HomeMy WebLinkAbout10-25-07
COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
ORPHANS' COURT DIVISION
NO. 21-06-0727
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ESTATE OF LAWTON C. ROVEGNO AlKJA RICK ROVEGNO, DECEASED
Late of Cumberland County, P A
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F AMIL Y SETTLEMENT AGREEMENT AND RELEASE OF
RICHARDL.ROVEGNO,EXECUTOR
Date of Death: August I, 2006
Letters Granted: August 17, 2006
First Complete Advertisement of Grant of Letters: September 12, 2006
Account stated to October 15,2007
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Tricia D. Naylor, Esq.
104 South Hanover Street
Carlisle, PA 17013
(717) 243-7437
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AGREEMENT TO INDEMNIFY, RECEIPT, AND RELEASE
THIS AGREEMENT, by and among Richard L. Rovegno, Executor of the Estate of
Lawton C. Rovegno alk/a Rick Rovegno, Deceased and Richard L. Rovegno and John S.
Rovegno.
WHEREAS, Lawton C. Rovegno alk/a Rick Rovegno died August 1, 2006, testate, a
resident of Cumberland County, Pennsylvania; and
WHEREAS, the Last Will and Testament of Lawton C. Rovegno alk/a Rick Rovegno
dated June 16,2004, was duly probated in the Office of the Register of Wills of Cumberland
County, Pennsylvania as appears of record at Number 21-06-0727 (a copy of the Will is attached
hereto and marked Exhibit A); and
WHEREAS, Letters Testamentary were issued to Richard L. Rovegno on August 17,
2006; and
WHEREAS, said Executor has duly administered the estate according to the laws of the
Commonwealth of Pennsylvania; and
WHEREAS, in ITEM 6: All of the rest, residue and remainder of his estate of
whatsoever nature and wheresoever situate, he gave, devised and bequeathed unto his surviving
children in equal shares; provided, however, his son, RICHARD L. ROVEGNO, shall receive all
of his partnership interests in ROVEGNO REAL ESTATE PARTNERSHIP, or any successor
entity, as well as all of his partnership interests in ROVEGNO PROPERTIES, or any successor
entity, and his son, JOHN S. ROVEGNO, shall receive his primary residence, or the net proceeds
of the sale of that property whether it is sold before or after his death.
WHEREAS, an Inheritance Tax Refund is due to the estate and such refund will be
distributed unto Lawton's surviving children in equal shares upon receipt.
WHEREAS, Richard L. Rovegno and John S. Rovegno, have been furnished with a
complete listing of the estate assets, receipts and disbursements; 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 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, in consideration of the mutual promises, covenants and agreements
recited herein, the parties do agree as follows:
1. Richard L. Rovegno and John S. Rovegno, do hereby release and forever discharge Richard
L. Rovegno, Executor, from any and all liability which he had or may have or which may
from time to time arise in connection with his service as Executor of the Estate of Lawton C.
Rovegno a/k/a Rick Rovegno, Deceased, and hereby authorize and request the Orphans'
Court Division to charge the same against their shares of said estate, and in consideration for
said distribution, hereby agree to refund any amounts so distributed which may be required to
fully discharge any tax liability of the estate, debts of the decedent, or administration
expenses.
2. 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, executors, administrators and assigns.
This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania.
DATED this ZS-tV\ day of
Octobe-r
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Witness
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ATTACHMENT A
LAST WILL AND TESTAMENT
OF
LAWTON C. ROVEGNO
I, LAWTON C. ROVEGNO, of Cumberland County, Pennsylvania, do make,
publish and declare this as and for my Last Will and Testament, hereby expressly
revoking all wills and codicils made by me heretofore, and dispose of my estate as
follows:
ITEM 1: I direct the payment of my just debts and funeral expenses, including a
suitable and proper grave marker, as soon as conveniently can be done following my
decease.
ITEM 2: I direct that all State and Federal Transfer Inheritance Tax, Estate Tax,
Succession Tax or any other tax, including any interest, assessments or penalties thereon,
that may become due and payable by virtue of my death, or by virtue of the passing of
any property either under my Last Will and Testament, or in any other manner, shall be
paid from my residuary estate, just as if such taxes were my debts, and no beneficiary
shall be required to payor refund any part thereof.
ITEM 3: I give and bequeath certain items of household articles unto these
persons who are named in a memorandum which can be found with this will. All other
household articles I give and bequeath to my surviving children as they may determine.
Any undivided and undistributed items shall pass to the residue of my estate.
ITEM 4: I give and bequeath items oftangible personal property unto those
persons who are named in a memorandum which can be found with this will. All other
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tangible personal property I give and bequeath unto my surviving children as they may
determine. Any undivided and undistributed items shall pass into the residue of my
estate.
ITEM 5: I give and bequeath $50,000 to the Carlisle Theatre. This amount shall
be reduced by any amounts that I have given to the Carlisle Theatre from the date of this
will until the date of my death. It is my desire that this money be deposited in the
Theatre's Endowment Fund.
ITEM 6: All of the rest, residue and remainder of my estate of whatsoever nature
and wheresoever situate, I give, devise and bequeath unto my surviving children in equal
shares; provided, however, my son, RICHARD L. ROVEGNO, shall receive all of my
partnership interests in ROVEGNO REAL ESTATEPARTNERSIDP, or any successor
entity, as well as all of my partnership interests in ROVEGNO PROPERTIES, or any
successor entity, and my son, JOHN S. ROVEGNO, shall receive my primary residence,
or the net proceeds of the sale of that property whether it is sold before or after my death.
If a son does not survive me but leaves issue who survive me, my deceased son's share
shall be distributed to his issue, per stirpes, subject to the provisions ofITEM 9. Ifa son
does not survive me and does not leave issue who survive me, my deceased son's share
shall be distributed to my issue, per stirpes.
ITEM 7: I further direct, anything hereinbefore to the contrary notwithstanding,
that in the event any or all of the distribution of my estate (except as provided in Items 3
and 4 above) be to a beneficiary or beneficiaries, other than my sons, while he, she or
they are still under the age of thirty (30) years, that distribution of the share of each such
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beneficiary be instead to my Trustees to be held by them in a separate and distinct trust
for each such beneficiary for the following purposes:
A. My Trustees shall accumulate the net income earned on each trust and shall
add the same to the corpus until the beneficiary of said trust has reached the
age of twenty-one (21) years. Thereafter, the Trustees shall distribute the net
income earned on each trust to the beneficiary of that trust in regular
installments, and at least quarter-annually.
B. In the sole and uncontrolled discretion of my Trustees, they may utilize both
the income and/or principal of each trust for the health, maintenance,
education and support of the beneficiary of that trust. It is my desire, but not
my direction, that my Trustees encourage any and all of the beneficiaries of
the trusts created by this Will to further their education along those lines
which interest .each beneficiary and provide for higher education (college,
professional, technical or any other forms of higher education) of any or all of
my beneficiaries, up to the extent or limit of principal and income ofthe trust
of which he or she is a beneficiary.
C. My Trustees may pay Over from time to time such of the principal of the
beneficiary's trust as he or she may request in writing, provided the intended
use is for a purpose which the Trustees believe will promote his or her
welfare, such as the purchase of a home, establishing a business or profession,
etc.
D. My Trustees shall make expenditures for any beneficiaries without the
intervention of a guardian.
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E. My Trustees may pay the reasonable burial expenses, including a suitable and
proper grave marker, for the beneficiary of any trust which has not been
terminated by previous distribution, and if my Trustees, in the exercise of their
sole discretion, choose to pay the same, they shall charge the expense thereof
against the trust of that beneficiary.
F. The beneficiary of each such trust shall have the right to withdraw in one or
more installments up to one-third (113) of the market value of the principal of
his or her trust after attaining the age of twenty-four (24) years and prior to
attaining the age of twenty-seven (27) years. And the beneficiary of each such
trust shall have the right to withdraw in one or more installments up to one-
half(1I2) of the balance of the market value of the principal of his or her trust,
after attaining the age of twenty-seven (27) years and prior to attaining the age
of thirty (30) years. And the beneficiary of each such trust shall have the right
to withdraw in one or more installments the balance of his or her trust after
attaining the age of thirty (30) years. The market value of the principal shall
be determined by my Trustees when the beneficiary, upon reaching each of
the permitted ages for withdrawals, makes the first withdrawal for the age
category.
G. In the event any beneficiary or beneficiaries subject to the provisions of this
Item die prior to having received full distribution of his or her trust, leaving
issue ~ving, my Trustees shall divide the balance then remaining in the
deceased beneficiary's trust into as many equal shares as the deceased
beneficiary leaves issue surviving and shall hold each portion, so divided, in a
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separate and distinct trust for each such issue under the same terms and
conditions as my Trustees held the trust of the deceased beneficiary which
was divided pursuant to this provision.
H. In the event any beneficiary or beneficiaries subject to the provisions ofthis
Item dies prior to having received full distribution of his or her trust, without
leaving issue surviving, the balance of his or her trust shall go first to the
surviving brothers and sisters of said beneficiary and to the surviving issue of
any deceased brothers and sisters of said beneficiary, per stirpes; and in the
event said beneficiary leaves none of the aforesaid surviving, second, to my
then living children and to the then living issue of any of my deceased
children, per stirpes. The share of the recipient shall be added to the trust
already existing for said recipient and shall be administered and/or distributed
in accordance with its terms, providing, however, that if such trust has already
been terminated by prior distribution, then said shares shall be distributed
outright to such recipients. And if no trust already exists for any such recipient
who is under the age of twenty-one (21) years, the share of such recipient
shall be held in trust, administered and distributed by the Trustees herein
named and in the manner herein provided for beneficiaries of trusts.
I. And in the event there are no beneficiaries who qualifY under the provisions
of the previous paragraph by representation or otherwise, then all balances
remaining shall be distributed as follows:
1. One-half(l/2) unto my heirs-at-law as then determined under the
Intestate Laws of the Commonwealth of Pennsylvania then in effect; and
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Discretionary or Legal Common Trust Food that may be administered and
managed by a Corporate Executor or Corporate Trustee.
C. To sell or buy real estate without Court order at public or private sale; to make,
execute and deliver or receive good and sufficient deeds of conveyance and give
or receive good title therefore; to reinvest the proceeds as if they had originated in
personal property; to mortgage or encumber any real estate held in trust, or
comprising part of my estate, borrowing the necessary funds from any source; to
improve any property or otherwise expend principal funds for the upkeep and
welfare of any properties; to release, vacate and abandon the same; to grant and
acquire licenses and easements with respect thereto; to make improvements to or
upon the same; and in general to do all things necessary in the management of the
properties as if they are the owners thereof, including the right to let property and
to make leases for any term including beyond the terms of the trusts. The
purchaser shall not be required to see to the proper application of proceeds but
may pay the same over to the Executor or Trustees selling the same.
D. To make distribution hereooder in cash or of property and securities in kind at fair
market value at the time of such distribution and in such a manner as to be fair,
equitable and just to all concerned.
E. Income accrued on any property received by my Trustees either at the inception
of the trust or as an addition thereto shall be treated as income and not as
principal. Upon the death of any beneficiary of income, any undistributed income
in the hands of my Trustees held for such beneficiary at the time of his or her
death shall be paid to the person or persons for whose benefit the principal
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producing such income is continued in trust or to whom it is distributed under the
terms of this will.
F. To exercise any election or privilege given by the federal and other tax laws,
including but not limited to, the consent on gift tax returns to have any gift made
by my spouse considered as made in part by me for gift tax purposes, the filing of
joint income tax returns, the paYment of any portion of income or gift tax due
under such returns, the election of the alternate valuation for federal estate tax
purposes, the election to claim deductions for federal estate tax or for federal
income tax purposes, and the election of the method of payment of pension,
profit-sharing, HR-IO, individual retirement account, and any other similar
benefits. In addition, my fiduciaries, in their sole discretion, may make or not
make equitable adjustment among the beneficiaries, without the consent ofthe
beneficiaries, for the exercise or non-exercise of any election or privileges. In
particular, the Executor is authorized:
1. To allocate any of my exemption from the Federal Generation
Skipping Transfer Tax provided in Section 2631 of the Internal
Revenue Code of 1986, as amended (the "Code"), which is available at
the time of my death to any property as to which I am deemed to be
the transferor under the provisions of Section a 2652(a) of the Code,
including any property transferred during my life as to which I did not
make an allocation prior to my death.
ii. Property may be subject to allocation under Subparagraph i of this
ITEM 9F. whether or not it is included in my probate estate. All
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allocations under Subparagraph i of this ITEM 9F. shall be in the sole
discretion of my Executor, who shall have the power to omit any such
property from any such allocation. Any decision made by my Executor
shall be binding on all persons.
G. In Executor's and/or Trustees' sole discretion, Executor and/or Trustees may
continue to operate any business or businesses which I may own or in which I
may have an interest, whether as sole owner or as partner or as shareholder for
such period or periods as Executor and/or Trustees, in Executor's and/or Trustees'
sole discretion, may consider the same advisable, including the right to delegate
discretionary powers to any manager or employee, without any responsibility or
liability to my estate or Trustees, heirs, legatees, devisees or remaindermen for
errors injudgment during the operation thereof by virtue of the authority granted
Executor and/or Trustees under the provisions hereof. In the operation of said
business or businesses, Executor and/or Trustees, in Executor's and/or Trustees'
sole discretion, may continue to operate such business or businesses the same as I
have done prior to my death or may expand or contract said business, including
the right to merge said business, by itself or jointly with others, as Executor
and/or Trustees may then find advisable, in Executor's and/or Trustees' sole
discretion, under the then business conditions. This authorization is intended to be
construed broadly so as not to hamper all business decisions in connection
therewith, it being my intention to authorize my Executor and/or Trustees to do
and take whatever steps are necessary in the conduct of said business or
businesses.
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ITEM 10: No assignment or order by any beneficiary by way of anticipation of
any ofthe principal or income of the trusts herein created shall be valid; but the income
and principal shall be paid directly to the beneficiaries entitled to receive it, and the
income and principal shall not be subject to attachment, execution, levy, sequestration,
hypothecation, garnishment or other process while in the hands of my Trustees.
ITEM 11: If: for any reason, a guardian over the estate of a beneficiary or
beneficiaries is needed or required, my Trustees shall be the guardians of the estate of
such beneficiary or beneficiaries, with the same rights, powers, privileges, duties and
responsibilities as I have given to them as Trustees.
ITEM 12: All references in my will to son, children and issue shall include those
born or adopted, either before or after the date of my will. Adopted persons shall be
considered as children of their adoptive parents, and they and their descendants shall be
considered as issue of their adoptive parents, regardless of the date of the adoption.
ITEM 13: I nominate, constitute and appoint my son RICHARD L. ROVEGNO,
to be the sole Executor of this, my Last Will and Testament. Ifmy son is unable or
unwilling to serve as Executor, I appoint my son, JOHN S. ROVEGNO, to be the sole
Executor. If neither of my sons is able or willing to serve as executor then JOHN C.
OSZUSTOWICZ shall serve. Ifneither my sons nor JOHN C. OSZUSTOWICZ is able
to willing to serve as Executor then TRICIA D. NAYLOR shall serve. No Executor or
Trustee shall be required to give bond.
ITEM 14: I appoint JOHN C. OSWSTOWICZ as my trustee and I appoint
TRICIA D. NAYLOR as alternate trustee if JOHN C. OSZUSTOWICZ is unable or
unwilling to act.
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ITEM 15: Wherever the context requires, the masculine gender shall include the
feminine and neuter gender, and vice versa, and the singular shall include the plural, and
vice versa.
IN WIlNESS WHEREOF, I have hereunto set my hand and seal this ~ day
of .. )llne....
. 2004.
~.~ C kove~
WT. N C. ROVEGNO
Signed, sealed, published, acknowledged and declared by the above-
named Testator, LAWTON C. ROVEGNO, as and for his Last Will and Testament, in
the presence of us, who, at his request, in his presence and in the presence of each other,
have hereunto subscribed our names as witnesses thereto.
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COMMONWEALTH OF PENNSYLVANIA
COUNTY OF CUMBERLAND
)
)
)
SS:
I, LAWfON C. ROVEGNO, Testator, who signed the foregoing instrument,
having been duly qualified according to law, acknowledge that I signed and executed the
instrument as my free and voluntary act for the purposes therein contained.
aCr,vf:w< C ~eJ'A-O
ON C. ROVEGNO
Sworn to or affirmed and
Acknowledged before me by
LA wrON C. ROVEGNO the
Testator, this ~ day
of ~Utle ,2004.
(~L e ~
Notary Public
NOTARIAL SEAl.
KIMBERLY R. LEO. NobiY. .. . PubIc
CarlIsle Boro. Cumberfancf CountY
My CommIssionExprea 0c:L to._ .
COMMONWEALTH OF PENNSYLVANIA
)
)
)
SS:
COUNTY OF CUMBERLAND
We, the undersigned witnesses who signed the foregoing instrument, being duly
qualified according to law, depose and say that we were present and saw Testator sign
and execute the instrument as his Last Will and Testament; that he signed and executed it
willingly as his free and voluntary act for the purpose therein expressed; that each of us in
his sight and hearing signed the Will as witnesses; that Testator is known to each of us;
and that to the best of our knowledge and observation the Testator was at the time of
sound mind and under no constraint or undue influence.
Sworn to or affirmed and subscribed
to before ~e bt~ L\~~ J~a~ \ in
ancl17, (", ,...., :b -'1 eV WItnesses,
this ~ day of \.. h kn.t> _ , 2004.
..
t L- ~ l.A..AJ
Notary Public
NOTARIAL_
KlMBERLYR. LEO. =.IWD .
C8rII8Ie 9010. CIInber . .QuW
My CommIssIon Explr8a 0c:L 10.. 12