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LAST WILL
AND TESTAMENT
OF
STEPHAN
McCREA
****************************** Dated:
o c .)
1993
MILDANK,TWEED.
1 CHASE
HADLEY
10005
& HCCLOY
PLAZA
MANHATTAN
"
NEW YORK
,,'
McCREA,
of Broward
County,
Florida,
do make, hereby
this to be my Last Will and Testament, and codicils at any time heretofore
made by me.
all furniture,
furnishings,
of art, wearing
jewelry,
accessories,
personal
property
JANUS MARLA
KAYMAN,
if she
of Section
732.515
and I hereby
any written
statement
disposing
of my tangible me.
personal
The bequest
by the percentage
1993 and the index for the month index has increased during
that period.
THIRD:
A.
If my wife,
survives an amount
me, I give and bequeath equal to the maximum (determined giving before
to the Trustees
giving effect
effect
to any disclaimer
my wife may
in property
an increase
all credits
available
taxes shall be
in an
be payable.
I direct to manage,
IN TRUST, collect
NEVERTHELESS,
the income
thereof,
to or for the benefit equal quarterly during trust, Article her life.
of my wife,
installments
as practicable,
of pursuant
In computing
the amount
bequest, estate
the values
and amounts
as finally determined
tax purposes
or a combination
thereof,
distribution. 3. bequest extent any property There shall be allocated to this to the expenses
of debts,
deduction or
the federal
is includible
in my gross estate
purposes
by reason of my death to any inheritance tax or other death duty in any foreign thereof, together with such in
or political property
subdivision
additional full.
as may be necessary
FOURTH: appointment
I possess
a power
of
under paragraph
SECOND of an Indenture
my mother,
created and
for my benefit,
I hereby
such power
subject
to such power
conveyed
to be disposed
If my wife,
IN TRUST, NEVERTHELESS,
and shall pay over or apply the net income of my wife, JANUS MARLA RAYMAN, as practicable,
in as nearly equal
but at least annually, of the to
installments
her life.
of pursuant
me, to
shall be disposed
SIXTH hereof.
and remainder
of whatsoever
wheresoever of which
situated,
to dispose
"residuary
shall be disposed
If my wife,
my residuary
IN TRUST, NEVERTHELESS,
to hold, manage,
and to pay
in as nearly
equal quarterly to or
her life.
1._
..
_-._--------------Upon the death of my wife, except to the extent direct that her to the reference to this provision
of this trust
in all estate,
any interest
by any domestic
authority
of the inclusion
of any such tax of all or any [such increase being the of my if such in her
paid by reason
death
regard
of this paragraph,
of my wife
and penalties
as The
in their absolute
discretion,
of
and shall have no duty or inquiry or take part in the and upon making determined
of such taxes,
of such increase
of such increase
in such taxes,
shall
fully discharge
all liability
of this trust
such taxes,
interest
and penalties, 4
it being my intention
and
direction taxes,
that my wife not have any power to apportion or penalties against this trust. the remainder
additional
interest
of the principal of
shall be disposed
to Article 2.
If any property
of
is unproductive or thereafter
becomes
the Trustees
the same if they deem the retention of the trust estate, demand
to be that
however,
upon written
of my wife,
productive time. 3.
or convert
it to productive
reasonable
A to create
an
which
in Section
of the Internal
Revenue
so elect,
constitute
interest
property"
This Will
shall be construed
shall be
in all respects
so as to effectuate
To that end, any net income on hand or accrued shall be paid to her estate to the extent law and to any greater qualifying income B. I give, devise hereinafter hereof. extent required
upon my wife's
provided
by applicable interest a
to make my wife's
interest
for life. Janus Marla Kayman, my residuary does not survive to the Trustees SIXTH me,
If my wife,
and bequeath
estate
named,
to be disposed
of pursuant
to Article
SIXTH: directed
Any property
of my estate
to be disposed
of pursuant
to this Article
hereinafter
named,
IN TRUST,
NEVERTHELESS,
for the
To hold, manage,
to such extent,
and at such time or times as the Trustees, deem advisable, to or for the benefit and sisters of the descendants discretion, shall be added
in their absolute
discretion,
of my brother
in their absolute
Any net income not so paid over or applied of the trust at least annually and disposed of pursuant
and shall
to this Article
having mother,
by my
on May 27, 1988, shall be held as a to the foregoing terms and such trust shall
separate terminate
directed
to be disposed
of pursuant trusts
separate
to Article
shall
into a sufficient
of shares
and I
.,....."..".....--------------_._-_.
descendants of a child who has previously per stirpes. died to such descendants, in equal shares
A.
Kayman,
dies it that I
as to render I direct
to determine
the other,
shall be deemed
to have predeceased
I authorize
from time to time, to pay over to my wife, to apply hereunder whole, for her benefit, for her benefit
JANUS MARLA
held
the
as the Trustees,
discretion,
her in meeting
exceptional
expenses during
and to maintain
the standard
our marriage,
taking
into consideration
resources
available
EIGHTH:
If any
hereunder
shall bond,
such minor's
without
and to apply the net income and principal the whole thereof) for such minor's
(including
general
such time or times as the Trustees, shall determine, thereupon until such minor
in their absolute
reaches
to transfer,
as it is
then constituted,
to such minor.
and disposed
of as a part
before convey
reaching
the age of
as it is then constituted,
to such minor's
administrators. If the Trustees discretion, determine in the exercise of their absolute or to continue to
hold, as the case may be, any part or all of such property, shall have full power and authority property, or any part thereof, to transfer bond,
they
without
to such minor's or to a
or property, Gifts
to Minors
Act
a custodian
of the parent,
is transferred
to the Trustees
respect
to compensation
this Article
to trustees Florida
of testamentary
in effect
In administering Trustees
conferred
this Will. The term "minor" to refer to an individual may execute property a binding as used in this Article, under the age at which to dispose shall be deemed
such individual
contract
of real or personal
under the laws of the state of his or her domicile. NINTH: I appoint CHARLES my wife, JANUS MARLA KAYMAN, and my
R. LAWSON,
Executors
and Trustees
If only one of my wife and my brother-in-law Executor or Trustee hereunder, or should there or Trustee
qualify
as
in office
or the Trustee
in office
to appoint
select if a
to act with
that
as Executor
or Trustee
hereunder, to act
to appoint
a person
as Executor
or Trustee
it hereunder,
in the exercise
by the Trustee
Any individual from office without by filing a written appropriate court. Whenever this Will, Executor time. Except
leave of court at any time and for any reason instrument of resignation with the clerk of the
the terms
"Executors"
and "Trustees"
are used or
in
or Trustee
from time to
as provided
by law, I direct
of my estate
in trust,
shall be
If, notwithstanding
no sureties
shall be required
A.
My Executors
may,
in their
absolute of
elect to treat any part or all of any bequest under this my Will or any other for federal within tax purposes the meaning Code property
passing
in my estate interest
property"
2056(b)(7) thereto,
of the Internal
Revenue
successor taxing
election
granted
by any other
in their absolute
discretion,
disclaim
or renounce
any interest
may have under any other will, under any trust agreement otherwise. D. respect The determination disclaimers of my Executors
with to
to all elections,
and renunciations
referred
in this Article
discretion,
to divide before
(whether before
shares. as Some an
trusts,
and invested
in solido.
of the purposes
this authority
are to provide
10
inclusion
ratio
of Section
2642(a)
trust receiving
the fractional
is made,
2652(a)(3) described
of the Code,
in that section
to it as a separate If my Executors
Q-TIP
election
under
Section
2056(b)(7)
passing
the election
Reg. S20.2056(b)-7(b)
shares trusts
by the Trustees
as separate
may manage
in authorizing
is to
allocation
of GST exemption
to one or both of
said trusts. Whenever to be combined two trusts created trust under this Will are directed because whether property or not the
into a single
(for example,
of one trust is to be added to the other trust), trusts have different inclusion
to any common
transferor transfer
or have different
transferors
for generation-skipping in the exercise said trusts, terms the such adds in to
tax purposes,
the Trustees
are authorized,
discretion,
instead of combining
have governed
tru5ts. trusts
may manage
(for example,
or is deemed
property
to a trust
the Trustees,
in the exercise
discretion,
as a separate
it would
may manage
of their with
to combine
beneficiary
authorized, divide
in this Article.
Without
the discretion
granted
by this two
I envision
not elect
to combine
inclusion
ratios
for generation-
tax purposes.
In addition
conferred
to my estate herein
so conferred in
absolute (1)
or otherwise
acquire,
whether
originally
of real or personal
securities
interests
in investment
companies
and investment
trusts, for
whether
be of the character
permissible
12
investments investment
any such
convert
of, or grant
a part of my
in any manner,
and to enter into leases which extend for leases made by fiduciaries
and beyond
of any trust. (3) To borrow money for any purpose connected with the
protection, estate,
preservation
or improvement to mortgage
of my estate
and as security
or pledge
conditions
property
of which
directly to the
a committee
or consent
reorganization,
consolidation,
dissolution
or liquidation or mortgage of
such transaction. (5) security words To the extent permitted by law, to register any of
the addition
indicating
capacity;
notes,
bonds,
contracts
I may be a party or which may be liens or or against my estate, compound, although adjust,
any of my property,
to pay, compromise, 13
submit to arbitration,
estate or any trust against others or of others against my estate or any trust upon any terms and conditions, acceptance mortgages; including the of bonds and
of deeds to real property in satisfaction and to make any payments in connection (7) To make distributions of pecuniary bequests)
therewith.
satisfaction
without to any
regard to the income tax basis of the property distributed beneficiary or any trust. To place all or any part of the securities
(8)
which at
any time are held by my estate or any trust estate in the care and custody of any bank or trust company with no obligation while such securities are so deposited to inspect or verify the same and with by the bank or securities placed
no responsibility
in the name of such bank or trust company or in the name of its nominee; to appoint such bank or trust company agent and attorney to collect, receive, receipt for and disburse any income, and generally so-called to perform the duties and services incident to a "custodian" account; and to allocate the Charges and or
expenses of such bank or trust company to income or to principal partially to income and partially (9) to principal.
To appoint, employ and remove, at any time and from attorneys, investment counselors,
their compensation
Whenever permitted by law, to employ a broker-dealer for all or any part of the securities at any time held
14
by my estate or any trust estate the name of such broker-dealer. (11) To execute
and to register
such securities
in
to
or to see to
paid or delivered
IN WITNESS
WHEREOF,
I, STEPHAN
McCREA,
have to this my
subscribed
L.~
in the y~ar
Subscribed and sealed by the Testator in the presence of us and of each of us, and at the same time published, declared and acknowledged by him to us to be his Last Will and Testament, and thereupon we, at the request of the said Testator, in his presence and in the presence of each other, have hereunto subscribed our 9Pmes a~ wi tnesses this / <:;!" day of c. rc:,{;>", V; 1993.
c:
\J AL1~
U~iding
at
15
15 i2.[
0..:
It--;~]J
SSe
We, STEPHAN
McCREA,
W / (('If
,
and
11\
S.
rs
t.'
jl.)
6 r e 6-
e~<!,.! r/{.
instrument,
Tfi.f'.(er
names are sworn,
respectively,
whose
to the attached
or foregoing officer
having
been
declared presence
in the
McCREA,
the
S. Ls~AI~er'G;
Ce ~; I t<!. Tlfff'('r'
the witnesses,
on the
d-
day of o<!f.;;/).eJ'
, 1993.
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