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HomeMy WebLinkAbout11-05-09 (2)r.a FAMILY SETTLEMENT AGREEMENT AND RELEA~ ~ - ~`~ OF HEIRS/EXECUTRIX OF MARY SHAFFER n o ~' '; ~„T'E ~ rC .~ - . - ESTATE NO. 21-08-1.099, CUMBERLAND COUNTti ~~~ "~ < < _ PENNS~'LVANIA ~~~ ~ ~=~~~~~ .. '~~ ` _. © ..2s~, `~ KNOW ALL MEN BY THESE PRESENTS THAT WHEREAS MARY SHAFFER, Iate of 90S Lisburn Road, Camp Hill (Lower Allen Township, Cumberland County, Pennsylvania, deceased died testate on October 23, 2008; and WHEREAS, the last will and testament of the decedent, dated November 4, 2000 was filed for probate in the Office of the Register of Wills of Cumberland County, Pennsylvania on November 7, 2008; and WHEREAS, by the terms of Items I of the said will, the decedent's three children Vernon J. Shaffer II, Eugenia L Barley, and Scott Alan Shaffer, are her residuary beneficiaries entitled to equal shares of his residuary estate, and WHEREAS, by the terms of Items I and II of the said will, the decedent had stipulated that the estate share of Scott Alan Shaffer be placed in trust for his health, education and maintenance: and WHEREAS, the parties to this family settlement agreement have herein agreed to mutually disclaim, abrogate, release, invalidate and waive the provisions of the will establishing said trust, thereby providing that Scott Alan Shaffer's net share of the said estate should be directly distributed to him without first being placed in trust. and WHEREAS, the parties also acknowledge that the proceeds of certain. bank accounts at Citizens Bank and Wachovia Bank. were held jointly by the deco-dent and her daughter Eugenia L. Barley, and the proceeds of certain other bank accounts were held .jointly by the decedent and her son Vernon J. Shaffer II, all of said accounts being noted in the accounting set forth below; and WHEREAS, Eugenia L. Barley and Vernon J. Shaffer II, with the execution of this family settlement agreement, and in consideration for the amicable settlement of this estate by all the parties, are hereby voluntarily quit claiming ownership of the said joint accounts and are making their net "date of death" values available for equal distribution to the parties to this family settlement agreement, though these proceeds are not to be considered estate assets; and WHEREAS, the said non-estate proceeds of the said jointly awned accounts are being listed in the estate assets set forth below only for the purpose of conveniently calculating the total net assets available for distribution, and not because then are in any way a part of the estate assets; and WHEREAS, by the terms of Item IV of the said last will, the decedent's daughter Eugenia L. Barley is appointed as the executrix of the decedent's last will and testament; and WHEREAS, on November 7, 2008, letters testamentary were issued to the decedent's daughter Eugenia L. Barley, by the Register of Wills of Cumberland County, Pennsylvania; and WHEREAS, the said Eugenia L. Barley, executrix, wishes to account for and distribute the remaining assets of the estate and the jointly held assets as mentioned above; and WHEREAS, certain debts, funeral expenses, costs of administration,. in kind distributions and reserve funds, including Pennsylvania Inheritance Tax, amount to $88,607.49, leaving a balance for distribution of X380,365.71 as of the ending date of the attached accounting marked Exhibit A. NOW THEREFORE KNOW YE THAT we, Vernon. J. Shaffer II, Eugenia L. Barley, and Scott Alan Shaffer, the sole beneficiaries of the said estate under the decedent's last will. and testament, do hereby acknowledge that we have this day received from the aforesaid executrix, in full satisfaction and payment of all sum or sums of money, legacies, bequests, and devises as are due us as of the date of this instrument under the said last will and testament (except for the remainder of any amount held in reserve hereunder and the amount of any additional interest accumulating beyond the date of the attached accounting going to residuary beneficiaries), which amount we have received and which is set opposite our names in the table and schedule of distribution in said statement attached hereto and marked Exhibit A. AND we hereby stipulate that in order to avoid the expense and time involved in the tiling of a formal account and schedule of distribution, we agn-ee and do 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, Pennsylvania; THEREFORE, we do agree to all the terms and conditions stated herein, including those statements set forth in the "Whereas" portion of this Family Settlement Agreement, and hereby remise, release, quitclaim and forever discharge the said Eugenia L. Barley, executrix aforesaid, her heirs, executors, 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 his deeds as executor of the said estate and we do hereby covenant and agree that should any liability come due to the estate of the said Mary Shaffer after the signing of this agreement, ~~~hich liability cannot be satisfied from any funds held hereunder in reserve, we will contribute pro-rata our respective shares of the estate assets to satisfy any and all claims, demands, suits or causes of action which may be successfully prosecuted against the said estate of the said Mary Shaffer, deceased, or the aforesaid executor after the signing, sealing and delivery of this family settlement and release. AND the parties further agree that this agreement may be executed in and number of counterparts, and each. executed counterpart shall have the same force anal effect as the original instrument and as if all the parties to all the counterparts had signed the same instrument. (See attached signature pages) IN WITNESS WHEREOF, and intending to be legally bound hereby, I have hereunto set my hand and seal on the date indicated below my signature. 1 ~~- ..L .-r-~/ ..c Eu is L. Barley 1 Date: ~ ~(1 COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND SS On this, the f ~ day of ~ircf- /.~, 2009, before me, a notary public, personally appeared Eugenia L. Barley, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within family settlement agreement for the Estate of Mary Shaffer and acknowledged that she executed the same for the purposes therein contained. In witness whereof; I hereunto set my ~ nd and official seal. ~,~- '~~ ` ,--' Notary Public COMMp~ALTH OF PENN5Y1-~~WIA Comm. Expires: Richard A, Cairo, Notary Public Ciry of Harrisburg, Dauphin County M commission ex Tres December 28, 2012 IN WITNESS WHEREOF, and intending to be legally bound hereby, I have hereunt set my hand and seal on the date indicated below my signature. ;~ _ __ ~~ -- `,.. ~2- _ Vernon J. S1~aI`fe r . ; / ~~~ U~ COMMONWEALTH OF PENNSYLVANIA ~~ SS COUNTY OF CUMBERLAND On this, the ~ day of ~ t/~~'-~ ~, 2009, before me, a notary public, personally appeared ~n J. Shaffer II, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within family settlement agreement for the Estate of Mary Shaffer and acknowledged that he executed the same for the purposes therein contained. In witness whereof, I hereunto set my hand and official seal. ~-~ 7 ,,.-__ , .,°" r ~~ Notary Public Comm. Expires: rn~snsn~e,rTT-rnr:p~,~~y NOTARIAL. SEAL Richard A. Cairo, Notary Public City of Harrisburg, Dauphin County M commission a ices Daoember 28 20i2 4 IN WITNESS WHEREOF, and intending to be legally bound hereby, I have hereunto set my hand and seal on the date indicated below my signature. ~ ~ ~ '~-__ Scott Alan Shaffer Date: ~~" --~i'' ~`, `~ COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND SS On this, the ,~ day of ~ ~ , 2009, before me, a notary public, personally appeared Scott Alan Sha fer, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within family settlement agreement for the Estate of Mary Shaffer and acknowledged that he executed the same for the purposes therein contained. In witness whereof, I hereunto set my hand and official seal. -~'~' , Notary Public Comm. Expires: ~~~~ ~/~ ll~, r~G~p` ~~ ~. 6 EXHIBIT A ACCOUNT OF EUGENIA L. BARLEY, EYECUTOR OF THE ESTATE OF MARY SHAFFER AS OF SEPTEMBER 30, 2009 PRINCIPAL DEBITS The Accountant charges herself as follows: PERSONAL PROPERTY 1. Federal Income Tax. Refund, Final Return, Tax Year 2008 $3.456.00 2. Prudential Financ Inter. Bearing Non-Deposit Acct. No. 1000321633 $31,761.00 (Approx. Date of Death Value) 3. ING Account No. 81303470668462 (DOD Value) $25,555.75 JOINTLY HELD PERSONAL PROPERTY (Non-Estate Property DOD Values) 4. Citizens Sank Acct. 6100770690 5. Citizens Bank Acct. 6241286833 6. Citizens Bank CD Acct. 6140858623 7. Wachovia Bank CD Acct. 247412051719422 OTHER FUNDS 8. Surplus Funds INTEREST ACCRUED BY THE ESTATE $"?,638.28 $56,495.79 $90,024.95 $88,316.53 $6,766.15 1. Interest on all of decedent's accounts post DOD until they were closed out and on the estate checking account and money market account a. Interest Accrued in 2408 on all accounts $1,737.71 b. Interest Accrued in 2009 (Estate Accts.) $1,018.61 c. 2009 Citizen Bank Joint Acct_ Eugenia Barley $1,484.98 d. 2009 Citizen Bank Joint Acct. Vernon J. Shaffer II $717.45 TOTAL PERSONAL PROPERTY X309,973.47 7 REAL PROPERTY 905 Lisburn Road, Lower Allen Township, Cumb. Co., Pa (At Sale) ~ 159,000.00 TOTAL REAL PROPERTY 8159,000.00 TOTAL PRINCIPAL DEBITS 8468,973.47 PRINCIPAL CREDITS The Accountant claim credit for the following: 1 Parthemore Funeral Home, N.C.., PA 813,250.87 2 Rolling Green Cemetery 8255.00 . 3. Executor's Fee to Eugenia Barley 822,450.00 4. Probate Fees 577124 5. Attorney Fees to R.A.. Cairo 88,000.00 6. Maintenance and Sale, 905 Lisburn Rd (See Addendum for L7etails) 826.744.33 7.. Family Physicians Associates 517.38 8. 7_epplin Security 5177.75 9. Pa. State Income Tax $225.00 10..Held in Reserve by Executor $5000.00'?' 1 1. Pa. Inheritance Tax (Not including discount of 8500.00 j $1 l,? 15.92 `This figure may riot exactly match the final amount in the estate check book when the estate account is closed and the remainder distributed due to expenses paid after the date of this accounting and the addition of interest, or small accounting discrepancies. R TOTAL PRINCIPAL CREDITS 588,607.49 SUMMARY TOTAL DEBITS 5468,973.20 TOTAL CREDITS 588,607.49 BALANCE FOR DISTRIBUTION 5380,365.71 SCHEDULE OF DISTRIBUTION Vernon J. Shaffer II 5126,788.57 Eugenia L. Barley 5126,788.57 Scott Alan Shaffer 5126,788.57 thus exhausting the funds available for distribution. '` Executrix will distribute any remaining balance of reserve funds held in estate checking account to residuary heirs by December 3l, 2010. 9 Maintenance & Sale (Addendum) 905 Lisburn Road Estate of Mary Shaffer File No. 21-08-1099 Expenses Related to Upkeep of Real Estate Pending Sale and Sale 1. Utilities DOD through September 30, 2009 a. UGI 51403.72 h. PPL 5292.40 c. PA-Am Water $19821 d. Verizon $122.85 e. Lower Allen Township Sewer~Trash (4 billings) 5384.00 Total Utilities $2401.18 Other Expenses UOD through September 30, 2009 2. Postage $34.40 3. Cost to move some furnishings $20.00 4. Got Junk Debris Removal $944.00 5. Grass Mowing Expense $550.00 6. Liberty Mutual Fire Insurance $388.33 7. Self Storage Fee $23.59 8. Mileage to Home and other estate errands - 2,255 miles x .55 = $1240.25' 9. Real Estate Tax, County/Township Taxes $640.52 10 . Real Estate Tax, West Shore School District $l 199.44 1 1 . Real Estate Sales Commission $9190.00 I2 . Realty Transfer Tax $1,590.00 13 . Threshold Bars Downstairs $ 31.62 l4 . B & T Inspections $765.00 15 . Boone's Property Maintenance $ 3.50.00 16 . Real Estate Agent Transaction Fee $225.00 17 . Seller Assistance at Sale of Home $7,000.00 18 . PA Fiduciary Income Tax $1.51.00 Total Other Expenses $24,343. i 5 Total of Real Estate Upkeep and Sale Expenses $26,744.33 ' 'I'bis reflects distances traveled from East Petersburg to Camp Hill.