THE MALDEN ADVOCATE–Friday, June 19, 2020 Page 17 AID | FROM PAGE 5 Ortiz said Malden Neighbors have benefi tted from the generosity of volunteers, some of whom have supported families for weeks, continually bringing them groceries and other essentials. “This is a time we need to shore up our resources to help those in need,” she said. Malden Neighbors’ fundraising eff orts have been limited, and Ortiz asked councillors to urge Mayor Gary ChristenMetro North Housing Corp. Washington Street SRO 115 Washington Street Malden, MA 02148 PROFESSIONALLY MANAGED BY: New England Communities, Inc. 280 Salem Street, Box C, Malden MA 02148 carolecollins@creativehousingcollaborative.com 781-397-0223 SUBSIDIZED HOUSING OPPORTUNITY Two openings for affordable single room occupancy units in 14-unit house in Malden. Each tenant has a single, private room with a bed and dresser. Shared kitchen, dining room, bathrooms, washer/dryer, office, and yard. House manager on site part time. Professional cleaning. One accessible unit. Eligibility: 1-person households only. Your income must be at or below $41,000. Preference for people who are homeless or at-risk of homelessness. Rent will be 30% of your income as determined by Housing Choice Voucher Program (“Section 8”) or Mass Rental Voucher Program guidelines. To get an application: Call Email Pick up Tuesday 781-397-0223 OR carolecollins@creativehousingcollaborative.com OR Bread of Life, 54 Eastern Avenue, Malden at these times: 12:00-5:00 PM Wednesday 12:00-3:30 PM Thursday Friday 12:00-5:00 PM 12:00-1:30 PM Applications must be postmarked or received by July 10, 2020 by mail to: New England Communities, Salem Towers-Box C, 280 Salem Street, Malden, MA 02148 OR by email to: carolecollins@creativehousingcollaborative.com. Everyone who applies by the application date will be added to a waitlist in random order and screened for next steps in application process. Call or email for reasonable accommodation or questions. ~ Home of the Week ~ SAUGUS...Welcome to this 4 bdrm. Cape w/circular driveway and attached garage that sits on a corner lot located just outside Cliftondale Sq. 1st flr. offers master bdrm. along w/an additional bdrm. and updated bath, fireplace living rm. w/hrdwd. flooring, eat-in kit. leading to 31’ family rm./dining rm. addition w/sliders to a bright sunroom w/skylights and wood stove overlooking fenced in yard. 2nd flr. offers 2 additional bdrms. w/built in drawers and storage, second bathroom in lower level. This handicap accessible home offers many updates such as newer roof and windows, updated plumbing and electric plus cent. air and alarm system. HUGE 40 ft. detached gar. w/a 12 ft. wide x 14 ft. high electric door. Offered at $499,000 335 Central Street, Saugus, MA 01906 (781) 233-7300 View the interior of this home right on your smartphone. View all our listings at: CarpenitoRealEstate.com I n certain cases, it might make sense to shift the tax burden of capital gains from a Trust to a benefi ciary of the Trust. Once a Trust’s capital gain income exceeds $12,950, capital gain income will be taxed at a 20% federal rate. The rate in Massachusetts for long-term capital gain income is 5.05%. Investment income (including capital gains) that is not distributed to a benefi - ciary of a Trust will also be subject to an additional “net investment income tax” equal to the lesser of 1. The undistributed net investment income or 2. The excess of the Trust’s adjusted gross income over $12,750. This tax is an additional 3.8%. In contrast, an individual beneficiary of a Trust will receive the benefi t of a 15% capital gains tax rate on long-term capital gains (holding period of one year or more) and qualifi ed dividends until income exceeds $434,550 for a benefi ciary fi ling single and $488,850 for a benefi ciary fi ling married fi ling joint. Also, a Trust benefi ciary would not be subject to the net investment income tax until his income CAPITAL GAINS AND TRUSTS exceeds $200,000 if filing single and $250,000 if fi ling married filing joint. Therefore, a shift of capital gain income from a Trust to a benefi ciary could save as much as 8.8% in taxes. If the Trustee, pursuant to the Trust instrument, has the discretion to distribute income or principal to a Trust benefi ciary, that would allow the Trustee to shift the capital gain income to the benefi ciary. Capital gain income is considered a receipt of principal by the Trust. In order to shift capital gain income to a Trust benefi ciary, there must be a distribution of principal to the benefi ciary in the form of cash or other property. Keep in mind that this strategy would in no way be possible for an irrevocable Trust in the context of MassHealth (Medicaid) planning. An irrevocable Trust cannot allow for any distributions of Trust principal to the Settlor/income beneficiary of the Trust. If the Trust were to allow for that, MassHealth would consider the assets in the Trust countable for MassHealth eligibility purposes. Those assets in the Trust would then make the applicant ineligible for MassHealth benefits. If, on the other hand, the irrevocable Trust was set up for children with no MassHealth eligibility being sought in the future, then such principal distributions may be allowed pursuant to the terms of the Trust. 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. son to form a partnership with the United Way, which would use its formidable fundraising abilities to collect donations for the city’s established nonprofi t organizations. “It would be an opportunity to get some needed money into the city for those who need it most,” she said. Ortiz was happy to hear from Ward 1 Councillor Peg Crowe, who explained that she and Christenson’s Special Assistant, Maria Luise, have been working through the details of a partnership between the City of Malden and the United Way. The next step is to present the idea to the mayor. Malden Neighbors have been trying to fi gure out how to keep the group going on a long-term basis. Along with some work and fundraising that would be required as part of a United Way partnership, Ortiz said, the Neighbors hope to continue to direct people to organizations that provide the resources they need. In addition to providing much-needed support to residents, Ortiz said, Malden Neighbors has played another important role in building community by offering new residents the chance to volunteer and connect with people throughout the city. She said it has been astounding to see how many people have jumped at the opportunity to reach out and help their neighbors in need during the pandemic. “It has been such an awful time, but such an amazing experience,” she said. For more information on Malden Neighbors Helping Neighbors go to Maldenneighbors.org or visit the group’s page on Facebook.
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