Page 14 THE MALDEN ADVOCATE–Friday, August 9, 2024 MUSINGS | FROM PAGE 6 pos of nothing, my mother Dotty simply adored Nancy and her killer fashion sense). The recipe was lovingly handed down from generation to generation to the “Irish guy” in the Parking Dept. So, on this day I am tasked with running across the street to Stop & Splurge to purchase hoagy rolls (pun intended) for the delicacies that await us. Here is where it gets a little strange: I am about to walk through the S&S portal when who comes strolling out at the very same moment? Cags! Now, for the record, I haven’t seen John at that S&S in recent memory, nor had I seen him around the neighborhood or the Club in many months, but here I am on a mission to secure bread to feast on his mom’s recipe for meatballs and I run smack dab into him...what are the odds of that encounter at that point in time and space? Predestination? Divine intervention? You make the call. By the way, the sandwiches were, as usual, out of sight, man!! Hint, hint Ron.... • Let’s have a big round of applause for Malden’s newest emRIGHT TO OCCUPY, ENJOY AND POSSESS REAL ESTATE HELD IN AN IRREVOCABLE TRUST fiduciary duty to the remaindermen (the beneficiaries that would receive the trust principal upon the Settlor’s death). If you happen to actually just A life estate is established when all of the remainder legal interest in a property is transferred to another individual, while the legal interest for life rights to use, occupy, possess, enjoy and receive the income or profits from the property is retained by the Settlor/ life tenant. A beneficiary who has the right to live in a house does not have the right to access principal. Even if the lifetime beneficiary/Settlor is also the trustee, and if the trustee decides to mortgage the property to make necessary repairs or to sell the real estate and buy another piece of real estate to be held in the trust as well, that right does not rise to the level of having “access” to the trust principal. The Settlor/lifetime beneficiary would only possess the right to occupy, enjoy and possess the replacement property and to collect any net rental income generated therefrom (if applicable). Furthermore, if the property is sold and there is no replacement property purchased, and the funds are simply invested, the Settlor/lifetime beneficiary only has the right to receive the net income generated from the investment. To distribute principal from the trust to himself/herself would constitute a gross breach of his or her have a life estate as reserved in a deed that you transferred to your children, for example, and if the property is sold, a certain portion of the sales proceeds must be allocated to you based upon actuarial tables found in IRS Book Aleph and interest rates found in Internal Revenue Code Section 7520. In that event, these monies allocated to you as a life tenant could be subject to spendown on nursing home care, even if you had deeded the real estate to your children more than 5 years ago. This is one of the benefits of the irrevocable trust. If the real estate is sold by the trustee, all of the sales proceeds belong to the trustee and the trustee must follow the terms of the trust exactly. Even if the Settlor is also the Trustee, he or she must follow the terms of the trust and will only have the right to distribute net income to the Settlor/lifetime beneficiary. The Settlor/lifetime beneficiary will have no rights to receive principal. This is your typical “income only” irrevocable trust. As mentioned earlier, there would be a massive breach of the trustee’s fiduciary obligation to the remaindermen if the trustee were to distribute principal to the Settlor. The bottom line is that we want the trust principal not to be counted for purposes of MassHealth eligibility. The Settlor of the irrevocable Trust cannot receive principal distributions under any circumstances. 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. ployee, Sean Shuemate in the Parking Department. Sean graduated in 1987 from Melrose High, where he excelled in academics, at making friends (Malden’s Errico brothers!), and on the hoop court. Stints in Belgium and Puerto Rico playing pro ball with a detour in Vegas living la dolce vita – the 50 something Sean brings a much-needed jolt of youth (inside joke) and a certain je ne sais quoi to the Parking Department. I am predicting right here in print Shue will become a major player in our fabulous city – making contributions for the betterment of Malden for years to come. What do you say, Hammer? • Program your electronic thingamajigs, Malden and all you Friends of Malden! The bestest time on the Malden social calendar, as we all know, is the second weekend in August on the streets of Ward 2, and it is almost here! Of course I am talking about the glorious Saint Rocco Feast! This year it will take place August 9-11, and the musical lineup which, up to this point, had been kept a state secret, can finally be revealed. Check out this weekend of outstanding, free entertainment brought to you by the friendly folks on the Saint Rocco Committee. Drum roll please: Friday night – newcomers and North End favorites 12 Barz Band make their debut! Allan Marcus is the face of the band and is a talented vocalist who’s been fronting bands in the Boston club scene for decades. Inspired by the likes of Joe Cocker, Stevie Wonder and Tom Jones, Allan brings the total package to the stage and with a horn section no less. Saturday night – in their return to the San Rock Festa the mighty, mighty WildFire! Kenny and the rest of the gang even had me dancing last year, and I haven’t danced since 1971 at a Y dance with Beth Sampson! Also, extra special guest funny man Dave “The Entertainer” Russo will return and host the night. Dave will have you rolling in the aisles with laughter and have you chuckling, grinning ear to ear, giggling and laughing out loud also. Sunday afternoon, after the Procession, we feature Steve Savio and those cool cats in SeaBreeze playing everything from traditional and popular Italian music to the Great American Songbook. After SeaBreeze, back by popular demand are those hipsters and dedicated followers of fashion in Heart Attack Ack Ack Ack Ack Ack: the premier Billy Joel tribute act on the North Shore. So, join us for all the fun! Have a sausage with peppers & onions, a nice cold adult beverage in Albert’s Beer Garden, then fuhgeddaboudit! Kick back and enjoy the company of old friends and new in person, not virtually. Makes a huge difference. • Friday, August 9, starts the Feast of San Rocco on Pearl Street in Malden. The organizers of the event take great pride in ensuring that each and every person who attends has a wonderful, welcoming time. It’s the premier family-friendly event in Malden and we sincerely hope you can join us. This year we honor the late, great Butch Gennetti who attended every San Rocco while alive. Cal Ripken’s 2,632 consecutive games played ain’t got nothing on Butch’s 85 straight years attending the festivities on Pearl St. We will honor Butch’s memory all weekend long. • San Rock organizer Joyce Mover explains: “For one weekend every year Edgeworth is the piazza of Malden, the gathering place for the whole city of - 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, August 21, 2024 at 6:30 p.m. Eastern Time (US and Canada) at Malden City Hall, 215 Pleasant St., Room #106 Herbert L. Jackson Council Chambers, Malden, MA on petition 24-007 by Guesh Engida and Freawain Wigerama seeking a variance under the Code of the City of Malden as amended - Title 12.16.060 (A) - The required frontage for dwelling purposes may be reduced on existing (but not newly created) irregularly shaped lots, lots on curved streets, and lots on turning circles by not more than (50) percent, provided that the required lot width is attained at the required setback line. as per Plans Res-064077-2024 at the property known as and numbered 104 Summit St., Malden, MA and also known by Assessor’s Parcel ID #150-629-925 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/SelfService#/home Nathaniel Cramer, Chair August 2, 9, 2024 Malden. We look forward to our 94th anniversary this year. We hope everyone will come down and experience the “Saint Rocco Magic.” Viva San Rock, Viva Butch Gennetti. As Peter Falk’s iconic TV character Columbo would say, “Just one more thing, sir” – Dana Brown speaks: “The community I saw...last night I had the pleasure of heading to a new and improved Devir Park for Malden Rec League basketball championship games. Malden Police coach the rec teams during the summer. Chief Cronin was on hand as a fan. Joe Levine and the rec department crew do a remarkable job for all our young people. Adjacent was the Little League Championship game. Kenny Mazonson and the Dolphins won again. Kenny has been doing this well for 50 years. The mayor was there to hand out the trophy. A bustling concession stand served as a landmark between the two events. Seems like freeze pops were the favorite! Each of the tennis courts was buzzing with amateur and semipro like players. The splash pad and playground were jammed with individuals and families alike. Several hundred people, by my count, were enjoying the variety of activities and the great weather. Every tribe and nation (to paraphrase from my favorite book), it seemed, were represented. No drama, no politics; just people wanting to be out, enjoying each other. That’s the Malden community I saw. That’s the community I want to be part of.” —Peter is a longtime Malden resident and a regular contributor to The Malden Advocate and can be reached at PeteL39@aol.com for comments, compliments or criticisms.
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