THE MALDEN ADVOCATE–Friday, June 6, 2025 Page 25 - LEGAL NOTICE - City of Malden Massachusetts Board of Appeal 215 Pleasant Street Malden, Massachusetts 02148 Telephone 781-397-7000 x2104 MALDEN BOARD OF APPEAL PUBLIC HEARING The Malden Board of Appeal will hold a public hearing on Wednesday, June 18, 2025, 6:30 pm Eastern Time (US and Canada) at Malden City Hall, 215 Pleasant St, Room #106 Herbert L Jackson Council Chambers, Malden, MA on Petition 25-007 by Benjamin Picard, seeking a variance under Code of the City of Malden as amended – Title 12.16.070 (6) Table of Intensity Regulations: Specifically: Set Back of Retaining Wall as per Plans Res-072171-2025 at the property known as and numbered 58 Murray Hill Rd., Malden, MA and also known by City Assessor’s Parcel ID #027-103-308 Additional information, Petition & plans available for public review in the Office of Inspectional Services, 215 Pleasant St., 3rd floor, Malden, MA or online at www.cityofmalden.org or https://maldenma-energovweb.tylerhost.net/apps/Self#/home Nathaniel Cramer, Chair June 6, 13, 2025 - LEGAL NOTICE - City of Malden Massachusetts INSPECTIONAL SERVICES 215 Pleasant Street, 3rd Floor Malden, Massachusetts 02148 (781) 397-7000 ext. 2030 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, June 25, 2025 on the petition of ACDC 245 Bryant LLC, in Permit Application #CMID-069419-2024, seeking a special permit under Title 12, Code of the City of Malden, Sections 12.12.010.C, 12.12.300 and 12.28.010.D, to allow the conversion of preexisting nonconforming property in the Residence A zoning district for use as a multifamily dwelling up to three stories and an Inclusionary Development at the site of a Preferably Preserved Building, namely, to construct a building with three stories and a total of thirty-five (35) Affordable Housing Units, at the property known as and numbered, 245 Bryant Street, Malden, MA, and by City Assessor’s Parcel Identification # 097 424 414. Petitions and plans are available for public review in the Inspectional Services Department, Malden City Hall, 215 Pleasant Street, Room 330, Malden, MA and through the City website under Permit Application # CMID-069419-2024 at https://maldenmaenergovweb.tylerhost.net/apps/SelfService#/home By: Diane M. Chuha Clerk June 6, 13, 2025 T he Employment Retirement Income Security Act (ERISA) protects assets held in a qualified retirement plan from the reach of creditors. What about IRA’s? Are they a protected asset? The trend in recent years has been to bring IRA’s in line with qualified plans in terms of protection against creditors. In Patterson v. Shumate, 504 U.S. 753 (1992), the Supreme Court ruled that an interest in an ERISA qualified trust is excluded from a debtor’s bankruptcy estate. In Rousey v. Jacoway, 544 U.S. 320 (2005), the Court ruled that Individual Retirement Accounts (IRA’s) are similarly exempt. Subsequently, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 amended the Bankruptcy Code to provide that IRA’s and Roth IRA’s are exempt up to certain limits that are adjusted every three years. The latest update in March of this year brought the level of protection up to $1,711,975. In Massachusetts, under Mass General Laws, Chapter 235, Section 34A, amounts that have been rolled over from a qualified retirement plan into an IRA are protected from all credFor Advertising with Results, call The Advocate Newspapers at 617-387-2200 or Info@advocatenews.net ASSET PROTECTION CONCERNS WITH IRA’S itors’ claims other than those connected with divorce, child support, or criminal penalties or restitution. This is exactly the same degree of protection as is provided by the statute for qualified plans. If you roll money from your 401(k) plan into an IRA account that includes non-ERISA contributions, the liability protection level will not be unlimited. Liability protection will be limited to $1,711,975. This is an example of a co-mingled IRA account. IRA contributions other than rollovers made during the 5-year period preceding the IRA owner’s declaration of bankruptcy are protected only to the extent of an amount equal to 7% of the individual’s income during that 5-year period. For the calendar year 2025, the maximum amount you can contribute to an IRA is $7,000. For anyone 50 years or older, the additional catch-up contribution is $1,000. These same limitations apply to Roth IRA’s. Individuals who receive compensation (e.g. W-2 income), including alimony, that is includible in gross income, are entitled to make contributions to Traditional or Roth IRA’s per the SECURE Act of 2019, regardless of age. Previously, the age limit was 70 ½. When you or your spouse are an active participant in a qualified retirement plan, the deduction may be reduced or even eliminated depending on how high your adjusted gross income is. You need to make the contribution by 4-15-26 for a calendar year 2025 deduction. Filing for an extension will not give you extra time to make the IRA contribution for calendar year 2025. For married individuals filing joint returns, if both taxpayers are active participants in an employer’s qualified retirement plan, their ability to claim a deduction for contributions made to traditional IRA’s depends upon the amount of their modified adjusted gross income. The allowable deduction will be reduced when modified adjusted gross income is between $126,000 and $146,000. For a single taxpayer, the deduction for an IRA is phased out if he or she is an active participant in a qualified retirement plan and modified adjusted gross income is between $79,000 and $89,000. However, if only one of the married taxpayers is an active participant in a qualified retirement plan, the deductible contribution by the spouse who is not an active participant is phased out if the couple’s modified adjusted gross income is between $236,000 and $246,000. Knowing that you not only get a tax deduction for a contribution to a Traditional IRA and thatthe IRA account is exempt from creditors, one might have one more reason to contribute each year to an IRA. 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.
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