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HomeMy WebLinkAbout09-08-95 , 'J '; i- FIRST AND FINAL ACCOUNT OF ; JOHN M. EAKIN, TRUSTEE UNDER THE WILL OF MAXINE V. KRAPE, LATE OF THE BOROUGH OF NEW CUMBERLAND, CUMBERLAND COUNTY PENNSYLVANIA : IN THE COURT OF COMMON PLEAS OF : CUMBERLAND COUNTY, PENNSYLVANIA : : ORPHANS' COURT DIVISION : ESTATE NO. 21-78-184 : Maxine V. Krape died April 5, 1978 Date of Trustee's first receipt of funds I \ October 10, 1978 Account stated for the period October 10, 1978 to September 8, 1995 PURPOSE OF ACCOUNT: The Trustee offers this account to acquaint interested parties with the transactions that have occurred during his administration of the trust. It is important that the account be carefully examined. Requests for additional information or questions or objections can be discussed with: ~~.u n M. Eakin, Trustee ket Square Building Mechanicsburg, PA 17055 Telephone: 717-766-3172 ., SUMMARY OF ACCOUNT PRINCIPAL Receipts Net Gain (or Loss) on Sales or other Disposition $167,501.37 $ 29,856.45 Balance before Distributions $197,357.82 Distributions to Colleges and Universities and Charities Disbursements for Administration $196,045.02 $ 1,312.80 Total Disbursements of Principal Principal Balance on Hand $197,357.82 $ 0.00 INCOME Receipts Less Disbursements for Administration Distributions to Colleges and Universities and Charities. ' $150,653.14 $ 30,239.76 $120,413.38 Total Disbursements $150,653.14 Income Balance on Hand $ 0.00 Combined Balance on Hand $ 0.00 ----------- ----------- ",j , . . ..1 ." RECEIP,TS OF PRINCIPAL Assets Awarded trustee by adjudication, dated October 10, 1978 of Maxine V. Krape on the First and Final Account of the Executor and the Schedule of Distribution pursuant thereto: 1. 2. 3. Cash $ 9,034.48 4,292 Shares, Dividend Shares @ $2.59 $ 11,121.46 Commonwealth Natiopal Bank, Savings Account No. 14-0002401-2 $ 21,013.53 4. 3 united States Series E. Bonds @ $1,000.00 $ 3,962.40 5. CCNB Bank Savings Account No. 1-25164-3 $ 9,074.11 6. 7. 8. 9. 10. 11. Cumberland Valley Savings & Loan Account No. 220116" $ 5,073.89 800 Shares, Savings & Trust Company of Indiana I , 100 Shares, Pennsylvania Railroad $ 62,000.00 $ 43.75 $ 20,675.00 $ 728.06 $ 16,836.38 200 Shares, Du Pont, Cornmon 33 Shares, Pennsylvania Power & Light 278 Shares, General Motors 12. 315 Shares, Philadelphia Electric 13. 116 Shares, Pittsburgh National Corp. $ 5,886.56 $ 2,051.75 TOTAL $167,501.37 . '.' .... GAINS AND LOSSES ON SALES OR OTHER DISPOSITIONS GAIN LOSS 11/21/78 4,292 shares, Dividend Shares Net Proceeds $11,095.70 Fiduciary acquisition Value 11,121.46 $ 25.76 1/3/79 278 Shares, General Motors Net Proceeds $15,115.09 Fiduciary acquisition Value 16,836.38 $1,721. 29 ---------- 1/3/79 315 Shares, Philadelphia Electric Net Proceeds $ 4,830.09 Fiduciary acquisition Value $ 5,886.56 $1,056.47 ---------- 1/3/79 116 Shares, Pittsburgh National Corp. Net Proceeds $ 4,114.10 Fiduciary acquisition Value $ 2,051.75 $ 2,062.35 ---------- 1/4/79 200 Shares, Du Pont Net Proceeds $25,484.09 Fiduciary acquisition Value $20,675.00 $ 4,809.09 ---------- 1/4/79 33 Shares, Pennsylvania Power & Light Net Proceeds $ 619.09 Fiduciary acquisition Value $ 728.06 $ 108.97 8/10/79 700 Shares, Savings & Trust Net Proceeds Fiduciary acquisition Value Company of Indiana $77,941.25 $54,250.00 $23,691.25 1/21/80 100 Shares, Savings & Trust Company of Indiana Net Proceeds $10,000.00 Fiduciary acquisition Value $ 7,750.00 $ 2,250.00 10/1/80 100 Shares, Pennsylvania Railroad determined to be worthless Net Proceeds $ 0.00 Fiduciary acquisition Value $ 43.75 Total Gains and Losses SUMMARY: Total Gains Less Total Losses Net Gain . " $ 43.7 $32,812.69 $2,956.2 ---------- -------- ---------- -------- $32,812.69 2,956.24 $29,856.45 ---------- ---------- , " DISBURSEMENTS OF PRINCIPAL Principal disbursements for the accounting period October 10, 1978 to September 8, 1995, were as follows: DISTRIBUTIONS TO COLLEGES AND UNIVERSITIES AND CHARITIES: Albright College Dickinson School of Law Millersville State University Juniata College Bloomsburg State University Golden West College Toccoa Falls Institute Antonello Institute of Art & Photo Franklin & Marshall College Slippery Rock State University Georgetown University Harrisburg Central YMCA Frostburg State University Devry Institute of Technology Pacific Coast College Boy Scouts of America, Troop 11 Gettysburg College University of pittsburgh University of Pittsburgh Law School Mount Saint Mary's College College of William & Mary Mansfield State University Lebanon Valley College University of Pennsylvania Temple University York College $ 61. 12 56,675.00 28,900.00 5,358.00 2,000.00 15,200.00 6,000.00 2,950.00 11,000.00 12,122.90 2,500.00 2,350.00 1,750.00 1,000.00 9,000.00 500.00 3,000.00 1,250.00 7,500.00 3,000.00 3,000.00 6,328.00 6,000.00 600.00 3,000.00 5,000.00 Total Distributions to Colleges and Universities and Charities $196,045.02 ----------- ----------- Disbursements for Administration: Greenawalt & Company, P.C. assistance with accounting $ 612.80 John M. Eakin, legal fees 300.00 Reserve for filing account, including advertising public. legal notices 400.00 Total Disbursements for Administration $ 1,312.80 Total Disbursements of Principal $197,357.82 ------------ ------------ RECEIPTS OF INCOME Income Receipts for the accounting period October 10, 1978 to September 8, 1995, were as follows: Interest Income for the years ended: September 30, 1979 September 30, 1980 September 30, 1981 September 30, 1982 September 30, 1983 september 30, 1984 September 30, 1985 September 30, 1986 september 30, 1987 september 30, 1988 september 30, 1989 september 30, 1990 september 30, 1991 september 30, 1992 September 30, 1993 September 30, 1994 September 8, 1995 $ 5,078.09 $21,899.34 $24,222.34 $28,613.38 $12,949.50 $13,509.94 $ 8,840.42 $ 8,773.43 $ 5,967.73 $ 4,695.87 $ 4,611.49 $ 3,978.68 $ 1,435.61 $ 1,290.04 $ 782.54 $ 189.70 $ 127.20 Total Interest Receipts $146,965.30 Dividend income for the year ended: september 30, 1979 $ 3,687.84 Total Income $150,653.14 ----------- ----------- DISBURSEMENTS OF INCOME Income disbursements for the accounting period October 10, 1978 to September 8, 1995, were as follows: Costs of Administration: Commonwealth National Bank, safe deposit box rental John M. Eakin, Trustee fees Cumberland Law Journal, legal ads West Shore Times, legal ads Commonwealth National Bank, service charges Internal Revenue Service, excise taxes Greenawalt & Company, P.C., tax form preparation, assistance with accounting Travel Professionals, travel to investigate schools Internal Revenue Service, penalties and interest $ Donna Hephner, accounting $ Register of Wills, short certificates $ Mary Robbins, notary fee $ Indiana Evening Gazette, legal ad, sale of stock $ John M. Eakin, expenses, sale of stock $ John M. Eakin, travel to investigate schools $ PP&L, final decedent's bill $ Shearer, Mette & Woodside, legal fees $ Commonwealth National Bank, penalty on premature certificate of deposit redemption $ Total Administration Disbursements $ 163.50 $17,285.86 $ 290.89 $ 49.83 $ 162.00 $ 3,232.00 $ 2,847.20 $ 1,759.00 324.47 100.00 6.00 5.00 277.60 100.00 1,595.43 9.87 855.00 1,176.11 $30,239.76 ---------- ---------- Distributions to Colleges and Universities and Charities: Lafayette College Dickinson College New England Conservatory Messiah College University of Central Arkansas Drexel University College of Southern Idaho Pennsylvania State University Central Pennsylvania Business School Temple University School of Law Johnson & Wales College West Chester State University Camden Community College Albright College $11,792.50 4,150.00 2,850.00 8,200.00 8,500.00 2,500.00 22,000.00 18,450.00 2,500.00 3,500.00 21,100.00 3,082.00 600.00 11,188.88 Total Distributions to Colleges, Universities and Charities $120,413.38 TOTAL DISBURSEMENTS OF INCOME $150,653.14 ----------- ----------- STATE OF PENNSYLVANIA :SS COUNTY OF CUMBERLAND John M. Eakin, Trustee under the will of Maxine V. Krape, declares under oath that he as Trustee has faithfully discharged the duties of his office; that the foregoing First and Final Account is true and correct and fully discloses all significant transactions occurring during the accounting period; that all known claims against the trust have been paid in full; that to his knowledge there are no claims now outstanding against the trust; that all taxes presently due from the trust have been paid. Sworn and subscribed to before me this~~ay of September, 1995. Notary Public .. LAST WILL AND TESTAMl'~NT OF MAXIN]<; VIRGINIA KRAPE I, MAXINE VIRGINIA KRAPE, of the Borough of New Cumberland, County of Cumberland and State of Pennsylvania, being of sound and disposing mind, memory and understanding, do make, publish and de- clare this my Last Will and Testament, hereby revoking and making void any and all prior Wills by me at any time heretofore made. 1. I direct the payment of all my just debts and funeral expenses as 50011 after my decease as the same can conveniently be done. 2. I give and bequeath the sum of Five Thousand ($5,000.00) Dollars to Anna McKendrick, of Mechanicsburg, Pennsylvania. 3. I give and bequeath the sum of Five Thousand .($5,000.00) Dollars to George McClintock and Doris McClintock, his wife, of New Cumber- land, Pennsylvania, or the survivor. of them. 4. I give and bequeath the sum of Five Thousand ($5,000.00) Dollars to Rev. Elwood Zimmerman and Delores Zimmerman, his wife, of Harris- burg, Pennsylvania, or to the survivor of them. 5. I give and bequeath the sum of Three Thousand ($3,000.00) Dollars to Lucille Zimmerman, sister of Ell-lOOd Zimmerman, of Harris- burg, Pennsylvania. -1- .. -"---:-:'.--.....-~--~_..-,-,..--.--.__....."....~.....'".--~- -'---,--_._~~,.. .-:>"--.-.-,...-----'" .' i I 6. I give and bequeath my .furniture, jewelry, dishes .and utensils, pictures and chests to V iTginia Via Ish , of Ridgeway, Pennsylvania. 7. I direct the bequest to Lucille Zimmerman shall lapse and fall into the residue of my estate in the event she predeceases mej all other above bequests shall not lapse but shall go instead to the heirs of the respective legatees in the event any of them predecease me. 8. All the rest, residue and remainder of my estate shall be converted to cash by my Executor and the net estate after payment of debts, costs, taxes and bequests shall be paid to John M. Eakin, in trust, subject to the following provisions: (al My Trustee shall be excused from posting bond to guarantee the faithful performance of his duties. (b) The trust corpus shall be invested and reinvested in securities and mortgages which, under the law, are proper t~ust investments using the prudent man rule. The Trustee is prohibited from investing the corpus of the trust in mutual funds or in any other investment which will not qualify as a.charitable exemption under Federal Estate Tax Regulations. (c) I direct my Trustee to pay the annual net income plus Ten Thousand ($10,000.00) Dollars of the corpus each year to provide scholarships for worthy students in accredited four year undergraduate colleges or universities or in trade schools, provided that all payments shall be made to the college, university or trade school and no -2- .....:""-;~_.~. -~--,--~ .. ." payment may be made of interest or principal to any institution which does not qualify for the Federal Estate Tax charitable exemption. (d) My Trustee shall have sole discretion in the designation of beneficiaries as well as the amount of each sChol?rship subject only to the provisions of the preceding paragraph. (e) The trust shall terminate ten years after the commencement thereof or upon.the funds therein being exhausted, whichever occurs first. (f) Should a balance remain when the trust is ter- minated, I direct my Trustee to pay all interest which accrues prior to the termination date, plus. the Ten Thousand ($10,000.00) Dollar principal payment for the tenth year for said scholarships within six months after the termination date. The remaining corpus shall be paid to such colleges, universities or trade schools as may be designated by my Trustee, reserving to the Trustee the sole right to determine the reclpient or recipients of the remaining corpus and the amount to be received by each, subject onlT~to the requirements of Paragraph (c) above. (g) The Trustee shall receive for his services, one-half of one percent of the invested corpus each year and a reasonable attorney's fee lor preparing and filing the inventory, triennial accounts and the final accounting and for other professional services rendered the trust estate. 9. I nominate, constitute and appoint John M. Eakin, Esquire, to -}- '. -,.,.,..-.--,-0.--...,.....- pO ." he the Executor of' this my Last Vlill and Testament l and in the event he should predecease me or .for any reaDon be unwilling or unable to act as such, I nominate, constitute and appoint The Commonwealth National Bank, Executor of this my Last Will and Testament in his place and stead. . 'i ~,-- I ' "):) /1. IN WITNESS WHEREOF, I have hereunto set my hand and seal this day of "i / / ~_I' <' I ,':{'.f' , A. D. 1972. 'I "7J7.'>lJx;t:t-c_.:?(-:;::;:(/,r.-;./...r'/1/ ':1~( 1"1 ~,)~~ (SEAL) , Maxine Vi1?'inia Krape I Signed, sealed, published and declared by the above named Maxine Virginia Krape, as and for her Last Will and Testament, in the presence of us who have subscribed our names hereto as witnesses, at the request of said testatrix, in her presence and in the presence of each other. (~L\)l (j \. ~. 'I Q0 ~ ~ \.l.t.t..'.\ _C0_'<. .~/, \' ," ,-1 - ---/ ._~ -4- ....--.-.----<'"".-----. - ......--- --~. _._-~......-----..-----.. ," .-.,-,'_'0-.- - FIRST CODICIL TO LAST WILL AND TESTAMEln OF MAXINE VniCINIA KRAPE I, MAXINE VIRC INIA KRAPE, of the Borough of New Cumberland, County of Cumberland and State of Pennsylvania, being of sound and disposing mind,. memory and understanding, do make, publish and de- clare this the First Codicil to my Last Will and Testament dated February 25, 1972. 1. I give and bequeath the sum of Five Thousand ($5,000.00) Dollars to Ernest F. Krape, Jr., of R. D. #5; Gettysburg, Pennsylvania, and direct that in the event he should predecease me, the gift shall not lapse but go instead to his heirs. 2. Paragraph 8 of said Will is amended by adding the following paragraph which is designated as subparagr~ph h: (h). In the event my Trustee should die at any time prior to the termination of the trust, I nominate, consti- tute and appoint John Michael Eakin, to be the successor Trustee with all the rights,. powers and duties of the original Trustee and with the waiver of bond as set forth therein. 3. Paragraph 9 of said Will is amended to read as follows: I nominate, constitute and appoint John M. Eakin to be the Executor of this my Last Will and Testament, and in the event he should predecease me or for any reason be unwilling or unable to act as such, then I nominate, constitute and appoint John Michael Eakin -1- "'~---.......---~---~.,------ -- -~ ---- .' I to be the Executor of this my Last Will and Testament in his place and stead. 4. All other provisions of my Will dated February 25, 1972, non specifically amended by this Codicil shall remain in full force and effect. IN WlTNESS U day of WHE~OF, I hav€ hereunto set my hand and seal this {t. . ..rli;! .tl/)-[.ij'jJ ,1973. /J;;~."'l ,:",(.. 9:~:i' ~~;~:," :;f:!,.cl?.sz:... (SEAL) I Maxine Virgjnia Krape I Signed, sealed, published and declared by the above named Maxine Virginia Krape, as and for the First Codicil to her Last Will and Testament, in the presence of us who have subscribed our names hereto as witnesses, at the request of said testatrix, in her presence and in the presence of each other. \ -2- r'~._~''''''' ..,.".........,....--,-.-.-,-. .~~.-_.._......",,..---"'-- ~ '~~~:~(~-;<~;-f'-, ""'-:";~'\~>. --;~~~ti~/\~r:_,.:~~" ':~' "~.~"-, ",~:,." ~;~-ftr~ '. >".,..,~,~,,' r~",__",--_: . '- -- , - . ~, -", '::' '~~ ~, . ,- ~~ ."", .,( ..',. 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Ji ~l~.;, ~.~;~ I r ~ ;j~;j ~ '"' ~. ~ ~ t"" o;W~.!gl~(~",~ .....~.-},~~_.:~lf "'--~.....,__~..>..,l. ~.._;-:...::l.. ":'.~ ", ;,""'.'~...'.:' - :j}'" "_'';-_0';; 'f~:f< -- . '" - , _ ", _:' __ ,'_. :-~~:i,t~~~:~~:1>';>~;~'_ ". _ __ _. _ ~! ,~:_~~\j:t}J,. ;_,_ . . . Iherebycenif>jthat written notice of the filing of this Statern.eht ",'off>roposBd Distribution. and of.the date. time 'and pia&l:,i!.,he'n',',' . ""(.~,},.-"-,.,-?_~",,..I' --'.....,.~ ," - - '-'- -~.,. ",--,---'-->~ ,:'thesame"will be'prasented to. the Coun for. confirmation and. " ,.>::>;of1the)ast;-d8Y'tOJDe'Written objections to 6aid Statement of,> .;;'::''lP.i:op~)!iigtrjl~@!on; has be9n giv8n tei ever, W1p1.1iit daima'nt . '". ::<,:.,"and;to~every<otIiilrjper$On known to the ac:countant to have """; -,: "-'" . ,'. . _-_,;_<,,-~ _ "~"':F~"-""""'~ _=. -'''..' :;f,"),f:::,"or;claiman'lntarest in. the estate 88 creditor, beneficiary, heir . ',,':"""""':'01 niiXiOf kln;.";:; '. . . . J:":;> "'f'iloPYof Statement~Withthenotice. ','.' . '^^ ""^' Jl\ ' ./3/'," ',,' ;::'~i'. '--t, '.; : '. ..,.t;f...;, '1<~ ~~;;f~}~~~~:;1'F~;~f~t- '~:"~'. '~;1: '_~~- .., ~. .