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Home My WebLink About09-23-08 IN RE: ESTATE OF VIOLA E. McPHERSON, Deceased IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION N0.2007-00502 c-~ ~.O ~~ cn FAMILY SETTLEMENT AGREEMENT ` -'-' ~' },- - N GJ ^, "'Q - - ~~ THIS SETTLEMENT AGREEMENT (the "Agreement") made this _~ day ~f N September, 2008, by and among, Gregory A. McPherson, Executor (the "Executor") of the Est~l'e of Viola E. McPherson (the "Estate"), and Gregory A. McPherson, JoAnne Kidman, Cindy Miller, Cheryl Mowery, Wendy Jo Swartz, and Gwen Waldon, as beneficiaries of the Estate (collectively, the "Beneficiaries"). The Executor and Beneficiaries are sometimes referred to in this Agreement as the "Parties". In accordance with their desire that administration of the Estate be terminated without further expense and delay, the Parties, in consideration of the mutual covenants herein expressed, and intending to be legally bound hereby agree that: 1. The Estate of Viola E. McPherson, who died May 8, 2007, is now in the process of administration. Letters Testamentary were duly granted to the Executor by the Register of Wills of Cumberland County, Pennsylvania on May 21, 2007. 2. The Parties acknowledge that the Executor has received the Assets of the Estate (the "Assets") and paid all claims against the Estate set forth in the Accounting of the Executor, a copy of which is attached hereto and made a part hereof as Exhibit A, and the parties approve the said Accounting in its entirety. 1 - ~~ ~~ ~~ -, J/V 3. The decedent's Will provides for the residuary assets of the Estate to be distributed to the Beneficiaries in the fractional shares set forth opposite their names: Gregory A. McPherson 1/6 JoAnne Kidman 1/6 Cindy Miller 1/6 Cheryl Mowery 1 /6 Wendy Jo Swartz 1/6 Gwen Waldon 1/6 4. The Beneficiaries hereto agree that the remaining Assets have or shall be distributed according to the Will, as set forth in the Schedule of Distribution of the attached Account. Without intending to limit the rights or remedies of the Beneficiaries, the Beneficiaries agree to indemnify the Executor save him harmless from and against all liability, loss, and expense (including, but not limited to, costs and counsel fees) which the Executor may incur, as a result of making the above described distributions according to the terms of the Will. 5. The beneficiaries hereto agree to refund to the said Estate a pro rata share of any amount up to the amount of their respective distribution which may be necessary in the future to discharge any and all liabilities of the Estate heretofore undisclosed or unasserted that may arise and come to the attention of the Executor. 6. The Beneficiaries, and each of them, hereby forever fully release, compromise, settle and discharge any and all claims, demands, actions or causes of action, legal or equitable, absolute or contingent, vested or hereafter to accrue, which any of them may have against the Executor or against the Estate by reason of any matter, cause or thing growing out of or relating to 2 any Assets, or growing out of or relating to any act of the Executor in the administration of the Estate, and agree that any period for the limitation of actions for the collection of any erroneous distribution or distributions shall commence only at such time as the Executor shall have obtained actual knowledge of such erroneous distribution or distributions and that in no event shall the period for collection of any erroneous distribution or distributions be less than two years after the actual discovery thereof by the Executor. 7. The Beneficiaries agree to execute a Receipt and Release in order to confirm the distribution of the Residuary Assets in accordance with the terms and conditions of this Agreement. 8. Any release which applies to the Executor shall apply also to any fiduciary who may have been or may be appointed in connection with any ancillary administration. 9. This Agreement may be executed in multiple counterparts and, when so executed, shall be binding upon the Parties, and their respective heirs, next of kin, personal representatives and assigns. [INTENTIONALLY LEFT BLANK] [SIGNATURES FOLLOW ON SEPARATE PAGE] 3 INTENDING TO BE LEGALLY BOUND, the Parties have hereunto set their hands and seals the day and year first above written. t ~ Gregory . M herson, xecutor of the Estate o Vi a E. McPherson ego A. cPherson JoAnne Kidman Wendy Jo Swartz Cheryl Mowery Cindy Miller Gwen Waldon 4 INTENDING TO BE LEGALLY BOUND, the Parties have hereunto set their hands and seals the day and year first above written. Gregory A. McPherson, Executor of the Estate of Viola E. McPherson > ~ --~ Jo e 'dman Gregory A. McPherson Cindy Miller Wendy Jo Swartz Cheryl Mowery Gwen Waldon 4 INTENDING TO BE LEGALLY BOUND, the Parties have hereunto set their hands and seals the day and year first above written. Gregory A. McPherson, Executor of the Estate of Viola E. McPherson JoAnne Kidman Gregory A. McPherson Cindy Mille Wendy Jo Swartz Cheryl Mowery Gwen Waldon 4 INTENDING TO BE LEGALLY BOUND, the Parties have hereunto set their hands and seals the day and year first above written. Gregory A. McPherson, Executor of the Estate of Viola E. McPherson Gregory A. McPherson JoAnne Kidman .~ endy Jo z Cheryl Mowery Cindy Miller Gwen Waldon 4 INTENDING TO BE LEGALLY BOUND, the Parties have hereunto set their hands and seals the day and year first above written. Gregory A. McPherson, Executor of the Estate of Viola E. McPherson Gregory A. McPherson JoAnne Kidman Wendy Ja Swartz Cheryl Mowery 4 INTENDING TO BE LEGALLY BOUND, the Parties have hereunto set their hands and seals the day and year first above written. Gregory A. McPherson, Executor of the Estate of Viola E. McPherson Gregory A. McPherson JoAnne Kidman Wendy Jo Swartz ~~ ~.~ ~ hv~ Cheryl Mowery Cindy Miller Gwen Waldon 4 SUMMARY OF ACCOUNT Estate of Viola E. McPherson, Deceased For the period of Mav 8 2007 through Julv 31 2008 PAGES PRINCIPAL Receipts: This Account 2 Net Gain (or Loss) on Sales 407,301.48 or Other Dispositions 4 0.00 Less Disbursements: 407,301.48 Debts of Decedent 5 201 88 Funeral Expenses 5 8,613.40 Administration Expenses 6 9,859.97 Federal, State 8 Local Taxes 9 15,608.75 Commissions 0.00 Fees 10 5,557.50 Family Exemption 0.00 39,841.50 Balance Before Distributions 367,459.98 Transfer to (from) Principal Distributions to Beneficiaries 11 0.00 155,900.00 Principal Balance on Hand - 211,559.98 For Information: Investments Made Changes in Holdings - INCOME Receipts This Account 12 1,436.04 Net Gain (or Loss) on Sales 0.00 or Other Dispositions 1,436.04 Less Disbursements 0.00 Balance Before Distributions 1,436.04 Transfer to (from) Income 0.00 Distributions to Beneficiaries 0.00 Income Balance on Hand - 1,436.04 For Information: Investments Made Changes in Holdings COMBINED BALANCE ON HAND Signature - 212,996.02 Verification - EXHIBIT SCHEDULE A RECEIPTS OF PRINCIPAL Assets Listed in Inventory (Valued as of Date of Death) Cash 2007 County/Township real estate tax 44.93 reimbursement Additional funds from date of death balance to 895.92 closing of accounts deposited into Estate checking account Internal Revenue Service - 2006 income tax 111.00 refund Lebanon Mutual Insurance Company -refund of 18.00 M8~T Bank Checking Account No. 50566091 - 597.26 valued per letter dated 6/7/07 M$T Bank Checking Account No. 50566091, 0.01 accrued interest -valued per letter dated 6/7/07 M8~T Bank Savings Account No. 30.259.35 015004205368530 -valued per letter dated 6/7/07 M$T Bank Savings Account No. 8.65 015004205368530, accrued interest -valued per letter dated 6/7/07 PSERS -April 2007 uncashed check 310.33 PSERS -partial May 2007 retirement benefit 113.42 Social Security Administration -April 2007 943.78 uncashed check Sovereign Bank Certificate of Deposit No. 109,926.08 0575385596 -valued per letter dated 6/13/07 Sovereign Bank Certificate of Deposit No. 135.01 0575385596, accrued interest -valued per letter dated 6/13107 Sovereign Bank Certificate of Deposit No. 107,388.07 0925157620 -valued per letter dated 6/13/07 Sovereign Bank Certificate of Deposit No. 126.78 0925157620, accrued interest -valued per letter dated 6/13/07 Sovereign Bank Certificate of Deposit No. 86,600.40 0925159139 -valued per letter dated 6/13/07 Fiduciary Acquisition Value -2 - SCHEDULE A RECEIPTS OF PRINCIPAL Continued Fiduciary Acquisition Value Sovereign Bank Certificate of Deposit No. 80.72 0925159139, accrued interest -valued per letter dated 6/13/07 Sovereign Bank Savings Account No. 8,936.19 0354002685 -valued per letter dated 6/13/07 Sovereign Bank Savings Account No. 5.58 0354002685, accrued interest -valued per letter dated 6/13/07 Total Cash 346.501.48 Personal Property 1987 Buick Regal Limited Coupe 2D -valued per 400.00 Kelly Blue Book Miscellaneous personal property -valued per 500.OD Executor Total Personal Property 900.00 Real Estate Real estate located at 447 Second Street, East 59,900.00 Pennsboro Township, Cumberland County, PA - valued per sales price Total Real Estate 59,900.00 Total Receipts 407,301.48 Total Receipts of Principal 407,301.48 - 3- SCHEDULE B GAINS AND LOSSES ON SALES OR OTHER DISPOSITIONS -PRINCIPAL Gain Loss 09/24/2007 Real estate located at 447 Second Street, East Pennsboro Township, Cumberland County, PA Gross Proceeds 59,900.00 Fiduciary Acquisition Value -59,900.00 0.00 TOTAL GAINS AND LOSSES/PRINCIPAL LESS LOSS NET GAIN OR LOSS 0.00 0.00 -4- SCHEDULE C DISBURSEMENTS OF PRINCIPAL Debts of Decedent Pinnacle Health 08/09/2007 Verizon 05/29/2007 unreimbursed medical bill 37.76 telephone service for residence 17.60 37.76 17.60 West Shore EMS 08/09/2007 Giant 05/12/2007 Gins~rich Memorials 07/26/2007 Sullivan Funeral Home 05/25/2007 unreimbursed ambulance bill Total Debts of Decedent Funeral Expenses food for funeral reception 49.40 memorial engraving 125.00 125.00 funeral services 8,289.00 146.52 146.52 201.88 49.40 -5- SCHEDULE C DISBURSEMENTS OF PRINCIPAL Continued 8,289.00 West Fairview Lesion 05/12/2007 food for funeral reception Total Funeral Expenses Administration Expenses Annette Mvers 09/24/2007 notary fees for real estate settlement 150.00 150.00 8,613.40 10.00 10.00 BBEC 09/24/2007 electrical service call Brian Swartz 08/09/2007 house repairs 8 painting for banister that was broken to remove personal property 10/01/2007 trash removal Comcast 07/26/2007 cable service for residence Cumberland Law Journal 07/26/2007 estate notice advertisement fee 77.00 77.00 85.00 50.00 135.00 28.23 28.23 75.00 -6- SCHEDULE C DISBURSEMENTS OF PRINCIPAL Continued Debbie Lupold, Tax Collector 09/24/2007 2007-08 school real estate taxes (less 147.26 reimbursement) East Pennsboro Township 07/26/2007 sewer service for residence (less reimbursement) Enders Insurance 08/09/2007 homeowners insurance premium James Shearer, Jr. 10/01/2007 lawn maintenance James Shearer Sr. 10/01/2007 trash removal Joan McPherson 08/09/2007 house cleaning 8~ supplies M.F. Rockev Moving Company 10/18/2007 moving expenses 107.50 341.09 220.00 50.00 186.64 461.84 75.00 147.26 107.50 341.09 220.00 50.00 186.64 -7- SCHEDULE C DISBURSEMENTS OF PRINCIPAL Continued 461.84 PAWC 07/26/2007 water service for residence 55.18 08/28/2007 water service for residence 18.52 10/18/2007 water service for residence 29,48 103.18 PPL 07/26/2007 electric service for residence 147.08 08/28/2007 electric service for residence 65.32 10/18/2007 electric service for residence 39.33 251.73 Recorder of Deeds, Cumberland Countv 09/24/2007 realty transfer tax 599.00 599.00 Resister of Wills. Cumberland Count 05/21/2007 probate fee 360.00 10/18/2007 fee for short certificates 12.00 11/16/2007 filing fee for Return $ Inventory 30.00 01/03/2008 additional probate fee 100.00 RSR Realtors 09/24/2007 09/24/2007 real estate sales commission appraisal fee 4,193.00 300.00 502.00 4,493.00 -8- SCHEDULE C DISBURSEMENTS OF PRINCIPAL Continued Steven H. Travers 09/24/2007 seller's assistance 1,797.00 1,797.00 The Sentiel 07/26/2007 estate notice advertisement fee 110.74 110.74 Verizon 07/26/2007 telephone service for residence 08/09/2007 telephone service for residence 10/18/2007 telephone service for residence 47.31 16.98 16.97 81.26 Wendv Swartz 08/09/2007 house cleaning Total Miscellaneous Administrative Expenses Federal, State, and Local Taxes Register of Wills. Agent 07/26/2007 prepayment of PA Inheritance Tax 11/15/2007 prepayment of PA Inheritance Tax Total Taxes 82.50 82.50 9,859.97 14,000.00 1,608.75 15,608.75 15,608.75 -9- SCHEDULE C DISBURSEMENTS OF PRINCIPAL Continued Fees James, Smith. Dietterick ~ Connelly LLP 01/03/2008 attorney fees 2,307.50 2,307.50 Pecht & Associates. PC 02/12/2008 attorney fees Total Fees TOTAL DISBURSEMENTS OF PRINCIPAL 3,250.00 3,250.00 5,557.50 39,841.50 -10- SCHEDULE D DISTRIBUTIONS OF PRINCIPAL 05/27/2007 Cheryl Mowery -partial distribution 10,000.00 05/27/2007 Cheryl Mowery -distribution of personal 83.34 property 05/27/2007 Cindy Miller -partial distribution 10,000.00 05/27/2007 Cindy Miller -distribution of personal property 83.33 05/27/2007 Cindy Miller -distribution of 1987 Buick 400.00 05/27/2007 Gregory McPherson -partial distribution 10,000.00 05/27/2007 Gregory McPherson -distribution of personal 83.33 property 05/27/2007 Gwen Waldon -partial distribution 10,000.00 05/27/2007 Gwen Waldon -distribution of personal property 83.33 05/27/2007 JoAnne Kidman -partial distribution 10,000.00 05/27/2007 JoAnne Kidman -distribution of personal 83.34 property 05/27/2007 Wendy Swartz -partial distribution 10,000.00 05/27/2007 Wendy Swartz -distribution of personal property 83.33 08/28/2007 Cindy Miller -partial distribution 5,000.00 11/30/2007 Gregory McPherson -partial distribution 30,000.00 12/07/2007 Cindy Miller -partial distribution 30,000.00 12/10/2007 Wendy Swartz -partial distribution 30,000.00 155,900.00 TOTAL DISTRIBUTIONS TO BENEFICIARIES 155,900.00 -11- SCHEDULE G RECEIPTS OF INCOME Interest/Bank AmeriChoice Federal Credit Union 12/31/2007 YTD interest per December 31, 2007 statement 814.03 01/31/2008 interest 91.64 02/29/2008 interest 84.86 03/31/2008 interest 90.19 04/30/2008 interest 87.32 05/31/2008 interest 90.27 06/30/2008 interest 87.39 07/31/2008 interest 90.34 1,436.04 TOTAL BANK INTEREST TOTAL RECEIPTS OF INCOME 1,436.04 1,436.04 -12- ao~~~ a~ ~ o~~ a~ ~~°~ m ~ ~ O ~ ~m c~ c~ ~ ao.~~ ~ ~ aa~~ ~ o m ~ ~ n~i v v ~ ~ ~ ~ v ? ~ ~ ~ ~ `~ v ~ a ~ ~ ~ ~~ ~ ~ ~ ~~ a ~ ~ ~ ~ ~ ~ Q v ~ a c (D ~ N .O+• ~ .O•-, ~ rfn-r ~ ~ C ~ = (n ~ ~ C .yr .~• C ~ ~' C Q O a' ~ ~ ^': ~• CD Q°~NCp~ ~ ~N~ ~ O = ~N~ N~ O~~ N~ p~~~~~ N O O N p~ v ~ O N O O O O N O~ ~ O O O O O ~I \ ~• v O V N ~ v 00 ~ C\J7 ~ V o ~ 00 O ~ V O W U7 OD OD O N W W W .~ ~ ~ ~ ~ ~ CO OOOU1 OOOOOOUt 0000 OOOOOOCO 0 0 0 0 0 W W W W G~J W O O O O O O ODD 00000 WWp(W(~j(~j.WpOOOOOON ~ O o v ~ rrrrNNDD fD (D (D (D O O ~ n N rt '~ ~ O f/1 V! fn fA O O ~ c c _ ~1 c~ ?~ ~ ~ ~ ~ ~„ ~ ~ ~ ~ rn ~ WO ~`C L N ~ O0 ~~ C ~ • N -., ~ O OOC~ ~ ° .max O O r- rn , o °- Q~ ~, ~ ~~~ ~ O -'~ CA D ~. 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