Page 18 THE MALDEN ADVOCATE–Friday, May 3, 2024 MUSINGS | FROM PAGE 6 mouth the previous weekend at the I.T.A.M.’s – how he and his band of ringers would “teach the young pups how to play the game” – locker room ammo delivered to our doorstep. Paul “Pony” Coleman chipped in with 11 points while neutralizing their big guy, holding the legendary George Miller to 12 points. Greg ADVANTAGES AND DISADVANTAGES OF MAKING GIFTS own. It might not be such a good idea to give assets to children too soon. It is always good when children are a little bit hungry. It usually brings out the best in them. A sink or swim mentally takes over. As your children are older and F or many taxpayers, making lifetime gifts can result in estate tax savings, particularly for those taxpayers residing in Massachusetts. No income taxes are paid when the donee of the gift receives the gifted property. Gifting may also allow you to shift income from the top income tax bracket of a parent to a lower income tax bracket of a child or other relative. When you gift to a child, you do have the benefit of seeing your child enjoy the gifted asset during his or her lifetime. You can also get to see how well your child manages the money or other property gifted to him or her. By observing how a child is managing gifted monies, you can adjust going forward by either making additional gifts or by deciding to place property in a trust for the benefit of a son or daughter. Gifting to a child may also offer some asset protection as it might serve to spread out the risk of losing assets. Of course, there cannot be a transfer in defraud of a creditor. A disadvantage to gifting is that you will no longer have legal title to the asset gifted away. The donor of the gift needs to be relatively certain that he or she will not need the asset going forward. Therefore, you should evaluate your financial needs and corresponding resources before you decide to gift away assets. Also, once in the hands of your child, the asset would be at risk for his or her creditors including his or her spouse in a divorce proceeding. You also have to consider whether or not making a gift to a child will take away the child’s incentive to make it on his or her more established, making lifetime gifts in Massachusetts will serve to reduce your taxable estate. Since there is no gift tax in Massachusetts, such gifts result in no gift tax and will escape estate taxation upon your death. Any taxable gift (i.e. gifts to any donee each year in excess of $18,000) will serve to reduce your Massachusetts $2,000,000 estate tax lifetime exemption for purposes of being required to file a Massachusetts estate tax return. If you gave $2million to your son Charlie during your lifetime and still had a $500,000 bank account in your name upon your death, the $500,000 would be taxed as part of your Massachusetts taxable estate because you still owned the $500,000 at the time of your death and you used up your $2million estate tax filing threshold exemption. Therefore, even though your gross estate was under $2million at the time of your death, all of the $500,000 would be subject to the estate tax. Many taxpayers do not realize this is how the Massachusetts estate tax works. However, giving away the $2million may very well have saved $99,600 in Massachusetts estate taxes. There is not too much concern with federal estate taxes for most people as the federal lifetime exemption is now over $13million for each decedent’s estate. However, if the 2017 tax act is not extended, the federal estate tax exemption will drop to approximately $6million come January 1, 2026. Also keep in mind whether you give directly to a child or to an irrevocable Trust, you do start the five-year look back period for purposes of protecting assets as part of a Medicaid asset protection plan. 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. “Son of Paul” Phaneuf and adopted Malden boy via Melrose Dave Johnson combined for 20. Both shot exceptionally well this evening, hitting just about every shot they took – an amazing display of shooting accuracy. The Lynch brothers, Danny and Jerry, added 14 between them. Danny bullied his way to the hoop for 8 and Jerry finessed his way for 6. Danny also received a “T.” Danny was from “Parts Unknown.” PU were known to be hotheads. Insert smiley face. • Mr. James was a hair salon in Malden back in the day. Choff had a nice head of hair at the time (think Barry Gibbs meets David Cassidy). This was his goto place to get his moss ready for weekend nights – ready to party at the many discos, singles bars and piano lounges that dotted Route 1 during this era. As I previously noted, Choff would recruit ringers that he had played with in college and in various hoop leagues around Greater Boston. This particular team uncharacteristically carried a few of Cliff’s old friends from Amerige Park, who would be replaced in the ensuing years with non-Maldonians named Polange, Pike, Morrison and Lovallo. Well, you get the good-natured ribbing I am giving Cliff, right? So anyway, tonight Cliff brings in a defensive bulldog from Somerville, Tony Borgasano, and Arlington’s very own Eddie Woods to help balance out the homegrown talent – to no avail – Cliff paced Mr. James with 20 points in the process, taking most of the shots for his team that night. Eddie chipped in with 13 and “Hand~Legal Notice~ some George” Miller had 12 with a bucket full of rebounds to match. Dave McNary (who also took his fair share of shots) was held to 6 by some dogged defense from Dave Johnson. Old war horse Bobby Hyde had 2 points but was invaluable under the boards and on the defensive end. Cliff’s brother Bert produced a goose egg. By ’79 inertia had set in with Cliff’s little brother. His hoop career took a back seat to more pressing issues in his life. Insert great big smiley face. As Peter Falk’s iconic TV character Columbo would say, “Just one more thing, sir” – that was fun to write. Hope you enjoyed it and took it in the spirit in which it was written. The Malden Men’s Recreational League ran approximately 15 years, give or take. Larry Gilbert and I started the league at Green Street Park in 1978 (I believe) with a handful of mostly neighborhood-based teams – Al Small and Tommy Restuccia from Linden Park as well as Devir, Amerige, Green Street and Harvard Street squads. Bragging rights were your reward that first year of competition. We expanded in 1979. I kid Cliff about his ringers. It was Choff and all those great teams he cobbled together that elevated the league into one of the best and most competitive Rec Leagues on the North Shore. Thank you for that, Choff. Cliff, as always, thinking outside the box. Eventually the league drew the cream of the hoop crop like Somerville’s Dave Knight and Mike Philpot, Medford’s Ray Buckland and Mike Hodnet, Providence College’s Rudy Williams, Chelsea’s Jay Ash and Bobby Chew, Lynnfield’s Chuckie Cavallaro, Saint Joseph’s stud “Dashing Dennis” Cakert and so on and so on. The league was eventually handed over to one of the best hoopsters Malden ever produced, John Furlong. Furgie took the league home sometime in the mid ’90’s and the rest (as they say) is history. It was fun. It was super competitive. Great friends were made. We live today with lifelong memories. What do ya say, Furgie?! Postscript: The photo, my Devir Park team morphing into the Stadium Café by 1980. The Stadium in those days was owned by the Settemio brothers, Billy and Dommy. They were located where John Brewer’s Tavern once sat. Before that location the Stadium was on Medford Street – owned by the Marinellis – located between Commercial Street and Canal. Billy and Dommy would feature “3 Stooges Night.” A couple times a year they would choose a slow night and play Stooges all evening on VHS tapes on the TV located in the corner; SRO until the Howard family got wind of it and sent a cease-and-desist letter to the brothers Settemio. But I digress. This 1980 team expanded to 7 players and, yes, the gym pants were short. I kid Cliff about ringers; I was no angel myself when it came to foreign-born talent. —Peter is a longtime Malden resident and a regular contributor to The Malden Advocate. He can be reached at PeteL39@aol.com for comments, compliments or criticisms. ~Legal Notice~ INVITATION FOR BID CITY OF MALDEN - OFFICE OF THE CONTROLLER The City of Malden invites sealed bids in accordance with M.G.L. c 30b from Contractors for: Purchase of Firearms Contract Documents will be available by email request at purchasing@Cityofmalden.org after Tuesday, May 7, 2024, AT 10:00 A.M. Sealed Bids will be received until WEDNESDAY, MAY 22, 2024, AT 10:00 A.M., at the City of Malden Controller’s Office, 215 Pleasant Street, Malden MA 02148. Bids will not be accepted nor may submitted Bids be corrected, modified, or withdrawn after the deadline for submission. Following the submission deadline, Bids received within the time specified will be publicly opened and read-aloud. All bids must be accompanied by a bid deposit in an amount that is not less than five percent (5%) of the value of the bid, bid deposits, payable to the City of Malden, shall be either in the form of a bid bond, or cash, or a certified check, or a treasurer’s or cashier’s check issued by a responsible bank or trust company. The City may reject any and all bids in accordance with the above referenced General Laws. In addition, the City reserves the right to waive minor informalities in any or all bids or to reject any or all bids (in whole or in part) if it be in the public interest to do so. CITY OF MALDEN Office of the Controller May 3, 2024
19 Publizr Home