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Home My WebLink About11-21-11 (4)IN THE COU D COUNTY, PENNSY V O A CUMBERLAN ORPHANS' COURT DIVISION ESTATE OF LEWIS BOBS i HO 713 ,DECEASED FILE FAMILY AGREEMENT AND FINAL RELEASE GREEMENT by and between MICHAEL D. BUCHANAN, as Executor of the THIS A Estate of LEWIS B. BUCHANAN, Deceased, and MICHAEL D. BUCHANAN, DEBORAH B. MATZ and MELANIE B. COHICK, as beneficiaries. WHEREAS, LEWIS B. BUCHANAN, late of Lower Allen Township, Cumberland Pennsylvania, died testate on June 5, 2011, having first made his Last Will and t y, Coun which instrument was admitted to probate and is recorded 2010 5 , , Testament dated September 1 in Cumberland County, Register of Wills, File No. 2011-00713; MICHAEL D. BUCHANAN has been duly appointed as Executor of the WHEREAS, Estate of Lewis B. Buchanan, Deceased; in interest under the Last Will and Testament of Lewis B. i es WHEREAS, the part ~ , . n '~.~' Buchanan, Deceased, are: ~ ~ ~ ~3 ~ s ~? -C C7 x,-z~ 1. Michael D. Buchanan, son .,.;-,-, r._a t~z _ 2. Deborah B. Matz, daughter :-~ ~~ ,~~ _. 3. Melanie B. Cohick, daughter ~s WHEREAS, pursuant to Article IV of the Last Will and Testament, MIC~ '~+EL D• ~ ,_. ~n cific bequest of the real property located at 2511 Gettysburg HANAN is entitled to a spe BUC Road, Camp Hill, Cumberland County, Pennsylvania; Page l of 7 WHEREAS, pursuant to Article V of the Last Will and Testament, MICHAEL D. BUCHANAN, DEBORAH B. MATZ and MELANIE B. COHICK are entitled to the contents of decedent's house in equal shares; WHEREAS, pursuant to Article VI of the Last Will and Testament, MICHAEL D. BUCHANAN is entitled to the contents of the garage and outbuildings located at 251 ]Gettysburg Road, Camp Hill, Pennsylvania; WHEREAS, Pursuant to Article VII of the Last Will and Testament, MICHAEL D. BUCHANAN, DEBORAH B. MATZ and MELANIE B. COHICK are entitled to equal shares of the residuary estate; WHEREAS, DEBORAH B. MATZ, MELANIE B. COHICK and her issue, RACHEL E. COHICK, exercised their rights pursuant to PEF Code §6201-6207 and isclaimed and renounced their interest in a portion of decedent's residuary estate comprised of a d fifty percent (50%) equity interest in Buchanan & Buchanan partnership in favor of MICHAEL D. BUCHANAN, which disclaimers were filed with the Cumberland County, Register of Wills on November 8, 2011; WHEREAS, pursuant to Article II of the Last Will and Testament, all inheritance tax a able by reason of decedent's death shall be equitably apportioned among those beneficiaries PY to whom any benefit from decedent's estate accrues, in the proportion that the value of the roperty or interest received by a beneficiary bears to the total value of the property and interests p received by all such beneficiaries; WHEREAS, each of the parties to this Agreement have been furnished with a complete Statement of Account as attached hereto and marked as Exhibit A; and Page 2 of 7 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 ivision of the Court of Common Pleas of Cumberland County, it being the desire of the parties D to avoid the expense, delay and publicity of a formal accounting. NOW, THEREFORE, WITNESSETH, in consideration of the mutual promises, covenants and agreements recited herein, the parties do agree as follows: ~ . MICHAEL D. BUCHANAN, Executor, does hereby state that he has fully and 11 dischar ed the duties of his office, and the Statement of Account (Exhibit A) is true faithfu y g and correct and fully discloses all significant transactions during the accounting period. He further states that all known claims against the Estate have been paid in full, and to the best of his knowledge there are no claims outstanding against the Estate, and all taxes presently due from the Estate have been paid. 2. Each of the parties to this Agreement does hereby release and forever discharge Executor, MICHAEL D. BUCHANAN, his heirs, executors, administrators and the said assigns, JAN L. BROWN & ASSOCIATES, attorneys at law, and CHRISTA M. APLIN, ESQUIRE from any and all liability which may from time to time arise in connection with their service as Executor and Attorneys of the Estate of Lewis B. Buchanan, Deceased. The parties do further agree to indemnify and hold them harmless from any and all liability which may arise against the estate from creditors or claimants. 3. Each of the parties does hereby acknowledge receipt of the assets described on the distribution schedule. Page 3 of 7 4. Each of the parties acknowledges that this Agreement shall be indexed and d in the estate proceedings and that the terms hereof shall be binding upon their respective recorde heirs, successors, administrators and assigns. 5, Each of the parties do further agree with each other and the aforesaid Executor uld an liability come due to the estate of the said decedent after the signing of this that sho y Agreement, each will contribute pro rata his/her share of the estate to satisfy any and all claims, demands, suits or causes of action which may be successfully prosecuted against the said estate or the aforesaid Executor after the signing, sealing and delivery of this Agreement. 6. This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania. Page 4 of 7 IN WITNESS WHEREOF, I have hereunto set my hand and seal this 18t" day of November, 2011. WITNESS: (` ~~ i M CH EL D. BUCHANAN, Executor and Beneficiary COMMONWEALTH OF PENNSYLVANIA SS: COUNTY OF On this the 18th day of November, 2011 before me, a Notary Public, the undersigned officer, personally appeared MICHAEL D. BUCHANAN, known to me or satisfactorily proven be the erson whose name is subscribed to the within instrument, and acknowledged that he to p executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. otary Public NOTARIAL SEAL CHRISTA M APLIN Notary Public LMy~~ mmi a on E PI es NovIN6, 20N3 Page 5 of 7 ave hereunto set my hand and seal this ____"`t'ay of 1N WITNESS WHEREOF, I h November, 2011. WITNESS ~~~ DEBORAH B. MATZ, Beneficiary COMMONWEALTH OF PENNSYLVANIA SS: COUNTY OF DAUPHIN ~ day of November, 2011 before me, a Notary Public, the On this the _~_ undersi ned officer, personally appeared DEBORAH B. MATZ, known to me or satisfactorily g roven to be the person whose name is subscribed to the within instrument, and acknowledged p that she executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. No ary Public COMMD~H OF PENNSYLVANIA NOTARIAL SEAL Melissa L. Smith, Notary Public Gettysburg Borough, Adams County ~,Ay Commisslon Explre: June 13.2014 Page 6 of 7 ~~ da of IN WITNESS WHEREOF, I have hereunto set my hand and seal this ~_. y November, 2011. WITNESS: ~'~ Ill ~.l r~ Beneficiary v MELANIE B. COHICK, COMMONWEALTH OF PENNSYLVANIA SS: COUNTY OF DAUPHIN " S~ day of November, 20l 1 before me, a Notary Public, the On this the __- ndersi ned officer, personally appeared MELANIE B. COHICK, known to me or satisfactorily u g roven to be the person whose name is subscribed to the within instrument, and acknowledged p that she executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. Not Public ~"'' NOTARIAL SEANiyWAN1A ~ Me-issa L. Smith, Notary Public ~,,ar+vsburg Borou4h, Adams County ;,,.~ Cammisslon Expire= June 13, 2014 Page 7 of 7 ESTATE OF LEWIS B BUCHANAN DATE OF DEATH JUNE 5, 2011 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* $ 601,464.03 $ 0.04 $ (13,694.23) $ (61,735.65) $ 526,034.19 $ 513,629.79 $ 12,404.40 *The reserve balance will increase or decrease b ofe a°me t o'padd tionlall charges. The assets/income, presentation of an obligation and/ p y licable ad~ustments. reserve will be distributed to the re res duabeben'eficiaries ag eepto reimburse the After final distribution is made, the ry further liabilities of the decedent in the personal representative if called upon to pay future. Exhibit A Period 6/5/2011-11111/2011 ESTATE OF LEWIS B BUCHANAN ASSETS SCHEDULE A VALUE AT DATE OF DEATH DESCRIPTION REAL ESTATE: $ 350,000.00 2511 Gettysburg Road, Lower Allen Township, Cumberland County SECURITIES FIDELITY INVESTMENT ACCOUNT X54-772062: $ 12,370.44 Fidelity Latin America (FLATX); 211.316 shs @ $58.541sh $ 43,332.40 Fidelity Select Energy (FSENX); 752.168 shs @ $57.61/sh $ 52,351.71 Fidelity Select Energy Service (FSESX); 638.903 shs @ $81.941sh $ 8,132.14 Fidelity Select Natural Gas (FSNGX); 263.63 shs @ $34.64/sh PARTNERSHIP: $ 120,683.00 Buchanan & Buchanan Partnership; 50% equity interest CASH $ 299.30 Fidelity Investment Account X54-772062; cash balance $ 2,441.77 M&T Bank Checking 14609916 $ 1,000.00 Lester W Erb Inc; Check 16367; 6/11 rent REFUNDSIREIMBURSEMENTS $ 43.34 Highmark; premium refund $ 128.93 The Patriot-News; subscriber refund $ 671.00 Peerless Insurance Company; returned premium $ 450.00 2010 PA Property Tax/Rent Rebate TANGIBLE PROPERTY 1899 Lincoln Town Car; VIN 1 LNHM82WXXY655622; sale proceeds $ $ 6,000.00 2,560.00 Household contents $ 601,464.03 Period 6!5!2011-11/1112011 ESTATE OF LEWIS B BUCHANAN INCOME SCHEDULE B DESCRIPTION Interest Income Fidelity Investment Account X54-772062 M&T Bank Checking 14609916 $ 0.03 $ 0.01 $ 0.04 Period 615/2011-11/11/2011 ESTATE OF LEWIS B BUCHANAN • ~ PRINCIPAL INCREASES/DECREASES SCHEDULE C DATE DESCRIPTION FIDELITY INVESTMENT ACCOUNT X54-772062: 8/15111 Fidelity Latin America (FLATX); 211.316 shs Net Sale Proceeds Estate Value 8/15/11 Fidelity Select Energy (FSENX}; 752.168 shs Net Sale Proceeds Estate Value 8115!11 Fidelity Select Energy Service (FSESX); 638.903 shs Net Sale Proceeds Estate Value 8115/11 Fidelity Select Natural Gas (FSNGX); 263.63 shs Net Sale Proceeds Estate Value AMOUNT $ 10,819.38 $ 12,370.44 $ 37,976.96 $ 43,332.40 $ 46,441.86 $ 52,351.71 $ 8,254.26 $ 9,132.14 GAIN/LOSS $ (1,551.06) $ (5,355.44) $ (5,909.85) $ (877.88) $ (13,694.23 Period 61512011-11111/2011 ESTATE OF LEWIS B BUCHANAN DISBURSEMENTS SCHEDULE D CATEGORY AMOUNT DESCRIPTION $ 065.50 5 Musselman Funeral Home and Cremation Services Inc Funeral Funeral $ , 848.08 Funeral luncheon Adm $ 20,000.00 Jan L Brown & Associates; legal fee Adm $ 50 596 Michael D Buchanan; executor fee robate fees Cumberland County; p f Wills E Adm Adm $ $ . 500.00 , Register o re aration fee; ESTIMAT William M Porter, CPA; 2011 1040 tax p p aration fee; ESTIMATE Adm $ $ 500.00 00 75 William M Porter, CPA; 1041 tax prep urnal; legal advertising J Adm d $ . 178.92 o Cumberland Law i A m $ 500.00 1 ng The Sentinel; legal advertis Valuations & Strategies PC; partnership valuation Adm Adm $ , 1,450.00 Business Robert Jones & Associates; real estate valuations f Deeds; deed filing fee Adm $ $ 63.00 276.04 Cumberland County Recorder o M&T Bank Ckg 14609916; predeath transactions, posted postdeath Debt Debt $ 275.25 Holy Spirit Hospital t of Revenue; 2007 PA-40; balance due Debt Debt $ $ 9 89 34.24 PA Departmen $ 132.27 PAWC Debt $ 11.91 PPL Electric Utilities Debt $ 26.91 Quest Diagnostics i Debt $ 32.30 ne Susquehanna Internal Medic Debt $ 30,359.84 Verizon Register of Wills Agent; Inheritance Tax* Tax $ 61,735.65 *Inheritance Tax apportionment as follows per Article II UIW: $ 23,582.22 Michael D Buchanan $ 3,388.81 Deborah B Matz $ 3,388.81 Melanie B Cohick $ 30,359.84 Period 615/2011-1111112011 ESTATE OF LEWIS B BUCHANAN DISTRIBUTION TO BENEFICIARIES PURSUANT TO LAST WILL AND TESTAMENT DATED SEPTEMBER 15, 2010 AND DISCLAIMESCHEDULEOEVEMBER 8, 2011 Michael D Buchanan, son PA 17055 1609 Cressman Cir, Mechanicsburg, Specific bequests Articles IV 8~ VI: 2511 Gettysburg Road, Lower Allen Township Contents of garage and outbuildings; Ne f disclaimer Buchanan 8~ Buchanan partnership; p Specific bequest Article V: One-third household contents ortionment One-third residuary estate less tax app Cash distribution on or about 11111111 (Proposed final cash distribution $4,134.80) Deborah B Matz, daughter PA 17111 6124 Summit Pointe Dr, Harrisburg, Specific bequest Article V: One-third household contents ortionment One-third residuary estate less tax app Cash distribution on or about 11/11111 (Proposed final cash distribution $4,134.80) Melanie B Cohick, daughter 12 Sheeley Ln, Boiling Springs, PA 17007 Specific bequest Article V: One-third household contents ortionment One-third residuary estate less tax app Cash distribution on or about 11111111 (Proposed final cash distribution $4,134.80) $ 350,000.00 $ - $ 120,683.00 $ 853.33 $ - $ 471, 536.33 $ 853.34 $ 20,193.39 $ 21,046.73 $ 853.33 $ 20,193.40 $ 21,046.73 $ 513,629.79 Period 6/5/2011-1111112011