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Page 18 RESPONSE | FROM PAGE 11 24 pack) Index cards Loose-leaf paper Rulers Mini staplers Graph paper Erasers Glue bottles & sticks Housing Families also requests – if you are feeling extra motivated – to try setting out a donation box at your work, place of worship, school, apartment building, or local coffee shop (with permission, of course). You can use their flyer or make your own creative signage. Questions? Reach out to Anthony Presti at apresti@housingfamilies.org THE MALDEN ADVOCATE–Friday, August 18, 2023 MUSINGS | FROM PAGE 3 ing behind the door. True story. We finish the delivery and are about to hop back into the cab when Tee Wilson walks by with his Doberman. My dad pulls out a flank steak that had fallen out of a box and gives it to Tee for the pup. Happiness all around and a friend made for life. Cambridge Street in Cam529 PLANS AND ROTH IRA ROLLOVERS Beginning in calendar year 2024, 529 College Savings Plan account holders will be able to roll over the funds in a 529 plan investment account into a Roth IRA in the name of the beneficiary of the 529 plan up to a $35,000 lifetime limit. The 529 plan must have been owned by the beneficiary of the plan for at least 15 years. This is a valuable option when a child or grandchild decides not to go to college. If there are no other children or grandchildren with their own 529 plan to roll the monies into, rolling the 529 plan assets to a Roth IRA in the name of the beneficiary not going to college is a good option, so long as the amount rolled over does not exceed $35,000. If the remaining assets in the plan then need to be cashed out, income taxes will be paid on the earnings as well as a 10% penalty. The contributions each year to the Roth IRA are subject to a limit. The limit for 2023 is $6,500. The conversion of 529 plan assets apply only to Roth IRA’s, not Traditional IRA’s. This was included in the SECURE 2.0 Act passed by Congress at the end of calendar year 2022. If, for example, there was $32,500 in your son’s 529 plan and he decided not to go to college, you could roll over $6,500 per year over the next five years into his Roth IRA account until the 529 plan assets were fully exhausted. At the end of the five-year period, the 529 plan assets would be depleted and your son’s Roth IRA account would be equal to $32,500 plus any earnings over that five-year period. There are no modified adjusted gross income limitations with respect to the ability to fund the Roth IRA contribution each year by rolling over monies from the 529 plan. However, your son or daughter would have to have at least $6,500 in earned income in order to max out on the Roth IRA contribution each year. The Roth IRA contribution limit will increase to $7,000 in 2024. There is an additional $1,000 contribution allowed for those individuals who are 50 years of age or older. The IRS needs to clarify whether or not there needs to be sufficient earned income in order to rollover funds from the 529 plan to the Roth IRA in the name of the 529 plan beneficiary. If your son or daughter had $32,500 in the 529 plan and the funds were rolled over to a Roth IRA, if the monies were invested over a 40-year period earning 8% per year, the balance in the account would exceed $706,000. This is another good reason to consider opening up a 529 plan for a child or grandchild. You now have more options available down the road if circumstances change and a child or grandchild decides not to attend college. 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. bridge is our next stop. It’s a little after 9 or so at this point. Like clockwork my dad pulls up to the nearest payphone to call mom for the morning checkup (“How are the kids?” “What’s for supper?” “I love you!”). That phone was in front of the Mayflower Poultry Company with the iconic “Live Poultry Fresh Killed” sign attached to the front. Dad parks on the opposite side of Mayflower and jogs across the street (yes, my father could jog at one time). As soon as he leaves the cab – breaking news from our nation’s capital. I hear it first on ‘MEX: Our “long national nightmare” is over. For days the Malden Evening News covered the resignation in depth. Editor David Brickman was at the top of his game in 1974 and was a power player in Greater Boston journalistic circles, his Malden Evening News the envy of every local daily in the New England area. Here is a very small sample of what transpired on the pages of the old Malden Evening News 49 years ago this August. An article called... “Relief, Sadness Greet Resignation” “It was a hot, slow day in Malden Square Thursday afternoon as the United States prepared to change presidents by resignation for the first time in its history. “Maybe it was the weather, but most persons interviewed in and around the Square simply shrugged their shoulders and wondered what else Richard M. Nixon could have done. “No one thought the President should have stayed in office and fought impeachment through to the Senate floor, though two persons said they were sorry to see him go. “As for Gerald Ford, who will become the 38th President of the United States, almost everyone echoed Louis Yanakopoulos, who said, ‘I don’t know anything about him.’ “Yanakopoulos, a Malden man, said he was happy to see Nixon go, and added he was glad the President had chosen to do it by resigning rather than putting the country through the ‘turmoil’ of an impeachment trial. “A woman waiting for a bus in front of the Malden Savings Bank said with a smile that she was happy that Nixon would soon be out of office and agreed that he should not have taken his case to the Senate.” “It’s Rough” “‘Impeachment is harder on the people,’ the woman said as she waited to board a bus drawing up, ‘and harder on his family too,’ adding she had voted for Nixon in 1968. “A Rhode Island man in town for a job interview said how Nixon leaves office, ‘makes no difference as long as he leaves.’ “Frank Mastrati, of Cranston, outside of Providence, said he had no opinion on Gerald Ford, and added he thought Nixon had, ‘done enough to be impeached, but was also hounded out by the media.’ [My note: that sound familiar?] “Mastrati was against prosecuting the president for any crimes he may have committed in connection with Watergate but thought Nixon should be losing the office of the president, which was enough punishment. “Virtually everyone questioned as to their feelings on what looks like the end of the longest political story in the nation’s history spoke slowly and apparently with some thought. “One man walked a block through Malden Square pondering his reaction on Nixon’s resignation before simply saying, ‘I don’t think he has any choice.’ “Many persons interviewed on the street said only that Nixon had no other option open to him, refused to give their names, acting, in the words of one man, as though, ‘There is nothing to say.’ “Only two people still supported President Nixon, though they both agreed that Nixon had no real option open to him but resignation. “William Powling of Revere said the president has done, ‘More good than bad, and everyone is a crook,’ and that he thought Nixon had, ‘definitely been persecuted.’ As for Ford, Powling shrugged his shoulders and said, ‘I didn’t vote for him, no one did.’ “The one other man who called himself a Nixon supporter was a visitor from Attica, New York, who echoed Powling with the comment, ‘He’s just another crook, one who got caught.’ “The New Yorker, Ray Kiskis, said despite his support of the president, he was glad to see him resign instead of fighting impeachment, ‘that just would have made more trouble.’” “Very happy” “Two persons in the Square were quite glad Nixon would soon be out of office. Pierce Butler of Brighton and Barbara Bishop of Malden. “Butler said he was ‘overjoyed to have him out,’ and said he didn’t mind that Nixon had not been impeached, ‘The primary thing is that he is no longer president.’” Postscript 1: Louie Yanakopoulos is alive and well in 2023 and was spotted last weekend at the San Rock Feast making merry and living la dolce vita. Postscript 2: Happy 10 years on earth to my sweet, adorable granddaughter, Lola Nicole Falzarano! —Peter is a longtime Malden resident and a regular contributor to the Malden Advocate. He can be reached at PeteL39@aol.com for comments, compliments or criticisms. Like us on Facebook advocate newspaper Facebook.com/Advocate.news.ma REAL ESTATE TRANSACTIONS BUYER1 MUI, WENTING BUYER2 MUI, JOSEPH SELLER1 CHU, PAUL W SELLER2 CHU, BETTY T 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 57 CUSHING RD CITY MALDEN DATE 07.18.23 PRICE 760999

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