Page 18 THE MALDEN ADVOCATE–Friday, September 6, 2024 For Advertising with Results, call The Advocate Newspapers at 617-387-2200 or Info@ advocatenews.net INHERITED IRA REQUIRED MINIMUM DISTRIBUTIONS T he IRS recently finalized its regulations on inherited IRA Required Minimum Distributions (RMDs) in July of this year. This area of the tax law has become more and more complicated. The Secure Act involved major tax legislation relating to RMDs when dealing with beneficiaries other than spouses, minor children, beneficiaries less than 10 years younger than the decedent IRA owner and disabled or chronically ill beneficiaries, who are referred to as eligible beneficiaries. The other group of beneficiaries is referred to as ineligible designated beneficiaries (i.e. the non-spouse, et al beneficiaries). An example would be your child. Under the old rule, a child could stretch out the RMDs over his or her life expectancy. This would allow for great tax efficiency as the distributions could be stretched out over 20, 30 or even 40 years. Under the Secure Act, your child is required to deplete the IRA account within 10 years following the year of your death. This is a massive change in tax law. The new regulations now make it clear that if you reached your Required Beginning Date (RBD) at the time of your death, meaning you had already reached the age where you are required to begin taking your RMDs, your child would not only be required to deplete the account by the end of the 10th year following your death, your child would also have to begin taking annual distributions from this IRA account in years 1 through 9, with RMD calculations based upon his or her own life expectancy. This was unclear in the IRS’ previously proposed regulations. In the event you had not reached your RBD and were not required to begin taking your RMDs, your child would not have to take any distributions during years 1 through 9. However, the entire IRA account would have to be completely depleted by the end of the 10th year following the year of your death. It should be noted, that depending on one’s tax position, it may very well be beneficial to actually withdraw funds from the IRA account ratably over that 10 year period to reduce Uncle Sam’s tax bite allowing you to remain in a lower federal tax bracket. The IRS has waived RMDs with respect to inherited IRA’s for calendar years 2021, 2022, 2023 and 2024. However, the RMDs must commence in calendar year 2025. If you inherited an IRA from someone who died in 2020, the account would still have to be depleted by the end of 2030, notwithstanding the fact that RMDs are not required to be taken until 2025. This rule would not apply to surviving spouses and other eligible beneficiaries. These rules are complicated to say the least. There are different rules applying to estates and conduit Trusts that have been named beneficiaries of IRA accounts. 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. T Friends of the Malden River Upcoming Events he next regular Monday meeting of Friends of the Malden River is September 9th from 6:30-8:00.We will meet at the Cambridge Health Alliance (CHA) on 195 Canal Street, Malden.Please enter CHA through the main entrance by the largest parking lot.The community conference room is past the open double doors; take a left and the room is to the left.There will be signs to guide you. Karl Alexander, Mystic River Watershed Association Greenways Project Manager will be joining us for this meeting. The Malden River Greenway is a critical link for the Mystic River Greenway for the 25-mile loop around the watershed. Also, as we celebrate the upcoming Malden River Works Waterfront Park ground-breaking in early 2025, we appreciate what an important keystone this park will be for public access to the Malden River. We will explore and discuss effective ways of picking up where we left off in creating a vibrant public Malden River Greenway. The Open Space Recreation Plan + ART! Survey is open. The survey will be open for 50 days. Please take some time to fill out the survey.Here is the link for the English version: https://mapc.az1.qualtrics. com/jfe/form/SV_1NgVCAcICVInQ0K?Q_Language=EN https://mapc.ma/osrp_english Please feel free to comment on the lack of public access to the Malden River.Urge the City of Malden to work with the property owners bordering the Malden River to encourage a vibrant river bank for Community Members. Upcoming Events include: Saturday, September 14th 10:00AM-12:00PM: Malden River Neighborhood Cleanup with Idle Hands Craft Ales.All volunteers will earn free entry to the Oktoberfest celebration the day - Loads of fun! Thursday, September 19th - 10:00-4:00the Canoe Mobile OBITUARIES Mary (Vietri) Mavilio Of Malden. Entered into eternal rest on Friday, Aug. 30 at home surrounded by her loving family. She was 97 years old. Mary was born in Boston and lived in Everett for a while and resided in Malden for most of her life. Dear daughter of the late Raffaele and Elena (DiNapoli) Vietri. Beloved wife of the late Joseph A. Mavilio. Dear and devoted mother of Joseph Mavilio of Saugus, David A. Mavilio of Everett, Peter J. Mavilio and his wife, Shanna of Saugus and Ellen M. Fulchini and her husband, Vincent of Malden. Devoted sister of Theresa Anzuoni of Wakefield, Joanne Rauseo of Saugus, Elaine Vietri of Saugus and the late Dora DeGuglielmo and Rita Anzuoni. Loving Nana of Emma R. Fulchini, Sophia L. Mavilio and Isabelle C. Mavilio. Relatives and friends were invited to attend Mary’s visiting hours in the Cafasso & Sons Funeral Home, Everett, Wednesday, Sept. 4. Her funeral was from the funeral home on Thursday followed by a funeral Mass in St. Anthony’s Church, Everett. Interment Holy Cross Cemetery, Malden. Contributions in Mary’s memory to Catholic TV, P.O. Box 9196, 34 Chestnut St., Watertown, MA 02471 would be sincerely appreciated, as this channel brought her much comfort these last few years. Francis McFarland Passed away peacefully on September 1, 2024. He was 65 years old. Born and raised in Malden & a graduate of Malden High School. He was a dedicated coach for Malden little league and pop warner teams. Francis was the beloved son of the late Francis & Mary (Harrington) McFarland. He was the loving father of Drew McFarland, Devin McFarland, Ryan McFarland and Sean McFarland all of Malden. Visiting hours will be held on Saturday, September 7, 2024 from 2:00 PM - 5:00 PM in the A.J. Spadafora Funeral Home, 865 Main Street, Malden, MA 02148. Interment will be private. Family, Relatives & Friend's respectfully invited to attend. Like us on Facebook advocate newspaper Facebook.com/ Advocate.news.ma arrives at River's Edge Park in Medford.We are looking for a couple of volunteers to help with our workshop.Canoemobile is a “floating classroom” that brings students out on local waterways in 24-foot Voyageur 10-person canoes to learn about science, history, geography, and culture. The program will have both on water as well as on land content. Video attached here : Date and Location to be confirmed:October 3rd - Save Our Raptors with the Mass Audubon.This will be a kickoff public meeting as to how the City of Malden can tackle and effectively manage its rat population without poisons.These poisons kill important predators of small rodents: Owls, Hawks, Eagles, and other mammals including domestic Dogs and Cats.We can do better - Let's learn how. Thank you and see you on Sept 9th at Cambridge Health Alliance - 195 Canal Street, Malden at 6:30.
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