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Home My WebLink About10-16-07 (3) IN THE ORPHANS' COURT DIVISION OF THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA EST A TE OF CARL E. SMITH, DECEASED No. 2005-00997 APPROVAL OF ACCOUNT, WAIVER, RECEIPT, RELEASE, AND AGREEMENT OF INDEMNITY The circumstances leading up to the execution of this instrument are as follows: 1. Carl E. Smith died on October 28, 2005, leaving a Will dated July 16, 1997, naming Jean A. Rake and Dale E. Smith as Co-Executors. 2. Letters Testamentary were granted to Jean A. Rake and Dale E. Smith by the Register of Wills of Cumberland County on November 14, 2005. 3. It is the desire of the Carl E. Smith heirs that the Estate be distributed without the formality of a court proceeding in order to save the expense, publicity, and delay incident to such court proceeding, and the Co-Executors are willing to make such distribution upon the execution of this instrument. ,---") 4. An account of the administration of the Estate of Carl E. Smith has been ptepa~~ '>-: \ by the Co-Executors. A copy is attached hereto as Exhibit A. 5. In consideration of the foregoing, each of the undersigned hereby: -.-,- --I , -- -~. ."" A. Represents and warrants that he/she has read and understands this instrument and that the facts set forth above are true and correct to the best of his/her knowledge, information and belief; B. Declares that he/she has examined the attached account of the administration of the Estate and the attached schedule of distribution; that he/she finds them to be true and -1- -) correct in all particulars; that he/she accepts and approves them as if they had been duly filed, audited, adjudicated and confirmed absolutely by the Orphans' Court Division of the Court of Common Pleas of Cumberland County, and as if the amounts shown as distributable had been duly awarded to him/her; C. Waives the filing and auditing of the account of the administration of the Estate in the Orphans' Court Division of the Court of Common Pleas of Cumberland County, and agrees that the Orphans' Court Division of the Court of Common Pleas of Cumberland County may by its decree confirm the account and approve the schedule of distribution; D. Requests the Co-Executors to make distribution of the principal and income in accordance with the schedule of distribution, and effective upon delivery to him/her of the amounts shown as respectively distributable, acknowledges receipt of such property; E. Agrees to refund to the Co-Executors any amount which may at any time be determined to have been an erroneous distribution to him/her, regardless of the cause of such erroneous distribution, even if attributable to negligence, and agrees that any period for the limitation of actions for the collection of any erroneous distribution shall commence only at such time as the Executor shall have obtained actual knowledge of such erroneous distribution and that in no event shall the period for collection of any erroneous distribution be less than two years after the actual discovery thereof; F. Absolutely and irrevocably remises, releases, quitclaims and forever discharges Jean A. Rake and Dale E. Smith, individually and in his/her capacity as Co- Executor, from any and all actions, suits, payments, accounts, reckonings, liabilities, claims and demands relating in any way to the administration of the Carl E. Smith Estate; -2- G. Agrees to indemnify and hold harmless, to the extent of the funds received by him/her hereunder, Jean A. Rake and Dale E. Smith, individually and in his/her capacity as Co-Executor, from and against any and all claims, loss, liability or damage (including legal fees and costs in connection therewith) which he/she may suffer or to which he/she may be subjected by reason of his/her administration of the Estate, the settlement of his/her Co- Executor's account and the distribution of the assets of the Estate without having the formal approval of the Orphans' Court Division of the Court of Common Pleas of Cumberland County, including, but not limited to, any liability for any federal estate tax, Pennsylvania inheritance tax or any other death taxes, together with interest and costs incidental thereto, relating in any way to the Estate; and R. Declares it to be his/her intention that this instrument, consisting of three pages, shall be governed by the law of Pennsylvania and shall be legally binding as an agreement under seal upon him/her and upon his/her heirs, executors, administrators and assigns. Executed on: 0;,/0-07 DATE JEAN~ a~ (Seal) Of-to-Or DATE DA!(rq /fJrlOo/ (Seal) (Seal) (Seal) -3- BEFORE THE REGISTER OF WILLS, CUMBERLAND COUNTY, PENNSYL VANIA No. 2005-00997 FIRST AND FINAL ACCOUNT OF JEAN A. HAKE and DALE E. SMITH, Co-Executors For ESTATE OF CARL E. SMITH, Deceased Date of Death: October 28, 2005 Date of Co-Executors' Appointment: November 14, 2005 Accounting for the Period: November 14, 2005 to July 31,2007 PURPOSE OF ACCOUNT: Jean A. Hake and Dale E. Smith, Co-Executors, offers this Account to acquaint interested parties with the transactions that have occurred during their administration. The Account also indicates the proposed distribution of the Estate. It is important that the Account be carefully examined. Requests for additional information or questions or objections can be discussed with: Debra K. Wallet, Esquire 24 N. 32nd Street Camp Hill, PA 17011 I.D. #23989 (717) 737-1300 EXHIBIT A SUMMARY OF ACCOUNT Page Current Value Fiduciary Acquisition Value Proposed Distribution to Beneficiaries 10 $133,341.51 PRINCIPAL Receipts 2- 3 $1,813,671.63 Net Gain on Sales or Other 4-5 Dispositions 60,439.32 Less Disbursements Debts of Decedent 6 $11,745.73 Funeral Expenses 6 8,823.84 Administration Expenses 6 4,816.70 Federal and State Taxes 6 986,301.87 Fees and Commissions 7 51,975.00 1,063,663.14 Principal Balance on Hand $810,447.81 INCOME Receipts 7 $50,180.07 Income Balance on Hand 50,180.07 Balance Before Distributions $860,627.88 Distributions to Beneficiaries 8-9 727,286.37 Combined Balance on Hand $133,341.51 RECEIPTS OF PRINCIPAL Assets Listed in Inventory: (Value as of Date of Death) Cash and Bank Deposits: Citizens Bank Checking Acct. #610-0686647 Savings Acct. #614-0162297 Bank of Landisburg Checking Acct. # 2644177 CD #700012821 plus accrued int. CD #700012494 plus accrued int. CD #700012471 plus accrued into Tan~ible Personal Property: 2005 Mercury Sable sedan 1999 Ford Econoline Cargo Van Hull Trailer Miscellaneous household items Stocks: $22,133.00 7,943.00 24,368.00 20,527.00 12,333.00 11 ,991.00 $99,295.00 $12,225.00 3,200.00 100.00 4,100.00 $19,625.00 Smith Barney Citigroup Acct. #724-03837-16 $3.00 Acct. #724-08770-14 14,100.00 1,700 shares Exxon Mobil Corp. 95,727.00 4,900 shares Exxon Mobil Corp. 275,919.00 338.5 shares Franklin PA Tax Exempt 3,507.00 100 shares Johnson & Johnson 6,295.00 10,000 shares Bond-Montgomery Cty. 10,138.00 P A Higher Ed. 5 % matures 6/1/28 Montgomery Cty. PA Higher Ed. 204.00 Accrued Interest 200 shares MGE Energy, Inc. 6,700.00 2 450 shares Erie Indemnity Co. 600 shares UGI Corporation 400 shares CVS Corporation 8,338 shares Exxon Mobil Corp. 1,058 shares PPL Corporation 24 shares Medco Health Sol., Inc. 200 shares Merck & Co. 109,293.9 shares Morgan Stanley Liquid Assets Fund Oppenheimer & Co. A09-0019777-128 6,132 shares Exxon Mobil Corp. 345,293.00 23,078 shares Liquid Money Fund 23,078.00 2,359.219 shares Vankampen US 32,132.00 Mortgage Class A 6,242.433 shares John Hancock Tax Free Bond Fund 495 shares ACM Income Fund, Inc. 4,089.00 23,704.00 13,878.00 9,946.00 464,427.00 32,131.00 1,333.00 5,477.00 109,294.00 63,610.00 Realty: 6200 Wertzville Road Enola, PA 17025 Refunds: Advance Publications refund Patriot News refund $38.00 26.00 TOTAL ASSETS LISTED IN INVENTORY: Receipts Subsequent to Inventory (Valued When Received) 03/01106 Prorated taxes from settlement $451.20 04/01106 Erie Insurance refund 219.00 2007 Stock class action settlement 32.43 TOTAL RECEIPTS OF PRINCIPAL: 3 $1,540,985.00 $153,000.00 $64.00 $702.63 $1,812,969.00 $1,813,671.63 01103/06 01109/06 GAINS AND LOSSES ON SALES OR OTHER DISPOSITIONS Liquidation of 5,267 shares of Exxon Mobil stock Net Proceeds Fiduciary Acquisition $302,160.34 293,372.14 $8,788.20 Liquidation of CVS Corporation stock Net Proceeds Fiduciary Acquisition $10,722.66 9,946.00 776.66 Liquidation of Erie Indemnity Co. stock Net Proceeds Fiduciary Acquisition $24,082.25 23,704.00 378.25 Liquidation of 10,903 shares of Exxon Mobil stock Net Proceeds Fiduciary Acquisition $646,425.98 612,074.86 34,351.12 Liquidation of 4,900 shares of Exxon Mobil stock Net Proceeds Fiduciary Acquisition $290,533.13 275,919.00 14,614.13 Liquidation of Johnson & Johnson stock Net Proceeds Fiduciary Acquisition $6,281.80 6,295.00 (13.20) Liquidation of MGE Energy, Inc. stock Net Proceeds Fiduciary Acquisition $6,902.78 6,700.00 202.78 Liquidation of Merck & Co. stock Net Proceeds Fiduciary Acquisition $6,690.79 5,477.00 1,214.79 4 01/10/06 03/11106 NET GAIN: Liquidation of UGI Corporation stock Net Proceeds Fiduciary Acquisition $13,140.59 13,878.00 Liquidation of John Hancock Tax Free Bond Fund Net Proceeds Fiduciary Acquisition $64,382.15 63,610.00 Liquidation of Franklin P A Tax Exempt stock Net Proceeds Fiduciary Acquisition $3,520.44 3,507.00 Liquidation of Medco Health Sol., Inc. stock Net Proceeds Fiduciary Acquisition $1,307.51 1,333.00 (737.41) 772.15 13 .44 (25.49) Liquidation of Montgomery Cty. P A Higher Ed. bond Net Proceeds Fiduciary Acquisition $10,170.90 10,342.00 Sale of 2005 Mercury Sable sedan Net Proceeds Fiduciary Acquisition $12,500.00 12,225.00 5 (171.10) 275.00 $60,439.32 DISBURSEMENTS OF PRINCIPAL Debts of Decedent: Connor Rich Assoc. Associated Cardiologists Holy Spirit Hospital Heritage Diagnostic Quantum Imaging Central Penn Hem. & Medical Comcast Cable Verizon IDT America 2005 Federal Income Tax return 2005 P A Income Tax return Funeral Expenses: Richardson Funeral Home Jean Hake (funeral meal & expenses) Memorial stone inscription Administration Expenses: Probate Fees Montour Oil PP&L Gary Smith (moving expenses) Lori Moore (moving expenses) Dale Smith (expenses) Erie Insurance Hampden Township (sewer) William Wilter (oil) UPS mailing charges Copies, postage, etc. Reserves for administrative expenses Reserve for Filing of Account $8.54 1.77 197.15 88.39 436.42 42.97 45.19 18.80 1.50 10,892.00 13.00 $7,609.00 1,104.84 110.00 $1,200.00 219.66 88.75 962.55 998.00 58.10 373.00 124.00 150.00 42.64 75.00 500.00 25.00 6 $11,745.73 $8,823.84 $4,816.70 Federal and State Taxes: US Estate Tax P A Inheritance Tax 2006 Federal Fiduciary Taxes 2006 P A Fiduciary Taxes Reserves for 2007 Fiduciary Taxes Fees and Commissions: Jean A. Hake & Dale E. Smith Debra K. Wallet, Esq. Harvey Danowitz, CPA Consultant fees Prudential Thompson Wood (real estate appraisal) Devany & Co. (tax preparation) $816,609.00 144,375.87 20,775.00 3,042.00 1,500.00 $15,000.00 15,000.00 20,000.00 1,400.00 150.00 425.00 $986,301.87 $51,975.00 RECEIPTS OF INCOME Dividends 2006 ACM dividends 2006 Smith Barney dividends Interest 2005 Citizens Bank interest 2005 Bank of Landisburg interest 2006 Smith Barney interest 2007 Smith Barney interest (through 7/31/07) $2065.37 14,240.06 $3.26 99.20 25,971.18 7,801.00 TOTAL RECEIPTS OF INCOME: 7 $16,305.43 $33,874.64 $50,180.07 DISTRIBUTION TO BENEFICIARIES TO: Jean A. Hake 6035 Wertzville Road Enola, P A 17025-1158 12/22/05 02/28/06 03/16/06 03/09/07 07/05/07 Cash Distribution Cash Distribution Cash Distribution Cash Distribution Cash Distribution Household items $3,300.00 153,000.00 3,125.00 1,371.59 20,000.00 1,025.00 Dale E. Smith 6033 Wertzville Road Enola, PA 17025-1158 12/22/05 02/28/06 03/16/06 03/09/07 07/05/07 Van and Trailer 6200 Wertzville Road Enola, P A 17025 Cash Distribution Cash Distribution Cash Distribution Household items 3,300.00 153,000.00 3,125.00 1,371.60 20,000.00 1,025.00 Gary L. Smith 3300 SE 56th Avenue Oeala, FL 34471 12/22/05 02/28/06 03/16/06 03/09/07 07/05/07 Cash Distribution Cash Distribution Cash Distribution Cash Distribution Cash Distribution Household items $3,300.00 153,000.00 3,125.00 1,371.59 20,000.00 1,025.00 8 Lori J. Moore 7825 Toleand A venue Los Angeles, CA 90045 12/22/05 02/28/06 03/16/06 03/09/07 07/05/07 Cash Distribution Cash Distribution Cash Distribution Cash Distribution Cash Distribution Household items TOTAL DISTRIBUTION TO BENEFICIARIES: 9 $3,300.00 153,000.00 3,125.00 1,371.59 20,000.00 1,025.00 $727,286.37 PROPOSED DISTRIBUTION TO BENEFICIARIES TO: Jean A. Rake $33,335.37 6035 Wertzville Road Enola, PA 17025-1158 Dale E. Smith $33,335.38 6033 Wertzville Road Enola, P A 17025-1158 Gary L. Smith $33,335.38 3300 SE 56th A venue Oeala, FL 34471 Lori J. Moore $33,335.38 7825 Toleand A venue Los Angeles, CA 90045 TOTAL PROPOSED DISTRIBUTION TO BENEFICIARIES: $133,341.51 10