Page 18 THE EVERETT ADVOCATE – FRiDAy, FEbRuARy 24, 2023 RESNEK | FROM PAGE 4 ery Master, Raymond S. Ewer, Esq., appointed by the court to move the case forward, so to speak, he states, “Whether Ms. Alcy had properly complied with the plaintiff’s Subpoena is not clear. Therefore, to ensure such compliance, Guerline Alcy is hereby ordered to take the following actions and make the following certifications by affidavit: 1. Identify all email accounts utilized by Guerline Lacy from Jan. 1, 2011 through August 11, 2022; 2. Perform a search of all email accounts CALENDAR | FROM PAGE 7 books, sing songs, dance around and more. Suggested ages 2-6. Drama Class. Parlin Children’s Craft Room. Wednesday, March 1st at 3pm. Do you have a drama queen or king at home? Drama Class in the Parlin Children’s Department is the perfect opfrom 2011 through 2022; 3. Print all responsive documents found in the search and attach to the affidavit without regard to whether those documents have been previously produced; 4. Certify that the search has been conducted; 5. Certify that she (Alcy) has searched and produced all documents within her possession, custody, or control responsive of the Subpoena; and 6. Certify that from Aug. 11, 2022 to the date of signing the affidavit, she had not destroyed, or instructed or permitted another person to destroy any documents or items portunity for your child to put those acting skills to use with our drama coach! Suggested ages 6-14. Friday Family Movie Night! Parlin Meeting Room. Friday, March 3rd at 3 pm. Break out the popcorn! Come and watch High School Musical with your friends and family. in her possession, custody, or control responsive to the Subpoena, but, if any such document or item has been destroyed, and if no copy exists within the possession, custody, or control of Ms. Alcy, she is to identify the document and the date of its destruction, the person responsible for ordering the destruction, the person performing the destruction, the method of destruction, and the reason for destruction.” Lacy must prepare and execute the affidavit by her counsel to all parties on or before March 3, 2023. Shute Adult and Teens Yarn Club Shute Meeting Room. Tuesday, February 28th at 3pm. Come chit chat and stitch! Bring your crocheting, knitting, or any other yarn craft and sit and socialize with other members of the crafting community. Recommended for ages 14-109! Why Irrevocable Trusts are most often a better choice over Legal Life Estates B y placing your home, rental property or other assets into an irrevocable trust, the five year look back period will begin. Five years later, the assets in the irrevocable Trust will not be countable for MassHealth eligibility purposes. Furthermore, not only is probate avoided upon the Settlor’s death (i.e. the creator of the trust), but probate would also be avoided if a child/beneficiary were to die prior to the Settlor (i.e. parent). The predeceased child’s children or even grandchildren would become a beneficiary of the trust and that child’s beneficial interest in the trust would escape the probate process. If that child leaves minor children behind, the trustee would follow the terms of the trust and pay for items such as medical expenses, educational expenses, house expenses, etc. If, on the other hand, a parLEGAL NOTICE EVERETT PLANNING BOARD PUBLIC HEARING NOTICE Public Hearing on an application by 445-455 Broadway Corp. Property located at: 445-455 Broadway Site Plan Review & Inclusionary Zoning Special Permit In accordance with the provisions of M.G.L Chapter 40A and with Sections 6, 19, and 32 of the Everett Zoning Ordinance, the Everett Planning Board will conduct a public hearing on Monday, March 6th at 6:00PM in the Speaker George Keverian Room (Room 37, Everett City Hall) to consider the above-listed application for Site Plan Review and Inclusionary Zoning Special Permit. This proposal calls for the demolition of a smaller existing building and a portion of the Everett Associates building on a lot totaling 20,774 sq. ft. to construct a 4-story, mixed-use structure containing twenty-five (25) units, five (5) of which are proposed to be designated as deed-restricted affordable, and twenty-two (22) parking spaces located on the ground level. 445455 Broadway is a parcel of land referenced by Assessors Department as L0-01-000001 and L0-01-000005. A copy of the application and plans are on file and available in the Office of the City Clerk and the Department of Planning and Development, both located at City Hall, 484 Broadway, Everett, MA 02149 and can be inspected online anytime at http://www.cityofeverett.com/449/PlanningBoard and/or by request during regular City Hall business hours by contacting The Planning and Development Office at 617-394-2334. All persons interested in or wishing to be heard on the applications may attend and participate in person. This project, along with all other projects to be discussed at the meeting, can be found on the posted Agenda at the following link: http://www.cityofeverett.com/AgendaCenter. Questions and comments can be directed in advance of the public hearing to Matt Lattanzi of the Department of Planning & Development at Matt.Lattanzi@ci.everett.ma.us or 617-394-2230. Frederick Cafasso Chairman February 17, 24, 2023 For Advertising with Results, call The Advocate Newspapers at 617-387-2200 or Info@advocatenews.net ent chooses to deed the home or rental property to his or her children directly, while reserving a life estate, and one of the children were to predecease the parent, that child’s remainder interest in that property would be part of his or her probate estate. As estate planners, we try to avoid the probate process whenever possible for many reasons, such as cost and time delays. This could present a problem many years down the road if no one takes steps to probate the estate of the predeceased child. Furthermore, in a legal life estate situation, the parent would need the consent of the child who has a remainder interest in the property in order to sell the property. With an irrevocable trust, the child has no current ownership interest. The trustee is free to sell the real estate any time without the consent of the child. If the trust is drafted as a grantor-type trust, the capital gain exclusion of $500,000 on the sale of the principal residence will still be afforded to the Settlor of the trust. If it was rental property that was sold, the entire capital gain would still be reported by the Settlor on his or her tax return. The children would not be reporting any of the capital gains transactions on their own tax returns. The trust would actually file a tax return as a grantor-type trust and then issue a grantor letter to the Settlor (also referred to as a Grantor). With a legal life estate, the capital gain on the sale of a home or rental property would have to be allocated to the parent who reserved the life estate and the children who are the remaindermen. The computation for IRS purposes is based on the Book Aleph table and the IRS Section 7520 interest rates. For MassHealth purposes, at least for now, the computation is based upon the Social Security POMS tables. Hopefully, MassHealth will agree to use the IRS tables as the IRS tables are much more favorable to the life tenant if the home were to be sold, for example, as less of the net sales proceeds will be placed back on the table for the life tenant only to be included as a countable asset for MassHealth eligibility purposes. With an irrevocable trust, if the home or rental property is sold and converted to cash, the cash is safe inside the irrevocable trust. There is no risk of the trust assets becoming countable. If the parent decides to serve as trustee and there is a trust provision allowing for use and occupancy of any real estate held in trust, then any real estate abatement offered by the city or town will remain intact. It will not be lost due to placing the home into trust. The trust must be absolutely clear that there can be no principal distributions to the Settlor under any circumstances and that the Trustee must strictly adhere to the terms of the trust and comply with each and every fiduciary duty owed to the remaindermen of the Trust. Joseph D. Cataldo is an estate planning/elder law attorney, Certified Public Accountant, Certified Financial Planner, AICPA Personal Financial Specialist and holds a master’s degree in taxation.
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