THE EVERETT ADVOCATE – FRiDAy, MAy 6, 2022 Page 25 Masshealth’s Calculation Of Value Of Life Estates M assHealth issued Eligibility Operations Memo 19-12, “Calculating the value of a life estate and remainder interest” on August 15, 2019. Eff ective September 3, 2019, MassHealth no longer uses the IRS Table S interest rates (found in Book Aleph) along with interest rates published by the IRS pursuant to Internal Revenue Code Section 7520 when calculating the value of a life estate and remainder interest in real estate. MassHealth is now using the Social Security Operations Manual (POMS) SI 01140.120 Life Estate and Remainder Interest Table. The result of this is that the value of a life estate interest as calculated by MassHealth is much higher than it otherwise would be under the old valuation method. Therefore, if a parent had deeded his or her home to the children many years ago with a reserved life estate and now wishes to sell the home, the amount of the net sales proceeds that will belong to the parent is a lot higher than it other~ LEGAL NOTICE ~ COMMONWEALTH OF MASSACHUSETTS THE TRIAL COURT PROBATE AND FAMILY COURT Middlesex Probate and Family Court 10-U Commerce Way Woburn, MA 01801 (781) 865-4000 Docket No. MI22P2151EA Estate of: Bruce A. MacDonald Date of Death: 11/01/2021 CITATION ON PETITION FOR FORMAL ADJUDICATION To all interested persons: A Petition for Formal Adjudication of Intestacy and Appointment of Personal Representative has been filed by Luciana Barros MacDonald of Millbury, MA requesting that the Court enter a formal Decree and Order and for such other relief as requested in the Petition. The Petitioner requests that: Luciana Barros MacDonald of Millbury, MA be appointed as Personal Representative(s) of said estate to serve Without Surety on the bond in unsupervised administration. IMPORTANT NOTICE You have the right to obtain a copy of the Petition from the Petitioner or at the Court. You have a right to object to this proceeding. To do so, you or your attorney must file a written appearance and objection at this Court before: 10:00 a.m. on the return day of 05/23/2022. This is NOT a hearing date, but a deadline by which you must file a written appearance and objection if you object to this proceeding. If you fail to file a timely written appearance and objection followed by an affidavit of objections within thirty (30) days of the return day, action may be taken without further notice to you. UNSUPERVISED ADMINISTRATION UNDER THE MASSACHUSETTS UNIFORM PROBATE CODE (MUPC) A Personal Representative appointed under the MUPC in an unsupervised administration is not required to file an inventory or annual accounts with the Court. Persons interested in the estate are entitled to notice regarding the administration directly from the Personal Representative and may petition the Court in any matter relating to the estate, including the distribution of assets and expenses of administration. WITNESS, Hon. Maureen H. Monks, First Justice of this Court. Date: April 25, 2022 TARA E. DeCRISTOFARO REGISTER OF PROBATE May 6, 2022 wise would be. Once the home is sold and the parent is now credited with the portion attributed to the life estate interest, those monies will then be considered countable assets when applying for MassHealth. If the parent immediately transfers those monies to his or her children, a new fi ve year look back period would commence as of the date of the transfer. As a result, much more money is at stake if the parent were to go into a nursing home prior to the expiration of that fi ve-year period. If the real estate is a vacation home, if MassHealth utilizes the new tables for valuing the life estate in the vacation home, the parent may very well be over the asset limit due to the higher valuation. Using the old IRS Table S along with the Internal Revenue Code Section 7520 interest rates would result in much less exposure as far as countable assets are concerned. One option would be to rent out the vacation home at a profit and take the position that the vacation home is necessary for self-support. In this case, the vacation home would not be considered a countable asset. The net income from the vacation home would have to be paid to the nursing home as part of the patient pay amount, but MassHealth would pay the bulk of the monthly nursing home cost if the application is otherwise approved. If the real estate in question is your principal residence and it is sold, under the MassHealth new calculation methodology, more of the gain will be allocated to the life tenant resulting in less or no capital gains tax due to the $250,000 capital gains tax exclusion (if single) or $500,000 (if married). If the children do not live in the home, they would not be able to take advantage of the capital gains tax exclusion. In that situation, having less of the sales proceeds attributed to the remaindermen (i.e. children) would end up saving them in taxes. The irrevocable trusts off ers the best approach to protecting assets and assuring favorable tax results now that court cases have been decided against MassHealth in support of the use of these trusts as an estate planning/Medicaid planning strategy. Joseph D. Cataldo is an estate planning/elder law attorney, Certifi ed Public Accountant, registered investment advisor, AICPA Personal Financial Specialist and holds a masters degree in taxation. ~LEGAL NOTCE~ Everett Housing Authority Notice of Comment Period & Public Hearing The Everett Housing Authority is required by Section 511 of the Quality Housing and Work Responsibility Act of 1998 and 24 CFR 903, issued by the U.S. Department of Housing and Urban Development (HUD) on October 21, 1999 to review its procedures and policies annually. The Housing Agency Plan is a comprehensive document that describes aspects of the EHA’s Federal program. A public comment period commences on May 2, 2022 and will end the close of business June 17, 2022. The EHA has made no changes to its current goals, objectives or policies but will accept comments on our current policies in writing or on audiotape during this period. A Public Hearing will be held on or about June 22nd 2022. An exact date to be posted at City Hall to accept comments, at the EHA Main Office located at 393 Ferry Street, Everett MA 02149. This location is wheelchair accessible. The EHA plans and policies are available for review at the main office during regular office hours. The telephone number for the Housing Authority is (617) 387-6389. Dominic Puleo, Chairman Date: May 2, 2022 May 6, 2022 ~ Home of the Week ~ SAUGUS...RARE FIND! Legal 2-family, brick front, split entry ranch featuring 12 rms., 5 bedrms. & 4 baths. Main level offers kit., dining area w/ sliders to deck, brick FP living rm., 3 bedrms. and 2 full baths. Renovated rental unit offers eat-in kit., FP living rm. 2 bedrms. & full bathrm. w/ laundry and separate heat & electric. Finished, walk-out, lower level offers extended living space/teen suite w/ full bath, kitchenette, hot tub & huge saltwater fish tank. Level lot w/ in-ground pool, cabana with kitchenette, full bathroom, electric heat & wall a/c, fenced-in yard, multi decking - perfect for summer entertainment, views of conservation land, irrigation system, plenty of off-street parking w/ 3 driveways, 1 of which is circular. Updated pool liner and roof. Great curb appeal - located on dead-end street. Perfect for extended or large family! Offered at $869,000 335 Central Street, Saugus, MA 01906 (781) 233-7300 View the interior of this home right on your smartphone. View all our listings at: CarpenitoRealEstate.com
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