HomeMy WebLinkAbout07-17-06 (2)
REV-1500 EX (6-00)
OFFICIAL USE ONLY
COMMONWEALTH OF
PENNSYLVANIA
DEPARTMENT OF REVENUE
DEPT. 280601
HARRISBURG, PA 17128-0601
REV-1500
INHERITANCE TAX RETURN
RESIDENT DECEDENT
FILE NUMBER
2 1
o 5
o 1 0 4 2
COUNTY CODE
YEAR
NUMBER
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DECEDENTS NAME (LAST, FIRST, AND MIDDLE INITIAL)
Light, C. Alvin
DATE OF DEATH (MM-DD-YEAR) DATE OF BIRTH (MM-DD-YEAR)
11-04-2005 02-21-1906
(IF APPLICABLE) SURVIVING SPOUSE'S NAME (LAST, FIRST, AND MIDDLE INITIAL)
Light, Velma H.
[!] 1. Original Return
D 4. Limited Estate
[!] 6. Decedent Died Testate (Attach copy of Will)
D 9. Litigation Proceeds Reeeived
SOCIAL SECURITY NUMBER
185-05-6069
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
SOCIAL SECURITY NUMBER
172-32-0955
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D 2. Supplemental Return 0 3. Remainder Return (date of death prior to 12-13-82)
o 4a. Future Interest Compromise (date of death after 12-12-82) 0 5. Federal Estate Tax Return Required
~ 7. Decedent Maintained a Living Trust (Attach copy of Trust) ~ 8. Total Number of Safe Deposit Boxes
o 10. Spousal Poverty Credit (date of death between 12-31-91 and 1-1-95) 0 11. Election to tax under Sec. 9113(A) (Attach Sch 0)
THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
NAME COMPLETE MAILING ADDRESS
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FIRM NAME (If Applicable)
Hershey Trust Company
TELEPHONE NUMBER
717-520-1105
P.O. Box 445
100 Mansion Road East
Hershey, PA 17033
1. Real Estate (Schedule A)
(1 )
:J
OFFIC~USE ONLY
2. Stocks and Bonds (Schedule B)
(2)
3. Closely Held Corporation, Partnership or Sole-Proprietorship (3)
--J
4. Mortgages & Notes Receivable (Schedule D) (4)
5. Cash, Bank Deposits & Miscellaneous Personal Property
(Schedule E) (5)
Z
0 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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e:: 8. Total Gross Assets (total Lines 1-7)
<(
0 9. Funeral Expenses & Administrative Costs (Schedule H)
W (9)
0:
10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) (10)
11. Total Deductions (total Lines 9 & 10)
-'1
15,504.55
(,
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624,375.67
639,880.22
(8)
17,399.05
5,468.44
12. Net Value of Estate (Line 8 minus Line 11)
13. Charitable and Governmental Bequests/See 9113 Trusts for which an election to tax has not been
made (Schedule J)
(12)
22,966.49
617,013.73
(11 )
(13)
14. Net Value Subjectto Tax (Line 12 minus Line 13)
SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES
(14)
617,013.73
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15. Amount of Line 14 taxable at the spousal tax
rate, or transfers under Sec. 9116 (a)(1.2) x .0 _(15)
16. Amount of Line 14 taxable at lineal rate 617,013.73 x .0 ~(16)
17. Amount of Line 14 taxable at sibling rate x .12 (17)
18. Amount of Line 14 taxable at collateral rate x .15 (18)
19. Tax Due (19)
27,765.62
27,765.62
20.
D
CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
> > BE SURE TO ANSWER ALL QUESTIONS ON REVERSE SIDE AND RECHECK MATH < <
5W4632 1.000
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ece en s ample e ress:
STREET ADDRESS
318 Messiah Circle
CITY I STA1'E I ZIP
Mechanicsburg PA 17055
Tax Payments and Credits:
1. Tax Due (Page 1 Line 19)
2. Credits/Payments
A. Spousal Poverty Credit
8. Prior Payments
C. Discount
(1)
27,765.62
26,000.00
1,368.38
Total Credits (A + 8 + C) (2)
27,368.38
3. Interest/Penalty if applicable
D. Interest
E. Penalty
Total Interest/Penalty (D + E) (3)
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)
.00
5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE.
(5)
397.24
A. Enter the interest on the tax due.
(5A)
B. Enter the total of Line 5 + 5A. This is the BALANCE DUE.
Make Check to: REGISTER OF WILLS, AGENT
(58)
397.24
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
Yes
~
~
~
~
D
D
contains a beneficiary designation? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ~ D
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
1 . Did decedent make a transfer and:
a. retain the use or income of the property transferred;. . . . . . . . . . . . . . .
b. retain the right to designate who shall use the property transferred or its income; .
c. retain a reversionary interest; or .. . . . . . . . . . . . . . . . . . . . . . .
d. receive the promise for life of either payments, benefits or care? . . . . . . . . .
2. If death occurred after December 12,1982, did decedent transfer property within one year of death
without receiving adequate consideration? . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death?
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which
No
D
D
D
D
[!]
[!]
DATE
SIGNATURE OF PREPARER OTHER THAN REPRESENTATIVE
DATE
ADDRESS
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For dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers 1
[72 P.S.g 9116 (a) (1.1) (i)].
For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the SUI
The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of ass
the surviving spouse is the only beneficiary.
For dates of death on or after July 1, 2000:
The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to 0
or a stepparent of the child is 0% [72 P.S. 99116(a)(1.2)].
The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5%, except as I
41ftj) 0
Int,
)(1 )].
The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12% (72 P.S. 99116(a)(1.3)]. A sibling is defined, under Section 9102, as an
individual who has at least one parent in common with the decedent, whether by blood or adoption.
5W4633 1.000
, , \ 1 ,
REV-1508 EX + (6-98)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
ESTATE OF
C. Alvin Light
FILE NUMBER
21-05-01042
I nclude the proceeds of litigation and the date the proceeds were received by the estate. '
All property jointly-owned with the right of survivorship must be disclosed on Schedule F.
ITEM
NUMBER
DESCRIPTION
VALUE AT DATE
OF DEATH
1
Cash, found in decedants room
113.00
2
PNC Bank - Certificate of Deposit, account number 21001015336
11,081. 01
3
PNC Bank - Checking account, number 5070071747
4,310.54
5W46AD 1.000
TOTAL (Also enter on line 5, Recaoitulation) $
(If more space is needed. insert additional sheets of the same size)
15,504.55
, I I ,
REV-1510 EX + (6-98)
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
C. Alvin Light
FILE NUMBER
21-05-01042
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 PROPERlY
ITEM Ii'ClLDEll-E NtlME OF ll-E TRANSFEREE, HEIR RELATlONSHP TO DECEDENT A/'CJ DATE OF DEATH % OF DECO'S EXCLUSION TAXABLE
NUMBER Tl-E DATE OF TRANSFER. ATTACHACOPY OF HE DEED FOR REAL ESTATE. VALUE OF ASSET INTEREST (IF APPliCABLE) VALUE
1. The C. Alvin Light Revocable
Trust created April 29, 1996
The trust consists of the
following assets:
2. 111 units Common Trust Fund- 204.8055 22,733.42
Equity REIT
3. 314 units Common Trust Fund- 369.499 116,022.59
Value Equity
4. 412 units Common Trust Fund- 999.068 411,616.14
Fixed Income
5. 15,000 par GlaxoSmithKline PLC 96.7865 14,517.98
2.375% due 4/16/07
accrued interest to date of 16.82
death
6. 20,000 par Bank of America 3.375~ 95.1035 19,020.70
due 2/17/09
accrued interest to date of 142.50
death
7. 10,000 FHMA Step-up 4.375\ 98.25 9,825.00
due 3/22/10
accrued interest to date of 49.83
death
8. 30,416.77 units Temporary 1.00 30,416.77
Investment Fund
accrued interest to date of 13.92
death
TOTAL (Also enter on line 7, Recapitulation) $ 624,375.67
(If more space is needed, insert additional sheets of the same size)
, ", ' ..
REV-1511 EX+(12-99)
SCHEDULE H
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
C. Alvin Light
FILE NUMBER
21-05-01042
ITEM
NUMBER
A.
2.
B.
5W46AG 1.000
Debts of decedent must be reported on Schedule I.
DESCRIPTION
1 .
FUNERAl... EXPENSES:
Earl W. Light
26 Essex Drive
Palmyra, PA 17078
(reimbursement for out of pocket funeral expenses)
Rothermel Funeral Home
25 West Pine Street
Palmyra, PA 17078
1 .
ADMINISTRATIVE COSTS:
Personal Representative's Commissions
Name of Personal Representative(s) Hershey Trust Company
Social Security Number(s) I EIN Number of Personal Representative(s) 23-0692150
Street Address 100 Mansion Road, East
City Hershey
StatePA
Zip17033
Year(s) Commission Paid:
2. Attorney Fees
3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Claimant
Street Address
City
State
Zip
Relationship of Claimant to Decedent
4. Probate Fees
5. Accountant's Fees
6.
Tax Return Preparer's Fees
7.
See attached statement
TOTAL (Also enter on line 9, Recapitulation)
(If more space is needed, insert additional sheets of the same size)
$
AMOUNT
1,808.56
8,798.00
2,500.00
750.00
3,541.49
17,398.05
, " . t,
C. Alvin Light 21-05-01042
PA Inheritance Tax
Schedule H - Administration Expenses
Item
Nbr
Description
Register of Wills, Agent - probate fee
2 Hershey Trust Company - market value fee for November 2005
3 Hershey Trust Company - market value fee for December 2005
4 The Patriot News - advertising of Letters of Testamentary
5 Hershey Trust Company - market value fee for January 2006
6 Hershey Trust Company - market value fee for February 2006
7 Hershey Trust Company - market value fee for March 2006
8 Hershey Trust Company - fee for preparation of 2005 federal and state individual tax returns
9 Hershey Trust Company - market value fee for April 2006
10 Hershey Trust Company - estimated fiduciary fees to 7/31/06
11 Miscellaneous filing and recording fees
12 Yost & Davidson - estate advertising
Schedule H - Administration Expenses
Expense
Amount
114.00
491.97
491.57
264.60
183.57
189.92
190.27
550.00
190.59
600.00
200.00
75.00
3,541.49
REV-1512 EX + (12-03)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
C. Alvin Light
SCHEDULE I
DEBTS OF DECEDENT,
MORTGAGE LIABILITIES, & LIENS
FILE NUMBER
21-05-01042
Report debts incurred by the decedent prior to death which remained unpaid as of the date of death, including unreimbursed medical expenses.
ITEM
NUMBER
1. See attached schedule
DESCRIPTION
VALUE AT DATE
OF DEATH
5,468.44
5W46AH 1.000
TOTAL (Also enter on line 10. Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
5,468.44
c. Alvin Light 21-05-01042
PA Inheritance Tax
Schedule 1- Debts of Decedent
Item
Nbr
Description
Value at
Date of
Death
Messiah Village - October charges and final bill
4,087.00
2 Hershey Trust Company - Market value fee for October
490.54
3 Messiah Village - resident # 99101 for the benefit of C. Alvin Light
201.00
4 Holy Spirit Hospital - medical bill
157.50
5 United States Treasury - tax due on form 1040 for year ending 12/31/05
278.00
6 PA Department of Revenue - tax due on Form PA40 for year ending 12/31/05
96.00
7 Outstanding check at PNC
158.40
Total - Schedule I
5,468.44
REV-1513 EX+ (9-00)
SCHEDULE J
BENEFICIARIES
COMMONWEAL TH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
C. Alvin Light
FILE NUMBER
21-05-01042
1
NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERlY
TAXABLE DISTRIBUTIONS [include outright spousal distributions, and transfers
under Sec. 9116 (a) (1.2)]
Jean E. Macfarlane
6330 99th Way N., #14B
St Petersburg, FL 33708
RELATIONSHIP TO DECEDENT
Do Not List Trustee(s)
AMOUNT OR SHARE
OF ESTATE
NUMBER
I
Daughter
154,253.44
2
Eleanor L. Bess
341 E. Grant Street
Greencastle, PA 17225
Daughter
154,253.43
3
Earl W. Light
26 Essex Drive
Palmyra, Pa 17078
Son
154,253.43
4
Jane E. Raser
820 Cambridge Avenue
Claremont, CA 91711
Daughter
154,253.43
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET
" NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
5W46A11.000
TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET
(If more space IS needed, insert additional sheets of the same size)
$
617,013.73
. '. . ~
WARNING: IT IS ILLEGAL TO ALTER THIS COpy OR
TO DUPLICATE BY PHOTOSTAT OR PHOTOGRAPH.
: COMMONWEAL TH OF PENNSYLVANIA
De;PARTMENT OF HEALTH VITAL RECORDS
Slate
... InfOrmant . .. . .
Name and Address of
:Huneral,Establishment
LAST WILL AND TESTAMENT
OF
C. ALVIN LIGHT
I, C. ALVIN LIGHT, having my legal residence at 625
Cedar Street, Mechanicsburg, Cumberland County, Commonwealth
of Pennsylvania, do hereby declare this to be my Last Will
and Testament, revoking all other Wills and Codicils
heretofore made by me.
ITEM ONE: I direct that the expenses of my
last illness and funeral be paid from my estate as soon as
practicable after my death.
ITEM TWO: I give my tangible personal property
to my "life, VELMA H. LIGHT, lr she survives me for a period
of thirty (30) days. If she does not so survive me, I give
to my children who survive me so much of said property as
they may each sel~ct, any unselected item shall be sold and
the proceeds distributed as part of the rest of my estate.
ITEM THREE: If my wife, VELV~ H. LIGHT, does
not survive me for a period of thirty (30) days, I give the
amount standing in my Messiah Village Cluster Housing Unit
Equity account to Messiah Village.
ITEM FOUR: All the residue of my estate I give
to HERSHEY TRUST COMPANY, of Hershey, Pennsylvania, and its
successor to hold IN TRUST as part of the Trust Estate under
my Trust Agreement dated the-29th day of April, 1996 as
amended at any time prior to my death, or, if said Trust
Agreement is no longer in effect, to hold IN TRUST and
distribute on the terms and conditions specified in said
Trust Agreement on the date of this ,Will or on the date of
the last Codicil hereto, with like effect as if they were
set forth herein verbatim.
I .. . i.
ITEM FIVE: All estate, inheritance, succession
and other death taxes, imposed or payable by reason of my
death, and interest and penalties thereon, with respect to
all property comprising my gross estate for death tax
purposes, whether or not such property passes under this
Will, shall be paid out of the principal of my general
estate, as if such taxes were administration expenses,
without apportionment or right of reimbursement. I
authorize my legal representatives to pay all such taxes at
such time or times as may be deemed advisable.
ITEM SIX: I appoint HERSHEY TRUST COMPANY or
its corporate successor and EARL W. LIGHT, to serve as the
Co-Executors of this will and direct that they be permitted
to serve without bond and without any intervention of any
court except as required by law. I authorize my Executors
to sell, encumber, mortgage, invest, distribute in kind, or
retain any it€ms of property of my estate in such manner as
they shall deem proper, limited only by their own
discretion.
IN WITNESS WHEREOF, I have at Hershey, Pennsylvania,
this /')q" day of April, 1996 set my hand and seal to this,
. - , -
my Last Will and Testament consisting of three (3) pages
including the acknowledgement.
/:) a ~::^ l....-;r'l../ .~.,.L.:; I-
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C. l ALVIN LIGHT' . .;;f ,
SIGNED, sealed, published and declared by C. ALVIN
LIGHT, the above named Testator, as and for his Last Will
and Testament, in the presence of us, who, at his request,
in his presence and in the presence of each other, have
hereunto subscribed our names. as witnesses.
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ACKNOWLEDGEI'1ENT
We,
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respectively, whose names are signed to the attached or
foregoing instrument, being first duly sworn, do hereby
declare to the undersigned authority that the Testator
signed and executed the instrument as his Last Will and that
he had signed willingly (or willingly directed another to
sign for him), and that he executed it as his free and
voluntary act ror the purposes therein expressed, and that
each of the witnesses, in the presence and hearing of the
Testator, signed the Will as witnesses and that to the best
C. ALVIN LIGHT, ,Jor-(I'J s ;;p,UI ~-1'1hj and
L.. . j) lZviS , the Testator and the witnesses,
of their knowledge the Testator was at that time eighteen
years of age or older, of sound mind and under no constraint
or undue influence.
c:<.' /), //, j, " A' '\~ 1 /;?,-L
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~t,-" TESTATOR---/
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WITNESS
Subscribed, sworn to and acknowledged before me by c.
ALVIN LIGHT, the Testator, and subscribed and sworn to
before me by JO,!4 cf J77(J(q-J-{ J and AJLlY L. ba.v~s
witnesses, this 2Y1day of April, 1996.
( SEAL)
~/ ~ ~~/~~'-
NOTARY PUBLIC
Notarial Seal . -,
Mary E. Lehman, N~tary Public .
Derry Twp., Dauphm County
My Commission Expires Nov. 23. 1999
I . .
, ,
COpy
C. ALVIN LIGHT REVOCABLE TRUST AGREEMENT
THIS REVOCABLE TRUST AGREEMENT (the "Agreement") made
. ft-,
this 24 -day of April, 1996, by and between C. ALVIN LIGHT,
of 625 Cedar Street, Mechanicsburg, Cumberland County,
Pennsylvania (the "Settlor") and HERSHEY TRUST COMPANY, of
100 Mansion Road East, Derry Township, Dauphin County,
Pennsylvania (the "Trustee").
WITNESSETH:
WHEREAS, Settlor desires to establish a revocable trust
and Trustee desires to accept such property transferred to
it under the terms and conditions hereinafter set forth; and
WHEREAS, Settlor desires to transfer assets to said
trust at this time, however.; subject to Trustee accepting
and agreeing to manage such property transferred to the
trust.
NOW, THEREFORE, in consideration of the foregoing
premise and the mutual covenants and promises herein
contained, the parties hereto, intending to be legally bound
hereby, agree as follows:
1. TRUST PROPERTY. At such time that Settlor
transfers and delivers to Trustee the property to be
included in the trust, Settlor will also deliver a list of
such property which will be attached hereto and made a part
hereof, which, together with any additions thereto received
from Settlor's estate pursuant to his Will, or as otherwise
hereinafter provided, shall constitute the Trust Estate, and
shall be held, administered and distributed as provided in
this Agreement.
. . I
2. DISPOSITIVE PROVISIONS. Trustee shall invest and
reinvest the Trust Estate and shall distribute the net
income (the "Income") and principal thereof as follows:
A. During Settlor's lifetime, Trustee shall pay
the Income no less frequently than quarter-annually to
Settlor or for his benefit and shall also pay to him or for
his benefit such s~s from principal as he may direct in
writing; PROVIDED, however, that in the event of Settlor's
mental or physical incapacity, as certified to Trustee by
Settlor's personal physician, Trustee shall expend both
Income and principal to such extent and in such manner as it
in its discretion deems advisable =or the welfare and
comfortable support of Settlor during such period df'
incap!3:city. Trustee is specifically authorized, in the
evept. of-such incapacity, to continue Settlor's patt'erh of
making gifts to individuals and organizations.
B. Upon Settlor's death, Trustee is authorized to'
- .~. -
12.ayt;o the personal representative of his estate or/ to"
expend directly such sums as the personal representative
shall request, in writing, to supplement his estate, if
necessary, in order to pay debts, funeral expenses, death
taxes, and administration expenses; PROVIDED, however, that
no assets shall be used for this purpose which are not
otherwise included in Settlor's gross taxable estate; and
PROVIDED, further, that if the Trust Estate contains any
United States Government Bonds which are redeemable at par
in payment of Federal estate taxes, Trustee shall apply them
directly in payment of Settlor's estate taxes, regardless of
the sufficiency of assets in his estate or any direction in
his Will to pay all such taxes from his probate estate.
Subject to such payment, the principal remaining at
I . . . f t
Settlor's death and any accrued or undistributed Income
shall be distributed in equal shares to the Settlor's
children, JEAN McFARLANE, ELEANOR HESS, EARL W. LIGHT and
JANE RASER. In the event that a named beneficiary is not
living at the time of the Settlor's death, said
beneficiary's share shall be paid to his or her then living
issue per stirpes, or, if he or she has none, shall be added
equally to the shar~s of the other named beneficiaries then
living, or, if deceased, to the issue of such deceased
beneficiary, per stirpes.
C. The interest of any beneficiary hereunder,
including a remainderman, in income or principal;: 'shall not
be.subject toassignrnent, alienation, pledge, attachment or
claims of creditors until after payment has actually been
made by Trustee as hereinbefore provided.
D. Upon the death of any Income beneficiary, any
Income accrued or received by Trustee subsequent to the last
Incqme payment date shall be paid to the person or/persons
for whose benefit the principal producing such Income is
continued in trust or to whom such principal is distributed
under the terms hereof.
E. Corporate distributions received in shares of
the distributing corporation shall be allocated to
principal, regardless of the number of shares and however
described cr designated by the distributing corporation.
F. Should the principal of the Trust Estate, in
the opinion of Trustee, be or become too small to warrant
placing or continuing of such fund in trust or should its
administration be or become impractical for any other
reason, Trustee, in its discretion, is authorized to
'1". . r r
transfer such principal remaining absolutely to the
beneficiary or the person maintaining such bene~iciary or
place such principal in the beneficiary's name in an
interest-bearing deposit in any bank, bank and trust company
or national banking association of its choosing.
3. POWERS OF TRUSTEE. Except as otherwise
specifically provi~ed herein or as Settlor may direct during
administration of the Trust Estate, Trustee shall hold and
manage all real and personal property held by it, together
with any additions thereto as hereinafter provided, upon the
following terms and conditions with the following powers and
authorities, all in addition to and not in limitation of
those granted by law:
A. To take, hold or retain all or any part of the
Trust Estate hereby created in the form acquired as long as
it deems advisable and to receive all the income,
increments, rents and profits therefrom.
B. To sell, exchange, partition, lease, option or
otherwise dispose of any property or part thereof, real or
personal, which may at any time form part of this Trust
Estate at public or private sale for such purposes and upon
such terms, including sales on credit with or without
security, in such manner and at such prices as it may
determine, including the right to lease real estate for
periods in excess of five years and for a term expiring
after the termination of any trust. In the event of a sale,
exchange, partition or lease of any of the property of this
Trust Estate, there shall be no liability on the part of the
purchaser or purchasers to see to the application of the
purchase money, but the same shall be held and disposed of
by such purchaser or purchasers, free and clear of any of
the provisions of this Agreement.
. , I
C. To continue any investments which may form a
part of this Trust Estate or to invest or reinvest the same
in any property, real or personal, of any kind or nature,
including stocks, bonds, mortgages, other securities and
common t=ust funds of Trustee without being limited or
restricted to investnents as now or may hereafter be
prescribed for trustees by the laws of the Commonwealth of
Pennsylvania or anYt other state, including the right to
acquire, sell or retain stock in the Trustee.
D. To cause securities which may from time to
time comprise any part of this Trust Estate to be registered
in its name as Trustee or in the name of any nominee or to
,. take an,d. keep the same unreg is tered and retain. them or any
,-,pa=t thereof in such condition that they will pass-by
~d~livery without disclosing the fact that the properttis
held in a fiduciary capacity.
E. To make any loans, either secured or
-~ni?ecllred, in such amounts, upon such terms and such rates
nf interest and to such persons, firms, or corporations as
it deems advisable, and to pay over to the Executor or
Administrator of Settlor's Estate such sums as may be
required for the purpose of the payment of taxes, debts and
administration expenses.
F. To retain the principal or corpus or any part
thereof of this Trust Estate in the form of cash.
G. To borrow money for any purpose in connection
with the administration of this Trust Estate; execute
promissory notes or other obligations for the amounts so
borrowed and secure the payment of any amounts so borrowed
by mortgage or pledge of any real or personal property which
may at any time form a part of this Trust Estate.
. . I
H. To vote, in respect to any securities which
may at any time form a part of this Trust Estat~, upon any
proposition or election at any meeting and to grant proxies,
discretionary or otherwise; vote at any such meeting; to
join in or become a part oi any reorganization, readjustment,
merger, voting trust, consolidation or exchange and to
deposit any such securities with any committee, depositary,
trustee or otherwisr and to payout of this Trust Estate any
fees, expenses and assessments incurred in connection
therewith and to charge the same to principal or income as
it may see fit; to exercise conversion, subscription or
other rights, or to sell or abandon such rights and to
receive and hold any new securities issued asa result of
such reorganization, readj:ustment, merger, voting trust,
consolidation, exchange, or exercise of subscription,
conversion or other rights; -and generally take all action in
respect to any such securities as it might or could do as
absolute owner thereof, to vote any stock in Trustee except
that in the election of directors of Trustee such stock
shall be voted as directed by a majority in number/of the
persons then entitled to the trust inccme.
I. To retain or purchase policies of life
insurance, to pay premiums thereon from Income or principal
and to exercise all rights of ownership thereover.
J. In its discretion to allocate to either
principal or income or between them any and all capital
gains and taxes which it may be required to pay on behalf of
this Trust Estate.
K. To divide or distribute, whenever it is
required or permitted, this Trust Estate; to make such
division or distribution in kind or in money, or partly in
kind and partly in money; and that for such purposes the
) t I .. ,f
judgment of Trustee as to the value of the different items
shall be conclusive and final upon the beneficiaries.
L. To hold and administer the Trust Estate
created hereby in one or more consolidated funds in whole or
in part in which the separate Trust Estate shall have an
undivided interest.
M. To determine, in connection with making
investments, whether to amortize premiums in whole or in
part.
N. To engage attorneys, investment counsel,
accountants, agents and such other persons as it may deem
advisable in the adminis'tra'tion of this Trust Estate and to'
make such payments therefor as it may deem reasonable and to
charge ,the expenses thereof to income or principal as it may
,determine and to delegate to such persons any discretion
which it:may deem proper. Trustee shall not be liable forJ,
any negligence, omission or wrongdoing of such coun~el or
agents, providing reasonable care was exercised in their
selection.
O. Should the principal or income of the Trust
Estate be payable to any person as to whom Trustee has
actual knowledge of a court adjudication of incompetency, or
who Trustee, in its discretion, determines is unable to act
effectively on his/her own behalf in financial matters, to
use such principal or income for the benefit of such
beneficiary, including, but not limited to, the right to pay
premiums for life, health, accident and any other insurance.
P. To effect direct deposit of any retirement
benefits, Social Security benefits, or other regular monthly
payments into accounts maintained with Trustee for the
benefit of Settlor.
... .,
4. COMPENSATION AND RESIGNATION OF TRUSTEE.
A. Trustee shall receive compensation in
accordance with its standard schedule of fees in effect from
time to time over the period during which its services are
performed, but not in excess of such compensation as would
be approved by a court of competent jurisdiction. If
Trustee is request~d to perform additional services in the
nature of tax preparation, bill paying, business valuation,
management of real estate or other assets, collection of
accounts receivable or any other extraordinary services,
such services shall be billed in accordance with the
foregoing standard schedule of fees. During Settlor's
lifetime, such compensation shall be cha-rged wholly against
income, unless Settlor directs otherwise in writing. For
any services performed by it in connection with Settlor's
estate, which services are normally performed by the
personal representative, Trustee- shall be entitled to such
additional compensation as maybe fair and reasona.ble under
~the circumstances, not to exceed seventy-five" (75%! percent
of the additional compensation to which it would be entitled
as Executor if the assets of this Trust Estate were to be
superimposed upon the testamentary estate of Settlor.
B. Trustee may resign at any time during
Settlor's lifetime by written notice to him. After
Settlor's death, Trustee may resign at any time, without
stating cause, by petitioning a court of competent
jurisdiction to designate and appoint a successor Trustee.
In case of the merger or consolidation of Trustee, the
resultant company shall become successor Trustee hereunder
without notice to any party.
. . , "" I J
5. RIGHTS OF SETTLOR.
A. Settlor or others may add to the Trust Estate,
by Will, inter vivos transfer or beneficiary designation,
cash or such property in kind as is acceptable to Trustee.
B. Settlor reserves the right to revoke this
Agreement at any tige, in whole or in part, by written
notice delivered to Trustee during Settlor's lifetime.
c. Settlor further reserves the right to amend
this Agreement at any time by a proper instrument in
writing, executed by Settlor, delivered to Trustee during
Settlor's lifetime and accepted by Trustee.
D. If Settlor designates Trustee as beneficiary
of the proceeds of any policies of insurance on his life,
the duty and responsibil-ityf-or the payment of premiums and
other charges on such policies during Settlor's lifetime
shall rest solely upon hi~,unless he shall expressly direct
.Trustee in writing to pay the same from Income or principal;
otherwise, the only duty of Trustee shall be the safekeeping
of such policies as are deposited with it, and Trustee shall
be under no duty to noti~y Settlor that any such premium or
other charge is due and payable. All options, rights,
privileges and benefits exercisable by or accruing to
Settlor during his lifetime by the terms of the policies
shall be for his sole benefit and shall not be subject to
this Agreement; Settlor agrees, however, not to exercise any
options whereby the proceeds would be payable to Trustee
other than in one sum. Upon the written request of Settlor,
Trustee shall execute and deliver such consents and
instruments as may be requisite to enable Settlor to
exercise or avail himself of any option, right, privilege or
. .. -"Ii" .
benefit granted by any of the policies. Upon Settlor's
death, or at such later time as may be specified in the
policies, the net proceeds of any policies then payable to
Trustee hereunder shall be collected by Trustee; the receipt
of Trustee for such proceeds shall release the insurance
companies from liability on the policies, and the insurance
companies shall be under no duty to see to the application
of such proceeds. ~rustee may take all steps necessary in
its opinion to enforce payment of said policies and shall be
entitled to indemnify itself out of any property held
hereunder against all expenses incurred in taking such
action.
E. Settlor may also designate Trustee as
~eneficiary of certain employee death benefits. "In such
case, Trustee shall collect the proceeds receivable'
therefrom upon Settlor1s death and hold them as part of the
Trust Estate. The receipt of Trustee for such proceeds
shall be a full acquittance to the administrators of such
benefits, and said adIninistrators shall not be lia.ble to see
to the application of such proceeds. To the extent that
such proceeds are not included in Settlor's estate for
federal estate tax purposes, they shall not be used for the
payment of death taxes or any administration expenses of his
estate. Trustee may select any option available to it as to
the time and method of payment of such proceeds and may also
exercise any option with respect to the income or death
taxes thereon as it in its discretion deems advisable, and
its decision in these matters shall be binding upon, and
shall not be subject to questions by, the beneficiaries.
6. APPLICABLE LAW. This Agreement has been delivered
to and accepted by Trustee as hereinafter provided in the
Commonwealth of Pennsylvania and shall be governed in all
respects by the laws of that Corr~onwealth.
. " 41' ..... If
ACKNOWLEDGEMENT
COMMONWEALTH OF PENNSYLVANIA
5S
COUNTY OF DAUPHIN
On this, the ~f day of April, 1996, before me a
Notary Public, the undersigned officer, personally appeared
C. ALVIN LIGHT, 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 purpose therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official
seal.
~.~~
. NOTARY PUBLIC
.<r"~'"
ACKNOW~EDGEMENT
COMMONWEALTH OF PENNSYLVANIA
55
COUNTY OF DAUPHIN
....
On this, the ~I day of April, 1996, before me a
Notary Public, the,undersigned officer, personally appeared
f}m y J.... /1911 I..S .
( k,e.
who acknowledged ftHRself to be -r/2v~r u-F.t:/ct!''L of
Hershey Trust Company, and that~he as such
"'~o"T ();:F/~~IZ.. , being authorizec. to do so, executed the
foregoing instrument for the purposes therein contained by
signing the name of the corporation by l~self as
/f7e.v$! 'DrF/~~
IN WITNESS WHEREOF, I hereunto set my hand and official
seal.
~~~
OTARY PUBLIC
Notarial Seal
Mary E. Lehman, N~tary Public
Derry Twp.. Dauphin County
My Commission Expires Nov. 23, 1999
I..'.'.....
7. ACCEPTANCE BY TRUSTEE. Trustee, by joining in the
execution of this Agreement, signifies its accep~ance of the
Trust Estate created hereby and agrees that at such time as
Settlor transfers and delivers any property to be included
in the trust, it will use the same and dispose of the
proceeds thereof upon and subject to all and singular the
trust, terms and provisions set forth in this Agreement.
IN WITNESS WHEREOF, Settlor and Trustee have hereunto
executed this Revocable Trust Agreement the day and year
first above written.
WITNESS:
~etl)a.l1[4'~~
- ,__l
SETTLOR:
C.
ATTEST:
Name: Bllt{ (it. ~' (l.
I i~'
f/\cf.fc I ~
TRUSTEE:
HERSHEY TRUST COMPANY
By~r/?A~
Name: -Il~ L. /:; iJ.vw
~
Title: YJA.u..r;l \( -htdAL lt~
Y4.u '] ~.' cv--
T i tl e : t \ ":0:"/.:' +CUI +- j U, c>-IM~
. ......... .,
C. Alvin Light
Revocable Trust Dated April 29, 1996
List of Trust Assets
Asset
1. $45,517.86 PNC Bank Ready-Access CD #00031800026426
2. $35,000 PNC Bank Ready-Access CD #31300022505
3. $20,000 Meridian Bank CD #362557
4. $41,178.97 Meridian Bank CD #316-5449962
5. $10,160.59 Meridian Bank CD #6196638
6. $20,000 Meridian Bank CD #3142312934
7. $100,000 Union National CD #1003-1462
8. $50,000 PNC Bank CD #197510
9. $10,000 PNC Bank CD #200954
10. $25,000 CoreStates CD #4554094
11. $25,000 CoreStates CD #4554302
12. $25,000 CoreStates CD #4554922
13. $110,000 Dauphin Deposit CD #810072995-6
Date Delivered to
Trust Comnanv
April 29, 1996
April 29, 1996
April 29, 1996
April 29, 1996
April 29, 1996
April 29, 1996
April 29, 1996
April 29, 1996
April 29, 1996
April 29, 1996
April 29, 1996
April 29, 1996
April 29, 1996