Page 16 THE EVERETT ADVOCATE – FRiDAy, AugusT 16, 2024 DIAMOND DUST | FROM PAGE 15 champions for the first time. The 1926 World Series remains the only Series to date which ended with a baserunner being caught stealing. Revisited, at the time, The New York Times and The Sporting News both reported the play was a botched “hit and run,” called by Meusel – with a hand signal – to Ruth, from the plate. Then Meusel missed contact with the pitch, turning Ruth into a veritable dead duck, with Hornsby kneeling and waiting, ball in glove afCITY OF EVERETT PUBLIC HEARING FOR PETITION FROM MASSACHUSETTS ELECTRIC COMPANY D/B/A NATIONAL GRID OF NORTH ANDOVER, MASSACHUSETTS To all parties interested in the public hearing. Be it hereby ordered: Massachusetts Electric Company d/b/a National Grid of North Andover, Massachusetts requests permission to construct a line of underground electric conduits, including the necessary sustaining and protecting fixtures, under and across the public way or ways hereinafter named. The following are the streets and highways referred to: No. # 31009027 - Main Street - National Grid to install underground facilities on Main Street beginning at a point approximately 120 feet South of the centerline of the intersection of Main Street and Woodville Street and continuing approximately 10 feet in a Westerly direction. National Grid to install approximately 10’ of 2-4” conduit from existing manhole B-506 to private property to provide a permanent underground service at 380-382 Main Street, Everett MA.. Wherefore it prays that after due notice and hearing as provided by law, it be granted permission to excavate the public highways and to run and maintain underground electric conduits, together with such sustaining and protecting fixtures as it may find necessary for the transmission of electricity, said underground conduits to be located substantially in accordance with the plan filed herewith marked: Main Street - Everett - Massachusetts. Hearing to be held with the Everett City Council, held on Monday at 7:00PM, on the 9th of September, 2024 at the Everett City Council Chambers, 3rd Floor, Everett City Hall. August 16, 2024 CITY OF EVERETT Grantor-Type Trusts As Owners Of Sub S Corporation Stock A s part of the estate planning process, it is a good idea to consider transferring common stock in a Subchapter S Corporation to a wholly-owned grantor-type trust in order to avoid probate in the event of the stockholder’s death as well as for estate tax planning. Many businesses have adopted S Corporation status for tax purposes. With an S Corporation, the income or loss is passed through to the individual stockholder via a Schedule K-1 form in order for the income or loss to be reported on the stockholder’s Form 1040. Assuming the stockholder has enough stockholder basis in the corporation, any loss incurred by the corporation can be passed through to the stockholder to offset income such as wages, interest, dividends, net rental income, etc. IRC Section 1361(c)(2) allows for a grantor-type Trust to be an eligible shareholder of an S Corporation. All revocable trusts are PUBLIC HEARING FOR PETITION FROM MASSACHUSETTS ELECTRIC COMPANY D/B/A NATIONAL GRID OF NORTH ANDOVER, MASSACHUSETTS & VERIZON, NEW ENGLAND To all parties interested in the public hearing. Be it hereby ordered: Massachusetts Electric Company d/b/a National Grid of North Andover, Massachusetts and Verizon New England requests permission to locate poles, wires, fixtures, including the necessary sustaining and protecting fixtures, along and across the following public way or ways hereinafter named. The following are the streets and highways referred to: No. # 30980936 - Vine Street - National Grid to install 1 JO Pole on Vine Street beginning at a point approximately 110 feet north of the centerline of the intersection of Boston Street and Vine Street. WR # 30958403 will include the removal of Pole #3295 & # 3296 which feed 3 Vine Street. National Grid plans to install a new Pole # 3295 in a different location to provide a new overhead service to the property. Wherefore it prays that after due notice and hearing as provided by law, it be granted a location for and permission to erect and maintain poles and wires, together with such sustaining and protecting fixtures as it may find necessary, said poles to be erected substantially in accordance with the plan filed herewith marked: Vine Street - Everett - Massachusetts. Hearing to be held with the Everett City Council, held on Monday at 7:00PM, on the 9th of September, 2024 at the Everett City Council Chambers, 3rd Floor, Everett City Hall. August 16, 2024 grantor-type Trusts. If structured properly, even an irrevocable Trust can be deemed a grantor-type Trust for tax purposes. If a stockholder wishes to transfer his or her common stock certificate to a revocable or irrevocable Trust, he or she would be the Settlor (the Grantor) of such a Trust, the Trustee of such a Trust and the income beneficiary of the Trust. If an irrevocable Trust is the preferred option due to asset protection reasons such as nursing home costs, some people will look to name a child the Trustee. If the Trust is drafted properly and there are not any circumstances where a principal distribution can be made to the Settlor, then the comter the throw by O’Farrell, the catcher. The “hit and run” is a means of getting the runner moving from first to second, with the intention of it being basically mandatory the hitter makes contact to try and catch the infielders out of position, to make sure the runner gets to second base. The problem we, as baseball armchair purists, would have with that explanation is, “Really? Hit and run with TWO OUTS?” Nah. We don’t buy that one. If The Babe was trying to make something happen with his teammate hoping against hope to get a hit against one of the greatest pitchers of all time in Grover Cleveland Alexander, we can see that. But it’s rarer than rare to see any baseball game end on that particuDIAMOND DUST | SEE PAGE 17 mon stock in the irrevocable Trust should not be a countable asset for purposes of MassHealth eligibility, even if the Settlor also serves as Trustee. The Settlor (Grantor) of the grantor-type Trust must be deemed the owner of the entire Trust and must be a United States citizen or resident. If the Grantor dies, the grantor-type Trust would still be a permissible stockholder for two years following the Grantor’s death. In the event of the Grantor’s death, for S Corporation income tax purposes, the Trust would be considered a non-grantor administrative Trust under Internal Revenue Code Section 1361(c)(2)(A)(ii). No election is necessary to be filed with the IRS in order for a grantor-type Trust to be an eligible shareholder of an S Corporation. A Grantor-Type Trust tax return could be filed in order to report the Schedule K-1 income or loss generated by the S Corporation. A Grantor letter would then be delivered to the Grantor of the Trust so that the Grantor could report the net income or net loss figure on his or her federal and Massachusetts individual income tax return. 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.
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