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Home My WebLink About04-03-09FAMILY SETTLEMENT AND FINAL RELEASE In Re: Estate of DIANE SHEETS Deceased No. 2108-0992 KNOW ALL MEN BY THESE PRESENTS, that WHEREAS, Diane Sheets, Late of North Middleton Township, Cumberland County, Pennsylvania, died testate on September 24, 2008, having first made her last will and testament, which was duly executed on June 8, 2003, and is duly recorded in Cumberland County, PA, to No. 21-08-0992. WHEREAS, the said Diane Sheets, by the aforesaid last will and testament, named her daughter, Julie Spanos, as Executrix. WHEREAS, Letters Testamentary on the estate of the said decedent were duly issued by the Register of Wills of Cumberland County, PA. to the said Executrix hereinafter called the personal representative; WHEREAS, the said personal representative has gathered the assets of the estate of the said decedent and the assets consist of cash, personal property, real estate and stocks and bonds, for a total value of $455,549.04 as set forth in the attached Exhibit A. - WHEREAS, the debts and deductions including the payment of inheritance tax in the said estate, amount to $23,266.26 (See Exhibit A) and inheritance taxes of .,. $18,480. (See Exhibit. A) totaling $41,746.26. Therefore, there is a balance for distribution of $413,gp2.78 to be distributed. Total Assets $455,549.04 Total Debts 41,746.26 Balance for Distribution $413,802.78 c> v3 .3$'~ 0 w° _ ~. .~~ ~ ,~: "~ ~=. ~ ; t -. c,> >~ ,t c~ ~ ~ w ~.;. ... Distribution The heirs have agreed upon the following distribution.: To my Daughter, Julie Spanos - Cash 2005 Toyota Camry $108,276.39 Total 13 625.00 $121, 901.39 To my Daughter, Christine Lay, Cash $121,901.39 To my Son, Michael Sheets, Jr. Total Ownership of 44 Bellaire Ave Carlisle, PA. $170,000.00 Total Distributed $413,802.78 WHEREAS, the balance for distribution has been distributed in accordance with the agreement of the heirs. NOW, THEREFORE we, the undersigned Legatees, being all of the legatees of the said decedent and being those persons entitled to inherit under the last will and testament of Diane Sheets do hereby, each of us, acknowledge that we have received from the aforesaid estate, in full satisfaction, the sum or sums of money or property as set forth above. AND, each of us does hereby stipulate and agree that in order to avoid the expense and time involved in the filing of a formal account and schedule of distribution, we each agree that no account is necessary, and we do hereby agree that we 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, PA. THEREFORE, each of us does hereby remise, release, quitclaim and forever discharge the said personal representative, her heirs, executors, and administrators and assigns, of and from the said estate and from all actions, suits, payments, accounts, reckonings, claims, and demands whatsoever for or by reason thereof, or for any other use, matter, cause or thing whatsoever touching upon the estate of the said decedent, and each of us does further hereby covenant and agree that should any liability come due to the estate of the said decedent after the signing of this agreement, we and each of us do hereby covenant and agree with each other that we will contribute pro rata our share of the estate to satisfy any and all claims, demands, suits, or causes of action which may be successfully prosecuted against the said estate after signing, sealing and delivery of this settlement agreement, and final release. IN WITNESS WHEREOF we have hereunto set our hands and seals this _L3 day of ~'L1cc i'~2~ 2009. - Witness: ;~ Julie S anos, indi idually And a Executrix of the Estate of Diane Sheets 'stine Lay, ' divi ually ~.. ,,~ S Michael Sheets, Jr., i dividually Commonwealth of Pennsylvania) County of Cumberland ~ SS:, On this, the = of (!'~Q^- ~-~- 2009, before me, a Notary Public, the undersigned officer, personally appeared Julie Spanos, Christine Lay, and Michael Sheets, Jr. known to me to be the persons whose names are subscribed to the within instrument, and acknowledged that they executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. '; ~.. Notary No4Nal Ssai Arens M, Cox, Notary PubNc Carlise Borough, Cwnberland County My Commission Expires Juns 3, ZOpg COMMONWEALTH OF PENNSYLVANIA • DEPARTMENT OF REVENUE ~ BUREAU OF INDIVIDUAL TAXES NOTICE OF INHERITANCE TAX INHERITANCE TAX DIVISION APPRAISEMENT, ALLOWANCE OR DISALLOWANCE PO BOX 280601 OF DEDUCTIONS AND ASSESSMENT OF TAX HARRISBURG PA 17128-0601 REV-1547 EX AFP (01-09) DATE 02-16-2009 ESTATE OF SHEETS DIANE DATE OF DEATH 09-24-2008 FILE NUMBER 21 08-0992 WILLIAM P DOUGLAS COUNTY CUMBERLAND 43 W SOUTH STREET ACN 101 P 0 BOX 261 APPEAL DATE: 04-17-2009 CAR L I S L E (See reverse side under Objections) PA 17013 Amount Remitted MAKE CHECK PAYABLE AND REMIT PAYMENT T0: REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 CUT ALONG THIS LINE ~ --RETAIN LOWER PORTION FOR YOUR RECORDS F~ - - - ------------ -------------------- REV-1547 EX AFP CO1-09) NDTICE DF INHERITANCE TAX APPRAISEMENT, ALLOWANCE OR --------------------------- DISALLOWANCE OF DEDUCTIONS AND ASSESSMENT OF TAX ESTATE OF SHEETS DIANE FILE N0. 21 08-0992 ACN 101 DATE 02-16-2009 TAX RETURN WAS: C X) ACCEPTED AS FILED ( ) CHANGED R ESERVATION CDNCERNING FUTURE INTEREST - SEE REVERSE APPRAISED VALUE OF RETURN BASED ON: ORIGINAL RETURN 1. Real Estate (Schedule A) 2. Stocks and Bonds (Schedule B) C1) 170, 000.00 NOTE: To insure proper 3. Closely Held Stock/Partnership Interest (Schedule C) Cz) 51613 29 credit to your account, C3) .00 submit the upper portion 4. Mortgages/Notes Receivable (Schedule D) of this form with your 5. Cash/Bank Deposits/Misc. Personal Property (Schedule E) (5) 2 3,222.34 tax payment. 6. Jointly Owned Property (Schedule F) 7. Transfers (Schedule G) C6) 2, 385.21 c7) 254, 328.20 8• Total Assets c8) 455, 549.04 APPROVED DEDUCTIONS AND EXEMPTIONS: 9. Funeral Expenses/Adm. Costs/Misc. Expenses (Schedule H) fig) 23,266.26 10. Debts/Mortgage Liabilities/Liens (Schedule I) 11. Total Deductions I10) ~~ 12• Net Value of Tax Return C11) 9.766 ~ 13. Charitable/Governmental Bequests; Non-elected 9113 Trusts (Schedule J) C12) 4 32,28 2.78 14. Net Value of Estate Subject to Tax C13) .00 c14) 432, 282.78 PlOTE: if ter. assessmectt ryas issued Previously, lines 14, 15 andlor 16, 17, 18 ar, reflect figures that include the total of ALL returns assessed to date. d 19 will ASSESSMENT OF TAX: 15. Amount of Line 14 at Spousal rate 16. Amount of Line 14 taxable at Lineal/Class A rate C15) .00 X 00 = .00 17. Amount of Line 14 at Sibling rate C16) 432' 282' 78 X 045 = 19 453.00 cln .00 X 12 _ .00 18. Amount of Line 14 taxable at Collateral/Class B rate C18) .00 19. Principal Tax Due X 15 = .00 TAX CREDITS• c19)= 19,453.00 PAYMENT RECEIPT DISCOUNT C+) DATE NUMBER INTEREST/PEN PAID (-) AMOUNT PAID 12-19-2008 CD010667 02-09-2009 SBADJUST 972'63 18,480.00 .00 .37 TOTAL TAX CREDIT 19,453.00 BALANCE OF TAX DUE .00 INTEREST AND PEN. .00 TOTAL DUE .00 * IF PAID AFTER DATE INDICATED, SEE REVERSE ( IF TOTAL DUE IS LESS THAN 51, NO PAYMENT IS REQUIRED. FOR CALCULATION OF ADDITIONAL INTEREST. IF TOTAL DUE IS REFLECTED AS A "CREDIT" (CR), YOU MAY BE DUE -- A REFUND. SEE REVERSE SIDE OF THIS FORM FOR INSTRUCTIONS.)