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HomeMy WebLinkAbout05-03-11 (2) ~:;, J , ! ~ E v ~ IN THE MATTER OF THE ,~CLE~i; ~F IN THE COURT OF COMMON PLEAS ESTATE OF JUNE WILLIA~'~t'~1f~j`~r'~ v~~i~`r~T: CUMBERLAND COUNTY, PENNSYLVANIA DECEASED ~ ~~~~:~~ ~~' .~'l~C} C.;., r:,a. ORPHANS' COURT DIVISION N0. 2010-00521 RECEIPT, RELEASE & REFUNDING AGREEMENT THIS AGREEMENT (the "Agreement's is made as of the 29t" day of April, 2011, by and among the following parties (the "Parties': • Estate ofJune M. Williamson, deceased, (the "Estate', by Laura R. Zurich, its executrix (the "Executrix', who is represented by Debra K. Wallet, Esq. `Estate Counsel'. • Robert G. Wi//iamson, an adult individual, in his capacity as a beneficiary of the Estate, who is represented by Neil E. Hendershot, Esq. ("Beneficiaries' Caunsel'~. • Catharine Anna Keid% an adult individual, in her capacity as a beneficiary of the Estate, who is represented by Beneficiaries' Counsel. • Catharine Anna Keid% an adult individual, in her capacity as the nominated trustee for Phyllis Williamson, a minor, who is a beneficiary of the Estate. • Christian Keid% an adult individual, in his capacity as a beneficiary of the Estate. • Lawrence A. Zurich, an adult individual, in his capacity as a beneficiary of the Estate. Recitals A. June M. Williamson ("June" or the "Decedent") died on May 11, 2010, leaving a Last Will and Testament, dated December 3, 2009 (the "Will"). B. Letters Testamentary were granted to the Executrix by the Register of Wills of Cumberland County, Pennsylvania on May 18, 2010, which appointment remains in effect. C. The individuals who are the beneficiaries of the Estate, as listed above (the "Beneficiaries" and each a "Beneficiary', are willing to settle and distribute the Estate without the formality of a proceeding before the Orphans" Court Division, Court of Common Pleas of Cumberland County, Pennsylvania (the "Court', in order to save expense, publicity, and delay incident to such Court proceedings; and the Executrix is willing to confirm or make such distributions upon the execution of this Agreement by the Beneficiaries. -1- D. The Executrix, with the assistance of Estate Counsel, prepared an account of the administration of the Estate for the period since the Decedent's death on May 18, 2010, to April 29, 2011 (the "Account"), which is signed by the Executrix under oath. A copy of the Account is attached hereto as Exhibit 'A'; and, by such reference, the Account is made part hereof. E. The Executrix also prepared a Schedule of Proposed Distribution (the "Schedule"), which is part of the Account, and which sets forth the remaining cash that the Executrix proposes to distribute to the Beneficiaries in full satisfaction of their respective rights, title and interest in the Estate. F. In consideration of the foregoing, and intending to be legally bound, the Parties, for themselves, their heirs, personal representatives, successors and assigns, hereby agree as set forth below. Provisions 1. The Recitals set forth above are incorporated by reference for all purposes. 2. Each Party represents and warrants that he/she has read and understands this Agreement. 3. The Executrix represents and warrants that the facts set forth in the Account are true and correct, to the best of her knowledge, information, and belief. 4. The Beneficiaries acknowledge receipt of a copy of the Account and the Schedule, which are attached hereto as Exhibit 'A': 5. Each Beneficiary declares that he/she has examined the Account, including the Schedule, that he/she finds them to be acceptable as represented to them, and that he/she accepts and approves them as if they had been duly filed, audited, adjudicated and confirmed absolutely by the Court, and as if the amounts shown as distributable had been duly awarded to him/her by the Court. 6. Each Beneficiary waives the filing and auditing of the Account in the Court. -2- 7. Each Beneficiary requests the Executrix to make distribution of the principal and income in accordance with the Schedule, and, effective upon delivery to him/her of the amounts shown as distributable, acknowledges receipt of such property. 8. Each Beneficiary agrees to refund to the Executrix those amounts or tangible personal property, as appropriate, that may at any time be determined to have been erroneously distributed to him/her, regardless of the cause, and agrees that any period for the limitation of actions for the collection of any erroneous distribution shall commence only at such time as the Executrix shall have obtained actual knowledge of such erroneous distribution; provided, however, that in no event shall the period for collection of any erroneous distribution be less than two years after such actual discovery. 9. The Beneficiaries acknowledge that the distributions specified on the Schedule are made in full satisfaction of any and all of his/her right, title and interest in the Estate and under the Will. l0. The Beneficiaries approve payment, from the Estate, of the Estate's final distributions and reserved expenses, as set forth in the Account. 11. Each Beneficiary agrees to refund, on demand from the Executrix, all or any part of the distributions to him/her referenced in the Account, which have been determined by the Executrix or by the Court to have been improperly made. 12. Each Beneficiary absolutely and irrevocably remises, releases, quit-claims and forever discharges the Executrix, including her successors, of and from any and all actions, payments, accounts, reckonings, liabilities, claims and demands relating in any way to the Estate or the Account. 13. The Parties declare his/her intention that this Agreement shall be governed by the law of Pennsylvania and shall be legally binding as an agreement under seal upon him/her and upon his/her heirs, executors, administrators and assigns. 14. This Agreement may be executed in with counterpart signatures, and by facsimile signatures, and it may be recorded. -3- Execution IN WITNESS WHEREOF, the undersigned have executed the Receipt, Release & Refunding Agreement, effective as of the date set forth therein, intending to be legally bound. Witness: Executrix. Laura R. Zuvich Witnesses: Beneficiaries , ~ , -' Robert G. Williamson Catharine Anna Keidel Catharine Anna Keidel, as nominated Trustee under the Decedent's Will for Phyllis Williamson, a m i nor Christian Keidel Lawrence A. Zuvich Execution IN WITNESS WHEREOF, the undersigned have executed the Receipt, Release & Refunding Agreement, effective as of the date set forth therein, intending to be legally bound. Witness: Executrix. Laura R. Zurich Witnesses: Beneficiaries Robert G. Williamson Catharine Anna eidel Catharine Anna Keidel, as nominated Trustee under the Decedent's Will for Phyllis Williamson, a minor ~__ Christian Keidel Lawrence A. Zurich Execution IN WITNESS WHEREOF, the undersigned have executed the Receipt, Release & Refunding Agreement, effective as of the date set forth therein, intending to be legally bound. Witness: Executrix. Witnesses: ~h--'~. _...~ Laura R. Zurich Beneficiaries Robert G. I/1/i/liamson Catharine Anna Keide/ Catharine Anna Keidel, as nominated Trustee under the Decedent's Will for Phy//is Wi//iamson, a minor Christian Keide/ Lawrence A. rich BEFORE THE REGISTER OF WILLS, CUMBERLAND COUNTY, PENNSYLVANIA No. 2110-00521 FIRST AND FINAL ACCOUNT OF LAURA R. ZUVICH, Executrix For ESTATE OF JUNE M. WILLIAMSON ,Deceased Date of Death: May 11, 2010 Date of Executrix's Appointment: May 18, 2010 Accounting for the Period: May 18, 2010 to Apri129, 2011 PURPOSE OF ACCOUNT: Laura R. Zuvich, Executrix, offers this Account to acquaint interested parties with the transactions that have occurred during her administration. The Account also indicates the proposed distribution of the Estate. It is important that the Account be carefully examined. Requests for additional information or questions or objections can be discussed with: Debra K. Wallet, Esquire 24 N. 32nd Street Camp Hill, PA 17011 I.D. #23989 (717) 737-1300 EXHIBIT A SUMMARY OF ACCOUNT Fiduciary Current Acquisition Page Value Value Proposed Distribution to Beneficiaries 15 $1, 214, 661.16 PRINCIPAL Receipts 2-5 $ l , 559, 607.96 Net Gain on Sales or Other Dispositions 5-8 6,005.32 Less Disbursements Debts of Decedent 9 $6,545.71 Funeral Expenses 9 1,338.57 Administration Expenses 9-10 3 , 773.16 Federal and State Taxes 10 139,977.86 Fees and Commissions 10 31,835.00 $183,470.30 Principal Balance on Hand $ l , 382,142.98 INCOME Receipts 11-13 $18,983.18 Income Balance on Hand 18,983.18 Balance Before Distributions $ l , 401. ,126.16 Distributions to Beneficiaries 14 186,465.00 Combined Balance on Hand $1, 214, b61.16 RECEIPTS OF PRINCIPAL Assets Listed in Inventory: (Value as of Date of Death) Cash and Bank Deposits: Cash in possession of Decedent $606.20 State Employees' Retirement System 127.67 Vanguard I-T Investment-Grade Inv accrued dividend 142.80 Vanguard GNMA Fund Admiral Shares accrued dividend 234.68 Vanguard Fund Investor Shares accrued dividend 12.10 $1, l 23.45 Tangible Personal Propert : Personal property given to granddaughter, Catharine Keidel, in Schedule attached to Will-based upon attached appraisal $2,260.00 Personal property given to son, Robert G. Williamson, in Schedule attached to Will-based upon attached appraisal 30.00 Personal property given to granddaughter's Husband, Christian Keidel, in Schedule attached to Will-based upon attached appraisal 80.00 Miscellaneous personal property not specifically bequeathed 1, 895.00 $4, 265.00 2 Stocks: Vanguard Windsor Fund Investor Acct. #0022-88017706403 $50,197.76 Vanguard I-T Investment-Grade Inv Acct. #0071-88017706403 97,987.29 Vanguard Wellington Fund Admiral Acct. #0521-88017706403 133,475.34 Vanguard Income Wellesley Fund Inv Acct. #0027-88017706403 47,343.27 Vanguard REIT Index Fund Inv Acct. #0123-88017706403 27,476.62 Vanguard 500 Index Fund Inv Acct. #0040-88017706403 26,061.63 Vanguard GNMA Fund Admiral Shares Acct. #0536-88017706403 230,459.13 Vanguard Equity Income Fund Inv Acct. #0065-88017706403 45,293.16 Morgan Stanley Smith Barney Legg Mason Western Asset 100,925.80 Morgan Stanley Smith Barney LMP Strategic Income 22 359.67 Morgan Stanley Smith Barney Legg Mason Western Asset 25,357.83 Morgan Stanley Smith Barney Comcast Corp CL A 16, 887.84 Morgan Stanley Smith Barney Hershey Company 67,783.70 Morgan Stanley Smith Barney JP Morgan Chase & Co 13,684.95 Morgan Stanley Smith Barney Metro Bancorp Inc 92 477.23 3 Morgan Stanley Smith Barney Morgan Stanley 4,459.26 Morgan Stanley Smith Barney OGE Energy Corp 58,312.50 Morgan Stanley Smith Barney Pepco Holdings Inc 15,839.98 Morgan Stanley Smith Barney PPL Corp 68,898.28 Morgan Stanley Smith Barney AT&T Inc 102,300.00 Morgan Stanley Smith Barney Vodafone Group PLC Spons 16,640.07 Morgan Stanley Smith Barney Verizon Communications 53,087.70 Morgan Stanley Smith Barney Cash Account 34, 224.43 $1, 351, 533.44 Realty: 311 Glendale Drive Shiremanstown, PA $182,200.00 Refunds: CNA premium refund $1, 225.05 Verizon refund 109.56 The Hartford-homeowners' refund 100.00 $1,434.61 TOTAL ASSETS LISTED IN INVENTORY: $1, 540, 556.50 4 Receipts Subsequent to Inventory (Valued When Received) 1 /26/ 10 Pennsylvania American Water 25.33 Refund 6/7/10 Loan from joint account 3,000.00 with Catharine Anna Keidel 6/23/10 US Treasury -tax refund 2,425.00 7/27/10 Morgan Stanley Smith $3,323.13 Barney Frontier Communications 9/7/ 10 AAA refund -membership 25.00 9/7/ 10 State Workers Insurance Fund 701.00 refund 4/ 12/ 11 2010 federal individual income 9, 000.00 tax refund 4/ 12/ 11 2010 PA individual income 552.00 $19, 051.46 tax refund TOTAL RECEIPTS OF PRINCIPAL: $1,559,607.96 GAINS AND LOSSES ON SALES OR OTHER DISPOSITIONS 7/27/ 10 Liquidation of Vanguard Windsor Fund Investor Acct. #0022-88017706403 Net Proceeds $47,726.36 Fiduciary Acquisition 50,197.76 ($2,471.40) 7/27/10 Liquidation of Vanguard I-T Investment-Grade Inv Acct. #0071-88017706403 Net Proceeds $100, 072.12 Fiduciary Acquisition 97,987.29 2,084.83 5 7/27/10 Liquidation of Vanguard Wellington Fund Admiral Acct. #0521-88017706403 Net Proceeds $131, 818.41 Fiduciary Acquisition 133,475.34 (1,656.93) 7/27/ 10 Liquidation of Vanguard Income Wellesley Fund Inv Acct. #0027-88017706403 Net Proceeds $47, 547.14 Fiduciary Acquisition 47,343.27 203.87 7/27/ 10 Liquidation of Vanguard REIT Index Fund Inv Acct. #0123-88017706403 Net Proceeds $26,753.14 Fiduciary Acquisition 27,476.62 (723.48) 7/27/ 10 Liquidation of Vanguard 500 Index Fund Inv Acct. #0040-88017706403 Net Proceeds $25,086.61 Fiduciary Acquisition 26,061.63 (975.02) 7/27/ 10 Liquidation of Vanguard GNMA Fund Admiral Shares Acct. #0536-88017706403 Net Proceeds $235,788.89 Fiduciary Acquisition 230,459.13 5,329.76 7/27/ 10 Liquidation of Vanguard Equity Income Fund Inv Acct. #0065-88017706403 Net Proceeds $44,120.13 Fiduciary Acquisition 45,293.16 (1,173.03) 7/27/ 10 Liquidation of Morgan Stanley Smith Barney Legg Mason Western Asset Net Proceeds $101,157.40 Fiduciary Acquisition 100,925.80 231.60 7/27/ 10 Liquidation of Morgan Stanley Smith Barney LMP Strategic Income Net Proceeds $22, 825.53 Fiduciary Acquisition 22,359.67 465.86 6 7/27/ 10 Liquidation of Morgan Stanley Smith Barney Legg Mason Western Asset Net Proceeds $25,620.18 Fiduciary Acquisition 25,357.83 262.35 7/27/ 10 Liquidation of Morgan Stanley Smith Barney Comcast Corp CL A Net Proceeds $17,583.56 Fiduciary Acquisition 16,887.84 695.72 7/27/ 10 Liquidation of Morgan Stanley Smith Barney Hershey Company Net Proceeds $65,689.69 Fiduciary Acquisition 67,783.70 (2,094.01) 7/27/ 10 Liquidation of Morgan Stanley Smith Barney JP Morgan Chase & Co Net Proceeds $13 , 002.23 Fiduciary Acquisition 13,684.95 (682.72) 7/27/ 10 Liquidation of Morgan Stanley Smith Barney Metro Bancorp Inc Net Proceeds $92,163.41 Fiduciary Acquisition 92,477.23 (313.82) 7/27/ 10 Liquidation of Morgan Stanley Smith Barney Morgan Stanley Net Proceeds $4,051.04 Fiduciary Acquisition 4,459.26 (408.22) 7/27/ 10 Liquidation of Morgan Stanley Smith Barney OGE Energy Corp Net Proceeds $60,127.07 Fiduciary Acquisition 58,312.50 1,814.57 7/27/ 10 Liquidation of Morgan Stanley Smith Barney Pepco Holdings Inc Net Proceeds $15, 810.40 Fiduciary Acquisition 15,839.98 (29.58) 7 7/27/ 10 Liquidation of Morgan Stanley Smith Barney PPL Corp Net Proceeds $71, 683.81 Fiduciary Acquisition 68,898.28 2,785.53 7/27/ 10 Liquidation of Morgan Stanley Smith Barney AT&T Inc Net Proceeds $103,534.60 Fiduciary Acquisition 102, 300.00 1, 234.60 7/27/ 10 Liquidation of Morgan Stanley Smith Barney Vodafone Group PLC Spons Net Proceeds $18,592.01 Fiduciary Acquisition 16, 640.07 1, 951.94 7/27/ 10 Liquidation of Morgan Stanley Smith Barney Verizon Communications Net Proceeds $52, 560.60 Fiduciary Acquisition 53,087.70 527.10 NET GAIN: $6,005.32 8 DISBURSEMENTS OF PRINCIPAL Debts of Decedent: 06/01 / 10 Green Seasons Lawn Service $43.94 06/01/10 F. M. Berkheimer-air conditioner service 90.00 06/07/ 10 Bank of America-credit card 345.38 06/07/ 10 Larry Zuvich-lawn maintenance 320.00 06/ 14/ 10 PP&L 373.00 06/ 16/ 10 Comcast Cable 35.89 06/ 17/ 10 Pennsylvania American Water 39.43 09/ 13/ 10 Reimbursement to Glenn Williamson Estate for lh mortgage payment received from Robert Williamson (full amount shown on inheritance tax return of Glenn Williamson, DOD 3/7/2009) 2 112.68 04/29/ 11 Reimbursement to Catharine Anna Keidel 2,153.66 reserve Reimbursement to Catharine Anna Keidel 1,031.73 Funeral Expenses: 6,545.71 06/01 / 10 Gate of Heaven Cemetery-memorial death date engraving $125.00 06/ 14/ 10 Malpezzi Funeral Home 1, 213.57 $1, 338.57 Administration Expenses: 06/01 / 10 The Hartford-Homeowners' insurance $146.88 06/07/ 10 Verizon 70 34 06/30/ 10 The Hartford-Homeowners' insurance . 18.00 07/ 13/ 10 The Patriot News (advertisement of grant of letters) 208 44 07/ 13/ 10 Chuck Bricker, Auctioneer-appraisal of . personal property 170.00 07/ 13/ 10 Larry Zuvich-lawn & shrub maintenance 306.25 07/26/ 10 Pennsylvania American Water 25 98 07/26/ 10 PP&L . 152.77 10/ 15/ 10 Register of Wills (inh tax return filing fee) 30.00 10/22/ 10 Register of Wills (additional probate fee) 50.00 04/29/ 11 Reimburse Debra K. Wallet for probate 1, 084.50 fees, short certificates, Cumberland Law Journal 9 04/29/ 11 Executrix's postage, photocopies, mileage, etc. 250.00 04/29/ 11 Attorney's postage, photocopies, mileage, etc. 250.00 reserve Reserve for Filing of Account, fiduciary tax preparation 1, 010.00 $3 , 773.16 Federal and State Taxes: 03 / 11 / 10 PA Inheritance Tax $110, 000.00 06/ 14/ 10 Estimated 2010 PA individual tax payment 387.00 06/ 14/ 10 Estimated 2010 federal individual tax payment 3 , 000.00 09/ 15/ 10 Estimated 2010 PA individual tax payment 387.00 09/ 15/ 10 Estimated 2010 federal individual tax payment 3 , 000.00 10/ 15/ 10 PA Inheritance Tax 3, 341.31 04/ 11 / 11 WESTAB EIT (1 S` quarter) 390.15 04/ 11 / 11 WESTAB EIT (2°d quarter) 340.19 04/ 11 / 11 PA UC - lna qtr. 2010 868.22 04/ 11 / 11 PA UC - 2 qtr. 2010 507.05 04/ 11 / 11 PA Department of Revenue - 1 S` qtr. 2010 704.59 04/ 11 / 11 PA Department of Revenue - 2°d qtr. 2010 614.35 04/ 11 / 11 U . S . Treasury - 2010 federal tax 15 , 43 8.00 reserve Reserve for final taxes 1, 000.00 $139, 977.86 Fees and Commissions: 04/29/11 Debra K. Wallet, Esq. -Atty. fees 04/29/ 11 Laura R. Zuvich-Executrix's fee 02/25/ 11 George Lane, CPA -preparation of 2010 individual tax returns 04/27/ 11 George Lane, CPA -preparation of 2010 amendments and related paperwork $15,000.00 15,000.00 385.00 1,450.00 $31,835.00 10 RECEIPTS OF INCOME 2010 Estate Dividends Vanguard Windsor Fund Investor $283.66 Acct. #0022-88017706403 Vanguard I-T Investment-Grade Inv 496.03 Acct. #0071-88017706403 Vanguard Wellington Fund Admiral 1 070.43 Acct. #0521-88017706403 Vanguard Income Fund Inv 455.31 Acct. #0027-88017706403 Vanguard REIT Index Fund Inv 232.77 Acct. #0123-88017706403 Vanguard 500 Index Fund Inv 123.65 Acct. #0040-88017706403 Vanguard GNMA Fund Admiral Shares 746.48 Acct. #0536-88017706403 Vanguard Equity Income Fund Inv 313.60 Acct. #0065-88017706403 Morgan Stanley Smith Barney Legg Mason Western Asset 805.29 Morgan Stanley Smith Barney LMP Strategic Income 198.14 Morgan Stanley Smith Barney Legg Mason Western Asset 418.18 Morgan Stanley Smith Barney Comcast Corp CL A 88 07 Morgan Stanley Smith Barney Hershey Company 454.40 Morgan Stanley Smith Barney JP Morgan Chase & Co 16.35 11 Morgan Stanley Smith Barney OGE Energy Corp 543.75 Morgan Stanley Smith Barney Pepco Holdings Inc 252.99 Morgan Stanley Smith Barney PPL Corp 939.40 Morgan Stanley Smith Barney AT&T Inc 1, 680.00 Morgan Stanley Smith Barney Vodafone Group PLC Spons 704.96 Morgan Stanley Smith Barney Verizon Communications 886.35 $10,709.81 Interest Morgan Stanley Smi th Barney Citibank $1.23 Centric Bank 2010 1,116.30 1 / 1-3 /31 /2011 629.42 1, 745.72 First National Bank 33.02 Graystone Bank 2010 $1,114.80 1/1-3/31/2011 397.88 1,512.68 Integrity Bank 2010 $966.11 1 / 1-4/ 15/2011 655.95 1, 622.06 Metro Bank 2010 $297.09 1 / 1-3/23/2011 57.43 354.52 12 Mid Penn Bank 2010 $1,131.39 1 / 1-3/31 /2011 895.52 2,026.91 Wachovia Bank 2010 $647.77 1/1-4/15/2011 329.46 TOTAL RECEIPTS OF INCOME: 977.23 $8,273.37 $18,983.18 13 DISTRIBUTION TO BENEFICIARIES TO: Robert G. Williamson 206 N . Edgmont Street Media, PA 19063 Personal property $30.00 Catharine Anna Keidel 633 Browns Trace Jerico, VT 05465 Personal property 2, 260.00 Lawrence A. Zuvich 311 Glendale Drive Shiremanstown, PA 17011 311 Glendale Drive 182,200.00 Shiremanstown, PA Personal property 1, 895.00 Christian Keidel 633 Browns Trace Jerico, VT 05465 Personal property 80.00 TOTAL DISTRIBUTION TO BENEFICIARIES: $186,465.00 14 PROPOSED DISTRIBUTION TO BENEFICIARIES TO: Robert G. Williamson $242,932.24 206 N . Edgmont Street Media, PA 19063 Catharine Anna Keidel 668,063.62 633 Browns Trace Jerico, VT 05465 Phyllis Williamson 121,466.12 206 N. Edgmont Street Media, PA 19063 Lawrence A . Zuvich 182,199.18 311 Glendale Drive Shiremanstown, PA 17011 TOTAL PROPOSED DISTRIBUTION TO BENEFICIARIES: $1,214,661.16 15 Assets on Hand: Centric Bank (3/31/11) Graystone Bank (3/31/11) Integrity Bank (4/15/11) Metro Bank checking (3/31/11) Metro Bank money market (3/23/11) Mid Penn Bank (3/31/11) Wachovia Bank (4/15/11) Tax refunds deposited 245, 865.85 249,239.04 248,438.86 1,412.73 35,873.51 244, 342.64 237,349.13 9,552.00 16 1,272,073.76 VERIFICATION Laura R. Zuvich, Executrix of the Estate of June M. Williamson, hereby declares under oath that she has fully and faithfully discharged the duties of her office; that the forgoing First and Final 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 her knowledge, there are no claims now outstanding against the Estate; and that no taxes are presently due. This statement is made subject to penalties of 18 Pa. C.S.A. Section 4904 relating to unsworn falsification to authorities. Dated: Apri129, 2011 ..,.: ~ ~' ,~/ LAURA R. ZUVIC~i `~ ~._,~ 17