Page 24 THE EVERETT ADVOCATE – FRiDAy, MAy 26, 2023 OBITUARIES | FROM PAGE 23 Shore Center for Brain Injured Children • Chairman – Shore Educational Collaborative • Charter Member – Crimson Tide Football Club • Board of Directors – Mass. Assoc. of School Committees • Member – Mass. Interscholastic Athletic Council Mr. Vacca was also a member of the ANEFO & ECFA-EAIFO, High School and College football officials’ organizations. In their retirement years, he and his wife Sylvia enjoyed traveling, both home and abroad and checking locations off their “bucket” list. He was an avid reader and golfer, but the love of his life was Sylvia, who he took to his Junior Prom in 1953 starting their 66year love story. Funeral from Salvatore Rocco & Sons Funeral Home, 331 Main Street, Everett on Friday, May 26th at 9:00 am. A funeral Mass will be celebrated in Immaculate Conception Church 489 Broadway Everett at 10:00 am. Relatives and friends are kindly invited to attend. Visiting hours were held at the funeral home on Thursday 4:00 to 8:00 pm. Complimentary valet parking Thursday at the Main Street entrance. Interment in Glenwood Cemetery, Everett. For online condolences please visit www.roccofuneralhomes.com. TRUST INCOME TAX RETURNS I n the context of estate planning/Medicaid planning, whether you are executing revocable trusts or irrevocable trusts, it is good to know some of the basics of the income tax filing requirements. In the event you have executed a revocable Trust, it will be treated as a grantor-type trust and no separate tax return will be required to be filed. If you open up a bank account or an investment account in the name of such a trust, you can have the bank or financial institution simply use your social security number for 1099 reporting purposes. If you, as the Settlor of such LEGAL NOTICE EVERETT PLANNING BOARD PUBLIC HEARING NOTICE Public Hearing on an application by Wynn Development Property located at: 80 Bow Street & 20 Lynde Street Site Plan Review In accordance with the provisions of M.G.L Chapter 40A and with 19 and 30 of the Everett Zoning Ordinance, the Everett Planning Board will conduct a public hearing on Monday, June 5th, 2023 at 6:00PM in the Speaker George Keverian Room (Room 37, Everett City Hall) to consider the above-listed application for Site Plan Review. This proposal calls for the creation of two temporary surface parking areas on a combined 144,287 sq. ft. of land, for 327 parking spaces displaced from the existing lot bounded by Broadway, Dexter Street, Robin Street, and Mystic Street during the construction of the East of Broadway garage and entertainment center. The work includes excavation, drainage, paving, parking controls, and lighting. The areas are proposed to be utilized for parking until the Fall of 2025. 80 Bow Street comprises parcels of land referenced by Assessors Department as H0-05-000059, H0-05-000063, H0-05-000064, H0-05-000066, H0-05-000067, H0-05-000076, H0-05-000079, H0-05-000084, and H0-05-000085. 20 Lynde Street comprises parcels of land referenced by Assessors Department as H0-05-000001, H0-05-000002, H0-05-000003, H0-05-000004, H0-05-000005, H0-05-000007, H0-05-000009, H0-05-000010, H0-05-000011, H0-05-000012, H0-05-000013, H0-05-000013A, H0-05-000013B, H0-05-000013C, H0-05-000014, H0-05-000044, H0-05-000048, H0-05-000049, H0-05-000050, H0-05-000051, H0-05-000052, H0-05-000054, H0-05-000055, H0-05-000056, and H0-05-000057 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 May 19, 26, 2023 a revocable Trust, were to die, at that point in time the trust would become irrevocable and would no longer be classified as a grantor-type trust. In such an event, if the trust generates income, whether interest, dividend, capital gain income, or net rental income from investment real estate, then a separate Trust tax return would need to be filed. Furthermore, the Trustee would have to file for a federal ID number with the IRS. If the Trust does not distribute its income, it will have to pay taxes at the Trust level. The highest tax bracket for Trusts of 37 percent starts at only $13,450 in taxable income. Therefore, it is often more desirable to distribute the income to the income beneficiaries in order to claim an income distribution deduction at the Trust level to zero out the taxable income. The income will then be taxed to the income beneficiaries who actually received the distribution on their individual income tax returns. For the 2022 calendar year, the 22 percent tax bracket for a married couple does not begin until taxable income is $83,550. The 37 percent tax bracket for the same couple does not begin until taxable income is $647,850. With a Medicaid irrevocable Trust executed for asset protection purposes, a tax return would have to be filed by the Trust under its federal ID number. The Trust should be drafted in such a way as to be treated as a grantor-type Trust. If this Trust is generating taxable income, there would then be a grantor letter issued to the Settlor/ Grantor/Trustor of the Trust in order for that person to report the items of income on his or her individual income tax return. Since the irrevocable Trust is drafted to be treated as a grantor-type Trust, it does not matter if interest income, dividend income, capital gain income or net rental income is actually distributed to the income beneficiary. Those items of income will pass through to the income beneficiaries of the Trust via the grantor letter and will be reported on their Form 1040. The Trust will not be paying the income taxes on the income it generates. Upon the death of the Settlor of the irrevocable Trust, the Trust will no longer be treated as a grantor-type Trust. Consequently, any net income generated by the Trust will be taxed at higher Trust income tax rates unless the net income is actually distributed to the income beneficiaries. Navigating the tax rules pertaining to revocable and irrevocable Trusts can be challenging to say the least. 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. For Advertising with Results, call The Advocate Newspapers at 617-387-2200 or Info@advocatenews.net
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