Auction Co. ~.904.50
219. 519.
220. TOTAL PAID BYIFOR BORROWER 13,206.80 520. TOTAL REDUCTION AMOUNT DUE SELLER 6,326.30
300. CASH AT SETTLEMENT FROMITO BORROWER: 600. CASH AT SETTLEMENT TOIFROM SELLER:
301. Gross Amount Due From Borrower (Line 120) 134,608.27 601. Gross Amount Due To Seller (Une 420) 132,802.77
302. Less Amount Paid BylFor Borrower (Line 22()) ( 13,206.80) .602. Less Reductions Due Seller (Line 520) ( 6,326.30.
303. CASH ( X FROM) ( TO) BORROWER 121 401.47 603. CASH ( X TO) ( FROM) SELLER 126,476.47
The undersigned hereby acknowledge receipt of a colTllleted copy of pages 1 &2 of this statement & a~n:~ to JZt-:-ft..
Borrower Seller "// V/.t, . ., (l/iL5TT'f
EML Associates ( 'EtNood W. Wert Estate /
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Page 2
L. SETTLEMENT CHARGES
700. TOTAL COMMISSION Based on Price S e PAlO FROM PAID FROM
Division of Commission (line 7001 .IS Follows: BO~S SElLER'S
701. $ to FUNDS AT FUNDS AT
702.$ to SETTLEMENT SETTLEMENT
703. Conmission Paid at Settlement
704. to
800. ITEMS PAYABLE IN CONNECTlON WITH LOAN
801. Loan Origination Fee % to
802. Loan Discount % to
803. Appraisal Fee to
804. Credl Report to
805. Lender's Inspection Fee to
806. MorlQage Ins. ApP. Fee to
807. Assul11'tion Fee to
808.
809.
810.
811.
900. ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE
901. Interest From to @' $ Iday ( days %)
902. MIP Totlns. for LifeOfloan for months to
903. Hazard Insurance Premium for 1.0 years to
904.
905.
11000 RESERV .
1001. Hazard Insurance months (l:I! $ per month
1002. Mortgage Insurance months @ $ per month
1003. CitvlTown Taxes months iBI $ per month
1004. CountvTaxes months ft $ per month
1005. School Taxes months @$ per month
1006. months @ $ per month
1007. months @ $ per month
1008. AlIareaate Accountina Adiustmt months e $ per month
1100. TITLE CHARGES
1101. Selllement or Closlno Fee to White Rose Settlement Services 250.00
1102. Abstract or Trlle Search to White Rose Settlemert Services 150.00
1103. TltIe Examination to
1104. TIlle Insurance Binder to
11OS. Document Preparation to White Rose Settlemert Services deed 75.00
1106. Notary Fees to Notary Public 10.00
1107. Attorney's Fees to
(includes .bove item numbers: )
1108. Title Insurance to While Rose Settlement Services Inc.
(includes .bove item numbers: 11 02 1103 1104 1111 )
1109. Lender's Coverage $
1110. Ov.ner's Coverage $
1111. While Rose Settlement Services! Old RepubUc
1112. Closing Service Letter Old Republic national Trlle Insurance Company Ins. Letter
1113. Electronic Doc Retrieval Fee
1200. ANU
1201. Recording Fees: Deed $ 40.50 : Mortgage $ ; Releases $ 40.50
1202. CilvlCounty TaxlStarnps: Deed 1,320.00' Mortaaae 1,320.00
1203. State TaxlStamps: Transfer Tax ; Mortaaae 1,320.00 1,320.00
1204.
12OS.
1300. ADDITlONAL SETTLEMENT CHARGES
1301. Survev to
1302. Pestlnspeclion to
1303. Tax Certification to Judy C. ProweU 5.00
1304. OvemiahtlDeivery Fee to While Rose Settlement Serv/DHL pkgllproceeds 20.00
13OS. Sewer 1st Quarter to Lower Allen Township 30.00
1400. TOTAL SETTLEMENT CHARGES (Enter on Lines 103, Section J and 502, Section K) 1,805.50 1,415.00
By signing page 1 of this statement, the signatories aclcnowledge receipt of a col11'leted copy of page 2 of this two page statement.
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Certified to be a true copy.
White Rose Settlement Services. Inc.
Selllernent Agent
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(~14361~1436/20)
V-1511 EX + (12-99)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
--%' 1~09~c:l W Wert
ITEM
NUMBER
1.
B.
1,
.
.
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I 3,
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5.
I' 6.
7,
I 1
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1'46AG 1.000
FUNERAL EXPENSES:
Hoover Funeral Home
ADMINISTRATIVE COSTS:
Personal Representative's Commissions
Name of Personal Representative(s)
SCHEDULE H
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
Debts of decedent must be reported on Schedule I.
DESCRIPTION
Social Security Number(s) I EIN Number of Personal Representative(s)
Street Address
City
Year(s) Commission Paid:
Attorney Fees
State
Zip
Claimant
Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Street Address
City
Relationship of Claimant to Decedent
Probate Fees
Accountant's Fees
Tax Return Preparer's Fees
Capital City Oil
Heating oil
State
Zip
Total from continuation schedules .
FILE NUMBER
21 05 0931
TOTAL (Also enter on line 9, Recapitulation)
(If more space is needed, insert additional sheets of the same size)
$
AMOUNT
5,310
6,000
212
15,713
27 235
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I Estate of: Elwood W Wert
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183-07-8851
Schedule H Part 7 (Page 2)
CMA annual fee
Annual fee Merrill Lynch CMA
account
125
David EWert
House maintenance from 9/13/05 to
1/6/06
397
II
4 Del ta Air
Executor's airfare from Newberg,
OR
1,274
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9
II
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II
13
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17
FedEx Kinkos
Copy charges
5
FedEx Kinkos
Copy charges
24
Help U Move
Moving expense for personal
property
814
Lenk Tree Service
Tree removal
530
Levina
House cleaning
40
Lower Allen Twnshp
30
NE Waste Service
Trash bill
32
Novco Supply Co
Furnace repair
3,225
Novinger Enterpr Plumbing
Plumbing repairs
361
PA American Water
96
PDX
Parking fee at airport
40
PP&L
108
Sewer
Sewer Bill
30
II Total (Carry forward to main schedule)
7,131
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I Estate of: Elwood W Wert
183-07-8851
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Schedule H Part 7 (Page 3)
Verizon Telephone
406
Wrightstone, Sara
Lawn care
50
Ziegler Auction
Advertising for auction
600
Ziegler Auction
Auctioneer expenses on sale of
residence and personal personal
property
7,526
-
;; Total (Carry forward to main schedule)
8,582
R EV-1512 EX + (12-03)
SCHEDULE I
DEBTS OF DECEDENT,
MORTGAGE LIABILITIES, & LIENS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX REnJRN
RESIDENT DECEDENT
_ ESTATE OF FILE NUMBER
-
rlwood W Wert 21 05 0931
Report debts incurred by the decedent prior to death which remained unpaid as of the date of death, including unreimbursed medical expenses.
ITEM
UMBER
1.
I Family Internal
Doctor bill
I 2 Pinnacle Health
Hospice care
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DESCRIPTION
W46AH 2.000
TOTAL (Also enter on line 10, Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
VALUE AT DATE
OF DEATH
30
500
530
"t::V-1513 EX+ (9-00)
SCHEDULE J
BENEFICIARIES
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
"'STATE OF
:lwood W Wert
NUMBER
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1
NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY
TAXABLE DISTRIBUTIONS [include outright spousal distributions, and transfers
under Sec. 9116 (a) (1.2)]
David E. Wert
24025 Ellis Lane
Newberg, OR 97132
80% Residue: 1,169,385
2 Eric W. Wert
24025 Ellis Lane
Newberg, OR 97132
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10% Residue: 146,173
Michal A. Wert
24025 Ellis Lane
Newberg, OR 97132
General Bequests: 10
10% Residue: 146,173
FILE NUMBER
21 05 0931
RELATIONSHIP TO DECEDENT AMOUNT OR SHARE
Do Not List Trustee(s) OF ESTATE
Son
Grandson
Daughter-in-law
1,169,385
146,173
146,183
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
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W46A11.000
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET
(If more space is needed, insert additional sheets of the same size)
$
o
f. Death of Disabled or Underage Beneficiary
Upon the death of a beneficiary under this Section, my Trustee shall distribute
all of such beneficiary's remaining trust share, including the trust principal and
accrued and undistributed income, to any person or entity, and upon any trust,
terms, and conditions, or to or in favor of the estate of such deceased
beneficiary, as he or she may direct by his or her last will or living trust
agreement. No exercise of this general power of appointment shall be effective
unless it refers to this trust agreement and expressly indicates an intention to
exercise this general. power of appointment.
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~rticle1rlVelve
Distribution if No Designated Beneficiaries
NONE
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Article Thirteen
Trustee Administration
Section 1.
Co~ Trustees to Act by Majority Vote
At any time that there are two or more Trustees serving under this agreement they shall act by
majority vote and any exercise of a power or discretion by a majority of the Trustees shall have
the same effect as an exercise by all of them.
If the Trustees are not able to reach agreement on any decision as set forth in this Section they
shall petition a court of competent jurisdiction for instructions and shall take no action on the
disputed matter until a court order deciding the issue has been rendered.
Section 2.
Power to Delegate
Notwithstanding any other provision of this agreement, anyone or more of the Co-Trustees
serving under this agreement may from time to time delegate to another Co-Trustee or Co-
Trustees routine acts of trust administration.
Section 3.
No Bond Required
No Trustee under this agreement shall be required to post any bond for the faithful perfonnance
of its responsibilities.
Section 4.
Trustee Compensation
My Trustee shall be entitled to reasonable compensation for services rendered payable without
the need for a court order. In calculating the amount of compensation customary charges for
siinilar services in the same geographic area for the same time period shall be used as guidelines.
My Trustee shall also be entitled to reimbursement for reasonable costs and expenses. incurred
during the exercise of its duties under this agreement.
Any corporate fiduciary shall be entitled to receive compensation for its services in accordance
with its published fee schedule in effect from time to time.
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Section 5.
Change in Corporate Trustee
Any corporate successor to the trust business of any corporate Trustee named under this
agreement or acting hereunder shall succeed to the capacity of its predecessor without
reconveyance or transfer of trust property.
Section 6.
Power to Divide or Combine Trusts
My Trustee shall have the power to divide a single trust into separate shares each to be
administered in accordance with the terms and conditions of the single trust from which they
were created when my Trustee in its discretion determines that division is desirable or advisable
in view of tax considerations, including considerations related to the income tax, the gift tax, the
estate tax or the generation-skipping transfer tax or other objectives of the trusts and their
beneficiaries.
:My Trustee shall not be required to make a physical segregation or division of the various trust
shares created under this trust agreement except as segregation or division may be required by
reason of the termination and distribution of any of the trusts, but my Trustee shall keep separate
accounts and records for different undivided interests.
My Trustee in its discretion shall have the fmiher power to combine two or more trusts having
substantially the same terms into a single trust for purposes of administration when tax or other
factors indicate that such combination would be desirable or advisable.
In deciding whether to combine trusts, my Trustee should consider the generation-skipping
"inclusion ratio" of the trusts to be combined. Trusts having the same inclusion ratios may be
combined. Trusts having different inclusion ratios should generally not be combined unless their
inclusion ratios are maintained unchanged through substantially separate and independent shares
of different beneficiaries within the meaning of LR.C. Section 2654(b), and the applicable
regulations thereunder.
Specifically, my Trustee has the authority to allocate any portion of my exemptions under Internal
Revenue Code Section 2631(a) to property as to which I am the transferor, including any property
transferred by me during my lifetime as to which I did not make an allocation prior to my death,
and my Trustee has the authority to make the special election under Internal Revenue Code
Section 2652(a)(3). If Internal Revenue Code Section 2631(a) or 2652(a)(3) is not interpreted
as to allow a Trustee to exercise such election, then my personal representatives is authorized to
allocate my exemptions and to exercise the said special election.
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If my Trustee considers that any distribution from a trust or share hereunder, other than pursuant
to a power to withdraw or appoint, is a taxable distribution subject to the federal
generation-skipping transfer tax payable by the distributee, my Trustee may increase the
distribution by an amount which my Trustee would estimate to be sufficient to pay that tax, and
shall charge the same against the trust or share to which the tax relates.
If my Trustee considers that any termination of an interest in the trust property hereunder is a
taxable termination subject to the federal generation-skipping transfer tax, my Trustee may pay
that tax from the portion of the property to which the tax relates, without any adjustment of the
relative interests of the beneficiaries.
Section 7.
Termination of Small Trust
My Trustee shall have the power in its discretion to terminate any trust created under this trust
agreement whenever it becomes so small in relation to the costs of administration as to make
continuing administration uneconomical. Upon termination my Trustee shall distribute the
principal and any accrued or undistributed net income to the income beneficiaries in proportion
to their shares of the income. If no fixed amount of income is payable to specific beneficiaries,
my Trustee shall distribute the principal and any accrued or undistributed net income in equal
'Shares to those beneficiaries who would then be entitled to income payments from the trust.
Section 8.
Limit on Trustee's Discretion
Notwithstanding any language purporting to confer absolute, sole or unrestricted discretion on my
Trustee in exercising any discretionary power with respect to this trust, my Trustee shall at all
times act in accordance with fiduciary principles and shall not act in bad faith or in disregard of
the purposes of my trust.
Notwithstanding any other provision in this trust agreement, no individual Trustee who is also
a beneficiary hereunder shall have any right, power, duty or discretion concerning this trust if
such right, power, duty or discretion conferred upon such Trustee under this trust agreement is
determined to be a general power of appointment under Internal Revenue Code Section 2041 or
2514 which would cause any assets of this Trust to be included in the estate of such
Trustee-beneficiary. Any such right, power, duty or discretion with such effect shall be null and
void with respect to such Trustee-beneficiary. No Trustee who is under a legal obligation to any
beneficiary of this trust or other person shall under any circumstances partake in any decisions
relating to any discretionary distributions of income or principal of this trust which can be used
for any such legal obligation to any such beneficiary or other person.
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Section 9.
Written Notice to Trustee
Until my Trustee. receives written notice of any death or other event which triggers the right to
payments from any trust created under this agreement it shall IDCur no liability for distributions
made in good faith to persons whose interests may have been affected by such event
Section 10.
Duty to Account
My Trustee shall render accounts, upon request, to the income beneficiaries under this trust
agreement at least annually, at the termination of a trust created hereunder, and upon a change
in the Trustees in the manner required by law.
Section 11.
No Court Supervision
No trust created under this agreement shall require the active supervision of any state or federal
court.
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Article Fourteen
Trustee Investment Powers
Section 1.
Trustee's Powers
To carry out the purposes of the trusts created under this agreement and subject to any limitations
stated elsewhere in this instrument my Trustee shall have all of the following powers, in addition
to all of the powers now or hereafter conferred on Trustees by law:
a. Retention of Property
My Trustee shall have the power to retain any property received into the trust
at its inception or later added to the trust without regard to whether the trust
investments are diversified as long as my Trustee considers that retention is in
the best interests of the trust or in furtherance of my goals in creating the trust.
My Trustee shall have the power to invest and reinvest in any property that may
be considered by applicable state law to be underproductive or unproductive in
nature, and specifically to be exempt from any minimum income requirements
called for under local law.
b. Additions
My Trustee shall have the power to receive additions to the assets of the various
trusts created under this agreement from any source.
c. Business Participation
My Trustee shall have the power to terminate, to continue or to participate in the
operation of any business enterprise including a corporation a sole proprietorship
or a general or limited partnership and to effect any form of incorporation,
dissolution, liquidation, reorganization including but not limited to
recapitalization and reallocation of classes of shares or other change in the form
of the business enterprise or to lend money or make a capital contribution to any
such business enterprise.
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d. Permissible Investments
My Trustee shall have the power to invest and reinvest the assets of the trust as
my Trustee may determine to be in the best interests of the trust without
limitation by any law applicable to investments by fiduciaries. The permitted
investments and reinvestments may include securities such as common or
preferred stock, mortgages, notes, subordinated debentures and warrants of any
corporation and any common trust fund administered by a corporate fiduciary
or other property, real or personal, including savings accounts. and deposits and
interests in mutual or money market funds or investment trusts, annuities and
insurance whether or not such investments are unsecured or of a wasting nature.
.
My Trustee shall have the power to obtain, by purchase or by gift (or by
conversion, reissue, consolidation or by any other means), and hold as an asset
of this trust, policies of insurance on my life or any other beneficiary of this
trust. . My Trustee is authorized and empowered to exercise, either before or
after my death, all of the rights, options, elections or privileges exercisable in
connection with such policies. These rights and options should include, but not
be limited to, disability benefits, the right to borrow money with which to pay
premiums (or other charges) on any policy owned by this trust (including any
automatic premium loan feature) or for any other trust purpose, the right to elect
among settlement options offered by the insurance company which issued such
policy, the right to convert such policy to paid-up insurance, e>...iended term
insurance or to any different form of insurance, and the right to arrange for the
automatic application of dividends in reduction of premium payments (or other
charges), with regard to any policy of insurance held in the trust estate.
e. Dealing with Property
My Trustee shall have the power to acquire, grant or dispose of property,
including puts, calls and options (including .options on stock owned by the
estate), for cas}1 or on credit including maintaining margin accounts with brokers
at public or private sale upon such terms and conditions as the fiduciary may
deem advisable and to manage, develop, improve, exchange, partition, change
the character of, abandon property or any interest therein or otherwise deal with
property.
Specifically, my Trustee shall have the power to use and expend the trust income
and principal to conduct environmental assessments, audits, and site monitoring
to determine compliance with any environmental law or regulation thereunder;
to take all appropriate remedial action to contain, clean up or remove any
environmental hazard including a spill, release, discharge or contamination,
either on my Trustee's own accord or in response to an actual or threatened
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violation of any environmental law or regulation thereunder; to institute legal
proceedings concerning enviromnental hazards or contest or settle any such legal
proceedings brought hy any local, state or federal agency concerned with
environmental compliance, or by a private litigant; to comply with any local,
state or federal agency order or court order directing an assessment, abatement
or cleanup of any environmental hazards; to employ agents, consultants and legal
counsel to assist or perform the above undertakings or actions; and in general to
take all appropriate actions to prevent, identify, or respond to any actual or
threatened violations of any environmental law or regulation thereunder.
No Trustee under this trust agreement shall be liable for any loss or depreciation
in value sustained by this trust as a result of the Trustee retaining any property
upon which there is later discovered to be hazardous materials or substances
requiring remedial action pursuant to any federal, state or local environmental
law, unless the Trustee contributed to the loss or depreciation in value through
willful default, willful misconduct, or gross negligence. Moreover, no Trustee
. shall be obligated to accept any property on behalf of this trust without first
having the opportunity to satisfy itself, in its sole discretion, that such property
is not contaminated by any hazardous or toxic materials or substances, and that
such property is not being used and has never been used for any activities
directly or indirectly involving the generation, use, treatment, storage, disposal,
release, or discharge of any hazardous or toxic materials or substances. Finally,
. such Trustee shall have the power to disclaim any power which, in its sole
discretion, will or Inay cause such Trustee to be considered an "owner" or
"operator" of property held in my trust estate under the provisions of the
Comprehensive Environmental Response, Compensation and Liability Act
(CERCLA), as amended from time to time. This power to disclaim as contained
herein shall apply to any such power, whether actually set forth under this trust
agreement, incorporated by reference herein, or granted or implied by any statute
or rule of law.
f. Borrowing Authority
My Trustee shall have the power to borrow funds from any person including my
Trustee guarantee indebtedness or indemnify others in the name of the trust and
to secure any such obligation by mortgage, pledge, security interest or other.
encumbrance and to renew, extend or modify any such obligation for a term
within or extending beyond the administration of the term of the trust. No
lender shall be bound to see to or be liable for the application of the proceeds
of any obligation and my Trustee shall not be personally liable for any
obligation.
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g. Leasing Authority.
My Trustee shall have the power to make, renew orm:nend for any purpose a
lease as lessor or lessee for a term within or beyond the term of the trust with
or without option to purchase.
h. Natural Resources
My Trustee shall have the power to enter into any arrangement or agreement
including a lease, pooling or unitization agreement, for exploration, development,
operation, conservation and removal of minerals or other natural resources.
i. V oting Rights
My Trustee shall have the power to vote a security in person or by general or
limited proxy, to participate in or consent to any voting trust, reorganization,
dissolution, liquidation or other action affecting any securities and to deposit
securities with and transfer title to a protective or other committee.
j. Title to Assets
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My Trustee shall have the power to hold securItIes and other property in
negotiable form or in the name of a nominee (including "street name" of a
broker) or by deposit to a clearing corporation with or without disclosure of the
Trustee relationship, but my Trustee shall be responsible for the acts of any
nominee or clearing corporation in connection with the property.
.k. Insurance
My Trustee shall have the power to insure the assets of the trust against any risk'
and my Trustee against liability with respect to third persons.
I. Settlement of Disputes
My Trustee shall have the power to payor contest any debt or claim and to
compromise, release and adjust any debt or claim and to submit any matter to
arbitration.
ID. Payment of Expenses
My Trustee shall have the power to pay any taxes, assessments, reasonable
compensation of my Trustee and other expenses incurred in the collection,
management, care, protection and conservation of the trust property.
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n. Principal and Income
My Trustee shall have the power to allocate items of income or expenditure to
either income or principal and to create reserves out of the income all as
provided by law and to the extent not so provided to allocate or create reserves
as my Trustee in its discretion deems appropriate and my Trustee's decision
made in good faith with respect thereto shall be binding and conclusive on all
persons.
Notwithstanding the preceding sentence, if the Survivor's Trust (or a share
hereunder) is the beneficiary or owner of a Retirement Account, income earned
after the participant's death in the account shall be income of the Trust or share,
and if my Trustee is required to pay all of the trust income to abeneficiary, my
Trustee shall collect and pay the income of the account to the beneficiary at least
quarterly (and to the extent that all of the income cannot be collected from the
account, the deficiency shall be paid from the principal of the trust).
o. Division of Trust
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My Trustee shall have the power to make any distribution or payment in kind
or in cash or partly in kind and partly in cash and to cause any share to be
composed of cash, property or undivided interests in property different in kind
from any other share either pro rata or non pro rata without regard to differences
in the tax basis of such property and without the requirement of making any
adjustment of the shares by reason of any action taken pursuant hereto.
Any division, allocation, apportionment or valuation of the property to distribute
the assets to or among any of the trusts or beneficiaries shall be made by my
Trustee and the good faith determination of my Trustee shall be binding and
conclusive on all parties.
p. Merger of Trust
If at any time the Trustees are Trustees of two or more Trusts or Shares with
substantially the same terms and benefiting the same beneficiaries, created
hereunder, or under any other instrument by the Trustors or by any other person,
the Trustees may cormningle the assets of such Trusts or Shares and hold them
as a single Trust or Share.
q. Litigation
My Trustee shall have the power to prosecute or defend actions, suits, claims or
proceedings for the protection or benefit of the trust and my Trustee in the
performance of my Trustee's duties.
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Article Eight
Survivor's Trust
Section 1.
Rights of Surviving Spouse in the Survivor's Trust.
My Trustee shall hold, administer and distribute the assets of Survivor's Trust as follows:
a. Payment of Income
My Trustee shall pay to or apply for the benefit of the surviving spouse so long
as the surviving spouse lives the entire net income of the Survivor's Trust in
monthly or other convenient instalhnents agreed upon by the surviving spouse
and my Trustee, but not less often than annually.
If my Trustee is entitled to payments from any Retirement Account, it shall
allocate to income from payments received in any calendar year an amount equal
to the income earned by the account in such year, and. any excess shall be
allocated to principal, and if the payments in such year shall be less than the
amount equal to the income earned by the account in such year, my surviving
spouse shall have the continuing right to require my Trustee to withdraw from
the account and pay to him/her as income an additional amount so that he/she
can be paid an amount equal to such income. Notwithstanding the preceding
sentence, if the Internal Revenue Service should determine that for the
Survivor's Trust to qualify for the marital deduction all of the income earned by
the account does not have to be distributed to my surviving spouse or be subject
to his/her withdrawal right, then only the amount required for such qualification
shall thereafter be distributed to himlher or be subject to his/her withdrawal
right.
b. General Power of Appointment Over Undistributed Net Income
Upon the death of the surviving spouse, my Trustee shall distribute all of the
accrued and undistributed income, to any person or entity and upon any trust,
terms and conditions, or to or in favor of the estate of the surviving spouse as
the surviving spouse may direct by his or her last will or living trust agreement.
No exercise of this general power of appointment shall be effective unless it
refers to my trust agreement and expressly indicates an intention to exercise this
general power of appointment. My Trustee may rely upon any instrument
admitted to probate as the last will of the surviving spouse in carrying out the
terms of the power of appointment and shall not be liable for any good faith act
in reliance upon that will even if for any reason it is later determined to be
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invalid with respect to its purported exercise of this power of appointment. If
my Trustee receives no notice of the existence of a will of the surviving spouse
v,rithin six (6) months after the death of the surviving spouse, my Trustee may
distribute the trust assets and income as though this power of appointment had
not been exercised and shall in that event be conclusively presumed to have
acted in good faith, even if a valid will is thereafter discovered.
c. Discretionary Payment of Principal
At any tin1e or times during the trust term my Trustee shall pay to or apply for
the benefit of the surviving spouse so much of the principal of the Survivor's
Trust as my Trustee deems proper for the surviving spouse's health,
maintenance, support and education. In exercising discretion my Trustee shall
give the consideration that my Trustee deems proper to all other income and
resources then readily available to the surviving spouse for use for these
purposes that are then known to my Trustee.
d. Limited Power of Appointment
By either a last will or by a living trust agreement the surviving spouse shall
have the limited testamentary power to appoint to or for the benefit of my
descendants some or all of the principal and any accrued but undistributed net
income of Survivor's Trust as it exists at the death of the surviving spouse. The
surviving spouse may appoint trust assets under this limited testamentary power
among my descendants in equal or unequal amounts, either directly or in trust
as the surviving spouse directs.
This limited testamentary power of appointment shall not be exercised in favor
of the surviving spouse's estate, the creditors of the surviving spouse, the
creditors of the surviving spouse's estate or in any way which would result in
any economic benefit to the surviving spouse.
Section 2.
Trustee's Discretion to Pay Debts and Taxes
The Survivor's Trust shall terminate upon the death of the surviving spouse. My Trustee, shall
hold and administer the unappointed balance or remainder of the Survivor's Trust as follows:
a. Surviving Spouse's Debts and Taxes
My Trustee, in its sole discretion, may payaH or any part of the surviving
spouse's following expenses, debts, claims and taxes becoming due or payable
by reason of the surviving spouse's death:
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1.. Final medical expenses and all funeral costs;
2. Legally enforceable claims against the surviving spouse
or the surviving spouse's estate;
3. Reasonable expenses of administration of this trust and
the surviving spouse's probate estate if any;
4. Any allowances mandated by a court of competent
jurisdiction to those dependent upon the surviving
spouse;
5. Any estate, inheritance, succession, death or similar
taxes payable by reason of the death. of the surviving
spouse; and
6. Any penalties or interest on any of the above claims,
debts or taxes owed by the surviving spouse or the
surviving spouse's estate.
Section 3.
Payment by My Trustee or Personal Representative
My Trustee in its sole discretion may make distributions authorized under this Article either
directly to the person or entities to whom payment is owed or to the personal representative of
the surviving spouse's probate estate. Written statements by the surviving spouse's personal
representative that such sums are due and payable by the estate shall be sufficient evidence of
their amount and propriety for the protection of my Trustee. My Trustee shall be under no duty
to see to the application of any such payments made to the surviving spouse's personal
representative.
Section 4.
Tax Elections
With regard to the payment of any income tax, gift tax, estate tax, inheritance tax or. any other
tax required because of the death of the surviving spouse, my Trustee shall have the right to make
any available elections allowed under the law. My Trustee is authorized to sign and file any tax
return required because of the death of the surviving spouse.
Section 5.
Administration of Survivor's Trust Remainder
After payment of debts, expenses and taxes, my Trustee shall hold and administer the
unappointed balance or remainder of the Survivor's Trust as provided in the Articles that follow.
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Article Nine
Family Trust
Section 1.
Rights of Surviving Spouse in the Family Trust
My Trustee shall hold, administer and distribute the assets of the Family Trust as follows:
a. Payment of Income
My Trustee shall pay to or apply for the benefit of my surviving spouse, so long
as my surviving spouse lives, the entire net income of the Family Trust, in
montWy or other convenient installments agreed upon by my surviving spouse
and my Trustee, but not less often than annually.
b. Discretionary Payment of Principal
At any time or times during the trust term, my Trustee shall pay to or apply for
the benefit of my surviving spouse so much of the principal of the Family Trust
as my Trustee, in its discretion, deems proper for my surviving spouse's health,
maintenance, support and education.
c. Guidelines for Trustee's Discretion
No amount paid or applied need thereafter be repaid to my Trustee or restored
to my trust. In exercising discretion, my Trustee shall give the consideration
that my Trustee deems proper to all other income and resources that are known
to my Trustee and t..lJat are readily available to my surviving spouse for use for
these purposes. My Trustee shall accunlUlate and add to principal any net
income not distributed.
d. Surviving Spouse's Right to Withdraw Principal
:My surviving spouse shall have the power to \vithdraw from the Family Trust
principal each calendar year those amounts that shall not exceed the greater of
five thousand dollars ($5,000) or five (5) percent of the assets, valued as of the
end of the preceding calendar year. My surviving spouse shall exercise this
power by a written instrument signed by him or her and delivered to my Trustee.
This power is noncumulative and to the extent it is not exercised by the end of
January of each calendar year, it shall lapse. This power shall exist each year
until the death of my surviving spouse.
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Section 2.
Termination of the Family Trust
On the death of my surviving spouse, the Family Trust shall terminate. All undistributed trust
assets, including any accrued and undistributed net income, shall be held, administered and
distributed in the Articles that follow.
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Article Ten
Common Pot Trust
After the death of the Trustor my Trustee shall not create a Common Pot Trust. All trust
property that has not been distributed under prior Articles of this trust agreement shall be held,
administered, divided and distributed according to the provisions of the Articles that fo11o\v.
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Section 1.
Article Eleven
Division and Distribution of Trust Property
Division of Trust Property Into Shares
My Trustee shall divide all trust property not previously distributed into separate shares as
follows:
Section 2.
Beneficiary Name
DAVID ELWOOD WERT
ERIC WESTON WERT
MICHAL AVIS WERT
Distribution of Trust Shares for My Beneficiaries
Share
.80%
10%
10%
The trust share of each beneficiary named in Section 1. of this Article who survives me shall be
held, administered and distributed as follows:
a. Distribution of Trust Share for DAVID ELWOOD WERT
The trust share set aside for DAVID ELWOOD WERT shall be held, administered
and distributed as follows:
1. Distributions of Net Income
My Trustee shall immediately pay to, or apply for the
benefit of such beneficiary all accumulated net income, free
of the trust.
2. Distributions of Principal
My Trustee shall immediately pay to, or apply for the
benefit of, DAVID EL WOOD WERT all principal, free of the
trust.
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3. Distribution on Death of Beneficiary
If such beneficiary should die before the complete distribution of the
trust share, such trust shall terminate and my Trustee shall distribute
the balance of the trust property to such beneficiary's then living
issue, per stirpes.
If such beneficiary has no living issue, my Trustee shall distribute the
balance of the trust property as provided for in the Articles that follow.
b. Distribution of Trust Share for ERIC WESTON WERT
The trust share set aside for ERIC WESTON WERT shall be held, administered and
distributed as follows:
1. Distributions of Net Income
My Trustee shall immediately pay to, or apply for the
benefit of such beneficiary all accumulated net income, free
of the trust.
2. Distributions of Principal
My Trustee, in its sole and absolute discretion, shall apply
to, or for the benefit of, ERIC WESTON WERT so much of the
principal as my Trustee deems advisable for the education,
health, maintenance and support.
At my death, my Trustee shall distribute one-third of the
accumulated net income and principal 'to ERIC WESTON
WERT, free of the trust.
Three years after my death, my Trustee shall distribute one-
third of the accumulated net income and principal to ERIC
WESTON WERT, free of the trust.
Six years after my death, my Trustee shall distribute the
remainder of the accumulated net income and principal to
ERIC WESTON WERT, free of the trust.
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3. Distribution on Death of Beneficiary
If such beneficiary should die before the complete distribution of the
trust share, such trust shall terminate and my Trustee shall distribute
the balance of the trust property to such beneficiary's then living
issue, per stirpes.
If such beneficiary has no living issue, my Trustee shall distribute the
balance of the trust property as provided for in the Articles that follow.
c. Distribution of Trust Share for MICHAL AVIS WERT
The trust share set aside for MICHAL A VIS WERT shall be held, administered and
distributed as follows:
1. Distributions of Net Income
My Trustee shall immediately pay to, or apply for the
benefit of such beneficiary all accumulated net income, free
of the trust, so long as she has not remarried.
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2. Distributions of Principal
My Trustee shall immediately pay to, or apply for the
benefit of, MICHAL A VIS WERT all accumulated net income
and principal, free of the trust, so long as she has not
remarried.
3. Distribution on Remarriage or Death of Beneficiary
If such beneficiary should remarry or die before the complete
distribution of the trust share, such trust shall terminate and my
Trustee shall distribute the balance of the trust property to such
beneficiary's then living issue, per stirpes.
If such beneficiary has no living issue, my Trustee shall distribute the
balance of the trust property as provided for in the Articles that follow.
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Section 3.
Distributions to Underage or Disabled Beneficiaries
Notwithstanding any other provision in this trust agreement, if any person otherwise entitled to
receive a distribution of trust property is under 25 years of age or is mentally disabled or legally
incompetent as defined in Article Twelve, my Trustee shall retain and administer that person's
trust property for his or her benefit as follows:
a. My Trustee's Discretion
My Trustee may pay to or apply for the benefit of such beneficiary so much of
the net income and principal of the trust as my Trustee, .in its discretion, deems
proper considering all other sources of income and resources available to such
beneficiary and known to my Trustee.
b. Payments Made to Beneficiary or Personal Representatiye
My Trustee is authorized to make payments under this Section either directly to
the beneficiary, to the beneficiary's personal representative or to any other
person my Trustee may deem proper to be used for the benefit of the
beneficiary.
c. Trustee's Decisions are Final
All decisions by my Trustee as to those it makes payment to, the purposes for
which these payments are made, and the amounts to be paid out of the trust are
within my Trustee's sole but reasonable discretion.
d. Undistributed Net Income
All undistributed net income shall be accumulated and added to the principal of
the trust.
e. Termination and Distribution
My Trustee shall distribute the trust property to a beneficiary underthis Section
when such beneficiary reaches age 25, or when he or she is no longer disabled
as determined by a court of competent jurisdiction, or upon certification by 1\\'0
licensed physicians that such beneficiary is able to properly care for his or her
property and person.
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Last Will
of
ELWOODW. WERT
I, ELWOOD W. WERT, the Testator. a resident'of Cuniber1and,.county~ Pennsylvania, declare'
that this is my Last Will. I hereby revoke all my previous wills and codicils.
, ,Arti.'d' "0" ib;'" ,', ",.., ,
" , ' ,,' e,;, n"",,, ''':' ....
Introductory Provisions
Section 1. Marita) Status
1 was married to AL VENA K. WERT who died on May 1. 2001.
Section 2. Children
AU references to "my children", subject to the exclusion of any child under subsequent
provisions of this Section 2, are to aU of the children so identified in this Section 2, but only to
those children and any children born to or adopted by me subsequent to the execution otthis, my
Last Will.
a. My Children
The names and birth date of my children are:
, "" Names
" '.
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,. :';'~'IooI"'!-"'rl""'J;:""'!'(~'~'?';"'''"-i''
DAVID ELWOOD WERT
December 30, 1942
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Article Two
Appointment of My Personal Representatives
Section 1. Nomination of My Personal Representatives
I appoint the following to be my Personal Representative(s) in the order of priority in which their
names appear:
DAVID ELWOOD WERT; THEN
MICHAL A. WERT
If, for any reason, the PersOOal Representative(s)named above are unable or unwilling to.s'erve,
the next successor Personal Representative(s) shall serve in the order of priority listed until the
list has been exhausted. Unless .otherwise specified, if Co-Personal Representatives are serving,
the next named successor Personal Representative shall serve only after all of the Co-Personal
Representatives cease to act as Personal Representatives.
Section 2. Waiver of Bond
No bond or undertaking shall be required of any Personal Representative nominated in this Last
Will.
Section 3. General Powers
My Personal Representative shall have full authority to administer my estate under the laws of the
Commonwealth of Pennsylvania relating to the' powers of fiduciaries. My Personal Representative
shall have the power to administer my estate under the Pennsylvania Probate, Estates and
Fiduciaries Code.
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Article Three
Disposition of My Property
Section 1. .Estate Planning Letter or Memorandum
To the extent permitted by state law and not necessary to fully utilize my Unused Applicable
Credit Equivalent, my Personal Representative shall distribute such of my personal or household
items to sucb persons as I may direct by a written instrument signed by me an.d delivered to my
Personal Representative.
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Section 2. Distribution to My Revocable Living Trust
I give aU the res~ residue and remainder of my property of whatever nature and kind and
wherever located to the then acting Trustee(s) of my revocable living trust of which I am a
Trustor known as the:
ELWOODW. WERT LIVING TRUST,
dated October 14, 1997~ and any amendments thereto.
I executed said revocable living trust prior to the execution.ofthis Last Will.
Section 3. Alternate Disposition
If n1Y revocable living trust is not in effect for any reason, I give all of my property to my
Personal Representative under this viill as Trustee who shall hold, administer and distribute my
property as a testamentary trust the. provisions of which are identical to those of my revocable
living trust on the date of execution of this Last Will, or as thereafter amended.
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Article FOQr
DeatbTaxes
Section 1.. Definition of Death Taxes
The term fldeath taxes," as used in this will, shall mean all inheritance, estate, succession, and
other similar taxes that are payable by any person on account of that person's interest in the estate
of the decedent or by reason of the decedent1g death, including penalties and interest, but
excluding the following:
R. . . '.' ': :dI\nY&i~itiol1alto. #tefederal.~state~fo~~y:.<~~)(c~ss'~tii~,l~)fit'W:aCij~mufati?p,~:.i
under Internal Revenue Code Section 4980A. . . ......... . .'
b. Any additional tax that may be assessed under Internal Revenue Code Section
2032A or 2057~ and
c. Any federal or state tax imposed on a Generation Skipping Transfer, as that term
is defined in the federal tax laws, unless the applicable tax statutes provide that
the Generation Skipping Transfer Tax is payable directly out of the assets of my
gross estate.
Section 2. Payment of Death Taxes
Pursuant to the terms of my revocable living trust, all. death taxes whether Qr not attributable to
property inventoried in my probate estate shall be paid by the Trustee from my Trust. However,
if my Trust does not exist at the tiine of my death or if the assets of my Trost are insufficient to
pay the death taxes in full, I direct my Personal Representative to pay any death taxes that cannot
be paid by my Trustee from the assets of my probate estate by equitably prorating and
apportioning those taxes among the beneficiaries of this will.
Unless specifically provided otherwise in my Trust, aU death taxes incurred byreasol) of assets.
being transferred outside of my Trust or probate estate shall be assessed against those persons
receiving such property.
Section 3. Waiver of Right of Reimbursement Under Code Section 2207A
I hereby waive my estate's right of reimbursement under Code Section 2207A.
Article Five
~1...';":'H@t)';"'.\;'~~80f<f!~H!;i,':j;f;V":1#1!i)1,~f;t$~~~~~1~t1t~it~?r,f~'::::'.
SectioJl2~" Captions!
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The captions of Articles, Sections and Paragraphs used in this Last Will are for convenience of
reference only and shall have no significance in the construction or interpretation of this Last
Will.
Section 3. Severability
Should any of the provisions of this Last Will be for any reason declared invalid,
shall not affect any of the other provisions of this will and ail invalid provisions
disregarded in interpreting this Last Will.
Section 4. Governing Law
This Last Will shall be construed, regulated and governed by and in accoRlance with the laws of
the Commonwealth of Pennsylvania.
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SIgn~ 1:r:1fS..,~~t'.;yy"l~'On '.'." ,,;""-1"'" "'. .;"",.,('0..,'" . '..',','" ,. ""'."," ...,',..._",'.
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f i'LV"~X I ') f ~ )_.~ . ,.' ". .: ....\',<;'.'i:<';,y('L,'...
Et WOOD w. WEd
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COMMONWEALTH OF PENNSYLVANIA
COUNTY OF DAUpmN
We, ELWOOD W. WERT, tluSCtnM. C.Jl11...u>oole and
8 ( !aJJLlh ty. f..ck. . the Testator and the witnesses, respectively. whose
names are signed to the attached or foregoing instrument, being duly first swom,do hereby
the foregoing instrument as his Last Will; that the Testator signed h'\.Viningly~ or direCt~dt:~9ilitt
to sign it for the Testator. that it was executed as his free and voluntary act for the purposes
therein expressed; that each subscribing witness in the presence and hearing of the Testator
signed the LastWm as a witness; and that to the best of our knowledge the Testator was at the
time of sound mind and memory, ofJawful age, and under no constraint or undue influence.
~ ~'.~ "'::;.5':~V~~i'~J
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ELWOOD W. WERT
xl r, >n~ 4' ~
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Witness !
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Witnes
SUBSCRIBED. SWORN TO and ACKNOWLEDGED before me, a notary public, by
ELW90D W. WERT. the Testator, and S u<;a.n It'1. ~V-~~co !FL and
Ell mhLfJ, S, E tk , the witnesses, on this 200~
~j)'~){~m~
/1' LlrM /T./~. . ','" 4_ ' ,;
Notary Public
C,..'" I-/! ~.r"
V""'~'P-'NWf:A-t. "i'H" -.
, - OF Pt:NNSYlV.
. t,~ Sea! ' ~NlA
UnctaL.F~~, .
M Derry TWp" 0al~Pubik:
Y Commi..,sn., E-'/f ~
Memb " ..... esNov.8 ~
~, P""""'1" " ,-..vi
.... H<); ....~w A
' -,. :SSC';laliol'l Of Notaries
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ATTESTATION CLAUSE
On this MAY 27 2004 , ELWOOD W. \VERT, Testator, personally Published and
Declared the foregoing instrument, as and for his Last Will and Testament, in the presence of
each of us and all Of11S together, who, at his request. in his presence, and in the presence of each
other, also signed the said instrument as witnesses. We further state that each of llS believes that
at the time he executed the foregoing instrument he was of sound mind and memory, of lawful
age, and did so execute 1t as his own free act and deed and not under the constraint or undue
influence of any person.
o :~~~ q~~;~
WItnesS
/, 3 .
i7'7. hA J)~t:~ . . 6T1.oL
Street Address
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Street Address
fl:ktl)yY) e.(~fDwn tfJIt lio3t
City, State, Zip
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The
ELWOOD W. WERT
LIVING TRUST
prepared for
ELWOOD W. WERT
JAMES, SMITH & DURKIN
Attorneys-at- Law
134 Sipe Avenue
Hummelstown, Pennsylvania 17036
(717) 533-3280 FAX (717) 533-2795
<<:) James, Smith & Durkin
All Rights Reserved
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Article One
o Article Two
Article Three
l~..rticle Four
Article Five
Article Six
Article Seven
Article 0 Eight
Article Nine
Article Ten
Article Eleven
Article Twelve
Article Thirteen
Article Fourteen
Article Fifteen
ELWOOD W. WERT LIVING TRUST
Table of Contents
Trust Creation .............:........................ 1-1
The Trust Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 2-1
Appointment of Trustees. . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ . .. 3-1
Trustor's Lifetime Rights. ....:......................... 4-1
Trust Administration Upon My Death . . . . . . . . . . . . . . . . . . . . .. 5-1
Specific Distributions of Trust Property . . . . . . . . . . . . . . . . . . . .. 6-1
Division into Survivor's Trust and Family Trust. . . . . . . . . . . . . . .. 7-1
The Survivor's Trust. ................................. 8-1
The Family Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 9-1
Common Pot Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 10-1
Division and Distribution of Trust Property. ... . . . . . . . . . . . . .. 11-1 V
Distribution If No Designated Beneficiaries. .. . . . . . . . . . . . . . .. 12-1
Trustee Administration ............................... 13-1
Trustee Investment Powers . . . .. . . . . . . . . . . . . . . . . . . . . . . .. 14-1
General Provisions. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.. . . . . . .. 15-1
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ELWOOD W. WERT LIVING TRUST
Article One
Trust Creation
Section 1. Parties to My Trust
This trust agreement dated 0 C T 1 4. 1997
Trustor, and the following initial Trustee(s):
is made between ELWOOD W. WERT, the
ELWOOD W. WERT
AL VENA K. WERT
Section 2. Name of My Trust
This trust may be referred to as the:
ELWOOD W. WERT LIVING TRUST, dated OCT 14 1997
The formal name of my trust and the designation to be used for the transfer of title to the name
of my trust is:
ELWOOD W. WERT and ALVENA K. WERT, Trustees, or their successors in trust,
under the ELWOOD W. WERT LIVING TRUST dated OCT 14 1997 and any
amendments thereto
Section 3. Revocable Living Trust
My trust is a revocable living trust. Notwithstanding the preceding sentence, my trust agreement
may create an irrevocable family and irrevocable survivor's retirement subtrust for retirement
benefits planning. Such irrevocable retirement subtrusts shall be administered without regard to
any amendments to my trust agreement other than an amendment which eliminates either or both
such Trusts. .
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Section 4. Trustor as Trustee
Unless otherwise provided in this trust agreement, when I am serving as Trustee under this trust,
I may conduct business and act on behalf of my trust without the consent of any other Trustee,
Section 5. My Family
a. Marital Status
I am cunently married and my spouse's name is ALVENA K. WERT. All references
to my spouse in this trust agreement are to her.
b. The name(s) and birth date(s) of the children of ELWOOD W. WERT are:
Name Birth date
DAVID ELWOOD \VERT
December 30, 1942
All references to the children of EL WOOD W. WERT in tins instrument are to these
children and any children subsequently born to or adopted by him.
Section 6.
Creation of Internal Revenue Code Section 401 (a) (9)
Retirement Subtrusts
Nonvithstanding any other provision of my trust agreement, the irrevocable retirement subtrust
of any Trust described in Article Seven is hereby deemed to be irrevocable upon execution of my
trust agreement. Any such irrevocable retirement subtrust shall remain unfunded until funded at
my death.
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Article Two
The Trust Estate
Section 1.
Initial Transfer of Property
I hereby assign, convey, transfer and deliver to my Trustee all property set forth on Schedule
"A", attached hereto, and made part of this trust agreement. My Trustee acknowledges receipt
of all assets listed on the attached Schedule.
All assets titled in the name of my trust or in the name of my Trustee, but not listed on Schedule
"A", shall be considered a part of my trust estate as if they had been set forth on the attached
Schedule.
Section 2.
Additional Transfer of Property
My Trustee is authorized to a~cept additional transfers of property interests of all kinds, at any
time in any manner by me or 'any other person or entity.
All property interests received by transfer, assignment, gift, bequest, devise or beneficiary
designation shall be<::ome a part of my trust estate unless disclaimed by my Trustee.
Section 3.
Com position of Trust Property
In addition to the property described in the previous Sections, my trust estate shall include the
following:
a. All insurance policies transferred to my trust or policies in which my
trust is named as beneficiary plus the proceeds of those policies;
b. Any interest in any pension, retirement or death benefit, bonus,
profit-sharing or employee's savings plan or any similar contract
created or entered into by an employer for the benefit of some or all
employees which is transferred to my trust or in which my trust is
named as beneficiary and all proceeds of any such benefit, bonus, plan
or contract; and
c.
Any other property or interest in property which becomes subject to
my trust.
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Section 4.
Acceptance of Trust Property
All property transferred to my trust and not disclaimed by my Trustee shall be held, administered
and distributed according to the terms of this agreement.
Section 5.
Trust Property Schedule
The trust property transferred to my trust is set forth on Schedule "A".
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Article Three
Appointment of Trustees
Section 1.
Definition of Trustee
All references in this agreement to "Trustee" shall be deemed a reference to the person or entity
who is then serving as Trustee and shall include alternate or successor Trustees or Co-Trustees
unless the context requires otherwise,
Section 2.
Resignation of a Trustee
Any Trustee may resign at any time without court approval by giving written notice to me or to
my personal representatives. If I am not living, written notice shall be given to my successor
Trustee, or if there is no successor, to the beneficiaries then entitled to receive income or
principal distributions under this agreement, to their respective personal representatives, or if such
beneficiaries then be minors, to the persons having the care or custody of them.
Section 3.
Removal of a Trustee
Any Trustee may be removed under this agreement as follows:
a. While I am Both Alive and Competent
While I am both alive and legally competent, I shall have the right to remove
any Trustee appointed under this agreement at any time with no requirement that
the removed Trustee receive any reason for such termination.
b. Removal by Others
After my death or legal incompetency, any Trustee may be removed by a
majority vote of the beneficiaries then entitled to receive income or principal
distributions under this trust agreement or their personal representatives at any
time for cause.
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c. Notice to Removed Trustee
Written notice of removal under this agreement shall be effective immediately
when signed by the person or persons authorized to make the removal and
delivered to the Trustee personally or deposit by United States certified mail,
return receipt requested. The written notice removing a Trustee shall designate
a successor Trustee.
d. Transfer of Trust Property
The Trustee so removed shall promptly transfer and deliver to the successor
Trustee all property of the trust under its possession and control.
Section 4.
Designated Successor Trustees
\Vhenever a Trustee is removed, dies, resigns, becomes legally incapacitated or is otherwise
unable or unwilling to serve, that Trustee shall be replaced as follows:
a. The Death or Disability of a Trustee 'Vhile I am Serving as
Trustee
I may serve as the only Trustee or I may name any number of Trustees to serve
with me. If any of these other Trustees subsequently die, resign, become legally
incapacitated or are otherwise unable or unwilling to serve as a Trustee, I may
or may not fill the vacancy.
b. Disability Trustees of ELWOOD W. WERT
Upon the disability of ELWOOD W. WERT, if he is then serving as an initial.
Trustee he shall be replaced by the following Disability Trustee(s):
AL VENA K. WERT
If, for any reason, the Disability Trustee(s) named above are unable or unwilling
to serve, the following successor Disability Trustee(s) shall serve until the
successor Disability Trustee(s) on the list have been exhausted. Unless otherwise
specified, if Co-Disability Trustees are serving, the next following named
successor Disability Trustee shall serve only after all of the Co-Disability
Trustees cease to act as Trustees.
DA VID ELWOOD WERT
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c. Death Trustees of ELWOOD W. WERT
Upon the death of ELWOOD W. WERT, if he is then serving as an initial Trustee
he shall be replaced by the following Death Trustee(s):
AL VENA K. WERT
If, for any reason, the Death Trustee(s) named above are unable or unwilling to
serve the following successor Death Trustee(s) shall serve until the successor
Death Trustee(s) on the list have been exhau'sted. Unless otherwise specified,
if Co-Death Trustees are serving the next following named successor Death
Trustee shall serve only after all of the Co-Death Trustees cease to act as
Trustees.
DAVID ELWOOD WERT
Section 5.
Definition of Disability
A Trustee shall be considered disabled in the event that a court of competent jurisdiction
determines that such Trustee is legally incompetent, or in the event that a Trustee is not
adjudicated incompetent but, by reason of illness or mental disability, such Trustee has been
certified by two licensed physicians to be unable to properly handle his or her own affairs.
Section 6.
No Designated Successor Trustees
If at any time there is no Trustee acting under this agreement and there is no person or institution
designated and qualified as a successor Trustee, a majority of the beneficiaries then eligible to
receive distributions of income or principal under this agreement or their legal representatives
shall appoint a successor Trustee. If any trust existing under this agreement lacks a Trustee and
no successor is appointed pursuant to this Section, the vacancy shall be filled by a court of
competent jurisdiction.
Section 7.
Responsibility of Successor Trustees
A successor Trustee shall have the same rights, powers, duties, discretions and immunities as if
it had been named as initial Trustee under this agreement. No successor Trustee shall be
personally liable for any act or failure to act of any predecessor Trustee or shall have any duty
to examine the records of any earlier Trustee. A successor Trustee may accept the account
rendered and the property delivered by or on behalf of a predecessor Trustee as a full and
complete discharge of the duties of the predecessor Trustee without incuning any responsibility
or liability for so doing.
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Article Four
Trustor's Lifetime Rights
Section 1.
Rights While I am Alive and Legally Conlpetent
During my lifetime while I am legally competent, I shall have the following powers over the trust
property and my Trustee:
a. Right to Trust Income
My Trustee shall pay to me or apply for my benefit all the net income from this
trust monthly or in other convenient installments. as I may direct.
b. Right to Trust Principal
My . Trustee shall pay to me or apply for my benefit such sums from the
principal of this trust as I may direct. I may not, however, direct my Trustee to
make gifts from trust property to third parties. If my Trustee inadvertently
makes a distribution I intended as a gift directly fromllie trust to a third party,
that distribution shall be construed as a distribution to me first then a gift to the
third party from me.
c. Right to Add and Remove Property
By \vritten direction delivered to my Trustee, I may add other property to my
trust or withdraw property in any amount and at any time.
d. Right to Amend or Revoke My Trust
Except as to the irrevocable Family and Survivor' sRetirement Subtrusts, while
am alive, I may at any time or times, by "WTitten notice filed with my Trustee,
amend any provision hereof or revoke my Trust Agreement in whole or in part.
e. Delivery of Property After Revocation
After any revocation or termination of any trust created by this agreement my
Trustee shall promptly deliver the designated trust property to me.
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f. Trustee's Retention of Assets Upon Revocation
In the event of any revocation of all or part of my trust, my Trustee shall be
entitled to retain sufficient assets to reasonably secure the payment of liabilities
my Trustee has lawfully incurred in administering the trust and any fees that
have been earned by my Trustee until such time as those liabilities have been
discharged and fees paid, unless I indemnify my Trustee against loss or expense.
Section 2.
Power to' Direct Investments
I shall have the right to direct investments of trust property as follows:
a. Invest trust funds in specified securities, properties or other forms of
investment;
b. Retain as part of the trust estate for specified periods of time
securities, properties or other forms of investment held in trust under
this instrument; and .
c. Sell, encumber, lease, abandon or dispose of any trust property.
My Trustee shall not be liable for any losses sustained as a direct or indirect
result of any action taken in accordance with the terms of the written direction.
All directions shall be in a writing signed by me, specifying, if applicable the
period of time during which the instructions shall remain in effect and describing
any other conditions affecting the directions.
Section 3.
Trustor's Rights During Disability
a.
Disability Defined
I shall be considered disabled in the event a court of competent jurisdiction
determines that I am legally incompetent or, in the event that I am not
adjudicated incompetent but by reason of illness or mental disability, I am in the
opinion of two licensed physicians unable to properly handle my own affairs.
b. Income and Principal Distributions
My Trustee during the period of my disability shall pay to or apply for my
benefit as much of the net income and principal of my trust estate as my Trustee
in its sole discretion shall deem necessary or advisable.
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c. Payment of Obligations
My Trustee during the.period of my disability shall from time to time, pay my
valid obligations, my medical expenses and provide for my comfortable
maintenance and welfare taking into consideration my other income or resources.
d. Income and Principal Distrih.utions for Spouse
My Trustee shall pay to or apply for the benefit of my spouse as much of the
principal and net income of my trust estate as my Trustee in its sole discretion
shall deem necessary or advisable from time to time for my spouse's health,
maintenance, support and education, taking into consideration my spouse's other
income or resources.
e. Trustee Guidelines
In making distributions under. this Section my Trustee shall give primary
consideration to my needs and secondary consideration' to the needs . of my
spouse.
f. Tax Planning
During my life if I should become disabled, my Trustee may exercise the
following powers as attorney in fact on my behalf, either alone or in conjunction
with any other attorney in fact under a durable power of attorney, but the
primary concern of my Trustee shall be for my welfare and secondarily for the
welfare of my lineal descendants for tax planning:
1. My Trustee may make additional distributions to my
lineal descendants equally by class for the purpose
of continuing any gift program initiated by me
which my Trustee reasonably determines will
achieve beneficial results for estate and/or income
tax planning purposes.
2. lv1y Trustee may imtiate a gift 'program on my
behalf which my Trustee reasonably determines will
achieve beneficial results for estate and/or income
tax planning purposes by making distributions to my
lineal descendants equally by class so long as such
distributions are made in the form which qualify for
and are limited to the anImal exclusion for federal
gift tax purposes.
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3. During any period when I am disabled, my Trustee
shall be under no obligation to initiate, recommend
or consider any tax planning objective or program
for me and any exercise of its discretion in this
regard when conducted in good faith shall not
subject it to liability to any person affected thereby.
Section 4.
Exercise of Trustor's Rights and Powers by Others
Any right or power that I could exercise personally under the terms of this agreement except the
power to amend, revoke or terminate any trust created by this agreement may be exercised for
and on behalf of me by any attorney in fact who, at the time of the exercise, is duly appointed
and acting for me under a valid and enforceable durable power of attorney executed by me or,
if there is no such attorney in fact, by my duly appointed and acting conservator after petition
to a court of competent jurisdiction.
The power to amend, revoke or terminate any trust created by this agreement is personal to me
and may not be exercised by any other person or entity.
Section 5.
Rights Concerning Standby Property
It is contemplated that certain assets may be added to the trust estate from time to time with the
possession and control thereof retained by or redelivered to me. If I execute and deliver to my
Trustee an instrument effectively transferring such assets to my Trustee together with any further
documentation necessary to effect the record transfer thereof, in the event of my death or
incapacity the assets shall be deemed to be assets of the trust estate and held by me as the
nominee of my Trustee. During the period such assets are in my possession they shall be subject
to the following terms and conditions:
a. I may receive directly and devote to my own use and benefit
any dividends, interest, income or distributions from or upon
such assets and neither I nor my Trustee shall have any duty
of accounting to the other or to any other person with regard
thereto.
b. Any sale, exchange or other transfer of such assets by me
shall constitute a withdrawal of such assets from the trust
estate and my Trustee shall have no further interest therein
or duties with regard thereto. Though not a condition
precedent to any such withdrawal, I agree to notify my
Trustee of all such withdrawals.
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d.
e.
Section 6.
I shall be. responsible for the reporting of the income from
such assets to the appropriate taxing authorities and my
Trustee shall have no responsibility for including such
income on any fiduciary returns prepared by it or for the
preparation of any other income tax return with respect
thereto unless I duly notify my Trustee of such income items
and a full and adequate accounting thereof is made and
presented to my Trustee.
I shall protect and indemnify my Trustee against all losses,
liabilities and expenses which may result directly or
indirectly from my use, possession, management or control
of such assets.
Upon my death or incapacity, my Trustee shall be entitled to
the possession thereof and thereafter shall have all the rights,
powers and duties with respect to such assets which are
otherwise granted to my Trustee herein. It is understood that
my Trustee shall be responsible only for the assets which
actually Gome into its possession and control. However, it
is also understood that my Trustee shall use any reasonable
and prudent means to secure possession of any trust assets of
which it has knowledge. My Trustee shall have no duty,
accountability or responsibility to me or to any other person
with respect to any assets of which it has no knowledge or
of which it is unable to obtain possession a..l1d control.
Trustor/Trustee Bank Accounts
It is contemplated that I may establish a joint bank account or accounts with my Trustee and
create powers of attorney in respect thereof in other persons. Deposits from time to time made
by me or other authorized persons into such an account shall constitute transfers to the trust estate
and \vithdrawals therefrom which may be made without the co-signature of my Trustee shall
constitute withdrawals from the trust estate. However, my capacity and other authorized persons
with respect to any such account shall be that of nominee of my Trustee not co-owner. At any
given time the trust estate shall include the then balance of any such account.
Section 7.
Life Insurance Policies and Retirement Plans
Unless otherwise provided in this trust agreement or elsewhere, I shall have all powers over life
insurance policies and retirement benefits owned by or made payable to my trust, including the
following:
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a. Payment of Premiums
I shall be responsible for the payment of premiums and other charges on each
policy or insurance owned by or made payable to my trust. My Trustee shall
have no duty to make any payment or be responsible to determine whether such
payments have been made.
b. Custody of Policies
My Trustee shall not be responsible for the custody or safekeeping of any life
insurance policy before its actual delivery to my Trustee nor after its withdrawal
by its owner.
. c. Change Beneficiaries
I shall have the right to change the beneficiary and to receive any dividends or
other earnings of such policies or plans without accoUntability therefor to my
Trustee or any beneficiary in this agreement.
d.' Assignment
I may assign any policy or plan benefits to any lender to the extent allowed by
law induding my Trustee as security for any loan to me or any other person.
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e. Surrendered Policies
If any life insurance policy is surrendered or if the beneficiary of any policy is
changed, this trust agreement shall be revoked with respect to such policy.
However, no revocation of the trust with respect to any policy whether pursuant
to the provisions of the preceding sentence or otherwise shall be effective unless
the surrender or change in beneficiary of the policy is accepted by the insurance
company.
Section 8.
Undistributed Net Income
Any net income not distributed under the provisions of this Article shall be added to the trust.
principal.
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The First Amendment
to the
Elwood W. Wert Living Trust
On October 14, 1997, we, Elwood W. Wert and the AlvenaK. Wert, signed the Elwood W.
Wert Living Trust, more formally known as:
Elwood W. Wert and Alvena K.. Wert, Trustees, or their successors in trust, under
the Elwood W. Wert Living Trust, dated October 14, 1997, and any amendments
thereto.
Pursuant to Article Four of my Living Trust, which permits me to amend my Living Trust
in 'writing at any time, I now wish to ~end my Living Trust as follows:
Article Five of my Living Trust is hereby revoked in its entirety and amended as follows:
Section 1.
Trustee's Payment of Debts and Taxes
After my death, unless other provisions for payment have been made, my Trustee shall pay all or
any part of the following expenses, debts, claims and taxes from my Trust Estate:
a. Final medical expenses and all funeral costs;
b. Legally enforceable claims against me;
c. Reasonable expenses of administration of my Trust, including those attributable to
my probate estate or those attributable to the distribution of any bequest;
d. .Any allowances mandated by a court of competent jurisdiction to those dependent
upon me;
e. .Any estate, inheritance, succession, generation skipping transfer, or similar taxes
payable by reason of my death; and
f. Any penalties or interest on any of the above expenses, claims, debts or taxes
owed by me or my probate estate.
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Section 2.
Payment by My Trustee or Personal Representative
My Trustee, in my Trustee's discretion, may make distributions authorized under this Article
either directly to the person or entities to whom payment is owed or to the Personal
Representative of my probate estate. Written statements by my Personal Representative that
such sums are due and payable by my estate shall be sufficient evidence of their amount and
propriety for the protection of my Trustee. My Trustee shall be under no duty to . see to the
application of any such payments made to my Personal Representative.
Section 3.
Tax Elections
If no Personal Representative has been appointed, with regard to the payment of any income tax,
gift tax, estate tax, inheritance tax, Generation Skipping Transfer Tax or any other tax due
because of my death, my Trustee shall have the right to make any available elections allowed
under the law or to sign and file any tax return. Ira Personal Representative has been appointed,
the Personal Representative shall have the foregoing rights and duties.
Section 4.
Payment of Death Taxes, Claims and Expenses
a.
Payment Out of Trust Property
All death taxes, claims and expenses' payable under the provisions of this Article
may be paid by my Trustee out of my Trust Estate except as specifically provided
for elsewhere in my Trust Agreement. Such payments may be allocated, partly or
wholly, in my Trustee's discretion, to income or principal; but, to income only to
the extent such allocation does not constitute a material limitation upon any trust
portion that would otherwise qualify for the federal estate taX Marital Deduction
or decrease any otherwise allowable Charitable Deduction.
b. Exception for Property Passing Outside of My Trust
Notwithstanding Section 4.a of this Article, unless specifically directed otherwise
by another separate provision of my Trust Agreement, all death taxes, claims and
expenses attributable to assets passing outside of my Trust or my probate estate
shall be assessed against those persons receiving such property; provided,
however, that under no circumstances shall any transfer to any beneficiary that
qualifies for the federal estate tax Marital or Charitable Deduction cause the
'. property transferred or such beneficiary t6 bear any such taxes.
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Section 5.
Apportionment of Expenses, Claims and Taxes
Notwithstanding Section 4.a of this Article, unless specifically directed otherwise by another
separate provision of my Trust Agreement, all expenses, claims and taxes attributable to any
specifically distributed property shall be apportioned to the share of the beneficiaries of such
specific distributions. Any distribution of specific trust property under my Trust Agreement
shall pass subject to all liens, mortgages or encumbrances attributable thereto.
Section 6.
Exception to Apportionment of Death Taxes
Notwithstanding any provision in my Trust Agreement to the contrary, it is my intent, and I
hereby direct, that to the extent practicable no death taxes shall be apportioned to or against any
part of my estate or the trusts or shares created by my Trust Agreement, or any beneficiary
thereof, which qualifies for the federal estate tax Marital Deduction or Charitable Deduction.
Further, notwithstanding any above provisions, Death Taxes chargeable among trusts hereunder
that are substantially identical except that one trust is Exempt and the other Trust is Non-Exempt
shall be charged first to the Non-Exempt Trust until exhausted and then to the Exempt Trust.
The preceding sentence shall not apply to the extent that charging and paying such taxes as
provided in such sentence increases the Inclusion Ratio of any Exempt Trust hereunder.
Furthermore, should the payment of expenses, claims and taxes from any Qualified Retirement
Plan or Individual Retirement Account ("IRA") assets which comprise my Trust Estate cause my
Trust to be disqualified as a "Qualified Beneficiary" Trust, it is my intent, and I hereby direct,
that to the extent practicable, no expenses, claims and taxes be paid from such Qualified
Retirement Plan or IRA. assets.
All other articles are hereby ratified and confirmed.
I executed this amendment on ~ _ /01 0 0 I
I certify that I have read the foregoing amendment to my Living Trust, and that it correctly
states the changes I desire to make in my Living Trust. I approve this amendment to my Living
Trust in all particulars, and request my Trustees to execute it.
t~~..tLJ1Vt7/
Elwood W. Wert, Trustor
?~,(jJd
Elwood W. Wert, Trustee
ag~~(~~
Alvena K. Wert, rustee
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ACKNOWLEDGEMENT
COMMONWEALTH OF PENNSYLVANIA
: SS
COUNTY OF DU...,-L l'tti~ Cu m ~ r-
The foregoing amendment to the Elwood W. Wert Living Trust was acknowledged before me on
~1loAfW..( I~/;J.OO/, by Elwood W. Wert, as Trustor and Trustee.
Witness my hand and official seal.
NOTARIAL SEAL
JUDITH ANN VALENTINE, Notary PUblic
Califsle, Cumberland County
My Commission expires Nov. 12, 2002
My commission expires:
~k~fUSf
- Public
COMMONWEALTH OF PENNSYLVANIA
: ss
COUNTY OF JR ~ ~~Q.v t'Y\ ts Cfl2....L ~'\J.D
e foregoing amendment to the Elwood W. Wert Living Trust was acknowledged before me on
lZ..u IS. ~ , by Alvena K. Wert as Trustee.
Witness my hand and official seal.
My commission expires:
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No . Public
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NOTARIAL SEAL
JUDITH ANN VALENTINE, Notal)' Public
Carlisle, Cumberland County
My Commission Expires Nov. 12, 2.002
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Article Five
General Provisions
Section 1. No Contest Clause
If any person or entity singulaIly or in conjunction with any other persOtf;~t.?~
indirectly, contests in any court the validity of this Last Will i,n{:luding apy.tX)~~!~Jlr. ........-'.
the right of that person or entity to take any interest in my estate shall cease and'die;:~~~Of
that .person (and his or her descendants) or enti.ty shall be deemed to have occurred prior to mine.
Section 2. CaptionS
" ,,). :::-::~~\,,",..:i,1~i.f~~;,:~,:~,';:h-':)J:t!:~:'NI' ,
The captions of Articles, Sections and Paragraphs used in this Last Will are for convenience of
reference only and shall have no significance in the construction or interpretation of this Last
Will.
Section 3. Severability
Should allY of the provisions of this Last Will be for any reason declared invalid.'
shall not affect any of the other provisions of this will and aU invalid provisions
disregarded in interpreting this Last Will.
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Section 4. Governing Law
This Last Will shall be construed, regulated. and governed by and in accordance with the laws of
the Commonwealth of Pennsylvania. .
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Pl~~A'l'.~ J~
ELWOOD W. . T
ATfESTATlON CLAUSE
On this MAY 272004 _, ELWOOD W. WERT. TeslalOl', personally Pub\isb.ed and
!)ecIllred the foregoing ~ as and for bis Last Will8tlC1 TestaIDent. in the presence or
each of oS and all oms togethet, who, at his rcqoest, in his pr- and in the preseoce of each
othe<, also signed the said inslnJtI100t as witneSses. We t\nIIIet stale that each ofus believes that
at the time he executed the foregoing insttWllent bo WIlS of sound mind and lIleD1OIY, of \aWful
age. and did so execute it as his own liee act and deed 8tIC1 not under lbe coosttaint 0< undue
influence of any person.
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Witness . Q
17'7 rt. ;)4".?'f;t'1.d.- -
Street Address
~~~ /.M. AIt flfl).!k
(dM iJ.U:k l ~M"
Wltn~
ILl LUfY\o.j;(,. ~tr It.
Street Address
1/;lwl ft'\ tb h /iJ (\ 1M 110?:,/.
City, State, Zip
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COMMONWEALTH OF PENNSYLVANIA
COUNTY OF DAUPHIN
We. ELWOOD W. WERT, \)~J'~~n ... tYLC'/}11~6if" and
ttl,ta:JJdh ~'. ELk . the Testator and the witnesses, respectively, whose
names are signed to the attached or foregoing instrument. being duly first swom. do hereby
declaretotbe.und~~~.aWbQtit;yi:~:~~n~~~;.~~.Jb:e..:re$Ultor.signand~cute
. :_., _ _ ;", - '" _ ',' ,0,'" C" :,'1.';~':~'~~:'>:',~'~? ';:<"""\}_":"",: _ "':::_:_ ",' _,i:
the foregoing instrument as bis LElStWilh .th:Jt the :Testator sisnedit' \\lIJingly,or direeted.~Qtliet
to sign it for the Testator. that it was executed as bis free and voluntary act for the purposes
therein expressed; that each subscribing witness in the presence and hearing of the Testator
signed the Last Will as a witness; and that to the best of our knowledge the Testator was at the
time of sound .mind and memory, of lawful age, and under no constraint or undue influence.
e~.t&~ .~)d-
ELWOODW. WER'r
Jd~ l.tj(~ Yn.('p~1'}{n~
Wiiness r
~~ A. tCu.
SUBSCRIBED, SWORN TO and ACKNOWLEDGED before me, a notary public. by
~~'Y90D W. WERT, the Testator. and ,stJ~a..n 1Yl. )J~ool€- and
'El rtohuJ, S. Ed( , the witnesses, on this _ Z(IO;
,;-/ '!. \....-; ,-1, J:.h, .L " ". f j '.
,~LLM/J!~ lA' ~
Notary Public
....-.
~fi:..1~.\rJWe" - ...
.1..rH OFr12~~fVS'f.l..V.b'"
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~1\~ ~ 1~.PuIJIie
.MfCcitJmls~"~. ~~
~.... .. :Nl"'~esIQ>.8,~
., 11l..,"",P~::;;4U Ii;. ".
~:;~II(lt: or No~
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Article Six
Specific Distributions of Trust Property
Section 1.
Fractional Gift of Income in Respect of a Decedent
After my death, my Trustee shall distribute a fraction of all items of income in respect of a
decedent of my trust estate to the. Family Trust. Any income in respect of a decedent not
distributed to the Family Trust shall be distributed to the Survivor's Trust. The fraction to be
distributed to the Family Trust shall be determined by dividing my Unused Unified Credit
Equivalent, after taking account of all property passing which is includable in my gross estate,
other than by any form of Beneficiary Designation, by the value of all items of income in respect
of a decedent in my trust estate or received by my Trustee du~ to my death.
Section 2.
. No Other Specific Distributions
My Trustee shall make no other specific distributions of trust property to any beneficiaries under
my trust agreement upon my death. All distributions of trust property shall be made in
accordance with the Articles that follow.
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Article Seven
Division into Survivor's Trust and Family Trust
Section 1.
Division of the Trust Estate
Upon my death my Trustee shall allocate and distribute the remaining trust estate including any
property that becomes distributable or payable to my Trustee at my death into two separate shares
to be identified as the Survivor's Share and the Family Share.
a. Property Transferred to the Survivor's Share
The Survivor's Share shall consist of assets having a value equal to the
minimum amount necessary to eliminate or to reduce to the maximum extent
possible any federal estate tax at my death, taking into account the following:
1. The net value for federal estate tax purposes of all other
property that passes or has passed to my Surviving
Spouse under my trust agreement, my probate estate or
otherwise that qualifies for the federal estate tax marital
deduction;
2. All federal estate tax deductions actually allowed other
than the marital deduction;
3. The unified credit available to my estate;
4. The credit for state death taxes available to my estate, to
the extent that the use of that credit does not result in or
increase any death tax payable to any state; and
5. Any other allowable credits available to my estate,
except the credit for tax on prior transfers from a
"transferor", as defmed in Code Section 2013, who dies
within two years after the date of my death but only to
the extent that those credits do not disqualify this gift
from receiving the marital deduction.
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b. Survivor's Share to be Administered as Survivor's Trust
The Survivor's Share shall be held, administered and distributed according to the
provisions of the .Survivor's Trust as set forth in Article Eight of my trust
agreement. My Trustee,. however, shall allocate to a separate irrevocable
subtrust of the Survivor's Trust, to be known as the Survivor's Retirement
Subtrust, all assets to be received by reason of any Beneficiary Designation.
Except for the irrevocability of the Survivor's Retirement Subtrust, my Trustee
shall administer the Survivor's Trust and the Survivor's Retirement Subtrust with
like effect as if each, separately, were the Survivor's Trust.
c. Property Transferred to the Family Share
The Family Share shall consist of all assets not distributed to the Survivor's
Share.
d. Family Share to be Administered as Family Trust
The Family Share shall be held, administered and distributed according to the
provisions of the Family Trust as set forth in Article Nine of my trust
agreement. My Trustee, however, shall allocate to a separate irrevocable subtrust
of the Family Trust, to be known as the Family Retirement Subtrust, all assets
to be received by reason of any Beneficiary Designation. Except for the
irrevocability of the Family Retirement Subtrust, my Trustee shall administer the.
Family Trust and the Family Retirement Subtrust with like effect as if each,
separately, were theFamily Trust.
e.
Administration ~of Irrevocable Retirement Subtrusts
under Internal Revenue Code Section 401(a)(9)
Any irrevocable retirement subtrusts created under this Section shall be held,
administered, divided and distributed in accordance with the provisions outlined
in this Section; provided, however, that my Trustee, in its sole discretion, may
continue the method of distribution from such plans which was being used by
me prior to my death.
Section 2.
Allocation and Valuation of Assets
In allocating assets between the Survivor's Share and the Family Share, my Trustee shall allocate
the trust assets that qualify for the marital deduction between the Survivor's Share and the Family
Share in cash or in kind or partly in each on a pro rata or non pro rata basis and in undivided
interests or not; subject, however, to the following:
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a. Qualification for Marital Deduction
Only assets that qualify for the marital deduction shall be allocated to the
Survivor's Share.
b. Valuations of Allocations in Kind
Assets allocated in kind shall be deemed to satisfy the marital deducti.on amount
on the basis of their values as finally determined for federal estate tax purposes
provided, however, that my Trustee shall act impartially, consistent with
equitable principles requiring impartiality anlong beneficiaries in allocating assets
in satisfaction of the marital deduction share so that any distribution of assets in
satisfaction of the marital deduction share shall be made of assets including cash
fairly representative of appreciation or depreciation in the value of all property
thus available for distribution.
c. Income
The Survivor's Share shall be entitled to a pro rata share of the income earned
on deceased Trustor's residuary probate and trust assets from the date of
deceased Trustor's death including a share of income earned on assets used to
discharge liabilities.
d. Foreign Death Tax Credit
My Trustee shall not allocate assets that qualify for the foreign death tax credit
to the Survivor's Share unless all other assets or interests available for allocation
have been so allocated.
e. Insurance on the Life of My Sunriving Spouse
My Trustee shall not allocate any policy of insurance on the life of my
Surviving Spouse to the Survivor's Share that is my separate property.
f. Insurance on the Lives of Others
Any incidents of ownership to a policy of insurance on the life of a person other
. than me shall be allocated to the Family Share.
g. Lack of Property to Fully Fund the Survivor's Share
If there is insufficient property qualifying for the federal estate tax marital
deduction to fully fund the Survivor's Share, the funding to the Survivor's Share
shall be reduced accordingly.
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Section 3.
Intention that Survivor's Share Qualify for Marital Deduction
I intend that the Survivor's Share qualify for the federal estate tax marital deduction and this
agreement shall be construed accordingly. All other provisions of my trust agreement shall be
subordinate to that intent. If the granting of any right, power, privilege, authority, or immunity
to my Trustee or another person and the imposition of any duty upon my Trustee or another
person by any provision of my trust agreement would disqualify any share or interest of a
beneficiary hereunder from qualifying for the federal estate tax marital deduction provided by
Section 2056 of the Code, such provision shall be ineffective if and to the extent that the same
if effective would so disqualify such share or interest. The provisions of this Section shall also
apply to my probate estate, personal representative and all beneficiaries, devisees and legatees.
Notwithstanding any other provision in my trust agreement to the contrary, my Surviving Spouse
at any time shall have the right to direct my Trustee in writing to convert within a reasonable
time any unproductive trust property to income producing property.
Section 4.
Disclainler of Property
_Any property or portion of property that is disclaimed by my Surviving Spouse shall be held,
administered or distributed according to the following terms:
a. Property Disclaimed
My Surviving Spouse may disclaim any property held or distributed to or for the
benefit of my Surviving Spouse under my trust agreement.
b. Time to Disclaim
My Surviving Spouse may disclaim within the time limits and under the
conditions permitted by the laws regulating disclaimers.
c. Delivery of Disclaimer to My Trustee
A disclaimer by my Surviving Spouse may be exercised by the delivery to my
Trustee of an irrevocable and unconditional refusal to accept any or all property
interests passing to my Surviving Spouse or the Survivor's Share.
d. Disclaimer of Survivor's Share
Ifmy Surviving Spouse exercises a disclaimer with respect to any or all property
set aside as the Survivor's Share, such disclaimed interest shall be added to the
Family Share.
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e. Disclaimer of Family Share
If my Surviving Spouse exercises a disclaimer with respect to any or all property
set aside as the Family Share, such disclaimed interest shall be distributed under
the relevant terms of this agreement as though my Surviving Spouse had
predeceased me.
Section 5.
Retirement Accounts
If my Trustee is named the beneficiary of an interest in one or more plans which are qualified
under Code Section 401 or one or more Individual Retirement Accounts qualified under Code
Section 408 (hereinafter IlRetirement Accounts"), then my Trustee shall allocate the benefits
payable from such Retirement Accounts to the Survivor's Trust (or a share hereunder) without
rmderfunding the Family Trust, if possible. .
Furthermore, if one or more Retirement Accounts are distributed to the Survivor's Trust in
installment payments, the following provisions shall apply:
a. Amount To Be Distributed
My Trustee shall pay to or apply for the sole benefit of my Surviving Spouse,
at least quarterly, the greater of (i) all of the net income earned by the
Retirement Account, or (ii) the amount required to be distributed from such
Retirement Account under Code Section 401(a)(9). My Trustee ~hall take all of
the necessary action to cause the Retirement Account to distribute to the
Survivor's Trust the amount required to be distributed to the Surviving Trustor
under this paragraph.
. b. Qualifying Income Interest
My Trustee shall take all of the necessary action to assure that the interest of my
Surviving Spouse qualifies as a qualifying income interest for life pursuant to
Code Section 2056(b)(7).
c. Principal and Income Allocation
My Trustee shall allocate to the income of the Survivor's Trust all of the net
income earned by the Retirement Account and paid to that trust regardless of
whether the Retirement Account is allocated to principal for trust accounting
purposes. My Trustee shall allocate to principal of the Survivor's Trust all other
distributions from the Retirement Account.
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d. Underproductive Property
The Surviving Spouse shall have the power to direct my Trustee to compel any
Retir.ement Account from which distributions are made to the Survivor's Trust
to be invested in income-producing assets.
e. Power to Accelerate Distributions
My Trustee shall elect an option under each Retirement Account which allows
my Trustee in its discretion to accelerate distributions and to receive one or more
lump sum payments from such Retirement Account.so that my Trustee has the
flexibility to withdraw principal in its discretion from the Retirement Account.
If such an option is not available under the Retirement Account, my Trustee
shall take all of the necessary action to cause such Retirement Account to be
transferred to an Individual Retirement Account which offers such flexibility and
which is titled in the participant's name and is qualified under Code Section 408;
provided however, that such transfer is not tre'ated as a taxable distribution for
income tax purposes.
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