Page 26 THE EVERETT ADVOCATE – FRIDAY, OCTOBER 1, 2021 “YOUR FINANCIAL FOCUS” JOSEPH D. CATALDO TRUSTS AS IRA BENEFICIARIES efi ciaries are not identifi ed, the Trust must take required minimum distributions over a fi veyear period. Upon the death of the IRA Trusts can be named as a benefi ciary of an IRA account if the IRA account owner wishes for there to be control over required minimum distributions upon the original IRA owner’s death. If the IRA account owner want the funds to go to a minor child, for example, an outright distribution to the child would not be possible unless guardianship proceedings are commenced. The Trust allows the IRA account owner to provide for the required minimum distributions to be paid to the Trust over a 10year period so long as the Trust is a see-through Trust, meaning the Trust benefi ciaries are identifi ed. Under the Secure Act, only eligible benefi ciaries can stretch the IRA over his or her life expectancy. Ineligible beneficiaries must stretch out the IRA over a 10-year period. If the Trust is not a see-through Trust and the benAndrea Scarinci owner, the IRA account becomes a separate asset of the Trust. Required minimum distributions are then reportable by the Trust as income in the year received. If there is a distribution to a particular benefi ciary of the Trust out of the separate IRA account, that benefi ciary will pay the tax on that distribution. A Schedule K-1 form would be given to the benefi ciary in order to him or her to fi le an individual income tax return for that particular calendar year. If no distributions are made by the Trustee to any benefi ciary after having received a taxable required minimum distribution, then the Trust itself would pay the tax. An IRA owner may wish to name a Trust as the benefi ciary if a second marriage is involved and he or she wishes to provide for the spouse to receive Trust distributions over his or her lifetime with any remaining IRA monies in the Trust to be held for the benefi t of children of a previous marriage. If the Trust was a conduit Trust with mandatory annual or more frequent distributions, the surviving spouse OBITUARIES Of Wakefi eld, formerly of Everett, entered into eternal rest on Tuesday morning, September 28, 2021 in the Advinia Care in Wilmington after being in failing health. He was 88 years old. Born in Crecchio, Italy, Andrea lived in Everett for many years before taking residence with his daughter, Sue and Nicolo. He worked as a laborer retiring from Local 22. Beloved husband of the late Ida (Antonelli). Dear and devoted father of Assunta Bello and her husband, Nicolo of Wakefi eld. Brother of Armando, Maria Tiberi and the late Vincenzo all of Italy. Loving Papa of Sabrina Sandberg and her husband, Christian and Nick Bello and his wife, Rochina. Loving Great-Papa of Nico and Emilia Rose Bello and Stella and Oscar Sandberg. Relatives and friends are respectfully invited to attend Andrea’s visiting hours in the Cafasso & Sons Funeral Home, 65 Clark St. (Corner of Main St.) EVERETT, Friday, Oct. 1 from 5-7 p.m. His funeral will be from the funeral home on Saturday at 10 a.m. followed by a funeral service in the Holy Cross Chapel Mausoleum, 175 Broadway, Malden at 11 a.m. Late member of the Sons of Orsogna, Everett. In lieu of fl owers, contributions in Andrea’s memory to St. Jude Children’s Research Hospital, 501 St. Jude Place, Memphis, TN, 38105 or to the Alzheimer’s Association, 309 Waverley Oaks Road, Waltham, MA 02452 would be sincerely appreciated. Parking with attendants on duty. Sister Lorraine Marie DiMare, CSJ In her 71st year as a beloved member of the Sisters of Saint Joseph of Boston, died Sunday, September 26, 2021. Devoted daughter of the late James S. and Margaret (Passanise) DiMare. Sister Lorraine is survived by her loving sister, Lorraine Morss and her husband, Charles, her brother, James DiMare and his wife, Marie, and her Sisters in the Congregation. Formerly missioned as a teacher at St. Catherine School in Norwood; St. John School, Canton; St. JoOBITUARIES | SEE PAGE 30 would be an eligible beneficiary and therefore the Trust’s required minimum distributions could be based upon the spouse’s life expectancy. Leaving the entire IRA account to the second spouse might result in no monies ever being distributed to children of the fi rst marriage for a variety of reasons. If a Trust is the benefi ciary of the IRA account, the terms of the Trust itself will dictate when the benefi ciaries of the Trust will be entitled to distributions. This prevents spendthrift benefi ciaries from squandering the IRA monies. Also, there would most likely be more protection of the IRA monies if owned by the Trust as a result of spendthrift provisions contained in the document. Inherited IRA accounts do not off er the same level of asset protection of IRA accounts created and owned by the original account owner. The distributions to the Trust under a 10-year payout requirement, for example, does not mean the Trustee is going to make distributions to the benefi ciaries over that 10-year period. It could be a much longer period of time due to the terms of the Trust. As always, the Trustee will have to take tax planning issues into consideration. BY JIM MILLER Simple and Inexpensive Final Farewells Dear Savvy Senior, My husband and I are looking for the simplest and least expensive way to dispose of our bodies when we die. We hate the idea of wasting a lot of money on high-priced funerals and would like some advice on some simple and cheap send-off s. Simple Seniors Dear Simple, With the average cost of a full-service funeral running around $11,000 today, many people are seeking simple ways to make their fi nal farewell more aff ordable. Depending on how you want to go, here are several low-cost options to consider. Direct Cremation If you and your husband are interested in cremation, a direct cremation is the simplest and least expensive way to go. It includes picking up the body, completing and fi ling the necessary paperwork, the cremation itself and returning the cremated remains to the family. There’s no embalming, formal viewing or casket. A simple cardboard box called an “alternative container” is used to hold the body. Depending on where you live and the funeral home you choose, the average cost for a direct cremation runs between $1,000 and $3,000. If you want additional services beyond what a direct cremation off ers, ask the funeral home for an itemized price list that covers the other services cost, so you know exactly what you’re getting. All providers are required by law to provide this. To locate nearby funeral homes, look in your local yellow pages, or Google “cremation” or “funeral” followed by your city and state. You can also get good information online at Parting.com, which lets you compare prices from funeral providers in your area based on what you want. Immediate or Direct Burial If you’re interested in being buried, an immediate/direct burial is the most basic and low-cost option. With an immediate burial, your body would be buried in a simple container shortly after death, skipping the embalming, viewing and use of the funeral facilities. If your family wants a memorial service, they can have it at the graveside at your place of worship or at home without the body. These services usually cost between $1,800 and $3,500, not counting cemetery charges, which can run you an additional $1,000 to $3,000. All funeral homes off er direct burial. Green Burial An eco-friendly green burial is another aff ordable way to go that costs anywhere from $1,000 to $4,000 depending on the provider. With a green cemetery burial, the body is buried in a biodegradable coffi n or just wrapped in a shroud, without embalming chemicals or a burial vault. The Green Burial Council (GreenBurialCouncil.org, 888966-3330) has a state listing of cemetery operators who accommodate green burials, as well as funeral professionals who provide the services. Anatomical Donation If you’d like to eliminate your cremation/burial costs all together, as well as help advance medical research, you and your husband should consider donating your bodies to science. This option won’t cost you a cent, however, some programs may charge a small fee to transport your body to their facility. After using your body for medical research projects, anatomy lessons and surgical practice, your remains will be cremated and your ashes will be buried or scattered in a local cemetery or returned to your family, usually within a year. To locate accredited university medical school body donation programs in your state, see the University of Florida’s U.S. program directory at Anatbd. acb.med.ufl .edu/usprograms, or call the whole-body donation referral service during business hours at 800-727-0700. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.
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