THE MALDEN ADVOCATE–Friday, May 24, 2019 Page 19 BUDGET | FROM PAGE 1 effi cient systems will go a long way in helping city schools. The proposal for this year’s school budget is $74,200,150, a 3.8 percent increase over last year’s $71,449,421 budget. Christenson said the School Committee’s request for funding to hire 10 new teachers will ease the problem of crowded classrooms, and he mentioned two science classes at Malden High that were packed with more than 30 students each. “Starting next year, under our proposal, we will have 16 to 17 students in each class,” he said. In addition to fully staffi ng all departments, this year’s budget proposal calls for a $62,235 Joseph D. Cataldo “YOUR FINANCIAL FOCUS” INHERITED 401(k) ROLLOVER OPTION FOR NON-SPOUSE BENEFICIARY f the person you are inheriting the 401(k) account was at least 70 1/2 and was taking required minimum distributions at the time of his or her death, you must then continue to take out at least these required minimum distributions. If you wish, you can withdraw more, but not less. You have the right to take these distributions out over the longer of either the decedent’s life expectancy or your own life expectancy, according to the IRS’ required minimum distribution life expectancy table. You should be aff orded this option whether you leave the funds in the 401(k) plan or roll the 401(k) plan monies into an Inherited IRA account. If the person you are inheriting the 401(k) account had not yet reached the age of 70 1/2 at the time of his or her death, the 401(k) plan should allow for one of the options listed below: 1. The 401(K) plan may require you to take all of the I you would have to evaluate your expected tax situation for each of those years. 2. The 401(k) plan may almoney out of the plan no later than December 31st of the 5th year following the year of the decedent’s death. You have the right to withdraw small amounts during the fi rst four years and wait until year fi ve to withdraw the remaining monies in the plan. The withdrawals will be taxed at ordinary income tax rates so low you to take the money out in annual amounts over your life expectancy according to the required minimum distribution life expectancy tables. You should be able to do this by leaving the money in the plan or by rolling the monies over into an Inherited IRA account. This second option is known as a “stretch IRA” as the younger person can stretch the withdrawals over a longer period of time based upon the IRS tables, as opposed to a shorter period of time in the case of the decedent, who most likely would be an older person. It is important to discuss with the plan administrator what the 401(k) plan allows for and what it doesn’t allow for. Joseph D. Cataldo is an estate planning/elder law attorney, Certifi ed Public Accountant, registered investment advisor, AICPA Personal Financial Specialist and holds a masters degree in taxation. investment in a transportation planner to research, assess and oversee the city’s transportation systems, and $10,244 for recovery coaches to work with the Health Department to confront the ongoing opioid epidemic. To comply with Department of Environmental Protection regulations, the city will also invest $80,000 in its stormwater drainage system. And $750,000 will continue to be spent on the replacement of lead water lines. Christenson credited Strategic Planner and Parking Department Director Ron Hogan, Controller Charles Ranaghan, Human Resources Director Anthony Chiccuarelli and Special Assistant to the Mayor Maria Luise for the long hours of planning and number-crunching that went into this year’s budget proposal. The City Council’s Finance Committee now takes over for what is typically an extended review of each department’s proposed spending before the budget goes to the full council for a vote. ~ LEGAL NOTICE ~ COMMONWEALTH OF MASSACHUSETTS THE TRIAL COURT PROBATE AND FAMILY COURT Middlesex Probate and Family Court 208 Cambridge Street, Cambridge, MA 02141 (617) 768-5800 Docket No. MI13P0731EA In the matter of: Date of Death: 04/03/2012 CITATION ON PETITION FOR ALLOWANCE OF ACCOUNT David R. Lucas of Melrose, MA requesting allowance of the 1st and requested in the Petition. You have the right to obtain a copy of the Petition from the Petitioner or at the Court. You have a right to object a written appearance and objection at this Court before: 10:00 a.m. on 06/20/2019. This is NOT a hearing date, but a deadline by which you thirty (30) days of the return date, action may be taken without further notice to you. WITNESS, Hon. Maureen H. Monks, First Justice of this Court. Date: May 16, 2019 TARA E. DeCRISTOFARO REGISTER OF PROBATE May 24, 2019 REAL ESTATE TRANSACTIONS 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. BUYER2 BUYER1 Grimball, Ashton Vo, Eddie Chan, Alexander Li, Yunxiang Matos, Faylis SELLER1 SELLER2 Grimball, Hyeyon Colarusso, Anthony Colarusso, Carla Oquinn, Daniel J Ci zens Bank NA Barros-Teixeira, Juliana Drigues-Teixeira, R R Vieira Frank M Est Chan, Ka C Marquina, Maria G Chan, Candy H Granado, Isidro Chen, Chao H Joseph, Marie Bartolo a, Rachelly Moscote, Jose Cerasuolo FT Vieira, Sean M Henry, Wales Garcia-Trevino, Adrian J Salamoun, Nency N Mendez, Jose M Mendez, Julia Beaudet, Douglas S Bartolo a, Ryan J Ranade, Ketaki Arrano Nery M Est Arrano, Kevin J Oquinn, Gregory ADDRESS 51 Converse Ave 26-28 Waite St 24 Pagum St 42 Loomis St #111 10 Regent Rd 56 Essex St 6 Bond St 66-68 Myrtle St Daisy-Moscote, Marina 9 Orchard St Reale, Lisa J PRICE $ 785 000,00 $ 761 000,00 $ 360 000,00 $ 336 000,00 $ 310 000,00 $ 628 000,00 $ 536 000,00 $ 850 000,00 $ 775 000,00 274 Highland Ave #4 $ 332 000,00 Malden
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