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Home My WebLink About08-19-99t i ^ 1 ~ ~ [ , COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS COURT DIVISION FIRST AND FINAL ACCOUNT OF Thomas M. Place, Executor For ESTATE OF PETER N. KUTCTLAKIS, Deceased Date of Death: August 5, 1997 Date of Appointment: August 27, 1997 Accounting for the Period: August 5, 1997 to July 26, 1999 Purpose of Account: Thomas M. Place, Executor, offers this account to acquaint interested parties with the transactions that have occurred during his/her administration. It is important that the account be carefully examined. Requests for additional information, or questions, or objections, can be discussed with: Steven J. Schiffman Serratelli, Schiffman & Brown 2080 Linglestown Road Suite 201 Harrisburg, PA 17110 717-540-9170 > ~ , Principal Receipts Net Loss on Sales or Other Disposition Summary of Account Page 2 $ 204,707.76 4 25,338.71 $ 179,369.05 Less Disbursements: Debts of Decedent Funeral Expenses Administration Expenses Federal and State Taxes Fees and Commissions Balance Before Distributions Distributions to Beneficiaries Principal Balance on Hand For Information: Investments Made Changes in Investment Holdings Income Receipts Sales or Other Dispositions Less Disbursements: Balance Before Distributions Distributions to Beneficiaries Income Balance on Hand Combined Balance on Hand For Information: Investments Made Changes in Investment Holdings Principal Unpaid Expenses 7 $ 127,598.25 7 3,106.81 7 30,738.01 8 512.53 8 4,756.70 166,712.30 $ 12,656.75 9 2,860.00 10 $ 9,796.75 ----------------- ----------------- 14 14 16 $ 297.86 0.00 $ 297.86 18 0.00 19 20 21 21 11 $ 297.86 0.00 297.86 $ 10,094.61 $ 109,060.20 (1) r ~ . ~ i ~ Receipts of Principal Assets Comprising Decedent's Estate as of 08/0 5/1997 Date of Death. Inventory Value Cash 08/05/1997 Corestates Acct. #2001381868 (Overpayment exceeding loan balance paid by credit life) $ 487.12 Corestates Bank 4,890.22 Corestates Bank 701.59 Dean Witter Reynolds, Inc. 133.80 Final Pay - Payment made directly to Estate 7,010.21 Mellon Bank 22.47 Mellon Bank Acct. #0275.481-4002740 (Credit Life Claim Reimbursement) 586.88 Total Cash $ 13,832.29 Tangible Personal Property Cooperative Apartment 433 East 51st Street Apt. G-8 New York, NY 10022 $ 160,000.00 Total Tangible Personal Property $ 160,000.00 Customer Account - Owed to Client Conference Reimbursement $ 2,531.34 Conference Reimbursement 16.51 The Dickinson School of Law (Excess Social Security Contributions) 908.68 Total Account Owed to Client $ 3,456.53 Page 1 (2) . Receipts of Principal (Continued) Real Property Real Estate 505 Barnstable Road Carlisle, PA 17013 Total Real Property Jointly Owned Property Personal Property Total Jointly Owned Property Total Inventory Receipts Subseauent to Inventor Inventory value 08/05/1997 24,000.00 $ 24,000.00 $ 2,860.00 $ 2,860.00 $ 204,148.82 12/09/1997 TIAA/CREF (Retirement Payment refund/amount received after death) $ 388.37 05/22/1998 Maintenance Adjustment per Closing Sheet for Sale of New York Co-Operative Apartment 148.94 09/10/1998 Allstate Insurance Homeowners Insurance Refund 21.63 Total Subsequent Receipts $ 558.94 Total Receipts of Principal $ ---- ---- 204,707.76 ------------- ------------- Page 2 (3) Gains and Losses on Sales or Other Dispositions Date Description Net Gain 08/05/1997 Worthless: Real Estate 505 Barnstable Road Carlisle, PA 17013 Terms of Purchase Agreement Not Fullfilled. Inventoried @ $ 24,000.00 Net Proceeds 0.00 ---- $ 10/15/1997 Collection: Corestates Bank Net Proceeds $ 701.59 Carried at 701.59 ---- 10/15/1997 Collection: Corestates Bank Net Proceeds $ 3,573.98 Carried at 3,573.98 ---- 10/15/1997 Collection: Final Pay - Payment made directly to Estate Net Proceeds $ 7,010.21 Carried at 7,010.21 ---- 10/15/1997 Collection: Conference Reimbursement Net Proceeds $ 2,531.34 Carried at 2,531.34 ---- 10/15/1997 Collection: Conference Reimbursement Net Proceeds $ 16.51 Carried at 16.51 ---- 10/15/1997 Adjustment: Corestates Bank Difference in Date of Death Value and Collected Value due to oustanding checks at time of death Inventoried ~ $ 0.00 Net Proceeds (1,316.24) ---- 11/25/1997 Collection: The Dickinson School of Law (Excess Social Security Contributions) Net Loss 24,000.00 1,316.24 Page 1 (4) ,. Gains and Losses on Sales or Other Dispositions (Continued) Date Description Net Gain Net Loss (Continued from previous page) Excess Social Security Contributions Net Proceeds $ 908.68 Carried at 908.68 ---- ---- 12/01/1997 Collection: Dean Witter Reynolds, Inc. Net Proceeds $ 133.80 Carried at 133.80 ---- ---- 12/11/1997 Collection: Mellon Bank Acct. #0275.481-4002740 (Credit Life Claim Reimbursement) Net Proceeds $ 586.88 Carried at 586.88 ---- ---- 12/18/1997 Collection: TIAA/CREF (Retirement Payment refund/amount received after death) Net Proceeds $ 388.37 Carried at 388.37 ---- ---- 03/05/1998 Collection: Corestates Acct. #2001381868 (Overpayment exceeding loan balance paid by credit life) Net Proceeds $ 487.12 Carried at 487.12 ---- ---- 06/03/1998 Collection: Maintenance Adjustment per Closing Sheet for Sale of New York Co-Operative Apartment Net Proceeds S 148.94 Carried at 148.94 ---- ---- 07/09/1998 Sale: Cooperative Apartment 433 East 51st Street Apt. G-8 New York, NY 10022 Net Proceeds $ 160,000.00 Carried at 160,000.00 ---- ---- Page 2 (5) Gains and Losses on Sales or Other Dispositions (Continued) Date Description Net Gain Net Loss 07/09/1998 Adjustment: Mellon Bank No Funds Available due to direct withdraw from a ccount for payment of loan Inventoried ~ $ 0.00 Net Proceeds (22.47) 09/10/1998 Collection: Allstate Insurance Homeowner's Insurance Refund Net Proceeds $ 21.63 Carried at 21.63 Total Gains and Losses Net Loss ---- $ 22.47 $ 0.00 $ 25,338.71 $ 25,338.71 ----------------- ----------------- Page 3 (6) Disbursements of Principal Date Paid Debts of Decedent Robert S. Janicki 05/27/1998 Secured Note on Cooperative Apartment, 433 East 41st St., Apt. G-8, New York, NY 10022 $ 127,598.25 Total Debts of Decedent Funeral Expenses Hoffman-Roth Funeral Home 11/11/1997 $ 1,626.81 Cumberland Valley Memorial Gardens 11/11/1997 Total Funeral Expenses Administration Expenses Pennsylvania National Bank 10/29/1997 Check Charges Leon Gerlach, Appraiser 12/03/1997 Real Estate Costs of Sale New York Co-Op 05/27/1998 Delaware Secretary of State 07/13/1998 John T. Ensminger, Personal Property Appraiser 10/21/1998 Appraisal Fee (Personal Property) Cost Advanced on 5-21-98 The Sentinel 10/21/1998 Estate Advertisement Cost Advanced on 5-13-98 Cumberland Law Journal 10/21/1998 Estate Advertisement Cost Advanced on 4-7-98 Page 1 Amount Paid 127,598.25 1,480.00 $ 3,106.81 $ 18.45 1,375.00 28,975.26 126.00 125.00 48.30 60.00 (7) . , Disbursements of Principal (Continued) Date Paid Administration Expenses Register of Wills-Cumberland County 10/21/1998 Filing Fee - Inheritance Tax Return Cost Advanced on 9-30-98 Total Administration Expenses Federal and State Taxes Internal Revenue Service 10/15/1998 Debt of Decedent Pennsylvania Department of Revenue 10/15/1998 Debt of Decedent Total Federal and State Taxes Fees and Commissions SERRATELLI, SCHIFFMAN, BROWN & CALHOON, P.C. 10/15/1998 Register of Wills-Cumberland County 10/21/1998 Probate Fees Advanced on 8-28-97 Total Fees and Commissions Total Principal Disbursements Amount Paid $ 10.00 $ 30,738.01 312.53 200.00 512.53 $ 4,651.70 105.00 $ 4,756.70 $ 166,712.30 ----------------- ----------------- Page 2 (8) Distributions of Principal to Beneficiaries Distribution Value Marv D. Kutulakis 07/09/1998 Personal Property Total Distributions of Principal to Beneficiaries $ 2,860.00 $ 2,860.00 ----------------- ----------------- Page 1 r . ~ ~ Principal Balance on Hand Checking Account KEYSTONE FINANCIAL Total Principal Balance Inventory value $ 9, 796.75 $ 9,796.75 ----------------- ----------------- Page 1 (10) y , i i Unpaid Principal Expenses Date Funeral Expenses Cumberland Memorial Gardens 07/26/1999 Total Funeral Attorney Fees SERRATELLI, SCHIFFMAN, BROWN & CALHOON, P.C. 07/26/1999 Total Attorney Fees Bloomingdale's Visa 07/26/1999 Stephen Angle, CPA 07/26/1999 1/2 of Past Due Joint Tax Preparation Fees Carlisle Hospital 07/26/1999 Bloomingdale's 07/26/1999 American Express 07/26/1999 Personal American Express 07/26/1999 Gold American Honda Finance Corporation 07/26/1999 Ballon, Stoll, Bader & Nadler, P.C. 07/26/1999 Attorney Fees Rendered re: Purchase of New York Property Capital Tax Collection Bureau 07/26/1999 Cellular One Amount $ 1,355.00 $ 1,355.00 $ 3,000.00 $ 3,000.00 $ 2,477.94 470.70 45.00 1,232.28 956.75 7,515.21 2,510.86 1,540.35 697.40 Page 1 (il) Unpaid Principal Expenses (Continued) Date Debts (Continued from previous page) 07/26/1999 Carol Hely (Vet Bills - Horse) 07/26/1999 1/2 of vet bills for Milo (horse) owned jointly (husband and wife) Chex Systems (Mellon Bank) 07/26/1999 The Farmers National Bank of Newville 07/26/1999 1/2 of Joint Mortgage Obligation 411 Barnstable Road Carlisle, PA 17013 Fromme, Schwartz, Newman & Cornicello, LLP 07/26/1999 Montgomery Ward 07/26/1999 Optima American Express 07/26/1999 David Kann, M.D. 07/26/1999 Promissory Note Pennsylvania Power & Light Company 07/26/1999 Reader's Digest 07/26/1999 Sears 07/26/1999 Sprint 07/26/1999 TV Cable of Carlisle Amount $ 26.82 358.38 614.41 61,924.21 354.95 1,870.58 1,819.43 10,000.00 86.59 20.96 647.20 92.48 Page 2 (12) Unpaid Principal Expenses (Continued) Date Debts (Continued from previous page) 07/26/1999 Darlene Moyer, Tax Collector 07/26/1999 Mellon Bank Mastercard/Visa 07/26/1999 Mellon Bank Visa Gold 07/26/1999 Young, Conaway, Stargatt & Taylor, LLP (Service Rendered - Consulting Business) 07/26/1999 Total Debts Administrative Expenses Stephen Angle, CPA 01/27/1999 Preparation of 1997 Final Tax Return (1/2 of Amount Owing) & Preparation of Tax Allocation Total Administrative Expenses Family Exemption Mary D. Kutulakis 07/26/1999 Total Family Exemption Total Unpaid Principal Expenses Amount $ 9.55 11.00 4,008.40 1,558.75 110.00- $ 100,960.20 $ 245.00 $ 245.00 $ 3,500.00 $ 3,500.00 $ ---- ---- 109,060.20 ------------- ------------- Page 3 (13) Information Schedules - Principal Investments Made Cost Total Principal Investment $ 0.00 ----------------- ----------------- Changes in Investment Holdings Cooperative Apartment 433 East 51st Street Apt. G-8 New York, NY 10022 08/05/1997 Recd. $ 160,000.00 07/09/1998 Sold (160,000.00) ----------------- ----------------- Allstate Insurance Homeowner's Insurance Refund 09/10/1998 Recd. $ 21.63 09/10/1998 Collected (21.63) ----------------- ----------------- Conference Reimbursement 08/05/1997 Recd. $ 2,531.34 10/15/1997 Collected (2,531.34) ----------------- ----------------- Conference Reimbursement 08/05/1997 Recd. $ 16.51 10/15/1997 Collected (16.51) ----------------- ----------------- Maintenance Adjustment per Closing Sheet for Sale of New York Co-Operative Apartment 05/22/1998 Recd. $ 148.94 06/03/1998 Collected (148.94) ----------------- ----------------- TIAA/CREF (Retirement Payment refund/amount received after death) 12/09/1997 Recd. $ 388.37 12/18/1997 Collected (388.37) ----------------- ----------------- The Dickinson School of Law (Excess Social Security Contributions) 08/05/1997 Recd. $ 908.68 11/25/1997 Collected Page 1 (14) . Information Schedules - Principal (Continued) Chancres in Investment Holdings Cost (Continued from previous page) Excess Social Security Contributions $ (908.68) ----------------- ----------------- Real Estate 505 Barnstable Road Carlisle, PA 17013 08/05/1997 Recd. 08/05/1997 Ret. Worthless Teens of Purchase Agreement Not Fullfilled. Personal Property 08/05/1997 Recd. 07/09/1998 Distributed To Mazy D. Kutulakis $ 24,000.00 (24,000.00) ----------------- ----------------- $ 2,860.00 (2,860.00) Page 2 (15) Receipts of Income Corestates Bank 10 15 97 Interest Dean Witter Re nolds Inc. 12 O1 97 Interest KEYSTONE 10 29 97 12/18/97 01/13/98 02/13/98 03/13/98 04/13/98 04/19/98 06/13/98 06/21/98 07/13/98 08/19/98 09/17/98 10/13/98 11/19/98 12/13/98 01/18/99 02/18/99 03/13/99 04/20/99 05/13/99 06/13/99 07/13/99 $ 16.37 14.57 14.50 14.43 13.14 14.26 13.63 14.92 4.73 13.11 18.47 18.36 17.82 13.58 11.51 11.90 11.92 10.78 11.95 11.58 11.97 11.60 295.10 Total Receipts of Income $ 2.10 $ 2.10 $ 0.66 0.66 Page 1 (16) FINANC Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate Estate IAL Account Account Account Account Account Account Account Account Account Account Account Account Account Account Account Account Account Account Account Account Account Account Interest Interest Interest Interest Interest Interest Interest Interest Interest Interest Interest Interest Interest Interest Interest Interest Interest Interest Interest Interest Interest Interest $ 297.86 ----------------- ----------------- Gains and Losses on Sales or Other Dispositions of Income Assets Date Description Total Gains and Losses Net Gain Net Loss $ 0.00 $ 0.00 Page 1 (17) Date Paid Disbursements of Income Total Income Disbursements Amount Paid $ 0.00 ----------------- ----------------- Page 1 (18) Distributions of Income to Beneficiaries Distribution Value Total Distributions of Income to Beneficiaries $ 0.00 ----------------- ----------------- Page 1 (19) Income Balance on Hand Checking Account KEYSTONE FINANCIAL Total Income Balance Inventory Value $ 297.86 $ 297.86 ----------------- ----------------- Page 1 (20) Information Schedules - Income Investments Made Total Income Investment Changes in Investment Holdings Cost $ 0.00 ----------------- ----------------- Page 1 (21) Date Unpaid Income Expenses Total Unpaid Income Expenses Amount $ 0.00 ----------------- ----------------- Page 1 (22) SCHEDULE OF PROPOSED DISTRIBUTION Combined Balance on Hand Available for Distribution (as of 7/26/99) $10,094.61 (1) Costs of Administration a. Serratelli, Schiffman, Brown & Calhoon 3,000.00 (Balance Owing Plus Anticipated Fees & Costs Necessary to Complete Administration) b. Stephen Angle, CPA 245.00 (Preparation of 1997 Final Tax Return -1/2 of Amount Owing- & Preparation of tax allocation -After Death) c. Pa. Department of Revenue (Pa. 41 Estimated Taxes Owing) 50.00 (2) Family Exemption a. Mary D. Kutulakis 3,500.00 (3) Costs of the decedent's funeral and burial; costs of medicines furnished to him within six months of his death, costs of medical and nursing services performed for him within that time, and costs of services performed for him by any of his employees within that time. -0- (4) Costs of Gravemarker a. Cumberland Memorial Gardens 1,355.00 (5) Rents for the occupancy of the decedent's residence for six months immediately prior to his death. -0- (6) All other claims: Formula: Amount of Debt (Total Amount of Class 6 Debt) x Amount Available for Distribution a. American Honda Finance Corp 2510.86 100,960.20 x 1944.61 = 48.36 b. Montgomery Ward 1870.58 100,960.20 x 1944.61 = 36.02 c. Stephen F. Angle (Amount Owing at Death) 470.70 100,960.20 x 1944.61 = 9.06 d. Estate Recoveries, Inc. American Express Gold Optima Account Personal Account 10,291.39 100,960.20 x 1944.61 = 198.22 e. Young, Conaway, Stazgatt & Taylor, LLP Consulting Systems, Inc. 1998 Registered Agent Fee) 110.00 100,960.20 x 1944.61 = 2.12 f. Mary D. Kutulakis '/z of Amount Owing to Farmers National Bank re: Mortgage 61,924.21 100,960.20 x 1944.61 = 1192.73 g. David Kann, M.D. (Promissory Note) 10,000.00 100,960.20 x 1944.61 = 192.61 h. Ballon, Stoll, Bader & Nadler, P.C. Attorney Fees/Purchase of Apartment 1540.35 100,960.20 x 1944.61 = 29.66 i. Capital Tax Collection Bureau 1996-97 Cazlisle Area School District Occupation Assessment 697.40 100,960.20 x 1944.61 = 13.43 j. Darlene L. Moyer, Tax Collector 1997 Cazlisle Boro and Cumberland County Per Capita 11.00 100,960.20 x 1944.61 = .21 k. Mellon Bank Credit Card Accounts 5567.15 100,960.20 x 1944.61 = 107.23 1. Sears 647.20 100,960.20 x 1944.61 = 12.46 m. P.P. & L. 86.59 100,960.20 x 1944.61 = 1.66 n. T.V. Cable of Carlisle 9.55 100,960.20 x 1944.61 = .19 o. Sprint 92.48 100,960.20 x 1944.61 = 1.79 p. Reader's Digest 20.96 100,960.20 x 1944.61 = .41 q. Fromme, Schwartz, Newman & Cornicello, LLP Apartment Purchase 354.95 100,960.20 x 1944.61 = 6.84 r. ChexSystems Collection Agency Overdrawn Checks -Mellon Bank 614.41 100,960.20 x 1944.61 = 11.84 s. Cellular One 26.82 100,960.20 x 1944.61 = .52 t. Carlisle Hospital 45.00 100,960.20 x 1944.61 = .87 u. FRCS Group, Inc. Bloomingdale's Visa and Bloomingdale's Charge Account 3710.22 100,960.20 x 1944.61 = 71.47 v. Cazole Hely Vet Bills 358.38 100,960.20 x 1944.61 = 6.91 Thomas Place, Executor, hereby declares under oath (penalties of perjury) that he has fully and faithfully dischazged the duties of his office; that the foregoing 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 except as disclosed herein; that, to his knowledge, there aze no claims now outstanding against the estate which have not be disclosed herein; and that all taxes presently due from the Esta have been pta/id~. P-' Thomas Place COMMONWEALTH OF PENNSYLVANIA: SS COUNTY OF On this, the .~ day of .wl• _, 1999, before me, a Notary Public, the undersigned officer, personally appeazed omas Place, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledge that he executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. ll~o~.~n,,~ ~~-~i-P.~.c.. Title of Officer NOTARIAL SEAL TINA M. FLOSS, NOTARY PU9LIC CARLISLE BOROUGH, CUlWO COUHtY MY COMMISSION EXPIfIF~i~~~ ~ 5,194'i ~ , , ~ 4 IN RE: ESTATE OF PETER N. : IN THE COURT OF COMMON PLEAS KUTULAKIS, :CUMBERLAND COUNTY, PENNSYLVANIA Deceased :ORPHANS' COURT DMSION No. 1997-00716 RULE 6.3 CERTIFICATION I, Steven J. Schiffman, Esquire, do hereby certify that the requirements of Rule 6.3 regarding notice have been met in tl Dated: S~~g'99 :- ~ ~, 1 U] ,t !39 / N.. Cfi l.,i »~; iJ SX' l~ o ~r ~c f': w ~ '~ Q J Y G m ~ ~ V 1 C ~. y~ ro a ~a.~ .. o C o: e s t . 5 a _ °' ~ ~ ~ z ~~.~~~ c ~ ~~ ~~ o c U o w z m8 ~~ o$ at 3 `~ ° ~~~ ~~~~ ma ~o.,w '~ Pa ~~~ ~~ ~~ ~ w~aww ; (~ W ~ ~ a D c7 ~ ~ ~ ~ ~ C ti rl ^+ ~ ~ ~~ Q-'~ c ~~ ~ ~~ ~~~~~~~ ~~~~~~ ~~~~~~ ~~~ er-a wo ~ era w v~ ~ ~ vrwa an a,~e~ueee~ ea a~ ~ ~u ewe v~ eW~ •~a aa>p a~ '~n~w,n~o aesoawd ~ ups ~%il q ~+IIY 0U1 M ~~ uelt~n 2~xA ~Qe~~aU 1