HomeMy WebLinkAbout12-21-06
REV.1_EX~,
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REV-1500
INHERITANCE TAX RETURN
RESIDENT DECEDENT
GFF'CIi\L LSE m~L y
COMMONWEAl. TH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
DEPT. 280601
HARRISBURG. PA 17128-0601
FILE NUMBER
21 06
COUNTY CODE YEAR
SOCIAL SECURITY NUMBER
I-
Z
W
Cl
w
ld
Cl
DECEDENrs NAME (LAST, FIRST, AND MIDDLE INITIAL)
Howell, Donna M.
DATE OF DEATH (MM-DD-YEAR)
DATE OF BIRTH (MM.DD-YEAR)
172-24-8097
00299
NUMBER
03/22/2006
09/2511930
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
SOCIAL SECURITY NUMBER
(IF APPLICABLE) SURVIVING SPOUSE'S NAME ( LAST, FIRST AND MIDDLE INITIAL)
Howell, James C.
1. Original Return 0 2. Supplemental Retum 3. Remainder Return (date of death prior to 12-13-82)
lie: ~ I/) 0 4. Limited Estate 0 4a. Future Interest Compromise (date of death after ~ 5. Federal Estate Tax Return Required
ld i2 lie: 12-12-82)
:z: i ~ ~ 6. Decedent Died Testate (Attach copy 0 7. Decedent Maintained a Living Trust (Attach 0 8. Total Number of Safe Deposit Boxes
U A- GI of Will) copy of Trust)
~ 0 9. Litigation Proceeds Received 0 10. Spousal Poverty Credit (date of death between ~ 11. Election to tax under Sec. 9113(A) (Attach Sch 0)
12-31-91 and 1.1.95
THIS SEcnON MUST BE COMPLeTED. ALL CORRESPONDENCE'~D CONFIDENTlAL.TAXINFORMAtJON SH()ULDBE'DIRCtl:DTGL(~?:'
ME COMPLETE MAILING ADDRESS
,;,!Z Ivo V. Otto III, Esquire
~ l! IRM NAME (If applicable)
82 Martson Deardorff Williams & Otto Ten East High Street
Carlisle, PAl 70 13
ELEPHONE NUMBER
717/243-3341
1. Real Estate (Schedule A) (1)
2. Stocks and Bonds (Schedule B) (2)
3. Closely Held Corporation, Partnership or Sole-Proprietorship (3)
4. Mortgages & Notes Receivable (Schedule D) (4)
5. Cash, Bank Deposits & Miscellaneous Personal Property (5)
(Schedule E)
6. Jointly Owned Property (Schedule F) (6)
z o Separate Billing Requested
0
5 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (7)
~ (Schedule G or L)
I 8. Total Gross Assets (total Lines 1-7)
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)
12. Net Value of Estate (Line 8 minus Line 11)
147,500.00
2,410,938.46
None
None
27,508.83
1,664.00
24,748.68
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38,805.54
12,160.80
13. Charitable and Governmental Bequests/Sec 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)
(8) 2,612,359.97
(11) 50,966.34
(12) 2,561,393.63
(13)
(14)
2,561,393.63
SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES
15. Amount of Line 14 taxable at the spousal tax rate. 1,251,005.63 x .00 (15)
or transfers under Sec. 9116(a)(1.2)
z 1,309,556.00 .045 (16)
0 16.Amount of Line 14 taxable at lineal rate x
S
:;) (17)
A- 17. Amount of Line 14 taxable at sibling rate 416.00 x .12
s
0
U
g 18. Amount of Line 14 taxable at collateral rate 416.00 x .15 (18)
19. Tax Due (19)
20. 0
CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT.
0.00
58,930.02
49.92
62.40
59,042.34
>>BE SURE TO ANsWER Au. QUESTIONS ON REVERSE SIDE AND RECHECK MATH<< u
. ;\
Copyright 2000 fonn software only The Lackner Group, Inc.
Fonn REV-1500 EX (Rev. 6-00)
, Decedent's Complete Address:
STREET ADDRESS
608 Sherwood Drive
CITY
ISTATE PA
T ZIP 17013
Carlisle
Tax Payments and Credits:
1. Tax Due (Page 1 Line 19)
2. CreditslPayments
A. Spousal Poverty Credit
B. Prior Payments
C. Discount
55,000.00
2,894.74
Total Credits (A + B + C)
3. InterestlPenalty if applicable
D. Interest
E. Penalty
TotallnterestlPenalty (0 + E)
4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT.
Check box on Page 1 Line 20 to request a refund
5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE.
A. Enter the interest on the tax due.
B. Enter the total of Line 5 + 5A. This is the BALANCE DUE.
Make Check Payable to: REGISTER OF WILLS, AGENT
(1 )
59,042.34
(2)
57,894.74
(3) 0.00
(4)
(5) 1,147.60
(5A)
(5B) 1,147.60
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred;.................................................................................. ~ I
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?................... ... ........... ... ....... ...... ......................... ..................... ................ ....... 0 ~
3.. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death?......... 0 ~
4. Did decedent own an Individual Retirement Account. annuity. or other non-probate property which
contains a beneficiary designation?.. ...... ..... ...... .......... ... .............. ................... .............. ........ .............................. ~ 0
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 pllljury, 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, correct and complete. Declaratlon of
pntp8rW other than the personal representative is based on alllnfonnatlon of which preparer has any knowledge.
SIGNATURE 0 ERSON RESPONSIBLE FOR FILING RETURN ADDRESS
James C oweIl
608 Sherwood Drive
Carlisle, P A 17013
ADDRESS
ADDRESS
Ten East HiglJ Street
Carlisle, P A 17013
.~. ~ ~. 1 ''', ~ ";.' , !/j.., '" ": ^ 1 "" .t
1dL)~ /Oc
DATE
/~~E/ch
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. ~9116 (a) (1.1) (i)].
For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0%
[72 P.S. ~9116 (a) (1.1) (ii)). The statute does not exemDt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure
of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary.
For dates of death on or after July 1, 2000:
The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a natural
parent, an adoptive parent, or a stepparent of the child is 0% [72 P.S. ~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. ~9116
1.2) [72 P.S. ~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. ~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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SCHEDULE A
REAL ESTATE
COMMONWEALTH OF PENNSYlVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Howell, Donna M.
I FILE NUMBER
21 - 06 - 00299
All real properw 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 wilnng seller, neither being compelled to buy or sell, both having
reasonable knowledge of the relevant facts. Real property which is jointly-owned with right of survivorship must be disclosed on
schedule F. .
ITEM
NUMBER
1
DESCRIPTION
VALUE AT DATE OF
DEATH
147,500.00
Undivided one-half interest in residence at 608 Sherwood Drive, Carlisle, Cumberland County,
Pennsylvania, being parcel No. 04-22-0481-223; value per appraisal, copy attached
TOTAL (Also enter on Line 1, Recapitulation)
147,500.00
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SCHEDULE B
STOCKS & BONDS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Howell, Donna M.
I FILE NUMBER
21 - 06 - 00299
All property jolntly-owned with right of survivorship must be disclosed on Schedule F.
ITEM DESCRIPTION UNIT VALUE VALUE AT DATE OF
NUMBER DEATH
1 Undivided one-half interest in 1 share Allen Distribution L TD Partnership, see most 1,034,301.50
recent valuation attached
2 Citigroup SmithBamey Account #73H-00833-16, per attached Valuation, File ID 539,340.11
6156.6.donna.sb
3 12738.1828 sh Allied Irish Bank (019228402) 46.67 594,490.99
4 8.473285 sh Alltel (020039103) 65.27 553.05
5 1118.8869 sh M&T Bank Corp (55261FI04) 115.565 129,304.16
6 1414.030 sh PPL Corp(709051106) 30.20 42,703.71
7 356.4008 sh Sprint Nextel Corp (852061100) 25.805 9,196.92
8 5059.835 sh Vanguard Fixed Income Secs Fd, Inflation-Prot Secs (922031869) 12.00 60,718.02
9 33 sh Cumberland Valley Cooperative 10.00 330.00
TOTAL (Also enter on line 2, Recapitulation) 2,410,938.46
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SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
COMMONWEAlTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Howell, Donna M.
II FILE NUMBER
21 - 06 - 00299
Include the proceeds of litigation and the date the proceeds were received by the estate. All property jointly-owned with the right of
survivorship must be disclosed on schedule F.
ITEM
NUMBER
1
DESCRIPTION
VALUE AT DATE OF
DEATH
22,643.41
Citigroup SmithBarney Bank Deposit Program, Acct. #73H-00833
2
Verizon Wireless, refund
65.42
3
The Boeing Company, proceeds from cash merger of Aviall
4,800.00
TOTAL (Also enter on Line 5, Recapitulation)
27,508.83
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SCHEDULE F
JOINTLY-OWNED PROPERTY
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Howell, Donna M.
I FILE NUMBER
21 - 06 - 00299
If an asset was made joint within one year of the decedent's date of death, it must be reported on schedule G.
SURVIVING JOINT TENANT(S) NAME
ADDRESS
RELATIONSHIP TO DECEDENT
Husband
A James C. Howell
608 Sherwood Drive
Carlisle, P A 17013
B Mary Beth Howell
Daughter-in-law
C Maurita A. Howell
Sister-in-law
see continuation
JOINTLY OWNED PROPERTY:
DATE DESCRIPTION OF PROPERTY %OF DATE OF DEATH
ITEM LETTER Include name of financial institution and bank account number DATE OF DEATH
NUMBER FOR JOINT MADE or similar identifying number. Attach deed for jointly-held real VALUE OF ASSET DECO'S VALUE OF
TENANT JOINT estate. INTEREST DECEDENT'S INTEREST
1 AB prior to M&T Bank, checking #44426372 8,320.00 20% 1,664.00
2000
TOTAL (Also enter on line &, Recapitulation) 1,664.00
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SCf-EDll.E F
JONT OYJN:RS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Howell, Donna M.
SURVIVING JOINT TENANT(S) NAME
D Pattie Howell
FILE NUMBER
21 - 06 - 00299
ADDRESS
RELATIONSHIP TO DECEDENT
Friend
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SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
Howell, Donna M.
FILE NUMBER
21 - 06 - 00299
ESTATE OF
s sc e u e must e comple e an e e answer 0 any 0 ques ons rougl on page syes.
ITEM DESCRIPTION OF PROPERTY DATE OF DEATH %OF
Include the name of the transf8l1l8, their relationship to decedent and the date of transfer. VALUE OF ASSET DECO'S EXCLUSION TAXABLE VALUE
NUMBER Attach a copy of the deed for real estate. INTEREST (IF APPLICABLE)
1 Citigroup SmithBamey IRA Account No. 73H-70084-15, 24,748.68 100% 24,748.68
beneficiary: James C. Howell, spouse
TOTAL (Also enter on line 7, Recapitulation) 24,748.68
Thi
h d I
b
I t d d fll d Ifth
t
f
tl
1 th
h4
21
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SCI-EDl1.E H
RN:RAL. EXPENSES &
AIl\ftNSTRATIVE COSTS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Howell, Donna M.
Debts of decedent must be reported on Schedule I.
ITEM
NUMBER
A.
DESCRIPTION
FUNERAL EXPENSES:
Ewing Brothers Funeral Home
2 L&D Catering, Memorial service reception
3 Carlisle Memorial Services, monument engraving
4 Westminster Cemetery, grave opening
5 Jeffrey's Flowers, memorial service flowers
6 Maxine Bishop, flowers, candles for memorial service
B. ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions
Social Security Number(s) I EIN Number of Personal Representative(s):
Street Address
2.
3.
City
Year(s) Commission paid
Attomey's Fees Martson Deardorff Williams & Otto (estimated)
State
Zip
Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Claimant James C. Howell
Street Address 608 Sherwood Drive
City Carlisle
Relationship of Claimant to Decedent
State P A
Spouse
Zip
4.
Register of Wills of Cumberland County
Probate Fees
5. Accountant's Fees
6. Tax Return Preparer's Fees
7.
1
Other Administrative Costs
High Peak Tent Rentals, table coverings, linens for memorial service
2
Cumberland Law Journal, Advertising Letters Testamentary
17013
Total of Continuation Schedule(s)
TOTAL (Also enter on line 9, Recapitulation)
I FILE NUMBER
21 - 06 - 00299
AMOUNT
2,726.85
3,804.08
526.00
705.00
36.95
61.48
25,000.00
3,500.00
70.00
292.56
75.00
2,007.62
38,805.54
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Schedule H
Funeral Expens9S &
Mninis1rative Cos1s cootinued
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Howell, Donna M.
I FILE NUMBER
21 - 06 - 00299
3
The Sentinel, Advertising Letters Testamentary
144.29
4
EVP Systems, Inc., valuation of stocks
66.65
5
Register of Wills, filing fee, Inheritance Tax Return
15.00
6
Register of Wills, additional probate fee
1,490.00
7
Register of Wills, short certificates
80.00
8
Copies at courthouse
0.50
9
Postage (overnight and certified)
121.18
10
Citigroup SmithBamey, transfer fees
90.00
Page 2 of Schedule H
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SCHEDULE I
DEBTS OF DECEDENT, MORTGAGE
LIABILITIES, & LIENS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Howell, Donna M.
I FILE NUMBER
21 - 06 - 00299
Include unreimbursed medical expenses.
ITEM
NUMBER
1
DESCRIPTION
AMOUNT
493.89
Carlisle Regional Medical Center, account payable
2
White Rose Ambulance, account payable
250.00
3
Air Trek, air ambulance from Florida to Pennsylvania, account payable
11,071.00
4
Carlisle Digestive Disease, account payable
47.63
5
West Shore EMS, account payable
88.30
6
Med-Assure, account payable
187.25
7
Naples SIU P A, account payable
22.73
TOTAL (Also enter on Line 10, Recapitulation)
12,160.80
REV-1513 EX+ (9.QO)
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SCHEDULE J
BENEFICIARIES
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Howell, Donna M.
I FILE NUMBER
21 - 06 - 00299
RELATIONSHIP TO AMOUNT OR SHARE
NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY DECEDENT OF ESTATE
I. TAXABLE DISTRIBUTIONS (include outright spousal distributions)
1 James C. Howell Spouse $1,251,005.63
608 Sherwood Drive, Carlisle, P A (present interest of
spouse in trust);
$24,748.68 (IRA);
and residue of estate
2 James C. Howell, Trustee Issue $1,309,140.00:
tho decedent's sons and grandchildren Remainder value of
trust
3 Mary Beth Howell Daughter-in-law $416-Sch. F
4 Maurita Howell Sister-in-law $416-Sch.F
5 Pattie Howell Friend $416-Sch.F
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 TAXIS NOT
BEING MADE
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET
REV.1647 EX+ (9..00)
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SCI-EDll.E M
FlJTl.R: INTEREST COI\FRONISE
(Check Box4a on Rev-1500 Cover Sheet)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Howell, Donna M.
I FILE NUMBER
21 - 06 - 00299
This schedule is appropriate only for Estates of decedents dying after December 12,1982.
This schedule is to be used for all future interests where the rate of tax which will be applicable when the future interest vests in possession and 03
enjoyment cannot be established with certainty.
Indicate below the type of instrument which created the future interest and attach a copy to the tax return
~ Will 0 Trust 0 Other
I. Beneficiaries
NAME OF BENEFICIARY RELATIONSHIP DATE OF BIRTH /lGETO
tEARESTBIRTHlAY
1. James C. Howell Spouse 11/01/1926 79
2. James P. Howell Son
3. Mark E. Howell Son
4. Richard K. Howell Son
5. Grandchildren of decedent Grandchildren
II. For decedents dying on or after July 1, 1994, if a surviving spouse exercised or intends to exercise a right of withdrawal within 9
months of the decedent's death, check the appropriate block and attach a copy of the document in which the surviving spouse
exercises such withdrawal ri~t.
Unlimited right of withdrawal o Limited right of withdrawal
III. Explanation of Compromise Offer:
Date of Death Value of Trust 2,000,000.00
Age of Life Tenant at nearest birthdate 79
Federal Section 7520 interest rate for March 2006 5.40%
Remainder Factor 65.457% see footnote (1)
Present Value of Spousal Interest 690,860
Remainder Value of Trust 1,309,140
Footnote (1) From Federal Table S Single Life Remainder Factor - Life Interest Holder Age 79 and 5.4% Rate
Internal Revenue Code A Sec. 7520.
IV. Summary of Compromise Offer:
1. Amount of Future Interest: 2,000,000.00
2. Value of Line 1 exempt from tax as amount passing to charities, etc. 0.00
(also include as part of total shown on Line 13 of Cover Sheet)
3. Value of Line 1 passing to spouse at appropriate tax rate 690,860.00
Check One 0 6% 03% 00%
(also include as part of total shown on Line 15 of Cover Sheet)
4. Value of Line 1 taxable at lineal rate 1,309,140.00
06% 181 4.5%
(also include as part of total shown on Line 16 of Cover Sheet)
5. Value of Line 1 taxable at sibling rate (12%)
(also include as part of total shown on Line 17 of Cover Sheet)
6. Value of Line 1 taxable at collateral rate (15%)
(also include as part of total shown on Line 18 of Cover Sheet)
7. Total value of Future Interest (sum of Lines 2 thru 6 must equal Line 1) 2,000,000.00
Cl
r-
f
I
L
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SCI-EDlJ..E 0
B.EC11ON lNERSEC. 9113(A)
(SPOUSAL CIS1RBJT1ONS)
COMMONWEAlTH OF PENNSYlVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
I FILE NUMBER
21 - 06 - 00299
Do not complete this schedule unless the estate is making the election to tax assets under Section 9113(A) of the Inheritance & Estate Tax Act
If the election applies to more than one trust or similar arrangement, a separate form must be filed for each trust.
This election applies to the Trust A Trust (marital, residual A, B, By-pass, Unified Credit, etc.).
Howell, Donna M.
If a trust or similar arrangement meets the requirements of Section 9113(A), and:
a. The trust or similar arrangement is listed on Schedule 0, and
b. The value of the trust or similar arrangement is entered in whole or in part as an asset on Schedule 0,
then the transferor's personal representative may specifically identify the trust (all or a fractional portion or percentage) to be included in the election to have
such trust or similar property treated as a taxable transfer in this estate. If less than the entire value of the trust or similar property is included as a taxable
transfer on Schedule 0, the personal representative shall be considered to have made the election only as to a fraction of the trust or similar arrangement.
The numerator of this fraction is equal to the amount of the trust or similar arrangement included as a taxable asset on Schedule O. The denominator is equal
to the total value of the trust or similar arrangement.
Part A: Enter the description and value of all interests, both taxable and non-taxable, regardless of location, which pass to the decedent's
surviving spouse under a Section 9113 (A) trust or similar arrangement.
DESCRIPTION
Assets other than real estate having a value of $2,000,000
VALUE
2,000,000.00
Part A Total
2,000,000.00
Part B: Enter the description and value of all interests included in Part A for which the Section 9113 (A) election to tax is being made.
DESCRIPTION VALUE
Assets other than real estate having a value of$2,000,000 2,000,000.00
Part B Total
(If more space is needed, insert additional sheets of the same size)
2,000,000.00
. AUG. 5.2003 3: 44PM
WAGGONER, FRUTIGER &, DAUB
CERTl'PIEO PlJSLIC ACCOUNTANTS
NO. 261
P. 4
[~&D J]
5006 EASTTRINOLE ADAD. SUITe 2.00, MECHANJCSBURG, I'A 170SO-U47
(717) 506-1222 · FAX (717) 5013-122$
21 STATE AVENue, SUITE 102, CARL.ISL.E, PA 17013-4432
(717) 241-6262 . FAX (717) 241.e2S2
ALLEN DISTRIBUTION L TD PARTNERSHIP
REDEMPTlON VALUE FOR ONE UNIT
DECEMBER 31, 2002
COMPlJ1ATlON TO ADJUST BOOK VALUE TO APPRAISED VALUE
(PER ITeM 20 OF ARTICLES OF UMITED PARTNERSHIP)
APFJRAISALS
Noone &
M$OCiate$
17.5 0,000
7,500.000
17,100.000
15,800,000
9,200,000
,6,500,000
73.800.000
Site . Bldg
1,2,3,4
5
6
10& 11
12
14
Total
Lagreca &
Quinn
17 AOO,OOO
7,700,000
16,775.000
15,550,000
9,400,000
6.415.000
73,300,000
Avera e
17,900.
7.833,333
17 ,291.667
16.016,887
9,300,000
6,69',667
74.~S3.a34
Equity
raisal
18,800,000
8,300,000
18,000,000
16,700,000
9,300,000
6.800,000
77,900.000
$
s
Land Building Accumulated Net
Site - Bldg Cost Cost Depreciation Book ValLie
1.2.3.4 $ 797,126 10,172,5138 (3,619,503) 7,356,559
5 616,182 4.616,388 ($&7,614) 4,634,9S6
a 1,638,330 9,975,717 (570,240) 11,043,807
10 & 11 1,466,053 8.857,245 (2,883,875) 7.839,623
12 1,098,779 5.678,354 (g55.777) 5.821,S56
14 815,920 4.573,e24 (121.589) 51268.255
Total $ e.432.390 43.874.564 (8.548.396) 4',758,.556
Net
Site ~ Bldg Average BoOk V.lue Adjustment
1,2.3,4 $ 17,900,000 7,;;50,5~e 10,549,441
, 7.833,333 4,634,956 3,'98,377
6 17,291,667 11.043.807 6,247,860
10 & 11 1f3,016,667 7,839,623 8,377,044
12 9,300,000 5,821,356 3,478,e44
14 15,591.667 5.268.255 1,323,412
Total $ 741933.334 41,758,556 33,tU,77S
ADJUSTED PARTNERSHIP VALUATION
DECEMBER 31, 2002
Book value $ 9,488,440
Less: OiWil)ution March 2003 (873,253)
Plus: Adjustment per item 20 of Artitles
of Umited Partnership (see above) :!3.174.7'78
Adjusted Partn....hip Valuation $ 41.789.ge5
General Partner (1 % Ownership) $ 417,900
urnited Partners (99% Ownership) 41.372.065
Total S 41.789,965
REDEMPTION VALUE FOR ON~ UNit
Umited Partn.r'$ Value
Number of Units
A
B
(Ala )
$ 41.372,065
20
R~.mptlon Value for One Unit
I t068,803
Stl4. (3) -L~
www.wf(jopa.com
FlOS~" l.. DAUlt, e~A
TIMOTHY o. W~GONI!Jll, C~A
DAVID A. PHIWPS, OPA
~eOA(!e W. LANE. CPA, CNA
SAI"'" D. STAAUS. CFA
RAYMOND C. BROWN. CPA
R08~~.HAAR.CPA
JOSSPHJ.EUNOOD,&A
AliRAU C. BERT, OPA
USA M. STATLSA. CPA
AMY Eo I.UOI(ETT, OPA
Estate Valuation
Date of Death: 03/22/2006
Valuation Date: 03/22/2006
Processing Date: 12/09/2006
Estate of: Donna Howell
Account: Smith Barney-Ind
Report Type: Date of Death
Number of Securities: 13
File ID: 6l57.6.donna.sb
Shares
or Par
Security
Description
Low/Bid
Mean and/or Div and Int Security
Adjustments Accruals Value
High/ASk
1)
4014 ALLIED IRISH BKS P L C (019228402; AIB)
SPON ADR ORD
New York Stock Exchange
03/22/2006 47.04000
46.30000 H/L
2)
Div: 1.04009 Ex: 03/01/2006 Rec: 03/03/2006 Pay: 04/27/2006
425 WASTE MGMT INC DEL (94106L109; WMI)
COM
New York Stock Exchange
03/22/2006
34.30000
34.07000 H/L
Div: 0.22 Ex: 03/02/2006 Rec: 03/06/2006 Pay: 03/24/2006
3) 55000 CUMBERLAND CNTY PA MUN AUTH RE REV BDS (230614AZ2l
Financial Times Interactive Data
DTD: 12/15/1996 Mat: 12/01/2017 6%
03/22/2006 101.72200 Mkt
Int: 12/01/2005 to 03/22/2006
4) 10000 PHILADELPHIA PA SCH DIST G.O. BDS (717880T65)
Financial Times Interactive Data
DTD: 06/01/1997 Mat: 04/01/2022 5.375%
03/22/2006 101.86600 Mkt
Int: 10/01/2005 to 03/22/2006
5) 100000 PENNSYLVANIA ST HIGHER EDL FAC STUDENT H (709l81AD3)
Financial Times Interactive Data
DTD: 08/15/2000 Mat: 09/01/2007 5.8%
03/22/2006 101.65000 Mkt
Int: 03/01/2006 to 03/22/2006
6) 10000 ALLEGHENY CNTY PA SAN AUTH SWR REV BDS (017357QK3)
Financial Times Interactive Data
DTD: 07/01/1997 Mat: 12/01/2024 5.375%
03/22/2006 104.86100 Mkt
Int: 12/01/2005 to 03/22/2006
7) 10000 BUCKS CNTY PA WTR & SWR AUTH R WTR & SWR (118673X72)
Financial Times Interactive Data
DTD: 08/15/1999 Mat: 06/01/2024 5.6%
03/22/2006 106.16600 Mkt
Int: 12/01/2005 to 03/22/2006
8) 15000 SOUTHCENTRAL PA GEN AUTH REV REV BDS (84129NBJ7)
Financial Times Interactive Data
DTD: 03/15/2002 Mat: 12/01/2024 5.35%
03/22/2006 105.63700 Mkt
Int: 12/01/2005 to 03/22/2006
9) 10000 DELAWARE CNTY PA AUTH COLLEGE REV REF B (246003GSO)
Financial Times Interactive Data
DTD: 03/01/1998 Mat: 10/01/2026 5.375%
03/22/2006 103.54400 Mkt
Int: 10/01/2005 to 03/22/2006
10) 10000 PHILADELPHIA PA ARPT REV REV BDS (717817FJ4)
Financial Times Interactive Data
DTD: 07/01/1997 Mat: 06/15/2027 5.4%
03/22/2006 103.08300 Mkt
Int: 12/15/2005 to 03/22/2006
Page 1
46.670000
34.185000
101.722000
101.866000
101.650000
104.861000
106.166000
105.637000
103.544000
103.083000
4,174.92
93.50
1,017.50
255.31
338.33
165.73
172.67
247.44
255.31
145.50
187,333.38
14,528.63
55,947.10
10,186.60
101,650.00
10,486.10
10,616.60
15,845.55
10,354.40
10,308.30
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)
SCtf- (3, :::C~ OL
Date of Death: 03/22/2006
Valuation Date: 03/22/2006
Processing Date: 12/09/2006
Shares
or Par
Security
Description
Low/Bid
Mean and/or Div and Int Security
Adjustments Accruals Value
High/ASk
11) 25000 PHILADELPHIA PA WTR & WASTEWTR REV BDS (717893NT4)
Financial Times Interactive Data
DTD: 10/15/1997 Mat: 08/01/2027 5.125%
03/22/2006 103.80500 Mkt
Int: 02/01/2006 to 03/22/2006
12) 25000 PHILADELPHIA PA AUTH FOR INDL ARPT REV (71781ECZ6)
Financial Times Interactive Data
DTD: 07/10/2001 Mat: 07/01/2028 5.25%
03/22/2006 104.21200 Mkt
Int: 01/01/2006 to 03/22/2006
13) 50000 PHILADELPHIA PA WTR & WASTEWTR REV BDS (717893MU2)
Financial Times Interactive Data
DTD: 11/15/2001 Mat: 11/01/2031 5%
03/22/2006 103.51400 Mkt
Int: 11/01/2005 to 03/22/2006
Total Value
Total Accrual
Total $539,340.11
Page 2
103.805000
104.212000
103.514000
Estate of: Donna Howell
Account: Smith Barney-Ind
Report Type: Date of Death
Number of Securities: 13
File ID: 6157.6.donna.sb
25,951.25
181.51
26,053.00
295.31
51,757.00
979.17
$531,017.91
$8,322.20
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)
F ',Fl LESIDA T AFI LE\Eslale P\annmgl6 \ 57.4-w will.2005
LAST WILL AND TEST AMENT
I, DONNA M. HOWELL, of the Borough of Carlisle, Cumberland County, Pennsylvania,
being of sound and disposing mind and memory, do hereby make, publish and declare this to be my
Last Will and Testament, hereby revoking any and all former Wills or Codicils made by me.
ITEM ONE
I direct that all my legally enforceable debts, funeral expenses, testamentary expenses and
all inheritance taxes shall be paid to the extent possible from those assets held or passing under
ITEM THREE hereof as soon as practicable after my decease and as part ofthe administration of my
estate.
ITEM TWO
I give all of my personal and household effects, automobiles, boats and collections, if any,
and any insurance policies thereon, unto my husband, JAMES C. HOWELL, if my husband survives
me by thirty (30) days; otherwise, I give such items of tangible person property as are itemized on
a certain list dated and signed by me at the end thereof to the person(s) named thereon. I give all the
remainder of such tangible personal property and insurance thereon to such of my children as are
living on the thirty-first day after my death, to be divided between or among them with due regard
for their personal preferences in as nearly equal shares as practical and as they shall mutually agree.
I direct that any of the foregoing articles not selected by such children shall be sold at public or
private sale by my personal representative( s), and I further direct that the net proceeds thereof shall
be administered and distributed as a part of the residue of my estate.
Further, ifmy husband, JAMES C. HOWELL, fails to survive me by thirty (30) days, I give
the sum of One Hundred Thousand Dollars ($100,000.00) unto each of my grandchildren, to wit:
JENNIFER M. HOWELL, REBECCAM. HOWELL, SHARON P. HOWELL, JULIE A. HOWELL,
PAUL 1. HOWELL and RICHARD S. HOWELL, if they are living at my death.
ITEM THREE
A. My Executors shall divide my residuary estate into two portions, the first being
referred to herein as "Trust A" and balance being referred to as the Residue.
?~'~
[initials]
Page 1 of 13 Pages
B. There shall be placed in "Trust A" that fraction of the total principal of which the
numerator shall be a sum equal to the amount of the generation skipping transfer exemption as
provided in Section 2631 of the United States Internal Revenue Code (the "Code"), or any
comparable legislation then in effect and then available to my estate after consideration of generation.
skipping transfers made by me during my lifetime and made under other items of this Will and the
allocation of the generation skipping transfer exemption made by my Executors to such generation
skipping transfers and of which the denominator shall be the value of my residuary estate. For the
purpose of establishing such fraction, the values finally fixed in the Federal estate proceeding
relating to my estate shall be used.
C. If my husband, JAMES C. HOWELL, is living thirty (30) days after my death, then
I give, devise and bequeath all the Residue unto my said husband absolutely. If my said husband
does not so survive me, then I give, devise and bequeath all the Residue of my estate unto my
Trustee(s) to be held or distributed by such Trustee(s) under ITEM FIVE, C and D, hereof.
In the event my said husband shall disclaim all or any portion of any devise or bequest made
to my said husband under the foregoing ITEM THREE, C, then the amount otherwise payable shall
be held by my Trustee(s) under ITEM FIVE hereof. For purposes of the Trust established under
ITEM FIVE hereof, my said husband shall not be deemed to have predeceased me by virtue of my
said husband's exercise of the right to disclaim set forth herein.
If my said husband and I die simultaneously, or under circumstances which render it difficult
to determine who died first, my said husband shall be deemed to have survived me for all purposes
of this my Last Will and Testament.
ITEM FOUR
"TRUST A"
My Trustee( s) shall hold the assets allocated to "Trust A" under ITEM THREE hereof, if any,
for the following purposes:
A. My Trustee(s) shall have, hold, manage, invest and reinvest the assets of "Trust A",
collect the income and pay over the net income in quarterly installments to my husband, JAMES C.
HOWELL, during my husband's lifetime. My Trustee(s) shall also, from time to time, pay to my
ze 7:1
[initials]
Page 2 of 13 Pages
husband such amounts of principal of this "Trust A" as my Trustee(s) deem necessary for the proper
support, maintenance and medical care of my said husband.
B. Upon the death of my husband, JAMES C. HOWELL, provided my said husband
shall have survived me, my Trustee(s) shall pay all accrued income and all income accumulated but
undistributed to the estate of my said husband. Further upon the death of my said husband, or in the
event that my said husband shall have predeceased me, "Trust A" shall be divided into as many
shares as I have children then living, including any child of mine who has predeceased me but who
leaves issue surviving. My Trustee(s) shall hold such shares for the following purposes:
1. With respect to any such share held for the benefit of any child of mine, in
each taxable year of the Trust, my Trustee(s) shall pay to or for the benefit of such child
(hereinafter referred to as "the Recipient") during the Recipient's life, an aggregate unitrust
amount equal to five percent (50/0) of the net fair market value of the assets of such share
valued as of the first day of each taxable year of the Trust (the "valuation date") in at least
quarterly installments. Further, my Trustee(s) shall be at liberty to invade the principal, and
accrued income, if any, of such share to provide for the health, education, maintenance and
support of such child, keeping in mind the other resources available to such beneficiary for
such purposes.
a. Payment of Unitrust Amount. The unitrust amount shall be paid in
quarterly installments. Any income of such share for a taxable year in excess ofthe
unitrust amount shall be added to principal. If for any year the net fair market value
ofthe share assets is incorrectly determined, then within a reasonable period after the
value is finally determined for federal tax purposes, the Trustee( s) shall pay to the
Recipient (in the case of an undervaluation) or receive from the Recipient (in the case
of an overvaluation) an amount equal to the difference between the unitrust amount
properly payable and the unitrust amount actually paid.
b. Deferral Provision. The obligation to pay the unitrust amount shall
commence with the date of the last to die of my husband or me, but payment of the
unitrust amount may be deferred from such date until the end of the taxable year of
d/~
[initials]
Page 3 of 13 Pages
the Trust in which occurs the complete funding of the Trust. Within a reasonable
time after the end of the taxable year in which the complete funding of the Trust
occurs, the Trustee(s) must pay to the Recipient (in the case of an underpayment) or
receive from the Recipient (in the case of an overpayment) the difference between:
(1) any unitrust amounts actually paid and (2) the unitrust amounts payable.
c. Proration of the Unitrust Amount. In determining the unitrust
amount, the Trustee(s) shall prorate the same on a daily basis for a short taxable year
and for the taxable year ending with the Recipient's death.
d. Taxable Year. The taxable yearofthe Trust shall be the calendar year.
e. Investment of Trust Assets. Nothing herein shall be construed to
restrict the Trustee( s) from investing the Trust assets in a manner that could result in
the annual realization of a reasonable amount of income or gain from the sale or
disposition of Trust assets.
Upon the death of such child, my Trustee(s) shall divide such share into as many shares as
such child has issue then living, per stirpes. The Trustee(s) shall hold each such share as set
forth in paragraph B,2, of this ITEM FOUR.
2. With respect to any such share held hereunder for the benefit of a grandchild
or more remote issue of mine, until the beneficiary of such share shall attain the age of thirty
(30) years, my Trustee(s) shall pay so much of the principal and income of the trust as is
necessary, in my Trustee's(s') sole discretion, for the health, education, maintenance and
support of the beneficiary thereof, keeping in mind the other resources available to such
beneficiary for such purposes. Upon such beneficiary's attaining the age of thirty (30) years,
my Trustee( s) shall pay the net income of such share to or for the benefit of such beneficiary
in at least quarterly installments. Further, the Trustee(s) shall be at liberty to invade the
principal of such share to provide for the health, education, maintenance and support of such
beneficiary, keeping in mind any other resources available to such beneficiary for such
purposes. Upon such beneficiary's attaining the age of forty (40) years, all accumulated
income, if any, and principal of such share shall be distributed outright to such beneficiary.
dfi
[ini tials ]
Page 4 of 13 Pages
3. In the event that my husband, JAMES C. HOWELL, and I are not survived
by any issue, then the trust shall be distributed, absolutely, to my heirs at law, per stirpes;
provided, however, that the share of any distributee who shall not have attained the age of
forty (40) years shall be held and distributed under the terms and conditions of paragraph B,
2, of this ITEM FOUR.
C. If I predecease my husband, JAMES C. HOWELL, it is contemplated that my
Executors will exercise the election provided in Section 2652(a)(3) ofthe Code, or any comparable
legislation so that "Trust A" will be treated as if the election under Section 2056(b)(7) of the Code
had not been made, and I will be treated as the transferor for generation skipping transfer tax.
ITEM FIVE
DISCLAIMER TRUST
My Trustee(s) shall hold the assets received under ITEM THREE hereof, if any, for the
following purposes:
A. My Trustee(s) shall pay the net income, at least quarter-annually, to my husband,
JAMES C. HOWELL, for life. In addition, my Trustee(s), in my Trustee's(s') sole discretion, may
invade the principal of the Trust for the proper and adequate support of my said husband.
B. My Trustee(s) shall further pay to my said husband annually, such sum from the
principal ofthe Trust as my said husband may request in writing, provided, however, that said sum
may not exceed the greater of Five Thousand Dollars ($5,000.00) or five percent (5%) of the
aggregate value, at the time of said request, of the principal of the Trust hereunder.
C. Upon the death of my said husband, or upon my death if my husband shall not survive
me by thirty (30) days, my Trustee(s) shall distribute the principal and any accumulated income of
the Trust in the following manner:
1. One-third (1/3) thereof unto my son, JAMES P. HOWELL;
2. One-third (1/3) thereof unto my son, RICHARD K. HOWELL; and
3. One-third (1/3) thereof unto ORRSTOWN BANK, Carlisle, Pennsylvania,
in trust, for the benefit of my son, MARK E. HOWELL. My said Trustee shall pay the net
income, at least quarter-annually, to my said son, MARK E. HOWELL, during his lifetime.
-6)//
[initials]
Page 5 of 13 Pages
Upon the death of my son, MARK E. HOWELL, my Trustee shall hold or distribute the
principal and any accumulated income of such trust to the issue of my son, MARK E.
HOWELL, in accordance with the terms of subparagraph D ofthis Item Five of my Last Will
and Testament.
D. In the event that any of my said sons shall fail to survive my husband and me, but
shall leave issue surviving, then such deceased son's share shall be held by my Trustee(s) and the
net income therefrom shall be used for the support, maintenance and education of the issue of such
deceased son. Until the beneficiary of such share shall attain the age of thirty (30) years, my
Trustee(s) shall pay so much of the principal and income of the trust as is necessary, in my
Trustee's(s') sole discretion, for the health, education, maintenance and support of the beneficiary
thereof, keeping in mind the other resources available to such beneficiary for such purposes. Upon
such beneficiary's attaining the age of thirty (30) years, my Trustee(s) shall pay the net income of
such share to or for the benefit of such beneficiary in at least quarterly installments. Further, the
Trustee( s) shall be at liberty to invade the principal of such share to provide for the health, education,
maintenance and support of such beneficiary, keeping in mind any other resources available to such
beneficiary for such purposes. Upon such beneficiary's attaining the age of forty (40) years, all
accumulated income, if any, and principal of such share shall be distributed outright to such
beneficiary. In the event that any of my sons shall fail to survive my husband and me and not leave
issue surviving, then such deceased son's share shall be added to the shares of my other sons as if
originally a part thereof.
ITEM SIX
POWERS OF EXECUTORS AND TRUSTEES
In addition to the powers conferred by case law, by statute, and by other provisions hereof,
my Executor and Trustee and his successors, shall have the following discretionary powers
applicable to all property held by them which powers shall be effective without order of any court
and shall exist until final distribution:
A. To retain any property of any nature received by them for whatever period they shall
deem advisable;
5-./1'
[initials]
Page 6 of 13 Pages
B. To invest and reinvest all or any part of said property in such stocks, bonds, securities
or other property, real or personal, as in their discretion they shall deem proper, without regard to
statutes limiting the property which a fiduciary may purchase;
C. To sell, transfer, exchange or otherwise dispose of, any part of said property, for cash
or on terms, publicly or privately, or to lease, even for a term exceeding five (5) years or the duration
of any trust herein, without liability on the purchasers or lessees to see to the application of the
proceeds, and to give options for these purchases without the obligation to repudiate them in favor
of a higher offer;
D. To execute and deliver any deeds, leases, assignments or other instruments as may
be necessary to carry out the provisions of any trust hereunder;
E. To borrow money, including the right to borrow money from any bank and to
mortgage or pledge any asset of the estate as security;
F. To assume continuance ofthe status of any beneficiary with regard to death, marriage,
divorce, illness, incapacity and the like in the absence of information deemed reliable without
liability for disbursements made on such assumption;
G. To pay from the trust, or the income therefrom, all debts or claims against my estate,
or any taxes or similar charges on my estate;
H. To make any distribution hereunder either in kind or in money, or partially in kind
and partially in money. Distribution in kind shall be made at the market value of the property
distributed, and my Trustee(s), in their absolute discretion, may cause the share distributed to any
distributee to be composed of property similar to or different from that distributed to any other
distributee;
I. To exercise any subscription right in connection with any security held hereunder, to
consent to or participate in any recapitalization, reorganization, consolidation or merger of any
corporation, company or association, the securities of which may be held hereunder, to delegate
authority with respect thereto, to deposit investments under agreements, to pay assessments, and
generally to exercise all rights of investors;
(//7/
[initials]
Page 7 of 13 Pages
J. To invest in endowment, insurance or annuity policies on the lives of beneficiaries
of any trust hereunder;
K. To continue in any partnership, joint venture, joint ownership or other business
enterprise of which I am a part at the time of my death;
L. To compromise claims;
M. To continue for whatever period oftime as they shall deem necessary any ownership
as a tenant in common or as a partner, in real estate or other property and to act as I could have done
had I been living;
N. To lend money to my estate or to any trust created hereunder or to purchase from the
estate or from any trust created hereunder, at the market value thereof at the time of purchase, any
securities or other property tendered to them by my estate or any trust created hereunder at any time
and from time to time within a period of nine (9) months after my death;
o. In the event that any amounts are payable hereunder or under any trust created
hereunder to a minor, or to a person otherwise under legal disability, or to a person not adjudicated
incompetent, but who, by reason of illness or mental or physical disability is, in the opinion of
fiduciary(ies) hereunder, unable to properly administer such amounts, such amounts may be paid by
the fiduciary(ies) hereunder in his, her or their sole discretion in any ofthe following ways as he, she
or they may deem best:
1. Directly to such beneficiary;
2. To a legally appointed guardian of such beneficiary for the benefit of such
beneficiary;
3. To a person having custody of such beneficiary for the benefit of such
beneficiary;
4. By the fiduciary(ies) hereunder using such amounts directly to the benefit of
such beneficiary.
P. To employ agents, attorneys and proxies and to delegate to them such power as my
personal representatives and Trustee(s) consider desirable and to pay reasonable compensation for
d/#
[ini tials ]
Page 8 of 13 Pages
such services as may be rendered by such agents, attorneys and proxies;
Q. To do all other acts in their judgment necessary or desirable for the proper
management, investment and distribution of my Estate.
R. Notwithstanding any other provision of this Will to the contrary, no Trustee who is
not an "Independent Trustee" (as defined herein) shall participate in any decision regarding any
discretionary accumulation, payment, application or allocation of income or principal or termination
of a trust unless such decision is limited by an ascertainable standard as defined in Section 2041 (b)
of the Code. A Trustee is an Independent Trustee with regard to any such discretionary decision to
accumulate or distribute income if such Trustee is not a current eligible income beneficiary of such
trust and, with regard to any such discretionary decision to distribute principal, if such Trustee is not
a current eligible beneficiary of the income of such trust and has not been appointed as a Trustee by
any such beneficiary other than pursuant to a power to appoint which requires that at least one (1)
adult income beneficiary and one (1) other adult presumptive remainderman of such trust join in the
exercise of such power. All such decisions shall rest exclusively in the discretion of the other
Trustees who are Independent Trustees. If no Independent Trustee is then acting and there is no
other provision of this Will by which an Independent Trustee can he appointed, then a majority of
the adult income beneficiaries (of which there must be one) and a majority of the adult presumptive
remaindermen (of which there must be one other) of such trust may appoint an Independent Trustee,
or, ifno Independent Trustee is so appointed, then any adult beneficiary may request a court having
jurisdiction over such trust to appoint an Independent Trustee.
S. My Executor shall be authorized in their sole, exclusive and unrestricted discretion
to determine whether to elect (under Section 2056(b )(7) of the Code, or any corresponding provision
of the Federal estate law), to qualify all, none or a fraction of "Trust A" for the Federal estate tax
marital deduction. The decision of my Executor with respect to the exercise ofthe election shall be
final and conclusive upon all persons whose interests in my estate or the Trusts are directly or
indirectly affected by the election. My Executor shall have the power to distribute assets in cash or
in kind to "Trust A" and the Disclaimer Trust, if the Disclaimer Trust is created, and to select
specific property to be distributed to such Trusts without regard to the income tax basis on such
-d:7>~/
[initials]
Page 9 of 13 Pages
property. In making these allocations, my Executor shall use the value of the assets as of the date
or dates of distribution so that each distribution shares proportionately in the appreciation or
depreciation of assets between the date of my death and the date or dates for distribution. Only
property which is fully eligible for the marital deduction under Federal estate tax law shall be
assigned to "Trust A". To the extent that other assets which qualify for the marital deduction are
available, there shall not be allocated to "Trust A" (1) assets with respect to which an estate tax
credit for foreign taxes paid is allowable or (2) any payments under an employees trust or retirement
annuity contract of the type described in Section 2039(c) of the Code or subsequent provisions of
similar import or (3) United States Treasury Bonds that are eligible for redemption at par value in
payment of the Federal estate tax. In computing the marital deduction all generation-skipping
transfers for which I am the "deemed transferor" shall be disregarded. Notwithstanding anything to
the contrary contained herein, my Executor and Trustee(s) shall not retain beyond a reasonable time
any property which may at any time be or become unproductive, nor shall they invest in
unproductive property. Ifmy husband, JAMES C. HOWELL, shall have survived me, my Executor
or Trustee( s) shall pay from the principal of "Trust A" upon the death of my said husband, an amount
equal to the estate, inheritance, transfer, succession and other death taxes ("death taxes"), Federal,
state and other, payable by reason of the inclusion of the value of "Trust A" in my said husband's
estate. Such payment shall be equal to the amount by which (1) the total of such death taxes paid by
my said husband's estate exceeds (2) the total of such death taxes which would have been payable
if the value of "Trust A" had not been included in my said husband's estate. The determination by
my said husband's Executor of the amount payable hereunder shall be final. I direct my Trustee(s)
to pay such amount promptly upon written request of my said husband's Executor. The final
determination of the amount due hereunder shall be based upon the value as finally determined for
Federal estate tax purposes in my said husband's estate. After payment of the amount finally
determined to be due hereunder, my Trustee(s) shall be discharged from any further liability with
respect to such payment. My said husband may waive the right to payment under this subparagraph
by Will, executed after my death, in which my said husband specifically refers to the right to
payment hereunder given to the estate of my said husband.
dY/
[ini tials ]
Page 10 of 13 Pages
ITEM SEVEN
PROTECTIVE PROVISIONS
All income or principal held for the use and benefit ofthe beneficiaries of any trust hereunder
shall not be in any way or manner subject to anticipation, assignment, pledge, sale or transfer, nor
shall any such interest, while in the possession of my Trustee(s), be liable for or subject to the debts,
contracts, obligations, liabilities or torts of any beneficiary, or to attachments, executions or
sequestrations under process of law.
ITEM EIGHT
APPOINTMENT OF EXECUTORS AND TRUSTEES
I nominate, constitute and appoint my husband, JAMES C. HOWELL, as Executor of my
estate. In the event that my said husband shall predecease me or fail to act or continue to act as
Executor, then my sons, JAMES P. HOWELL, RICHARD K. HOWELL and MARK. E. HOWELL,
or the survivor(s) of them, shall act as Executor(s) of my estate. In the event my husband and all of
my said sons are unable or unwilling to act or continue to act as Executor(s), then I appoint
ORRSTOWN BANK, with offices in Carlisle, Pennsylvania, as Executor of my estate.
I nominate, constitute and appoint my husband, JAMES C. HOWELL, as Trustee of any trust
created hereunder. In the event that my said husband shall predecease me or fail to act or continue
to act as Trustee, then my sons, JAMES P. HOWELL, RICHARD K. HOWELL and MARK. E.
HOWELL, or the survivor(s) of them, shall act as Trustees of any trust created hereunder, with the
exception ofthe Trustee appointed in ITEM FIVE, C, 3. In the event my husband and all of my said
sons are unable or unwilling to act or continue to act as Trustee(s), then I appoint ORRSTOWN
BANK, with offices in Carlisle, Pennsylvania, as Trustee of any trust created hereunder.
Notwithstanding the foregoing appointments of Trustee(s) hereunder, a majority of all
income beneficiaries of the trust or trusts created hereunder may from time to time remove any
corporate trustee then acting for reasonable cause and substitute another corporate trustee; provided,
however, that such successor corporate trustee shall not be a related or subordinate to anyone or
more of the beneficiaries hereunder within the meaning of Internal Revenue Code 9672(c) or
successor provisions. When the removed corporate trustee has received written notice of its removal
dJ;7/
[initials]
Page 11 of 13 Pages
and has been notified in writing by its successor corporate trustee of the latter's acceptance, the
removed corporate trustee shall surrender all books, records, and assets in its possession comprising
any portion 0 f the trust or relating to the trust. In no event shall the removed corporate trustee charge
a "termination fee" based on a percentage of trust assets as a result of such removal but shall be
entitled only to charge such fee as fairly represents the cost of any accounting required by the
beneficiaries or successor corporate trustee as part of such removal and substitution. The removed
corporate trustee shall not be relieved of liability until its successor has qualified and the removed
trustee's accounting, if applicable, has been settled or the beneficiaries and successor corporate
trustee have otherwise accepted an account stated in lieu of a formal accounting. As used in this
paragraph, the term "reasonable cause" includes, but is not limited to: (1) poor investment
performance, (2) the removal of all current income beneficiaries from the state in which the
corporate trustee is licensed to conduct business as a corporate trustee, (3) inattention to the
reasonable needs of the beneficiaries, (4) lack of communication between trustee and beneficiaries,
(5) inaccurate or unclear transaction statements or statements of account, (6) conflicts between the
corporate trustee and the beneficiaries, (7) merger, acquisition or deteriorating financial condition
of the corporate trustee, or (8) high turnover of account officers assigned to any trust hereunder.
ITEM NINE
WANER OF BOND
I direct that my Executor and Trustee, or his successors, shall not be required to file any bond
in any jurisdiction to secure the faithful performance of their duties, nor shall they be required to
obtain any order or approval of any court for the exercise of any power or discretion set forth in this
Will.
IN WITNESS WHEREOF I have hereunto set my hand and seal this 13~ day of
~ J-oD5
c&~ /// /,:L- 'p ~ /(~d(~~L (SEAL)
/" ,~
Donna M. Howell
SIGNED, SEALED, PUBLISHED AND DECLARED by the above-named Testatrix, as and
for her Last Will and Testament, in the presence of us, who at her request, have hereunto subscribed
our na s as Wi";SSeS thereto, in the presence of the said Tes:aytlfand of ather.
//. ~ ;I (~~.~ ;,-y/ U It
Page 12 of 13 Pages
COMMONWEALTH OF PENNSYLVANIA )
: SS.
COUNTY OF CUMBERLAND )
We,DonnaM.Howell, :John B. Fowle.r rrr.. ,and V'IC-k r/-"w L.... C fie;
the Testatrix and the witnesses, respectively, whose names are signed to the foregoing instrument,
being first duly sworn, do hereby declare to the undersigned authority that the Testatrix signed and
executed the instrument as her last Will and that the Testatrix has signed willingly, and that the
Testatrix executed it as her free and voluntary act for the purposes therein expressed, and that each
of the witnesses, in the presence and hearing of the Testatrix, signed the Will as a witness and that
to the best of his/her knowledge the Testatrix was at that time eighteen years of age or older, of
sound mind and under no constraint or undue influence.
rr?' ,;}/ ~,zC1-)// . ;(~ej{/'I!)/ .
Donna M. Howell, Testatrix
-
/1 ~
Subscribed, sworn to and acknowledged before me by Donna M. Howell, the Testatrix, and
subscribed and sworn to before me by .:JC,hn 6. Fow/t.rTIL and
Y \ C. -tr,r, ~ L. D t+o , the witnesses, this 13~ay of Apri ( Zoos
~---r~
Notary Public
NOTARIAL SEAL
CORRINE L. MYERS, NOTARY PUBLIC
CARLISLE BORO, COUNTY OF CUMBERLAND
~ COMMISSION EXPIRES MAY 27.2007
Page 13 of 13 Pages
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF FiI(ENUE
BUREAU 01' INDIVI[;~L TAXES
DEPT 280601
HARRISBURG, PA 17128-0601
REV-1162 EX(11-96)
RECEIVED FROM:
PENNSYLVANIA
INHERITANCE AND ESTATE TAX
OFFICIAL RECEIPT
HOWELL JAMES C
608 SHERWOOD DR
CARLISLE, PA 17013
____nn fold
ESTATE INFORMATION: SSN: 172-24-8097
FILE NUMBER: 2106-0299
DECEDENT NAME: HOWELL DONNA M
DATE OF PAYMENT: 12/21/2006
POSTMARK DATE: 1 2/21 /2006
COUNTY: CUMBERLAND
DA TE OF DEATH: 03/22/2006
NO. CD 007595
ACN
ASSESSMENT
CONTROL
NUMBER
AMOUNT
101 I $1, 147.60
I
I
I
I
I
I
I
I
TOTAL AMOUNT PAID:
$ 1, 1 47 . 60
REMARKS: JAMES C HOWELL
CHECK# 1011
SEAL
INITIALS: WZ
RECEIVED BY:
REGISTER OF WILLS
GLENDA FARNER STRASBAUGH
REGISTER OF WILLS