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HomeMy WebLinkAbout11-27-07 FAMILY SETTLEMENT AND FINAL RELEASE IN THE ESTATE OF ELLEN M. NEUSBAUM ESTATE NUMBER 21-07-0291 KNOW ALL MEN BY THESE PRESENTS, that: WHEREAS, Ellen M. Neusbaum, late of Cumberland County, Pennsylvania, died testate on March 22,2007, having first made her last Will and Testament which was duly executed on June 26, 2001; and, WHEREAS, the said last Will and Testament named Linda R. Nopson and John W. Neusbaum, Co-Executors of her last Will and Testament; and, WHEREAS, Letters Testamentary were duly issued by the Register of Wills of Cumberland County, Pennsylvania to Linda R. Nopson and John W. Neusbaum on, n g c; 0 -.J March 27, 2007; and, :J.J ;;'~ ,-t:Q ~ WHEREAS, the Executors have gathered the assets of the estatepf~5~ s~ ~ '~..',) ./".. ~~:' ;;,-:' (:.) -0 decedent and the assets consisted of real estate, a cottage, personal pre~ andX -f- N ~-CJ ~ .. various investment accounts with a total value of $ 898,807.02, as set foffh in the N Statement of Account of Co-Executors which has been attached hereto as "Exhibit An; and, WHEREAS, the debts and deductions of principal, including the payment of Pennsylvania Inheritance Tax in the said estate, have been made and the total costs, fees and reserve are $ 59,830.59 as set forth in "Exhibit An attached hereto; and, WHEREAS, the co-executors will reserve $6,000.00 for the payment of additional filing fees, tax preparer's fees, income tax on interest earned by the estate and other incidental costs, which sum shall be distributed to the heirs equally upon satisfaction of all claims; and, ~'O i:'I'"l C") c~ \~5 i'''r, l:J ,~) C) --'''";-'T1 -n (~) __ CTl c> "q 0) WHEREAS, the balance for distribution has been reduced to cash and is available for distribution in accordance with the terms of the last will and testament of the said decedent. NOW, THEREFORE, KNOW YE, that we, being the sole beneficiaries of Ellen M. Neusbaum, do hereby acknowledge that we have this day agreed to receive from the aforesaid personal representatives, in full satisfaction and payment of all sum or sums of money, legacies, bequests, and devises as are given, devised and bequeathed to us by our mother, Ellen M. Neusbaum, due to us under her said Last Will and Testament. AND, we do hereby stipulate that in order to avoid the expense and time involved in the filing of a formal account and schedule of distribution, we agree that no account is necessary and we do hereby agree that we do consent to distribution being made without the filing of an account and schedule of distribution, the same to be with the same force and effect as if they had been filed and confirmed by the Orphans' Court Division of the Court of Common Pleas of Cumberland County; THEREFORE, we do hereby covenant and agree that should any liability come due to the estate of the said decedent after the signing of this agreement, we covenant and agree that we will pay any legally enforceable claims, demands, suits, or causes of action which may be successfully prosecuted against the said estate or the aforesaid personal representative after the signing, sealing and delivery of this family settlement agreement and final release. IN WITNESS WHEREOF, we have hereunto set our hand and seal the day and year below written opposite my name. 4~ ( 4~wd~ , Barbara A. Neusljaum ~~JML1{JSJ;~ ,#~-nt. ~futl ~~~iJ~ ~JWv 7)[ &lh~~ ~~~ 9 tJ //' " . 'li/J4/w &-1< 1//;;.!.LL<1l-a-tA.--.-- / James L. Neusbaum --?<-:/ (." // n/ / r, //!:..--.-;.rb-'/>t!;). &e'4-k~___ Richard G. Neusbaum /~ e. Jt?.hngA~ M~ E. Reneker ~~~'-~ ')< )J?,J~- Linda R. Nopson '?#!. ?~~-- // John W. eusbaum COMMONWEALTH OF PENNSYLVANIA SS. COUNTY OF CUMBERLAND On this, the \~ day of ~ , 2007, before me, a Notary Public, the undersigned officer, personally appeared Barbara A. Neusbaum (known to me or satisfactory proven) to be the person whose name is subscribed to the within instrument, and acknowledged that she executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. \;otary Public Carlisle Beln C.T,;enand County My Commiss'c!' Nov. 29, 2007 --.... >'..+ _""_n Member. p".!,. Of Nolar!8c COMMONWEALTH OF PENNSYLVANIA SS. COUNTY OF CUMBERLAND , qcMt\ nil .... . "'^ I. . l.. On this, the I day of I VlAl),lU'U,U)~ ,2007, before me, a Notary Public, the undersigned officer, personally appeared James L. Neusbaum (known to me or satisfactory proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. : Jennifer S. Unc.' I' Carlisle 80\) I My Com.~~: ;'))embnf, ,D:~' rL:D;:'c.: County 29,2007 COMMONWEALTH OF PENNSYLVANIA SS. COUNTY OF CUMBERLAND On this, the It*h day of ~ , 2007, before me, a Notary Public, the undersigned officer, personally appeared Richard G. Neusbaum (known to me or satisfactory proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. Jennife:- ~3. Car1isle i My Commi""c.>. . 1.-__.____ -,;:::''l1ber Of NOI,,;': COMMONWEALTH OF PENNSYLVANIA SS. COUNTY OF CUMBERLAND On this, the \~ day of ~ , 2007, before me, a Notary Public, the undersigned officer, personally appeared Mary E. Reneker (known to me or satisfactory proven) to be the person whose name is subscribed to the within instrument, and acknowledged that she executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. ~&wa '\liember, Pe'-,; Of Nota';;:; COMMONWEALTH OF PENNSYLVANIA SS. COUNTY OF CUMBERLAND On this, the \1<#1 day of ~ ,2007, before me, a Notary Public, the undersigned officer, personally appeared Linda R. Nopson (known to me or satisfactory proven) to be the person whose name is subscribed to the within instrument, and acknowledged that she executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. tiJs ~~ I ! Jennifer So I Carlisle Bo:r I My Comm!;io' 0 }jJc<mbar, P:-::. .".. ". -":.-:C'i:C COMMONWEALTH OF PENNSYLVANIA SS. COUNTY OF CUMBERLAND On this, the I~~day of rr~ ,2007, before me, a Notary Public, the undersigned officer, personally appeared John W. Neusbaum (known to me or satisfactory proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. Jeilnif8~ S. _. Carlisle BJr::. My Commi~;k:;; :. ;V;ember. Pe~. ,- '___'M'M___..~. . ::.~' ';y NOj2,:c. STATEMENT OF ACCOUNT LINDA R. NOPSON AND JOHN W. NEUSBAUM IN RE: ESTATE OF ELLEN M. NEUSBAUM ASSETS 1. Lot at Bellaire Park 2. Cottage, 231 Bellaire Park Road 3. 2006 Tax refunds 4. Riversource mutual funds 5. Highmark Rx refund 6. Highmark Premium Refund 7. Refund, Church of God Home 8. M & T Bank checking 9. Wachovia CD ending # 266 10. Wachovia CD ending # 943 11. Wachovia CD ending #830 12. Wachovia CD ending # 156 13. Wachovia CD ending #511 14. Ameriprise mutual fund ending # 002 15. Ameriprise mutual fund ending #002 16. Personal property at cottage 17. Wachovia checking account 18. Lititz Insurance refund cottage TOTAL ASSETS: $ 42,500.00 $ 85,000.00 $ 72.00 $ 1,200.00 $ 30.16 $ 177.90 $ 8,131.57 $ 3,882.21 $ 25,045.63 $ 40,043.24 $ 25,905.84 $ 1,150.01 $ 50,595.91 $140,584.95 $471,300.08 $ 2,002.50 $ 1,150.02 $ 35.00 $ 898,807.02 COSTS/FEES/RESERVE Funeral and Administrative Costs: Debts of decedent Cleared checks after death from M& T checking Attorney's Fees John Neusbaum- executor fee Linda Neusbaum- executor fee PA Inheritance Tax Reserve for final fees $ 4,321.64 $ 483.10 $ 125.85 $ 4,000.00 $ 2,500.00 $ 2,500.00 $39,900.00 $ 6.000.00 TOTAL COSTS: $ 59,830.59 "EXHIBIT A" "EXHIBIT A" 1. Total value real estate: $127,500.00 One-sixth to each child equals $21,250.00. The real estate was conveyed to Richard G. Neusbaum, Barbara A. Neusbaum, John W. Neusbaum & Linda R. Nopson. James L. Neusbaum and Mary E. Reneker are each owed $21,250.00 from the estate. 2. The personal property at the cottage totaled $2,002.50. One-sixth of the value of the personal property is $333.75. The personal property remained at the cottage and James L. Neusbaum and Mary E. Reneker were paid their one-sixth share of $333.75. 3. The Ameriprise mutual funds totaling $611,885.03 were transferred equally to the six children upon the death of Ellen M. Neusbaum. 4. The remaining balance in the estate checking account prior to current expenses totals $112,909.54. A. James L. Neusbaum and Mary E. Reneker will each be paid the sum of $21,250.00 from the remaining balance for their share of the real estate. B. The sum of $1,585.00 will be paid to O'Brien, Baric & Scherer as attorney's fees as the remainder of the balance owed. C. The sum of $2,500.00 will be paid to each executor for their service in administering the estate. D. The sum of $6,000.00 will be withheld from the present distribution for payment of 2007 income taxes, tax preparation fees and any other miscellaneous expenses that accrue to the estate. Any funds remaining in the estate checking account from the sum of $6,000.00 will be divided equally between the children. E. The balance remaining after current expenses is $57,824.54. Each heir will receive one-sixth of the remaining balance, which is $9,637.42.