Page 16 THE MALDEN ADVOCATE–Friday, April 29, 2022 ~ LEGAL NOTICE ~ COMMONWEALTH OF MASSACHUSETTS THE TRIAL COURT PROBATE AND FAMILY COURT BENEFIT OF TRANSFERRING HOME TO IRREVOCABLE TRUST income, etc. Another benefi t of transferO ne of the benefi ts of transferring your home to an irrevocable trust is that you start the fi ve year look back period if one of the goals is to protect your home against a possible nursing home stay. If structured as a grantor-type trust, the Trust would be able to sell the home and you would still be able to take advantage of the $500,000 capital gain exclusion on the sale of a principal residence for a married couple ($250,000 for a single person). If the home is sold, the sales proceeds would have to remain in Trust and invested by the Trustee, whether in a certifi cate of deposit, savings account, stock or bond portfolio, etc. The sale of the home does not start the fi ve year look back period all over again. The Trustee may also reinvest the sales proceeds in another principal residence. The net sales proceeds of the home must be used to purchase the replacement home. If the purchase price of the replacement property is much less than the sales proceeds of the home that is sold, the difference would remain in the Trust to be invested accordingly. Typically, the Settlor of the Trust would have the right to receive income generated by the Trust. This income could serve to supplement the Settlor’s living expenses. The income would be distributed to the Settlor and taxed on his or her income tax return. If the Settlor were to go into a nursing home after the expiration of the fi ve year look back period, the Trust principal would be protected. Any net income derived by the Trust would be paid to the nursing home as part of the Patient Paid Amount (PPA), along with social security income, pension ring your home to an irrevocable trust as opposed to directly transferring your home to your children with a reserved life estate, is that the Trust will protect your children in the event of a divorce or civil litigation case against them. If you prefer, you can include a provision in the Trust that one child will serve as Trustee of your other child’s Trust share (and vice versa) or you can include a provision for the appointment of a disinterested Trustee. If a son or a daughter were to predecease you, his or her share would remain in Trust for his or her own children to be administered pursuant to the terms of the Trust. That child’s share would not constitute part of his or her probate estate which involve signifi cant time delays and cost. Furthermore, if your child died prior to you while receiving MassHealth benefi ts after the age of 55, MassHealth would not be able to pursue repayment from the Trust share belonging to your deceased child. MassHealth can only collect against the probate estate. This is another reason why a Trust is far superior than a deed to a child with a reserved life estate. With so many people living well into their 80’s and 90’s, it is not uncommon for a child to die before his or her parents. If that were to happen, the child’s estate would have to be probated as the “remainder” interest in the home was owned by the child at the time of his or her death. As part of the probate process, MassHealth is required to be notifi ed of the probate proceedings. It is at this time that MassHealth will determine if benefits have been paid to the deceased. If so, MassHealth will fi le a claim in probate court in order to seek repayment. Placing the home in an irrevocable Trust would avoid these complications. MassHealth would not be able to lien the home as the home was not given directly to the deceased son or daughter. It was deeded to the irrevocable Trust instead. 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 Master’s Degree in Taxation. Middlesex Probate and Family Court 10-U Commerce Way Woburn, MA 01801 Docket No. MI22P2159PM In the matter of: Edward Benincasa Of: Malden, MA RESPONDENT (Person to be Protected/Minor) CITATION GIVING NOTICE OF PETITION FOR APPOINTMENT OF CONSERVATOR OR OTHER PROTECTED ORDER PURSUANT TO G.L. c. 190B, § 5-304 & § 5-405 To the named Respondent and all other interested persons, a petition has been filed by Dexter House Healthcare of Malden, MA in the above captioned matter alleging that Edward Benincasa is in need of a Conservator or other protective order requesting that Jonathan J. Davey of Quincy, MA (or some other suitable person) be appointed as Conservator to serve With Personal Surety on the bond. The petition asks the court to determine that the Respondent is disabled, that a protective order or appointment of a Conservator is necessary, and that the proposed conservator is appropriate. The petition is on file with this court. You have the right to object to this proceeding. If you wish to do so, you or your attorney must file a written appearance at this court on or before 10:00 A.M. on the return date of 06/22/2022. This day is NOT a hearing date, but a deadline date by which you have to file the written appearance if you object to the petition. If you fail to file the written appearance by the return date, action may be taken in this matter without further notice to you. In addition to filing the written appearance, you or your attorney must file a written affidavit stating the specific facts and grounds of your objection within 30 days after the return date. IMPORTANT NOTICE The outcome of this proceeding may limit or completely take away the above-named person’s right to make decisions about personal affairs or financial affairs or both. The above-named person has the right to ask for a lawyer. Anyone may make this request on behalf of the above-named person. If the above-named person cannot afford a lawyer, one may be appointed at State expense. WITNESS, Hon. Maureen H. Monks, First Justice of this Court. Date: April 27, 2022 TARA E. DeCRISTOFARO REGISTER OF PROBATE April 29, 2022 ~ LEGAL NOTICE ~ MALDEN PLANNING BOARD PUBLIC HEARING The Malden Planning Board will hold a public hearing in the Herbert L. Jackson Council Chamber, Malden City Hall, 215 Pleasant Street, Malden, MA at 7:00 P.M. on Wednesday, MAY 11, 2022 on the petition of Maiysha Jacob and Margarette Pierre, NP, doing business as Revive Medical Aesthetics & Wellness, on behalf of 100 Maplewood Street LLC (Permit Application # COO-043500-2022) seeking a special permit under Title 12.12.030 of the Code of the City of Malden, to allow medical center use of property in the Industrial 1 zoning district, namely, a medical aesthetics and wellness business, in one storefront space of the building at the property known as and numbered, 888 Eastern Avenue, Malden, MA and also known by City Assessor’s Parcel ID 127 433 302. Petition and plans are available for public review in the Inspectional Services Department, Malden City Hall, 215 Pleasant Street, 3rd Floor, Malden, MA and under Permit Application # COO- 043500-2022 at https://permits.cityofmalden.org/EnerGov_PROD/ SelfService#/home. By: Kenneth Antonucci Clerk April 22 & April 29, 2022 OBITUARIES Virginia M. (Hannon) Ruane Of Malden, April 17. Beloved wife of the late Frank X. Ruane. Mother of Gerard P. Ruane of Malden, Janice Raymond and her husband Rick of Malden, Frank X. Ruane and his wife Lucy of Reading and the late Denise Ruane. Grandmother of Brynn, Emily, Nicholas, Ben, Alison, Svetlana, Juliann and Katie. Great grandmother of Billy, Maya, Callan, Brayden, Adelyn, Beau, Braidan and Bryce. Sister of Paul Hannon of Franklin and the late Thomas Hannon and Barbara Noonan. She is also survived by many nieces and nephews. Virginia has been a lifelong resident of Malden. She is a graduate of Malden High School, Class of 1944 and went on to earn a Certificate from the Boston University School of Business. She worked as a secretary at the Flowtron Company in Malden for many years. Upon her retirement from Flowtron, she began working at Bank of America. Virginia has lived a life of service to her community. She was a member of Zonta, Malden Junior Aid, Malden Senior Aid and Catholic Daughters. She was a corporator and a longtime volunteer at the Malden Hospital and a board member for Mystic Valley Elder Services for several years. Her faith was a very important part of her life. She has been a lifelong parishioner at Immaculate Conception Parish in Malden where she served as a former member of the parish council, as a parish lector and as a member of Tobet’s Tribe. In lieu of fl owers, donations in VirOBITS | SEE PAGE 17
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