THE EVERETT ADVOCATE – FRiDAy, MAy 22, 2026 Page 21 SPORTS | FROM PAGE 20 olic. They were then scheduled to take on host Peabody, another non-league foe, on May 20 after press deadline, which officially completed the 2026 campaign. Boys volleyball drops two to rivals Somerville, Revere T he boys volleyball team (4-13) took on Somerville (May 6) and Revere (May 11), only to lose both home matches by scores of 3-0 and 3-1, respectively. “Both of these teams are strong, tall and experience, and are enjoying (much) success this season. But I still liked the way we hung in there against them,” said coach Mike Fineran. Against Somerville, the Tide boys got better as the match progressed. They lost the first set, 25-15, but narrowed the gap considerably in the final two sets, 25-17 and 25-23. Junior Akush Gurung connected on 11 of 12 serves, while coming up with six kills. Senior Matheus Teixeira Fernandes was 9 of 10 in serves, and had a team-high nine kills. His classmate Isaque Agostinho accounted for two kills, and Randy Hou, also a senior, chipped in with one. Against first place Revere, Fineran knew that his team would have their hands full. “We only made back-to-back points once throughout the first two sets. But in the third set, senior Noel Lopez Ardon served up the first five points, Gurung had two kills, Teixeira Fernandes came up with four kills and a block and freshman Miguel Rodovanski aced the last point of the set to give his teammates a 25-19 win to force a fourth set, where the team missed three of its first five serves to dig themselves into an early hole. But three serves and an ace by junior Donart Maksutaj to go along with two kills from senior co-captain Victor Rosa were able to trim the deficit to five, 18-13. Revere, however, eventually clamped down to take the set, 25-13 to secure the overall match. Senior co-captain Christian SPORTS | SEE PAGE 23 B Annuities and 1035 Exchanges eneficiaries of tax deferred annuities have the ability to execute an Internal Revenue Code Section 1035 tax free exchange pursuant to Internal Revenue Service Private Letter Ruling 201330016. This involves a non-IRA annuity. The beneficiary will then have the option of stretching out payments over his or her life expectancy under Internal Revenue Code Section 72(s). The beneficiary also has the option of receiving each monthly payment in a tax efficient manner by utilizing the exclusion ratio contained in certain products offered by insurance companies. Each payment would contain a certain portion that is non-taxable representing a return of the initial investment. Each payment would also contain a certain portion that is taxable representing built-in gain in the tax-deferred annuity. In a typical tax-deferred annuity, if you invested $100,000 and it is now worth $200,000, the first $100,000 of withdrawals would represent taxable income. The earnings are withdrawn first. Once the earnings are exhausted, then the remainder would represent a non-taxable return of the original investment. If you are the beneficiary of a tax-deferred annuity with a substantial amount of built-in gain (i.e. taxable income), you might consider not cashing out the policy as that would result in a significant amount in federal and state income taxes. You might consider executing a tax-free 1035 transfer into a new annuity policy in your name alone. This would allow you to invest as conservative or as aggressive as you wish based upon your risk tolerance, risk capacity, priorities, goals and objectives. You can receive payments over a long time horizon resulting in much greater tax efficiency and a better opportunity to provide for retirement income. Upon the death of the annuitant of a tax deferred annuity, a beneficiary must withdraw all of the funds in the annuity by the end of the fifth year following the annuitant’s death. The beneficiary can withdraw all of the monies in year one, take monthly withdrawals over the five year period or wait until year five to withdraw all of the monies. If an annuity is held in a taxable IRA account, a non-spouse beneficiary must withdraw all of the funds by the end of the 10th year following the IRA owner’s death. A spouse can roll the IRA annuity into his or her own IRA and continue with tax deferral until required minimum distributions (RMD’s) are required which is at age 73 for people born prior to January 1, 1960. For those born January 1, 1960, or later, the RMD age is 75. This was provided for in the Secure Act 2.0. So long as you are provided with options, you then can make the decision that is best for you. There are no right or wrong answers. Everyone’s situation is different. 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. OBITUARY | FROM PAGE 19 held at 1:00 pm on Wednesday, May 27, 2026, at Woodlawn Cemetery, 302 Elm Street, Everett, MA where her husband Jack will be returning Carols cremains back from NC to her final resting place. The care of Mrs. Hotz is handled by Wells Funeral Home of Waynesville. - LEGAL NOTICE - CITY OF EVERETT BOARD OF LICENSE COMMISSION 484 BROADWAY EVERETT, MASSACHUSETTS 02149 PHONE: 617-944-0211 philip.antonelli@ci.everett.ma.us annette.debilio@ci.everett.ma.us Public Hearing Monday, June 1, 2026 @ 6:30 PM This notice is to inform you that a public hearing will be held on Monday, June 1, 2026 @ 6:30 P.M. at Everett City Hall, 2nd Floor, in room 27. Opinions will be heard regarding the following application: An application has been presented to the License Commission from Yaya’s Bistro LLC, 281 Main St., Everett, for the approval of a Full Alcohol, General On-Premise License. All interested parties may attend. Phil Antonelli Chairman May 22, 2026 - LEGAL NOTICE - CITY OF EVERETT BOARD OF LICENSE COMMISSION 484 BROADWAY EVERETT, MASSACHUSETTS 02149 PHONE: 617-944-0211 philip.antonelli@ci.everett.ma.us annette.debilio@ci.everett.ma.us Public Hearing Monday, June 1, 2026 @ 6:30 PM This notice is to inform you that a public hearing will be held on Monday, June 1, 2026 @ 6:30 P.M. at Everett City Hall, 2nd Floor, in room 27. Opinions will be heard regarding the following application: An application has been presented to the License Commission F & C Corporation d/b/a El Trapiche Colombian, 195 Main St, Everett for a Change of Ownership Interest, Change of Manager, and a Change of Officers. All interested parties may attend. Phil Antonelli Chairman May 22, 2026
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