Page 24 THE EVERETT ADVOCATE – FRiDAy, OCTObER 20, 2023 FOOTBALL | FROM PAGE 21 Flores. Lackland’s memorable offensive game notwithstanding, quarterback Carlos Rodrigues completed eight passes out of 12 attempts for 99 yards, which helped keep the Medford defense off balance. Senior running back Matt Lamonica ran for 21 yards on just two carries. He was credited with the other Everett touchdown that was not scored by Lackland. Lassister caught two passes for 28 yards. The Tide took on host MalFOOTBALL | SEE PAGE 25 EVERETT HOUSING AUTHORITY INSPECTION SERVICES FOR HOUSING CHOICE VOUCHER PROGRAM AND STATE AIDED HOUSING The Everett Housing Authority (EHA), the awarding authority, invites sealed bids for Inspection Services for Housing Choice Voucher Program and State Aided Housing, in accordance with the documents prepared by the Everett Housing Authority. The contract shall be for a period of three (3) years estimated at $100,000 commencing on or about January 2, 2024. Bids are subject to the provisions of M.G.L. c 30B. Bids will be received until November 16, 2023 at 1PM and publicly opened, forthwith. Bids should be sent to the EHA, 393 Ferry Street, Everett, MA 02149 and received no later than the date and time specified above. Specifications will be available for pick-up October 16, 2023 at the Everett Housing Authority. Stephen Kergo, Executive Director. Everett Housing Authority is an Equal Opportunity Employer. Ocotober 20, 2023 LEGAL NOTICE City of Everett PLANNING BOARD 484 BROADWAY EVERETT, MA 02149 A Grantor Trusts Grantor Trust is a trust in which one or more “donors” or “other persons” are treated as “owning” all, or a portion of, a trust for federal income tax purposes. The donor is often referred to as the settlor or the grantor as well. The applicable tax law is found in Internal Revenue Code (IRC) Sections 671 through 679 (the “Grantor Trust Rules) and the corresponding regulations thereunder. Assets owned by a Grantor LEGAL NOTICE EVERETT PLANNING BOARD PUBLIC HEARING NOTICE Public Hearing on a Proposed Zoning Amendment Section 33 – “Commercial Triangle Economic Development District” – of the City of Everett Zoning Ordinance The Everett Planning Board will conduct a public hearing on Monday, November 13, 2023 at 6:00PM in the Speaker George Keverian Room (Room 37, Everett City Hall) to consider a proposed Amendment to Section 33 of the City of Everett Zoning Ordinance. This proposed amendment is as follows: To amend Section 33(E)(1), “Uses Allowed by Right”, to add a new subsection 33(E)(1)(f) – “Multifamily residential developments; provided that the maximum building height is 3-stories, or thirty-five (35) feet.” To amend Section 33(E)(2), “Uses allowed by special permit from the planning board”, to delete the existing 33(E)(2)(a) – “Multifamily residential developments; provided, that the minimum density of such a development shall be fifty (50) units per acre, which density requirement shall be prorated based upon the size of the development parcel.” In making this change, all subsequent existing subsections shall be re-sequenced [33(E)(2)(b) shall be re-sequenced to 33(E)(2)(a); 33(E)(2)(c) shall be re-sequenced to 33(E)(2)(b), etc.]. To amend Section 33(F) “Dimensional Requirements”, (5) “Height” by adding the following bolded language to the existing language: “Height. Multifamily (non-mixed-use) residential developments shall be limited to a maximum height of thirty-five (35) feet. All other buildings shall be limited to a maximum of eighty-five (85) feet. Other structures on the roof shall not count towards the height unless the area of such structures exceeds thirty-three percent (33%) of the area of the roof or any enclosed structure or mechanical equipment exceeds twelve (12) feet in height. The height of any building may be increased to a maximum of one hundred (100) feet upon the grant of a special permit.” All persons interested in or wishing to be heard on the proposals may attend and participate in person. This proposed amendment, 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 October 13, 20, 2023 Trust may be included or excluded from the decedent’s estate for federal estate tax purposes. The determination of whether or not those assets will be included in the donor’s estate depends on the provisions found in the trust instrument itself. In order for the assets of the Grantor Trust to be excluded from the decedent’s estate, the transfer of assets into the trust must be considered to be a “completed” gift, and the donor must not retain one of the prohibited powers or interests as set forth in IRC Sections 2036, 2037, 2038, 2041 and 2042. An example of a power retained under IRC Section 2036 is a right to use, occupy and possess the real estate that was transferred to the trust. In that situation, the entire value of the property would be includible in the donor’s estate for estate tax purposes upon his or her death. Not a problem for federal estate tax purposes so long as the decedent’s estate is less than $12.92million. The Massachusetts estate tax exemption has increased from $1million to $2million just several weeks ago. You should also note the federal gift tax exemption is $12.92million and that Massachusetts has no gift tax. Therefore, a parent can gift $500,000 to a child one day before dying thereby reducing the gross estate from $2.5million to $2million and completely avoid the Massachusetts estate tax. Regardless of whether the transfer to a trust is treated as a completed gift for federal gift tax purposes, or whether the trust assets are to be included in the donor’s estate for federal estate tax purposes, the federal “income tax” result is the same: Each donor of a Grantor Trust is taxed on all of the income, deductions, gains, losses and credits of the trust assets to the extent that the donor is treated as the owner of the trust. Therefore, you look to the Grantor Trust Rules in order to determine who owns the assets of the trust for federal income tax purposes. This determination of ownership, however, is not to be confused with the tax treatment of the trust for federal “gift” and “estate” tax purposes, or who may own the trust assets for state property law purposes. IRC Section 671 provides the general rule that a donor or some other person who is found to be an “owner” of all or a portion of a trust must report and pay tax on the portion of the trust that the donor (or such other person) is treated as owning. Sections 673 through 679 (with the exception of Section 678) provide specific rules that cause a “donor” to be treated as an “owner” of all or a portion of a trust. Section 678 deals with the situation in which someone other than the donor is treated as the owner. There must also be a gratuitous transfer to the trust for the Grantor Trust Rules to apply. The Ownership Rules will usually apply when a donor is deemed to have a specific interest or power over a trust. A donor may be treated as owning all or a portion of the “income” of a trust. Also, a donor may be treated as owning all or a portion of the “principal” of a trust. Why is all of this important? It is the Grantor Trust Rules that provide the answers as to where to report the Trust’s gross income, capital gains or losses, deductions or tax credits: on a trust income tax return or on the individual income tax return of the donor. Since there are so many trusts that have been executed and funded, it is important to understand the corresponding tax implications. Joseph D. Cataldo is an estate planning/elder law attorney, Certifi ed Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a masters degree in taxation.
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