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HomeMy WebLinkAbout04-25-06 217 REV-1500 EX tS-DO) W to- ~~~ 011.(,) woo :t:Q:..J (,)Q.ID 11. < COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE DEPT. 280601 HARRISBURG, PA 17128-0601 REV-1500 INHERITANCE TAX RETURN RESIDENT DECEDENT OFFICIAL USE ONLY FILE NUMBER 21-05-1063 COUNTY CODE YEAR NUMBER I- Z W C W o w o DECEDENTS NAME (LAST, FIRST, AND MIDDLE INITIAL) Morrison Richard L. DATE OF DEATH (MM-DD-YEAR) SOCIAL SECURITY NUMBER 206-32-1053 DATE OF BIRTH (MM-DD-YEAR) THIS RETURN MUST BE FILED IN DUPLICATE WITH THE 12/1/2005 4/26/1943 (IF APPLICABLE) SURVIVING SPOUSE'S NAME (LAST, FIRST, AND MIDDLE INITIAL) REGISTER OF WILLS SOCIAL SECURITY NUMBER I- Z W C Z o 0.. tJ) w 0:: 0:: o o ~ 1. Original Return 0 2. Supplemental Return 03. Remainder Retum (date ofdeatl\ priorto 12-13-82) o 4. Limited Estate 04a. Future Interest Compromise (date of death after 12-12-82) 05. Federal Estate Tax Return Required o 6. Decedent Died Testate (Attach copy of Will) 0 7. Decedent Maintained a Living Trust (Attach copy of Trust) .n. 8. Total Number of Safe Deposit Boxes o 9. Litigation Proceeds Received 010. Spousal Poverty Credit (date of death between 12-31-91 and 1-1-95) 011. Election to tax under Sec. 9113(A) (Attach Sch 0) ~}f}@ijl$j~$i9tiQfjjijl,rliJ~_tMtiQfl'ijjgQiRi$.pQijeijQi~~&ijtt~.~QiktliWfAXjijfQRMAt~iN~jftQijitliiJiiRg&ritUf.QfJ~f~{ NAME COMPLETE MAILING ADDRESS Robert G. Fre 5 South Hanover Street FIRM NAME (If Applicable) Carlisle, PA 17013 717-243-5838 OFFICIAL USE ONLY 1. Real Estate (Schedule A) (1) (2) NONE (3) NONE (4) NONE 77,280 \"'....,) c::::> c.:=:> C1'"' :~!!: ;Y~ 1 . I.~--=) }.J ;'j \~~] 2. Stocks and Bonds (Schedule B) ~ -V ::;:J N Ul 3. Closely Held Corporation, Partnership or Sole-Proprietorship 4. Mortgages & Notes Receivable (Schedule D) 5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E) C--:;. -T-1 47 ,665 ::.~~~~~ ~ . -,' ::~ o .::> :P- ::c (5) (6) NONE .' -~~~~3 . C) rn - - z o ~ ..J :::l l- ii: c( o W 0:: 6. Jointly Owned Property (Schedule F) Dseparate Billing Requested 7. Inter-Vivos Transfer & Miscellaneous Non-Probate Property (Schedule G or L) (7) 198,492 c::> w 8. TOTAL GROSS ASSETS (total Lines 1-7) (8) 323,437 9. Funeral Expenses & Administrative Costs (Schedule H) (9) 14,867 10. Debts of Decedent, Mortgage Liabilities, & liens (Schedule I) (10) NONE 11. TOTAL DEDUCTIONS (total Lines 9 & 10) (11) (12) 14,867 308,570 12. NET VALUE OF ESTATE (line 8 minus line 11) 13. Charitable and Govemmental Bequests/See 9113 Trusts for which an election to tax has not been made (Schedule J) (13) (14) 308,570 14. Net Value Subject to Tax (line 12 minus line 13) SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES 15. Amount of line 14 taxable at the spousal tax rate ,or transfers under Sec.9116 (a)(1.2) x .0 - (15) z 0 i= 16. Amount of line 14 taxable at lineal rate 308,570 x .01L- (16) ~ :;:) 0.. ~ 17. Amount of line 14 taxable at sibling rate x .12 (17) 0 0 )( x .15 (18) ~ 18. Amount of Line 14 taxable at collateral rate 19. Tax Due (19) 13,886 13,886 200 ......... ..I;u U ..J.Jr....::'C!: Rf. fmrm}f::lmmm:~tmrm:~tmmlllmmrmfrW:WJ~g]~QRejt.(f*N$WIRj)AttrQUl$nQJj$:~Q.J~IV$R$e:!$IQ't~*NpJllqRIQK~jMlm~*)~}:tf~1rmmmmlmmmltfft~~~ltr:~mff~:~~~ Dece ents omPlete ress: STREET ADDRESS 504 Buraners Road CITY I~TATE IZIP Newville PA 17241 217 Morrison, Richard L. d C Add Tax Payments and Credits: 1. Tax Due (Page 1 Line 19) 2. Credits/Payments A. Spousal Poverty Credit B. Prior Payments C. Discount (1 ) 7,500 375 Total Credits (A + B + C ) (2) 3. Interest/Penalty if applicable D. Interest E. Penalty 4. Total Interest/Penalty ( D + E ) If Line 2 is greater than Line 1 + Une 3, enter the difference. This is the OVERPAYMENT. Check box on Page 1 Line 20 to request a refund (3) 206-32-1053 13,886 7,875 If line 1 + line 3 is greater than line 2, enter the difference. This is the TAX DUE. A. Enter the interest on the tax due. B. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (4) (5) (SA) (58) "i'r'i!t'Kt""@W'!"""ttlmmmWmiWjim"~;~;~~i;i~'k~h~~:~ig~iii:lig::iri:Igi:,:'~~'~h~!gi'~futKiiH@HKmtmm!r!Htii,!,rWM@!iiiWr 5. 6,011 6,011 1. Did decedent make a transfer and: a. retain the use or income of the property transferred; . . . . . . . . . . . . . . . PLEASE ANSWER THE FOllOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS b. retain the right to designate who shall use the property transferred or its income; Yes o o o o o o o No o o o o o o o IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. c. retain a reversionary interest; or . . . . . . . . . . . . . 2. d. receive the promise for life of either payments, benefits or care? It death occurred after December 12,1982,did decedent transfer property within one year of death without receiving adequate consideration? . . . . . . . . . . . . . . . . . . . . . . 3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? 4. Did decedent own an Individual Retirement Account, annuity or other non-probate property which contains a beneficiary designation? . . . 0 . . . 0 . . . 0 0 . . . . . . . 0 0 . . . Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, and complete. Declaration of preparer other than the personal representative is based on all information of which preparer has any knowledge. ~J~O;FILlNGRETURN ADDRESS OAT if /1 D(p For dates of death on or after July 1. 1994 and before January 1, 1995, the tax rate imposed on th (72 P.So Section 9116 (a)(1.1)(i)). . . - -~ '____#M8 tn nr fnr thA IJse of the surviving spouse is 3% "l.\ \~ .~~ \{~ " .~ .~ . ~ ~ For dates of death on or after January 1. 1995, the tax rate imposed on the net value of transfers I The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requiremf the surviving spouse is the only beneficiary. is 0% [72 P.S. Section 9116 (a)(1.1 )(ii)). tax return are still applicable even if - 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 a stepparent of the child is 0%[72 P.S. Section 9116(a)(1.2)). ~~. a natural parent, an adoptive parent, The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 1: individual who has at least one parent in common with the decedent. whether by blood or adoptiCl ling is defined, under Section 9102, as an S. Section 9116(1.2) [72 P.S. Seclion 9116(a)(1 )). The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal benefi 217 REV-1502 EX+ (6-98) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE A REAL ESTATE ESTATE OF FILE NUMBER Morrison, Richard L. 21-05-1063 All real property owned solely or as a tenant in common must be reported at fair market value. Fair market value is defined as the price at which property would be exchanged between a willing buyer and a willing seller, neither being compelled to buy or sell, both having reasonable knowledge of the relevant facts. Real property which is jolntly-owned with right of survivorship must be disclosed on Schedule F. ITEM NUMBER 1. DESCRIPTION House and 4.42 acres, 504 Burgners Road, Cumberland County, Pennsylvania (Valuation based on current assessment, common level ration = 0.00) VALUE AT DATE OF DEATH 77,280 TOTAL (Also enter on line 1, Recapitulation) (If more space is needed, insert additional sheets of the same size) $ 77,280 217 REV-1508 EX+ (6-98) SCHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Morrison, Richard L. FILE NUMBER 21-05-1063 Include the proceeds of litigation and the date the proceeds were received by the estate. All orooertv iointlv-owned with riaht of survivorshio must be disclosed on Schedule F. ITEM NUMBER DESCRIPTION 1 M & T Bank certificate of deposit #31003912279013 2 M & T Bank checking account #429503 3 M & T Bank savings account #15004198191410 4 2000 Suzuki A TV 5 1965 Ford F100 pick up truck 6 2000 Ford Ranger pick up truck 7 1996 Ford Contour 8 1965 Honda Motorcycle 9 1952 Dodge pickup truck 10 Miscellaneous personal property VALUE AT DATE OF DEATH 10,125 8,338 21,007 500 500 3,710 1 ,485 500 500 1,000 TOTAL (Also enter on line 5, Recapitulation) $ (If more space is needed, insert additional sheets of the same size) 47,665 217 REV-1510 EX+ (6-98) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE G INTER-VIVOS TRANSFERS & MISC. NON-PROBATE PROPERTY ESTATE OF FILE NUMBER Morrison, Richard L. 21-05-1063 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. DESCRIPTION OF PROPERTY ITEM INCLUDE THE NAME OF THE TRANSFEREE, THEIR RELATIONSHIP TO DECEDENT AND THE DATE OF DATE OF DEATH % OF DECO'S EXCLUSION TAXABLE NUMBER TRANSFER. ATTACH A COPY OF THE DEED FOR REAL ESTATE. VALUE OF ASSET INTEREST (IF APPLICABLE) VALUE 1. 1/2 interest in house and 5.02 acres, 96 Bears Road, 130,480 50.000/0 65,240 Cumberland County, Pennsylvania (Valuation based on current assessment, common level ratio for Cumberland County is 1.0 2. Lear Corporation Retirement Plan (Statement attached) 133,252 100.000t'o 133,252 TOTAL (Also enter on line 7 Recapitulation) $ 198 492 (If more space is needed, insert additional sheets of the same size) 217 REV-1511 EX + (12-99) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE H FUNERAL EXPENSES & ADMINISTRATIVE COSTS ESTATE OF FILE NUMBER 21-05-1063 Morrison, Richard L. ITEM NUMBER A. 1. B. 1. 2. 3. 4. Debts of decedent must be reported on Schedule I. DESCRIPTION AMOUNT FUNERAL EXPENSES: Hoffman Roth Funeral Home 8,000 ADMINISTRATIVE COSTS: Personal Representative's Commissions Name of Personal Representative (s) Social Security Number(s) I EIN Number of Personal Representative(s) Street Address City Year(s) Commission Paid: State Zip Attorney Fees Family Exemption: (If decedent's address is not the same as claimant's, attach explanation) Claimant Deborah Morrison Street Address 504 Burgners Road City Carlisle State PA Zip 17013 2,500 Relationship of Claimant to Decedent Daughter 3,500 Probate Fees 452 5. Accountant's Fees 6. Tax Return Preparer's Fees 7. Ambulance 400 8. Final medical bill 15 TOTAL (Also enter on line 9, Recapitulation) $ (If more space is needed, insert additional sheets of the same size) 14,867 217 REV-1513 EX+ (9-00) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE J BENEFICIARIES ESTATE OF FILE NUMBER Morrison, Richard L. 21-05-1063 RELATIONSHIP TO DECEDENT AMOUNT OR SHARE NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE I. TAXABLE DISTRIBUTIONS [include outright spousal distributions, and transfers under Sec. 9116 (a) (1.2)] 1 Richard L. Morrison, Jr. Son 131,866 2 Deborah Morrison Daughter Remainder of Estate ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET II. NON~ TAXABLE DISTRIBUT IONS: A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET $ 0 (If more space is needed, insert additional sheets of the same size) m M&fBank 499 Mitchell Street, Millsboro, DE 19966 January 11, 2006 Frey & Tiley Attorneys At Law 5 South Hanover Street Carlisle, PA 17013 RE: Estate of Richard L. Morrison, Sr. Date of Death: December 1, 2005 Social Security Number: 206-32-1053 Dear :Mr. Frey: In response to your request, please be advised that at the time of death, the above- named decedent had on deposit with this bank the following account. 1. Account Type..... ...... ... ...... ... ....Certificate of Deposit Account Number.................... ...31003912279013 Ownership (Names oj).............. Richard L. Morrison Sr. Opening Date. . .. . .. . .. . . . . .. . . . . .. . .. . .08 I 16 105 Balance on Date of Death........ .$10,000.00 Accrued Interest $ 124.99 TotaL......... .... .............. ....... ....$10, 124.99 2. Account Type..... ... . .. . .. . .. . .. . .. . ... Checking Account Account Number.. ...... ..... ...... ....429503 Ownership (Names oj).............. Richard L. Morrison Sr. Opening Date...........................09/01/67 (account closed 12/07/05) Balance on Date of Death......... .$8,337.71 Accrued Interest $ 0.14 Total..... .............................. ....$8,337.85 . Page 2 January 11, 2006 3. Account Type........................ ...Savings Account Account Number. . . . . .. . .. . . . . .. . .. . ... 15004198191410 Ownership (Names of}.............. Richard L. Morrison Sr. Opening Date.. .. .... .. .... .. .... .. .... .03/08/02 (account closed 12/07 / 05) Balance on Date ofDeath.........$20,984.19 Accrued Interest $ 22.88 Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21 ,007.07 The above named decedent did not have a safe deposit box. For any additional information on the above accounts, including ownership, statements and closures please contact our High Street Carlisle branch at 717-240-4536. Sincerely, CACM~ ~ Charlene Warrington, Records Management 1-888-502-4349 ~~ . Kelley Blue Book " . .". . . .1 ~~E T!~STEO RE~~~~ Close Window }{ ,;p SEND TO PItlNTER '~i] I,} e rti s e r:-l ~ rIot NEW CAR BLUE BOOKcf;' value is the real-world selling price that can be THOUSANDS LESS than MSRP. 2000 Ford Ranger Short Bed BLU E BOOK: PRIVATE PARTY VALUE Condition Value N EW CA R BLUE BOOKe value is the real-world selling price that can be THOUSANDS LESS than MSRP_ Excellent $4,115 ./ Good (Selected) $3,110 Fair $3,230 Vehicle Details Engine: Transmission: Drivetrain: Mileage: 4-Cyl. 2.5 Liter 5 Speed Manual 2WD 72,000 Selected Standard Equipment XL AM/FM Stereo Power Steering Dual Front Air Bags Blue Book Private Party Value Excellent CGGL;C $4,115 "Excellent" condition means that the vehicle looks new, is in excellent mecllanical conditioll and needs no reconditioning. This vehicle has never had any paint or body work and IS free of rust. The vehicle has a clean title history and will pass a smog and safety inspectioll. The engine cornpartment is clean, with IlO fluid leaks and is free of any wear or visible defects. The vehicle also has complete and verifiable service records. Less than 50/0 of all used vetlicles fall into this categol'Y. ../ Good (Selected) WOOl) $3,710 "Good" condition means that the vehicle is free of any major defects. This vehicle has a clean title history, the paint, body and interior have only minor (if any) blemishes, and there are no major mechanical Private Party Value is what a buyer can expect to pay when buying a used car from a private party. The Private Party Value assumes the vehicle is sold "As Is" and carries no warranty (other than the continuing factory warranty). The final sale price may vary depending on the vehicle's actual condition and local market conditions. This value may also be used to derive Fair Market Value for insurance and vehicle donation purposes. Vehicle Condition Ratings #...~ Kelley Blue Book . .' ' THE TRUSTED RESOURCE . '.. . . . v . - .....,-....-.. .~., -.-.------ kDb.CIJIII Close Window X ~ SEND TO PRlNlER 1996 Ford Contour GL Sedan 40 BLUE BOOK: PRIVATE PARTY VALUE Cond ition Value N EW CA R BLUE BOOKe: value is the real-world selling price that (on be THOUSANDS LESS than MSRP. Excellent $1,735 ./ Good (Selected) $1,485 Fair $1,125 Vehicle Details Engine: Transmission: Drivetrain: Mileage: 4-Cyl. 2.0 Liter Automatic FWD 87,000 Selected Standard Equipment Air Conditioning Tilt Wheel Power Steering AM/FM Stereo Cassette Dual Front Air Bags Blue Book Private Party Value Excellent Private Party Value is what a buyer can expect to pay when buying a used car from a private party. The Private Party Value assumes the vehicle is sold "As Is" and carries no warranty (other than the continuing factory warranty). The final sale price may vary depending on the vehicle's actual condition and local market conditions. This value may also be used to derive Fair Market Value for insurance and vehicle donation purposes. Vehicle Condition Ratings GG:WL.';W $1,735 "Excellent" condition means that the vehicle looks new, is in excellent Illecllanical condition and needs no reconditioning. This vehicle has never hacj any paint or body work and is free of rust. The vehicle has a clean title history aneJ will pass a smog alleJ safety inspection. The engine compartment is clean, with 110 fluid leaks and IS free of any wear or visible defects. Tht.: vehicle also has complete and verifiable service records. Less than 50h of all used vehicles fall into this category. ../ Good (Selected) wOrJw $1,485 "Good" condition means that the vehicle is free of any major defects. 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"'0 :s "" 0) Q) ,........ ~ (0 ..( o c ~ (J) ..... Q) ;- 3 (t) =' ..... o -to! ~ (') o C ::J ..... -to! .... o 3 o (') ..... o a (t) ~ ~ en o () [ (/) (1) () enS (0 -. ~~ -' % g c: 03 0) a ,... co ~ :1 * CfJ * (;5 ': ...,). * , ~ o (J'l VJ ..-l- 00"><.0 ~~~ :c ,.. z ~ ~r- :~"' ;~> ~~= V' - 8 V' 0 r- .c.Z -' ~ rn -- % (J) -- o rn r- o o ~ ~ -< o c ;0 ;0 en -a N <:) <:) (J\ ,.... '::f ~ o C to :r o (t) (') (t) 3 cr (t) ~ (.,) ~ N <:) <:) (J\ LAST WILL AND TEST AMENT OF RICHARD L. MORRISON, SR. I, RICHARD L. MORRISON, SR., widower, of Lower Frankford Township, Cumberland County, Pennsylvania, (mailing address; 504 Burgners Road, Carlisle, PA 17013), being of sound and disposing mind, memory and understanding, do hereby make, publish and declare this as and for my Last Will and Testament hereby revoking and making void any and all Wills by me at any time heretofore made. 1. I direct my hereinafter named Executor or Executrices to pay all of my just debts and funeral expenses as soon after my death as may be found convenient to do so. I further direct that all inheritance, transfer, succession, estate and death taxes, including interest and penalties thereon, which may be payable on account of my death shall be payable from the residue of my estate regardless of whether the assets upon which such taxes are based are included in my probate estate. 2. I declare that I am an unremarried widower and that I have two adult children, RICHARD L. MORRISON, JR., and DEBORAH MORRISON. I further declare that I have no other children. 3. Should I still have an interest in it at the time of my death, I give, devise and bequeath all my right, title, and interest in the farm having a mailing address of 96 Bears Road, Carlisle, to my said son, RICHARD L. MORRISON, JR., his heirs and assigns, provided that he shall survive me by a period of ninety (90) days. In the event that my said son should predecease me or fail to survive me by the aforesaid period of ninety (90) days, then in such event I give, devise and bequeath the said real estate in equal shares to such of his children as shall survive me by a period of ninety (90) days, the share any deceased child would have received to pass to his or her issue, per stirpes, and if there be no issue, such share shall lapse and be added to the residue of my estate. 4. All of the rest, residue and remainder of my estate, real, personal and mixed, and wheresoever the same may be situate, I give, devise and bequeath to my daughter, DEBORAH MORRISON, her heirs and assigns, provided that she shall survive me by a period of ninety (90) days. In the event that my said daughter should predecease me or fail to survive me by the aforesaid period of ninety (90) days, then in such event all of the rest, residue and remainder of my estate, real, personal and mixed, and wheresoever the same may be situate, I give, devise and bequeath to my son, RICHARD L. MORRISON, JR., his heirs and assigns, per stirpes. 5. Should any person less than 21 years of age be entitled to distribution from my estate, in such event the share that person would otherwise have received shall be paid to my hereinafter named Executor in trust. I authorize the herein named Trustee to receive and invest the same and to pay the income arising therefrom together with so much of the principal thereof as in his or her opinion is necessary or desirable to be expended for the proper maintenance, support and education of such person to or for the benefit of such person and upon such person attaining 21 years of age to pay to him or her the then remaining principal together with any undistributed income. 6. I hereby nominate, constitute and appoint my son and daughter, RICHARD L. MORRISON, JR., and DEBORAH MORRISON, or either of them, as Executors of this my Last Will and Testament, and I further direct that neither of them shall be required to post any bond to secure the faithful performance of his or her duties in the Commonwealth of Pennsylvania or in any other jurisdiction. 7. In addition to the powers conferred by law, my hereinbefore named Trustees and Executors and their respective successors, are empowered: a. To invest any part of the trust corpus in such securities, investments, or other property as may be deemed advisable and proper, irrespective of whether the same are authorized for the investment of trust funds under the laws of any governing jurisdiction. Page J oj 3 Rrnl / /J .,/- b. With respect to any corporation, the stocks, bonds, or other securities of which may be held, to vote in person or by proxy on any shares of stock; to consent to the merger, consolidation or reorganization of such corporations; to consent to the leasing, mortgaging or sale of the property of any such corporations; to make any surrender, exchange or substitution of such stocks, bonds or other securities as an incident to the merger, consolidation or reorganization of such corporations; to pay all assessments, subscriptions and other sums of money which may be deemed wise and expedient for the protection and maintenance of the proportionate interest of the investment in such corporations; to exercise any option or privilege which may be conferred upon the holders of such stocks, bonds, or other securities of such corporations either for the conversion of the same into other securities or for the purchase of additional securities, and to make any and all necessary payments which may be requireg in connection therewith; and generally to have and exercise as to all such stocks, bonds and other securities, the powers of an individual owner who is not under trust obligation. c. To hold the trust corpus in one or more consolidated funds in which separate shares shall have undivided interests. d. To sell at public or private sale for cash or upon credit, or partly for cash and partly on credit, and upon such terms and conditions as shall be deemed proper, any part or parts of the estate, and no purchaser at any such sale shall be bound to inquire into the expediency or propliety of any such sale or to see to the application of the purchase moneys arising therefrom. e. To keep on hand and uninvested such money as may be deemed proper and for such period as may be found expedient. f. To compromise, settle or arbitrate any claim or demand in favor of or against the trust estate. g. And authorized in the discharge of fiduciary duties, to employ counsel and to determine and to pay such counsel reasonable compensation which shall be charged against the principal or income of the trust fund, and shall further be entitled to charge against the principal or income such other reasonable expenses and charges as may be necessary and proper to incur for the proper discharge of fiduciary duties and for the proper management and administration of the trust estate. h. In making any division of property into shares for the purpose of any distribution thereof directed by the provisions of the trust, to make such division or distribution, either in cash or in kind, or partly in cash and partly in kind, as shall be deemed most expedient, and in making any division or distribution in kind may allot any specific security or property or any undivided interest therein to anyone or more of such shares, and to that end may appraise any or all of the property so to be allotted and the judgment as to the propriety of such allotment and as to the relative value for purposes of distribution of the .securities or property so allotted shall be final and conclusive upon all persons interested in the trust or in the division or distribution thereof. i. And authorized to register any shares of stock or other assets of any trust in their own names or in the name of a nominee. J. To retain and invest in shares of stock of my Trustee. k. To retain any investments including mutual funds which I may own at the time of my death and in addition to invest any part of the Trust corpus in such mutual fund or mutual funds as may be deemed advisable or proper, irrespective of whe~her the same are authorized for the investment of trust funds under the laws of any governing jurisdiction. 1. To determine from time to time whether all or some portion of realized capital gains shall be treated as ordinary income for distribution to a beneficiary or treated as principal to be retained as part of the corpus, and such designation need not be consistent from one year to another. Page 2 of 3 ;Pip; IN WITNESS WHEREOF, I have hereunto set my hand and seal to this my Last Will and Testament written on t1\ree (3) pages, this 2fi .) day of JIVl N"C ~ ,2004. 'J2J~1 f~ ~ RICHARD L. MORRISON, SR. (SEAL) Signed, sealed, published, and declared by RICHARD L. MORRISON, SR., the Testator above named, as and for his Last Will and Testament, in our presence, who, in his presence, at his request, and in the presence of each other, have hereunto subscribed our names as attesting witnesses. (\ 0 q....... V ~ -!J,~ ~~ A-cf~. Page 30f3