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THE EVERETT ADVOCATE – FRiDAy, SEpTEmbER 20, 2024 Page 15 Everett’s Shea Willcox dazzles in his pro debut ‘Fight Night at the Vets Club 2’ results from bridgewater “Showtime” Shea Willcox couldn’t have had a better pro-debut performance. (Photo Courtesy of Emily Harney / Fightography) Special to The Advocate E verett, Mass., junior welterweight “Showtime” Shea Willcox had a dazzling pro debut in last night’s “Fight Night at the Vets Club 2” card – presented by Granite Chin Promotions (GCP) – at the Bridgewater Veterans Club in Bridgewater, Mass. Fighting in front of a packed venue, in which the large majority of attendees were there supporting him, the 22-year-old Willcox did not disappoint: He floored Travis Crain three times, the last leading referee Jack Morrell to wave off the fight at the 43-second mark of the opening round. Willcox, who was this year’s New England Golden Gloves Champion, as well as the Most Outstanding Boxer of the championship final, displayed poise beyond his age would indicate, calmly setting up his vaunted left hook. Willcox used his left hook for the first two knockdowns, a minute into the fight and again 30-seconds later, and he closed the show with a crisp right cross for the technical knockout. “I had a lot of fans at the New England Golden Gloves, and they really turned out for my pro debut,” Shea said after the fight. They’re always there for me and I’m grateful for their support. I love it! “We had a game plan, and I knew what to do. I figured that he’s a southpaw and he’d be right Shea Willcox had his arm raised in victory by referee Jack Morrell.. (Photo Courtesy of Emily Harney / Fightography) there for my left hook. We trained nine weeks for it. My left hook, whether to the head or body, is my best punch. I saw him back up when I hit him early and knew that I had him. I’ll go right back into the gym to work on being a little more relaxed and balanced.” Friday the 13th certainly wasn’t unlucky for the popular Willcox. “I knew Shea had a big fanbase, but WOW, what a turnout,” GCP promoter Chris Traietti commented. “It was a great night of local boxing. Shea certainly didn’t disappoint with an impressive firstround stoppage. He was poised and really handled the moment well. The supporting bouts were also incredible. We had two draws and a razor-thin opening bout that ended in a unanimous deCapital Gains Tax And Irrevocable Trusts M any people question if they place real estate into a Medicaid qualifying trust what will happen upon the death of the Donor/ Settlor/Grantor some years down the road. If the irrevocable trust is drafted properly, the real estate will receive a full step-up in cost basis equal to the fair market value at the time of the Settlor’s death. Therefore, going forward, the original purchase price and improvements over the years become irrelevant. The beneficiaries of theTrust are treated as if they paid fair market value for the real estate at the time of the Settlor’s death. Why is this important? If the children/ beneficiaries were to sell the appreciated property shortly after the Settlor’s death, there would be little or no capital gains tax to pay. The capital gains tax to be paid would be based upon any further appreciation between the time of death and the subsequent sale. As an example, let’s assume the Settlor purchased his home for $500,000 with approximately $100,000 in improvements during the Settlor’s lifetime. The cost basis in the hands of the Settlor in this case would be $600,000. If the Settlor had subsequently transferred his home to an irrevocable trust, and died 10 years later when the value of the home was $1,000,000, the cost basis in the hands of the beneficiaries would be $1,000,000. If the property were sold by the beneficiaries for $1,000,000, there would be no capital gain, and hence, no capital gains tax to be paid. If, however, the Settlor had simply given the property to his children without first transferring to such an irrevocable trust or without reserving a life estate within the deed of conveyance itself, a future sale by the children for $1,000,000 would result in a capital gain of $400,000 with a corresponding federal (15%) and Massachusetts (5%) capital gains tax to be paid of $80,000. Depending cision. Nobody left the Vets Club disappointed and that is always the goal, to give the fans their money’s worth. Thank you to everyone that came out, our sponsors, the Granite Chin Staff, and most importantly…the fighters for making this night our best show at the Vets Club to date!” The other three bouts on the card were all action-packed, entertaining and competitive. Two ended in draws. Rhode Island middleweight Alfred “Keenan” Raymond (2-10-3, 0 KOs) and Daniel “The Hudson Valley Kid” Sostre (13-26-2, 5 KOs) fought to an entertaining four-round draw that could have been fought in the proverbial phone booth. Keenan won all four rounds on one of the judges’ scorecards, on the other income of the children, the federal capital gains tax rate could be as high as 20%. Furthermore, you might also get hit with the federal“net investment income tax” of 3.8%. Instead of the total rate being 20%, the children could be looking at a total rate of 28.8%, or $115,200. When you simply gift an appreciated asset outright to the children, there is what we call a “carry-over” basis in the hands of the children. That is to say, the cost basis in the hands of the Settlor becomes the cost basis in the hands of the children. No step-up in cost basis occurs. This concept of a step-up in cost basis would also apply to appreciated securities such as a brokerage account, common while Sostre took two of three and one from one of the other judges, and 36-36 on the third for a draw. Sostre nearly snapped his 17-fight losing streak. Lightweight Brandon Sandoval, fighting out of Salem, Mass., by way of Mexico, was the aggressor from the opening bout of the evening’s first fight en route to a four-round win by unanimous decision. A portion of the proceeds went to the Fire For Effect Foundation (www.ffefinc.org), which honors and empowers veterans, first responders and their families in the community. “Fight Nights at the Vets Club 2” was taped live and will be posted this week on the Bridgewater (BTV) YouTube page. stock, preferred stock, etc. Reserving the right to use, occupy and possess the real estate during the Settlor’s lifetime will result in a step-up in cost basis upon the Settlor’s death. Reserving the right to receive the income generated by the assets housed in the Trust would also result in a step-up in cost basis upon the Settlor’s death. In order to obtain the benefit of Internal Revenue Code Section 121, which allows for the $500,000 capital gains tax exclusion for a married couple when the principal residence is sold, a provision allowing for a lifetime limited power to appoint Trust principal to charities will accomplish that objective. 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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