Page 18 THE MALDEN ADVOCATE–Friday, May 19, 2023 For Advertising with Results, call The Advocate Newspapers at 617-387-2200 or Info@advocatenews.net OBITUARIES James F. Carrozza Of Malden. POOLED TRUSTS ELIGIBILITY OPERATIONS MEMO 23-15 M assHealth has just recently issued Eligibility Operations Memo 23-15 regarding how it will be treating pooled trusts. Pooled trusts are utilized typically when a single individual is applying for MassHealth benefi ts and is over the asset limit. A Payment is made to the non-profit organization that administers the pooled trust in order to reduce the applicant’s countable resources to $2,000. The administrator of the pooled trust may use the monies set aside for the applicant for support services that MassHealth does not pay for or for the purchase if items that MassHealth does not pay for, such as a computer. Any monies left over upon the MassHealth recipient’s death has to be utilized to pay back MassHealth for benefi ts paid on behalf of the recipient and typically 10% of the funds remaining will be kept by the pooled trust organization (often 20% if the recipient was receiving MassHealth benefits for two years or longer). If there are still monies remaining, those monies will be distributed to the family of the MassHealth recipient. The benefi t is that MassHealth pays a nursing home anywhere from fi fty to sixty percent of the private pay amount. Therefore, the amount that has to be repaid is much lower than the private pay rate allowing for the funds in the pooled trust to last longer. There is a chance that money will be left for the family to enjoy. Currently, a single person can put money into a pooled trust if over the asset limit and immediately qualify for MassHealth. There is no fi ve-year look back period requirement. This recent memo is stating that after March 1, 2024, there will be a five-year look-back period requirement for funds placed into a pooled trust for applicants over the age of 65. Currently, there is no fi veyear look back period requirement for applicants who have funded a pooled trust at age 64 or younger, regardless of whether an application for MassHealth benefits is not submitted until age 65 or later, and that provision will remain the same. The likelihood is that this memo is designed to provide our state legislature time to enact legislation to allow for pooled trust to continue to be utilized as they have been in the past thereby requiring no fi veyear look-back period in order to avoid a disqualifying transfer. For example, if you wish to transfer your home into an irrevocable trust, you have to wait for five years in order to avoid a disqualifying transfer. We’ll see what law is actually passed in hopes of protecting the use of pooled trusts. 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. REAL ESTATE TRANSACTIONS BUYER1 SHANG, LILI TENG, JING WANG, CARLSON M BUYER2 SELLER1 SELLER2 PORER ELAINE M EST PERLIN, ELLEN H DEVLIN DENIS F EST LEELAHASILP, PUDSADEE LI, MINGWEI Copyrighted material previously published in Banker & Tradesman/The Commercial Record, a weekly trade newspaper. It is reprinted with permission from the publisher, The Warren Group. For a searchable database of real estate transactions and property information visit: www.thewarrengroup.com. ADDRESS 33 LODGEN CT #4E MADDOX, SHANNON 43-45 MEDFORD ST MA, YING 68-70 WYETH ST CITY MALDEN MALDEN MALDEN DATE 04.28.23 04.28.23 04.27.23 PRICE 345000 843000 1030000 On May 11th. Beloved husband of Lisa Carrozza. Loving father of Mary Callahan and her husband Ian of Staff ord Springs, CT. Cherished grandfather of Casper Callahan. Beloved son of Judy Berry of Malden. Dear brother of Michael Carrozza and his wife Alicia of Arizona. Loving uncle of Michael and Mason Carrozza. He is also survived by several aunts, uncles and cousins. Jim has been a lifelong resident of Malden. He is a graduate of Northeast Vocational Technical School, Class of 1989. For many years he worked in the appliance repair business. He retired from Sherman Appliance in Arlington. Jim was an avid freshwater fi sherman and a lifelong lover of music. Relatives & friends were invited to attend his funeral from the Breslin Funeral Home, Malden on Tuesday May 16th followed by a Funeral Mass celebrated at Immaculate Conception Church, Malden. Visiting hours were held at the funeral home on Monday May. In lieu of fl owers, donations in his memory may be made to Beth Israel Deaconess Medical Center Gift Processing, Offi ce of Philanthropy, 330 Brookline Ave., Boston, MA 02215. www.bidmc.org. OBITUARIES | SEE PAGE 22

19 Publizr Home

You need flash player to view this online publication