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HomeMy WebLinkAbout08-24-04 SECOND INTERIM ACCOUNT OF LAWRENCE C. HULL, EXECUTOR FOR ESTATE OF HERBERT L. HULL, DECEASED File Number: Date of Death: Date of Executor's Appointment: Dates of Advertisement: Cumberland Law Journal The Patriot News Account Stated To: 21-02-00515 October 29, 2001 June 28, 2002 July 19th & July 26th & August 2ha, 2002 July 23rd & 30th & August 6th, 2002 July 31, 2004 Purpose of Account: Lawrence C. Hull, Executor, offers this Account to acquaint interested parties with the transactions that have occurred during his administration to the Account date indicated. The Account also indicates the proposed distribution of the estate. 5235 Meadowbrook Drive, Mechanicsburg, PA 17050 (717 554-3496 , S~tt M. D~'~er, Esq.n~r5'3353 3117 Chestnut Street Camp Hill, PA 17011 (717) 761-5800 SUMMARY OF ACCOUNT PRINCIPAL Receipts: Income from Interest & Dividends Net Income from Commercial Building after Distributions Net Gain/(Loss) on Sale of Securities Net Gain/(Loss) on Sale of Commercial. Bldg. Net Gain/(Loss) on Sale of Pets. Residence Net Gain/(Loss) on Sale of 304 April Drive. Refunds Net Gain on Sale of Cap. Realty Ptnr. Total Receipts of Principal Current Value $14,252.61 (17,005.52) (5,513.01) 3,129.22 (12,017.99) 4,617.21 3,822.62 390.00 Fiduciary Acquisition Value $2,041,007.37 (8,324.86) $2,032,682.51 Less Disbursements: Administrative Expenses Debts of Decedent Funeral Expenses Specific Bequests Fees & Commissions Federal & State Taxes Distributions to Beneficiaries Total Disbursements $86,276.32 36,238.28 7,083.00 105,000.00 186,461.19 959,207.89 100,500.00 $1,480,766.68 PRINCIPAL BALANCE $ 551,915.83 RECEIPTS OF PRINCIPAL Cash: Commerce Bank Checking Acct. Assets Listed In Inventory (Valued as of Date of Death) $31,163.00 Fiduciary Acquisition Value $31,163.00 Tangible Personal Property,: 1993 Lincoln Continental 1992 Chevrolet Suburban Personal Property-Lycoming County Personal Property-Fairview Rd. Hunting & Fishing Trophies-Fairview Rd. Personal Property-Lake Meade $ 3,300.00 2,500.00 9,680.00 7,639.00 15,691.00 4,974.00 $43,784.00 Securities: 2,297 shs. Wachovia Bank, common 2,281 shs. Alliant Energy, common 5,096.643 shs MFS Global Eqty Fd C1A 25.5 shs. MFS Muni Income Fd CIA 163 shs. Fidelity Fund 124 shs. Wisconsin Public Svc. Corp., common 68 shs. General Motors Corp., common 20 shs. New England Utilities, common 24 shs. EDS Corp., common 480 shs. IBM Corporation, common 3,097 shs. Pennsylvania Conmaerce Bancorp, common 250 North Penn PA G/O S.D. municipal bonds 250 Bangor PA G/O Area S.D. municipal bonds 200 Phila Pa Auth Ind Dev municipal bonds $ 67,853.00 67,039.00 91,485.00 215.00 3,928.00 4,189.00 2,952.00 357.00 1,537.00 52,469.00 104,926.00 26,563.00 25,575.00 19,300.00 Securities [con't.]: 10 units ML Media Partnership 10 units Capital Realty Investors IV L.P. 1,078.353 shs. Scudder Managed Muni Bd Fd C1 A 100 State of FL Bd. Of Ed. Cap. Outlay muni. bonds 200 PA Higher Ed U of PA Rev muni. bonds $ 7,080. 00 330.00 9,932.00 10,000.00 20,000.00 $515,730.00 Real Estate: Single Family Dwelling, 2820 Fairview Rd., Camp Hill, PA 17011 Single Family Dwelling, 186 Lake Meade Drive East Berlin, PA Single Family Dwelling, 149.03 Acres in Jackson Twp, Lycoming County PA Single Family Dwelling, 304 April Drive Camp Hill, PA 17011 2.02 Acres, Susquehanna Twp, Dauphin County PA Lot No. 3 in phase 1 ofi81/83 Bus. Complex Commercial Building Erected Thereon: 2570 Interstate Dr., Harrisburg PA 178,000.00 158,000.00 164,000.00 124,000.00 640,000.00 $1,264,000.00 TOTAL INVENTORY $1=854.677.00 $1.854.677.0~0 Receipts Subsequent to Inventory: Share of Winake Lodge 1,311.047 shs. Fidelity Fund 1,661 shs. ML CMA Tx-Exempt Fund 170 shs. AT&T, common 235.061 shs. General Motors, common Total Adjustments to Carrying Values: Commeme Bank Uncleared Checks Proceeds from Life Insurance Trust (Non-Probate) Total Adjustments to Principal $ 2,000.00 31,597.00 1,661.00 5,362.00 10,204.00 $50,824.00 8593.62 126,912.75 186,330.37 TOTAL RECEIPTS OF PRINCIPAL $2.041.007.37 $2.041.007.3~7 INCOME AND EXPENSES - COMMERCIAL BUILDING Rental Income from Trane Company Less: Real Estate Taxes Insurance Repairs & Electricity Net Income 20,792.60 5,852.25 2,066.41 $23~,531.01 28,711.26 $210,819.75 Income Distributions to Residuary Beneficiaries: Tracy Hull 75,941.76 Marcia Hull 75,941.76 Lawrence Hull 75,941.75 $227,825.27 Net Income after Distributions ($17,005.52) GAINS AND LOSSES ON SALES OR OTHER DISPOSITIONS _Gain Loss 07/15/02 07/15~02 07/17/02 07/17~02 07/17~02 07/17~02 07/18~02 07~22~02 07~23~02 07~23~02 25.825 shs. MFS Municipal Fd. mutual fund Net proceeds Fiduciary Acquisition Value 4,267 shs. ML CMA Tax Exempt Fd. money market Net proceeds Fiduciary Acquisition Value 5,096.643 shs. MFS Global Equity mutual fund Net proceeds Fiduciary Acquisition Value 250 North Penn, S.D., PA GlO municipal bonds Net proceeds Fiduciary Acquisition Value 200 Phila, PA IDA municipal bonds Net proceeds Fiduciary Acquisition Value 250 Bangor Area S.D., PA G/O municipal bonds Net proceeds Fiduciary Acquisition Value 1,078.353 shs. Scudder Mgd Muni. mutual fund Net proceeds Fiduciary Acquisition Value 300 shs. Pennsylvania Commerce Bancorp, Inc. common Net proceeds Fiduciary Acquisition Value 200 sbs. Pennsylvania Commerce Banoorp, Inc. common Net proceeds Fiduciary Acquisition Value 200 shs. International Business Machines common Net proceeds Fiduciary Acquisition Value $208.00 $215.00 $4,267.00 $4,267.O0 $85,726.00 $91,485.00 $26,500.00 $26,563.OO $19,600.00 $19,300.00 $25,250.00 $25,575.00 $9,986.00 $9,932.00 $13,835.58 $9,682.53 $9,215.72 $6,455.02 $14,509.56 $21,862.00 $300.00 $54.00 $4,153.05 $2,760.70 $7.00 $5,759.00 $63.00 $325.00 $7,352.44 GAINS AND LOSSES ON SALES OR OTHER DISPOSITIONS 07/30~02 08~06~02 08~07~02 08~09~02 08/13/02 08/19/02 09/03102 09/09/02 09/12~02 10/23/02 280 shs. International Business Machines common Net proceeds Fiduciary Acquisition Value 300 shs. Pennsylvania Commerce Bancorp, Inc. common Net proceeds Fiduciary Acquisition Value 600 shs. Wachovia Corp common Net proceeds Fiduciary Acquisition Value 200 shs. Pennsylvania Commerce Bancorp common stock Net proceeds Fiduciary Acquisition Value 294 shs. Wachovia Corp common Net proceeds Fiduciary Acquisition Value 300 shs. Pennsylvania Commerce Bancorp common stock Net proceeds Fiduciary Acquisition Value 200 PHEA (UoPa) Revenue municipal bonds Net proceeds Fiduciary Acquisition Value 200 shs. Pennsylvania Commerce Bancorp common stock Net proceeds Fiduciary Acquisition Value 200 shs. Pennsylvania Commerce Bancorp common stock Net proceeds Fiduciary Acquisition Value 300 shs. Pennsylvania Commerce Banoorp common stock Net proceeds Fiduciary Acquisition Value $19,673.99 $3O,6O6.8O $13,490.58 $9,682.53 $20,609.37 ~17,724.00 $9,279.72 $6,455.O2 $10,350.64 $8,684.76 $13,010.58 $9,682.53 $20,000.00 $20,000.00 $8,435.74 $61455.02 $8,435.74 ~6,455.02 $11,962.62 ~9,682.53 Gain $3,808.05 $2,885.37 $2,824.70 $1,665.88 $3,328.05 $1,980.72 $1,980.72 $2,280.09 Loss $10,932.81 GAINS AND LOSSES ON SALES OR OTHER DISPOSITIONS 11/01/02 11 / 12/02 01/23/03 02/03/03 04/17/03 05/29/03 05/29/03 08/10/03 08/30/03 09/17/03 1,403 shs. Wachovia Corp common Net proceeds Fiduciary Acquisition Value 300 shs. Pennsylvania Commerce Bancorp common stock Net proceeds Fiduciary Acquisition Value 300 shs. Pennsylvania Commerce Bancorp common stock Net proceeds Fiduciary Acquisition Value 300 shs. Pennsylvania Commerce Bancorp common stock Net proceeds Fiduciary Acquisition Value 100 FL State md. of Ed. C/O municipal bonds Net proceeds Fiduciary Acquisition Value 200 shs. Pennsylvania Commerce Bancorp common stock Net proceeds Fiduciary Acquisition Value 1,500 shs. Alliant Energy Corp. common Net proceeds Fiduciary Acquisition Value Personal property Net proceeds Fiduciary Acquisition Value Membership in Winake Lodge Net proceeds Fiduciary Acquisition Value 250 shs. Alliant Energy Corp. common Net proceeds Fiduciary Acquisition Value Gain $50,565.00 $41,444.00 $9,121.00 $12,480.62 $9,682.53 $2,798.09 $11,785.64 $9,682.53 $2,103.11 $11,890.64 $9,682.53 $2,208.11 $10,680.00 $10,000.00 $680.00 $7,589.84 $6,157.07 $1,432.77 $29,559.60 $44,O85.OO $9,771.00 $22,833.00 $2,000.00 $2,000.00 $5,488.24 $7,347.50 Loss $14,525.40 $13,062.00 $1,859.26 GAINS AND LOSSES ON SALES OR OTHER DISPOSITIONS 10/31/03 10/31/03 10/31/03 10/31/03 10/31/03 10/31/03 12/31/03 01/20/04 02/13/04 02/20/04 168 shs. Pennsylvania Commerce Bancorp common stock Net proceeds Fiduciary Acquisition Value 531 shs. Alliant Energy Corp. common Net proceeds Fiduciary Acquisition Value 164.915 shs. Fidelity Fund Net proceeds Fiduciary Acquisition Value 24 shs. EDS Corp. common Net proceeds Fiduciary Acquisition Value 68 shs. General Motors Corp. common Net proceeds Fiduciary Acquisition Value 124 shs. WPS Resources Corp. common Net proceeds Fiduciary Acquisition Value Personal property Net proceeds Fiduciary Acquisition Value NewsCorp/Hughes Electronics fractional shares - common stk. Net proceeds Fiduciary Acquisition Value 235.061 shs. General Motors Corp. common Net proceeds Fiduciary Acquisition Value** 9 shs. Hughes Electronics Corp. common Net proceeds Fiduciary Acquisition Value** Gain $7,263.70 $5.171.93 $2,091.77 $12,688.46 $15.606.09 $4,362.00 $3,975.00 $387.00 $492.05 $1,537.05 $2,895.54 $2,951.54 $5,452.78 $4,188.78 $1,264.00 $20,531.00 $20.951.00 $17.32 $0.00 $17.32 $11,530.33 $10.204.00 $1,326.33 $137.56 $137.56 $0.00 Loss $2,917.63 $1,045.00 $56.00 $420.00 GAINS AND LOSSES ON SALES OR OTHER DISPOSITIONS 02/23/04 04101104 36.915 shs. AT&T Corporation common Net proceeds Fiduciary Acquisition Value 1,311.047 shs. Fidelity Fund Net proceeds Fiduciary Acquisition Value $714.69 $5.362.00 $37,605.01 $31,597.00 Gain $6,008.01 Loss $4,647.31 TOTAL GAINS AND LOSSES NET (LOSS) TRANSFERRED TO SUMMARY $57,458.84 $62,971.85 ($5,513.01) Sale Commercial Building 2570 Interstate Drive Contract Sale Price Settlement Charges: Commission Transfer Tax $49,000.00 7,000.00 Less: Fiduciary Acquisition Value RealEstate Taxes Collected $9,141.00 Real Estate Taxes Refunded (8,345.74) Sewer Payment 75.52 $ 700,000.00 $56,000.00 $ 644,000.00 ($ 640,000.00) (870.78) Net Gain on Sale $ 3,129.22 Sale Personal Residence 2820 Fairview Road Contract Sale Price Settlement Charges: Commission $10,295.00 Transfer Tax 1,780.00 Other Settlement Chgs. 642.05 Less: Fiduciary Acquisition Value Loss on Sale Real Estate Taxes Collected $2,825.47 Real Estate Taxes Refunded (2,078.41) Sewer Refund (48.00) Adjusted Loss $178,000.00 12,717.05 $165,282.95 178,000.00 $ (12,717.05) 699.06 $ (12,017.99) Sale Personal Residence 304 April Drive Contract Sale Price per HUD-1 settlemem stmt. Settlemem Charges: Closing cost credit to buyers Commission ~ 6% Transfer Tax ~ 1 Other Settlement Charges Net Proceeds Fixing Up Expenses ** Proceeds After Fixing Up Expenses Date of Death Value Gain on Sale 4,560.00 9,215.00 1,520.00 231.94' $152,000.00 15,526.94 $136,473.06 7,855.85 $128,617.21 $124,000.00 $4,617.21 notary fees 6.00 attorney's fees 405.00 transaction fee 125.00 credit for taxes (304.06) 231.94 * Roof repairs $3,150.00 Repairs & Maim. 2,031.93 HVAC Svcs. 754.59 Electrical Svcs. 1,682.81 Miscellaneous 236.52 $7,855.85 ** REFUNDS Deposit 7/02/02 7/02/02 7/03/02 7/03/02 8/06/02 8/07/02 9/05/02 2/04/03 11/07/03 12/05/03 12/05/03 1/20/04 1/20/04 4/29/04 6/25/04 Date Payor PA. Dept. of Revenue $ 66.82 Capital Blue Cross 212.30 Adams Elect Co-op 37.10 The Patriot-News 19.55 Comm TeleCo. 1.82 Bank Chg. (CM) 18.00 Traveler's Ins. 709.00 Traveler' s Ins. 162.32 Traveler's Ins. 20.00 L.M. Homeowners Assn 40.00 Pearless Ins. Co. 2,362.00 Adams Elect Co-op 29.89 Adams County Tax 17.90 Adams County Tax 77.28 PP&L Utilities 48.64 Total $3,822.62 ADMINISTRATIVE EXPENSES Cumberland Law Joumal-Legal Advertising Duty's Locksmith - Open File Cabinet National Tire & Battery - Tires for Lincoln L.B. Smith-Repairs & Insp. For Lincoln Various - Suburban Expenses United Refrigeration - Gauges & Hoses A/C - Home Department of Health - Death Certs. Emerald Auction & Appraisal-Appraisal of Personal Property The Patriot News Co. - Legal Advertising Vital Records - Death Certificates Register of Wills - Probate Fees Commonwealth of PA - Auto Reg. Foremost Insurance Co. - Insurance Cumberland Law Journal - Legal Advertising Scott M. Dinner Esq. - Miscellaneous Expenses Travelers Ins. - Auto Ins. Mark Heckman, Appraiser - Appraisal of Lake Meade Mark Heckman, Appraiser - Appraisal of 304 April Dr. Various - Auction Expenses Commerce Bank - Bank Charges $ 75.00 45.00 597.34 788.65 131.28 100.44 150.00 1,272.25 96.91 138.00 1,251.00 36.00 1,149.00 75.00 162.38 530.32 375.00 300.00 486.99 256.30 Miscellaneous Expenses, 2820 Fairview Rd: Jerry Graham - Lawn Care & Snow Removal 775.00 Tony Mikula - Cleanup & Moving 1,055.00 PPL - Electricity 872.56 PAWC - Water 113.70 UGI - Gas 955.98 AT&T & Verizon - Telephone 505.17 Travelers Insurance - Prop Ins. 773.25 $5,050.66 ADMINISTRATIVE EXPENSES [CONT'D.] Miscellaneous Expenses, Lake Meade: Vemis Lawn Svc. - lawn care, etc. 1,086.23 Jerry Graham - lawn care 665.00 Adams County Tax Bur. - real estate taxes 995.83 John R. Lerow, T.C. - r/e taxes 7,815.90 Adams Electric - electricity 2,731.09 Shillito Oil, Inc. - fuel & oil 469.95 L.M. Muni Auth. - sewer & water 941.10 L.M. Prop. Owners - h.o. dues & maint. 2,796.20 Duty' s Locksmith - security 84.27 Foremost Insurance Co - Insurance $1,190.00 Hinson's Appl. - Repairs 108.65 Anthony Mikula - Cleaning 390.00 Yale Elect. Supp. - Repairs 132.82 Dayne Rowland - Repairs 150.00 Rodney Messner - Repairs 160.00 Verizon Telephone 133.40 Miscellaneous Expenses, 304 April Drive: Jerry Graham - Lawn care/snow removal $ 2,335.00 Michael Hartzog, T.C. - real estate taxes 2,215.48 Foremost Insurance - H.O. Insurance 1,303.25 Borough of Camp Hill - Sewer 181.46 Margaret Destefano - Repairs 641.98 Cumberland County Tax Bur. - R.E. Taxes 2,193.95 Comcast - CATV 290.34 UGI - Gas 979.26 PP&L - Electricity 529.97 Janet Miller, T.C. - RE Taxes 593.01 Home Paramount - Extermination 132.50 PA American Water - Water 85.95 $19,850.44 $11,482.15 ADMINISTRATIVE EXPENSES [CONT'D.] Miscellaneous Expenses, Lycoming County: A&D Appraisals - Appraisal $ 800.00 Tony Mikula - Lawn Care 688.00 Shane English - Lawn Care 1,450.00 Gene Baumgard, T.C. - RE Taxes 1,517.58 Lycoming Co. Tax Bureau - RE Taxes 2,878.79 Tri County Rec. Elect. - Electricity 2,176.33 Agway Energy - Fuel Oil 938.65 Montour - Oil Svs. - Fuel Oil 2,105.00 CTCO - Telephone 181.81 Killian Fireplace Center - Repairs 845.88 Travelers Insurance - H.O. Ins. 2,370.00 Liberty Fire Co. - Membership 25.00 Plankenhom Stationery - Signs 373.36 Your Building Center - Bridge Repairs 2,500.00 Various - Repairs 1,419.89 $20,270.29 Miscellaneous Expenses, Florida Property: City of Timsville - Utilities American Strat. Inst. - Insurance Geiger & Associates - Appraisal Brevard County - R.E. Taxes FL Prefi Prop. Ins. - Insurance Rod Northcutt - R.E. Taxes New American Ins. - Insurance Other Miscellaneous Admin. Expenses Executor Expenses $ 106.12 746.00 300.00 10,147.53 2,032.00 4,709.18 1,561.00 $ 19,601.83 773.25 $ 1,230.84 Total Administrative Expenses $ 86,276.32 DEBTS OF DECEDENT: Tentative unpaid gift tax liability/interest for yrs. '97-'01 Uncleared Checks drawn on Commerce Bank Ck. Acct. West Shore Country Club - Unpaid Bill Universal Credit Card Balance Johns Hopkins U. Hosp. - Med. Exp. Total $ 25,750.00 8,593.62 1,750.59 62.02 82.05 $36,238.28 FUNERAL EXPENSES: Myers-Hamer Funeral Home Rolling Green Cemetery Total 5,048.00 2,035.00 $ 7,083.00 SPECIFIC BEQUESTS: Ruth Landrum [per Item II of Will] Marcia Blowney [per Item II of Will] Betty Klitzman [per Item II of Will] Mavis Kirch [per Item II of Will] Naomi Stahlnecker [per Item IV, para. A of Will] Margaret Destefano [per Item IV, para. C of Will] Total $10,000.00 10,000.00 10,000.00 10,000.00 25,000.00 40,000.00 $105,000.00 PRINCIPAL [AT-RISK] DISTRIBUTIONS TO BENEFICIARIES Lawrence C. Hull Marcia M. Hull TracyA. Hull $ 33,500.00 33,500.00 33,500.00 Total $100,500.00 FEES & COMMISSIONS: Lawrence C. Hull, Executor's Commisions (1) Scott M. Dinner, Esq., Attorney's fees (2) Charles F. Sullivan CPA CFP (3) Steven W. Fahnestock and Associates, CPA Tucker, Arensberg & Swartz, Attorney Fees (4) Keith Hesse, Esq - counsel fees re: Florida real estate matter William Duncan, Esq. - Auditor (5) TOTAL Fees and Commissions $75,000.00 40,500.00 41,750.00 2,250.00 18,111.19 1,200.00 7,650.00 $171,111.19 (1) - total includes $25,000. of commissions accrued but unpaid; (2) total includes $12,150. of fees accrued but unpaid; (3) total includes $12,000. of fees accrued but unpaid; (4) total includes $6,000. of fees accrued but unpaid and (5) total includes $6,000. of fees accrued but unpaid. FEDERAL AND STATE TAXES: Federal Estate Tax Late Payment Penalty Interest Charged PA Inheritance Tax Interest Charged $800,626.00 4,105.70 21,574.11 $128,578.12 400.96 Federal Income Tax Refund-2001 $(648.00) Federal Income Tax -2002 4,211.00 PA Income Tax-2001 PA Income Tax-2002 PA Income Tax Refund Earned Income Tax-2001 $138.00 578.00 (416.00) $826,305.81 128,979.08 3,563.00 300.00 60.OQ TOTAL Federal and State Taxes $959,207.89 PRINCIPAL BALANCE ON HAND Value as Fiduciary of Acquisition 7/31/04 Value Cash: Cash in Bank - Waypoint Bank Cash in Bank - Commerce Bank Cash in Bank - Integrity Checking Cash in Bank - Integrity Savings Cash in Bank - Member 1st FCU $ 97,376.97 -0- $31,131.90 8,177.91 -0- 90,802.92 97,100.00 $293,457.80 $31,131.90 Securities: 10 units ML Media Partnership 20 shs. New England Utilities, common $ 7,080.00 $ 7,080.00 357.00 357.00 $ 7,437.00 $ 7,437.00 Real Estate: Lake Meade Property Lycoming County Property $158,000.00 164~000.00 $322,000.00 $158,000.00 164,000.00 $322,000.00 PRINCIPAL BALANCE ON HAND Plus: Personal Property receivable - L. Hull Less: Reserve for Accrued Expenses Less: Unresolved Difference $622,894.80 21,401.84 (86,900.00) (5,480.81) $516,061.90 ADJUSTED PRINCIPAL BALANCE $551,915.83 PROPOSED DISTRIBUTIONS: Marcia M. Hull: Cash Lake Meade, PA real estate Personal Property advancement $124,505.00 158,000.00 6,505.00 $289.010.00 Trac¥ A. Hull: Cash Timsville, FL real estate Personal Property advancement $ 6,505.00 222,000.00 60~505.00 $289,010.00 Larry C. Hull: Cash Lycoming County, PA real estate Personal Property a/r offset $103,608.00 164,000.00 21,402.00 $289,010.00 Lawrence C. Hull, Executor under the will of Herbert L. Hull, deceased, hereby declares under oath (penalties of perjury) that he has fully and faithfully discharged the duties of his office; that the foregoing Second Interim Account is true and correct and fully discloses all significant transactions occurring during the accj2~nting period. L~w/;;nce C. Hull,' Executor Subscribed and sworn to by Lawrence C. Hull before me this 22nd day of August, 2004. No~ Public i--- NOTARIAL SEAL ~ SCOTT M DINNER, Notary Public [ Camp H!I Boro Cumberland County I MV Commiosion Expires October 23, 2006._]