HomeMy WebLinkAbout10-26-10 (2)Settlement Memorandum -The Estate of Frank M. Borth
We, Steven Borth (of 155 Stoney Lea Road, Dedham MA, formerly of 27 Clougn R
Massachusetts) and Katherine Borth Kromer (of 17349 Plantation Road, Onancock
compatible agreement regazding the distribution of the assets of the Estate of our Fai
M. Borth. Our Father's wishes, stated verbally to us, in addition to legally in his Tn
and contractually in his Bank Accounts and Insurance/Annuity Policies, were for us
estate equally (50%-50%) between us. Therefore, we both agree to the distribution
of the Estate of our Father, as follows:
1. By contract, Pennsylvania Checking Accounts aze distributed to each of us,
Steven, 50% to Kathy.
2. By contract, the proceeds of Dad's Life Insurance and Annuity policies are c
each of us, 50% to Steven, 50% to Kathy.
3. Per specification in Dad's Trust and Will, Kathy is to receive sole ownershp
Creek-Side, LLC, a Virginia Corporation, having assets of:
a. $4,000 in bank balance at Sun Trust
b. $500,000 in Residential Real Property -17349 Plantation Road, Ona
4. Per the 50%-50% specification in Dad's Trust and Will, Steven is to receive
ownership of all other Estate assets:
a. Montauk Trading Company, LLC, a Virginia Corporation having ass
i. $31,000 in bank balance at Sun Trust
ii. $200,000 in Retail and Office Real Property - 49 King Street
King Street) , Onancock, VA.
b. Dad's UBS Estate Account, containing the assets of Dad's Individul;
Account, debited for all Estate Expenses, credited for all Estate Inco~
after all Debits and Credits of $234,000.
5. The non-contract proceeds from the Estate of Frank Borth received by Steve
$465,000. The non-contract proceeds from the Estate of Frank Borth rece' ~
total $504,000. To fulfill the equal, 50%-50% distribution of Estate asset
stipulated by our father, Kathy agrees to transfer to Steven $19,500, which
difference in non-contract proceeds (described in the first two sentences, a~
numbers are as follows: ~;
a. Kathy: $504,000 - $19,500 = $484,500. ; -~,
b. Steven: $231,000 + $234,000 + $19,500 = $484,500. ~'
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We, Steven Borth and Katherine Borth Kromer, as beneficiaries and executors of ou
Estate, sign and file this memorandum with the understanding that this document rec
Creditors of the Estate have been paid, and that, we aze in amicable agreement that tl
Final distribution of the Estate of our Father, Frank M. Borth.
ad, Dedham
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