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HomeMy WebLinkAbout05-01-15 COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION NO. 21-14-0584 ----------------------------------------------------------------------- ESTATE OF UAVID S. MASLAND, DECEASED Late of Cumberland Counry, PA --------'-----'--------------'----------------------------------'-- FAMiLY SETI'LEMENT AGREEMENT AND RELEASE OF ELIZABETH S. MASLAND AND JOHN C. OSZUSTOWICZ, CO-EXECUTORS Date of Death: Apri12,2014 Lctters Gra�ted: June 19, 2014 Firet Complete AdveRisement of Grant of Letters: July 11,2014 Account stated to April 28, 2015 4. �n c� � . , u . , �' -��� ^ Iohn C Oszustowicz, Esq. �"�._ � . r ��� .. , . 104 South Hanover Street �' � .' � ' Cazlisle, PA 17013 �� '� � � � (717) 243-7437 _ _ �.< �_ _� - .: r_ ; �-- u '.-_ L i o � = L u U W t' Q � � � V � AGREEMENT TO INDEMNIFY,RECEIPT, AND RELEASE THIS AGREEMENT, by and among Elizabeth S. Masland and John C. Oszustowicz, Co- exew[ors of the Estate of David S. Masland, Deceased and Elizabeth S. Masland. WHEREAS, David S. Masland died April 2,2014,testate, a resident of Cumberland County, Peonsylvania; and WHEREAS, the Last Will and Testament of David S. Masland dated August 27, 2013, was duly probated in the Office of[he Register of Wills of Cumbedand County, Pennsylvxnia as appeazs of record at Number 2 L 14-0584 (a copy of the W ill is attached herero and marked P.xhibit A); arid WHEREAS, Letters Testamentary were issued to Elizabeth S. Masland and John C. Oszustowicz on June 19, 2014; and WHEREAS, said Co-execu[ors have duly administered the estate according to the laws of the Commonwealth of Pennsylvania; and WHEREAS, in ITEM 5 of his will: David gave, devised and bequea[hed all the rest, residue and remainder of his estate of whatscever nature and wheresoever situate, to his wife ELIZABETH S. MASLAND. WHEREAS,Elizabeth S. Masland and John C. Oszustowicz , have bee� furnished with a complete listi�g of the estate assets,ieceipts and disbursements; and WHEREAS, it is the desiie of the parties to lhis Ageeement that final distribution of lhis estate be accomplished without a formal accounti�g to the Ocphans' Court Division of Ihe Court of Common Pleas of Cumberland County, it being the desire of the parties to avoid[he expense, delay and publiciry of a fonnal accounting. NOW, THEREFORE, in consideraUo� of the mutual promises, covenants and agreements recited herciq the parties do agree as follows: 1. Elirzbeth S. Masland, does hereby release and forever discharge Elizabeth S. Masland and John C. Oszustowicz, Co-executors, from any and all liability which they had or may have or which may from time to time arise in connection with their service as Co-executors of the Estate of David S. Masland, Deceased,and hereby aulhorize and request the Orphans' Court Division to chazge Ihe same against her share of said eslate, and in consideration for said distribution, he�eby agree to refund a�y amounts so disnibuted which may be requiced to fulty dischazge any tae liabiliry of the estate,debts of the decedent, or administration expenses. 2. F,ach par[y to [his Agreement acknowledges that[his Agreement shall be indexed and recorded in the estate proceedings and that the terms hereof shall be binding upon their respec[ive heirs, successors,execu[ors, adminis[ra[ors and assigns. This Agreement shall bc govemed by the laws of the Commonwealth of Pennsylvania. DATED this�+ day of M 2015. � , 1` - �` '' � �� � wo�-� �� �. � k�( W�tr�s :\ Eliza eth S. Masland, Exew[or ` , �� ,(� � TUl Ll,�� '� Witness� Eliza eth S. Masland, Be�eficiary I�--- i— `�` �. �,r r.+ f . W�t��g John C Oszustow�ez,Executor Exh�b�� A � O � U LAST WILL AND TESTAMENT OF DAVID S. MASLAND I, DAVID S. MASLAND, 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. If my wife disclaims any portion or all of the residuary estate, all such debts and funeral expenses shall be paid from the portion of my residuary estate Shat my wife disclaims ITEM 2: I dired that all State and Federal Transfer Inheritance Tax, Estate Tax, Succession Tax or any other tax, including any interest, assessments or penallies 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 pay or refund any part thereof. If my wife disclaims any portion or all of my residuary estate, all such taxes, interest, assessments and/or penalties shall be paid from the portion of my residuary estate that my wife disclaims and is to fortn part of the Disclaimer Trust. None of such taxes, interest, assessments and/or penalties shall be paid from the portion passing to my wife. ITEM 3: The articles of household use in the home of my wife, ELIZABETH S. 1 MASLAND, and myself are owned by the lwo of us as tenants by the entirety, and I thQfQfOfB R18k2 f10 diSpOSition of the same because upon my death, she will be[he sole owner thereof by operation of law, if she survives me. Should my wife, ELIZABETH S. MASLAND, fail to survive me, then I have prepared a memorandum that will be found with this, my Last Will and Testament that sets forth articles of household use and the persons to whom those articles are to be given if my wife does not survive me. If my memorandum does not dispose of all of such articles of household use, or 'rfthere is no memorandum found with my Last W ll and Testament, then all of such articles of household use not disposed of shall be given to my surviving children, as they shall determine. If they cannot reach agreement, my Executors shall make distribution to my children, as they deem appropriate in their sole discretion. ITEM 4: My tangible personal property (excluding money, securities and the like) and my motor vehicles, together with all insurance relating thereto, I give and bequeath unto my wife, if she survives me. Should my wife fail to survive me, then I have prepared a memorandum that will be found with this, my Last Will and Testament,�that sets forth items of tangible personal property and the persons to whom those items are to be given if my wife does not survive me. If my memorandum does not dispose of all of such items of tangible personal property, or 'rfthere is no memorandum found with my Last Will and Testament, then all of such items of tangible personal property not disposed of shall be given to my children as they shall delermine. If they cannot reach agreement, my Executors shall make distribution to my children as they deem appropriate in their sole discretion. ITEM 5: All of the rest, residue and remainder of my estate of whatsoever nature and wherescever situate, I give, devise and bequeath unto my wife, ELIZABETH S. MASLAND, if she survives me. If my wife does not survive me or in the event that my wife shall disclaim all or any portion of this giR, devise and bequest made to her, then the amount otherwise payable shall be held by my Trustees under ITEM 6 hereof. ITEM 6: If my wife, ELIZABETH S. MASLAND, does not survive me then I give ten thousand dollars ($10,000)to R. David Bollinger III, ten thousand dollars ($10,000) to Amy Bollinger Morgan, fiRy thousand dollars ($50,000)to the Methodist Home for Children as an unrestricted gift, frfty thousand dollars ($50,000) to the Cumberland County Historical Society, frky thousand dollars ($50,000)to The Bosler Library of Carlisle, PA, and lwenty thousand dollars ($20,000) to James Ellerman. Provided my wife fails to survive me by thirty(30)days, I give my entire residuary estate to my three children, Davis S. Masland, Jr., Janet Strayer Masland and Barbara Fulton Bolinger, in equal shares per stirpes. If a child or Children of mine is not living at the time of my death, then the share of my grandchild or grandchildren should be distributed as set forth in Item 7 below. If my wife, Elizabeth S. Masland, survives me for a period of thirty (30) days, but disclaims in full or in part, any property or interest, such property or interest so disclaimed shall be distributed to my Trustee, John C. Oszustowicz, as a Disclaimer Trust. My wife, advised by my Executor, and my Trustee, in so disclaiming, should take into consideration the Federal State Tax consequences of such an election. I dired that my Disclaimer Trust be held and distributed as follows: A. During the Irfetime of my wife, Elizabeth S. Masland, my trustee shall pay and distribute to her or for her benefR, the entire net income therefrom, which payment shall be made to her periodically, but not less frequently than quarterly. In addition, Trustee shall from time to time, pay to my wife, or shall apply directly for her benefit, as much of 3 the principal of ihe Disclaimer Trust as the Trustee may consider desirable for her health, maintenance antl support, after considenng all resources available to her. B. Upon the death of my wife, any principal and accrued undistributed income shall be paid to my children, David S. Masland, Jr., Janet Strayer Masland, and Barbara FuRon Bolinger, in equal shares per stirpes. Should any of my children predecease me, and any of my Grandchildren be a beneficiary of my estate, I dired that the fund due to said beneficiary be held in Trust by my Trustee, John C. Oszustowicz, Esquire, and which Trust shall be administered as follows: ITEM 7: I further direct, anything hereinbefore to the contrary notwithstanding, that in the event any or all of the distributions provided hereunder (except as provided in Items 3 and 4 above) be to a beneficiary or benefciaries while she, he or they are still under the age of forty (40) years, that distribution of the share of each such beneficiary be instead to my Trustee, JOHN C. OSZUSTOWICZ, ESQUIRE to be held by my Trustee in a separate and distind trust for each such beneficiary for the following purposes. I acknowledge that the trust arrangement provided for herein may result in generation skipping transfer tax. Nevertheless, my interest in controlling the use of my assets overrides these tax consequences. A. My Trustee shall accumulate the net income eamed on each trust and shall add the same to the corpus until the beneficiary of said trust has reached the age of lwenty-one (21) years. Thereafter, the Trustee shall distribute the net income earned on each trust to the beneficiary of that Vust in regular installments, and at least quarter- annually. B. In the sole and uncor�trolled discretion of my Trustee, he may utilize both the income andlor principal of each trust for the health, maintenance, education and support 4 of the beneficiary of thffi trust. It is my desire, but not my direction, that my Trustee encourage any and all of the beneficiaries of the trusts created by this will to further their eduwtion along those lines which interest each beneficiary and provide for a 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 of the trust of which he or she is a beneficiary. C. My Trustee 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 Trustee believes will promote his or her support, such as the purchase of a home, establishing a business or profession, wedding expenses, etc. D. My Trustee shall make expenditures for any beneficiaries without the intervention of a guardian. E. My Trustee may pay the reasonable burial expenses, including a suitable and proper grave marker, for the beneficiary of any trust that has not been terminated by previous distribution, and 'rf my Trustee, 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 ( 1/3) of the market value of the principal of his or her tnist after attaining the age of thirty-four(34) years and prior to attaining the age of thirty- six(36) years. The beneficiary of each such trust shall have the right to withdraw in one or mora installments up to one-haff( 1/2) of the market value of the principal of his or her trust after attaining the age of thirty-six (36) years and prior to attaining the age of forty (40)years. And the beneficiary of each such trust shall have the right to withdraw in one or more installments the balance of the market value of the principal and any unpaid 5 income of his or her trust, after attaining the age of forty (40) years. The market value of ihe principal shall be determined by my Trustee 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 surviving, my Trustee 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 separate and distind trust for each such issue under the same terms and conditions as my Trustee held the trust of the deceased benefciary which was divided pursuant to this provision. H. In the event any beneficiary or beneficiaries subject to the provisions of this 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 to the surviving brothers and sisters of said benefciary and to the surviving issue of any deceased brothers and sisters of said beneficiary, 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 rf no trust already exists for any such recipient, the share of such recipient shall be held in trust, administered and distributed by the Trustee herein named in the manner herein provided for beneficiaries of trusts. 6 1. In the event there are no beneficiaries who qualify under the provisions of the previous pafagraph by representation or otherwise, then all balances remaining shall be distributed to qualifying charities to be identified by my Executor. ITEM 8: In the administration of my estate and the trusl herein created, my Executors and Trustees shall have the following powers without leave of court in addition to, but not in limitation of, the powers granted by law to the Executors and Trustees of estates and trusts, which powers shall continue afler the termination of my estate and the trust or trusts provided for herein until adual distribution of the assets: A. To receive in the estate and to receive and retain in the trusts any assets, real or personal, to which I may be entitled at the time of my death, which my Executors or Trustees may deem for the best interest of the estate or trusts without being required to convert said assets into so-called "legal investments". 8. To invest and reinvest in such securities as a prudent man of intelligence and discretion would buy for himself for investment, and not for speculation, giving due regard to the safety of the principal and the adequacy of the income, and without being limited to the so-called "legal investmenY' of the Commonwealth of Pennsylvania, said investment authority to include the right to invest in any Discretionary or Legal Common Trust Fund that may be administered and managed by my Corporate Executor or Corporate Trustee. C. To sell or buy real estate wdhout 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, including themselves; to 7 improve any property or otherwise ezpend principal funds for the upkeep and welfare ot any properties; to release, vacate and abandon the same; to grant and acquire licenses and easements with resped 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 maka 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 Executors or Trustees selling the same. D. To make distnbution hereunder 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. Distribulions of property and securities are not required to be identical among the beneficiaries and shares, and some may receive one type of property and security while another may receive another type of property or security. 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 beneft the principal producing such income is wntinued in trust or to whom it is distributed under the terms of this will. F. To exercise any eledion or privilege given by the federal and other tax laws, including but not limited to, the consent on gift tax retums to have any grft made by my spouse considered as made in part by me for gik tax purposes, the filing of joint income tax retums, the payment of any portion of income or gift tax due under such retums, the 8 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, the allocation of the federel generation-skipping tax exemption and the election of the method of payment of pension, profit-sharing, HR-10, 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 of the beneficiaries, for the exercise or non-exercise of any election or privileges. In particular, the Executors are also authorized: i. To allocate any of my exemption from the Federal Generetion Skipping Transfer Tau 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 Sedion 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 8F. whether or not it is included in my probate estate. All allocations under Subparagraph i of this ITEM 8F. shall be in the sole discretion of my Executors, who shall have the power to omit any such property from any such allocation. Any decision made by my Executors shall be binding on all persons. G. To disclaim and/or renounce any amounts to which I may be entitled from any trust or estate of which I am a beneficiary rf my fduciary, in such fiduciary's sole discretion, believes such renunciation or disclaimer would be appropriate. H. To register or carry any investment in their own names or in the names of one or more nominees including that of a Corporate Trustee or a member firtn of the New 9 York Stock Exchange, a clearing house, a depository, in book entry fortn, or to retain any such investment unregistered or in a form pertnitting transfer by delivery . I. To vote by person o�proxy and to participate in any reorganization or merger of companies or corporations whose stock is held by them. My fduciaries may exercise any and all conversion, subscription and other rights of whatever nature, including, but not limited to, stock options with resped to any stocks or other securities and shall have the right to sell or otherwise dispose of all or any part of the assets held or to bortow for the purpose of making payment. J. To allocate to principal corporate distributions received in shares of the distributing corporation, regardless of the number of shares and however described or designated by the distributing corporation. K. To employ from time to time such person or persons, upon such terms and conditions as they deem advisable, to perform all ministerial and administrative duties, including investing and reinvesting property, keeping books and records and preparing all tax retums. L. If my Trustees determine, in their sole discretion, that the principal of any one (1) or more of the trusts provided herein is too small to administer in a cost effec[ive manner for the benefit of the beneficiaries, then the Trustees shall be permitted to distribute the principal and any accumulated income to the then existing income beneficiaries of such trusts. ITEM 9: No assignment or order by any beneficiary by way of anticipation of any of the principal or income of the Vusts herein created shall be valid; but the income and principal shall be paid diredly to the beneficiaries entitled to receive it, and the income 70 and principal shall not be subject to attachment, execution, levy, sequestration, hypothecation, garnishment or other process while in the hands of my Trustees. ITEM 10: 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 11: All references in my Will to children and issue shall include those born either before or after the date of my Will. Such references do not include adopted children. ITEM 12: I nominate, constitute and appoint my wife, ELIZABETH S. MASLAND, and JOHN C. OSZUSTOWICZ, ESQUIRE, to be Co-Executors of this, my Last Will and Testament. If my wife is unable or unwilling to serve or to continue to serve as an Executor, JOHN C. OSZUSTOWICZ shall serve as sole Executor. If JOHN C. OSZUSTOWICZ is unable or unwilling to serve or to continue serve as an Executor, then CHRISTOPHER RICE shall serve as an Executor or co-executor. If JOHN C. OSZUSTOWICZ and CHRISTOPHER RICE are unable or unwilling to serve, then ORRSTOWN BANK shall serve as Co-Executor with my wife, or as sole Executor if she is not serving as an Executor. No Executor or Trustee shall be required to give bond. ITEM 13: If my wife, ELIZABETH S. MASLAND, is unable or unwilling to serve or continue to serve as a Trustea, JOHN C. OSZUSTOWICZ shall serve as sole Trustee. If JOHN C. OSZUSTOWICZ is unable or unwilling to serve or continue to serve as a Trustee, CHRISTOPHER RICE shall serve as Co-Trustee with my wife, ELIZABETH S. MASLAND, or as sole Trustee 'rf my wife is not then serving as a Trustee. If all of the 11 above-named Trustees are unable or unwilling to serve, then ORRSTOWN BANK shall serve as Trustee. ITEM 14: 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 WITNESS WHEREOF, I have hereunto set my hand and seal this 2�t�day ot U V � , 2013. � � � ��`�C-�4iG�--•-�( , DAVID S. MASLAND ���.Signed, sealed, published, acknowledged and declared by the above- named TestatOr, DAVID S. MASLAND, as and for his Last Will and Testament, in the presence of u�, who, at his request, in his presence and in the presence of each other, have hereunto�,subscnbed our names as witnesses thereto. �•�._ � /L� Of S��Mo.,.,1o..J P.c,on) �o:� ..�< <a-..r.S �/7' �X3o7 9�'�'1R �,lN�, o+ �� 0� �t�arr3 �1 �h�nl.xy Gh 17�7 iz COMMONWEALTH OF PENNSYLVANIA ) ) SS: COUNTY OF CUMBERLAND ) I, DAVID S. MASLAND, 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. �"'�"/ � � - DAVID S. MASLAND Swom to or affirmed and Acknowledged betore me by DAVID S. MASLAND the Testator, this Z�1�'�day of PV�I�V S�— � ?O'I3. r` n � mnnomvEUTn oF aanmv,wu xdanr sai � 1C� pmDerN R ieo,Nad�v wbk Notary Public �"�B01O�Gin°b1an°C°""�' My Wiml�bn B�Mc 02 l0,N113 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 ad for the purpose therein expressed; that each of us in his sigM 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. ���� ���� Swom to or affirmed and subscribed to before me by DA v i � 1�' N.12�'Z and_ I�pta n W i I d wRnesses, this 2l*dayofl r,a��uct , 2013. � � l� Notary Public . oomnor+weurn oF rErvNmvnriu rwmna seei pmEerly R 1m�NOIYy Pudk Q�ILsIe Ba�o,OmEa1a�M fnumy mv c��am„s oc.io,zo�3 13 Estate of David S. Masland - All Dates 6/23/2014 ihrough 4/282015 page 7 4Y282015 Memo Amount Oale Num Descnption . _ . _ _ ._. BALANCE6/2212014 . _. _ 0.00 623/2014 Opening Balance� � � � � 0.00 6I2320t4 DEP Deposil OrrslownBankAcct �9.z��.26 6/262014 1001 Thomwald Home AccL f120130 -4����,ZZ 62620t4 1002 Hoffman Rolh Funeral Ez0-see bill -».�6�2< 6/262014 1003 Home Insteatl Senior Care Masland Inv 2139-0414-2 -607.55 6/26/2074 1004 Cumbedand Goodwill Fire ._ Masland 14-134963 . -8���� 6/26/2014 7005 Cumberland Co Law Journal advertising - -75.00 6/262014 1006 Law Offce John C Oszuslo._ Reimb Probate fees -860.50 7/1/2014 Debit Deluxe Check checks . -16 75 7/10/2014 DEP Deposit � Highmark refund � 377.37 7242014 101 AM fee lo dfr car 33.00 7/24/20t4 102 CommonwealthOfPA carGRrfee . -95.00 7/24/2014 103 � CommonwealthOfPA cartxfrfee -59.00 8A8/2014 104 TheSen�inel advertising -11620 8/19/2074 105 LawOffcesOfSaidis, Sulliv...pmffees -7,640.00 11/252014 � DEP Deposit � undaimed properly 328.40 4/24/2015 �06 ElizabethMasland partial 3,500.00 428/2075 107 Law Offce John C Oszuslo... es�ate setllemen�fees . -2.500.00 4/28/2015 108 Register Of Wills Family settlement filing fee -20.00 4/282015 Print Elizabeth Masland Final -53,837.87 6/23/2U'14-M2812015 � . . �- - 0.00 BALANCE 4/2&2015 _. 0.00 TOTALINFLOWS � 79.923.03 TOTALOUTFLOWS -79,923.03 NET TOTAL 0.00