HomeMy WebLinkAbout01-05-07
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COMMONWEALTH OF
PENNSYLVANIA
DEPARTMENT OF REVENUE
DEPT. 280601
HARRISBURG, PA 17128-0601
REV.1500
INHERITANCE TAX RETURN
RESIDENT DECEDENT
OFFICIAL USE ONLY
FILE NUMBER
II 06
COUNTY CODE YEAR
SOCIAL SECURITY NUMBER
0648
NUMBER
DECEDENTS NAME (LAST, FIRST, AND MIDDLE INITIAL)
Wolford, Don S.
DATE OF DEATH (MM-o~YEAR)
....
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04-10-2006
(IF APPLICABLE) SURVIVING SPOUSE'S NAME ( LAST, FIRST AND MIDDLE INITIAL)
D 1. Original Return
D 4. Limited Estate
[i] 6. Decedent Died Testate (Attach
copy of Win)
D 9. Litigation Proceeds Received
277 -01-6838
DATE OF BIRTH (MM-o~YEAR)
TtIS RETURN MUST BE FILED IN DUPLICATE WITH THE
06-05-1912
REGISTER OF WillS
SOCIAL SECURITY NUMBER
D 2. Supplemental Return
D
D
D
D 3. Remainder Return (date c:I death prior to 12-13-82)
D 5. Federal Estate Tax Return Required
o 8. Total Number of Safe Deposit Boxes
D 11. Election to tax under Sec. 9113(A) (Attach Sch 0)
4a. Future Interest Compromise (date c:I death after
12-12.a2)
7. Decedent Maintained a Living Trust (Attach
copy c:I Trust)
10 Spousal PovertY Credit (date c:I death between
. 12-31-91 and 1-1-95)
!i
I
NAME
James D. Bogar
FIRM NAME (If appIic8b1e)
Bogar & Hlpp law Offices
TELEPHONE NUMBER
717 -737 -8761
COMPLETE MAILING ADDRESS
One West Main Street
Shlremanstown, PA 17011
1. Real Estate (Schedule A)
2. Stocks and Bonds (Schedule B)
3. Closely Held Corporation, Partnership or Sole-Proprietorship
4. Mortgages & Notes Receivable (Schedule D)
5. Cash, Bank Deposits & Miscellaneous Personal Property
(Schedule E)
6. Jointly Owned Property (Schedule F)
D Separate Billing Requested
7. Inter-VIVos Transfers & Miscellaneous Non-Probate Property
(Schedule G or L) D Separate Billing Requested
8. Total Gross Assets (total Lines 1-7)
9. Funeral Expenses & Administrative Costs (Schedule H)
10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I)
(11 )
34,246.79
1,179,077.65
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11. Total Deductions (total Lines 9 & 10)
12. Net Value of Estate (Line 8 minus Line 11)
(13)
(12)
13. Charitable and Govemmental Bequests/See 9113 Trusts for which an election to tax has
not been made (Schedule J)
14. Net Value Subject to Tax (Line 12 minus Line 13)
SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES
20.0
(14)
1,179,077.65
0.00
53,058.49
0.00
0.00
53,058.49
CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
15.Amount of Line 14 taxable at the spousal tax rate, 0.00 x .00 (15)
z or transfers under Sec. 9116(a)(1.2)
0 (16)
~ 16. Amount of Line 14 taxable at lineal rate 1,179,077.65 x .045
~
=-
Do. 17. Amount of Line 14 taxable at sibling rate 0.00 x .12 (17)
~
0
u 18. Amount of Line 14 taxable at collateral rate 0.00 .15 (18)
)( x
~ 19. Tax Due
(19)
Copyright 2002 fonn software only The Lackner Group, Inc.
Fonn REV-1500 EX (Rev. 6.00:
,
Decedent's Complete Address:
STREET ADDRESS
100 Mt. Allen Drive
CITY Mechanicsburg
ISTATE PA
I ZIP 17055
Tax Payments and Credits:
1. Tax Due (Page 1 Line 19)
2. CreditslPayments
A. Spousal Poverty Credit
8. Prior Payments
C. Discount
(1 )
53,058.49
0.00
Total Credits (A + 8 + C)
(2)
0.00
3. InterestlPenalty if applicable
D. Interest
E. Penalty
TotallnterestlPenalty (0 + E) (3)
4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. (4)
Check box on Page 1 Una 20 to request a refund
5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5)
A. Enter the interest on the tax due. (5A)
8. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (58)
Make Check Payable to: REGISTER OF WILLS, AGENT
53,058.49
53,058.49
PLEASE ANSWER THE FOLLO\MNG QUESTIONS BY PLACING AN ax" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income ofthe property transferred;........................................................................ .......... 0 [!]
b. retain the right to designate who shall use the property transferred or its income;.................................... 0 ~
c. retain a reversionary interest; or.................................................................................................................. 0 x
d. receive the promise for life of either payments, benefits or care?.............................................................. 0 x
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?......... [i]
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 QUESnONS IS YES. YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
Under penalties of perjury, I declare that I have examined this reb.rn, including accompanying schedules and statements, and to the best of my knowledge and belief, it is trua, correct and
complete. Declaration of preparer other than the personal representative is based on all information of which preparer has any knowledge.
SIGNATURE OF PERSON RESPONSIBLE FOR FILING RETURN ADDRESS
Elizabeth Ann Wolford Constantine
[!]
o
DATE
3230 Oxford Drive
Mechanlcsburg. PA 17055
J 1&/ D1
ADDRESS
DATE
ADDRESS
~ '01
DATE
One West Main Street
Shlremanstown. PA 17011
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 retum 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.
99116 1.2) [72 P.S. 99116 (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)]. Asibling is
defined under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption.
. "' . ,
Rev-11103 EX. (1-18)
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SCHEDULE.
STOCKS & BONDS
COMMONWEALTH OF PENNSYLVANIA
t1HERITANCE TAX RETURN
RESIDENT DECEDENT
Wolford, Don S.
FILE NUMBER
21-06-0648
ESTATE OF
All property joIn11y-owned with right olsurvlvcnhlp must be chcIoud on Sc:heduIe F.
ITEM CUSIP VALUE AT DATE
NUMBER NUMBER DESCRIPTION UNIT VALUE OF DEATH
1 Dreyfus Strategic Municipals, Inc. - Account No. 86.48
0000282699; 9.9284 shares
TOTAL (Also enter on Line 2, Recapitulation) 86.48
(If more space is needed, additional pages of the same size)
Copyright (c) 2002 form software only The Lackner Group, Inc.
Form PA-1500 Schedule B (Rev. 6-98)
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CltlgroupJ
SMITHBARNEY
FAX TO: 737-2086
TO: Beth B. Lengel,
Office of James D. Bogar
FROM: Patty Sherick
DATE: September 19, 2006
RE: Price of Dreyfus Strategic Municipals Inc. as of 4/10/06
The price of Dreyfus Strategic Municipals Inc. on 4/10/06 was:
Hi
8.80
Lo
8.70
Close
8.71
Thank you, ~
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{atrlcia L. Sherick
CSA
Inform8tio~ set forth was obtained fro
sources which. we believe reliable but we d~
~t~t~uaranhtee.lts accuracy or completeness
el er t e ,"~ormation nor any oPinio~
~~:rp~s~ constItutes a solicitation by us for
rc ase or sale of any securities P
performance is no guarantee of future r~~::
~roceeas Trom crOKer ana caner I:xcnange J ransacLlom:i ~Wb VIVIO ''10. l~O-Ufl:l
,
.THE BANK OF NEW YORK
P.O. BOX 11258
NEW YORK. NY 10286 - 1258
EIN # 13-5160382
AS AGENT FOR:
DREYfUS STRATEGIC MUNICIPALS INC
Payer's Federal Identification No. Recipient's 10 No.
13-3426554 20-7027058
. Recipient's Name. Address. and Zip Code
ELIZABETH ANN WOlFORD dbNSTANTINE
EX EST DON S WOLFORD
C/O JAMES D BOGAR
ONE WEST MAIN STREET
SHIREMANSTOWN PA 17011
Account Number (optionaO
0000282699
ox 1 a. Date of Sale
1 0/25/06
Shares I Units Sold
Box 1 b. CUSIP
261932DRP
9.9284'
Box 2.Stocks, bonds, etc. I Gross Proceeds reported to IRS
$91.04
Box 4. Federal Income Tax Withheld
l~~x 5. ~~tk)n
SubstItUte Form
1099__8
0.00
DREYFUS STRATEGIC REINVESTMENT ISSUE
THIS IS IMPORTANT TAX INFORMA11ONAND.isB~INGFURNISHED TO THE .INTeRNAL REVENUE. SERVICE. IF
YOU ARE .REQUIRED TOALEAXAX RETURNiA,NEGUGENCE PENALTY OR OTHERSANCTlON MAY BE IMPOSED
ON YOU IF THIS INCOME IS TAXABLE AND THE IRS DETERMINES THAT IT HAS NOT BEENREPOATED.. ..' .
.;......:..:,.,...... ,
. a~~~~'t~~g~~r.:~tip~~rt~~~d; j;(,U1~.~~~ri;,..t8: c..' .' 'grDs$'ptocebdkle~ot6nimisSfuii jJj/i;d6l&i~~~ums.\VeR~~~t~,~.
you andto,the ms on Form 1099-B by Jan~ry' 31 ()ftheYear:JoUowmg Report this amount Oft Schedu1eD(F~cl>~), ~apital ~.~;~~~~s'"
, ,~'~~r ,year of the transaction. This. fo.rm. is: used,".tq feport $e~ ' ,,< '. ". '," .... , .d, ' . '. ..... . ;' ~') - .'. ":. . :"" ... ;', ,.-.. .
p~. ......... . , .' .. ". .'. "./i' Box 4. ~Showsbackupwithho1ding.'j:~r>eiafup~.ptrsonsn9t.~ishjriJ'du~i
BOx..t.i;&o~ the tnide date of the transaction;Fot aggregaierepOl1illJ~no taxpayer ideDtitiC3donmunbetro~payet:~~.$lI.bjecno ba~lg@':c>,~'
enuj'W111~p~t." '. '.' .:,:.:withhoI4ingat~28~rateoncertaiJlpa:~,~~FOmt:}y~i~~tot:
. T~xpa~ Ident1ncI,DOlt ~1Utlb~and Clirtifi~tion;ufQr,in19~th)n1m,bAC,ltUp
~x l,b,~F~tbtoket transactions. may show: the C.ustP(G~i~;:9n '. .' wlthholdmg. . [ncludem.ISattlOWlton .,y~J~o~~ :~ retUrtt,as,'~~eld. '.'
u~if\)lm~\lrity Identification Procedures) numb~ ()f,the i~~:,~~~,.':... >, Bc>xS;. Sh~ 11 briefdeSC~~(~jt~fu.{9;~ibe:tOt~~~b~~~
~:2:." ~oWs' the procee~ from transactionS h1VO]vhig'~~b9~~~~.', .,01' .biJ:tering. inCO~'isbe!Dg ~ported;:l!or;~~~'~~.(;oJ)~;'\'f(f:...,
debrobliSatlPrt$,eommodiues. or forwardcoJUr'KtS. 'LoS$e$~fqt\lvirtt,.\,,>:, forward contracts.RFCor Qtherappr(jP!1ate'deSCnpnon.maY ~~~WB;:
coattaet5;are $l\Own in parentheses. This box <IOe$ not mcli!deprpceedS~fiori1' . ;~:,'"
~te4. futureS' conD'aCrs. The hroker must fudicate.wheiher~:p~ceedS()r
~He.Ri.. . .' '. . ' riI1aCbffiW,
", :.050726073
'.. r- PROCEEDS-(jF-SAlE .
I
TAX Wf11iHELD-1
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"",,,,,,,,,,,.,,,,,. "'"'' ....,,,,, ".""""., ,.'u,..,., """'''''''~''''''''NET~CK' AMOu,Nf';;;'f'" ,
',-' - -. ',' .....<
Transaction instrUctions received by the Administrator to sell shares under the program are executed by an affiiiate of the Adrtiitlistnttor.
The difference (If any) !n the Gross Price Per Share and Net Price Per Share is the share broker commission and SEe fees.
TRADE DATE
DREVFUSSTRATEGIC MUNICIPALS )He
OR~SSTRAreGle REINVESTMENT IS/?UE
1489:ACCT #I 0000282699' CHECK'
GROSS PRICE PER SHARE NET PFlicEPEFI SHARE
PIeaae retain this statem8!1l and tax form lor your records
TAX 10
SHARES SOLD
20-7027058 '
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I
, COMP
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9.2700 .
r --
J
9.~ 697
$91.04 .
9.9284
10125106
ELIZABETH ANN WOLFORD CONSTANTINE
EX EST DON S WOLFORD
CIOJAMES D BOGAR
q!IiE WEST MAIN STReET '':.,.
SHlREMANSTOWNPA 17011 ,.
'0.00
:'""'t.
$2.:50,
-- -. ----
_R
II. 0 5 0 7 2 b 0 7 :I II. I: 0 2 ~ ~ 0 2 ;l 5 21: 5 b 0 8 SOL, ~ II.
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SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESDENT DECEDENT
Wolford, Don S.
FILE NUMBER
21-06-0648
ESTATE OF
Include the proceeds of litigation and the date the proceeds were received by the estate.
All property joInt1y-ownecl with the rtght of IUfVIvonhIp mISt be chcIOHd on schedule F.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1 AT&T - Refund (Ohio) 32.19
2 AT&T - Refund (PA) 7.60
3 Duke Energy - Refund 288.91
4 First Financial Bank Checking Account No.1 0119898 - Date of death balance 56.565.43
$56,565.43; accrued Interest
5 First Financial Bank Savings Account No. 90046667 - Date of death balance 54.329.14
$54,329.14; accrued Interest $8.93
6 PNC Bank Checking Account No. 5004561094 - Date of death balance $620.00; 620.05
accrued Interest $0.05
7 PNC Bank Savings Account No. 5004753539 - Date of death balance $28,803.46; 28.835.81
accrued Interest $32.35
8 1997 Dodge Intrepid Sedan - VIN #2B3HD46T6VH528694, Sold at private sale 1.500.00
9 Personal Property and Furniture - Decedent was a resident of Messiah Village at the 300.00
time of his death
TOTAL (Also enter on Line 5, Recapitulation)
142.479.13
(If more space is needed, additional pages of the same size)
Copyright (c) 2002 fonn software only The Lackner Group, Inc.
Fonn PA.1500 Schedule E (Rev. 6-98)
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First
Financial
Sank
August 10, 2006
James D. Bogar
Attorney At Law
One West Main Street
Shiremanstown, Pennsylvania 17011
Dear Sir,
This is letter is in reference to the date of death request we received from you for the
Estate of Don S. Wolford.
As of April 10, 2006 here is the information you requested:
1\ccount# : 10119898
1\ccount tvDe: Checking
Date of death balance: $56,565.43
1\ccrued interest as of date of death: $5.97
Status of ownenhiD: Don S. Wolford, Sole Ownership
1\ccount# : 90046667
1\ccount tvDe: Savings
Date of death balance: $54,329.14
1\ccrued interest as of date of death: $8.93
Status of ownenhiD: Don S. Wolford, Sole Ownership
Any further questions please feel free to call customer service at (877) 322-9530.
rK..,Lio
ServIce. 11Iat~ FIrst.
. , I ·
~ PNCBAN<
August 17, 2006
1ames D. Bogar
Attorney at Law
One West Main Street
Shiremanstown, P A 17011
RE: Estate of Don S. Wolford, a/kJa Donovan S. Wolford, deceased
SSN: 277"()1-6838
DOD: 4/10/2006
Dear Mr. Bogar:
In response to your request for Date of Death balances for the customer nott;d above, our
records show the following:
Checking Account
Account #5004561094
Established 04/11/2005
DON S WOLFORD
DOD balance: $620.00 + $.05 accrued interest
Savings Acconnt
Account #5004753539
Established 07/08/2005
DON S WOLFORD
DOD balance: $28,803.46 + $32.35 accrued interest
Please note that this office only provides date of death balances for deposit accounts
(lRAs, CDs, Checking and Savings accounts). We do not process any financial
transamons or provide statemeDts. Hyou need assistance with any of these items,
please call 1.888-PNC-BANK (1-888-762-2265) or stop by your local PNe Bank branch
office.
Sincerely,
~ U:kM-
1-800-762-1775
P7 -PFSC-04-P
soo fim Ave.
PiUsburgh PA 15219
Member FDIC
TOTAL P.01
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R8w-1110 EX+ (....)
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SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
COMMONWEALTH OF PENNSYLVANIA
NlERrrANCE TAX RET\JRN
RESI)ENT DECEDENT
Wolford, Don S.
FILE NUMBER
21-06-0648
ESTATE OF
This schedule must be completed and filed if the answer to any of questions 1 through 4 on the reverse side of the REV-1500 COVER SHEET is yes.
ITEM ____.... IIUN ur. ._ _.. T DATE OF DEATH % OF DECO'S EXCLUSION TAXABLE
NUMBER INCLUDE NAME OF TRANSFEREE. THEIR RELATIONSHIP TO DECEDENT AND VALUE OF ASSET INTEREST (IF APPLICABLE) VALUE
THE DATE OF TRANSFER. ATTACH A COPY OF THE DEED FOR REAL ESTATE.
1 Don S. Wolford Trust - Principal - $1,055,659.31; 1.070.758.83 1.070.758.83
Accrued Interest - $15,099.52; Copies of the Don
S. Wolford Trust Agreement and First
Amendment to Trust Created by Don S. Wolford
on July 24, 1992 are attached hereto and made a
part hereof.
TOTAL (Also enter on Line 7, Recapitulation) 1.070.758.83
(If more space is needed, additional pages of the same size)
Copyright (c) 2002 form software only The Lackner Group. Inc.
Form PA-1500 Schedule G (Rev. 6-98)
. ' 1 ~
THOMAS A. BALDWIN
ATIORNEY AND COUNSELOR. AT LAW
2345 Kemper lAue, P. O. BOX 6129
CiDcJmwi, 01\\04'206 . 0129
Telephone (513) 872-5162
Fax (513) 221.23"
tbaldwin@be.Det
December 27, 2006
James D. Bogar, Esquire
1 West Main Street
ShiretnanStown, PA 17011-6327
RE: The Estate of Don S. Wolford, a/k/a
Donovan S. Wolford
Social Security No. 277-01-6838
Date of Death: April 1 0, 2006
Cumberland County Estate No. 21-06-0648
Dear Mr. Bogar:
This letter will confirm that I represent the Trost orDon S. Wolford, aIkIa Donovan S.
Wolford. The Trust was established by Trust Agreement dated July 24, 1992. The Trust
Agreement was amended by a First Amendment to Trust dated June 26, 2002. As oftbe date of
Mr. Wolford's death, Mr. Wolford's children, James Jordan Wolford and Elizabeth Ann Wolford
Constantine, are the beneficiaries otthe Trust Copies of the Trost Agreement and First
Amendment are attached.
Please be advised that as of the date of Mr. Wolford's death, April 10, 2006, the value of
the Trust was 51,055.659.00. Supporting infonnation as to values are attached.
You are correct that the real estate expenses should not be taken as deductions. The only
additional trust exp~ is my fee which I estimate to be $5,000.
Please advise if you require additional information with respect to these matters.
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. t
TRUST AGRBEMER'l
This AGREEMENT OF TRUST is made on this' 24th day of July, 1992
by DON S. WOLFORD aka DONOVAN SEMLER WOLFORD as both "Grantor" and
"Trustee" .
The Grantor declares that he now holds and will continue to
hold, as Trustee, the property described on Schedule A attached
hereto, and that such property will be administered and disposed
pursuant to the terms of the following Agreement:
AR'J.'ICLE FIRS!.'
Section 1. During the lifetime of Grantor, the Trustee
shall collect and receive all income and profits of the trust
estate, and after deducting all proper expenses of the trust, shall
accumulate or distribute all or part of such net income, or all or
part of the principal of the trust estate to or for the benefit of
Grantor, as Grantor shall direct in writing.
Section 2. If at any time the Grantor is unable to manage
his affairs, the Trustee shall have the power and authority to use
the accumulated income and/or principal of the trust estate as it
deems necessary or desirable for the care, comfort, support
maintenance, medical attention, education and welfare of Grantor
and any person dependent on Grantor. For purposes of this Section
Grantor shall be considered to be unable to manage his affairs if
he is under a legal disability or by reason of illness or mental or
physical disability is unable to give prompt and intelligent
consideration to financial matters. The determination of Grantor's
. .
ARTICLE SECOND
Section 1. The Grantor reserves and retains the right at
any time, by an instrument in writing signed, acknowledged and
delivered to the Trustee to alter, amend and modify this Agreement
in any and every respect, provided that the duties,
responsibilities and obligations of the Trustee shall not be
increased without the Trustee's consent. The Grantor may revoke,
cancel and annul this Agreement and the trust or trusts hereby
created, in whole or in part, and withdraw principal of any trust
hereby created and resume possession of all or any part of the
property subject to such trust free and discharged from this
Agreement.
Section 2. Any Person including the Grantor may add
property to the trust estate by lifetime gift or by transfer taking
effect at death, provided such property is acceptable to the
Trustee. The Trustee shall not be personally obligated and the
Trust shall not be obligated to pay any debts secured by mortgage
or pledge with respect to any such property at the time of its
receipt by Trustee.
ARrICLB THIRD
Section 1. As of the date of Grantor's death, the Trustee
shall distribute the tangible personal property then held in the
2
, .
trust estate.together with any fire, theft or other insurance
covering such property to Grantor's spouse if living. In the event
Gr~ntor's spouse does not survive Grantor the tangible personal
property shall be distributed to Grantor's then living children, to
be divided among then by themselves, or otherwise disposed of as
they see fit. If the children have not agreed upon a division
within three (3) months from the date of Grantor's death the same
shall be divided by the Trustee among the children in as nearly
equal shares as practicable, as the Trustee in its sole discretion
may determine. Notwithstanding the foregoing certain specific
items of Grantor's tangible personal property shall be distributed
as Grantor has directed in a separate memorandum signed most
recently by Grantor for such purposes.
Section 2. Upon the death of Grantor, if the Grantor's wife
survives him, the Trustee shall set aside and hold in a separate
trust, hereafter referred to as the "Marital Trust", that
fractional share of the trust estate which is required to reduce to
a minimum any federal estate tax on the Grantor's estate, after
taking into account the u~ified credit against estate tax (pursuant
to Internal Revenue Code Section 2010) and the credit for state
death taxes (to the extent that such credit does not result in the
increase of state death taxes), but no other credit. In
determining such share, the final determinations in the federal
estate tax proceeding shall control.
The Trustee shall pay all of the net income from the Marital
Trust to the Grantor's wife at least quarterly. The Trustee shall
payor apply to or for the benefit of the Grantor's wife from trust
3
. ,
principal such amounts as the Trustee in its discretion considers
advisable for her maintenance in health and reasonable comfort, or
support in her accustomed manner of living. In addition, the
Trustee shall distribute to the Grantor's wife from trust principal
such amounts as she shall request in writing.
Upon the death of the Grantor's wife, the Trustee shall
distribute any then remaining trust principal, to or in trust for
the benefit of, such person or persons (including her estate), upon
such conditions and terms as the Grantor's wife shall direct and
appoint by a Will expressly referring to and exercising this
power. Any part of the principal of this trust not effectively so
appointed shall be disposed of by the Trustee pursuant to Section 4
of this Article.
If the Grantor's wife disclaims her entire interest in any
portion of this share of the trust estate, the Trustee shall
dispose of such portion pursuant to Section 3 of this Article.
It is the Grantor's intention that the share of the trust
estate determined under Section 2 of this Article shall qualify for
the marital deduction and any question with respect thereto shall
be resolved accordingly. 'To this end, the powers and discretions
of the Trustee shall not be exercised or exercisable except in a
manner consistent with such intention. The Grantor's Personal
Representatives shall not fund such trust with any property or its
proceeds which does not qualify for the marital deduction or (to
the extent that other assets qualifying for the marital deduction
are available) with respect to which a credit for any foreign death
taxes paid is allowable. The Trustee shall, upon the written
4
. .
demand of the Grantor's spouse, convert any u~productive property
held in such trust to productive property within a reasonable
time. No estate, inheritance, transfer, succession, legacy and
other similar taxes, including any interest or penal~ies thereon
shall be charged against such trust until the balance of my
Grantor's residuary estate has been exhausted.
Section 3. If the Grantor's wife survives him, the Trustee
shall hold the balance of the trust estate, including any portion
of the share of the trust estate disposed of under Section 2 which
is disclaimed, in separate trust, hereafter referred to as the
"Family Trust.. The Trustee shall payor apply the net income of
the Family Trust to or for the benefit of Grantor's wife. The
Trustee may also payout so much trust principal to or for the
benefit of Grantor's wife as the Trustee in its discretion
considers advisable for her maintenance in health and reasonable
comfort, or support in her accustomed manner of living.
During the continuance of this trust the Grantor's wife shall
have the non-cumulative right to withdraw each year from the
principal of the trust, the sum of Five Thousand and nO/lOO
($S,ooo.OO) Dollars or five (S%) percent of the then principal of
t.he t rust (valued for such purpose at the date of any such
withdrawal), whichever shall be greater.
Upon the death of the Grantor's wife,. the Trustee shall
dispose of any then remaining principal of this trust pursuant to
the provisions of Section 4 of ,this Article.
Section 4. Upon the death of the Grantor's wife, she shall
have the right by her Last Will and Testament, or codicils thereto,
5
. t
executed after the Grantor's death, and by specific reference to
this power, to dispose of the undistributed principal and
accumulated income, if any, of the Family Trust, to the Grantor's
issue, in any manner and in such proportions as she shall direct,
in trust or otherwise.
In the event of default of a valid exercise of this power by
the Grantor's wife, in whole or in part, or in the event the
Grantor's wife should predecease him, at Grantor's' death, the
Trustee shall divide the then remaining principal and all accrued
and accumulated, but undistributed, income of the trust, (after the
payment or after setting aside assets sufficient in the opinion of
the Trustee to provide for payment of the taxes, expenses, debts
and bequests as aforesaid), into two equal portions. One portion
shall be for the benefit of Grantor's daughter ELIZABETH ANN
WOLFORD CONSTANTINE (nAnnn) and her descendents and be further
divided as follows:
(a) If Ann is then living two-thirds of this portion, or
the entire portion if Ann has no issue, shall be held as a
separate share for her benefit.
(b) The remaining one-third of this portion (or the
entire portion if Ann is not surviving) shall be held for the
benefit of Ann's descendents, collectively, to be divided into
separate shares ~ stirpes.
(c) If neither Ann nor any of her issue is then living
this portion shall be held for the benefit of Grantor's issue
~ stirpes.
The other one-half portion shall be for the benefit of Grantor's
son JAMES JORDAN WOLFORD ("Jimn) and his descendents and further
divided as follows:
6
. ,
7
. .
(i) Immediately: 50%.
(ii) At age 50: 100%.
(iii) Should any of the children of Grantor die during
the continuance of the respective trust created for
such child, the portion of such child's share then remaining in the
hands of the Trustee shall be distributed to whomsoever among the
deceased child's issue that the deceased child shall have validly
appointed outright or in trust by Last Will and Testament or
Codicil thereto, in which specific reference to this power is
made. Any portion not effectively appointed shall be distributed
to the' deceased child's then living issue, ~ stirDes, or if no
issue of such child be then 1~vin9, then to the issue of Grantor
then living, Der stiroes.
with respect to the separate share set aside for each
grandchild or great-grandchild of Grantor (nBeneficiaryn) the
Trustee shall hold and administer each share as follows:
,(i) Until the death of each Beneficiary or until the
termination of this trust as hereinafter provided, the Trustee
shall pay so much of the net income and principal of the trust
to or for the benefit of said Beneficiary, at such time or
times, and in such amounts as it, in its sole discretion,
deems advisable to provide for the Beneficiary's support in
reasonable comfort, maintenance, medical care and education,
(including cOllege, graduate school and professional. school),
to enable such Beneficiary to purchase a residence, to enter a
business or profession or for any similar purpose which, in
the Trustee's sole discretion, is in the best interest of such
Beneficiary.
8
. .
(ii) Each child shall have the right, at any time
and from time to time, by request in writing, delivered to the
Trustee to withdraw in one or more sums, an amount not to
exceed in the aggregate, when added to amounts, if any,
previously withdrawn by 'such child the following percentages
of the sum of (a) the principal of the share then held
hereunder for such child's benefit valued for this purpose at
the time of each such withdrawal, plus (b) the amount, if any,
previously withdrawn by such child, valued at the time or
times of such previous withdrawal(s):
(i) At age 25: 33%
(ii) At age 30:. 66%
(iii) At age 35: 100%.
(iii) Should any of the children of Grantor die
during the continuance of the respective trust created for
such Beneficiary, the portion of such Beneficiary's share then
remaining in the hands of the Trustee shall'be distributed to
whomsoever among the deceased Beneficiary's spouse and/or
issue that the deceased Beneficiary shall have validly
appointed outright or in trust by Last Will and Testament or
Codicil thereto, in which specific reference to this power is
made. Any portion not effectively appointed shall be
distributed to the deceased Beneficiary's then living issue, .
~ stirpes, or if no issue of such Beneficiary be then
living, then to the issue of Grantor then living, Bll stirpes.
9
. .
ARrICLE POUIa'S
Section 1. The Trustee may render periodic judicial
accounts of its administration of any trust hereunder~ or, in its
discretion may render non-judicial accounts to the Grantor, or,
after the Grantor's death, to all the income beneficiaries and
presumptive remaindermen thereof (or to the parent or legal
representative of any minor or incapable beneficiary). If all such
persons give their written approval of such account or fail to
notify the Trustee in writing of any objections therefor within
ninety (90) days of the mailing thereof, it shall be final, binding
and conclusive on all persons interested in such trust.
Section 2. Whenever under the provisions hereof the Trustee
is authorized to make discretionary payments or application of
income or principal it may, but shall not be required to, take into
consideration any other source of income or property which may be
available to the recipient of such payment at any such time, and
the Trustee's decision with respect thereto shall be final and
conclusive upon all beneficiaries hereunder.
Section 3. Notwithstanding any other.prov~sions of this
Agreement to the contrary, no individual Trustee shall participate
in any decision regarding any discretionary payment or application
of principal or income to or for the benefit of such fiduciary or
any beneficiary whom he or she is legally obligated to support,
nor may any individual Trustee participate in any discretionary
termination of a trust of which he or she is a beneficiary or an
eligible beneficiary. If no co-Trustee is then acting hereunder
who is qualified to participate in such decisions, the then acting
Trustee shall appoint an Advisor to the trust, for the sole purpose
10
of making such decisions and to have all authority necessary
thereto. Such Advisor may be an individual, or a bank, national
bank, or trust company qualified to act as Trusteehereunderi
provided that no individual shall be so appointed who has any
beneficiary interest in such decision, or who is legally obligated
to support any person having such an interest, and no corporation
shall be appointed if an individual Trustee hereunder is an
officer, director or substantial stockholder thereof. An Advisor
shall be entitled to reasonable compensation for services so
rendered.
Section 4. If the Trustee is authorized or required to
distribute trust funds to a beneficiary who is then a minor, and
the Trustee does not believe that an immediate distribution is in
the beneficiary's best interest, it may instead distribute such
property to any adult caring for the beneficiary or to the
beneficiary's Guardian or Custodian under a Uniform Gifts to Minors
Act. In the alternative'~ the Trustee may hold and invest such'
property as a separate fund for such beneficiary, and accumulate
income or payor apply any part of the fund to or for the
beneficiary's benefit from time to time, as it considers
advisable. When the beneficiary becomes an adult, the Trustee
shall distribute the fund to the beneficiary, or if the beneficiary
dies before then, to the beneficiary's legal representative.
Section 5. If any payments are made to the Trustee pursuant
to an interest of the Grantor in any pension, profit sharing or
stock bonus plan or any other employee benefit plan, the Trustee
shall not use any part of such payments which is exempt from the
federal estate tax for the purpose of satisfying any obligation of
the Grantor's estate.
11
Section 6. Upon the death of the Grantor, the Trustee may,
in its discretion, purchase assets from the Grantor's estate at a
fair value. The propriety of the purchase, the amount of such
assets purchased, and the ascertainment of fair value shall be
solely within the discretion of the Trustee. The Trustee shall
incur no liability as a result of such purchase or purchases and
may continue to hold the same for as long as it deems proper. The
Trustee may also in its discretion lend money or other assets to
the estate of the Grantor; sell, lease, exchange or otherwise
dispose of assets to or for the benefit of the estate of the
Grantor; and guarantee the obligations of the estate of the Grantor
and pledge all or part of the assets of the trust estate as
security therefore, all upon such terms and in such security as the
Trustee may deem advisable for the best interests of the trusts and
the beneficiaries hereunder. The discretion and authority granted
the Trustee hereunder shall not be construed as conferring upon the
Grantor or his estate any right ~hatsoever in or any authority over
the trust estate or any part thereof.
AR'lICLE PI"B
Section 1. DOROTHY J. WOLFORD shall become Trustee upon the
first to occur of the following events:
A. Appointment by the Grantor;
B. The death of the Grantor;
C.A total vacancy in the office of Trustee; or,
D. Upon the Grantor becoming unable to'manage his affairs.
12
. .
For purposes of this Article, the Grantor shall be considered
to be unable to manage his affairs if he is under a legal
disability or by reason of illness or mental or physical disability
is unable to give prompt and intelligent consideration to financial
matters, and the determination as. to the Grantor's inability at any
time shall be made by two (2) licensed physicians, and the
successor Trustees may rely upon written notice of such
determination.
Except as otherwise hereinabove effectively provided, any
individual Trustee acting hereunder shall have the power at any
time to appoint a successor Trustee in his or her place and stead
and to revoke any such appointment at any time prior to such
successor's qualification, and to make a new appointment in lieu
thereof. Any such appointment or revocation shall be evidenced by
an instrument in writing, signed, acknowledged and delivered to the
Trustee so appointed or whose appointment is so revoked, or by a
Will dated subsequent to all such instruments. Any successor
Trustee shall be entitled to reasonable compensation.
In the event any Trustee shall die, resign or become unable to
serve without having appointed a successor, JAMES JORDAN WOLFORD
and ELIZABETH ANN WOLFORD CONSTANTINE, or the survivor of them,
shall be appointed as successor Trustee. In the event neither
James or Elizabeth Ann are able or willing to serve then THE
CENTRAL TRUST COMPANY of Cincinnati, Ohio shall be appointed as
successor trustee.
Section 2. Any references in this Agreement to the Trustee
shall include, respectively (unless otherwise expressly provided),
13
.
any Trustee executing this Agreement, and any successor Trustee and
any-Trustee hereinafter appointed, and any reference to the Trustee
in the neuter form shall include all Trustees then acting
hereunder. Any Trustee may resign, and all the rights, powers,
privileges, discretions and immunities granted to the Trustee
executing this Agreement may be exercised or enjoyed by any
successor Trustee and any Trustee.hereinafter appointed (unless
otherwise expressly proviaed). No surety bond shall be required of
any Trustee for the faithful performance of any duties hereunder.
Section 3. Any successor Trustee is relieved of any duty to
examine the transactions of any prior Trustee. Any Trustee shall
be responsible only for those assets which are actually delivered
to such Trustee.
ARrICLB SIUB
Section 1. The Grantor recognizes that there may be
circumstances in which it is not in the best interests of the
income beneficiary of the trust created under Section 4 of Article
THIRD or Section 4 of Article FOURTH hereunder to continue such
trust in existence, taking into account all relevant factors,
including the costs of administration and any tax benefits or lack
thereof. Accordingly, the Trustee is authorized in its discretion
and for any reason which it considers sufficient to terminate such
trust hereunder and distribute any then remaining principal and
income thereof free of all such trusts to the income beneficiary.
In exercising its discretion under this Article, the Trustee shall
have no obligation to consider the interests of any other person in
the trust, whether as presumptive remaindermen or otherwise.
14
Section 2. Notwithstanding anything to the contrary herein
contained, if any trust estate shall not have vested according to
the law within a period of twenty-one (21) years after death of the
last survivor of Grantor, Grantor's spouse and Grcmtor's issue
living at the time Grantor's power to revoke or terminate this
Agreement expires, either by reason of death or by release of the
power or otherwise, then, on the day before the end of such period,
such trust estate shall nevertheless vest in the person or persons
then entitled to receive the income therefrom, and the principal
and all accrued and accumulated, but undistributed, income of such
share shall be paid over and distributed to such person or persons
in the proportions that such person or persons are then entitled to
receive income.
Section 3. Notwithstanding any provision of this Agreement,
if after the death of Grantor and the completion of the
administration of Grantor's estate, there exists any other trust
agreement between 'Grantor and Trustee containing a trust' with
identical beneficiaries and terms substantially the same as the
te~ms of this Trust, then Trustee, in Trustee's sole discretion,
may merge this Trust with such other trust. Upon the merger,
Trustee shall terminate either the trust under this Agreement or
the other trust (if authorized by its trust agreement) and shall
transfer the trust estate of the terminated trust to the remaining
trust. The assets transferred shall thereafter be held, treated
'and disposed of as a part of the surviving trust.
15
AR'lICLE SBVEIrlB
Section 1. Except and to the extent that the Grantor's Last
Will and Testament may provide otherwise, all estate, inheritance,
transfer, succession, legacy and other similar taxes, including any
interest and penalties thereon, which shall become payable upon or
with respect to any and all property compr~sing a part of the trust
estate (excluding any such taxes upon or with respect to property
received pursuant to the Grantor's Will) and required to be
included in the Grantor's taxable estate under the provisions of
any tax law (including all such taxes on the property passing under
subdivision 828 of Article THIRD hereof) shall be paid out of the
share of the trust estate disposed of in subdivision 838 or R48 of
Article THIRD hereof as an administrative expense, without
proration or apportionment agalnst any beneficiary hereunder.
Section 2. If the assets of the Grantor's testamentary
estate (exclusive of residential real property and tangible
personal property) are insufficient to pay all estate, inheritance,.
transfer, succession, legacy or other such taxes, including
interest or penalties payable out of the Grantor's estate, or any
debts, funeral or administration expenses of the Grantor's estate,
'or any pre-residuary cash legacies given by the Grantor's Will, the
Trustee may, in the Trustee's discretion, payout of the trust
estate any portion or all of such items, and may make such
payments, if any, directly or to Grantor's personal representative
or any beneficiary of Grantor's estate. It is Grantor's intention
to prevent the sale or other disposition of illiquid assets by
Grantor's estate, and to benefit any beneficiaries of this trust
16
__Ju
and specific cash legatees under Grantor's will. It is not
Grantor's intention to benefit creditors or persons taking against
Grantor's will or contesting Grantor's will.
Section 3. Any amounts paid under this Article shall be
paid out of and limited to assets or the proceeds of assets which
are subject to the federal estate tax on the Grantor's estate. The
Trustee shall be under. no duty to take part in determining the
amount of any such taxes, debts or expenses, and may rely upon the
written certification of the Executor, Personal Representative or
Administrator of the Grantor's estate as to the amount or amounts
to be paid as herein authorized.
Section 4. Unless and to the extent that the Grantor's
spouse shall otherwise provide by a Last Will and Testament
specifically referring to this Agreement, all estate, inheritance,
transfer,' succession, legacy and other similar taxes,- including any
interest and penalties thereof, which shall become payable upon or
with respect to any and all property comprising a part of the trust
established under Section 2 of Article THIRD hereof and required to
be included in the Grantor's .spouse's taxable estate under the
provisions of any tax law shall be paid out of the principal of
said trust as an administration expense, without proration against
any beneficiary thereof. The Trustee shall be entitled to rely
upon certification by the Executor, Personal Representative or
Administrator of the Grantor's spouse's estate of the amount of any
such tax due and shall pay the amount of such tax to said Executor,
Personal Representative or Administrator upon their request.
17
AR'lICLB BIGII'lB
Without limitation of the powers conferred upon it by law, the
Trustee is authorized:
(a) To retain and hold as a part of the principal of any
trust hereunder any securities or other property listed on Schedule
RAR: annexed hereto or received pursuant to the Grantor's Last Will
and Testament or otherwise; (b) to invest and reinvest in any
stocks, bonds, securities, or other property, real or personal
(including any discretionary common trust fund of any corporate
fiduciary acting hereunder) which the Trustee shall select, without
regard to diversification and. without being limited to the
investments authorized by law for the investment of trust funds;
(c) to exercise any stock options in whole or in part and to retain
any stock purchased under such options; (d) to enter into and
perform any agreement with. respect to the sale, merger,
combination, reorganization, dissolution or consolidation of any
corporation or properties in which the Trustee may be interested;
(e) to manage, improve, repair, sell, mortgage, lease (including
the power to lease for oil or gas), pledge, convey, option and
exchange, in whole or in part, any property held by the Trustee
(real or personal and including any real property received by the
Trustee pursuant to the Grantor's Last Will and Testament) and take
back purchase money mortgages thereon, without court order and upon
such terms as it shall deem best; (f) to make any required
division or distribution in cash or in kind or in both, provided,
however, that distributions in kind shall be valued at their
respective values as of the dates of distribution; (g) to maintain
18
custody or brokerage accounts and to register securities in the
name of the nominee7 (h) to compromise and settle claims (including
those relating to taxes) by or against any trust hereunder, without
court order7 (i) to borrow funds, from any person or corporation
(including itself) and secure the payment of any such loans by the
pledge or mortgage of the whole or any part of any trust hereunder;
(j) to employ agents and to execute powers of attorney; (k) to
employ the services of attorneys, accountants, investment counsel,
custodians and brokers in the administration of the trust estate;
(1) to vote and give proxies in respect to any shares of stock held
hereunder7 (m) to administer the several trusts as a single fund
insofar as may seem convenient and to make and retain joint
investments in any property, real or persona17 and (n) to buy, sell
and trade in securities of any nature, including short sales, on
margin, and for such purposes may maintain and operate a margin
account with brokers, and may pledge any securities held or
purchased by the Trustee with such brokers as security for loans
and advances made to the Trustee.
AR'lICLB NIRTH
Sect ion 1.
Solely for the purposes of Article THIRD, in
order for the marital deduction .to be available with respect to the
property disposed of under such Article, the Grantor's spouse shall
be considered to have survived the Grantor if the Grantor's spouse
survives the Grantor for any period of time or if there is
reasonable doubt as to which of them died first.
19
20
Section 5.
with the exception of the interest of Grantor's
spouse the interest of any other the beneficiaries of this trust
shall not be liable for the obligations or debts of the
beneficiaries and shall not be assignable in any manner by the
beneficiaries. No part of the trust or income therefrom shall be
anticipated, pledged, encumbered or hypothecated in any manner by
the beneficiaries. Nor, to the fullest extent permissible by law,
shall any part of the trust, or the income therefrom, be taken on
execution, or be reached by creditor's bill, garnishment, or 9ther
process or writ by any person having, or claiming to have, a claim
against the beneficiaries, or anyone of them. All payments
provided for the beneficiaries shall be made directly to such
beneficiaries or their guardians, and to no other persons or
entities.
Section 6.
This Agreement may be executed in any number of
counterparts, each of which so executed shall be deemed an
original.
Section 7..
This Agreement and any trust hereby created
shall be construed according to and governed by the laws of the
State of Ohio.
IN WITNESS WHEREOF., DOROTHY J. WOLFORD the Grantor and
Trustee, has hereunder set her hand and seal as of the day and year
first above written.
~~~~
GRANTOR AND TRUSTEE
21
'.
Subscribed, sealed, published and declared by DON S. WOLFORD,
the Grantor and Trustee, as and for his Revocable Trust, in the
presence of us and each of us, who, at his request, in his presence
and in the presence of each other, have hereunto subscribed our names
as
the date of the execution thereof.
residing at.J!JO{, tAAtur ~
~. ~ r5"dtJ~
,
residing at J0fI~ ~ ~
~ ~ 9'~oL
,
~uu
STATE OF OHIO
.
.
.
.
COUNTY OF HAMILTON:
The foregoing instrument was acknowledged before me by DON S.
WOLFORD, the ~rantor and Trustee, and the foregoing witnesses this
J/I-I" day of
:/hL r/
/
, 1992.
naMSA. ............
NaIIry PIMc. 811I8 fII.
Uy CommissIDn his.......
dill.. Sec. 147 .G3 R.C.
by Thomas A. Baldwin, Attorney at' Law.
22
SCBBDULB A
TO
TRUST AGREBllBft
CRBHBD BY DOR S. WOLFORD
DAi'BD
JULY 24, 1992
$10.00 - Cash
23
. . .;,.
FIRST AMENDMENT
TO TRUST
CREATED BY
DON S. WOLFORD
ON JULY 24, 1992
Pursuant to Article Second of the Trust created by DON S. WOLFORD ("Gtantor") on
July 24, 1992 (the "Trust") the Grantor hereby amends the Trust as follows:
1. Section 3 and 4 of Article Third shall be amended to read in their entirety as
follows:
Section 3. . lfthe Grantor's wife survives him, the
Trustee shall hold the balance of the trust estate, including any
portion of the share of the trust estate disposed of under Section 2
which is disclaimed, in separate trust, hereafter referred to as the
"Family Trust". In the event Grantor's wife does not survive him
the entire trust shall be disposed of under Section 4 of this Article.
The Trustee shall payor apply the net income of the Family Trust
to or for the. benefit of Grantor's wife. The Trustee may also pay
out so much trust principal to or for the benefit of Grantor's wife as
the Trustee in its discretion considers advisable for her
maintenance in health and reasonable comfort, or support in her
accustomed manner of living.
1
..
Upon the death of the Grantor's wife, the Trustee shall
distribute any accrued income to or as directed by Grantor's wife's
estate and shall dispose of any then remaining principal of the trust
pursuant to the provision of Section 4 of this Article.
Section 4. Upon the death of the Grantor's wife, or in
the event Grantor's wife predeceases him, at Grantor's death, the
Trustee shall divide the then remaining principal and all accrued
and accumulated, but undistributed, income of the trust, (after the
payment or after setting aside assets sufficient in the opinion of the
Trustee to provide for payment of the taxes, expenses, debts and
bequests as aforesaid), into equal shares as follows:
(i) One share for each of Grantor's children who
is then living; and
(ii) One share for the living descendants, ,
collectively, of each of Grantor's children who is not then living to
be divided into separate shares among such descendants per stimes.
With respect to the separate share set ~ide for each living
child or descendant of Grantor ("Beneficiary") the Trustee shall
hold and administer each share as follows:
(i) Until the death of each Beneficiary or until
the termination of this trust as hereinafter provided, the Trustee
shall pay so much of the net income and principal of the trust to or
for the benefit of said Beneficiary, at such time or times, and in
2
such amounts as it, in its sole discretion, deems advisable to
provide for the Beneficiary's support inreasonable comfort,
maintenance, medical care and education, (including college,
graduate school and professional school), to enable such
Beneficiary to purchase a residence, to enter a business or
profession or for any similar purpose which, in the Trustee's sole
discretion, is in the best interest of such Beneficiary.
(ii) Each Beneficiary shall have the right, at any
time and from time to time, by request in writing, delivered to the
trustee to withdraw in one or more sums, an amount not to exceed
in the aggregate, when added to amounts, if any, previously
withdrawn by such Beneficiary the following percentages of the
. sum of (a) the principal of the share then held hereunder for such
Beneficiary's benefit valued for this purpose at the time of each
such withdrawal, plus (b) the amount, if any, previously withdrawn
by such Beneficiary, valued at the time or times of such previous
withdrawal(s):
At age 30: 33%.
At age 40: 67%
At age 50: 100%
(iii) Should any of Beneficiary die during the
continuance of the respective trust created for such Beneficiary, the
portion of such Beneficiary's share then remaining in the hands of
3
. '
the Trustee shall be distributed to whomsoever among the deceased
Beneficiary's issue that the deceased Beneficiary shall have validly
appointed outright or in trust by Last Will and Testament or
Codicil thereto, in which specific reference to this power is made.
Any portion not effectively appointed shall be distributed to the
deceased Beneficiary's then living issue, m stiIpes, or if no issue
of such Beneficiary be then living, then to the issue of Grantor and
Grantor's spouse then living, ng srimes.
2. The last sentence of Section 1 of Article Fifth shall be amended to read as
follows~
In the event neither James or Elizabeth Ann are able to
serve or continue to serve, THOMAS A. BALDWIN, shall be
appointed as successor Trustee, or if he is unable or unwilling,
PNC BANK of Cincinnati, 'Ohio shall be so appointed.
In all other respects, Grantor hereby ratifies and confirms all of the provisions of the
Trust.
IN WITNESS WHEREOF, Grantor has hereunder set his hand as of this J. 'd day
.#~
~~~4_~~.
r?9~g
DON S. WOLFORD
4
.' .
. .
STATE OF OIDO
COUNTY OF HAMILTON
The foregoing instrument was acknowledged b'efore me by DON S. WOLFORD, the
Grantor this J.( t/. day of June, 2002.
OFFICIAL IUJ.
BMRLY NIl WllYAICIR
NaIaIY NIi:.,.... of D*
.., ~J . .. ...... lit. II. _
This instrument prepared by Thomas A. Baldwin, Attorney at Law.
5
REV.1151 EX. (12-81)
*'
SCHEDULE H
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
COMMONWEAlTH OF PENNSYLVANIA
INHERITANCE TAX RETIJRN
RESIDENT DECEDENT
ESTATE OF
Wolford, Don S.
Debts of decedent must be reported on Schedule I.
FILE NUMBER
21-06-0648
ITEM DESCRIPTION AMOUNT
NUMBER
A. FUNERAL EXPENSES:
See continuation schedule(s) attached 6,965.54
B. ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions
Social Security Number(s) I EIN Number of Personal Representative(s):
Street Address
City State Zip
-
Year(s) Commission paid
2. Attorney's Fees Bogar & Hlpp Law OffIces 10,800.00
3. Family Exemption: (If decedent's address is not the same as daimant's, attach explanation)
Claimant
Street Address
City State Zip
Relationship of Claimant to Decedent
4. Probate Fees 338.00
5. Accountant's Fees
6. Tax Return Preparer's Fees
7. Other Administrative Costs 7,271.16
TOTAL (Also enter on line 9, Recapitulation) 25,374.70
Copyright (c) 2002 form software only The Lackner Group, Inc.
Form PA-1i500 Schedule H (Rev. 6-98)
Rft-1S02 EX+ (....)
*
SCHI!DULI! H.A
FUNERAL EXPENSES
continued
COMMONWEAl. TH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Wolford, Don S.
FILE NUMBER
21-06-0648
ITEM
NUMBER
1
DESCRIPTION
Breitenbach McCoy Leffler Funeral Home
AMOUNT
6.965.54
Subtotal
6.965.54
Copyright (c) 2002 fonn software only The Lackner Group, Inc.
Fonn PA.1500 Schedule H-A (Rev. 6-98)
Rft.1502 EX+ (UB)
'*
SCHEDULE H.87
OTHER
ADMINISTRATIVE COSTS
continued
COMMONWEALTH OF PENNSYLVANJoIo
INHERITANCE TAX RETURN
RE8DENT DECEDENT
ESTATE OF
Wolford, Don S.
FILE NUMBER
21-06-0648
ITEM
NUMBER DESCRIPTION
AMOUNT
1
Andrew & Patel Associates, P .C. . Medical Bill
49.89
2
Bank of New York. Fee for sale of Dreyfus Strategic Municipals, Inc.
2.50
3
Hamilton & Musser, PC, CPAs . Fee for preparation of Personal Income Tax Returns
415.00
4
Holy Spirit Hospital. Medical Bill
206.14
5
Internists of Central Pennsylvania, L TD
8.15
6
Paul D. Dalbey, DPM. Medical Bill
30.82
7
Quantum Imaging . Medical Bill
11.74
8
Register of Wills. Short Certificate
4.00
9
RESERVE: . Cost to conclude administration of Estate Including filing fee for PA
Inheritance Tax Return, Inventory and First and Final Account; preparation of
Personal and Fiduciary Income Tax Returns
1,500.00
10
Thomas A. Baldwin, Esquire. Legal fees due re Don S. Wolford Trust dated July 24,
1992
5,000.00
11
United Parcel Service. Express letters to T. Baldwin, Esquire re: automobile
tltleltransfer
42.92
Subtotal
7.271.16
Copyright (c) 2002 form software only The Lackner Group, Inc.
Form PA-1500 Schedule H-B7 (Rev. 6-98)
Rey-1112 EX+ (1-88)
*
SCHEDULE I
DEBTS OF DECEDENT,
MORTGAGE LIABILITIES, & LIENS
COMMONVtEALTH OF PENNSYLVANIA
N-lERITANCE TAX RETURN
RESDENT DECEDENT
ESTATE OF
Wolford, Don S.
FILE NUMBER
21-06-0648
Include unrelmburud rnedlCIII ~
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1 Messiah Village - Final Nursing Home Bill 8,532.80
2 Pennsylvania Department of Revenue - Personal Income Tax Re-Assessment (prior 136.18
return)
3 U. S. Department of Treasury - Estimated Federal Personal Income Tax Assessment 203.11
(prior return)
TOTAL (Also enter on Une 10, Recapitulation)
8,872.09
(If more space is needed, additional pages of the same size)
Copyright (c) 2002 fonn software only The Lackner Group, Inc.
Fonn PA-1500 Schedule I (Rev. 6-98)
REV.1113 EX+ (1-00)
*'
SCHEDULE J
BENEFICIARIES
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
NUMBER
Wolford, Don S.
NAME AND ADDRESS OF
PERSON(S) RECEIVING PROPERTY
TAXABLE DISTRIBUTIONS [include outright spousal
ctistributions, and transfers
under Sec. 9116(a)(1.2)]
RELATIONSHIP TO
DECEDENT
Do Not lilt TruMMlsl
I.
See attached schedule
FILE NUMBER
21-06-0648
SHARE OF ESTATE AMOUNT OF ESTATE
(Words) ($$$)
Total
Enter dollar amounts for distributions shown above on lines 5 through 18, as appropnate, on Rev 1500 cover sheet
D. NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT
BEING MADE
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
Copyright (c) 2002 form software only The Lackner Group, Inc.
TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET
Form PA-1500 Schedule J (Rev. 6-98)
0.00
SCHEDULE J
BENEFICIARIES
(Part I, Taxable Distributions)
ESTATE OF:
Don S. Wolford 277.01-6838 04110/2006
Item Name and Address of Person(s) Share of Estate Amount of Estate
Number Receiving Property Relationship (Words) (SSS)
1 Elizabeth Ann Wolford Constantine Daughter
5230 Oxford Drive
Mechanlcsburg, PA 17055
One-half (112) of
tangible personal
property and one-half
of rest, residue and
remainder.
2 James J. Wolford
850 Aberdeen Court
Bollngbrook, IL 60440
Son
One-half (1/2) of
tangible personal
property and one-half
(1/2) of rest, residue
and remainder.
*NOTE: Dorothy J. Wolford, wife of Don S. Wolford, died January 27, 2005.
1
~
LAST WILL AND TBS'lAMEll.l'
OF
DON S. WOLFORD
I, DON S. WOLFORD aka DONOVAN SEMLER WOLFORD, of Butler
County, Ohio, declare this to be my Will and I revoke any prior
will or codicil.
FIRST :
I am married to DOROTHY J. WOLFORD, herein
referred to as my wife or my spouse. I have two children, both of
my marriage to Dorothy: JAMES JORDAN WOLFORD and ELIZABETH ANN
WOLFORD CONSTANTINE.
SECOND:
I direct that all of my enforceable debts (other
than claims of any mortgage), my funeral expenses, and the cost of
administration of my estate be paid as soon as practicable after my
death. All estate, inheritance, transfer, succession, legacy and
other similar taxes, including any interest and penalties thereon,
which shall become payable upon or with respect to any and all
property required to be included in my taxable estate under the
provisions of any tax law, whether or not passing under this Will
or any Codicil hereto (excluding, however, any such taxes
attributable to any trust property required to be included in my
taxable estate), shall be paid out of my residuary estate as an
administration expense, without proration or apportionment against
any legatee, devisee, beneficiary, transferee, or other recipient
of such property. All my funeral expenses, last illness expense
and estate administration expenses shall be similarly paid from the
principal of my estate.
cf9~d~
~ON S. WOLFORD
., .
THIRD: I give and devise all my tangible personal
property, together with any fire, theft or other insurance covering
such property, to my wife, if she survives me for a period of
thirty (30) days. If my wife should not survive me for such
period, then all my tangible personal property shall be distributed
to my then living children, to be divided among them by themselves,
or otherwise disposed of as they see fit. If the children have not
agreed upon the division within three (3) months after the
appointment of my executrix, the same shall be divided by my
executrix among the children in as nearly equal shares as
practicable, as my executrix, in her sole discretion may
determine. Notwithstanding the foregoing I give and devise certain
specific items of my tangible personal property to my Executrix or
her successor to be distributed as I have directed in the separate
memorandum signed most recently by me for this purpose. Any
storage or delivery costs shall be paid by my estate.
FOURTH: All the rest, residue and remainder of my estate,
both real and personal, of whatsoever kind, nature and description
and wheresoever situated, which I may own or have the right to
dispose of by my Will at my death (my "residuary estate"), I give
and devise to the Trustee then in office under a certain Trust
Agreement dated July 24, 1992, created by myself, DON S. WOLFORD,
as both "Grantor" and "Trustee", to be added to the principal of
such trust and held, administered and disposed of as a part
thereof.
~{~
2
.
FIFTH: I appoint my wife as executrix of this, my Last
Will and Testament. If for any reason she shall fail or cease to
act as such executrix, I appoint my son JAMES JORDAN WOLFORD and my
daughter ELIZABETH ANN WOLFORD CONSTANTINE, or the survivor of them
in her place and stead. My executrix and her successor shall not
be required to give any bond or security of any kind in any
jurisdiction in which they may act.
SIXTH: Without limitation of the powers conferred upon
them by law, I authorize and empower my executrix and her
successor:
(a) To retain any investments, securities or other property
in my estate in the same form as received by them.
(b) To sell, at public or private sale, transfer, assign,
convey, exchange, lease for a term or perpetually and with or
without privilege of purchase, pledge, mortgage or otherwise
dispose of any investments, securities or other property, real or
personal, held in my estate without appraisement, valuation,
advertisement, notice, court order or other legal formality, and
for such amount on such terms of credit or otherwise as they may
deem advisable. No purchaser need look to the application of the
purchase money.
(c) To employ a licensed real estate broker or brokers, in
connection with the sale of any real property held in my estate,
and to pay a real estate brokerage commission for services rendered
by the broker or brokers effecting such sale.
D~:! ~~
3
.
.
.
(d) To invest and reinvest any of the funds held in my
estate in such amounts as they may see fit in such stocks, bonds or
other investments or property, as they may, in their discretion,
deem advisable, all without reference to the laws of any state,
court order, or the rules of any court governing the investments of
executors.
(e) To improve, insure, manage and otherwise deal with any
real estate in their absolute discretion.
(f) To value any securities, investments or other property
in my estate for the purpose of making distribution thereof, and
any value so placed on any property by my executrix or her
successor shall be final, binding and conclusive upon all persons
whomsoeve r .
(g) To compromise any and all claims in favor of or against
my estate as they deem proper.
(h) To give proxies for corporate stocks, bonds or other
securities, with or without power of substitution, or to vote in
person such stocks or securities at corporate meetings, and also to
consent to or approve such corporate changes as shall to them seem
advisable; and to exercise or sell any options, rights or
privileges with respect to any stocks, bonds or other securities
held in my estate.
(i) To file joint federal income tax returns of the income
of my wife and myself _for any per iod or per iods for which such a
Dt?~dW; J
4
. .
.
return may be permitted, and I request my executrix or her
successor to do so if the same appears to bring about less taxes
than the aggregate amount payable on separate returns and any
additional tax, interest and. penalty thereon.
(j) To claim as income tax deductions, all or any portion of
the expense of administration of my estate, expenses for my estate,
expenses for my taxes imposed upon my estate and/or on the income
therefrom and/or on the income received by the beneficiaries from
my estate. I further direct my executrix or her successor not to
make any adjustments between income and principal or in the amount
of any bequest passing to any beneficiaries of my estate as a
result of any such election.
Each and all of the foregoing may be done without court order
or other legal formality and my executrix or her successor shall
not be liable to any person whomsoever by reason of carrying out
the provisions hereof.
IN WITNESS WHEREOF, I have hereunto subscribed my name to
this, my Last Will and Testament, consisting of this page and the
four (4) previous typewritten pages, each bearing my signature at
the bottom, thi~1L~day Of?L~ ' 1992.
r!!~{~
5
. of . ·
Signed, published and declared by DON S. WOLFORD, the
testator, as and for his Last Will and Testament, in the presence
of the undersigned witnesses, who, at his request, in his presence
and in the presence of each other, signed the same as witnesses, on
the day and year above mentioned.
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ADDRESS 3'101, ~ ~
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FIRST CODICIL TO
LAST WILL AND TESTAMENT
OF
DON S. WOLFORD
I, DON S. WOLFORD, being of sound mind, do hereby make, publish and declare this to
be the First Codicil to my Last Will and Testament dated July 24, 1992.
Article FIFTH shall read as follows:
FIFTH: I appoint my son, JAMES JORDAN WOLFORD and my daughter,
ELIZABETH ANN WOLFORD CONSTANTINE, or the survivor of them, to act as executor.
My executors and their successors shall not be required to give any bond or security of any kind
in any jurisdiction in which they may act.
I hereby ratify and confirm my said Last Will and Testament in all other respects.
IN WITNESS WHEREOF, I have hereunto set my hand to this First Codicil to my Last
Will and Testament at Cincinnati, Ohio, on this 26th day of June, 2002.
{2~:!%~~
of" <( . ·
This Codicil was, on the date hereof, signed, declared, acknowledged and published by
DON S. WOLFORD, whom we and each of us believe to be of sound and disposing mind and
memory, to be the First Codicil to his Last Will and Testament, in our presence, who at his
request and in his presence. and in the presence of each other have subscribed our names hereto as
4~ffimIDo=m~DRESS
~1 t&~~~RESS
2
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Register of Wills, Cumberland County, Pennsylvania
INVENTORY
Estate of
21-06-0648
Don S. Wolford
No.
also known as
Date of Death 04110/2006
Social Security No. 277-01-6838
Donovan S. Wolford
I Deceased
Elizabeth Ann Wolford
The Personal Representatlve(s) of the above Estate. deceased, verify that the items appearing in the following Inventory
include all of the personal assets wherever situate and all of the real estate located in the Commonwealth of Pennsylvania
of said Decedent, that the valuation placed opposite each item of said Inventory represents Its fair value as of the date of
the Decedent's death. and that the Decedent owned no real estate outalde of the Commonwealth of Pennsylvania except
that which appears In a memorandum at the end of this Inventory. lJWe verify that the statements made In this Inventory
are true and correct. lIWe understand that false statements herein are made subject to the penalties of 18 Pa. C. S.
Section 4904 relating to unsworn falsification to authorities.
Attorney:
Personal Reoresentative
Signature: ~~~ ~~~:nt~i'
Signature:
1.0. No.:
James D. Bogar
19475
Firm: Boaar & Hlpp Law Offices
Signature:
Address: One West Main Street
Shiremanstown, PA 17011
Telephone: 717-737-8761
Address: 3230 Oxford Drive
Mechanlcsburg, PA 17055
Telephone: 717-697-0149
Dated: J 1"'/07
Personal PrODertv
Cash................................................................................................
140,679. 'J.3,
c:::J
g 1,800.aIE
r:5~ 86.4;
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Personal Property................................................... ....... ...............
StockslListed.......... ....................................... ................................
Stocks/Closely Held.................................... ........ ..........................
Bonds....... ........... ....................................... ................. ..... ..............
Partnerships and Sole Proprietorships .....................................
Mortgages and Notes Receivable...............................................
All Other Property..................................... ........ ...... ......................
Total Personal Property.........................................
142,565.61
Total Real Property................................................
Total Personal and Real Property.........................
Total Out-of-State Real Property..........................
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Register of Wills, Cumberland County; Pennsylvania
INVENTORY
Estate of Don S. Wolford
also known as Donovan S. Wolford
No.
I Deceased
Date of Death 04110/2006
Social Security No. 277-01-6838
Cash
AT&T - Refund (Ohio)
32.19
AT&T - Refund (PA)
7.60
Duke Energy - Refund
288.91
First Financial Bank Checking Account No. 10119898 - Date of death balance
$56,565.43; accrued interest
56,565.43
First Financial Bank Savings Account No. 90046667 - Date of death balance
$54,329.14; accrued Interest $8.93
54.329.14
PNC Bank Checking Account No. 5004561094 - Date of death balance $620.00;
accrued interest $0.05
620.05
PNC Bank Savings Account No. 5004753539 - Date of death balance
$28,803.46; accrued interest $32.35
28.835.81
Total Cash
140.679.13
Personal Prooertv
1997 Dodge Intrepid Sedan - VIN #2B3HD46T6VH528694, Sold at private sale
1,500.00
Personal Property and Furniture - Decedent was a resident of Messiah Village
at the time of his death
300.00
Total Personal Property
1,800.00
Stock I Listed
Dreyfus Strategic Municipals, Inc. - Account No. 0000282699; 9.9284 shares
86.48
Total Stock / Listed
86.48
(Attach additional sheets if necessary)
Total Personal Property and Real Estate
142,565.61
COMMONWEALTH OF PENNSYLVANIA
.. ~RTMENT OF REVENUE
BUREAU OF INDIVIDUAL TAXES
DEPT. 280601
HARRISBURG. PA 17128-0601
REV-1162 EX(11-96)
RECEIVED FROM:
PENNSYLVANIA
INHERITANCE AND ESTATE TAX
OFFICIAL RECEIPT
BOGAR JAMES D
1 W MAIN STREET
SHIREMANSTOWN, PA 17011
__nnn fold
ESTATE INFORMATION: SSN: 277-01-6838
FILE NUMBER: 2106-0648
DECEDENT NAME: WOLFORD DON S
DA TE OF PAYMENT: 01/05/2007
POSTMARK DATE: 01/05/2007
COUNTY: CUMBERLAND
DATE OF DEATH: 04/10/2006
NO. CD 007645
ACN
ASSESSMENT
CONTROL
NUMBER
AMOUNT
101 I $53,058.49
I
I
I
I
I
I
I
I
TOTAL AMOUNT PAID:
REMARKS:
CH ECK# 0097
SEAL
INITIALS: JA
RECEIVED BY:
REGISTER OF WILLS
$53,058.49
GLENDA FARNER STRASBAUGH
REGISTER OF WILLS