Page 20 THE EVERETT ADVOCATE – FRiDAy, FEbRuARy 9, 2024 BEACON | FROM PAGE 19 managerial positions at a financial institution. “Massachusetts has moved one step closer to ending employment credit check discrimination,” said former Rep. Josh Cutler (D-Duxbury), chair of the Committee on Workforce Development, who resigned from the House to become Gov. Maura Healey’s Undersecretary of Apprenticeship, Work-based Learning and Policy in the Executive Office of Labor and Workforce Development. “I’m proud of the progress we’ve made towards eliminating needless barriers to employment for otherwise qualified employees and am confident my colleagues will see this bill through to the finish line.” “Credit reports should not be a part of the hiring process,” said Chi Chi Wu, senior attorney at the National Consumer Law Center. “They don’t predict job performance they are riddled with errors, and the scores blatantly reflect racial inequities and injustices,” ILLEGAL FIREWORKS (H 3634) – The Public Safety and Homeland Security Committee held a hearing on a bill that would amend current law which imposes a fine between $10 and $100 on anyone convicted of illegal possession or use of fireworks. The bill would increase the penalty, in areas with a population density of 1,000 or more persons per square mile, to a fine of between $200 and $500 and/or a prison sentence or up to six - LEGAL NOTICE - COMMONWEALTH OF MASSACHUSETTS THE TRIAL COURT PROBATE AND FAMILY COURT Suffolk Probate and Family Court 24 New Chardon Street Boston, MA 02114 Docket No. SU24P0212GD In the matter of: Neil Levine Of: Everett, MA RESPONDENT Alleged Incapacitated Person CITATION GIVING NOTICE OF PETITION FOR APPOINTMENT OF GUARDIAN FOR INCAPACITATED PERSON PURSUANT TO G.L. c. 190B, §5-304 To the named Respondent and all other interested persons, a petition has been filed by Everett Rehabilitation And Nursing of Everett, MA in the above captioned matter alleging that Neil Levine is in need of a Guardian and requesting that (or some other suitable person) be appointed as Guardian to serve Without Surety on the bond. The petition asks the court to determine that the Respondent is incapacitated, that the appointment of a Guardian is necessary, and that the proposed Guardian is appropriate. The petition is on file with this court and may contain a request for certain specific authority. You have the right to object to this proceeding. If you wish to do so, you or your attorney must file a written appearance at this court on or before 10:00 AM on the return date of 03/04/2024. This day is NOT a hearing date, but a deadline date by which you have to file the written appearance if you object to the petition. If you fail to file the written appearance by the return date, action may be taken in this matter without further notice to you. In addition to filing the written appearance, you or your attorney must file a written affidavit stating the specific facts and grounds of your objection within 30 days after the return date. IMPORTANT NOTICE The outcome of this proceeding may limit or completely take away the above-named person’s right to make decisions about personal affairs or financial affairs or both. The above-named person has the right to ask for a lawyer. Anyone may make this request on behalf of the above-named person. If the above-named person cannot afford a lawyer, one may be appointed at State expense. WITNESS, Hon. Brian J. Dunn, First Justice of this Court. Date: January 31, 2024 STEPHANIE L. EVERETT REGISTER OF PROBATE February 09, 2024 months. “The misuse of fireworks poses a significant threat to public safety, property and the well-being of our communities,” said sponsor Rep. Rodney Elliott (D-Lowell). “The current fine is less than a parking ticket. By increasing fines for illegal fireworks usage, we not only deter irresponsible behavior but also send a clear message that the safety of our citizens is eminent.” Elliott continued, “Fireworks, when used improperly, can cause devastating fires, severe injuries and significant distress to individuals, pets etc. There have been 979 fires and explosions involving illegal fireworks in Massachusetts in the past ten years. By escalating penalties, we enforce accountability and discourage reckless behavior that endangers lives and property. Protecting our communities and upholding the values of safety and consideration for all is key to having sustainable neighborhoods.” REGULATE RIDES ON MOBILE AMUSEMENT CARNIVALS (H 3896) – Another measure heard by the Public Safety and Homeland Security Committee would require that mobile carnival rides which use enclosed pods, cabins, compartments or other enclosed passenger areas as part of a ride have a safety restraint system that includes seat belts. Violators would be subject to up to a $1,000 fine and/or 1-year prison sentence. “The goal of this bill is to protect children and families who use these amusement park rides at fairs and carnivals,” said sponsor Rep. Jim Arciero (D-Westford). “Several years ago, a young girl in my district was severely injured on such a ride which resulted in temporary paralysis and months of physical therapy and recovery following her passing out on such a ride which did not have a restraint,” continued Arciero. “She was thrown about for several minutes as the ride continued in an unconscious state. While improvements have been made in regulations regarding amusement rides over the years, I believe a simple change in state law will ensure that this dangerous and unfortunate situation is never repeated again.” TOXIC CHEMICALS IN CHILDREN’S TOYS (S 2564) – The Consumer Protection and Professional Licensure Committee has recommended passage of a bill that would direct the Massachusetts Department of Environmental Protection (DEP), in consultation with the ToxBEACON | SEE PAGE 21 ROTH IRA Accounts T he Taxpayer Relief Act of 1997 created the ROTH IRA effective January 1, 1998. Although ROTH IRA’S are not tax deductible, if certain requirements are met, the earnings can be withdrawn tax free. Furthermore, the so-called “minimum distribution rules” that apply to Traditional IRA’S do not apply to ROTH IRA’S. Traditional IRA’S require withdrawals no later than April 1 following the Calendar Year in which the owner reaches age 73. Earnings in a ROTH IRA can accumulate tax-free during the owner’s lifetime. An individual can contribute the lesser of his or her earned income for the year or $6,500 to either a ROTH IRA or a Traditional IRA. The Taxpayer, however, must meet certain adjusted gross income (AGI) limitations. In addition, the owner may still participate in an employer-sponsored retirement plan. If you are age 50 or older, you can contribute an additional $1,000 to a Roth IRA or Traditional IRA. For single Taxpayers, eligibility phases out with AGI between $138,000 and $153,000 and for married, filing joint Taxpayers, eligibility phases out with AGI between $218,000 and $228,000. For a married, filing joint Taxpayer, if the couple’s AGI is less than $218,000, and the working spouse has at least $6,500 in earned income, then each spouse can contribute $6,500 to a ROTH IRA. This is so even if the non-working spouse has no earned income. The non-working spouse in effect “borrows” the earned income of the other spouse. If you are an active participant in a qualified retirement plan, and a single taxpayer, your contribution to a Roth IRA is phased out with AGI between $73,000 and $83,000. If you are married filing a joint tax return, the contribution is phased out with AGI between $116,000 and $136,000. For a spouse who is not an active participant in a qualified retirement plan, the Roth IRA contribution is phased out with AGI between $218,000 and $228,000. Why contribute to a ROTH IRA? The benefits of “tax-free” earnings are simply too good to ignore. You may, however, still decide to contribute to a Traditional IRA if you (i) expect to retire relatively soon; (ii) you expect that your tax bracket will significantly drop during retirement; (iii) you will need the funds soon; (iv) and you plan on investing the savings in tax dollars generated from the Traditional IRA contribution itself. If you were to be laid off, switch jobs or retire, tremendous flexibility is gained when viewing basic ROTH IRA planning. When you terminate your employment, your 401(k) balance, for example, can be rolled over first into a Traditional IRA “roll-over” account. This would constitute a tax-free “roll-over.” From there, you could convert the Traditional IRA to a ROTH IRA. This would constitute a taxable conversion. You have the flexibility of determining in which calendar years to perform the conversion, based upon whether or not you had been working in a particular calendar year, whether or not your other income is unusually low in a particular year, or whether or not you had sufficient mortgage interest or real estate tax deductions to help offset the “conversion” income. One problem with Traditional IRA’S is that the “deferred income” is ultimately taxed to the beneficiaries. Under the Secure Act, non-spousal beneficiaries have 10 years to withdraw the account balance as opposed to over his or her life expectancy. This is a game changer. With ROTH IRA’S, the income when received is received “tax free.” Furthermore, tax-free growth can continue after your death unlike with a Traditional IRA. Spousal beneficiaries can establish their own Spousal Roth IRA account and continue with tax deferral. There would be no required minimum distributions during the surviving spouse’s lifetime, unlike with a Traditional IRA account. Children old enough to earn income should be encouraged to earn at least $6,500 per year in order to contribute to a ROTH IRA. This will result in a tremendous benefit based upon many years of contributions. The investment accumulates income tax free. One often overlooked benefit of a ROTH IRA is found in the Medicaid Planning area. An individual who foresees the possibility of being admitted into a nursing home, expecting to apply for MassHealth benefits, could withdraw the account balance and place into an irrevocable trust in order to commence the five-year look back period. None of the withdrawal would be taxable so there is a much greater incentive to take action to protect the assets in the Roth IRA. This is not the case with a Traditional IRA account. The entire withdrawal would be taxable. Once the required five-year look back period is satisfied, that individual may be eligible for MassHealth benefits as a result of having transferred the countable ROTH IRA assets from his or her name.. ROTH IRA’S offer significant planning opportunities. If you are eligible to make a contribution, it is almost always a good idea to do so. A ROTH IRA contribution must been made by April 17, 2024 for Calendar Year 2023. Joseph D. Cataldo is an estate planning/elder law attorney, Certified Public Accountant, Certified Financial Planner, AICPA Personal Financial Specialist and holds a masters degree in taxation.
21 Publizr Home