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Page 16 THE EVERETT ADVOCATE – FRiDAy, July 12, 2024 HOMES ACT | FROM PAGE 10 • By requiring that real estate Can A Settlor Of An Irrevocable Medicaid Qualifying Trust Receive Principal Distributions? T he Trustee of an irrevocable trust is prohibited from distributing any principal from the Trust to the Settlor (the person creating the Trust) in order for the Trust assets not to be counted for MassHealth purposes. A typical irrevocable Trust, will however, provide for the income generated from the underlying Trust assets to be distributed to the Settlor. In this instance, the Settlor would be the income beneficiary. The Settlor or Settlors, as the case may be, would presumably be paying for monthly living expenses with other sources of monthly income such as pension income and social security income. The interest and dividend income generated from the Trust’s liquid assets and net rental income, assuming rental real estate was also placed inside the irrevocable Trust, would be additional sources of monthly income to be utilized by the Settlor in order to meet his or her monthly expenses. The Settlors would have to look to other assets held outside of the irrevocable Trust in order to gain access to needed resources. For example, an IRA or a 401(k) account. These assets are typically not funded into an irrevocable Trust as they would first have to be liquidated with corresponding income taxes to be paid. That situation could be a last resort if the Settlor needed to qualify for MassHealth. Sometimes, people will gradually cash out these retirement accounts in order to stretch out the income over several years, thereby saving a lot of money in taxes. If a $300,000 IRA, for example, needed to be cashed out in one year in order to transfer to a spouse for MassHealth eligibility, brokers’ fees be paid solely by the party that contracted with them, this legislation ensures that buyers are not burdened with unexpected and extraordinary costs. It also promotes transparency and fairness in real estate transactions. • The Office of Fair Housing and the Office of Livable Communities and Community Services will be established under the Executive Office of Housing and Livable Communities. These offices will set the Commonwealth on a path to address many decades of housing discrimthe taxes in that one year would be substantial. There is also typically a provision in the irrevocable Trust that would allow for a distribution of principal to a member of a class consisting of children and grandchildren. This is a way to get principal out of the irrevocable Trust. However, under no circumstances, can the distribution of principal go to the Settlor. I suppose at that point, once funds are in the hands of the children or grandchildren, they are free to do what they want with the money, including possibility purchasing something that might just benefit the Settlor. Of course, a child or grandchild can certainly do that with his or her own money anyway. So it should not make a difference in a situation where funds are distributed from such a Trust to a child or grandchild and those funds are actually used to purchase goods or services for the Settlor. There is always a risk that the child will take the money and run. But when the Settlor reserves a “special power of appointment, exercisable via his or her Last Will and Testament, the Settlor could effectively disinherit a child or grandchild by “appointing” the Trust principal to someone else. This special power of appointment ends up giving a lot of control to the Settlor over the ultimate distribution of Trust assets. 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. CLEAN ENERGY | FROM PAGE 14 The Commonwealth will take an in-depth look at its own operational climate impact under this legislation. It would revise Massport’s enabling statute to prioritize reductions in greenhouse gas emissions alongside the promotion of commerce and growth. It would direct the Division of Capital Asset Management and Maintenance (DCAMM) to evaluate the energy efficiency and greenhouse gas emissions of state buildings, as well as seek options for reducing future emissions. The mission of the Board of Building Regulations and Standards would also be expanded to include the pursuit of reductions in greenhouse gas emissions. Curbing Over-reliance on Natural Gas Ensuring the electrical grid is on an equal playing field as CHAMPIONSHIP | FROM PAGE 15 ed slowly, losing the opener, but the Kotsiopoulos brothers teamed up again to lead the way in game two on the hill. The Sox won that game, 11-6. In the championship clincher, Harr took the ball to start the game on the mound, and he got his teammates in position to win the 5-3 contest. Dimitri then closed it out to put the final exclamation point on the ultimate prize for Everett Little Leaguers. Harr had nothing but praise for his closer, who was pivotal throughout the championship journey. “I told (Dimitri) to just throw strikes, and trust his infielders to make the plays, which they did,” said the manager. All three pitchers were confident throwing to sure-handed catcher Allie Grant, who also threw out her fair share of potential base stealers. ination by prioritizing equity issues in housing across the Commonwealth, ensuring equal access to housing opportunities for all residents, and offering technical assistance to cities and towns that can sometimes lack dedicated housing staff. • The bill introduces a process for tenants to seal their eviction records in cases of no-fault evictions and other limited scenarios. This policy protects vulnerable tenants from the long-term stigma of eviction records, enhancing their ability to secure future housing and promoting housing stability. • Accessory Dwelling Units the natural gas system is crucial to reducing dependency on fossil fuels and reaching the state’s net zero carbon emissions goals. The bill reins in a statutory provision that for decades has given gas companies a preferential ratemaking advantage over providers of other heating sources. Under An Act Upgrading the Grid and Protecting Ratepayers, the DPU will be directed to consider greenhouse gas impacts when it weighs a petition by a gas company to expand its territory. Gas companies will be allowed to pursue geothermal projects and networked heat pump systems, new opportunities that are undergoing successful testing in communities in Framingham and Lowell. As the gas system needs continued upgrades, the legislation will shift the system from When Niko Kotsiopoulos was not the starting first baseman, Symon Golden was practically flawless around the bag. Archer Polson was a solid second baseman, and he also contributed a couple of clutch hits to keep offensive threats alive during the final two semifinal and final games. Dimitri Kotsiopoulos and Golden split the shortstop responsibilities. Golden was also seen at third, making the necessary plays to get the defense off the field quickly. The Angels had a penchant to hit the ball up the middle, but when it came down to tracking flyballs centerfielder Elias Elmouttaki made the catches, including two grabs in the championship finale to help clinch the city title for his teammates. Noel Cortes and Nathan Kenney were stationed in right and left, respectively to complete the outfield alignment (ADUs): The legislation prohibits the banning or unreasonable restriction of ADUs in single-family residential zones, promoting flexible housing options. This policy enables homeowners to create additional living spaces, increases housing supply and provides more affordable rental options within established neighborhoods. • Homeownership tax credit: This new tax credit will be available for the production of homeownership units for households that make up to 120 per cent of the AMI, incentivizing housing production and promoting homeownership opportunities. automatically replacing leakprone pipes, to instead considering more targeted repairs, or decommissioning the line altogether if a more climate friendly alternative exists. Payments for new gas lines are often financed over 30 years, beyond the 2050 goal of reducing fossil fuels. By repairing or decommissioning pipes instead of replacing them, costs shifted to ratepayers are reduced, and the clean energy transition is accelerated. During debate, the Senate voted to adopt an amendment modernizing the ‘bottle bill’, adding noncarbonated beverages, wine, and spirits to the list of containers eligible for a bottle deposit, and increasing the deposit amount from 5 cents to 10 cents. Having passed the Senate by a vote of 38-2, the legislation now moves to the House of Representatives for consideration. for the Sox. Legend DiPaolo could be counted on to supply the hits to keep rallies going consistently throughout the regular season and playoffs. Harr carried 10 players on the roster, and each and every one of them played at least three innings in every game. The coach knew early on that he had a team capable of winning it all. “In my eyes, I knew right away that we could win the title, but we just had to show it.” he said. “We really got going in the last few games of the regular season, just in time for the playoffs. Every now and then, they needed a wakeup call, but once we talked to them, they were back on track.” That team effort, coupled with Harr’s assistant coaches Arturo Cortes, Billy Kotsiopoulos and Mark Kenney, formed a winning championship formula that these players won’t ever forget.

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