THE EVERETT ADVOCATE – FRiDAy, DECEmbER 30, 2022 BEACON | FROM PAGE 18 Beacon Hill Roll Call to comment on her bill. LICENSING OF SECURITY ELIGIBLE DESIGNATED BENEFICIARY I f you are a disabled or chronically ill individual or you are not more than 10 years younger than the deceased IRA owner or 401(k) plan participant, you can establish an Inherited IRA account in the name of the deceased account owner with you listed as the beneficiary. Sometimes this type of account is referred to as a Benefi ciary IRA account. If the account owner dies prior to the RBD (Required Beginning Date), the date at which RMD’s (Required Minimum Distributions) commence, then the annual RMD’s going forward for the benefi ciary of the IRA account will be based upon his or her own life expectancy. Distributions must begin no later than December 31st the year following the year of death. Furthermore, the benefi ciary may withdraw any amount at any time as long as the entire balance in the IRA account is withdrawn by December 31st year following the GUARDS (H 3798) – Requires security guards and watchmen to be licensed by the state. Supporters say under current state law, there is no such thing as a security guard or watchman license. They note that guards and watchmen are regulated through their Massachusetts security employer which is offi cially called a Watch Guard Patrol Agency. Sponsor Rep. Lindsay Sabadosa (D-Northampton) did not respond to repeated requests by Beacon Hill Roll Call to comment on her bill. EMERGENCY THERMAL BLANof to age 75 in calendar year 2033. When the account owner dies prior to the RBD, a non-eligible benefi ciary of an IRA account or 401(k) account, such as a child in the typical situation, may withdraw the monies in the account at any time as long as the entire balance is withdrawn by December 31st of the 10TH year folof the 10th date of death of the original IRA account owner. If the IRA account owner or 401(k) participant dies after the Required Beginning Date, the annual RMD’s going forward are based upon the benefi ciary’s age and life expectancy or the age and life expectancy of the deceased original account owner, whichever is longer. Distributions from the Inherited IRA account must begin no later than December 31st the year following the year of death of the original account owner. In this situation, the 10 year rule does not apply. A surviving spouse can simply roll the IRA account or 401(k) account of the deceased spouse into a Spousal IRA account and not have to take RMD’s until age 72. The RMD’s will be based upon his or her own life expectancy. The Secure Act 2.0, which is part of the most recent spending bill passed by Congress, extends the Required Beginning date to age 73 commencing in calendar year 2023. It will be increased lowing the account owner’s date of death. If the account owner dies after the RBD, the annual RMD’s are based upon the child’s age and life expectancy or the age and life expectancy of the account owner, whichever is longer, but the entire balance in the account must be distributed by December 31st of the 10th year following the date of death of the account owner. Distributions must begin no later than December 31st of the year followof ing the date of death of the original account owner. These new RMD rules prevent children of the IRA or 401(k) account owner from “stretching” distributions over their life expectancy. A $500,000 IRA, for example, would have to be cashed out at the rate of $50,000 per year resulting in much higher income taxes over a much shorter period of time, not allowing for the account to grow tax deferred over the life expectancy of the child. Joseph D. Cataldo is an estate planning/elder law attorney, Certified Public Accountant, Certified Financial Planner, AICPA Personal Financial Specialist and holds a master’s degree in taxation. KETS (H 3885) – Requires all emergency response vehicles, including ambulances, fi re apparatus, police vehicles and disaster vehicles, to be equipped with emergency thermal blankets—an aluminum fi lm blanket typically used to treat shock or hypothermia by retaining body warmth and preventing heat loss. Supporters say that these blankets are invaluable and have saved many lives. Sponsor Rep. Gerard Cassidy (D-Brockton) did not respond to repeated requests by Beacon Hill Roll Call to comment on his bill. QUOTABLE QUOTES “The Hanover High School girls’ soccer team outnumbered the representatives present in Monday morning’s House session, as the House churned through mostly local matters.” ---From the State House News Service on the very light attendance at a recent House session. The Hanover soccer team was being honored asMassachusetts Interscholastic Athletic AssociaPage 19 tion (MIAA) Division 3 Girls’ Soccer Champions. “All we want this holiday season is to return what is rightfully yours. You better watch out; you better not cry. You better not pout; we’re telling you why. Just give us a call today.” ---State Treasurer Deb Goldberg announcing the release of the latest group of names that have been added to the state’s list of unclaimed property owners. See the list and possibly claim your money at www.fi ndmassmoney.com or call 888-344MASS (6277). “This comprehensive support of clean energy solutions in transportation and our existing buildings will lead to a healthier and more sustainable future for the commonwealth. Delivering the reliable benefi ts of clean energy to Massachusetts residents has been the impetus behind our decarbonization work, and I’m thrilled we can make this lasting investment.” ---Lt. Gov. Karyn Polito announcing funding totaling over $100 million to state entities for programs focused on climate readiness and reaching the state’s 2030 and 2050 decarbonization goals. “Homeowners need to be able to count on mortgage companies to provide them with accurate information and take required steps to help prevent foreclosures. Our offi ce is committed to protecting consumers and helping people stay in their homes.” ---Attorney General/Governor-elect Maura Healey on her offi ce’s success in requiring RoundPoint Mortgage Servicing Corporation to pay $975,000 and change its business practices to resolve allegations that the company failed to make required efforts to help homeowners avoid foreclosure and engaged in other unfair debt collection and mortgage servicing practices. “Safe and stable housing for individuals with behavioral health conditions and who are vulnerable to chronic health issues is a crucial step toward recovery. The Housing First model removes what is a signifi cant barrier for individuals with complex health needs to receive much needed support and services.” ---Health and Human Services Secretary Marylou Sudders announcing $9 million to expand access for temporary low-threshold permanent housing and support services for adults experiencing homelessness, substance use disorder, co-occurring illness, mental health conditions or are at risk for or living with HIV. HOW LONG WAS LAST WEEK’S SESSION? Beacon Hill Roll Call tracks the length of time that the House and Senate were in session each week. Many legislators say that legislative sessions are only one aspect of the Legislature’s job and that a lot of important work is done outside of the House and Senate chambers. They note that their jobs also involve committee work, research, constituent work and other matters that are important to their districts. Critics say that the Legislature does not meet regularly or long enough to debate and vote in public view on the thousands of pieces of legislation that have been fi led. They note that the infrequency and briefl ength of sessions are misguided and lead to irresponsible late-night sessions and a mad rush to act on dozens of bills in the days immediately preceding the end of an annual session. BEACON | SEE PAGE 20 From all of us at Carpenito Real Estate... 335 Central Street, Saugus, MA 01906 (781) 233-7300 View all our listings at: CarpenitoRealEstate.com
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