THE MALDEN ADVOCATE–Friday, May 9, 2025 Page 17 LLC’S TO AVOID THE MASS ESTATE TAX M any people who own real estate in Massachusetts yet establish residency in New Hampshire or Florida, for example, will place their Massachusetts real estate in a Limited Liability Company (LLC). If the LLC membership interest is held directly by an individual or by a living Trust for the benefit of that individual, whether it be revocable or irrevocable, the New Hampshire or Florida resident, as the case may be, no longer will own real estate in Massachusetts that will be subject to the Massachusetts estate tax. That person will now own an intangible membership interest in an LLC similar to owning common stock in General Motors. As a Florida or New Hampshire resident, such common stock in General Motors would of course not be subject to the Massachusetts estate tax as this person is no longer a Massachusetts resident. If the Massachusetts real estate is rental real estate, if the LLC holding title is a single member LLC, no separate income tax return needs to be filed for the LLC. The rental income and expenses can be reported on page 1 of Schedule E, Rental Income or Loss, as part of your Form 1040. If there are two or more members of the LLC, then Form 1065, Partnership Income Tax Return would have to be filed for the LLC. The LLC would then issue a Schedule K-1 to each member of the LLC in order that the net rental income of the LLC be reflected on page 2 of Schedule E. Keep in mind that if you plan on selling your home in Massachusetts, in order to take advantage of the $250,000 capital gains tax exclusion for a single person ($500,000 for a married couple filing a joint return) with respect to the sale of your principal residence, if you transfer your home into an LLC, you have 3 years to sell your home to take advantage of this capital gains tax exclusion. The reason is you have to own your home and live in your home for at least 2 out of the immediate 5 years prior to the date of sale. Once you transfer your home to the LLC, you won’t technically own it. The LLC will own the home. Another reason to place the Massachusetts real estate for a non-Mass resident into an LLC and then have a Trust own the LLC membership interest, would be to avoid having to probate your estate in the county where the real estate is located. If the LLC membership interest is placed into a revocable or irrevocable Trust, the terms of the Trust would dictate the ultimate disposition of the real estate. No probate proceedings would be necessary. Furthermore, if the LLC interest was placed into an irrevocable trust and more than five years have gone by, the real estate would be protected against any possible future Medicaid lien and would not be considered a countable asset for Medicaid eligibility in the first place. 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. Come celebrate the music from the 70’s and 80’s with Polymnia Choral Society! O n June 7, Polymnia will present Earth, Wind & Choir! —a celebration of hits from the 70’s and 80’s. The concert will feature songs made famous by artists such as Earth, Wind & Fire, Queen, Steely Dan, Stevie Wonder, and many, many more! Come join us and sing along to favorite and familiar songs. The concert promises to be a funfilled event appropriate for all ages. MUSINGS | FROM PAGE 16 on Mike’s page. It never failed to stir deep emotion. Tears welled in Johnny Pesky’s eyes when I told him Mike was my fatherin-law. Mike Lepcio gripped my hand hard and said, simply, that he missed him. And Rico Petrocelli – well, couldn’t even find the words. He just said he loved Mike and missed him more than he could ever say. Mike’s and Lal’s devotion to the Red Sox didn’t end with them. It lived on through their three daughters: former Malden High School teacher and union president, Margaurite; Pam, my wife, the heart and soul of Malden’s postal service for too many years; and the late Sandy, whose spirit still cheers from above. And now, a new generation carries LEGAL NOTICE CITY OF MALDEN INVITATION FOR BID The City of Malden invites sealed bids in accordance with M.G.L. c.30b from Vendors for: BITUMINOUS CONCRETE ASPHALT Email Company Name, Address, Contact Name, Email Address and Phone Number to purchasing@cityofmalden.org, after: 10:00 a.m., Wednesday, May 14, 2025, for Contract Documents. Bids will be received until 2:00 p.m., Thursday, May 29, 2025, at the Office of the Controller, 215 Pleasant Street, 2nd Floor, Malden MA 02148. Following the deadline, all Bids received within the time specified will be publicly opened and read aloud. The City reserves the right to reject any and all bids. CITY OF MALDEN Office of the Controller May 9, 2025 The fun will start at 7:30 p.m. on Saturday, June 7, at Melrose’s Memorial Hall (590 Main St.). There is a wheelchair accessible ramp at the building’s front entrance. If you have any accessibility-related needs, please email accessibility@polymnia.org. Tickets are $30 for table seating, $25 for adults, $20 for seniors, $15 for students and $5 for children under age 12. We look forward to seeing you there! the torch – their great-grandchildren: Jayden, Christian, Lola, Jack, Lana and Milo. This one is for you, Mike and Lal. May you be smiling down from your seats behind the dugout from above, watching over your beloved 2025 Sox – and rooting right alongside all of us, your family. As Peter Falk’s iconic TV character Columbo would say, “Just one more thing, sir” – the City of Malden’s very own Chief Strategy and Innovation Officer, Ron Hogan, and his wife, Susan, are overjoyed to announce a brandnew title in their lives: Grandparents! With hearts full and smiles wide, they want to proudly introduce their very first grandchild to the world – the radiant (and cute as a button) Nora Lin Hogan. Born to proud parents To purchase tickets, visit https://polymnia.org/ about-our-upcoming-season/ or Miter Biter at 479 Main St. in Melrose, or call 617-633-5006. Now in its 72nd year, Polymnia Choral Society has been delivering great performances to acknowledge and honor the important times in our lives. For more information about Polymnia, visit www.polymnia. org/about. Brendan and Stephanie, this 7.1 lb. bundle of wonder has already stolen the spotlight (and a few hearts) as she rests comfortably at home. Little Nora may be new to the world, but with her sparkle, spirit and the strength of generations behind her, there’s no doubt she’ll chase – and catch – every dream her heart can imagine. Welcome to the world, Nora. It’s a brighter place with you in it! Postscript: Rose Girone, oldest Holocaust survivor, died at 113 (1912-2025). May the memory of the righteous be a blessing. —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
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