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Home My WebLink About12-29-14 (3) r^�7 COURT OF COMMON PLEAS � � �., rn =� � � � c, OF CUMBERLAND COUNTY, PENNSYLVAN�� ? �..a c; �;, ,-,�� A r_ � _� � �,. r-,-, � , , r�n ORPHANS' COURT DIVISION ; : � =�� ' . , , , c� , ,..., _? -� `,� _,.� NO. 2014-00475 �' '� � -�� =' W t� rn ,: � � � THE ESTATE OF MARIE T. GANG, DECEASED � APPROVAL, RECEIPT, RELEASE, REFUNDING, I1�1DE1V�1`�'IFICA i IaN AND TRU�T T�RILZIN�'�TI�1V'tiG12EE��1`v'T OF MICHAEL W. GANG, EXECUTOR OF THE ESTATE OF MARIE T. GANG, DECEASED, AND SUCCESSOR TRUSTEE FOR THE GANG REVOCABLE LIVING TRUST (THE "TRUST") BY PATRICIA A. GANG, MICHAEL W. GANG, AND JOSEPH A. GANG The circumstances leading up to the execution of this instrument are as follows: 1. Marie T. Gang (hereinafter referred to as "Decedent") died on March 29, 2014, domiciled in the city of Mechanicsburg, Cumberland County, Pennsylvania. 2. Decedent left a Will dated Apri12, 1993 (the "Will"). 3. On May 5, 2014, Letters Testamentary were issued to Michael W. Gang as Executor (hereinafter referred to as the "Executor") of the Estate of Marie T. Gang, Deceased (hereinafter referred to as the "Estate"). 4. The Decedent was widowed at the time of her death, and she was survived by trree (3; ci:i.�re:�, Pa�ricia h. Ganb; Micnaei �vV. Gang, and Joseph A. Gang (the � `Beneficiaries"). The Beneficiaries each were to take an equal share of the Estate. 5. The Trust was executed on August 3, 1994 by Marie T. Gang and Augustus J. Gang. 6. After the death of August J. Gang, Michael W. Gang was appointed by Marie T. Gang as successor Trustee of the Trust on February 23, 2012. 7. Pursuant to Article IV C of the Declaration of Trust, after the death of Marie T. Gang as Surviving Grantor, the assets of the Trust were to be distributed in equal � � 1 � � � t_.�� shares to Grantors' children: Patricia A. Gang, Michael W. Gang, and Joseph A. Gang. 8. Pursuant to the Will, any assets of Marie T. Gang at her death were to be transferred to the Trustee of the Revocable Living Trust. The Executor has done this and all assets other than the Allianz annuities payable to the trust at a future date have been liquidated with the cash deposited in either the Estate checking account or the Trust checking account. 9. It is the desire of the Beneficiaries that their distribution shares pursuant to the Will and the Trust be distributed to them without the formality of a court proceeding in order to save the expense, publicity and delay incident to such court proceeding, and the Executor/Trustee was willing to make such distribution foll.o�.�ed by� the receipt of an Aprr�val, Receipt, Release, Ref>>r.ding, Indemnification and Trust Termination Agreement (hereinafter referred to as the "Agreement") from the Beneficiary. 10. An account has never been audited by a court for either the Estate or the Trust. 11. The Beneficiaries have been offered the opportunity to review all bank and brokerage statements and any Estate and/or Trust checking account statements and other financial information for the Estate and/or Trust which the Executor/Trustee has either provided or offered to provide, and based upon examination (or their decision not to make such an examination), the Beneficiaries are satisfied that the Beneticiaries have sufficient information to make an informed decision in waiving the Beneficiaries' right to a court accounting. 12. The Beneficiaries desire to approve the distribution which will cause the Estate and the Trust to have no further funds, except as necessary to settle the Estate and terminate the Trust on an informal basis. The Beneficiaries have been informed that the Beneficiaries are entitled to an accounting and to the filing of such accounting with the court for both the Estate and the Trust. 13. The Executor/Trustee will distribute vol��ntarily to the Benefiiiaries the Beneficiaries' interest without filing an account of administration with the court in consideration of the signing by the Beneficiaries of this Agreement. 14. The total amount of funds in the Estate bank account is $196,006.00 and the total amount of funds in the Trust bank account is $945,185.00. 15. The total expense for administering the assets of the Estate and Trust are as yet unknown. 16. The amount which Executor/Trustee will reserve from distribution for payment of federal and state taxes and associated professional fees due and owing will be $196,006.00. 2 17. In addition to receiving one-third of the funds in the Trust bank account and in the Estate bank account, less amounts required to pay final expenses and taxes, Beneficiaries acknowledge that Patricia A. Gang will receive two (2) Allianz annuitized contracts numbered as follows: Contract No. 3462586 (having an estimated annuitized value over 5 years of $27,090) and Contract No. 715040 (having an estimated annuitized value over 5 years of$ 31,959). 18. In addition to receiving one-third of the funds in the Trust bank account and in the Estate bank account, less amounts required to pay final expenses and taxes, Beneficiaries acknowledge that Beneficiary Joseph A. Gang will receive two (2) Allianz annuitized contracts numbered as follows: Contract No. 3462553 (having an estimated annuitized value over 5 years of$27,090) and Contract No. 1771314 � having an estimated annuitized value over 5 years of $33, 078). Beneficiaries also acknoivl„dge that Bereficiar3- Mi�l-�a<:� W. G�ng nas disclaimed and relinquished any claim to a share of the Allianz annuitized contraets. 19. Beneficiaries acknowledge that Beneficiary Patricia A. Gang will receive the timeshare interest at Nag's Head, North Carolina. In consideration of the foregoing, the Beneficiaries, intending to be legally bound, agree as follows: a. Represent and warrant that the Beneficiaries have read and understood this Agreement and that the facts set forth above are true and correct to the best of the Beneficiaries' information, knowledge and belief. b. Acknowledge that the Agreement affects the legal rights of the Beneficiaries and that the Beneficiaries have consulted with an attorney or has decided not to do so. c. Agree to the distribution of the Beneficiaries' interest to the Beneficiaries and wish to waive the filing of any accounting of administration of the Estate or the Trust with the court having jurisdiction over the Estate or the Trust in order to save time, expense and publicity. d. (1) Declare that the Beneficiaries have been offered the opportunity to review the estate/trust checking account statements and other financial information for the Estate/Trust and based upon an examination (or on the Beneficiaries' decision not to make such an examination), the Beneficiaries are satisfied that the Beneficiaries have sufficient information to make an informed waiver to the Beneficiaries' right to a formal accounting with the court. (2) Accept any estate/trust checking account statements and other financial information for the Estate/Trust and approve them, whether examined or not, as if they had been duly stated in form of an accounting and filed with and audited, adjudicated and confirmed absolutely by the court. 3 (3) Waive the preparation, filing and auditing of an accounting of the administration of this Estate or the Trust in court. (4) Waive any and all claim connected to the Trust and agrees that it shall be terminated immediately. e. Agree to release, indemnify and hold harmless the Executor/Trustee from and against any and all losses, claims, demands, surcharges and causes of action (including legal fees which may be incurred and expenses and costs), and which may arise either from the administration of the Estate or the Trust by the Executor or Trustee or from the distribution of the undersigned's interest in the Estate and the Trust without the filing of a formal accounting with the court. £ Agree to refiind on dem�nd, all or any part of this fina? distribution :,f the Estate or Trust which has been determined by the Executor/Trustee or by any court of competent jurisdiction to have been improperly made, even if attributable to negligence; and agrees that any period for the limitation of actions for the collection of any erroneous distribution to the undersigned shall commence only at such time as the Executor/Trustee shall have obtained actual knowledge of such erroneous distribution and in no event shall the period for collection of any erroneous distribution be less than two (2) years after the actual discovery thereof by the Executor/Trustee. g. Absolutely and irrevocably waive, remise, release, quitclaim and forever discharge Michael W. Gang, in his capacity as Executor/Trustee and in his personal capacity, for any and all losses, claims, demands, surcharges, actions, causes of action (including legal fees which may be incurred), suits, payments, accounts, reckonings, liabilities, covenants, controversies, agreements, promises, complaints and demands of any kind or nature whatsoever, whether in law or equity, relating in any way to the administration of the Estate or the Trust. h. Intend that this Agreement shall be governed by the laws of the Commonwealth of Pennsylvania and shall be legally binding upon the Beneficiaries and the Beneficiaries' heirs, personal representative(s), successors and assigns. i. Acknowledge that the terms of this Agreement are contractual and not mere recitals and may be enforced in law and eq_uity. j. Agree to the termination of the Trust. k. Acknowledge receipt from the Estate and the Trust of the Distributions listed in Exhibit"A". 1. Agree that this Agreement may be signed in courterparts. 4 IN WITNESS WHEREOF, I have hereunto set my hand and seal the date set opposite my signature below. t Dated: �� ,�„,�.�C...� l�z c�/<; -�1 SEAL P TRICIA . AN Dated: l��'�� 4� SEAL MICHAEL W. GANG Dated: _ _ �EA�L . JOSEPH A. GANG 5 IN WITNESS WHEREOF, I have hereunto set my hand and seal the date set opposite my signature below. Dated: �SEAL) PATRICIA A. GANG Dated: �SEAL) MICHAEL W. GANG Dated: �Z,��S J►y � � SEAL JOSE A. GANG r ; � � State of Coiorado) County of Weld )§ �'Osz�1r� Ctl�ti aPPeared before me in the State o Colorado, County of Weld -Docn..Mho.r aE�� this�day of ------�---—• —, (Not�'s fficial signature) Notary Seai �� (Co ission e piration datel MARY E. STRUTT NOTARY Pt18UC STATE OF COLORADO NOTAftY 10 20144033484 �y�y Cp�yHc,�S�pp�EXPIRES AUGtJST Z6,2018 S ACKNOWLEDGMENT STATE OF v�~ : : SS: C!�j'� -�z - 3 d3.� COUNTY OF T� �� : I, PATRICIA A. GANG, whose name is assigned to the attached or foregoing Agreement, having been duly qualified according to law, do hereby acknowledge that I signed and executed the Agreement willingly and as my free and voluntary act for the purposes therein expressed. Sworn to or affirmed and acknowledged before me by PATRICIA A. GANG, this '_.j day o�,,�b,U. , 201�. y,. � PAT CIA A. NG - �w�� NnBURNerr — '� �S�7ARY PUBLIC Notary Public My�MI�E PIRES PEBI29,� Or COMMISSION M 7522978 Attorney-at-Law �,p...t��`9NiA1A BURNETT �OTARY PUBLIC COAdMO1+IWEA1-'fH OF VIRGINIA M�(COMMISSION EXPIRES FEB.29.2016 �OtvlMISStON A 7522978 6 ACKNOWLEDGMENT STATE OF P��S GL. : : SS: COUNTY OF Y : I, MICHAEL W. GANG, whose name is assigned to the attached or foregoing Agreement, having been duly qualified according to law, do hereby acknowledge that I signed and executed the Agreement willingly and as my free and voluntary act for the purposes therein expressed. Sworn o or affirmed and acknowledged befor e �iy MICHA�L W. GANG, this � day of , 201�. , ' ? \ `� MICHAEL W. GANG ?, (SEAL) Notary Public or Attorney-at-Law COMMONWEALTH OF PENNSYLVANIA NoWrial Seal Dawn T. Heilman, Notary Pubiic City of Harrisburg, Dauphin County My Commission Expires Sept. 4,2017 MEM6ER,iENNSYLVANU 710N OF NOTARTES 7 ACKNOWLEDGMENT STATE OF (,Q�pTu �� : : SS: COUNTY OF ��C,G : I, JOSEPH A. GANG, whose name is assigned to the attached or foregoing Agreement, having been duly qualified according to law, do hereby acknowledge that I signed and executed the Agreement willingly and as my free and voluntary act for the purposes therein expressed. Sworn to or affirmed and acknowledged before me by JOSEPH A. GANG, this /� day of��_ ,i�,r , 201� . � r a.. r �� JOSEP A. GANG MARY E.STRUTT NOTARY PUBLIC STA7E OF COLORA00 MY COA�MSSI�N �EXP RES A�T 2�,2018 (SEAL) N tary lic or Attorney-at-Law 8