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HomeMy WebLinkAbout01-31-12r IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA IN RE: ESTATE OF SHERRY A. LEWIS, DECEASED ORPHANS' COURT DIVISION NO. 21-10-0487 FAMILY AGREEMENT FILED ON BEHALF OF: FORREST R. LEWIS, Administrator COUNSEL OF RECORD FOR THIS PARTY: MINDY S. GOODMAN ATTORNEY AT LAW ATTORNEY I.D. #78407 2215 FORES? HILLS DRIVE SUITE 35 HARRISBURG, PA 17112 (717) 540-8742 a~ ¢ s~ „ , ~" ~' z ~~~i ~g ~ ~.~ ,. ~ ~ f° {'~ V ~`c~ FAMILY AGREEMENT THIS AGREEMENT by and between FORREST R. LEWIS, Individually and as Administrator of the Estate of SHERRY A. LEWIS, Deceased, and FORREST R. LEWIS and MICHAEL FREUNDEL, beneficiaries of the Estate of SHERRY A. LEWIS. WHEREAS, Sherry A. Lewis, who resided at 301 S. Stoner Avenue, Shiremanstown, Cumberland County, Pennsylvania, died April 18, 2010, having died intestate, after which Letters of Administration were granted to Forrest R. Lewis dated May 11, 2010 at the above number and term; and WHEREAS, the parties in interest under the laws of intestacy are: (1) Forrest R. Lewis, husband, adult; (2) Michael Freundel, son, adult; WHEREAS, each of the above identified parties in interest is entitled to a portion of the estate; and WHEREAS, each of the parties to this Agreement has been furnished with a complete listing of estate assets, receipts and disbursements as set forth on the Accounting as attached hereto and marked as Exhibit "A"; and WHEREAS, it is the desire of the parties to this Agreement that final distribution of this estate be accomplished without a formal accounting to the Orphan's Court Division of the Court of Common Pleas of Cumberland County, it being the desire of the parties to avoid the expense, delay and publicity of a formal accounting; and WHEREAS, the parties to this Agreement each acknowledge to have received a proposed Schedule of Distribution attached hereto and marked as Exhibit "B' ; WHEREAS, this Agreement is contingent upon Michael Freundel paying any and all inheritance taxes and penalty and interest due and owing by him, which are calculated to be $2,145.86 as of October 10, 2011; WHEREAS, this Agreement is contingent upon receipt of the clearance issued by the Pennsylvania Department of Revenue and the tiling of a deed transferring 301 S. Stoner Avenue from the Estate of Sherry A. Lewis to Forrest R. Lewis and a deed transferring 400 Chestnut Street from Michael Freundel and the Estate of Sherry A. Lewis to Michael Freundel. (The deed for the Stoner Avenue property shall be prepared, signed and recorded by Forrest R. Lewis and the deed for the Chestnut Street property shall be prepared and recorded by Michael Freundel and signed by Forrest R. Lewis as Administrator of the Estate of Sherry A. Lewis.) NOW THEREFORE, WITNESSETH, in consideration of the mutual promises, covenants and agreements recited herein the parties do agree as follows: 1. Each of the parties to this Agreement does hereby release and forever discharge FORREST R. LEWIS, Administrator, from any and all liability which may from time to time arise in connection with his service as Administrator of the Estate of Sherry A. Lewis, Deceased. The parties do further agree to indemnify and hold harmless said FORREST R. LEWIS, Administrator, from any and all liability which may arise against the estate from creditors or to their claimants. 2. Each of the parties does hereby acknowledge receipt of the assets described on the Memorandum of Distribution attached hereto. 3. Each party to this Agreement acknowledges that this Agreement shall be indexed and recorded in the estate proceedings and that the terms hereof shall be binding upon their respective heirs, successors, administrators, and assigns. 4. This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania. Dated at Harrisburg, Pennsylvania this ~I day of A%pv(~f~P/ , 2011. WITNESS: ~lZ~ ~.~. Forrest R. Lewis, individually and as Administrator of the Estate of Sherry A. Lewis, Deceased ~ - ~~ ~~~ Forrest R. Lewis, widower and beneficiary of the Estate of Sherry A. Lewis, Deceased Mica reun ,son and beneficiary of the Estate of Sherry A. Lewis, Deceased EXHIBIT "A" ACCOUNTING ESTATE ASSETS 1. Funds in Bank Accounts held jointly with Forrest R. Lewis PNC Bank Accounts as of April 18, 2010 (a) Checking Account (joint value 4/16/10) is $42,202.73 -- 50% is part of Estate of Sherry A. Lewis) $21,101.36 (b) Money Market (joint value 4/20/10 is $1,076.25 -- 50% is part of Estate of Sherry A. Lewis) $ 538.12 2. Deposits made to Joint Checking Account after 4/16/10 April 20, 2010 (deferred compensation $12,619.68) $ 6,309.84 April 19, 2010 (joint value ATM reimbursement $14) 7.00 April 20, 2010 (joint value ATM reimbursement $6) 3.00 April 22, 2010 (gambling proceeds earned by F. Ray Lewis $6,000) 3,000.00 April 23, 2010 (joint value tax refund $4,296) 2,148.00 TOTAL VALUE JOINT ACCOUNT = $67214.64 $33,107.32 3. Real Estate (a) 301 S. Stoner Avenue (titled Sherry's name alone) Assessed Value $171,800,00 Mortgage Balance $136,636.07 Net Value $ 35,163.93 (b) 400 E. Chestnut Street (titled jointly Sherry and Michael) Assessed Value $176,000.00 Mortgage Balance $ 0.00 Net Value $176,000.00 4. Vehicles (a) 2005 Nissan Maxima (160,000 miles) Value = $3,000 Loan Balance = 2,456.00 $ 544.00 (b) 2007 Nissan Murano Value = $7;975 Loan Balance = 9,040 $ -1,065.00 TOTAL VALUE VEHICLES $ - 521.00 Sherry's debt paid from her share of joint account: April 22, 2010 -Discover $ 200.00 April 22, 2010 -Capital One $ 200.00 April 22, 2010 -Chase INK $1,145.90 April 22, 2010 - Citicard $ 200.00 TOTAL PAID BY JOINT ACCOUNT $1,745.90 Sherry's debt Husband is/has paid in from Sherry's funds: Capital One $ 1,836.82 Chase Disney $ 2,613.40 Citi Mastercard $ 8,800.29 Discover $ 3,270.16 American General 0020-010-6266-41685948 $ 1,577.91 Springleaf (formerly American General) $ 6,650.00 Chase Amazon $ 449.98 HSBC $ 1,633.57 2010 State Income Tax $ 503.00 TOTAL DEBT PAID $26,735.13 Debts of Sherry that are individual or joint that Forrest not seeking reimbursement) (2010 school tax - $1356.26) $ 1,356.26 (2010 county tax - $704.91) 704.91 (2008 income tax - $813.88 joint) $ 406.94 TOTAL SHERRY'S DEBT FORREST ASSUMING WITHOUT SEEKING REIMBURSEMENT (excluding vehicles) $2,468.11 Expenses paid connected with administration of Estate: 1. Funeral Expenses $5,681.00 2. Family Exemption $3,500.00 3. Register of Wills 323.50 4. Advertising fees 123.00 5. Attorney's fees (to date) $2,500.00 6. Inheritance tax of Michael's paid by Forrest $ 148.46 TOTAL $12,275.96 Summary: Assets: Total Value Joint Account = $67214.64 $ 33,107.32 Net Value Stoner Avenue property $ 35,163.93 Net Value Chestnut Street property $ 88,000.00 TOTAL VALUE OF ASSETS $156,271.25 Liabilities: Sherry's debt paid directly from joint account $ 1,745.90 Sherry's debt paid from Sherry's cash assets $ 26,735.13 Administration Expenses $ 12,275.96 TOTAL LIABILITIES PAID $ 43,146.10 Assets $156,271.25 Liabilities 43.146.10 Net Value $113,125.15 Equal division of value of estate = $56,562.57 Michael has ownership and possession of $88,000 worth of Estate assets and would owe Forrest a minimum of $31,437.43. Forrest does not seek QS ~ 301 S.Sio.x.~- I~vOt-ue reimbursement for property taxes, mortgage payments, income tax payments, or car payments made by Forrest since the date of death. Forrest waives his right to seek compensation for serving as Administrator of the Estate EXHIBIT "B" DISTRIBUTION The parties have agreed on the following proposed distribution: 1. Forrest shall assume responsibility for Decedent's debts identified herein without seeking reimbursement or contribution from Michael and shall indemnify, defend and hold Michael harmless from the same. 2. Forrest shall retain the Stoner Avenue property and shall refinance the mortgage and be solely responsible for the mortgage and any and all other expenses related to the Stoner Avenue property. 3. Michael shall retain the Chestnut Street properly and shall be solely responsible for any and all expenses related to the Chestnut Street property. 4. Forrest shall retain the Nissan Murano and Nissan Maxima and shall be responsible for the liens encumbering each vehicle. 5. Forrest shall waive reimbursement for the $31,437.43 that is due and owing to Forrest under an equal distribution of Estate assets. 6. Household furnishings and personal property -All household furnishings and personal property have been divided among and between Forrest R. Lewis and Michael Freundel to their mutual satisfaction, except for a piano currently in the possession of Forrest R. Lewis, which shall be transferred to Michael Freundel within thirty (30) days of the date of execution of this Family Y ,. Agreement. Should Michael Freundel fail to retrieve the piano within the thirty- day period, the piano shall become the property of Forrest R. Lewis. In the event that creditors of Decedent should make a valid claim against the Estate of Sherry A. Lewis, each of the parties agrees that he shall be equally liable for any valid debts that are not identified herein.