Page 18 For Advertising with Results, call The Advocate Newspapers at 617-387-2200 or Info@advocatenews.net THE MALDEN ADVOCATE–Friday, July 7, 2023 GALLERY | FROM PAGE 2 ular purple morning glory set alongside a common sidewalk or brick wall. Her photos depict trees in conversation, communicating with one another and the viewer, or baby swans floating closely together in a Malden pond. Dolph’s cards with these nature scenes, in addition to the other aforementioned works, are for sale at The Gallery. Dolph has most recently exhibited and sold her work locally during street fairs in Malden, at open studios in West Medford and Jamaica Plain, and at the Senior Center in Malden, as well as with Coffee Shop Artists at 350 Main in Malden and at The Beebe Estate in Melrose. LIFE ESTATES AND STEP UP IN COST BASIS ~ Legal Notice ~ O ne common dilemma facing the remaindermen listed on a deed is how tocalculate the cost basis of the real estate in question upon the death of the life tenant or life tenants. This is an important issue as the remaindermen need to know their cost basis in the event they subsequently sell the real estate or rent it out thereby requiring depreciation calculations. If, for example, a father deeded his home to his two children and reserved a life estate on the deed itself (essentially the right to use, occupy and possess the home for the rest of his life), upon the father’s death, under Internal Revenue Code (IRC) Section 2036(a)(1), the fair market value (FMV) of the home at the time of the father’s death would be the starting cost basis in the hands of the children going forward. If the FMV of the home was $600,000, the law treats it as though the children paid $600,000 for the home. This of course helps tremendously to avoid or greatly eliminate any capital gains tax upon a subsequent sale of the home. What if the father and mother both deeded the home to the children with reserved life estates? In this situation, since the father deeded his 50% interest in the home to the children with a reserved life estate, upon the father’s death, only 50% of the property is stepped-up to FMV upon his death. Since the mother deeded her 50% interest in the home to the children with a reserved life estate, upon the mother’s death, only 50% of the property is stepped-up to FMV upon her death. As a result, the home would have to be valued at both the father and mother’s death in order to obtain the new cost basis in the hands of the children upon the second to die. You would take 50% of the FMV of the home upon the father’s death and add that figure to 50% of the FMV of the home upon the mother’s death. Furthermore, 50% of the FMV of the home would be includible in the taxable estate of each spouse upon his or her death. What if the father and mother reserved a life estate, as husband and wife, tenants by the entirety? Would that make a difference in the calculation? The answer is no. Upon the father’s death, he in essence gifts his life estate to his wife. This is referred to as a life estate pur autre vie. Upon the subsequent death of his wife, there will not be a step-up in cost basis of the husband’s 50% life estate given to her as she simply did not retain a life estate in 100% of the home. She only retained a life estate in the 50% that she originally gifted to the children. She did not retain a life estate in the husband’s 50% interest. Only he did. This is pursuant to IRC Section 2036(a)(1) dealing with retained interests. 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. Mystic Valley Regional Charter School (MVRCS) REQUEST FOR RESPONSE (RFR) for Abatement and Demolition of No. 12-24 Lebanon Street RFR #24-200 RFR Release Date: Project walk through if requested At No. 12-24 Lebanon Street, Malden Response Deadline: Bid Opening at 4 Laurel St., Malden Performance to Commence: Responses are to be delivered to: Contact Information: Al Carrier, Project Manager Request bid docs via email to al@carrier-associates.com 617-875-7269 July 07, 14, 2023 ~ Legal Notice ~ NOTICE OF FUNDING AVAILABILITY (NOFA) American Rescue Plan Act Funds Available for Vacant Property Acquisition and Development The City of Malden has received $45.7 million in American Rescue Plan Act (ARPA) Local Fiscal Recovery funds and has granted $2 million to the Malden Redevelopment Authority (MRA) to acquire, rehabilitate, and sell vacant and blighted properties as affordable homes to income-eligible households. The City of Malden is seeking proposals from non-profit housing developers, for-profit housing developers, and public housing authorities to develop affordable homeownership under the Neighborhood Hub Program. Eligible projects for ARPA funding include the acquisition, rehabilitation, or new construction of affordable homeownership. The City’s Office of Strategic Planning and Community Development (OSPCD) will review applications for accuracy and completion. OSPCD staff may request additional information after an application has been received. The full Notice of Funding Availability will be available at https://www.cityofmalden. org/bids.aspx beginning on Wednesday, June 28th, 2023. Applications are available upon request and will be accepted on a rolling basis. Please direct any questions to Kristina Tseng, HOME Director, at ktseng@cityofmalden.org June 30, July 7, 14, 21, 2023 REAL ESTATE TRANSACTIONS BUYER1 BASNET, RABI BRAET, ANNA BURKE, RANIA O KOELLER, MEAGHAN M SALOMONE, ANDREW J ZHENG, XUE B JOHNSON, DAVID M PARKS, CHRISTINA E BUYER2 KLANN, JOHN SELLER1 DEJESUS, MARCIO 53 FELLSMERE LLC DILL, WILLIAM J SELLER2 BENNETT, HAMILTON B FRAGETTA, DIANNE A 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 144 ELWELL ST 53 FELLSMERE RD BURBINE JOSEPH F EST MONCHAMP, AMANDA J 30 NEWMAN RD #1 1223 SALEM ST CUMMINGS, ROBERT C 63 COLUMBIA ST PILLMAN JR, STANLEY R 1 ANDREW CT CITY MALDEN MALDEN MALDEN MALDEN MALDEN MALDEN DATE 06.16.23 06.15.23 06.16.23 06.15.23 06.14.23 06.16.23 PRICE 725000 805000 239000 765000 700000 360000 July 10, 2023 2 PM July 18th, 2023 11 AM July 28, 2023 2:00 PM July 28, 2023 2:15 PM TBD based on permits
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