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HomeMy WebLinkAbout05-15-15 RECO R-DED OFFICE '6F IN RE: ESTATE OF REMSTER Orr VY 11-LQRPHANS' COURT DIVISION COURT OF COMMON PLEAS OF ?Old FIHY 1 Il 1i �5MBERLAND COUNTY FELDMAN RENEE R CLE-t-"" �J F PENNSYLVANIA `C U H ": �'^„ VO. 2012-000416 FAMILY SETTLEMENT AGREEMENT WAIVING FILING OF ACCOUNT THIS AGREEMENT (the "Agreement') is entered into this- lay of May, 2015, by and between BRUCE A. FELDMAN, Executor of the Estate of Renee R. Feldman, deceased, and a residuary legatee of said estate, and LAURIE J. LYON,a residuary legatee of said estate. BACKGROUND A. Renee R. Feldman who resided at 355 S. Sporting Hill Road,Apt 31, Mechanicsburg, Pennsylvania 17070 (the "Decedent') died March 30, 2012, having left her Last Will and Testament dated January 6, 2010 (the "Will"), which was admitted to probate by the Register of Wills of Cumberland County, Pennsylvania at the above number and term on April 5, 2012. A copy of said Will is appended as Attachment 1. B. Letters Testamentary were issued by the Register of Wills of Cumberland County, Pennsylvania to Bruce A. Feldman on April 5, 2012. C. In her Will the Decedent named her two children the sole residuary legatees: Bruce A. Feldman, 119 Pin Oak Drive, New Cumberland, PA 17070, and Laurie J. Lyon, 102 Woodside Drive, Mechanicsburg, PA 17055. D. The Executor advertised the grant of Letters Testamentary (proofs of publication are appended as Attachment 2), prepared and filed an Inventory and Appraisement of Decedent's property, prepared and filed a Pennsylvania Inheritance Tax Return and federal and state income tax returns and paid all taxes due. E. The Executor has paid all general legatees and specific bequests,all taxes, debts and expenses of the estate known to him, and has no knowledge of any unpaid claims, absolute or contingent,which may be asserted against the estate nor does he have any reason to believe there are any such claims. F. The Executor has completed the administration of the estate, has prepared an accounting thereof appended hereto as Attachment 3, and has distributed the net assets of the estate in equal shares to Bruce A. Feldman and Laurie J. Lyon, the residuary legatees named in the Will, except for 352 shares of Manulife Financial Corporation. 2 G. Bruce A. Feldman and Laurie J. Lyon desire that this Agreement make it unnecessary to file a formal accounting in the Orphans' Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania. H. Both residuary legates have been given the unfettered opportunity to review the books and records of the Executor and based upon such opportunity or examination,have determined they have sufficient information to make an informed decision to waive their right to an accounting. AGREEMENT IN CONSIDERATION of the Executor's willingness to distribute and terminate the estate in accordance with the terms of the Will without the protection afforded him by a formai adjudication of an executor's account,the mutual promises and covenants contained herein and other good and valuable consideration,the receipt of which is hereby acknowledged, and intending to be legally bound, the parties hereby: 1. Acknowledge we have read this Agreement and represent that the facts set forth are true and correct to the best of our knowledge, information and belief. We further acknowledge we are familiar with the provisions of Decedent's Will. 3 2. Waive the filing of a formal account of the administration of Decedent's estate with respect to the income and principal thereof, in any court having jurisdiction and, in particular, the Orphans' Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania. 3. Declare we have examined the accounting attached hereto and incorporated herein and find it true and correct in all particulars; accept and approve the accounting with the same force and effect as if it had been prepared and duly filed with,audited,adjudicated and confirmed absolutely by such court having jurisdiction over this estate and, as if the balance of principal and income had been awarded by said court in accordance with the Agreement and the accounting. 4. Warrant we know of no outstanding and unsatisfied claims against the estate, and approve the distribution of the combined balance on hand shown on the attached accounting. S. Absolutely and irrevocably release and discharge the Executor, his personal representatives,heirs,successors and assigns, from any and all actions,liabilities, claims and demands, including but not limited to liability arising from any mistake of fact or law, or negligent or careless act or omission by the Executor in connection with the administration 4 and distribution of assets shown in the accounting,without a formal court accounting and adjudication. 6. Agree to refund to the Executor such part or all of the distributive share which has been or is being distributed to us which may at any time be determined to have been an erroneous distribution to us regardless of the cause of such error, even if attributable to negligence. 7. Agree that any period of limitation of actions for the collection for any erroneous distribution to any of us shall commence only at such time as the Executor has actual knowledge of such erroneous distribution and that in no event shall the obligation to collect any erroneous distribution start earlier than the actual discovery thereof by the Executor. B. With respect to any distributions of income or principal which we have received or will receive upon execution of this Agreement, agree to indemnify and hold harmless the Executor,his personal representatives, heirs,successors and assigns, from any liability, loss or expense (including but not limited to costs and counsel fees), arising from any cause whatsoever,which may be incurred by the Executor as a result of the administration of this estate or distribution in accordance with this Agreement including, but not limited to, any liability for any federal estate tax, Pennsylvania inheritance tax or any other death taxes and 5 federal and state income taxes, together with any interest and costs incidental thereto, relating in any way to the estate and also including, but not limited to, any assets received or payments or distributions made by reason of any negligence or mistake of fact or law. 9. Understand this Agreement may be signed in counterpart originals, all of which together shall be deemed to constitute an original. 10. Agree that this Agreement shall be governed by and enforced under the laws of the Commonwealth of Pennsylvania. IN WITNESS WHEREOF, we have executed this Agreement on the day and year first above written with the intent to be legally bound. WITNESS: r (SEAL) Bruce A. Feldman Individually and as Executor WITNESS: P' EAL) La rie J. Lyon Individually 6 WILL OF RENEE R. FELDMAN I, RENEE R. FELDMAN, currently of Mechanicsburg, Pennsylvania, declare this to be my will and hereby revoke all prior wills and codicils made by me. ARTICLE I Tangible Personal Property I bequeath such items of my tangible personal property as are specifically itemized on the list, if any, in my handwriting, signed and dated by me at the end thereof, and attached to this, my will, to the persons named thereon to receive such items. I bequeath to my children, Bruce A. Feldman and Laurie J. Lyon, such items of my remaining tangible personal property not used in business or for the production of income, including without limitation furniture, furnishings, clothing,jewelry, objects of art and decoration, and the like, and any motor vehicles which I own, together with the insurance thereon, as they each may choose, and any disparity among them shall be equaled by such payments among them as may be necessary. Any remaining personalty not so distributed shall be sold by my executor, and the proceeds shall be added to the residue of my estate. ARTICLE 11 Specific Charitable Cash Legacies A. Temple Ohev Sholom. I give to the Temple Ohev Sholom, which currently maintains its temple at 2345 North Front Street, Harrisburg, Pennsylvania, or the succession organization thereto, the sum of Ten Thousand Dollars ($10,000.00), provided such organization is at the time of distribution a charitable or religious organization, to which contributions are deductible under section 2055 of the Internal Revenue Code of 1986, as amended, or any successor section thereto. . B. Blinded Veterans Association. I give the sum of Five Thousand Dollars ($5,000.00) to the Blinded Veterans Association which presently maintains its principal office in Washington, D.C., for the general use of such organization, provided such organization is at the time of distribution a charitable organizatipn to which contributions are deductible under section 2055 of the Internal Revenr�ode of 1986, as amended, or any successor section thereto. T; ARTICLE :111 Powers of Appointment I declare that 1 do not by this Will intend to exercise any power of appointment: ARTICLE IV Specific Cash Bequests A. Individual. I give the following individuals such sums, subject however, to terms of the Descendants' Separate Trusts as set forth in Article V hereunder whereby the father of each such individual named below shall serve as Trustee of his child's separate trust. If the father of such named individuals is unable or unwilling to serve as Trustee, then the mother of such named individuals shall serve as Trustee. 1. I give to my granddaughter, Jennifer L. Feldman, the sum of Ten Thousand Dollars ($10,000.00), subject to the terms of the Descendants' Separate Trusts. 2. 1 give to my granddaughter, Amanda R. Piro, the sum of Ten Thousand Dollars ($10,000.00), subject to the terms of the Descendants' Separate Trusts. B. Survivorship. Any Beneficiary hereunder who dies within sixty (60) days following the date of my death shall be deemed to have predeceased me for all purposes of this Article. ARTICLE V Descendants' Separate Trusts Property that is to be held in the Descendants' Separate Trusts for the individuals named in Article IV above shall be held under this Article and all references to the "Descendants' Separate Trusts" shall be to the trusts held under this Article. Each Beneficiary's share shall be held as a separate trust. A. During Beneficiary's Life. The following provisions shali apply during the Beneficiary's life: 1. The Trustee shall distribute to the Beneficiary the net income of the trust at least annually. 2. . The Trustee shall distribute to the Beneficiary as much of the principal of the trust as the Trustee may from time to time determine, for the Beneficiary's health, education, support in his or her accustomed manner of living, or maintenance. - 2 - f . 1 3: The Beneficiary may.withdraw all the principal at any time afterattaining age thirty(30). Prior to that, at any time after attaining age twenty-five (25), the Beneficiary shall have the right'to withdraw one-half of the then fair market value of the trust assets. B. Upon Beneficiary's Death. Upon the Beneficiary's death, the property then held in his or her trust shall be distributed to such one or more persons out of a class composed of the Beneficiary's descendants, and surviving spouses of the Beneficiary's descendants on such terms as the Beneficiary may appoint by a Will specifically referring to this power of appointment, or in default of appointment or insofar as an appointment is not effective; to the Beneficiary's descendants then living, per stirpes, subject to the terms of the trusts under this Article, or if there are no descendants of the Beneficiary then living; to my descendants then living, per stirpes, subject, however, to the terms of the trusts under this Article. ARTICLE VI Residue I bequeath, devise and appoint all the rest of my property, of whatever nature and wherever situated, including property over which I have a power of appointment into two separate and equal shares to be distributed outright to Bruce A. Feldman and Laurie J. Lyon, per stirpes, subject, however, to the terms of the Descendants' Separate Trusts in the case of any beneficiary other than a child of mine. ARTICLE VII Spendthrift Clause No interest of any beneficiary hereunder shall be subject to anticipation, pledge, assignment, sale or transfer in any manner, nor shall any beneficiary have power in any manner to charge or encumber his or her interest, nor shall the interest of any beneficiary be liable or subject in any manner while in the possession of my fiduciaries for any liability of such beneficiary, whether such liability arises from his or her debts, contracts, torts, or other engagements of any type. ARTICLE VIII Facility of Payment for Minors or Incompetents Any amounts or assets which are payable or distributable to a minor or incompetent hereunder may, at the discretion of my fiduciaries, be paid or distributed to the parent or guardian of such minor or incompetent, to the person with whom such minor or incompetent resides, or directly to such minor or incompetent; or may be applied for the use or benefit of such minor or incompetent. - 3 - ARTICLE IX Powers A. Fiduciary Powers. In addition to such other powers and duties as may be granted elsewhere herein or which may be granted by law, my fiduciaries hereunder shall have the following powers and duties, without the necessity of notice to or consent of any court: 1. To retain all or any part of my property, real or personal, in the form in which it may be held at the time of its receipt, notwithstanding that said property may not be of a character authorized by law. 2: To invest and reinvest any funds held hereunder in any property, real or personal, including, but not by way of limitation, bonds, preferred stocks, common stocks and other securities of domestic or foreign corporations or investment trusts, mortgages or mortgage participations, mutual funds with or without sales or redemption charges, and common trust funds, even though such property would not be considered appropriate or legal for a fiduciary apart from this provision. 3. To sell, convey, exchange, partition, give options to buy or lease upon, or otherwise dispose of any property, real or personal, at the time held by them, at public or private sale or otherwise, for cash or other consideration or on credit, and upon such terms and for such price as they may determine, and to convey such property free of all trusts. 4. To borrow money from any person, including any fiduciary hereunder, for any purpose in connection with the administration hereof, to execute promissory notes or other obligations for amounts so borrowed, to secure the payments of such amounts by mortgages or pledges of any property, real or personal, which may be held hereunder. 5. To make loans, secured or unsecured, in such amounts, upon such terms, at such rates of interest, and to such persons, firms, or corporations as they may deem advisable. 6. To renew or extend the time for payment of any obligation, secured or unsecured, payable to or by them as.fiduciaries,for as long a period or periods of time and on such terms, as they may determine, and to adjust, settle, and arbitrate claims or demands in favor of or against them. 7. In dividing or distributing any property, real or personal, included herein, to divide or distribute in cash, in kind, or partly in cash and partly in kind. - 4 - 8: Without limitation of:powers elsewhere granted therein, to hold, manage and develop-any real estate which may be held by them at any time, to mortgage any such property in such amounts and on such terms-as they may deem advisable, to lease any such property for such term or terms and upon such conditions and rentals as they may deem advisable, whether or not the term of any such lease shall exceed the period permitted by law or the probable period of retention under this instrument; to make repairs, replacements and improvements, structural or otherwise, in connection with any such property, to abandon any such property which they may deem to be worthless or not of sufficient value to warrant keeping or protecting, and to permit any such property to be lost by tax sale or any other proceedings. 9. To employ such brokers, banks, custodians, investment counsel, attorneys, and other agents, and to delegate to them such duties, rights and powers as they may determine, and for such periods as they think fit. 10. To register any securities at any time in their own names, in their names as fiduciary, or in the names of nominees, with or without indicating the trust character of the securities so registered. 11. With respect to any securities forming a part of the trust, to vote upon any proposition or election at any meeting of the corporation issuing such securities, and to grant proxies, discretionary'or otherwise, to vote at any such meeting; to join or become a party to any reorganization, readjustment, merger, voting trust, consolidation or exchange, and to deposit any such securities with any committee, depository, trustee or otherwise, and to pay out of the assets held hereunder, any fees, expenses and assessments incurred in connection therewith, to exercise conversion, subscription or other rights, and to receive or hold any new securities issued as a result of any such reorganization, readjustment, merger, voting trust, consolidation, exchange or exercise of conversion, subscription or other rights and generally to take all action with.respect to any such securities as could be taken by the absolute owner thereof. 12. To exercise all elections which they may have with respect to income, gift, estate, inheritance and other taxes, including without limitation execution of joint income tax returns, election to deduct expenses in computing one tax or another, election to split gifts, and election to pay or to defer payment of any tax, in all events without their being bound to require contribution from any other person. B. Exoneration from Security. No Executor shall be required to give bond or other security in any jurisdiction and, if despite this exoneration a bond is nonetheless required from it, no sureties shall be required. - 5 - ARTICLE'X Taxes I direct that allestate, inheritance, and succession taxes that may be assessed in consequence of my death, of whatever nature and by whatever jurisdiction imposed, other than generation-skipping taxes, shall be paid out of the principal of my general estate to the same effect as if said taxes were expenses of administration, and all other property includible in my taxable estate for federal or state tax purposes, whether or not passing under this will, shall be free and clear thereof; provided, however, that my executor may in the discretion of my executor request that any portion or all of said taxes (to be paid out of the principal of my general estate) shall instead be paid out of the principal of any trust established by me or my husband, to the extent expressly authorized under the terms of said trust. ARTICLE XI Fiduciaries I appoint as executor hereunder my son, Bruce A. Feldman. If he should be unable or unwilling to serve or to complete the administration of my estate, then my daughter, Laurie J. Lyon, shall serve in his place. My executor shall serve as guardian of the property of any minor beneficiaries hereunder, under any instrument of trust executed by me, under any policies of insurance on my life, and in any other situation in which the power to make such appointment exists under the laws of Pennsylvania. No individual fiduciary shall be liable for the acts, omissions or defaults of any agent appointed and retained with due care or of any co-fiduciary. No fiduciary named herein shall be required to furnish bond or other security for the proper performance of duties hereunder. IN WITNESS WHEREOF, 1, RENEE R. FELDMAN, herewith set my hand to this, my last Will, typewritten on seven (7) sheets of paper including the self-proving attestation clause and signatures of witnesses, this b day of January, 2010. (SEAL) RENEE R. FELDMAN Witnessed: i J residing at G"3-4 fGu�2 ; t l4 residing at �� G� r` - 6 - COMMONWEALTH OF PENNSYLVANIA SS: COUNTY OF RENEE R. FELDMAN (the testatrix), bckU; 0 1L�- LVn} s��Q and �,^aljiR - CZ.nck-- (the witnesses), whose names are signed to the foregoing instrument, being first duly sworn, each hereby declares to the undersigned authority that the testatrix signed and executed the instrument as her last will in the presence of the witnesses and that she had signed willingly, and that she executed it as her free and voluntary act for the purposes therein expressed, and that each of the witnesses, in the presence and hearing of the testatrix, signed the will as witness and that to the best of his or her knowledge the testatrix was at that time eighteen years of age or older, of sound mind and under no constraint or undue influence. WITNESS: TESTATRIX: UAL -errscGlr�t�� RENEE R. FELDMAN WITNESS: Subscribed, sworn to and acknowledged before me by RENEE R. FELDMAN, the testatrix, and subscribed and sworn to before me by �y<<� Loci-{ s _ and San'7ChtCA. _k . oa n-- , the witnesses,.,#his_(day of j0rwa , 2010. � 4 i 9 6 e Notary Public (SEAL) COMMONWEALTH OF PENNSYLVANIA Notarial Seal unda M.Egeiman,Notary Public City of Hanisbleg,Dauphin County My Commisslon B"OCL 19,2013 - 7 - PROOF OF PUBLICATION State of Pennsylvania, County of Cumberland Jackie Cox,Sales Director,of The Sentinel,of the County and State aforesaid,being duly sworn,deposes and says that THE SENTINEL,a newspaper of general circulation in the Borough of Carlisle,County and State aforesaid,was established December 13th 111881, since which date THE SENTINEL has been regularly issued in said County,and that the printed notice or publication attached hereto is exactly the same as was printed and published in the regular editions and issues of THE SENTINEL on the following day(s): April 13,20&27, 2012 COPY OF NOTICE OF PUBLICATION EXECGTO S NOTICE '^ 3 LetteTestamentary on tffe Estate rs of flENEE fl F�LDB�I►N,late 4U5"' y« Township of HampcYen,Cumberland Cognty 1'ennsyivania deceaseds �: Affiant further deposes that he/she is not have been granted fo the uride►signed interested in the subject matter of the a �nlrpersons knowm�ihemsetvesito be indebted to seed Estate`wdl make= aforesaid notice or advertisement,and that ` ��s�tydi3men' mei7�a�ely},�and those having olaim§►v�l�resent the'tm foY ";�s all allegations in the foregoing statement as ts! o"4 Feltlman aExecu;or r }� °179>'makDnve 11 to time,place and character of publication x Sworn to d subscWedm ethis � 1 Notary Public My commission expires: NOTARIAL SEAL BAMBI ANN HECKENDORN Notary Public CARLISLE BOROUGH,CUMBERLAND CNTY MY Commission Expires Jan 27,2014 PROOF OF PUBLICATION OF NOTICE IN CUMBERLAND LAW JOURNAL (Under Act No. 587, approved May 16, 1929),P. L.1784 COMMONWEALTH OF PENNSYLVANIA : ss. COUNTY OF CUMBERLAND Lisa Marie Coyne,Esquire,Editor of the Cumberland Law Journal, of the County and State aforesaid, being duly sworn,according to law,deposes and says that the Cumberland Law -Journal,a lega-l-perio`dicaTpub-Iishecrin the Borough'of Carlisle in the County and State a 6resai , was established January 2, 1952,and designated by the local courts as the official legal periodical for the publication of all legal notices,and has, since January 2, 1952, been regularly issued weekly in the said County, and that the printed notice or publication attached hereto is exactly the same as was printed in the regular editions and issues of the said Cumberland Law Journal on the following dates, viz: Ap :127,May 4, and May 11, 2012 Affiant further deposes that he is authorized to verify this statement by the Cumberland Law Journal,a legal periodical of general circulation, and that he is not interested in the subject matter of the aforesaid notice or advertisement, and that all allegations in the foregoing statements as to time,place and character of publication are true. Lisa Marie C yne,Editor SWORN TO AND SUBSCRIBED before me this 11 of M4y, 2012 Notary Feldman,Renee R.,dec'd. Late of Hampden Township. Executor:Bruce A.Feldman,119 Pin Oak Drive,New Cumberland, PA 17070. NOTARIAL SEAL Attorney.None. DEBORAH A COLLINS Notary Public CARLISLE BOROUGH,CUMBERLAND COUNTY My Commission Expires Apr 28,2014 Accounting Prepared by Bruce A. Feldman,Executor for Estate of Renee R.Feldman,Deceased Date of Death: March 30,2012 Date of Executor's Appointment: April 6, 2012 Date of First Complete Advertisement: April 13, 2012 Accounting for the period April 6,2012 -May 11,2015 Summary of Account Principal Stock 4,768 PNC Checking 12,692 PNC Trust 226,965 Post-Death Receipts 1.181 Total Principal Received 245,606 Less Disbursements: Debts of Decedent 20,926 Funeral Expenses 5,149 Estate Administration Expenses 519 Accountant Fees 3,700 Federal State and Local Taxes 15.188 Total Disbursements 45.482 Balance Before Distributions 200,124 Less Distributions to Beneficiaries 35.000 Principal Balance Before Distributions to Residuary Beneficiaries 165,124 Distributions to Residuary Beneficiaries Laurie J. Lyon 80.178 Bruce A. Feldman 80.178 Total Distributed to Residuary Beneficiaries 160,356 Combined Balance on Hand for Distribution to Residuary Beneficiaries 4,768 Principal Receipts Assets Listed in Inventory (Valued as of Date of Death) Common Stocks and Mutual Funds 352 Shares Manulife Financial Corp. at$13.545/sh. 4,768 Checking and Savings Accounts PNC Bank Checking#$50-8025-5769 12,692 PNC Revocable Trust Account#16-27-027-3111402 226.965 Subtotal $244,425 Subsequent Receipts Manulife Financial Corp. Dividend Checks 563 Verizon refund 6 2011 Federal income tax refund 61 2011 PA income tax refund 551 Subtotal 1.181 Total Principal Receipts $245,606 Disbursements of Principal Debts of Decedent Blinded Veterans Association 50 Diamond Pharmacy 56 Country Meadows Associates 334 Country Meadows at Home 8,430 Country Meadows Associates 56 Diamond Pharmacy 171 PA-40 Individual Income Tax 347 Heritage Medical Group 20 Mutual of America refund of overpayment 13 Repayment of Advance received from David R.Lyon 5,000 Repayment,of Advance Received from Bruce A.Feldman 5,000 Repayment of Veterans Affairs pension for March,2012 1.449 Subtotal 20,926 Funeral Expenses Hetrick-Bitner Funeral Home 3,082 Bitner Family Funeral Homes (grave marker install) 345 Cornerstone Culinary Kitchen (funeral luncheon) 1,472 Yahrzeit Plaque at Temple Ohev Sholom 250 Subtotal 5,149 Administration Expenses Cumberland Law Journal publication fee 75 Carlisle Sentinel publication fee 147 Personal Representative Commission 0 Attorney Fees 0 Probate Fees 282 PA-41 Filing Fee—Register of Wills 15 Subtotal 519 Accountant Fees Waggoner,Frutiger&Daub 3,200 Waggoner,Frutiger&Daub Tax Return Prep. 500 Subtotal 3,700 Federal, State And Local Taxes PA-41 Estate Income Tax 7 PA Inheritance Tax 15,000 PA Inheritance Tax balance 181 Subtotal 15.188 Total Disbursements of Principal 45,482 Distributions of Principal to Beneficiaries To Temple Ohev Sholom in satisfaction of gift under Will Article II,Section A 10,000 To Blinded Veterans Association in satisfaction of gift under Will Article I1,Section B 5,000 To Jennifer L.Feldman in satisfaction of bequest under Will Article IV,Section A.1. 10,000 To Amanda R.Piro in satisfaction of bequest under Will Article IV,Section A.2. 10,000 Total Distributions of Principal to Beneficiaries 35,000 Previous Distributions of Principal to Residuary Beneficiaries To Laurie).Lyon 80,178 To Bruce A.Feldman 80,178 Total Previous Distributions 160,356 Combined Balance on Hand 352 Shares Manulife Financial Corp. 4,768 d