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Home My WebLink About05-14-09 (3)IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION e-J .l --~ ~.~ n the Estate of ~~ ~ ., __ , ~-- Nelson S. Free, No. 2108-1269 _ ~ Deceased ~ --~ ' . _ , AMICABLE SETTLEMENT, RELEASE - ~ AND ACCEPTANCE OF DISTRIBUTION MADE this~ay of r1( 2009, between Barry S. Free, Executor of the Will of Nelson S. Free, herein called the "Executor," and Barry S. Free and Carolyn L. Carling, herein called the "Beneficiaries." The Executor has delivered to the Beneficiaries with this Release a First and Final Account of his administration of the Estate of Nelson S. Free which Account includes a Schedule of Distribution of the balance of cash and personal property in his hands as Executor. The Beneficiaries have examined the Account and Schedule of Distribution and found them to be complete, accurate and satisfactory to them. In order to avoid the time, expense and attendant publicity of filing an account with the Court of Common Pleas of Cumberland County, Pennsylvania--Orphans' Court Division, all of the parties are satisfied to accept the Account and Schedule of Distribution as submitted by the Executor and examined by the Beneficiaries without the necessity of the Account being filed by the Executor for audit by that Court or by any other Court. ACCORDINGLY, the Beneficiaries do hereby acknowledge that they have examined the Account and Schedule of Distribution and found it to be complete, accurate and satisfactory, and upon distribution being made as set forth in the Schedule of Distribution of the property and sums of money, such distribution will be in full settlement, satisfaction and discharge of all liability of the Executor to the Beneficiaries in connection with this Estate. The Beneficiaries waive their right to require the filing of an account by the Executor in the Court of Common Pleas of Cumberland County, Pennsylvania--Orphans' Court Division, or elsewhere, and waives their right to have the account adjudicated by that Court or any other Court and agrees to this Amicable Settlement, Release and Distribution. In consideration of the Account and Schedule of Distribution and the distribution to be made in accordance with the schedule, the Beneficiaries remise, release and forever discharge the Executor and the Estate of Nelson S. Free from any and all actions, suits, accounts, reckonings, claims and demands whatsoever. This Release is intended by the parties to has the same force and effect as though an account had been filed with the Court and the account adjudicated by the Court and distribution made in accordance with an Order of Court. The Executor in making this distribution prior to one (1) year after the first complete advertisement of the grant of letters in this Estate is subject to the risk that a claimant may file a claim against the Estate within such year pursuant to the provisions of Section 3532 of the Pennsylvania Probate, Estates & Fiduciaries Code. In the event such a claim or claims are filed, the Beneficiaries will refund to the Executor a proportionate amount of money or property to pay to the Executor the costs of litigating the claim and the amount of the claim if the Executor is forced to pay the claims, or in the Executor's sole and absolute discretion negotiates what to him is reasonable settlement of the claims. In the event that the Executor is forced to resort to litigation against any beneficiary to enforce this provision, that beneficiary shall pay to the Executor the expenses of such litigation including a reasonable attorney fee. This refunding agreement is of the essence of the Executor making this distribution and distribution is made by the Executor in reliance upon this assurance of the Beneficiaries. IN WITNESS WHEREOF, the undersigned beneficiary of the Estate of Nelson S. Free, deceased, verify that the foregoing Amicable Settlement, Release and Acceptance of Distribution is true and correct to the best of my knowledge and belief and agree to the terms of the Revised Proposed Schedule of Distribution. I understand that false statements herein are made subject to the penalties of 18 Pa. C.S. Section 4904 relating to unsworn falsification to authorities. Barry ree Dated: U Od IN WITNESS WHEREOF, the undersigned beneficiary of the Estate of Nelson S. Free, deceased, verify that the foregoing Amicable Settlement, Release and Acceptance of Distribution is true and correct to the best of my knowledge and belief. I understand that false statements herein are made subject to the penalties of 18 Pa. C.S. Section 4904 relating to unsworn falsification to authorities. Carol n L. arling Dated: ~ ~ - t1 e~'~- ~3 In the Court of Common Pleas of Cumberland County, Pennsylvania Orphans' Court Division File No. 2108-1269 Estate of Nelson S. Free, Deceased Late of Newville Borough First and Final Account Barry S. Free, Executor Date of Death: Date of Incapacity, if any: Date of Executor's Appointment: Date of First Complete Advertisement Accounting for the period: 11/29/2008 None 12/19/2008 01 /09/2009 11 /29/2008 to 05/08/2009 Purpose of Account: Barry S. Free, Executor, offers this Account to acquaint interested parties with the transactions that have occurred during the Administration. It is important that the Account be carefully examined. Requests for additional information or questions or objections can be discussed with: Kenneth H. Howard APPEL 8~ YOST LLP 33 North Duke Street Lancaster, PA 17602 7171394-0521 Supreme Court I.D. No. 10380 SUMMARY OF ACCOUNT Estate of Nelson S. Free, Deceased For the period of November 29, 2008 throu gh May 8, 2009 Fiduciary Current Acquisition PAGES Value Value Proposed Distributions to Beneficiaries 14 272,035.73 PRINCIPAL Receipts: This Account 3 - 4 306,235.17 Net Gain (or Loss) on Sales 5 -1 71 163 or Other Dispositions , . 305,071.46 Less Disbursements: Debts of Decedent 6 - 7 2,708.90 Funeral Expenses 0.00 Administration Expenses 7 - 8 673.37 Federal, State 8~ Local Taxes 8 12,709.73 Commissions 0.00 Fees 8 5,920.00 Family Exemption 0.00 22,012.00 Balance Before Distributions 283,059.46 Transfer to (from) Principal 0.00 Distributions to Beneficiaries 9 14,996.22 Principal Balance on Hand 268,063.24 For Information: Investments Made Changes in Holdings 10 INCOME Receipts This Account 11-12 3,972.49 Net Gain (or Loss) on Sales 0.00 or Other Dispositions 3,972.49 Less Disbursements 0.00 Balance Before Distributions 3,972.49 Transfer to (from) Income 0.00 Distributions to Beneficiaries 0.00 Income Balance on Hand 13 3,972.49 For Information: Investments Made Changes in Holdings COMBINED BALANCE ON HAND 272,035.73 -2- SCHEDULE A RECEIPTS OF PRINCIPAL Assets Listed in Inventory Fiduciary (Valued as of Date of Death) Acquisition Value Cash Blue Cross -insurance refund 144.40 Fulton Bank Certificate of Deposit #436-0300123 10,032.67 Accrued interest on above item through date of 172.14 death Fulton Bank Certificate of Deposit #436-0313571 43,000.00 Accrued interest on above item through date of 375.60 death Fulton Bank checking #0069-17492 12,294.23 Graystone Bank Certificate of Deposit 24,159.38 #3000015583 Accrued interest on above item through date of 21.01 death Graystone Bank Certificate of Deposit 5,989.90 #3000036632 Accrued interest on above item through date of 6.32 death Graystone Bank Certificate of Deposit 94,961.17 #3000083329 Accrued interest on above item through date of 96.16 death Graystone Bank Certificate of Deposit 9,091.11 #3000086731 Accrued interest on above item through date of 13.08 death Provider Services -refund 39.95 Province Bank Certificate of Deposit 6,902.78 #1100184298 Smith Barney Account 37270293215747 1,354.20 Wachovia Bank Certificate of Deposit 64,393.93 #247402053613506 Accrued interest on above item through date of 95.22 death Wachovia Bank Certificate of Deposit 25,949.04 #247402053726963 -3- SCHEDULE A RECEIPTS OF PRINCIPAL Continued Fiduciary Acquisition Value Accrued interest on above item through date of death Total Cash Stocks /Listed 1,055.0000 shares Nuveen Multi-Strategy Total Stocks /Listed Total Receipts Subsequent Principal Receipts 12/03/2008 Fulton Bank checking #0069-17492 -post date of death deposits Total Subsequent Principal Receipts 1,020.12 Total Adjustments and Subsequent Receipts 35.41 6,087.35 299,127.70 6,087.35 305,215.05 1,020.12 1,020.12 Total Receipts of Principal 3os,235.17 -4- SCHEDULE B GAINS AND LOSSES ON SALES OR OTHER DISPOSITIONS -PRINCIPAL Gain Loss 12103/2008 200.0000 shares Nuveen Multi-Strategy Net Proceeds 695.43 Fiduciary Acquisition Value -1,154.00 01/05/2009 855.0000 shares Nuveen Multi-Strategy Net Proceeds 4,228.21 Fiduciary Acquisition Value -4,933.35 TOTAL GAINS AND LOSSES/PRINCIPAL LESS LOSS NET GAIN OR LOSS -1.163.71 -1,163.71 -458.57 -705.14 -5- SCHEDULE C DISBURSEMENTS OF PRINCIPAL Debts of Decedent Alexander Springs Emergency Physicians 01/1412009 31.97 03/1212009 31.97 03/1212009 21.41 85.35 Continuing Care RX 01/05/2009 67.75 67.75 Cumberland Goodwill Fire and Rescue 01105/2009 92.75 92.75 Fulton Bank checking #0069-17492 12/06/2008 checks cashed post date of death 616.49 616.49 Green Ridge Village 02/03/2009 74.52 74.52 Millennium Pharmacy Systems East 01 /0712009 104.53 01 /07/2009 62.05 166.58 Pennsylvania Department of Revenue 03/31/2009 2008 income tax due 296.00 -6- SCHEDULE C DISBURSEMENTS OF PRINCIPAL Continued 296.00 Smith Barney Account 37270293215747 12/02/2008 post date of death transfer to Lebanon Valley Bank 12/18/2008 Basic Annual fee Special Event Emergency Medical Services 01/0512009 Total Debts of Decedent Administration Expenses Appel 8~ Yost, LLP 04/18/2009 reserve for final fees and costs Citizens Bank checking #6222141882 01/07/2009 adjustment for check charge fee Cumberland Law Journal 01/29/2009 Register Wills 01 /05/2009 advertising expense -Estate Notice probate fees 736.00 50.00 786.00 523.46 523.46 2,708.90 100.00 100.00 0.19 75.00 0.19 75.00 376.00 -7- SCHEDULE C DISBURSEMENTS OF PRINCIPAL Continued The Patriot News 01123/2009 advertising expense -Estate Notice Total Miscellaneous Administrative Expenses Federal, State, and Local Taxes Register of Wills, Agent 02/20/2009 05/05/2009 Total Taxes Fees Appel & Yost, LLP 04/18/2009 Total Fees TOTAL DISBURSEMENTS OF PRINCIPAL 122.18 376.00 122.18 673.37 12,312.00 397.73 12,709.73 12,709.73 5,920.00 5,920.00 5,920.00 22,012.00 -8- SCHEDULE D DISTRIBUTIONS OF PRINCIPAL 12/0212008 Barry S. Free -advance distribution of 112 of 2,998.11 Graystone Bank Certificate of Deposit #3000036632 12/02/2008 Carolyn L. Carling -advance distribution of 112 2,998.11 of Graystone Bank Certificate of Deposit #3000036632 1 210 212 0 0 8 Fulton Bank checking #0069-17492 -advance 4,500.00 distribution to Barry S. Free 12/02/2008 Fulton Bank checking #0069-17492 -advance 4,500.00 .a:~~.:~.,.a:.... ~.. r.,.,.~,,.. ~ r_.,.i:.... 14,996.22 TOTAL DISTRIBUTIONS TO BENEFICIARIES 14,996.22 -9- SCHEDULEF CHANGES IN PRINCIPAL HOLDINGS # Units Cost Barry S. Free 12102/2008 distributed -2,998.11 -2,998.11 Carolyn L. Carling 1 210 212 0 0 8 distributed -2,998.11 -2,998.11 Graystone Bank Certificate of Deposit #3000036632 11129/2008 inventoried 5,989.90 11/2912008 inventoried 6.32 5,996.22 Nuveen Multi-Strate 11/29/2008 1,055.0000 inventoried 12/03/2008 -200.0000 sold 01/05/2009 -855.0000 sold 0.0000 6,087.35 -1,154.00 -4,933.35 0.00 -10- SCHEDULE G RECEIPTS OF INCOME Dividend Nuveen Multi-Strate 12131 /2008 159.89 159.89 TOTAL DIVIDEND INCOME 159.89 Interest/Bank Citizens Bank Money Market #6222142943 03131 /2009 72.29 72.29 Fulton Bank Certificate of Deposit #436-0300123 03/03/2009 118.94 118.94 Fulton Bank Certificate of Deposit #436-0313571 03103/2009 457.01 457.01 Gravstone Bank Certificate of Deposit #3000015583 12/22/2008 57.76 01/22/2009 81.66 02/22/2009 81.94 03/22/2009 74.26 04/22/2009 82.47 378.09 Gravstone Bank Certificate of Deposit #3000083329 12/18/2008 144.23 -11 - SCHEDULE G RECEIPTS OF INCOME Continued 01 /18/2009 02/18/2009 03118/2009 04/18/2009 Gravstone Bank Certificate of Deposit.#3000086731 1 211 512 0 0 8 01 /15/2009 02115/2009 03/15/2009 04/15/2009 249.04 249.69 226.11 250.93 13.07 27.10 27.18 24.62 17.46 1,120.00 109.43 Province Bank Certificate of Deposit #1100184298 12/30/2008 71.03 71.03 Smith Barnet/ Account 37270293215747 12/30/2008 01 /06/2009 Wachovia Bank Certificate of Deposit #247402053613506 04/23/2009 0.10 0.06 1,058.96 0.16 1,058.96 Wachovia Bank Certificate of Deposit #247402053726963 04/23/2009 TOTAL BANK INTEREST TOTAL RECEIPTS OF INCOME 426.69 426.69 3,812.60 3,972.49 -12- INCOME BALANCE ON HAND # Units Description Cash checking mm Smith Barney Current Value Fiduciary 05/08/2009 Acquisition or as Noted Value 71.03 71.03 3,741.41 3,741.41 160.05 160.05 Total Cash 3,972.49 3,972.49 3,972.49 3,972.49 -13- PROPOSED DISTRIBUTIONS TO BENEFICIARIES TO: Barry S. Free Carolyn L. Carling Total Current Value 05/0812009 or as noted Fiduciary Acquisition Value 136,017.87 136,017.86 272,035.73 272.035.73 -14- In the Court of Common Pleas of Cumberland County, Pennsylvania Orphans' Court Division File No. 2108-1269 Estate of Nelson S. Free, Deceased Verification Barry S. Free, Executor under the Last Will and Testament of Nelson S. Free, Deceased, hereby declares under oath that he/she has fully and faithfully discharged the duties of his/her office; that the foregoing Account is true and correct and fully discloses all significant transactions occurring during the accounting period; that all known claims against the Estate have been paid in full; that, to his/her knowledge, there are no claims now outstanding against the Estate; that all taxes presently due from the Estate have been paid; and that the grant of Letters Testamentary and the first complete advertisement thereof occurred more than four months before the foregoing Account. This statement is made subject to penalties of 18 Pa. C.S.A. Section 4904 relating to unsworn falsification to authorities. Barry S. Fr a ecutor Dated: 8