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HomeMy WebLinkAbout05-30-13 (2) u _ _ _ .__ . rn mr _ rn • h�- \�'1'..�t .,-..-� . _ . .. '��' In Re: Estate of LEONA E. FL���, • �'� �� : ' T`A�-�'HE COURT OF COMMON , .� �. .,,, �, :, PLS�ZI OF THE 9t" JUDICIAL Late of Upper Allen Township;� � '"�' '-'� ': ` �I CT OF PENNSYLVANIA, s,t +_:.�� : : CUMBERLAND COUNTY Cumberland County, Pennsylvan�; : ; y.���� .: � ��J;;;;� ,,.. � ��: �� ORP�IANS' COURT DIVISION Deceased ; y : No. 21-13-0258 FAMIL Y SETTLEMENT A GREEMENT A�. THIS AGREEMENT is made and entered into thiso� of , 2013, by and between ROMAYNE E. REESER and LEWIS C. FURRY, JR., Executors of the Estate of LEONA E. FURRY, Deceased (hereinafter referred to as "the Executors"); and ROMAYNE E. REESER, MARY JANE HOLMAN, MARTHA JEAN SPROAT, SHARON W. WHITE and LEWIS C. FURRY, JR. (hereinafter referred to as "the Beneficiaries"). WHEREAS, LEONA E. FURRY of Upper Allen Township, Cumberland County, Pennsylvania, died testate on January 27, 2013 having first made her Last Will and Testament, which was duly executed on September 17, 2002, and is recorded at File No. 21-13-0258 in the Office of the Register of Wills of Cumberland County, Pennsylvania; and WHEREAS, the said LEONA E. FURRY, by the aforesaid Last Will and Testament, named ROMAYNE E. REESER and LEWIS C. FURRY, JR., as Executors of said Last Will and Testament; and WHEREAS, Letters Testamentary on the estate of the said decedent were dulv issued by the Register of Wills of Cumberland County, Pennsylvania, to ROMAYNE E. REESER and LEWIS C. FURRY, JR. on March 4, 2013; and WHEREAS, by ITEM SECOND of said last Will and Testament, Decedent directed that "all the rest residue and remainder of my Estate, I give, devise and bequeath to my husband, L. Carl Furry." and WHEREAS, L. CARL FURRY, predeceased LEONA E. FURRY on January 21, 2009; and WHEREAS, by ITEM THIRD of said last Will and Testament, Decedent set forth that "should my husband predecease me or fail to survive me by at least 30 days or in the event of mutual or simultaneous deaths, I give, devise and bequeath my entire estate, in equal shares, to my children, ROMAYNE E. REESER, MARY JANE �.� _ _ _ ��� HOLMAN, MARTHA JEAN SPROAT, SHARON W. WHITE and LEWIS C. FURRY, JR.; and WHEREAS, the Beneficiaries have been furnished with a complete listing of the estate assets, as set forth on the Inheritance Tax returns filed by the Executors; a copy of the Inheritance Tax Return and Supplemental Inheritance Tax Return having been provided to the beneficiaries separate from this agreement; and WHEREAS, the Executors have gathered the assets of the estate of the said decedent, and the assets consist of cash with a total value of$91,949.23 as set forth in said Inheritance Tax Return plus subsequent receipts of estate assets of$11,919.70 as set forth on the Supplemental Inheritance Tax Return for a total of estate assets of $103,868.93; and WHEREAS, the Executors have made disbursements and satisfied all estate liabilities which total $31,627.02 plus the inheritance tax of$2,578.77 as set forth on the said Inheritance Tax Return plus an additional inheritance tax of$517.94 as set forth on the Supplemental Inheritance Tax Return for total estate liabilities of $34,723.73; and WHEREAS, the inheritance tax in the total amount $3,096.71 was paid on estate assets consisting of a payment of$2,578.77 which included a 5% discount of $135.73 plus an additional $517.94 in inheritance tax on subsequent receipts of estate assets; and WHEREAS, the Executors have not received Department of Revenue approval of the Inheritance Tax Return or the Supplemental Inheritance Tax Return; and WHEREAS, the Beneficiary, Lewis C. Furry, Jr. received an advance on his inheritance prior to the death of Decedent which advance totaled $24,307; and WHEREAS, the Executors and Beneficiaries desire a final distribution to be made at the time of the signing of this agreement; and WHEREAS, the balance for distribution as shown on the said Statement of Distribution marked Exhibit "A" has been reduced to cash and will be distributed as herein indicated in accordance with the Laws of the Commonwealth of Pennsylvania; and WHEREAS, the duties and responsibilities of the Executors incident to the administration of the Estate have been substantially completed; and __ __ �'A� WHEREAS, the Executors and Beneficiaries desire to have the balance of the Estate distributed without a formal accounting by the Executors to the Orphans' Court Division of the Court of Common Pleas of the 9t" Judicial District of Pennsylvania, Cumberland County (the Court having jurisdiction over the matter), in order that expense, delay and publicity may be avoided. NOW, THEREFORE, the parties hereto, for good and valuable consideration, receipt of which is hereby acknowledged, and intending to be legally bound hereby, agree with one another as follows: 1) The foregoing provisions of this Agreement are incorporated herein by reference. 2) The Executors have gathered the assets of the estate of the said decedent which consist of cash with a total date of death value of$91,949.23 as set forth on said Inheritance Tax Return less $489.90 representing the loss on the Eaton Vance Investment (date of death balance of$62,374.10 - liquidation amount received by the estate of$61,134.20 + Jan-March monthly payments of$750) plus $9,181.31 representing a gain on the Invesco Fund (date of death balance of $18,080.91- liquidation amount received by the estate of$27,262.22 which included a $9,000 distribution forwarded to decedent before death but not received by decedent's bank until after death) plus a non taxable Prudential Life Insurance policy in the amount of$5,740.14 plus a medical insurance refund of$2,119.70 plus a burial fund association refund of$8001ess miscellaneous adjustments (interest on savings, less bank fees, less error on original inheritance tax return which was corrected on supplemental inheritance tax return) of$100.39 for the total adjusted gross assets of$109,200.09. 3) The Beneficiary, Lewis C. Furry, Jr. received an advance on his inheritance more than one year prior to the death of Decedent which advance totaled $24,307. Said Advance shall be calculated into the final distribution of the Beneficiaries. 4) The Executors have paid estate liabilities of$31,627.02 as set forth on said Inheritance Tax Return plus Pennsylvania lnheritance Tax of$3,096.71 ($2,714.50 less discount of$135.73 plus $517.94) plus additional attorney's fees of$330 less probate fee reduction of$20 for total gross liabilities of $35,033.73. 5) The Executors have not received approval from the Pennsylvania Department of Revenue of the Inheritance Tax Return or the Supplemental Inheritance Tax Return. __ _ _ A"A�_ 6) The Executors shall file final fiduciary returns with any refunds/deductions/tax being divided equally between the Beneficiaries. 7) The Executors do not anticipate any additional inheritance taxes or fiduciary taxes being due. 8) The Beneficiaries specifically agree to be responsible for any additional Pennsylvania lnheritance Tax which may be determined to be due and owing or any fiduciary taxes which may be due and owing after the preparation and filir�g of the fiduciary returns 9) The Beneficiaries specifically agree that they shall be responsible for any and all outstanding debts of which they have been duly notified within one year of the date of death of the Decedent. 10) The Beneficiaries acknowledge that each of them has received a copy of the Pennsylvania lnheritance Tax Return and the Supplemental Inheritance Tax Return. 11) The Beneficiaries acknowledge and agree that the Statement of Distribution attached hereto as Exhibit "A" is satisfactory and proper, and they accept distribution in accordance with its provisions; and by executing this Agreement, they acknowledge receipt from the Executors of the property allocated to them on E�ibits "B" through "F" in satisfaction of their Testate share of the Estate of LEONA E. FURRY, Deceased, as set forth on the final receipt signed by the Beneficiaries. 12) The Beneficiaries hereto acknowledge their right to compel an accounting, which right they hereby waive. 13) The Beneficiaries desire to have the balance of the estate distributed without a formal accounting and Petition for Distribution by the Executors to the Orphans' Court Division of the Court of Common Pleas of the 9t" Judicial District of Pennsylvania, Cumberland County (the Court having jurisdiction over the matter), in order that expense, delay and publicity may be avoided. 14) It is the expressed intention of the parties hereto that the legal effect intended by the Agreement be the same in each in every respect as would be obtained had a Decree of Distribution in this Estate been entered by the Orphans' Court Division of the Court of Common Pleas of the 9`h Judicial District of Pennsylvania, Cumberland County, which Decree would become final and unappealable. __ _ n�m� 15} The Beneficiaries hereby forever release and discharge the Executors from any and all claims and liabilities of any kind or nature whatsoever, arising from or related to their service or status as Executors of the Estate. 16) This Agreement may be executed in airy number of counterparts, each of which when so executed and delivered shall be deemed to constitute an original. When such executed counterparts have been exchanged by facsimile or electronic mail among the parties, this Agreement shall be considered binduig and in full force and effect; thereafter, the parties shall exchange original signe� counterparts. 17) This Agreement shall be interpreted pursuant to and govenied by the laws of the Commonwealth of Pennsylvania, and sha11 inure to the benefit of and be binding u�on the parties hereto, their personal representarives and heirs at law, as the case may be. ���,,��(IN WI1'NESS WHEREOF, we have hereiuito set our hands and seals this �day of��'��t.�/ , 2013. � wI 1 5 � � �-e.�-��c.,. o—�u-��,� �� Romayne E. Reeser, Executor and Beneficiary - 1��.- � - - �' � Lewis C. Furry, Jr., Executor an Beneficiary �''l.�U w�.-v�_ �' Mary i olman, Beneficiary �.� �� �� � Martha Jean Sproat, Beneficiary , �� w �� Sharon W. White, Beneficiary _ _ __ __ ___ __ _ _ _ _ _ __ _ rA�r COMMONWEALTH OF PENNSYLVANIA: . ss: COUNTY OF PERRY . '`�- On this, the� day of May, 2013, before me, a Notary Public, the undersigned officer, personally appeared Romayne E. Reeser, Executor and Beneficiary of the Estate of LEONA E. FURRY and Lewis C. Furry, Jr., Executor and Beneficiary of the Estate of LEONA E. FURRY known to me (or satisfactorily proven) to be the persons whose names are subscribed to the within instrument, and acknowledged that they executed the same for the purposes therein contained. IN WITNESS WHEREOF, I have hereunto set my hand and OFFICIAL seal. COMMONWEALTH OF PENNSYLVANIA NOTARIAL SEAL �� > CAROL V. HEGE, Notary Public Nota Public ' 8loomfield Borough, Perry County r}' My Commlaslon F�cpires Febniary 23,2016 COMMONWEALTH OF PENNSYLVANIA: . ss: COUNTY OF PERRY . � On this, the� day of May, 2013, before me, a Notary Public, the undersigned officer, personally appeared Mary Jane Holman and Martha Jean Sproat, Beneficiaries of the Estate of LEONA E. FURRY, known to me (or satisfactorily proven) to be the persons whose names are subscribed to the within instrument, and acknowledged that they executed the same for the purposes therein contained. IN WITNESS WHEREOF, I have hereunto set my hand and OFFICIAL seal. COMMONWEALTH OF PENNSYLVANIA , NOTARIAL SEAL G�� � �Q � CAROL V. HEGE, N�ary Pubtic Notary Public 6loomfield Borough, Perry County My Commission Expires Febrt�y 23,2016 _ __ _ _ . _ �e�_ STATE OF COLORADO: . ss: COUNTY OF ' �Tp F FF�sm� , On this, the Z Z"d day of May, 2013, before me, a Notary Public, the undersigned officer, personally appeared Sharon W. White, Beneficiaries of the Estate of LEONA E. FURRY,known to me (or satisfactorily proven) to be the person whose name is subscribed to the witlun instrument, and acknowledged that sh� executed the same for the purposes therein contained. IN WITNESS WHEREOF, I have hereunto set my hand and OFFICIAL seal. , Notary Publ c 06CARtAS'�JON NOTAHY PUBLIC SZAIEOFOOIAM00 NORlliill ID�Ot�lO�I'�� MII 001��01��M�AIIM���1,� .�� In Re: Estate of LEONA E. FURRY, Late : IN THE COURT OF COMMON : PLEAS OF THE 9th JUDICIAL of Upper Allen Township, Cumberland : DISTRICT OF PENNSYI.,VANIA, : CUMBERLAND COUNTY County, Pennsylvania, Deceased : : ORPHANS' COURT DIVISION : No. 21-13-0258 STATEMENT OF DISTRIBUTION 1) LEONA E. FURRY died on January 27, 2013, widowed, and a resident of Upper Allen Township, Cumberland County, Pennsylvania. 2) Her Last Will and Testament was duly probated by the Register of Wills of Cumberland County, Pennsylvania, and Letters Testamentary issued thereon on March 4, 2013, to ROMAYNE E. REESER and LEWIS C. FURRY, JR., the Co-Executors therein named. 3) Pursuant to Item Third, the Executors have converted the following assets into cash and deposited said cash into the Member's First Estate checking and savings account which has a combined balance of$74,462.41 plus $4,612.32: (a) Members First Federal Credit Union Regular Savings Account totaling $309.72 as of the date of death was converted into an estate account for the purpose of paying estate expenses. (b)Members First Federal Credit Union Checking Account totaling $2,813.07 as of the date of death was converted into an estate account for the purpose of paying estate expenses. (c) Members First Federal Credit Union Investment Savings Account totaling $8,271.43 as of the date of death was converted into an estate account for the purpose of paying estate expenses. (d) The Invesco — Comstock Fund — Class A — 951.376 shares totaling $18,08091 plus a distribution made prior to death but received by Decedent's bank after the date of death in the amount of$9,000 plus accrued interest of$181.31 was deposited into the estate account for the purpose of paying estate expenses and distribution. EXHIBIT "A" _ _ _ ._ ._ ._. _ _. ._. _ p�11� - (e) Eaton Vance National Municipal Income Fund Class A 5,946.053 shares totaling $62,374.10 as of the date of death less market changes of $739.90 for a net deposit of$61,634.20 plus dividend payments for January —March of$750 was converted into an estate account for the purpose of paying estate expenses. (� Prudential Life Insurance policy in the amount of$5,740.14 was deposited into the estate account for the purpose of paying estate expenses and distribution. (g) Burial Fund Refund of$800 was deposited into the estate account for the purpose of paying estate expenses and distribution. (h)Medical Insurance Refund of$2,119.70 was deposited into the estate account for the purpose of paying estate expenses and distribution. (i) Accrued interest on the estate checking and savings account less bank fees of-.39 were deducted froin the estate account. (j) Refund of Advance on Inheritance from Lewis C. Furry, Jr. in the amount of$4,612.32 ($24,307 + $74,166.36 = 5 = $19,694.68; $24,307- $19,694.68 = $4,612.32) 4) The Executors paid all outstanding liabilities totaling $35,033.73 ($31,627.02 - liabilities listed on inheritance tax return plus $2,578.77- inh. Tax plus additional inheritance tax of$517.94 plus additional attorney's fees of$330 less a reduction in costs of$20). 5) After final disbursements were made as set forth on the Inheritance Tax Return and the Family Settlement Agreement, the balance for distribution is the sum of$78,778.68 and will be distributed in accordance with the Last Will and Testament of the Decedent as follows: Romayne E. Reeser - $19,694.67 Mary Jane Holman - $19,694.67 Martha Jean Sproat - $19,694.67 Sharon W. White - $19,694.67 Lewis C. Furry, Jr. - $0 _ _ _ r�m� In Re: Estate of LEONA E. FURRY, : IN THE COURT OF COMMON : PLEAS OF THE 9th JUDICIAL Late of Upper Allen Township, : DISTRICT OF PENNSYLVANIA, : CUMBERLAND COUNTY Cumberland County, Pennsylvania, : : ORPHANS' COURT DIVISION Deceased : : No. 21-13-0258 RECEIPT FOR FINAL DISTRIBUTION ROMAYNE E. REESER under a Family Settlement Agreement dated � ' /;3 , hereby acknowledges to have received from ROMAYNE E. REESER and LEWIS C. FURRY, JR., Executors of the Estate of LEONA E. FURRY, Deceased, the sum of$19,694.67 representing 20% of the net estate and requests that the same be charged to her in substantial distribution of the Estate. � � DATED this �.J day of , 2013. WITN S: , � ..v.��(SEAL) ROMA E. REESER EXHIBIT "B" _ _ _ _ _ __ ��� _ In Re: Estate of LEONA E. FURRY, : IN THE COURT OF COMMON : PLEAS OF THE 9th JUDICIAL Late of Upper Allen Township, : DISTRICT OF PENNSYLVANIA, : CUMBERLAND COUNTY Cumberland County, Pennsylvania, : : ORPHANS' COURT DNISION Deceased � : No. 21-13-0258 RECEIPT FOR FINAL DISTRIBUTION MARY JANE HOLMAN under a Family Settlement Agreement dated ��a-- /-� , hereby acknowledges to have received from ROMAYNE E. REESER and LEWIS C. FURRY, JR., Executors of the Estate of LEONA E. FURRY, Deceased, the sum of$19,694.67 representing 20% of the net estate and requests that the same be charged to her in substantial distribution of the Estate. DATED this ��day of May, 2013. WI SS: �L � �� Id-�-�!�..�,,.... (SEAL) MAR J NE HOLMAN EXHIBIT "C" _ __ _ _ _ __ __ _ ._ .__n�l^�-- _-__ . In Re: Estate of LEONA E. FURRY, : IN THE COURT OF COMMON : PLEAS OF THE 9th JUDICIAL Late of Upper Allen Township, : DISTRICT OF PENNSYLVANIA, : CUMBERLAND COUNTY Cumberland County, Pennsylvania, : : ORPHANS' COURT DIVISION Deceased : : No. 21-13-0258 RECEIPT FOR FINAL DISTRIBUTION MARTHA JEAN SPROAT under a Family Settlement Agreement dated ����/,3 , hereby acknowledges to have received from ROMAYNE E. REESER and LEWIS C. FURRY, JR., Executors of the Estate of LEONA E. FURRY, Deceased, the sum of$19,694.67 representing 20% of the net estate and requests that the same be charged to her in substantial distribution of the Estate. DATED this ��ay of May, 2013. WITNE S: ���t�a �c.dti� .,�.��1'c' (SEAL) MARTHA JEAN SPROAT EXHIBIT "D" ._ _ ___ _ - ��„� _ In Re: Estate of LEONA E. FLJRRY, : IN THE COURT OF COMMON : PLEAS OF THE 9th JUDICIAL Late of Upper Allen Towuship, : DISTRICT OF PENNSYLVANIA, : CUMBERLAND COUNTY Cumberland County, Pennsylvania, : : ORPHANS' COURT DIVISION Deceased � : No. 21-13-0258 RECEIPT FOR FINAL DISTRIBUTION SHARON W. WHITE under a Family Settlement Agreement dated ���/,3 , hereby acknowledges to have received from ROMAYNE E. REESER and LEWIS C. FIJRRY, JR., Executors of the Estate of LEQNA E. FURRY, Deceased, the sum of$19,694.67 representing 20%vf the net estate and requests that the same be charged to her in substanrial distribution of the Estate. DATED this �202 day of May, 2013. W SS: ���� /° � `p ����-rt�r G�/�i��: (SEAL) SHAR�N W. WHITE EXHIBIT "E" _ _ _ _ _ _ . r�mr In Re: Estate of LEONA E. FURRY, : IN THE COURT OF COMMON : PLEAS OF THE 9th JUDICIAL Late of Upper Allen Township, : DISTRICT OF PENNSYLVANIA, : CUMBERLAND COUNTY Cumberland County, Pennsylvania, : : ORPHANS' COURT DIVISION Deceased : : No. 21-13-0258 RECEIPT FOR FINAL DISTRIBUTION LEWIS C. FURRY, JR. under a Family Settlement Agreement dated S� � /j , hereby acknowledges to have received from ROMAYNE E. REESER and LEWIS C. FURRY, JR., Executors of the Estate of LEONA E. FURRY, Deceased, the sum of$0.00 representing 20% of the net estate and requests that the same be charged to him in substantial distribution of the Estate.. DATED this �9�day of�, 2013. -WITNESS: �K----�- � ��a�(SEAL) LEWIS C. FURRY, JR. EXHIBIT "F"