1. Start a New Document 4.75 x 4.75., 300dpi, cmyk

2. Make a new layer and call it photo_00.

3. Make a 3 x 3 inch selection on layer photo_00 and fill in with an off white color.

4. Make a new layer and call it mask. Make a selection 2.5 in wide and 2.25 in high. Fill it with black.

5. Align Layer Mask and Layer photo_00 so that Layer photo_00 makes a .25 inch margin around the top left and right of layer mask and .5 inch margin on the bottom.

6. Select Layer Mask and paste picture family_00.psd into the layer.

7. Transform the picture to center the girls into the frame.

8. Merge the layer with the girls photo with the Mask layer.

9. Double click the Mask layer and give it a 1 pixel stroke color #999999. Position: Inside.

10. Double click layer photo_00 and give it a 

dropshadow: options

multiply
opacity 100%
angle 120%
distance: 10px
spread 0%
size: 20px

color overlay:
blend mode normal
opacity 100%
color: #E2DFD5

11. Link layers Mask and photo_00 and rotate 10 degrees.

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Duplicate step above with second image to get the final image.