Page 14 THE MALDEN ADVOCATE–Friday, August 23, 2024 MALDEN | FROM PAGE 9 at the opportunity to work with The Great Malden Outdoors from day one,” said Friends of the Fells Community Engagement and Operations Manager Maddie Morgan. “From our earliest conversations during the Summer of 2023, we wanted to be involved with getting more Malden residents outside and enjoying the Middlesex Fells. This event was just the beginning of a larger effort to connect more people to the power of nature in our collective backyard.” The Department of Conservation & Recreation (DCR) provided two park rangers and trail staff to check the route before the hike, to clear any potential downed trees or obstacles along the trail to ensure the group could complete the hike safely. While this event was the finale of the Malden Disability Commission’s Disability Pride celebrations, this cohort of outdoor access organizations are working on a larger outdoor education series to make the Middlesex Fells more accessible for Maldonians. “Malden’s Disability Commission was happy to join the diligent work of Darren Josey and his extended team,” said Malden Disability Commission Chair Marilyn Rezendes Andrews. “The Disability Commission raised the Disability Awareness flag on July 15 outside City Hall with Commissioner Kate Higgins and shared the significance of each of the Disability Pride flag colors.” “The Great Malden Outdoors campaign was created to make the outdoors more accessible to all. Trail access is already difficult for first timers and even COUNTDOWN | FROM PAGE 1 GRANTOR-TYPE TRUSTS AS OWNERS OF SUB S CORPORATION STOCK A s part of the estate planning process, it is a good idea to consider transferring common stock in a Subchapter S Corporationto a wholly-owned grantor-type trust in order to avoid probate in the event of the stockholder’s death as well as for estate tax planning. Many businesses have adopted S Corporation status for tax purposes. With an S Corporation, the income or loss is passed through to the individual stockholder via a Schedule K-1 form in order for the income or loss to be reported on the stockholder’s Form 1040. Assuming the stockholder has enough stockholder basis in the corporation, any loss incurred by the corporation can be passed through to the stockholder to offsetincome such as wages, interest, dividends, net rental income, etc. IRC Section 1361(c)(2) allows for a grantor-type Trust to be an eligible shareholder of an S Corporation. All revocable trusts are grantor-type Trusts. If structured properly, even an irrevocable Trust can be deemed a grantor-type Trust for tax purposes. If a stockholder wishes to transfer his or her common stock certificate to a revocable or irrevocable Trust, he or she would be the Settlor (the Grantor) of such a Trust, the Trustee of such a Trust and the income beneficiary of the Trust. If an irrevocable Trust is the preferred option due to asset protection reasons such as nursing home costs, some people will look to name a child the Trustee. If the Trust is drafted properly and there are not any circumstances where a principal distribution can be made to the Settlor, then the common stock in the irrevocable Trust should not be a countable asset for purposes of MassHealth eligibility, even if the Settlor also serves as Trustee. The Settlor (Grantor) of the grantor-type Trust must be deemed the owner of the entire Trust and must be a United States citizen or resident. If the Grantor dies, the grantor-type Trust would still be a permissible stockholder for two years following the Grantor’s death. In the event of the Grantor’s death, for S Corporation income tax purposes, the Trust would be considered a non-grantor administrative Trust under Internal Revenue Code Section 1361(c)(2)(A)(ii). No election is necessary to be filed with the IRS in order for a grantor-type Trust to be an eligible shareholder of an S Corporation. A Grantor-Type Trust tax return could be filed in order to report the Schedule K-1 income or loss generated by the S Corporation. A Grantor letter would then be delivered to the Grantor of the Trust so that the Grantor could report the net income or net loss figure on his or herfederal and Massachusetts individual income taxreturn. 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. Pre-K to Grade 12. “There has been a lot of enthusiasm evident this summer, shown by our administration in our back-to-school planning and that has been great to see,” Superintendent Sippel said Wednesday, shortly after greeting 33 newly hired educators at an event held at Malden High School. “We are planning to carry it into the start of our school year.” Sippel, who began his tenure as the head of the Malden Public Schools July 1, has “hit the ground running” since Day One, he said, with his first steps centered around “getting to know as much about the Malden community, as quickly as possible.” The new superintendent told The Advocate he has “been impressed with the welcoming atmosphere” he has experienced in Malden so far. Superintendent Sippel said he has attended a harder when most trails aren’t ADA accessible and off-road assist equipment is so expensive. With partners like Waypoint Adventure, Friends of the Fells and the DCR – it IS possible to get everyone outside,” said Darren Josey (DJ), creator of The Great Malden Outdoors and event volunteer. To learn more about future events for The Great Malden Outdoors, sign up at: www. TheGreatMaldenOutdoors.com. For more information about potential sponsorship opportunities or media inquiries, please slew of Malden celebrations and events this summer, including Malden National Night Out at Macdonald Stadium earlier this month and the iconic St. Rocco’s Feast in the city’s Edgeworth neighborhood just a week ago. The former Worcester Public Schools administrator – who also spent two decades-plus in California Public Schools – said he has already greeted or met hundreds of Malden residents, including students, families and other community members, in the nearly two months he has been on the job. “It has been a pleasure to interact with so many people from Malden and I intend on getting to know many more,” he said. Superintendent Sippel recently released a formal Entry Plan that details just that: meeting with many groups and individuals in and around the city to get an inside look on what stakeholders would like to see from their public school system. contact Darren Josey at DJ@ FirstSeedSown.com. For more information about other partners: Waypoint Adventure: https:// ma.waypointadventure.org/ Friends of Fells: https://www. friendsofthefells.org/ DCR Universal Access Program: https://www.mass.gov/ orgs/universal-access-program Malden Disabilities Commission: https://www.cityofmalden. org/450/Disability-Commission First Seed Sown: https://www. firstseedsown.com/municipalities On August 28, though, the day-to-day operation for the #1 most diverse school district in Massachusetts begins. The Superintendent said that the district website – located at www.maldenps.org – is up to date and contains all of the first day of school information and school opening and closing hours for all of the seven schools: Early Learning Center, Beebe K-8 School, Ferryway K-8 School, Forestdale K-8 School, Linden K-8 School, Salemwood K-8 School and Malden High School. “I’m ready to go, our staff is ready to go,” Superintendent Sippel said. “We are looking forward to working together and making this a successful, productive school year for our students and their families.” Information on specific back to school hours and other details for each of the schools in the district is available at www. maldenpublicschools.org. Like us on Facebook advocate newspaper Facebook.com/Advocate.news.ma - 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, September 18, 2024, 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 24-009 by Sheperd Doeleman and Elissa Weitzman seeking a variance under Code of the City of Malden as amended – Title 12.16.060 Table of Intensity Regulations: Specifically: Violation of Front yard and Rear yard setbacks as per Plans Res-062872-2023 at the property known as and numbered 46 Sprague St., Malden, MA and also known by City Assessor’s Parcel ID #074-261-113 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 23, 30, 2024
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