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Home My WebLink About08-24-15 � � o C.� � � � � �:� � � .. -� `= o �.. �. .., c-� ��: ,.i �� - � ..,. ..-� � � n �-• �n o N T IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA IN RE: F.STATE OF CHARLES 7. RIPF„ . ORPHANS' COUAT Dl VISION Deceascd . NO. Z1-10-1006 OBJECTIONS TO THE FIRST AND FINAI. ACCOUNT OF FRF.D H. JUNHINS. EXF,CUTOR AND NOW COMF., Beneficiuics and Objectors, Stevcn Maswell, Douglas Maxwcll, Barry Maxwell, and Sherri Maxwell, by and through their unde�si�ed counsel, objecting to the First and Final Accouut of Yrcd H. Junkins, F.xecutoc, as follows: 1. The Proposed Dist�ibucion to the heics of Cathe�ine R. MaxweLl is calculated impropeely arid does not follow thc languagc set forth iu thc Last Will uid Teatamcnt of Charles S. Rife. Item IV C. of the said Last WiIL and �I'estament statcs: "I give, devise and bequcath all thc rest, residue and remainder of my property, whethe� ceal or personal, v.�herever simele, i�cluding any proper[y ovec which i may have a power of appointmen[, as lollows: C. TH1R"PY PERCLNT (30%) to heirs of CATHLRINF. K. MAXWLLL, as follows: John W. Maxwcll, pec stirpes 25% John has reccived money &om me in the form of a loan. If that loan has not been mpaid in full, then the unpaid balance of the / loan shal] be oLTset against what he receives from my estate. Any such offs-et fu�ds shalL be distributed equally among these live designated heirs of Catherine MaxweLL If the loan balance exceeds this distributive share, any remaining dcbt shall be Corgiven. Steven A. Maxwetl, per stirpes 25% Steven has reccived money from me i�the form of a loan. If that loan has not been repaid i�� full, then the w�paid balance of thc loan shall be oIl�sct against what he reccives from my estate. Any such offset funds shall be dietributed equally among these five designated heirs of Cathe�i�e Maxwell. If the loan balancc exceeds this distributive share,any �emaining dcbt shall be forgiven. Douglas Maxwcll, per stirpes 16 1/3% Barry Maxwell, per stirpes 16 1/3% Sherri Maxwell, per stirpcs 16 1/3°/ Specifically, the la�guage in said Will rcquires that the debt instruments resulting in offset funds be distributcd equnlly among lhc livc dcsignatcd heirs of Ca[he�ine Maxwell,not distributed among all the beneficiarics listed in the Last W iIL&Testament as reflceted in the Executor's First and Final AccounG The language contzined in the Will requires any loan issues to remai� with the fivc heirs of Catherinc MaxwclL Accordingly, Objectors suggest the distribution s'chedulc should be as follows: � Balance on Hand: Amount Principal: Cash 52,542,423.42 Incomc: Cash S 172,6'76.65 Total $2,715,100.07 Rescrves for: Cumberland Coimry Clerk of the Orphans Court—Filing fee for accounting $ 3,000.00 Waggoner Frntiger&Daub, LLP—Accounting, tax aud �elated services $ 12,000.00 Walters&Galloway, PLLC—Escrow foc tinal expenses $_ 5.000.00 Total $2,695,100.07 Pursuant[a Item V, C under the Will Amount Loan Offsel Deb[ Distributioo Thirry Yerceu[(30%) to heire ot $808,530.02 Forgiven � Catherioe R. Mazwell,as follows: _ . Reneficiary John � �� $��.13251 Sd66,545.00 ($202.13251) . $26d,412d9 5 4Q426.50 (I) $ 14,072.23 (2) name: Maxwell � Benefician S[even Z�o $202,I3251 � 70,36L17 ($ 70,361J7) 5131,71134 $ 40,426.50 (1) � �ame: �axwell $ 14,07223 (2) �Beneficiary Douglas I 16G66667% £134,755.00 $Io4755.00 $ 40426.50 Q) name Maxwell $ 7407224 (2� Beneficiary Bany 16666667% $I 4.755D0 5134755.00 S 40,426.24 (q naine: Maxwell � $ 14.07224 (2) Beneficiary Sherri 16.66G667% SI34,755.00 5134,755.00 name: �ell $ 4Q426.50 (q $ L4,072?A (2) I $808,530.02 $536,906.17 ($272,493.68) $264,412.49 $808,530.02 (1) One-Fifth(1/5)of offset funds from John Maxwell dist�ibuted equaLly among all five(5)hcirs of Catherinc Maxwell. (2) One-Fifth (1/5) of offset funds from Steven Maxwell distcibuted equally among all five (5) heics of Catherine Maxwell. 3 In the event the Court determines the interpcetation of the Will as reflected above, this will cesult in the proposed distribution to other bencficiacies having to be recaLculated. 2. Objectors aver tliat the Executo� Cee is excessive considering prolessionals were used to administer the estate. The Executor fee of$101,000.00 on a gross estate of$4,25Q923.00 cquaLs 238%. Objecmrs tuet6cr suggest that this fee cannot be substantia[ed given a �easonable hourly rzte and the number of hours necessaey to administer this estatc. 3. Objectors aver that the auocncy fee of $76,000.00 paid to Attorney Muael R. Walters, III is excessive wnsidering the Litigation issues in this estate wece handled by Attorney Wayne Shade and Waggoner Frutiger & Daub, LLP wcre used to handle all the accou�ting arid tax issues. 4. Objectors aver that the accountac�t fee paid and reserved of $52,673.00 to Waggoner,Fmtigcr&Daub,I.LP is cxcessive. Although the gross estatc exceeded fou�(4)million dollars (54,000,000.00), the assets comprising the estatc were not complex, being cash, bank accou�ts, mutual funds, stocks,annuiq�, a homc, znd miscellaneous items. At a rcasonable rate of $20090/houc,this would result in 26337 hours being incurrcd on this estate. WHPREFORE,Objectors, Steveu MaswelL,Douglas Maxwcll,Barry Maxwell,and Sherri Maxwelf respectfully cequest diat their Objeetions be sustained and this Ho�o�able Cou�t require a��Amended Fi�st and Fi�al Account to be tiled. 4 Respectfully submitted, LAW OFFIC�S OF CRAIG A. UIF,HL llate: ��_ BY� �. Craig A iehl, Esqwre, CPA Attomey I.11. No. �2801 3464 Trindle Road Cunp HiIL, PA 1�01 L TeL (7l7) 763-7613 Fa�r. (717)763-8293 Attomey fo� PLaintiffs/Objectors 5 cExriFicArE oF sEavice I liereby certify that I liave served a tr�e copy of the foregoing Objections to the First and Final Account of Fred H. Junkins, Executo� to the opposi�g partics via faesimilq addressed as fullows: Murrell R. Walters, II7, Lsquire 54 East Main Strcct Mechanicsburg, PA 77055 dltarney ja�Fred H Junldn.r Wayne P. Shade, Esquire 53 W. Pomfret Street Carlisle, PA 17013 Co-coia2sel jor Fred K Junkrns James D. Cameron, F.squire ]325 North Y7ont Street Harrisburg, PA 17102 Anor�ne}�jor.7ohn W Maz�vell David A. Fitzsimons, F,squire Ma�tson L'aw Oftice ]0 F,ast High Street CadisLe. PA 17013 Co-coirnsel Jor John W Mnxwe7/ � D��_a � Debra A. Fike, I.egal Sccretary 6