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HomeMy WebLinkAbout80-00745 IN THE MATTER OF THE TRUST UNDER WILL OF HENRY MAIER, DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION No. 21-80-745 RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT FOR TERMINATION OF THE TRUST UNDER WILL OF HENRY MAIER. DECEASED THIS AGREEMENT (the "Agreement"), made as of this 20th day of February, 2008, is entered into by and among the hereinafter named persons (collectively, the "Parties"), namely Karen J. Laffey Hall and Stephen H. Laffey, in their individual and fiduciary capacities as more particularly described herein. All ofthe above-named natural persons, as beneficiaries, are hereinafter referred to collectively as the "Beneficiaries". ~.2 WITNESSETH: a THE CIRCUMSTANCES leading up to the execution of this Agreement area$fiWow~ ::"~I ~ -~'_J __ 1. Henry Maier (the "Decedent"), late of South Middleton Township, CUllnberlana':-) (...) 1..0 County, Pennsylvania, died testate on November 5, 1980. 2. On November 28, 1980, the Register of Wills of Cumberland County, Pennsylvania, issued Letters Testamentary for the Decedent's probate estate (the "Estate") to his daughter, Jane A. Maier Laffey, as executor ("Executor"). 3. By Article Third of the Decedent's Last Will and Testament dated April 28, 1952, and Codicils thereto dated December 5,1960, January 27,1970, and March 15,1977 (collectively, the "Will"), the Decedent established Trusts A and B under the Will for the benefit, inter alia, of his wife, Sophie V. Maier, his daughter, Jane A. Maier Laffey, and her issue, J Stephen H. Laffey and Karen J. Laffey Hall. Jane A. Maier Laffey, Stephen H. Laffey and Karen J. Laffey Hall were also appointed as the co-trustees of these Trusts. Trust A was terminated and combined with Trust B after the death of Sophie V. Maier, who died on July 18, 1986. The Trusts were funded with securities from the residue of the Estate, as described in a Family Settlement Agreement executed on December 6, 1983, and an informal accounting stated from the inception ofthe Estate to October 31, 1984. 4. Jane A. Maier Laffey, co-trustee, died on December 9,2006. The remaining co- trustees (collectively, the "Trustees") are Stephen H. Laffey and Karen J. Laffey Hall, who are also the Beneficiaries. 5. During her lifetime, Jane A. Maier Laffey, as co-trustee, was solely responsible for the administration of the Trust, including responsibility for the Trust's fiduciary income tax returns, investments and general record-keeping. Shortly before her death, the Trustees gradually assumed those responsibilities. The Trustees are therefore familiar with the financial records, income tax returns and other documents concerning the Trust or have had an opportunity to do so (all of which materials are hereinafter referred to collectively as the "Statements and Records"). 6. The Trust was not subject to federal estate tax nor Pennsylvania inheritance tax as a result of the death of Jane A. Maier Laffey. 7. The Trustees have prepared a Schedule of Distribution (the "Schedule"), which is attached hereto as Exhibit "A", and incorporated herein by this reference. The Schedule shows the division and subsequent distribution of the Trust's assets to the Beneficiaries. - 2 - NOW THEREFORE, in consideration of the foregoing, and intending to be legally bound hereby, the Beneficiaries and the Trustees (collectively, the "Parties"), for themselves, their heirs, personal representatives, successors, and assigns, hereby agree as follows, to wit: A. The Parties represent and warrant that they have read and understand this Agreement and confirm that the facts set forth above are true and correct, to the best of their knowledge, information and belief. B. The Beneficiaries acknowledge receipt of a copy of the Schedule, which is attached hereto as Exhibit A and incorporated herein by this reference. C. The Beneficiaries declare that they have had the opportunity to review the Statements and Records and based upon such examination (or upon their decision not to make such an examination), they are satisfied that they have sufficient information to make an informed waiver of their rights to a formal accounting of the Trust's prior administration, and do hereby waive the filing and auditing of the same by the Court. D. The Beneficiaries hereby accept the Schedule and the Statements and Records, examined or not, as if the same had been duly filed with the audited, adjudicated and confirmed absolutely by the Court. E. The Beneficiaries acknowledge that the distributive share or amounts specified on the Schedule is/are made to them in full satisfaction oftheir entitlements in the Trust, whether under the Will or otherwise. F. The Beneficiaries, severally and not jointly, agree to refund, on demand, all or any part of the aforesaid distributions to them, which have been determined by the Trustees, or either of them, or by the Court, or by any court of competent jurisdiction, to have been improperly made. G. The Beneficiaries absolutely and irrevocably remise, release, quit-claim and forever discharge the Trustees, including their respective attorneys, agents, employers, predecessors and assigns, of and from any and all actions, payments, accounts, reckonings, liabilities, claims and demands relating in any way to the Trust. H. The Beneficiaries acknowledge receipt of their distributive shares of the Trust, as shown on the Schedule. - 3 - I. The Beneficiaries, severally and not jointly, agree to indemnify and hold harmless the Trustees, and each of them, together with their respective attorneys, agents, employees, predecessors and assigns, from and against all claims, losses, liability or damage that may be asserted against the Trustees, or any of them, with respect to the matters set forth in this Agreement. J. The Parties acknowledge that this Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. K. The Parties consent to the Court exercising personal jurisdiction over them in any suit or action arising out of the enforcement of this Agreement. IN WITNESS WHEREOF, the Parties have executed the attached Consents to this Agreement, with the same to be effective for all purposes from the date first above written. - 4 - IN THE MATTER OF THE TRUST UNDER WILL, OF HENRY MAIER, DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION No. 2007-00169 CONSENT TO RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT FOR TERMINATION OF THE TRUST UNDER WILL OF HENRY MAIER. DECEASED THE UNDERSIGNED, Karen J. Laffey Hall, hereby consents to and joins in the Receipt, Release, Refunding and Indemnity Agreement For the Termination of the Trust Under Will of Henry Maier, Deceased (the "Release"), a copy of which, including Exhibit "A" thereto, has been provided to her. i'\~. . ! ~ t-kut KAREN J. L FEY AL~ STATE OF NEW JERSEY COUNTY OF H Lt ~t-\-ey Jet{) On this, the '~~ day of f\{.C\..'YCt-. ,2008, before me, the undersigned officer, personally appeared Karen J. Laffey Hall, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that she executed the same as her free and voluntary act, in the capacities indicated, for the purposes expressed therein. IN WITNESS WHEREOF, I have hereunto set my hand and official seal. ."I<AIJi!.\NA BHAKTA NOTflf1'l PUBLIC STAT!:: eif JERSEY MY COMMiS~,C'i "yu:qj=S SEPT 21, 2009 -~ c:::" .. ..... ......... ... '.' ...... .'. . NotaryPublic'" . ..,. ...- - 5 - IN THE MATTER OF THE TRUST UNDER WILL, OF HENRY MAIER, DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION No. 2007-00169 CONSENT TO RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT FOR TERMINATION OF THE TRUST UNDER WILL OF HENRY MAIER. DECEASED THE UNDERSIGNED, Stephen H. Laffey, hereby consents to andjoins in the Receipt, Release, Refunding and Indemnity Agreement For the Termination of the Trust Under Will of Henry Maier, Deceased (the "Release"), a copy of which, including Exhibit "A" thereto, has been provided to her. ~L~ STEp E H. LAFFEY . STATE OF MARYLAND COUNTY OFW'UJrntCeJ On this, the ~ day of ;/;Pi: l , 2008, before me, the undersigned officer, personally appeared Stephen . Laffey, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same as his free and voluntary act, in the capacities indicated, for the purposes expressed therein. IN WITNESS WHEREOF, I have hereunto set my hand and official sea - - ~ KATHERINE ELAINE DRYDEN Notary PublIc WIcomico COW\1y Maryland My ConmuIon Explrea Apt 1, 2009 - 6 - Henry Maier Trust Schedule of Distribution Shares Security Cusip # Dist. M.V. Distribution to Karen L. Hall: 1,910.813 Calamos Growth Fund CI A 128119104 $ 59,789.34 8,283.872 Calvert Social inv CI I 131582751 $ 106,696.27 13,300.099 Causeway Inti Val Ins 14949P208 $ 263,075.96 3,986.461 Crm Mid Cap Instl 12628J105 $ 46,442.27 15,146.591 Eaton Vance Nat Muns- A 27826L330 $ 181,456.16 3,101.987 Harbor Sml Cap Value Fd- I 411511694 $ 64,242.15 1,066.659 Harris Assoc Oakmark I 413838830 $ 27,306.47 1,945.362 Hartford Fort Sm Cap A 416528537 $ 33,246.24 4,875.339 Janus MD Cap Val fd Inst 47102S841 $ 90,047.51 6,348.774 Julius Baer Inti Eq Fd CII 481370500 $ 276,362.13 1,122.219 Legg Mason Agg Grth CI Y 52468C406 $ 132,275.95 5,622.981 Nuveen Multi-Cap Value CI R 67064Y768 $ 137,706.80 7,250.018 Pimco Comm Real Ret Inst 722005667 $ 103,602.76 2,843.563 T Rowe Price Real Estate Fd 779919208 $ 74,728.84 2,967.324 Wells Fargo Adv Entpr I 949915391 $ 93,678.42 41.889 Eaton Vance Nat Muns- A 27826L330 $ 495.55 Cash $ 175,000.00 Total Distribution $ 1,866,152.82 Distribution to Stephen H. Laffey: 1,910.813 Calamos Growth Fund CI A 128119104 $ 59,789.34 8,283.872 Calvert Social inv CII 131582751 $ 106,696.27 13,300.099 Causeway Inti Val Ins 14949P208 $ 263,075.96 3,986.461 Crm Mid Cap Instl 12628J105 $ 46,442.27 15,146.591 Eaton Vance Nat Muns- A 27826L330 $ 181,456.16 3,101.987 Harbor Sml Cap Value Fd- I 411511694 $ 64,242.15 1,066.659 Harris Assoc Oakmark I 413838830 $ 27,306.47 1,945.362 Hartford Fort Sm Cap A 416528537 $ 33,246.24 4,875.339 Janus MD Cap Val fd Inst 47102S841 $ 90,047.51 6,348.774 Julius Baer Inti Eq Fd CII 481370500 $ 276,362.13 1,122.219 Legg Mason Agg Grth CI Y 52468C406 $ 132,275.95 5,622.981 Nuveen Multi-Cap Value CI R 67064Y768 $ 137,706.80 7,250.018 Pimco Comm Real Ret Inst 722005667 $ 103,602.76 2,843.563 T Rowe Price Real Estate Fd 779919208 $ 74,728.84 2,967.324 Wells Fargo Adv Entpr I 949915391 $ 93,678.42 Cash $ 500.00 Cash $ 175,000.00 Total Distribution $ 1,866,157.27 Henry Maier Trust: Cash Reseves for Taxes $ 76,640.77 Total Cash Reserves $ 76,640.77 SMGarcia 6/27/07 Exhibit "A"