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HomeMy WebLinkAbout09-24-0908- ~~ FAMILY SETTLEMENT AND FINAL RELEASE IN THE ESTATE OF ROBERT J. HOGAN, SR., DECEASED THIS AGREEMENT, executed this ~ day of A~b~ST , 2009, by and between Robert J. Hogan, Jr., individually as a beneficiary, and as Executor of the Estate of Robert J. Hogan, Sr., deceased, and David G. Hogan and Kevin Douglas Hogan, individually as beneficiaries, WITNESSETH: WHEREAS, Robert J. Hogan, Sr. died testate on November 16, 2008, having first made his Last Will and Testament dated August 27, 2008, wherein he named Robert J. Hogan, Jr. as Executor; WHEREAS, on November 26, 2008, the said will was duly probated by the Register of Wills of Cumberland County, Pennsylvania and is recorded among the will records of said county and letters testamentary thereon were granted to Robert J. Hogan, Jr.; WHEREAS, the Executor has proceeded with the administration of the said Estate and has prepared an Account and Schedule of Distribution, a true and correct copy of which is attached hereto; WHEREAS, under the will of Robert J. Ilogan, Sr., Kevin Douglas Hogan, David G. Hogan, and Robert J. Hogan, Jr. were named as the residuary beneficiaries; WHEREAS, the parties have agreed that the decedent's Florida real estate will be conveyed to David G. Hogan as part of his shaze of the estate; ~' ~~ v WHEREAS, the Executor has received cash in the amount of $340,81 had{. ~_~~ disbursed funds in the amount of $32,349.98, leaving a balance of cash for dis of~ t? $308,462.44; ~ _ T' .~a $ w 0 WHEREAS, in addition to the above cash, there were two additional assets, one being an improved tract of real estate valued at $64,880.00, and the other being an outstanding loan due decedent's estate in the amount of $14,375.00; WHEREAS, the parties have agreed that the above referred to outstanding loan will be paid from the share which Kevin is to receive; WHEREAS, among decedent's papers the Executor found an old check dated 2004 which decedent had never cashed in the amount of $1,034.27, for which a claim has been submitted for return of these funds to the Comptroller of Maryland; if and when said funds are returned, they will be deposited into the estate account and distributed equally among the three beneficiaries; WHEREAS, the parties hereto have agreed that the sum of $10,000.00 shall be held in escrow for a period of at least three (3) months for contingencies in the event of any unknown assessments being made against the Estate, and until the decedent's real estate in Florida has been transferred to David G. Hogan and all costs related thereto have been paid; WHEREAS, the parties hereto have agreed that any funds remaining from the above referred to escrow funds after it has been determined that all outstanding bills have been paid, will be distributed equally among the three beneficiaries named herein; NOW, THEREFORE, KNOW YE, that the parties hereto, intending to be legally bound hereby, do hereby mutually agree as follows: The parties hereto do hereby agree and acknowledge that they have fully and carefully examined the Account and Schedule of Distribution attached hereto and find both to be true and correct, acceptable to the parties hereto, and they further agree that they have received a copy of this Agreement and the Account and Schedule of Distribution. 2. The beneficiaries further acknowledge that they have this day or prior hereto received from the Executor in full satisfaction and payment of all sums of money, legacies, bequests, or devises as are due to each of them respectively under the said Last Will and Testament of the decedent, the amount which is set opposite their respective names in the attached Schedule of Distribution. Accordingly, the beneficiaries acknowledge receipt of said sum as a full and complete discharge of all sums and amounts due to them under the Last Will and Testament of Robert J. Hogan, Sr., except for any funds remaining in the escrow account and funds received from the claim above referred to; The parties hereto and each of them do hereby remise, release, quitclaim, and forever dischazge the said Executor, his heirs, executors, administrators and assigns of and from the said estate and 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 Robert J. Hogan, Sr. and all duties as Executor of the aforesiad estate. 4. The parties hereto hereby covenant and agree with the said Executor and with themselves, their heirs, administrators, executors, and assigns, that if the estate shall become legally liable to any person, corporation, firm partnership, or organization for any claim or demand whatsoever, including any taxes due to any state, local, or federal government, they will each contribute their pro rata shaze of any such cost, charge, claim or liability to the said Executor in order to discharge any such claim which may arise after the signing of this agreement, but not more than the shaze of the estate which they have received. This instrument is a full and final family settlement agreement by and among the parties hereto, both fiduciary and individual, said agreement having been arrived at, concluded, and executed after a full and complete disclosure of all of the assets and liabilities of the estate and all of the rights of the parties hereto, and accordingly, the parties agree that this agreement is fair and equitable and agree to abide by the terms hereof. The parties further acknowledge and agree that they have the right to require the Executor to file a formal accounting, with a proposed Schedule of Distribution, with the Orphans' Court Division of the Court of Common Pleas of the county wherein the decedent died domiciled, and to have the said account audited and confirmed by the Court. The parties hereby waive their respective rights for a formal accounting and agree that the accounting attached hereto shall be in lieu of a formal accounting and decree of distribution and confirmation of an account by the Court. The parties hereto agree that they will at all times in the future and whenever necessary, appropriate or convenient, make, execute, and deliver unto the Executor and any other party or persons, any and all instruments, documents, conveyances, deeds, releases, or other instruments of any kind necessary or convenient to carry out the intentions and terms of this agreement and to enable the Executor to fulfill his obligations and duties as Executor of the said Estate. This agreement constitutes the entire understanding and agreement among the parties hereto, and they acknowledge that no representations or statements of any kind, written or oral, have been made to them prior hereto by the Executor or by any person on their behalf. This agreement shall inure to the benefit of the parties hereto, their executors, administrators and assigns. IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have hereunto affixed their hands and seals the day and yeaz first above written. WITNESS: ~z~y,la~ Q°7 Q~i/ ~~~~~~ Kobert J. Hog , Jr., i al d as Executor of a Estate obert og; Deceased (SEAL) David G. Hogan ~,, , _ ,'~ ~s~...--(SEAL) Kevin Douglas Hogan Sr., COMMONWEALTH OF PENNSYLVANIA COUNTY OF FRANKLIN SS On this, the ~/~ day of 2009, before me, a Notary Public, the undersigned officer, personally appeared obert J. Hogan, Jr., Executor of the Estate of Robert J. Hogan, Sr., (known to me or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purposes therein contained. IN WITNESS WHEREOF, I have hereunto set my hand and official seal. Notary Pub is My commission expires I maintain my office in con~oNweni, cw s vnNu Noterlal8eel Linde L. McNew, Notary Publ~ Chambereburg eoro, FrankNn Coun(y My Commisebn Expires Oct. 20, 2p6g ACCOUNTING OF EXECUTOR OF THE ESTATE OF ROBERT J. HOGAN, SR., DECEASED AS OF AUGUST 5, 2009 ASSETS Cash: 1. Edwazd Jones Investment Account $340,812.42 2. Balance owed estate on loan to grandchild (14,375.00) Real Estate: 3. Improved tract of real estate in Lakeland, Florida $64,880.00 1. Auble Funeral Home -funeral 1,765.25 2. Cumberland Law Journal -advertising estate 75.00 3. Shippensburg News Chronicle -advertising estate 88.25 4. Edwazd Jones -fee for opening estate checking 164.00 account 5. Register of Wills -Probate fees 387.00 6. Medco -prescription drugs 100.00 7. Clark & Daugherty Hospital -balance due at death 15.30 8. Clear Choice -telephone bill 35.16 9. Verizon -telephone bill 103.16 10. Property tax on Florida real estate 145.63 11. Register of Wills -inheritance tax 12,785.23 12. Keller, Keller & Beck - Attorney's fee 12,500.00 13. Robert J. Hogan, Jr. -Family exemption 3,500.00 14. H&R Block - preparation of income tax returns 200.00 15. U.S. Treasury Department -federal income tax 486.00 Total Disbursements $32,349.98 RECAPITULATION Total Cash $340,812.42 Total Disbursements -32,349.98 Balance $308,462.44 Less Escrow Amount -10,000.00 Balance of Cash for Distribution $298,462.44 CALCULATION OF SHARES TO BENEFICIARIES Cash for Distribution $298,462.44 Balance due on Loan 14,375.00 Value of Florida Real Estate 64,880.00 Total Value of Assets $377,717.44 Above total divided by three = $125,905.81 SCHEDULE OF DISTRIBUTION To Robert J. Hogan, Jr. -one-third $125,905.82 To David G. Hogan -one-third (consisting of real 61,025.81 estate valued at $64,880.00 and cash) To Kevin Douglas Hogan -one-third (less balance 111,530.81 of $14,375.00 owed on loan) Thus exhausting the fund for distribution at this $298,462.44 time Note: Any funds remaining in escrow account after it has been determined that all costs pertaining to Florida real estate and any other outstanding bills have been paid will be divided equally among the three beneficiaries.