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HomeMy WebLinkAbout10-19-12 ;+.~ x y a ra ~ ~~ ' T IN THE COURT OF COMMON PLEAS OF C` ~ ~ r --, t~ `~ " ~.~ c~7 CUMBERLAND COUNTY, PENNSYLVANIA ~'~~'; ~ r~ c3 ORPHANS' COURT DIVISION ~~' { ~ `-- ~j ,-~ ~„ ~: :~ C" ~ ESTATE OF NETTIE A. MINNICH, DECEASED ~ ~ ~ nr~ FILE N0 2012-00740 $ ~' . 0 SETTLEMENT AGREEMENT AND FINAL RELEASE THIS AGREEMENT by and between GERALD E. STINE, as Executor of the Estate of NETTIE A. MINNICH, Deceased, and LISBURN COMMUNITY FIRE CO., GERALD T. LAUBACH, THERESA V. BROWN, CHARLES B. REYNOLDS and GERALD E. STINE, as beneficiaries. WHEREAS, NETTIE A. MINNICH, late of Hampden Township, Cumberland County, Pennsylvania, died testate on June 25, 2012, having first made her Last Will and Testament dated September 10, 2010, which instrument was admitted to probate and is recorded in Cumberland County, Register of Wills, File No. 2012-00740; WHEREAS, GERALD E. STINE has been duly appointed as Executor of the Estate of Nettie A. Minnich, Deceased; WHEREAS, the parties in interest under the Last Will and Testament of Nettie A. Minnich, Deceased, are: 1. Lisburn Community Fire Co., charity 2. Gerald T. Laubach and Theresa V. Brown, friends 3. Charles B. Reynolds, friend 4. Gerald E. Stine, nephew WHEREAS, pursuant to Article 1V, Paragraph A, LISBURN COMMUNITY FIRE CO. is entitled to ten percent (10%) of the residuary estate; Page 1 of 8 WHEREAS, pursuant to Article V, Paragraph B, GERALD T. LAUBACH and THERESA V. BROWN (referenced in Will as Ted Laubach and Terry Laubach) are entitled to ten percent (10%) of the residuary estate; WHEREAS, pursuant to Article V, Pazagraph C, CHARLES B. REYNOLDS AND HIS FAMILY aze entitled to thirty percent (30%) of the residuary estate, and for purposes of estate settlement, Charles B. Reynolds is signing this Agreement on his and their behalf; WHEREAS, pursuant to Article V, Pazagraph D, GERALD E. STINE is entitled to fifty percent (50%) of the residuary estate; WHEREAS, pursuant to Pennsylvania Orphans' Court Rule 5.6, the Executor is required to notify the OFFICE OF ATTORNEY GENERAL on behalf of the charitable beneficiary; said notification requirement has been satisfied, and pursuant to its letter dated September 24, 2012, the Office of Attorney General has raised no objection to this estate administration; WHEREAS, each of the parties to this Agreement have been furnished with a complete Statement of Account as attached hereto and mazked as Exhibit A; 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 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. NOW, THEREFORE, WITNESSETH, in consideration of the mutual promises, covenants and agreements recited herein, the parties do agree as follows: 1. GERALD E. STINE, Executor, does hereby state that he has fully and faithfully discharged the duties of his office, and the Statement of Account (Exhibit A) is true and convect Page 2 of 8 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 the said Executor, GERALD E. STINE, his heirs, executors, administrators and assigns, JAN L. BROWN & ASSOCIATES, attorneys at law, and JAN L. BROWN, 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 Nettie A. Minnich, 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. 4. Each of the parties 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. 5. Each of the parties do further agree with each other and the aforesaid Executor that should any liability come due to the estate of the said decedent after the signing of this Agreement, each will contribute pro rata his/her/its 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. Page 3 of 8 6. This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania. Page 4 of 8 IN WITNESS WHEREOF, I have hereunto set my hand and seal this ~ day of ©C~~,-' , 2012. WITNESS: GERAL .STINE, Executor and Beneficiary COMMONWEALTH OF PENNSYLVANIA COUNTY OF DAUPHIN SS: On this the_ ~ day of Oef~be~ , 2012 before me, a Notary Public, the undersigned officer, personally appeared GERALD E. STINE, known to me or satisfactorily proven to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. No Public NOTARIAL SEAL CMRISTA M APLIN Notary Public LOYVER PAXTON TWP., DAUPHIN COUNTY My Commiaaion Expirea Nov 16, 2013 Page 5 of 8 J IN WITNESS WHEREOF, I have hereunto set my hand and seal this 5 day of Dc~Ob~r ,2012. WITNESS: LISBURN MMUNIT F By N e ~YC S i~~n a' Title COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND SS: On this the - ~~ day of _~~~~ , 2012 before me, a Notary Public, the undersigned officer, personally appeared ~~ , known to me or satisfactorily proven to be the person whose name is subscribed to the within instrument, and acknowledged that he/she executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. No lic COMMONWEHLi:7 ur PENN YLVANIA NOTARY.=~~._ SEAL Christy A. Black-Notary Public Upper Nlen Twp., Cwnberland County MY COMMISSIO+'' cXp!RES JULY 12, 2013 Page 6 of 8 IN WITNESS WHEREOF, we have hereunto set our hands and seals this r~ day of D c,a-ob <.~- , 2012. Q~ ~~~~ /~~~~ GERALD T. LAUBACH, Beneficiary lv /6 /Z HERESA V. BROWN, Beneficiary COMMONWEALTH OF PENNSYLVANIA COUNTY OF C ~ ^- b u ~~rd On this the 1 ~ SS: day of Oal-o b~.~- 2012 before me, a Notary Public, the undersigned officer, personally appeared GERALD T. LAUBACH and THERESA V. BROWN, known to me or satisfactorily proven to be the persons whose name are subscribed to the within instrument, and acknowledged that they executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. s .~,., ~, Public ~~ ~~~ c~~~'~' ~" NOTARIANRtary Public JILL SMEIGH, Gamp l"I~l goro, Cumberland ~ 2 2013 My Commission Expires February ~xn~rrrFCe. IN WITNESS WHEREOF, I have hereunto set my hand and seal this O~ , 2012. day of TNESS: r „~~~ 1Q CHARLES B. REYNOL S, Beneficiary COMMONWEALTH OF PENNSYLVANIA SS: COUNTY OF Y06~•e . On this the _!~ day of D , 2012 before me, a Notary Public, the undersigned officer, personally appeared CHARLES B. REYNOLDS, known to me or satisfactorily proven to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. Notary P lic 1 OF PEN ARIAL SEAL 1~'IIIA. N;OTT. Notary Puce ~~s Page 8 of 8 ESTATE OF NETTIE A MINNICH DATE OF DEATH JUNE 25, 2012 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 Contingdncies* $ 304,547.71 $ 907.23 $ 2,899.82 $ (63,917.77) $ 244,436.99 $ 240,000.00 $ 4,436.99 *The reserve balance will indrease or decrease based on receipt of additional assets/income, presentation of an obligation and/or payment of additional charges. The reserve will be distributed to the residuary beneficiaries after applicable adjustments. After final distribution is made, the residuary beneficiaries agree to reimburse the personal representative if called upon to pay further liabilities of the decedent in the future. Period 6/25/2012-9/20/2012 Exhibit A ESTATE OF NETTIE A MINNICH ASSETS SCHEDULE A DESCRIPTION VALUE AT DATE OF DEATH SECURITIES/BONDS Amer Fds Amer Balncd Fd F-1 (BALFX); 999.41 shs @ $18.86/sh $ 18,848.87 Amer High Income Trust Fd F-1 (AHl'FX); 1,774.9 shs @ $10.84/sh $ 19,239.94 Amer Fds Cap World Bond Fd F-1 (V1ilBFFX); 1,161.72 shs (ii? $20.82/sh $ 24,187.01 Capital World Growth & Inc Fd F-1 (GWGFX); 134.55 shs (c~ $32.47/sh $ 4,368.87 US Government Securities Fd F-1 (U~SFX); 1,344.86 shs @ $14.56/sh $ 19,581.09 Washington Mutual Investors Fd F-1 QWSHFX); 374.51 shs ~ $28.95/sh $ 10,842.12 Federated GNMA Trust (FGMAX); 2,01.15 shs ~ $11.50/sh $ 25,313.20 CASH Fulton Bank Checking 3619-35548 $ 13,491.96 Metro Bank Checking 0536572589 $ 7,754.72 Liberty Bankers Life; Non-qualified Annuity A0000044558; Estate benef" $ 156,466.11 TransAmerica Financial Advisors Bro~Cerage Acct 08H-224225; cash balance $ 1,241.98 LIFE INSURANCE Colonial Penn Life Insurance Compariy Policy OT73060809; Estate benef $ 2,500.00 REIMBURSEMENTS/REFUNDS Country Meadows at Home Quantum Diagnostics $ 701.25 $ 10.59 $ 304,547.71 `A portion of this asset (namely $21,930.48) represents money received after the decedents death that was attributable to activities and efforts of the decedent before death. It is included in the decedent's gross estate and in gross income when received (income in respect of a decedent). Said income will be reported on the fiduciary income tax return. Period 6/2 512 0 1 2-9/2 012 0 1 2 ESTATE OF NETTIE A MINNICH INCOME SCHEDULE B DESCRIPTION Interest Income Fulton Bank Checking 36',19-35548 TransAmerica Financial Advisors Estate Account H33-206469 Dividend Income 6/27/2012 Amer Fds Cap World Bond Fd F-1 6/29/2012 US Government Securities Fd F-1 6/29/2012 Amer High Income Trust Fd F-1 7/3/2012 Federated GNMA Trust 7/30/2012 Amer High Income Trust ~d F-1 7/30/2012 US Government Securities Fd F-1 8/2/2012 Federated GNMA Trust 817/2012 Federated GNMA Trust 8/10/2012 US Government Securities Fd F-1 8/10/2012 Amer High Income Trust ~d F-1 Investment Income Liberty Bankers Life; Non+qualified Annuity A0000044558 $ $ 0.72 0.12 155.44 18.67 132.34 60.57 115.49 13.16 61.61 12.33 5.54 39.53 $ 291.71 $ 907.23 Period 6/25/2012-9Y20/2012 ESTATE OF NETTLE A MINNICH PRINCIPAL INCREASES/DECREASES SCHEDULE C DATE DESCRIPTION AMOUNT GAIN/LOSS 8/7/12 Federated GNMA Trust; x^,201.15 shs Net Sale Proceeds $ 25,471.79 Estate Value $ 25,313.20 $ 158.59 8/9/12 Amer Fds Amer Balncd Fd F-1; 999.41 shs Net Sale Proceeds $ 19,780.81 Estate Value $ 18,848.87 $ 931.94 8/9/12 Amer High Income Trust Fd F-1; 1,774.9 shs Net Sale Proceed8 $ 19,630.67 Estate Value $ 19,239.94 $ 390.73 8/9/12 Amer Fds Cap World Bond Fd F-1; 1,161.72 shs Net Sale Proceeds $ 24,599.35 Estate Value $ 24,187.01 $ 412.34 8/9/12 Capital World Growth & Inc Fd F-1; 134.55 shs Net Sale Proceeds $ 4,683.71 Estate Value $ 4,368.87 $ 314.84 8/9/12 US Government Securities Fd F-1; 1,344.86 shs Net Sale Proceeds $ 19,630.83 Estate Value $ 19,581.09 $ 49.74 8/9/12 Washington Mutual Investors Fd F-1; 374.51 shs Net Sale Proceeds $ 11,483.76 Estate Value $ 10,842.12 $ 641.64 $ 2,899.82 Period 6125/2012-9/20!2012 ESTATE OF NETTIE A MINNICH DISBURSEMENTS SCHEDULE D DESCRIPTION Heffner Funeral Chapel & Crematory The Patriot-News; obituary St Johns Cemetery Association Register of Wills, Cumberland Counryyj; probate fees Jan L Brown & Associates; legal fee Gerald E Stine, executor fee Parks & Company; 2012 1040 ~ 1041, income tax prep fee; estimate Cumberland Law Journal; legal adverkising The Patriot-News; legal advertising Fulton Bank; service charges TransAmerica Financial Advisors; adJ~isory fees Country Meadows at Home Diamond Pharmacy West Shore EMS PA Dept of Revenue; inheritance tax CATEGORY AMOUNT Funeral $ 280.00 Funeral $ 192.82 Funeral $ 350.00 Adm $ 485.50 Adm $ 12,082.00 Adm $ 12,136.00 Adm $ 600.00 Adm $ 75.00 Adm $ 164.96 Adm $ 43.75 Adm $ 101.15 Debt $ 2,011.50 Debt $ 251.77 Debt $ 110.15 Tax $ 35,033.17 $ 63,917.77 Period 6/25/2012-9/20/2012 ESTATE OF NETTIE A MINNICH DISTRIBUTION TO BENEFICIARIES ACCORDING TO LAST WILL AND TESTAMENT DATED SEPTEMBER 10, 2010 SCHEDULE E Lisburn Community Fire Co, chari~,10% residuary estate 1800 Main 3t Lisburn, Mechan csburg, PA 17055 Cash distribution on or about 10/15/12 Gerald T Laubach, friend, 5% residuary estate 807 Oak HIII Rd, Lewisberry, P14 17339 Cash distribution on or about 10/15/12 Theresa V Brown, friend, 5% residuary estate 907 Oak HIII Rd, Lewisberry, P,4 17339 Cash distribution on or aboult 10/15/12 Charles B Reynolds, friend, 30% residuary estate 406 Old Stage Rd, Lewisberry,'PA 17339 Cash distribution on or aboult 10/15/12 Gerald E Stine, nephew, 50% resid~ary estate 240 Gravel Hill Rd, Newmanst wn, PA 17073 Cash distribution on or about 10/15/12 $ 24, 000.00 $ 12,000.00 $ 12,000.00 $ 72,000.00 $ 120,000.00 $ 240,000.00 Period 6/25/2012-9/20/2012