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FAMILY SETTLEMENT AGREEMENT ; _ ~ -T 3 _ ; _ =~
IN THE ESTATE OF LOIS G. TAYLOR, DECEASED--, t - '"~`'
Sr
AGREEMENT executed this ~ day of f~R ~ c ~' . 201 I, by and
between JOHN I. TAYLOR a/k/a JOHN I. TAYLOR, JR. (hereinafter `'JOHN I. TAYLOR''),
Executor of the Estate of LOIS G. TAYLOR, deceased, and LINDA G. TAYLOR, JOHN I.
TAYLOR, SUSAN M. TAYLOR and BETSY K. TAYLOR, heirs and beneficiaries of the Estate
of LOIS G. TAYLOR..
WHEREAS, LOIS G. TAYLOR, late of North Newton Township, Cumberland County,
Pennsylvania, died on October 16, 2009, having left a Last Will and Testament dated December
16, 1996.
WHEREAS, on October 28, 2009, the Register of Wills in and for the County of
Cumberland, Commonwealth of Pennsylvania, did constitute and appoint JOHN I. TAYLOR, as
Executor of the Estate of LOIS G. TAYLOR, in Estate Number 21-09-1016 upon the probating
of the aforesaid Last Will and Testament, and
WHEREAS, the Executor has proceeded with the administration of said Estate consisting
of assets in the amount of $164,136.26, plus non-probate assets of $73,221.34, plus joint assets
of $72,322.85, less adjustments of $5,837.58, less disbursements in the amount of $119,017.38,
and less non-probate assets in the amount of $73,221.34, less jointly held assets in the amount of
$402.85, less interim distributions of $88,000.00, leaving a principal balance on hand of
$23,201.25, as set forth in the First and Final Account, a true and correct copy is attached hereto
and made part hereof as Exhibit "A", and
WHEREAS, the only parties in interest in said Estate are the above-named parties, and
WHEREAS, said parties in interest desire that the Executor shall not be required to file
an Account with the Orphan's Court of Cumberland County, Pennsylvania, and that the net
estate of the decedent shall be distributed without the necessity of filing a formal Account to
avoid the expense, delay and publicity of a formal accounting, but should instead be distributed
in accordance with the Executor's Proposed Schedule of Distribution, a true and correct copy of
which is attached hereto and made a part hereof as Exhibit "B".
NOW THEREFORE, in consideration of the mutual promises, covenants and agreements
recited herein, the above-named heirs and beneficiaries of the Estate of LOIS G. TAYLOR do
hereby mutually agree as follows:
1. The parties hereto, and each of them, agree and acknowledge that they have
fully and carefully examined the First and Final Account of JOHN I. TAYLOR, Executor
for the Estate of LOIS G. TAYLOR, deceased, and Proposed Schedule of Distribution
relating thereto, and find them to be true and correct, and acceptable to the parties hereto and
each of them, and further that each of them has received a copy of this Family Settlement
and Final Release and of said Account and Proposed Schedule of Distribution.
2. The parties hereto hereby agree that in order to avoid the expense, delay and
publicity involved in the filing of a formal Account and Schedule of Distribution, no
accounting to the Court is necessary and we do hereby agree that we 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
Orphan's Court Division of the Court of Common Pleas of Cumberland County,
Pennsylvania.
;. The parties hereby remise, release, quitclaim and forever discharge the Estate
of LOIS G. TAYLOR, and JOHN I. TAYLOR, Executor, his heirs. Executors,
administrators and assigns, from all manner of acts, suits, claims, accountings, debts and
demands whatsoever which we or any of us or our legal representatives or assigns may at
any time hereafter have against said Executor, estate, or assets thereof, touching or
concerning the Estate of the Decedent.
4. The parties hereto covenant and agree that they will contribute their share of
the Estate to satisfy all claims, debts, demands, suits or cause of action which may be
successfully brought against the Estate or the Executor after the execution of this Family
Settlement and Final Release.
5. The parties hereto hereby agree that they will at all times in the future and
wherever necessary, appropriate or convenient, made, execute and deliver to said Executor,
and/or to the 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
intention of this Family Settlement and Final Release.
6. This Family Settlement and Final Release constitutes the entire understanding
among the parties hereto, and each of them acknowledges that no representations or
statements of any kind, written or oral, have been made to them or any of them prior hereto
by the Executor or any other person or party upon his behalf.
7. This Family Settlement and Final Release shall inure to the benefit and shall
bind the parties hereto, and each of them, their heirs, Executors, administrators, successors
and assigns.
8. This Family Settlement and Final Release shall be governed by the laws of the
Commonwealth of Pennsylvania.
IN WITNESS WHEREOF, the parties hereto have hereunto set their respective hands
and seals the day and year first above written.
R'ITNESSETH:
7 11
r ~.- , Date J HNI. TAYLOR
Executor
~~ `~J
--~ ~ s- ~~ ~-~~~
Date HNI. TAYLOR
- Individually as heir and beneficiary
°~J
Date LI DA G. TAYLOR
Individually as heir and beneficiary
S1
Date S SANM. TAYLO
Individually as heir nd beneficiary
Dat~ BETSY AY OR
Individu y as heir and beneficiary
FIRST AND FINAL ACCOUNT OF
JOHN I. TAYLOR, EXECUTOR OF THE
ESTATE OF LOIS G. TAYLOR, Deceased
Date of Death: October 19, 2009
Date of Executor's Appointment
October 28, 2009
Accounting for the Period of October 28, 2009
to June ~ c7, 2011
Purpose of Account: JOHN L TAYLOR, Executor of the Estate of LOIS G.
TAYLOR, offers this Account to acquaint interested parties with the transactions
that have occurred during his administration of the Estate for the accounting period
indicated above. The Account also indicates the proposed distribution of the
Estate.
It is important that the Account be carefully examined. Request for
additional information or questions or objections can be discussed with:
Bradley L. Griffie, Esquire
GRIFFIE & ASSOCIATES
200 North Hanover Street
Carlisle, PA 17013
(717) 243-5551
100 Lincoln Way East, Suite D
Chambersburg, PA 17201
(717) 267-1350
(800) 347-5552
SUMMARY OF ACCOUNT
Principal -Total Assets $303,842.87
(including non-probate assets)
Less Disbursements of Principal (-) $119,017.38
Non-probate assets previously distributed (-) 73,221.34
Jointly held assets previously distributed (-) 402.85
Interim Disbursement of Heirs
TOTAL Cash Available for Distribution
~) 88,000.00
$23,201.25
Exhibit "A"
RECEIPTS OF PRINCIPAL
REAL ESTATE
1. Residence: 370 Greenspring Road ................................................$148,000.00
Newville, PA
Cumberland County, Pennsylvania
STOCKS and BONDS
NONE
CASH and BANK ACCOUNTS
1. Metro Bank
Checking Account No. 513392613 ....................$ 1,894.75
2. Metro Bank
Checking Account No. 537636748 .....................$ 21.48
3. 2009 Federal Income Tax Refund .......................$ 436.00
4. Met Life Guaranteed Interest Cert.
Account No. 4400060772 ................................$ 10,123.77
5. Cash ......................................................... $ 120.00
6. Valley Rural Electric Coop. Certificates ................$ 101.71
SUBTOTAL ..................................................................... $12,697.71
PERSONAL PROPERTY
1. Household furniture, furnishings .....................$ 1,131.0
2. 1995 Ford ................................................$ 500.00
SUBTOTAL ....................................................................... $ 1,631.50
ADDITIONAL RECEIPTS
1. CenturyLink Refund .................................$ 23.71
2. Nationwide Insurance Premium Refund.......... $ 177.40
3. Real Estate Tax Pro-ration (at settlement)........ $ 1,420.33
4. Union Central Life Premium Refund .............. $ 185.61
1.807.
SUBTOTAL ..........................................................................
TOTAL PRINCIPAL of probate Estate before adjustments ..................................$164,136.26
NON-PROBATE ASSETS ATTRIBUTABLE TO ESTATE
1. John Hancock Life Insurance Co ................... $21,149.62
Roth IRA No. 2697597
2. John Hancock Life Insurance Co ................ .... $15,396.52
IRA Account No. 2697142
3. Nationwide Financial ............................. .... $ 6,065.14
Annuity Contract No. O1-5503212
4. Morgan Stanley Smith Barney .................. ..... $ 6,832.24
IRA Account No. 410-014313-140
5. Members 1st Federal Credit Union ............. ...... $ 5,936.13
IRA Certificate No. 26383-26
6. Members 1st Federal Credit Union ............. ....... $10,546.03
7. Met Life Total Control Account (IRA)
Money Market Option account No. 4052386988... $ 7.295.66
. 73,2
SUBTOTAL ........................................................................................ $ 21.4
JOINTLY HELD ASSETS
1. Members 1st Federal Credit Union .............................$ 107.42
Savings Account No. 26383-00
(Joint Owner: John I. Taylor, Jr.)
(Joint tenant with the right of survivorship (JTWROS))
2. Members 1St Federal Credit Union ............................ $ 12.84
Savings Account No. 53333-00
(Joint Owner: Justin Yuda)
(JTWROS)
3. Members 1st Federal Credit Union ........................... $ 153.07
Savings Account No. 210608-00
(Joint Owner: Talia Howard)
(JTWROS)
4. Members 1St Federal Credit Union ........................... $ 27.06
Checking Account No. 53333-11
(Joint Owner: Justin Yuda)
(JTWROS)
5. Members 1St Federal Credit Union ........................... $ 54.51
Savings Account No. 59390-00
(Joint Owner: Susan Taylor)
(JTWROS)
6. Members 1St Federal Credit Union .......................... . $ 47.95
Savings Account No. 30466-00
(Joint Owner: Linda Taylor)
(JTWROS)
7. Real Estate -131 Elm Street, Carlisle, PA ................. $ 71.920.00
(Joint Owner: Justin Yuda)
(Tenants in Common)
SUBTOTAL ....................................................... ...................$72,322.85
GAINS AND LOSSES ON SALES AND OTHER DISTRIBUTIONS
GAINS:
1. Met Life fund growth .......................................... $ 85.23
2. Post death military benefit paid .............................. $1.393.18
1,4
SUBTOTAL ......................................................................................$ 78.41
LOSSES:
1. Operation of Rental 131 Elm Street, Carlisle, PA
Income $ 4,550.00
Expenses (-) 11,865.99
Loss (-) $ 7,315.99
2. Post death transfer to loan payment (Members 1st)...(-) $ 209.80
SUBTOTAL ......................................................................(-)$7.315.99
TOTAL GAINS AND LOSSES ......................................................(-)$5,837.58
Total principal of Estate with all adjustments ..........................................$303,842.87
DISBURSEMENTS OF PRINCIPAL
Orrstown Bank Account No. 103008723
DEBTS OF DECEDENT
1. Members 1St Federal Credit Union .....................$ 4,273.13
VISA Account No. XXXX-X~.XX-XXXX-9536
2. Members 1st Federal Credit Union .....................$ 85.07
Loan No. 26383-03
3. Members 1St Federal Credit Union ......................$ 5,494.53
Loan No. 26383-09
4. MVOA (Timeshare fees) ............................ .....$ 425.00
5. Military Star (PX Card) .............................. ....$ 803.68
6. Griffie & Associates .......................................$ 553.00
(Legal fees -Guardianship proceedings)
7. GMAC Mortgage ..........................................$48.283.41
SUBTOTAL :...........................................$ 59,917.82
FUNERAL EXPENSES
1. Egger Funeral Home, Inc .......................... $5,522.87
2. Newville Cemetary (Burial Plot) ...................$ 300.00
3. Grave Marker .........................................$2.615.00
SUBTOTAL :..........................................$ 8,437.87
ADMINISTRATION EXPENSES
1. Attorney's fees to GRIFFIE & ASSOCIATES ...............$ 8,000.00
2. Personal Representative Commission ...................... ...$ 3 ,500.00
3. Probate Fees .................................................... ...$ 457.00
4. 2008 Personal Tax Return Preparation ..................... ...$ 290.00
5. Advertising -The Sentinel ................................... ...$ 187.54
5. Advertising -The Cumberland Law Journal .............. ...$ 75.00
6. Bank fees to Orrstown Bank ................................. ... $ 34.95
7. Nationwide Insurance (Homeowner's Ins.) .............. ....$ 534.00
8. PP&L Electric Utilities ....................................... ...$ 445.81
9. Embarq ............................................................$ 58.50
10. Critter Getter (Exterminator) ................................. ...$ 106.00
11. CenturyLink .................................................... ..$ 120.10
12. Waste Management (Trash Removal) ...................... ..$ 909.47
13. Defense Finance and Accounting Service ................. ...$1,393.18
(Pension overpayment)
14. Kough's Fuel Oil ............................................. ...$1,97.04
1 ~. Lowe's (Home repairs) ...................................... ...$ 47.12
16.
( g p ) ..............................
Tim Yuda Plumbin re airs $ 71.98
...
17.
y g ( p ) ........................
Macke -'s Floorin Home re airs $5,512.44
...
18.
19.
20.
21.
22.
23.
24.
25.
26.
27,
28
29
( p ) .........................
Quigley Mechanical Home re airs $ 120.00
g Pp ( pp p ) .....................
Tan er's A liances A Hance re air $ 106.00
Nancy Creek (Home repairs) .................................. $ 400.00
Rowe's Auction Service (Auctioneer Fees) .................. $ 196.9
PP&L Electric Utilities (Elm) ................................. $ 112.00
Oak Tree Septic Repairs .......................................$1,879.70
UGI Utilities (Elm) ............................................. $ 24.20
GMAC Mortgage ............................................... $1,104.19
Real Estate Taxes ............................................... $1,753.51
John Taylor (Misc. repairs -Greenspring) .................. $ 442.05
Doug Taylor (misc. repairs -Greenspring) ..................$1,050.00
Settlement Fees .................................................$11.007.71
(A) Realtor's Commission) ...............$9,075.00
(B) 2010 County Real Estate Taxes .....$ 302.71
(C) Transfer Tax ............................$1,480.00
(D) Tax Certification ....................... $ 5.00
(E) Water Test ..............................$ 45.00
(F) Furnace Cleaning ...................... $ 100.00
SUBTOTAL:
TAXES
Pennsylvania Inheritance Tax
SUBTOTAL:
TOTAL DISBURSEMENTS OF PRINCIPAL
$41,536.44
$9,125.25
$ 9,125.25
$119,017.38
IN KIND DISTRIBUTIONS
NONE
NON-PROBATE ASSETS PREVIOUSLY DISTRIBUTED
1. John Hancock Life Insurance Co ................. .. $21,149.62
Roth IRA No. 2697597
2. John Hancock Life Insurance Co ................ .... $15,396.52
IRA Account No. 2697142
Nationwide Financial ............................ .... $ 6,065.14
J Annuity Contract No. 01-5503212
4. Morgan Stanley Smith Barney .................. ..... $ 6,832.24
IRA Account No. 410-014313-140
5. Members 1St Federal Credit Union ................... $ 5,936.13
IRA Certificate No. 26383-26
6. Members 1St Federal Credit Union ............. ....... $10,546.03
...$ 7.295.66
7. Met Life Total Control Account (IRA) .............
Money Market Option Account No. 4052386988
73 2
SUBTOTAL ..................................................................... $ 21.34
JOINTLY HELD ASSETS PREVIOUSLY DISTRIBUTED
1. Members 1St Federal Credit Union .............................$ 107.42
Savings Account No. 26383-00
(Joint Owner: John I. Taylor, Jr.)
(Joint tenant with the right of survivorship (JTWROS))
2. Members 1St Federal Credit Union ............................ $ 12.84
Savings Account No. 53333-00
(Joint Owner: Justin Yudo)
(JTWROS)
3. Members 1St Federal Credit Union ........................... $ 153.07
Savings Account No. 210608-00
(Joint Owner. Talia Howard)
(JTWROS)
4. Members 1st Federal Credit Union ........................... $ 27.06
Checking Account No. 53333-11
(Joint Owner: Justin Yuda)
(JTWROS)
5. Members 1St Federal Credit Union ........................... $ 54.51
Savings Account No. 59390-00
(Joint Owner: Susan Taylor)
(JTWROS)
6. Members 1St Federal Credit Union ........................... $ 47.95
Savings Account No. 30466-00
(Joint Owner: Linda Taylor)
(JTWROS)
SUBTOTAL ..........................................................$ 402.85
INTERIM DISBURSEMENTS TO BENEFICIARIES
LINDA G. TAYLOR ........................ $22,000.00
JOHN I. TAYLOR ............................$22,000.00
SUSAN G. TAYLOR ........................ $22,000.00
BETSY K. TAYLOR ........................ $22,000.00
TOTAL INTERIM DISBURSEMENT AND DISTRIBUTIONS $88,000.00
TOTAL DISBURSEMENTS AND DISTRIBUTIONS $280,641.57
PROPOSED SCHEDULE OF DISTRIBUTION
Assets for Distribution
Total Principal of Estate with Adjustments...........$303,842.87
Less Total Disbursements and Distributions......(-)$280,641.57
$23,201.25
Net assets available for distribution
Net Cash on Hand Distributed as Follows:
LINDA G. TAYLOR ............................................. $5,800.32
JOHN I. TAYLOR .................................................$5,800.31
SUSAN M. TAYLOR ............................................. $5,800.31
BETSY K. TAYLOR .............................................$5,800.31
TOTAL CASH DISBURSEMENT: $23,201.25
EXHIBIT `B"