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HomeMy WebLinkAbout11-16-09IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION ESTATE OF CALVIN D. McCARTHY, JR., DECEASED FILE N0.2007-01044 FAMILY AGREEMENT AND FINAL RELEASE THIS AGREEMENT by and between DIANE L. CLINE, as Administrator of the Estate of CALVIN D. McCARTHY, JR., Deceased and KENNETH L. McCARTHY, CAROLYN L. BISHOP, DIANE L. CLINE and MARILYN L. McCARTHY- WADLINGER, as heirs. WHEREAS, CALVIN D. McCARTHY, JR., late of Silver Spring Township, Cumberland County, Pennsylvania, died intestate on September 25, 2007; WHEREAS, DIANE L. CLINE was duly appointed as Administrator of the Estate of Calvin D. McCarthy, Jr., Deceased, by the Register of Wills of Cumberland County on November 19, 2007, to File No. 2007-01044; WHEREAS, CALVIN D. McCARTHY, JR. is survived by heirs M. ARLENE McCARTHY, KENNETH L. McCARTHY, CAROLYN L. BISHOP, DIANE L. CLINE and MARILYN L. McCARTHY-WADLINGER; WHEREAS, the parties in interest pursuant to the Pennsylvania rules of intestacy (20 Pa. C.S.A. §2101) are: 1. M. Arlene McCarthy, wife ~. o `~~~~ ~ ~ 2. Kenneth L. McCarthy, son t ~ ~ ~ ~~~ ~ 3. Carolyn L. Bishop, daughter ~ ~n© -o 4. Diane L. Cline, daughter ~~-" ~ 5. Marilyn L. McCarthy-Wadlinger, daughter ~,--~ ^••~ ;~ tt'~ J WHEREAS, M. ARLENE McCARTHY died on May 9, 2008; Page 1 of 7 ,-- '"T"3 ~ 'z "t "; l ~,~~ ~,: , .~-~ `~:t fit i"1 ~~ -~, ;..r i,~ WHEREAS, Diane L. Cline, as the Administrator of the Estate of M. Arlene McCarthy, disclaimed and renounced, in whole, M. Arlene McCarthy's interest in property passing by intestacy, said Disclaimer and Renunciation being filed with the Register of Wills of Cumberland County on May 23, 2008; WHEREAS, KENNETH L. McCARTHY, CAROLYN L. BISHOP, DUNE L. CLINE and MARILYN L. McCARTHY-WADLINGER aze each entitled to twenty-five percent (25%) of the residuary estate; WHEREAS, each of the parties to this Agreement have been furnished with a .complete list of the estate assets, receipts and disbursements as set forth on the Statement of Account as attached hereto and mazked as Exhibit A; WHEREAS, it is the desire of the parties to this Agreement that administration of this estate be completed and accomplished without a formal accounting to the Orphans' Court Division of the Court of Common Pleas of Cumberland County, it being the desire of the parties to avoid the expense, delay and publicity of a formal accounting; WHEREAS, the parties to this Agreement each acknowledge to have received a Schedule of Distribution attached hereto and mazked as Exhibit A. NOW, THEREFORE, WITNESSETH, in consideration of the mutual promises, covenants and agreements recited herein, the parties do agree as follows: DIANE L. CLINE, Administrator, does hereby state that she has fully and faithfully dischazged the duties of her office, and the Statement of Account (Exhibit A) is true and correct and fully discloses all significant transactions during the accounting period. She further states that.all known claims against the Estate have been paid in full, and to the best of Page 2 of 7 IN WITNESS WHEREOF, I have hereunto set my hand and seal this J , 2009. WITNESS: day of ~~ NNETH L. McC THY, Heir COMMONWEALTH OF PENNSYLVANIA ~j SS: COUNTY OF //G~%C~II i ~ On this theme day of , 2009 before me, a Notary Public, the undersigned officer, personally appeared KENNETH L. McCARTHY, 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 hereunto set my hand and official seal. of ublic NOTARIAL SEAL JACQUELINE A KELLY Notory Public CITY OF HARRISBURG, DAUPHIN COUNTY My Commission Expires Dec 17, 2011 Page 5 of 7 IN WITNESS WHEREOF, I have hereunto set my hand and seal this __1~ day of 2009. WITNESS: I~ COMMONWEALTH OF PENNSYLVANIA SS: COUNTY OF On this the ~ day of , 2009 before me, a Notary Public, the undersigned officer, personally appeared CAROLYN L. BISHOP, known to me or satisfactorily proven to be the person whose name is subscribed to the within instrument, and acknowledged that she executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. ~~ otary Publ c COMMONWEALTH OF PENNSYLVANIA Nota~lal Seel GeM Goodwin, Notary Publ~ Hampden Twp., Cumberland counter Metnbsr, Pennsylvania Association of Notarise Page 6 of 7 IN WITNESS WHEREOF, I have hereunto set my hand and seal this _~ day of ~~~Qn_ , 2009. WITNESS: L. McCAR HY- LINGE ,Heir COMMONWEALTH OF PENNSYLVANIA //~~ SS: COUNTY OF ~Q,~C~ r! l n ; On this the ~ day of ~~ ~ d~j~~' , 2009 before me, a Notary Public, the undersigned officer, personally appeared MARILYN L. McCARTHY- WADLINGER, known to me or satisfactorily proven to be the person whose name is subscribed to the within instrument, and acknowledged that she executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. N NOTARIAL SEAL JACCUEUNE A KELLY Nofory Public CITY OP HARRISBURG, DAUPHIN COUNTI My Commission Expires Dec 17, 2011 Page 7 of 7 ESTATE OF CALVIN D McCARTHY JR DATE OF DEATH SEPTEMBER 25, 2007 SUMMARY STATEMENT OF ACCOUNT Assets -Schedule A Income -Schedule B Principal Increases/Decreases -Schedule C Disbursements -Schedule D Assets Available for Distribution Distributions to Beneficiaries -Schedule E Balance Reserved for Contingencies* $ 132,146.22 $ 572.65 $ (5,702.96) $ (42,676.12) $ 84,339.79 $ 84,000.00 $ 339.79 "The reserve balance may increase or decrease based on receipt of additional assets/income, presentation of an obligation and/or payment of additional charges. The reserve will be distributed to the residuary beneficiaries after receipt of the Pennsylvania Department of Revenue's tax clearance notice with respect to the Supplemental Inheritance Tax Return filed on or about 10/26/2009. After final distribution is made, the residuary beneficiaries agree to pay further liabilities of the decedent in the future. Period 9/25/2007-10/26/2009 EXhlblt A ESTATE OF CALVIN D McCARTHY JR ASSETS SCHEDULE A VALUE AT DESCRIPTION DATE OF DEATH SECURITIES/BONDS Idearc Inc (IAR); 34 shs @ $31.12/sh $ 1,058.08 Verizon Communications Inc (VZ); 714.350479 shs @ $44.07/sh $ 31,481.43 United States Savings Bonds, Series E/EE, Quantity 74 * $ 8,555.65 NOTE RECEIVABLE Between Decedent and Kenneth L McCarthy represented by $ 25,534.71 Belco Community Credit Union Secured Loan 019790 CASH Belco Community Credit Union; Account 019770 $ 27,860.45 LIFE INSURANCE Prudential Life Insurance Policy 091605740; Estate is beneficiary $ 2,555.90 TANGIBLE PROPERTY 1963 Chevrolet Coupe Corvair; VIN 30967W216314; SOLD $ 500.00 1964 Chevrolet Coupe Corvair; VIN 40627W226392; SOLD $ 500.00 1964 Volkswagon Sedan; VIN 6026729; SOLD $ 1,000.00 1970 Jaguar Coupe; VIN IR27378; SOLD $ 10,000.00 1974 Yamaha Motorcycle; VIN 352210881; SOLD $ 500.00 1978 International Station Wagon; VIN H0062HGD20045; SOLD $ 800.00 1981 car trailer; VIN T0262PA; SOLD $ 800.00 1982 Chevrolet Truck C30; SOLD $ 3,000.00 1982 Chevrolet Truck LUV; VIN J8ZCL14S8C8201763; SOLD $ 1,650.00 1984 Chevrolet Sedan Chevette; VIN 1G1AB68D2EY251970; SOLD $ 1,000.00 1984 Honda Motorcycle; VIN JH2TB0902ES001194; SOLD $ 350.00 1985 Mercedes Benz Coupe; VIN WD88A45CXFAD19057; SOLD $ 7,000.00 1988 Chevrolet Truck S10; VIN 1GCCS14Z3J2243183; SOLD $ 1,000.00 Cessna 150 Plane; SOLD $ 7,000.00 $ 132,146.22 'A portion of this asset (namely $6,861.90) represents money received after the decedent's death that was attributable to activities and efforts of the decedent before death. It is included in the decedent's gross estate and in gross income when received (income in respect of a decedent). Said income will be reported on the fiduciary income tax return. Period 9/25/2007-10/2612009 ESTATE OF CALVIN D McCARTHY JR INCOME SCHEDULE B DESCRIPTION Interest Income Belco Community Credit Union; Account 019770 Prudential Life Insurance Policy 091605740 United States Savings Bonds Dividend Income 2/1/2008 Verizon Communications Inc INVESTMENT ACTIVITY/REINVESTMENT 2/1/2008 Verizon Communications Inc; 7.953812 shs @ $38.619218/sh $ 9.06 $ 83.04 $ 173.38 $ 307.17 $ 572.65 $307.17 Period 9125/2007-10/26/2009 ESTATE OF CALVIN D McCARTHY JR PRINCIPAL INCREASES/DECREASES SCHEDULE C DATE DESCRIPTION 2/5/08 Idearc Inc (IAR); 34 shs Net Sale Proceeds Estate Value 3/24/08 Verizon Communications Inc (VZ); 722.304 shs Net Sale Proceeds Estate Value Period 9/25/2007-10/26/2009 AMOUNT $ 487.12 $ 1,058.08 $ 26,656.60 $ 31,788.60 GAIN/LOSS $ (570.96) $ (5,132.00) $ (5,702.96) ESTATE OF CALVIN D McCARTHY JR DISBURSEMENTS SCHEDULE D DESCRIPTION Register of Wills, Cumberland County; probate fees Jan L Brown & Associates; legal fee Diane L Cline; administrator fee Accountant; 1040 & 1041 income tax preparation fee USPS; registered mail Belco Community Credit Union; Secured Loan 019790 payoff PA Department of Revenue; PA-41 fye 8/31/08 PA Department of Revenue; PA-41 fye 6/30/09 Register of Wills Agent; Inheritance Tax CATEGORY AMOUNT Adm $ 495.00 Adm $ 5,716.00 Adm $ 5,966.00 Adm $ 800.00 Adm $ 29.17 Debt $ 25,534.71 Tax $ 10.00 Tax $ 3.00 Tax $ 4,122.24 $ 42,676.12 Period 9/25/2007-10/26/2009 ESTATE OF CALVIN D McCARTHY JR DISTRIBUTION TO BENEFICIARIES ACCORDING TO INTESTATE SUCCESSION (20 Pa.C.S.A. § 2101 et seq.) SCHEDULE E Kenneth L McCarthy, son' 1642 Holtz Road, Enola, PA 17025 One-fourth residuary estate $ 21,000.00 Carolyn L Bishop, daughter 659 Sawmill Road, Mechanicsburg, PA 17055 One-fourth residuary estate $ 21,000.00 Diane L Cline, daughter 73 Nailor Road, Dillsburg, PA 17019 One-fourth residuary estate $ 21,000.00 Marilyn LMcCarthy-Wadlinger, daughter 67 Millers Gap Road, Enola, PA 17025 One-fourth residuary estate $ 21,000.00 $ 84,000.00 $ 84,000.00 'Kenneth L McCarthy, son and heir, is reimbursing the Estate of Calvin D McCarthy in the amount of $4,534.71 from a portion of his beneficial share in the Estate of M Arlene McCarthy. The amount of $4,534.71 represents the difference between the Note Receivable in the amount of $25,534.71 (shown on Assets, Sch A) and his 25% beneficial share of Calvin's residuary estate in the amount of $21,000. In lieu of these statements, it is understood that Kenneth L McCarthy is not receiving a cash distribution from the Estate of Calvin D McCarthy. Rather, his beneficial share is being used to reimburse the Estate of Calvin D McCarthy for the Note Receivable shown on Schedule A. Period 9/25/2007-10/26/2009