HomeMy WebLinkAbout01-26-12FAMILY SETTLEMENT AGREEMENT AND FINAL RELEASE
REGARDING THE ESTATE OF ROBERT L. KURTZ, DECEASFI
N0.2010-00267 (CUMBERLAND COUNTY, PA)
D.O.D. 03/08/2010
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KNOW ALL MEN BY THESE PRESENTS, that WHEREAS, Robert L. ~~ -~,
(hereinafter referred to as "Decedent"), late of Lower Frankford Township, Cumb~3~d Cour~,
Pennsylvania, deceased, died testate on March 8, 2010, having first made his last X11 and ••
testament, which was duly executed on March 17, 2010, and is duly recorded and filed to c.n
number 2010-00267 in the Office of the Register of Wills of Cumberland County, Pennsylvania;
and
WHEREAS, the said Decedent, by his aforesaid last will and testament named Karen K.
Weyl and Craig D. Kurtz as Co-Executors of his last will and testament; and
WHEREAS, letters testamentary on the estate of the Decedent were duly issued by the
Register of Wills of Cumberland County, Pennsylvania to Karen K. Weyl and Craig D. Kurtz
(hereinafter referred to as the "Executors" or "personal representatives"); and
WHEREAS, the personal representatives have gathered the assets of the estate which
consist of both real and personal property, the residue of the personal property, and interest
earned thereon, has a total value of $473,494.05, as set forth more fully in Exhibit "A", which is
a statement of account of the personal representatives, and which is attached hereto and made a
part hereof; and
WHEREAS, the Decedent in his last will and testament made a specific bequest of
$1,000.00 to his wife, Janna Locke Mowery Kurtz, which has been accounted for in this Family
Settlement Agreement; and
WHEREAS, the Decedent in his last will and testament left the remainder of his real and
personal property to Karen K. Weyl and Craig D. Kurtz in equal share; and
WHEREAS, Karen K. Weyl and Craig D. Kurtz have agreed upon a division of the real
property in the Decedent's estate; and
WHEREAS, the debts and deductions, including the payment of inheritance tax on the
said estate amount to $70,982.40, leaving a balance for distribution of $402,511.65 (exclusive of
real property), also as set forth in the statement of the personal representatives, which is attached
hereto marked as Exhibit "A" and made a part hereof; and
WHEREAS, Craig D. Kurtz has agreed to pay to Karen K. Weyl the sum of $225,000.00
in recognition of the greater portion of the real property which Craig D. Kurtz will receive
pursuant to the terms of this Family Settlement Agreement; and
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Page 1 of 5
WHEREAS, the remaining personal property has been reduced to cash or otherwise
valued by Karen K. Weyl and Craig D. Kurtz pursuant to their agreement and satisfaction as
shown in the statement marked Exhibit "A" and will be distributed to them as outlined by this
Family Settlement Agreement in accordance with the terms of the Decedent's last will and
testament; and
WHEREAS, the $225,000.00 sum Craig D. Kurtz shall pay to Karen K. Weyl shall be
paid via Craig D. Kurtz's one-half (1/2) share of the cash assets of the estate, certain adjustments
and an additional payment of $23,410.68 as outlined more fully in Exhibit "A"; and
WHEREAS, Karen K. Weyl and Craig D. Kurtz have agreed that the final $23,410.68
owed to Karen K. Weyl pursuant to this Family Settlement Agreement shall be paid via three (3)
installment payments as follows:
1. $8,000.00 due on or before February 28, 2012
2. $8,000.00 due on or before May 30, 2012
3. $7,410.68 due on or before August 31, 2012.
NOW, THEREFORE, we Karen K. Weyl and Craig D. Kurtz being the heirs under the
last will and testament of the said Decedent, and being those persons entitled to inherit under
said last will and testament, do hereby, each of us, acknowledge that we agree to receive from
the aforesaid personal representatives, in full satisfaction and payment of all sum or sums of
money, legacies, bequests and devises as are given, devised and bequeathed to each of us
respectively by the said last will and testament, the amounts due us under said last will and
testament, which amounts we agree we shall receive, and which amounts are in the amount set
opposite our respective names in the table and schedule of distribution in said statement attached
hereto and marked Exhibit "A";
AND, each of us does hereby stipulate and agree that the property listed and set forth in
Exhibit "A" are the assets of the Decedent's estate, of which we are entitled to our respective
shares;
AND, each of us does hereby stipulate that in order to avoid the expense and time
involved in the filing of a formal account and schedule of distribution, we each agree that no
account 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 Orphans' Court Division of the Court of
Common Pleas of Cumberland County, Pennsylvania;
THEREFORE, we and each of us do hereby remise, release, quitclaim and forever
discharge the said personal representatives, their heirs, executors, administrators and assigns, of
and from the said estate and from all actions, suits, payments, accounts, reckonings, claims and
demands whatsoever for or by reason thereof, or for any other use, matter, cause or thing
whatsoever touching upon the estate of the said Decedent, and each of us do further hereby
Page 2 of 5
covenant and agree that should any liability come due to the estate of the said Decedent after the
signing of this agreement, we and each of us do hereby covenant and agree with each other and
the aforesaid personal representative that we will contribute proportionally according to our
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 personal representative after the
signing, sealing and delivery of this family settlement agreement and final release.
IN WITNESS WHEREOF, we have hereunto set our hands and seals the day and year
written below:
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DATE
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D TE
KAREN EYL
C D. UR
Page 3 of 5
COMMONWEALTH OF PENNSYLVNIA
SS
COUNTY OF CUMBERLAND
On this, the Z~~ day of ~G~n~~ry , 2012, before me the undersigned
officer personally appeared, KAREN K. WEYL, known to me or satisfactorily proven to me to
be the person whose name is subscribed to the within Family Settlement Agreement and Final
Release, and acknowledged that she executed the same for the purposes therein contained.
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KAREN K. EYL ,
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IN WITNESS WHEREOF, I hereunder set my hand and seal this ~ day of
2012.
Not Public
NOTARIAL SEAL
S~Ei''FlAN6lE E CNERTOK, Nol~aryPublC
Carlisle Bono, Cumberland County
MY Commission Explrel March 24, 2016
Page 4 of 5
COMMONWEALTH OF PENNSYLVANIA
SS
COUNTY OF CUMBERLAND
On this, the ~~^ day of _~,. , 2012, before me the undersigned
officer personally appeared, CRAIG D. KURTZ, known to me or satisfactorily proven to me to
be the person whose name is subscribed to the within Family Settlement Agreement and Final
Release, and acknowledged that he executed the same for the purposes therein contained.
CRAIG . K Z
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IN WITNESS WHEREOF, I hereunder set my hand and seal this ~ day of
2012.
otary ublic
..~. ~Cy~u~2~i.5~AL ~.,.~~_
STE~F6ANIE E CHERTOK, Notary Pubac
Carlisle Bono, Cumberland County
My Conrnd~lon ~ 24, 2o~a
Page 5 of 5
EXHIBIT "A"
ASSETS SUBJECT TO DISTRIBUTION VIA THIS AGREEMENT
PERSONAL PROPERTY RECEIVED BY THE ESTATE OF ROBERT L. KURTZ (RESIDUE
OF ESTATE BEING DISTRIBUTED BY THIS FAMILY SETTLEMENT AGREEMENT)t
1. Sovereign CD Account #1675545527 $69,704.71
2. Sovereign CD Account #1675545535 $81,028.44
3. Sovereign CD Account #1675547812 $61,176.53
4. Sovereign CD Account #1675547820 $1,234.56
5. Sovereign Checking Account #311092527 $359.00
6. Members 1St FCU Savings Account #260064-00 $25.00
7. Members 1St FCU CD Account #260064-46 $13,693.60
8. AAA Membership Refund $35.28
9. CenturyLink Telephone Refund $41.46
10. Big Spring School District Real Estate Tax Refund $410.35
11. Lower Frankfurt Township Real Estate Tax Refund $8.63
12. Cumberland County Real Estate Tax Refund $182.87
13. Social Security Payments Received (2) $616.00
14. ACNB Corporation Dividends (5) $140.60
15. Santander Dividends $58.77
16. % Erie Auto Insurance Refund (remaining '/z distributed to Janna Kurtz) $149.00
17. %z 2009 IRS Refund (remaining %z distributed to Janna Kurtz) $885.50
18. % 2010 IRS Refund (remaining'/z distributed to Janna Kurtz) $4,436.00
19. Restitution Payments2
$540.00
20. Insurance Proceeds Received (fire) $229,747.00
21. Insurance Proceeds Received (theft) $3,682.50
22. Cumberland Valley Co-operative Association Preferred Stock (9 shares) $90.00
23. Adams County National Bank Common Stock (148 shares) $2,205.20
24. Banco Santander Common Stock (49 shares) $448.35
25. Interest Earned Pending Distribution $2,594.703
$473,494.05
' Does not include personal property listed on personal property appraisal and valued at $41,820.00 (after
accounting for $850.00 in theft loss). Does not include 1993 Chevrolet CK2500 valued at $800.00. Includes cash
accounts, stocks and cash received by the estate only.
z Additional restitution payments, if any, received after the signing of this Agreement shall be divided equally
between Karen K. Weyl and Craig D. Kurtz.
s Interest earned as of 10/27/11, the valuation date for distribution.
Exhibit "A" Page 1 of 7
REAL PROPERTY RECEIVED BY THE ESTATE OF ROBERT L. KURTZ BEING
DISTRIBUTED VIA THIS FAMILY SETTLEMENT AGREEMENT
1. 555 Old Mill Road, Carlisle, PA
2. 298 North Mountain Road, Carlisle, PA
3. 24.70 Acres of Undeveloped Land off North Mountain Road, Carlisle, PA
4. 16.00 Acres of Undeveloped Land off North Mountain Road, Carlisle, PA
5. 15.00 Acres of Undeveloped Land off North Mountain Road, Carlisle, PA
6. 7.31 Acres of Undeveloped Land off North Mountain Road, Carlisle, PA
Exhibit "A" Page 2 of 7
EXPENSES OF ADMINISTRATION
EXPENSES & DEBTS OF ROBERT L. KURTZ ESTATE
1. Attorney Fees $20,231.14
2. Pennsylvania Inheritance Tax $28,792.69
3. Tax Return Preparer Fees $870.00
4. Hoffman Roth Funeral Home & Crematory, Inc. $7,771.41
5. Eby Granite Works $3,651.00
6. Wayne Noss Flowers $159.00
7. Estate Advertisement $269.73
8. Probate Fees $507.50
9. Miscellaneous Expenses $5,954.51
10. Adams Electric $722.45
11. Edmil Fuels $37.79
12. Timmons Oil $508.50
13. Hoover's Plumbing $340.13
14. Goodville Mutual Insurance $465.00
15. CenturyLink $36.83
16. Real Estate Taxes $664.72
$70,982.40
Exhibit "A" Page 3 of 7
ASSETS WHICH PASS OUTSIDE OF ESTATE
ACCOUNTS OWNED JOINTLY BY DECEDENT AND CRAIG D. KURTZ (PASS TO
CRAIG D. KURTZ VIA OPERATION OF LAW)
1. Adams County National Bank Checking Account #122386 $13,559.02
Exhibit "A" Page 4 of 7
DISTRIBUTION OF ESTATE
SPECIFIC BEQUESTS
$1,000.00 to Janna Locke Mowery Kurtz
RESIDUE OF CASH ACCOUNTS, STOCKS & CASH RECEIPTS BY ESTATE LESS
EXPENSES (TO BE DIVIDED EVENLY BETWEEN CRAIG D. KURTZ & KAREN K.
WEYL)
$473,494.05 Total Cash, Stocks & Cash Receipts of Estate
($1,000.00) Specific Bequest to Janna Locke Mowery Kurtz
($70.982.40) Expenses of Administration
$401,511.65
$401,511.65 - 2 = $200,755.82
To each beneficiary. (Craig D. Kurtz has agreed to
pay the sum of $225,000.00 to Karen K. Weyl on
account of the more favorable distribution of real
property received by Craig D. Kurtz. As such, the
entire $401,511.65 net balance of the cash accounts,
stocks & cash receipts will be distributed outright to
Karen K. Weyl.)
DISTRIBUTION OF REAL PROPERTY
DISTRIBUTION OF REAL PROPERTY TO CRAIG D. KURTZ
555 Old Mill Road, Carlisle, PA (along with all improvements)
42.1% of 298 North Mountain Road, Carlisle, PA (24 Acre Parcel & improvements)
24.70 Acres of Undeveloped Land off North Mountain Road, Carlisle, PA
DISTRIBUTION OF REAL PROPERTY TO KAREN K. WEYL
57.9% of 289 North Mountain Road, Carlisle, PA (33 Acre Parcel & improvements)
7.31 Acres of Undeveloped Land off North Mountain Road, Carlisle, PA
15.00 Acres of Undeveloped Land off North Mountain Road, Carlisle, PA
16.00 Acres of Undeveloped Land off North Mountain Road, Carlisle, PA
DISTRIBUTION OF PERSONAL PROPERTY
DISTRIBUTION TO CRAIG D. KURTZ
1993 Chevrolet CK2500 $800.00
Farman Super "H" tractor with loader $1 050.00
Farman Super "C" tractor with cultivators $900.00
Farma11230 tractor $1,800.00
Farman "BN" tractor $475.00
Exhibit "A" Page 5 of 7
1972 Jeep $225.00
1979 Chevrolet Pickup $375.00
16' tandem axle flat trailer $850.00
Wood Miser portable sawmill $4,500.00
Hesston 1095 haybine $2,350.00
N.H. 258 hay rake $1,150.00
N.H. 256 hay rake $850.00
N.H. 271 hay baler with chute $1,250.00
I.H. 100 dyna-bal. mower $200.00
N.I. ground drive manure spreader $250.00
3 pt. scraper blade $150.00
I.H. 2-row corn planter $75.00
I.H. 3-bot. plow $325.00
Brillion cultipacker $270.00
4 flat wagons $900.00
Drill press $110.00
'/2 Bal. misc. shop tools $650.00
'/z Misc. small farm items $275.00
'/2 Approx. 750 bales timothyBrome hay $1,025.00
%i Misc. rough cut lumber 137.50
$20,942.50
DISTRIBUTION TO KAREN K. WEYL
Farma11656 diesel, hydro. tractor $5,100.00
Farma11706 diesel tractor $3,200.00
Farmall 544 gas tractor $3,050.00
Bobcat 763 skid loader $6,900.00
Homemade stock trailer $400.00
N.H. 26' elevator $325.00
I.H. 8' disc harrow $250.00
Leyland fert. spreader $200.00
Small farm traitor $100.00
Table saw $65.00
'/z Bal. misc. shop tools $650.00
%2 Misc. small farm items $275.00
'/z Approx. 750 bales timothyBrome hay $1,025.00
Misc. rough cut lumber 137.50
$21,677,50
Exhibit "A" Page 6 of 7
REMAINING AMOUNT OWED TO KAREN K. WEYL BY CRAIG D. KURTZ
$225,000.00 Total to be paid by Craig D. Kurtz to Karen K. Weyl for real property
($200,755.82) Less Craig D. Kurtz's share of net cash assets, stocks & cash receipts
($367.50) Adjust. for larger portion of personal prop. received by Karen Kurtz Weyl
($466.00) Payment made by Craig D. Kurtz to Karen K. Weyl
$23,410.68 TOTAL AMOUNT REMAINING TO BE PAID TO KAREN K. WEYL
BY CRAIG D. KURTZ
Exhibit "A" Page 7 of 7