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HomeMy WebLinkAbout944311 Mail tax notice to Diane B. Rowe 210 N. Mall Dr. .~IO St. George, Utah 84790 QUIT CLAIM DEED ûOHS99 This Quit Claim Deed (the "Agreement") is made and effective on the a day of November, 2008, BETWEEN: Diane B. Rowe (the "Grantor") AND: Diane B. Rowe CharitableTrust dated November 17, 2008, Diane B. Rowe, trustee ("Grantee") TERMS For and in consideration ofTEN DOLLARS ($10.00), Grantor grants to Grantee all the real property situated in: Lincoln County and State of Wyoming and described as follows: LEGAL DESCRIPTION: PARCEL 1: Part of Section 14, Township 31 North Range 119 West of the 6th P.M., Lincoln County, Wyoming described on attached Exhibit A prepared by Surveyor Scherbel, L TD labeled "description for The Rowe Family Trust Rowe Family Trust Tract." IN WITNESS WHEREOF, the part' s hereto have executed this Agreement on the date fIrst above written. ~. ~¿ ~¿xil#) ~uWË. Authorized Signature -' Diane B. Rowe Grantor The Diane B. Rowe Charitable Trust, Diane B. Rowe, Trustee Grantee STATE OF ¿¡¿-~ COUNTYOF_~~ On the / 7 day of ) : ss. ) /I/O ¿/ ¿:./l/ 8 6-£ , 20 .tLL personally appeared before me Diane B. Rowe the signer of the within instrument, who duly acknowledged to me that they executed the same. I) NOTARY PUBLIC ~ STEVEN C WALTON ~ .,' 2338 MONTIRO CIR I .. WASHINGTON. UT 14780 " ,.' MY COMM IXP. 1010312010 · ITATI OF UTAH My commission expires: ~ ~ 2. ~ //ò/tJ~Zðlð ~¿A/~ /" Notary Public Residing at: RECEIVED 12/23/2008 at 3:09 PM RECEIVING # 944311 BOOK: 711 PAGE: 599 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Laserfiche' WebLink Browse Search "I§] .~~ ®1~! ßj] ~ gg Template: Clerk Records DOCUMENT 932603 GRANTOR LAST KENNINGTON JR. GRANTOR FIRST AR. & RUTH M. TR. GRANTEE LAST ROWE GRANTEE FIRST DIANE B. GRANTEE COMPANY LOT BLOCK SUBDMSION TOWNSHIP 31 RANGE 119 SECTION 14 LEGAL DATE 8/29/2007 GEOPIN BOOK 670 PAGE 412 10f2 I G~ ;b,þ j1 -,~~.~ ~"'''''''''''''''''''''~Wii''''''''''''''''_-'''>''''-'~ """""ttIIIl.- tin.... P'MIN.IittI.... "".0I I""'IooNo.1N UWtFl..-...,.1IKt. t,n 1ItIiÞ""IIIr..'fIftNo.ma l1li__110,II1II ..u_ w,.. R.,_ 1/0.1111 '=:=1"':'=, ~A.ICMQII. wta .......n"- Me _'''''''''1.11). ....."I.mq, ~, 1M""~,'1Ioho -- DESCRIPTION·FOR THE ROWE FAMILY TRUST ROWE FAMILY TRUST TRACT 000413 ûOûsoo TIJ-wit: - . That part of the SWV~WY4 of Scotion 14, T31N R119W, Lincoln County, Wyoming, being part IJf that tra.ot of record In the Office of the Clerk of Linooln COWlty in Book 326 of Photo81atlc Reèonb on 1'&110 151 and in Buok 441 of Photo.tatio R.ecords on page 544, dosoribeclas follows: BEGINNING at a spike on the conterJine of Bittør Creek Ccnmty Road No. 12-140, N43'. 3IS'-2Q-B, ~6.23 feet from the southwe5t comer of .Bid Sc:otìon 14; thtll X N79"-3li·21"B, 30.35 feo4 to a point on tho eaatGrly right-of-way line of said County Road¡ thence continuingN79°-31'-2¡"B, 320,00 feet, along an exiating fenoe line, to a point¡ thenœ SIO°·28'.3.9"E, 140.00 fcot, to a point; thenoe 879°.31'-21 "W, 298,45 feot, to .. point on 'lÙd easterly right-oi-way fine; thence continuin¡N79°.31'-21''B, 30.35 Ceet, to a spike OD said OCIIterlino; tltonço N19'-IJ'·52"W, 141.65 feet, along said centa"fi~ to tho SPIKE OF BEGINNING; ENCOMPASSING an I\[ca of 1.09 acres, more or 1l1li8; the BASB BEARING Cor thi. survey Is the welt lme oC tho SW!l4 of Section 14, T31N R1l9W, being NOOo·41 '-34"E¡ it is tho intent of thi. descriplion that the caUed·for monumeo.Þ, and not the C ¡lU¡tin¡ fe¡¡çe linOll. control the location of the property lines; ead1. "spike" marked by B 3/B" x 12" steel .plke referenced by a 5~' x 24". .teel relnmœlng rod with 2" aluminum oap inacribed, "SURVEYOR SCHERBBL L'ID AnON WY PLS 5368", with apP1'Oprlate delailBj each "comer" folUld as described in the Corner Rc:oord filed Of to be med In the Offiœ of the Clerk of Lincoln County; each ''polnt'' marlted by a 5/8" x 24" steel relnfOnling rod with a 2" alllmlnum cap ~bed, "SURVEYOR SCHEMBL LTC AFI'ON WY PLS S3CiS". with appropriate deta.illl; ':...........,,___.._.._____,..."""_....,,"-'"_.__.___,___.""0......'_·__......_.,......-.,,_____ .----...---..-.......,.....,....-....-..----.. 12/19/2008 12:30 PM The Diane B. Rowe Charitable Trust ûOô601 This Irrevocable Unitrust Agreement is made and entered into by and between Diane Rowe of Saint George, Utah (Grantor) and Diane Rowe of Saint George, Utah (Trustee), as of the date that this Agreement is duly executed on behalf of the Trustee. (A) UNITRUST PERCENTAGE. The Unitrust Percentage, which shall be used to determine the Unitrust Amount for purposes of this Agreement shall be Seven percent (7.00%). (B) UNITRUST RECIPIENT. The Unitrust Recipient for purposes of this Agreement shall be Diane Rowe of Saint George, Utah. Unitrust amounts calculated in accordance with methods specified in the Payment ofUnitrust Amounts section in the Trust Provisions paragraph of this instrument shall be distributed to Diane Rowe for life, subject to the last regular payment provision of Paragraph 1 below. (C) SCHEDULE FOR CHARITABLE DISTRIBUTION. Any amounts which are to be distributed under this Agreement according to this Schedule for Charitable Distribution shall be distributed to qualified exempt charities as follows: 100% to The Church of Jesus Christ of Latter-day Saints of Salt Lake City, UT. (D) INITIAL TRUST CORPUS. The assets specified in Attachment "A" to this instrument have been transferred to the Trustee and shall constitute the initial trust corpus. This corpus and any additions to the corpus shall be administered by the Trustee as a single fund. (E) TRUST PROVISIONS. The following provisions shall govern this Charitable Remainder Unitrust: (1) PAYMENT OF UNITRUST AMOUNTS. During every taxable year of the Unitrust the Trustee shall pay the Unitrust Amount, which shall be determined according to Paragraph 2 hereof. Payments ofUnitrust Amounts shall be made in equal quarterly installments, payable at the end of the selected period during each taxable year of the Unitrust. The Trustee shall pay the Unitrust Amounts to the Uniu;ust Recipient during the period indicated above. Notwithstanding other paragraphs herein, the obligation to pay Unitrust Amounts hereunder shall terminate with the last regular payment preceding the death of the last noncharitable beneficiary. (2) DETERMINING THE UNITRUST AMOUNTS. If 100% or more of the initial trust assets qualify as 'Unmarketable Assets' under Section 664 and applicable regulations, defmed as assets that are not cash, cash equivalents or assets that can be readily sold or exchanged for cash or cash equivalents, then for all purposes of this Agreement, the Unitrust Amount shall be an amount, paid quarterly, equal to the lesser of (a) the trust income for the respective taxable year (as defmed in Section 643(b) of the Internal Revenue Code of 1986 and regulations thereunder) and (b) the Unitrust percentage (set forth above) multiplied by the net fair market value of the trust assets valued as of the first day of each taxable year, decreased under paragraph 5 or increased under paragraph 6 hereof. If trust income for any taxable year exceeds the amount determined under (b), the Unitrust Amount shall also include the excess income to the extent that the aggregate of the amounts paid to Recipknt(s) in prior years is less than the Unitrust percentage of the aggregate net fair market value of trust assets for such years. The above payout method shall be used until the end of the earliest year in which occurs the sale of Unmarketable Assets to the extent that, immediately following such sale, the remaining Unmarketable Assets total less than 100% of the total fair market value of all trust assets. As of the January 1 immediately following such sale, there shall then be a change of payout method from the above income exception method to a Section 664(d)(2) payout method as described below. On that January 1 or upon the trust creation if the value of Unmarketable Assets is less than 100% immediately after the initial contribution, the Unitrust Amount shall thereafter for all purposes of this Agreement be an amount equal to the Unitrust percentage (set forth above) multiplied by the net fair market value of the trust assets valued as of the first day of each taxable year, decreased as provided in paragraph 5 or increased as provided in paragraph 6 hereof. Unitrust Amounts shall be paid in equal quarterly installments from income and, to the extent that income is not sufficient, from principal. Any net income of the Unitrust for any taxable year in excess of the Unitrust Amount shall be added to the corpus at the end of such year. (3) TESTAMENTARY RIGHT OF REVOCATION. Under the terms of this Charitable Remainder Unitrust Agreement, The Grantor reserves no inter vivos or testamentary right of revocation with respect to the 000602 principal or accumulated income, as defmed in Section 643(b) of the Internal Revenue Code and the Regulations under that section. (4) ADJUSTMENTS IN EVENT OF REV ALUA TION. In the event that the fair market value of the assets constituting the corpus of the Unitrust, as determined by the initial valuation or any annual revaluation as provided hereinabove, is thereafter determined to be in error, the Unitrust Amounts which were paid to a Unitrust Recipient shall be adjusted within reasonable time after fmal determination is made as to correct fair market value of such corpus by refund to, or additional payment by, the said Unitrust as may be required so that only those Unitrust Amounts shall have been paid which would have been paid if the initial valuation or any annual revaluation had been correct. (5) TAXABLE YEAR AND SHORT TAXABLE YEARS. The fIrst taxable year shall commence on the effective date of this Agreement and shall end on December 31 of the same year. All subsequent taxable years shall commence on January 1 and, except for the fmal taxable year, shall end on December 31 of each respective year. During any taxable year of the Unitrust which is less than twelve months in duration, the Unitrust Amounts to be paid hereunder to the Unitrust Recipient shall be a fraction of the amount determined by multiplying the Unitrust Percentage by the fair market value of the assets constituting the corpus of such Unitrust at the beginning of that year, of which fraction the numerator shall be the number of days in such short year and of which the denominator is three hundred sixty-fIve (365) or, if February 29 is a day included in the numerator, of which the denominator is three hundred sixty-six (366). (6) ADDITIONAL CONTRIBUTIONS. The Grantor and other persons may at any time contribute additional property to the Unitrust provided that such property is acceptable to the Trustee. If any additional contributions are made to the Unitrust after the initial contribution in trust, the Unitrust Amount, as determined under paragraph 2 above, for the taxable year in which the assets are added to the trust shall be determined by multiplying the Unitrust Percentage by (a) the net fair market value of trust assets (excluding the assets so added and any income from, or appreciation on, such assets) and (b) that proportion of the value of the assets so added that was excluded under (a) which the number of days in the period which begins with the date of contribution and ends with the earlier of the last day of the taxable year or the date of the last regular payment pursuant to Paragraph 1 hereof, bears to the number of days in the period which begins on the fIrst day of such taxable year and ends with the earlier of the last day of the taxable year or the date of the last regular payment pursuant to Paragraph 1 hereof. In the case where there is no valuation date after the time of contribution the assets so added shall be valued at the time of contribution. In the event of an. additional contribution to the Unitrust as a result of the death of an individual whose gross estate for Federal Estate Tax purposes includes the property passing to this charitable unitrust as such additional contribution, the Trustee's obligation to pay the Unitrust Amount with respect to such additional contribution shall commence with the date of death of that person, but payment of such Unitrust Amount may be deferred from such date of death to the end of the taxable year of the unitrust in which such additional contribution has been fInally and completely distributed into the unitrust. Within a reasonable period after such time, the Trustee shall pay, in the case of an underpayment, or shall receive from the income recipient(s), in the case of an overpayment, the difference between (a) any Unitrust Amounts actually paid by the Trustee, plus interest, compounded annually, and (b) the Unitrust Amounts payable, plus interest on those amounts compounded annually. The rate of interest shall be the rate then specifIed by the Treasury Department for underpayments and overpayments of unitrust interests as stated in the Regulations under Code Section 664. (7) DISABILITY OF RECIPIENT. If at any time any noncharitable benefIciary to whom the Trustee is directed in this instrument to pay Unitrust Amounts is under legal disability, the Trustee may pay Unitrust Amounts over to the Recipient or for the Recipient's use to a guardian or to any adult person with whom the Recipient resides, without responsibility for expenditure of such Unitrust Amounts. (8) NO DEATH TAXES PAID FROM TRUST. No federal estate taxes, generation skipping transfer taxes, state death taxes or other estate, death or inheritance taxes (from now on called "death taxes") with respect to any party to this trust shall be allocated to or be recoverable from the trust. The Grantor imposes an obligation on Grantor's estate to pay death taxes from sources other than this trust and agree to so provide in Grantor's will or in OOôS03 another way. This provision may be enforced by a noncharitable beneficiary, the trustee or a charity, acting alone or together. (9) TERMINATION OF UNITRUST. For all purposes of this instrument, the Unitrust, and its last taxable year, shall terminate upon the expiration of the last period during which Unitrust Amounts are to be paid hereunder, provided that such shall not be later than the last day of the period specified in Section 1.664-3(a)(5) of the Federal Income Tax Regulations. Anything herein to the contrary notwithstanding, the Unitrust shall not continue beyond the time of death of the Unitrust Recipient. (10) DISTRIBUTION UPON TERMINATION OF THIS UNITRUST. Upon termination of the Unitrust all property constituting the Unitrust, including all income received or accrued but not theretofore distributed, shall be distributed as set forth in the Schedule for Charitable Distribution (which appears in Section C hereof). (11) CONFORMITY TO FEDERAL TAX LAWS. With respect to the Unitrust herein established, in any conflict, Treasury regulations shall prevail over generally accepted fiduciary accounting principles and any inconsistent provisions of this Unitrust Agreement. Without limiting the generality of these provisions, if Treasury regulations shall specify a method or time of valuing the Unitrust's assets, or a way of making payments from the Unitrust, which differs from the provisions herein contained, this Unitrust Agreement shall be deemed amended to conform to the Treasury regulations. The assets of the Unitrust shall be valued, managed and invested consistent with the intent that the Unitrust be exempt from taxation, and that it shall be entitled to applicable charitable income, gift or estate tax deductions. Except for the payment of the Unitrust Amounts to the Unitrust Recipient, the trustee is prohibited from engaging in any act of self- dealing as defmed in Section 494 I (d) of the Internal Revenue Code of 1986, from retaining any excess business holdings as defmed in Section 4943(c) of the Code which would subject the trust to tax under Section 4943 of the Code, from making any investments which would subject the trust to tax under Section 4944 of the Code, and from making any taxable expenditures as defined in Section 4945(d) of the Code. The trustee shall make distributions at such time and in such manner as not to subject the trust to tax under Section 4942 of the Code. In addition, nothing in this trust instrument shall be construed to restrict the trustee from investing the trust assets in a manner which could result in the annual realization of a reasonable amount of income or gain from the sale or disposition of trust assets. (12) DISTRIBUTIONS TO CHARITIES. No amount other than a Unitrust Amount shall be paid to or for the use of any person other than an organization described in each of Section 170(b)( 1 )(A), Section 170( c), Section 2055(a) and Section 2522(a) (hereafter 'qualified exempt' organizations). Grantor retains the right by a written instrument to add qualified charities to and remove charities from the Schedule of Charitable Distribution and to change percentage allocations to all charities. If a Grantor is a current income recipient, then a Grantor shall retain the right to direct the Trustee to distribute an undivided percentage of trust assets to qualified exempt charities on the last day of any trust taxable year. The adjusted basis for Federal tax purposes of any trust property which the trustee distributes in kind to charity must be fairly representative ofthe adjusted basis for such purposes of all trust property available for distribution on the date of distribution. All principal and income to be distributed under the Schedule for Charitable Distribution shall be distributed in the specified percentages only to those organizations that are qualified exempt. The share of any specified charity which is not a qualified exempt organization shall be distributed in proportion to the remaining percentages by the trustee to the remaining named qualified exempt charities, if any. If no specified organization is qualified exempt, the share shall be distributed to such qualified exempt organization or organizations as shall be selected by the trustee in the sole discretion of the trustee. (13) ADMINISTRATION OF THE UNITRUST. The trustee is authorized to retain the Trust property, or may sell the property and reinvest in such property as the trustee shall deem advisable. The trustee shall not be required to diversify as to kind or amount. Unless prohibited by federal law, the trustee shall have the power to invest in zero coupon bonds, an annuity contract, an LLC, partnership or life insurance policy on the life of the Unitrust Recipient or Recipients, as applicable. Solely for the purpose of complying with Section 664 of the Code and applicable Treasury regulations, the trustee shall be authorized to amend this trust by written statement attached to this instrument and delivered to the current income recipients. In managing the trust assets, the trustee shall have the power to select and compensate professional advisors or administrators and to delegate appropriate trust powers to them. In addition, solely to the extent that these powers do not conflict with other trust provisions, the Trustee is authorized the trust powers specified by law. 000604 (14) ACCOUNTS AND REPORTS. The Trustee shall keep current accounts accurately reflecting the position of, and the receipts, disbursements and other changes in, the income and corpus of the trust, which shall be available for inspection during all reasonable business hours by any Unitrust Recipient currently receiving payments of Unitrust Amounts hereunder or his duly authorized representative. In addition, the Trustee as of the end of each taxable year of the trust and as of any other date the Trustee deems beneficial, shall keep the said Unitrust Recipient or his duly authorized representative, infonned of the contents of such reports by accurate written statements. To the extent pennitted by law, the Trustee shall not be required to provide reports or infonnation to remainder recipients prior to trust tennination. (15) TRUSTEE. Diane Rowe of Saint George, Utah, shall serve as Trustee of the Unitrust herein established. If No Independent Trustee as defined under Sections 664,674 and 672 of the Code is acting with respect to this trust and the trust holds any asset that does not have a readily ascertainable fair market value, includes a discretionary power to allocate capital gain to income or principal, or holds any insurance contract or annuity contract, then an Independent Special Trustee as defmed under the above Code sections shall be appointed by the Trustee in a written document referring to this paragraph. The Independent Special Trustee shall have sole responsibility for valuation of assets without readily ascertainable fair market value, for making allocations of capital gain to income or principal, and shall make all decisions regarding withdrawals, surrender, options, elections, allocations to income or principal, and dispositions with respect to any insurance or annuity contract. The Independent Special Trustee shall have no powers other than those specified in this paragraph. A Trustee shall be entitled to compensation for services hereinunder according to the Trustee's schedule of fees in effect at the time such services are rendered. No bond or security shall be required of the Trustee in any jurisdiction. The Trustee shall not be required to file an inventory or annual report with any court with proper jurisdiction. If at any time a trustee is a corporation, the position of trustee may be assumed by a successor corporation with trust powers. A successor trustee shall not be required to examine the administration or actions of any prior trustee and shall not be liable for such administration or actions. Grantor retains the right by written instrument submitted to the Trustee to remove any Trustee and designate any successor Trustee. (16) GOVERNING LAW. This Agreement and all rights and obligations under it shall be detennined in accordance with the law of the State of Utah except to the extent that such may be in conflict with United States laws and regulations with respect to income, estate and gift taxes which shall govern in the event of such conflict. In Witnes Whereof, the grantor has signed this Agreement, accepted all trust provisions ànd transferred the trust corpus as . in Attachme and the Trustee has accepted this trust through the signature below. / Date II/; 7 J 0 š-' / / I st of the corpus specified in Attachment "A" to this Charitable Trust. Date oj;7)y STATE OF (SEAL) STATE OF COUNTY OF Subscribed, sworn to and acknowledged before me by the trustee Diane Rowe on AId l/ / ? , UI Y. ~~/ NOTARY PUBLIC (SEAL) . NOTARY PUBLIC ~, STEVEN C WALTON I ;\\ 2331 MONTIRO CIR III· WASHINGTON. UT 14'10 . .' MY COMM IXP 1010312010 · STAT! OF UTAH