THE EVERETT ADVOCATE – FRiDAy, OCTObER 30, 2026 Page 15 SPORTS | FROM PAGE 14 The Everett boys then came home to face Lowell on SeIrrevocable Income Only Trusts O ne of the benefits of transferring certain types of assets to an irrevocable income only Trust is the protection of those assets in the event you or a spouse were to need long-term nursing home care or long-term care at home. MassHealth, if eligible, will pay for longterm nursing home care or long-term care at home under the Frail Elder Waiver Program. Assets held in an irrevocable Trust, fi ve years after having placed the assets in the Trust, will not be a countable asset for MassHealth eligibility purposes. If you, as the Settlor of the Trust, are also the Trustee, you do not need permission from your children or any third party to sell the home that is placed in this Trust or even a non-retirement stock and bond portfolio placed into this Trust. If you select a child to serve as Trustee, you can retain the right to remove and replace that child as Trustee for any reason at any time. If income producing assets are placed into this Trust, you, as the Settlor, have the right to receive the net income generated by the Trust, such as net rental income from investment property or interest and dividend income from a non-retirement brokerage account. You cannot place a retirement account or Traditional IRA account into such a Trust. From a tax standpoint, most often, it would not make sense to cash out the retirement plan or Traditional IRA and then place the after-tax proceeds into the irrevocable income only Trust. If you place your principal residence into an irrevocable income only Trust, you will still be entitled to the $250,000 capital gains tax exclusion ($500,000 if married filing jointly). Some members of Congress are pushing for an increase in this capital gains tax exclusion amount in order to provide an incennior Night. “It was expected to be a tense matchup, (and it lived up to the hype),” said Landaverde. The Red Raiders (6-6-4), still in playoff contention as a Division 1 club, were able to get on the board fi rst, but the home team quickly tied it up, when senior Kevin Renderos blasted a well-placed shot from 25 yards out. It took the visitors little time tive for homeowners with a large built-in gain to sell their home thereby freeing up badly needed housing inventory. This is one reason why single-family homes are so expensive. Upon your death, any appreciated real estate or stocks and bonds will achieve a step up in cost basis equal to the fair market value at the time of your death. If your children ended up selling the home for $1million dollars that you paid $250,000 for, there would be no capital gains taxes to pay. The new cost basis becomes $1million. A transfer of an asset into such a Trust does not represent a completed gift due to the Trust being structured as a grantor-type Trust for tax purposes thereby requiring no gift tax return to be fi led. In addition, even though the Trust is irrevocable, including a provision in the Trust allowing the Settlor to exercise a special power of appointment would allow the Settlor to redirect to whom the Trust assets are to be distributed to upon the Settlor’s death. A Last Will and Testament would include the provision exercising that power of appointment which would require probating the Will. Although we most often look to avoid the probate process, in this situation, the Settlor at least retains the right to determine the ultimate distribution of the assets held in Trust due to changes in family circumstances. 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. to regain the lead, only to see it disappear on a free kick taken by Jorge Ayala, which bounced off a post before crossing the goal line. The game was now all tied up at halftime, 2-2. The second half was more of the same back and forth action. The fans loved the action on the pitch. “They provided so much energy from the stands, which defi nitely helped us maintain momentum, while we rotated players in and out of the lineup. We had many chances to score, only to come up just short from breaking the tie,” said Landaverde. Showing patience, Lowell was able to sneak one past the Everett defense around the 10-minute mark of the second half. But that didn’t deter the home team that kept on fi ghting for the equalizer, once again. In the fi nal 10-mintues of the game, Daniel Henriquez, Cesar Rengifo and Coelho formed a counterattack that resulted in a penalty kick after a Lowell push. Coelho appropriately fi red home the shot to the bottom lefthand corner of the net that ultimately secured another point in the standings. “It was a great night of celebrations for our 13 seniors,” said Landaverde, “and it’s been a pleasure seeing many of them grow up, while learning the game on this level at the same time.” Landaverde wants to give a shoutout to the Lowell coaching staff after one of his keepers took a hit to the head that required assistance. “The Lowell coaches showed a great level of care and the utmost of respect (for our goalie). I appreciated their kind efforts and level of support during such a critical point of the game,” he said. “But this was nothing new, because they have always displayed plenty of class when we face each other every year.” The Everett boys have since taken on host Revere in a GBL (Greater Boston League) Cup semifi nal game on Oct. 27. The winner of which advanced to the finals on Oct. 29 to face either Chelsea or Somerville, Welcome Home to 588 Lincoln Avenue Offered at $699,900 Home of the Week SAUGUS – 1st AD - AFFORDABLE Two Family! First floor offers 4 rooms, 2 bedrooms, eat-in kitchen, full bath. Second floor offers townhouse style living on two levels featuring 7 rooms, 4 bedrooms, 1 ½ baths, eat-in kitchen, dining room, enclosed second floor porch. Separate gas heat and electric, level yard, off street, double width driveway. Located just outside of Cliftondale Square on bus line. Needs TLC. Great opportunity - Great investment! Come make this one your own! Berkshire Hathaway HomeServices Commonwealth Real Estate Formerly Carpenito Real Estate (781) 233-7300 335 Central St. Saugus commonmoves.com ©2024 BHH Affiliates, LLC, An independently owned and operated franchisee of BHH Affiliates, LLC, Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Equal Housing Opportunity. For Advertising with Results, call The Advocate Newspapers at 617-387-2200 or Info@advocatenews.net who went up against each other in the other semifi nal clash. The results of these games will be published in next week’s Everett Advocate, along with the fi nal regular season contest against non-league Peabody at Rivergreen on Friday afternoon, Oct. 30, starting at 4:15 p.m.
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