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THE EVERETT ADVOCATE – FRiDAy, NOVEmbER 8, 2024 Page 23 GET A FREE SUBSCRIPTION TO MASSTERLIST – Join more than 22,000 people, from movers and shakers to political junkies and interested citizens, who start their weekday morning with MASSterList— the popular newsletter that chronicles news and informed analysis about what’s going on up on Beacon Hill, in Massachusetts politics, policy, media and infl uence. The stories are drawn from major news organizations as well as specialized publications. MASSterlist will be e-mailed to you FREE every Monday through Friday morning and will give you a leg up on what’s happening in the blood sport of Bay State politics. For more information and to get your free subscription, go to: https://massterlist.com/subscribe/ THE HOUSE AND SENATE: Beacon Hill Roll Call records local representatives’ votes on roll calls from budget vetoes by Gov. Maura Healey. There were no roll calls in the House or Senate last week. $2.5 MILLION FOR PROGRAMS TO TREAT PRISONERS SUFFERING FROM MENTAL ILLNESS (H 4800) House 133-25, overrode Gov. Healey’s veto of the entire $2.5 million for a prison program to treat prisoners, suff ering from serious mental illness, with clinically appropriate long-acting injectable medications. The Senate did not act on the veto so the veto stands and the $2.5 million was eliminated. “I am vetoing this item due to the availability of alternative resources,” said Gov. Healey in her veto message. “This operating funding overlaps with alternative funding intended to support this purpose.” (A “Yes” vote is for the $2.5 million. A “No” vote is against it.) Rep. Joseph McGonagle Yes $750,000 FOR THE TRANSFORMATIVE DEVELOPMENT FUND (H 4800) House 134-24, overrode Gov. Healey’s veto of $750,000 (reducing funding from $1 million to $250,000) for the Transformative Development Fund which is designed to accelerate economic development in focused districts that are walkable and have dense environments; and that have the potential to attract investment, inspire a wave of growth and transform Gateway Cities and beyond. The Senate did not act on the veto so the veto stands and the $750,000 was eliminated. “I am reducing this item to an amount consistent with my [budget] recommendation due to the availability of alternative resources,” said Gov. Healey in her veto message. “MassHousing will maximize available alternative capital funding in the fi scal year 2025 Capital Investment Plan for the Neighborhood Hub Program that will serve the same purpose as the funding being vetoed.” (A “Yes” vote is for the $750,000. A “No” vote is against it.) Rep. Joseph McGonagle Yes $300,000 FOR THE MASSACHUSETTS MANUFACTURING EXTENSION PARTNERSHIP (H 4800) House 156-2, overrode Gov. Healey’s veto of $300,000 (reducing funding from $2 million to $1.7 million) for the Massachusetts Manufacturing Extension Partnership to maintain and promote manufacturing as an integral part of the economy, and for proBEACON | SEE PAGE 26 - LEGAL NOTICE - COMMONWEALTH OF MASSACHUSETTS THE TRIAL COURT PROBATE AND FAMILY COURT Middlesex Probate and Family Court 10-U Commerce Way Woburn, MA 01801 (781) 865-4000 New Mass Estate Tax Exemption And Filing Threshold T he Masachusetts State Legislature increased the estate tax exemption to $2million effective for decedents dying on or after January 1, 2023, pursuant to Mass General Laws Chapter 50, Sections 36 and 37. Under the prior law, the estate tax exemption was only $1million. Under the prior law, if the descedent had a gross estate of $1,750,000 and then gave away $800,000 prior to dying, then the federal gross estate would be reduced to $950,000. Although the remaining gross estate of $950,000 was less than the $1million filing threshold, the $800,000 in gifts would reduce the fi ling threshold to $200,000 ($1million minus $800,000). The $200,000 became the adjusted filing threshold. Since the remaining gross estate of $950,000 exceeds the $200,000, an estate tax return would have to be fi led. The good news is that only the remaining gross estate of $950,000 would have been subject to the Massachusetts estate tax. The bad news was that all of the $950,000 would have been subject to the estate tax based upon the tax table found in the IRS instructions for the computation of the state death tax credit found in Table B of the Form 706 filing instructions (1999 Revision), the basis of how the Massachusetts estate tax is calculated to this day. The new Massachusetts estate tax provisions eliminate this adjusted fi ling threshold dilemma. As long as the gross estate is less than $2million, no estate tax return is required to be fi led, irrespective of anygifts made prior to death. Furthermore, if the gross estate is $3million, the first $2million is totally tax free. The Massachusetts estate tax on $2million is $99,600. Our state legislature has provided for a maximum tax credit equal to exactly $99,600. Therefore, only the gross estate in excess of $2million is subject to estate tax in Massachusetts. Granted, the beginning tax bracket will be 8%. As an example of how to apply the new Mass estate tax, assume a decedent has an estate valued at $3million. He gives away $1.1million prior to death leaving him with a gross estate at death of $1,900,000. Since $1,900,000 is less than $2million, there is no Massachusetts estate tax return necessary to be fi led. Taxpayers should at least realize that it might very well make sense to make a completed gift of bank account monies, for example, to children or to certain irrevocable trusts in order to remove such assets from the taxable estate. With bank accounts, we are not concerned with achieving the so-called step-up in cost basis equal to the date of death value, as we would be concerned with appreciated assets such as real estate or a stock portfolio. In fact, any asset that has not appreciated in value could be given away prior to death to minimize or eliminate the Mass estate tax. 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. Docket No. MI24P5766EA Estate of: JAMES JOHN OLEY Date of Death: 10/15/2011 CITATION ON PETITION FOR FORMAL ADJUDICATION A Petition for Formal Adjudication of Intestacy has been filed by: Ryan Knox of Burlington, MA requesting that the Court enter a formal Decree and Order and for such other relief as requested in the Petition. IMPORTANT NOTICE You have the right to obtain a copy of the Petition from the Petitioner or at the Court. You have a right to object to this proceeding. To do so, you or your attorney must file a written appearance and objection at this Court before: 10:00 a.m. on the return day of 12/04/2024. This is NOT a hearing date, but a deadline by which you must file a written appearance and objection if you object to this proceeding. If you fail to file a timely written appearance and objection followed by an affidavit of objections within thirty (30) days of the return day, action may be taken without further notice to you. UNSUPERVISED ADMINISTRATION UNDER THE MASSACHUSETTS UNIFORM PROBATE CODE (MUPC) A Personal Representative appointed under the MUPC in an unsupervised administration is not required to file an inventory or annual accounts with the Court. Persons interested in the estate are entitled to notice regarding the administration directly from the Personal Representative and may petition the Court in any matter relating to the estate, including the distribution of assets and expenses of administration. WITNESS, Hon. Terri L. Klug Cafazzo, First Justice of this Court. Date: November 06, 2024 TARA E. DeCRISTOFARO REGISTER OF PROBATE November 8, 2024

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