HomeMy WebLinkAbout06-12-06
In re:
: IN THE COURT OF COMMON PLEAS OF
: CUMBERLAND COUNTY, PENNSYLVANIA
Trust Under Will of Warren F. Coolidge
for benefit of Julia E. Stolz, et a.
: ORPHANS' COURT DIVISION
: 21-01-0684
OBJECTIONS OF JULIA E. COOLIDGE STOLZ
TO THE FIRST AND PARTIAL ACCOUNT OF
THE WARREN F. COOLIDGE TRUST AS FILED BY
THOMAS E. COOLIDGE AND PHILIP COOLIDGEIl TRUSTEES
To the Honorable Auditing Judge:
AND NOW, this j;l.lJ.. day of June, 2006, Julia E. Stolz, beneficiary under the
testamentary trust of Warren F. Coolidge, deceased, objects to the First and Partial Account filed
by Thomas E. Coolidge and Philip Coolidge, Trustees, under the testamentary trust of Warren F.
Coolidge, deceased, filed with the Clerk of the Orphans' Court Division of Cumberland County,
Pennsylvania, on May 19, 2006, for the following reasons:
1. The account as filed lacks sufficient information from which the objector can
determine the accuracy of the total principal in the trust as of March 24, 2004, the
date Thomas E. Coolidge and Philip Coolidge took over as trustees of this trust.
2. Without knowledge of the total value of the trust as of March 24,2004, objectant
can neither confirm nor deny the accuracy of the First and Partial Account filed
by the Trustees.
3. Objection is made to Trustee fees totaling $40,000.00 over a two (2) year period
which equals fees amounting to 17.5% of the total principal received.
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4. The First and Partial Account, as filed, references a total principal received of
$228,179.27 as of February 12, 2002, but the separate trust of Julia E. Coolidge
Stolz did not come into existence until March 24, 2004, at the earliest.
5. The First and Partial Account, as filed, lacks sufficient information upon which
Julia E. Coolidge Stolz can rely to make an informed judgment as to the accuracy
of the account.
6. Julia E. Coolidge Stolz reserves the right to file additional objections upon receipt
of a complete and accurate accounting of all trust assets.
7. The objectant requests that this Court:
(a) direct the trustees, Thomas E. Coolidge and Phillip Coolidge, prepare an
accounting setting forth the total value of the Warren F. Coolidge Trust as of
March 24, 2004, the date on which the trust was to be divided into three (3)
equal shares;
(b) direct the trustees to provide an itemized list of all the assets contained in the
trust as of March 24,2004, with an accounting for the income and losses
generated by the assets since March 24, 2004;
( c) direct the trustees to justify their fees totaling 17.5 % of the trust corpus in
light of the settlor's specific instruction that fees not exceed one-half of one
(1 %) percent of the trust corpus;
(d) appoint an auditor to conduct evidentiary hearings regarding the valuation of
the trust as of March 24, 2004, and the handling of trust assets by the trustees
since March 24,2004;
(e) direct that trustee fees for 2004 and 2005 be reduced to one-half of one (1 %)
percent of the value of the trust corpus for those years;
(f) direct that trustees be individually responsible for additional legal fees and
accounting fees, including legal and accounting fees of the objectant, which
are necessitated by the inadequacy of the First and Partial Account filed by the
trustees; and
(g) appoint a successor trustee nominated by Julia E. Coolidge Stolz, the named
beneficiary of the trust.
Respectfull y submitted,
~~
R. Mark Thomas, Esquire
Attorney No. 41301
101 South Market Street
Mechanicsburg, P A 17055
(717) 796-2100
AFFIDA VIT
COMMONWEALTH OF PENNSYLVANIA )
) ss.
COUNTY OF CUMBERLAND )
R. Mark Thomas, being duly sworn according to law deposes and says: that he is the
attorney for Julia E. Coolidge Stolz, beneficiary under the trust of Warren F. Coolidge, deceased;
that Julia E. Coolidge Stolz resides in the Commonwealth of Massachusetts and is unable to
personally appear and sign her own affidavit to the objections contained herein within sufficient
time to enable these objections to be filed timely; that he has reviewed the content of these
objections with Julia E. Coolidge Stolz; that Julia E. Coolidge Stolz has authorized him to sign
this affidavit; and that he believes the statements contained herein are true and complete to the
best of his knowledge, information and belief.
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R. Mark Thomas, Esquire
Subscribed and sworn to before me
This ! 1- day of June, 2006.
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Cotary Public ~
COMMONWEALTH OF PENNSYLVANIA
NOTARIAL SEAL
JOHN D. GRIGSBY, Notary Public
Mechanicsburg 8oro.. Cumberland County
Commission Expires April 25. 2010
CERTIFICATE OF SERVICE
I, R. Mark Thomas, Esquire, hereby certify that I am this day serving a copy of the
foregoing document upon the person and in the manner indicated below, which service satisfies
the requirements of the Pennsylvania Rules of Civil Procedure, by hand-delivering a copy of
same to:
Date: June 12, 2006
Robert G. Frey, Esquire
5 South Hanover Street
Carlisle,PA 170~);1(~~
R. Mark Thomas, Esq.
101 South Market Street
Mechanicsburg, P A 17055
(717) 796-2100