Page 16 THE MALDEN ADVOCATE–Friday, September 8, 2023 Malden residents to participate in Boston Marathon® Jimmy Fund Walk presented by Hyundai Walk Hero Norma-Rose Termé-Smith will join thousands in the iconic fundraising walk for Dana-Farber Cancer Institute to support all forms of cancer research and care F ourteen residents from Malden will participate in the Boston Marathon® Jimmy Fund Walk presented by Hyundai on Sunday, October 1. Walk Hero Norma-Rose Termé-Smith, Katelyn Belmonte, Carolann Gabriella, Martin Gabriella, Sydney Schwager, Michael Bryant, Judi Downey, Leanne McAuliff e, James Riccardi, Janis Moriarty, Caitlin Resendes, Brendan Moriarty, Hui Huang and Yue Zheng — along with thousands of other walkers — will participate in the iconic annual event that will unite the community to raise funds SPECIAL POWERS OF APPOINTMENTS IN DEEDS E state planning attorneys use special powers of appointments in order to reserve in the Grantor the limited power to change who will ultimately receive the real estate and under what conditions. A Massachusetts Appeals court in 2017 approved such a reserved special power of appointment in the case of Skye v. Hession, 91 Mass. App. Ct. 423. This case has not been appealed to the Mass SJC. The court held that the reserved power in the deed itself (and the later exercise of that power) were valid. The grantor (owner of the real estate) wanted to protect the real estate in the event nursing home care was needed. However, she also wanted to preserve the right to change who would ultimately receive the real estate upon her death. She exercised the special power of appointment contained in the deed via her Last Will and Testament. Once her Will was submitted to the Probate Court for allowance, one of the individuals whose interest was reduced fi led an objection to the Will attempting to declare it null and void. The court stated that since the grantor had reserved a life estate in the deed, the individuals receiving an interest in the real estate at that point in time did not have a “present possessory interest”, but rather had a “remainder interest”. The interest of those individuals at that point in time was circumscribed by the grantor’s reserved special power of appointment. In eff ect, those individuals had originally received a “fee simple defeasible” interest. In a nutshell, the Appeals Court stated that the grantor could actually deed the property to one or more people, reserve a life estate in the deed itself, and still reserve the right to change who would ultimately receive the real estate, and, in what percentages. Once the five-year look back period has been met, the grantor will not have to include the real estate as a countable asset for MassHealth eligibility purposes. Why is this so? The reason is that the grantor did not reserve a general power of appointment. The grantor herself cannot receive the real estate back. The grantor cannot “appoint” the property to herself, her creditors, or the creditors of her estate. The reserved special power of appointment, even without a reserved life estate in the deed itself, also allows for a “step-up in cost basis” upon the grantor’s death. This means that the fair market value of the real estate on the date of the grantor’s death becomes the new cost basis going forward. Therefore, future capital gains may be greatly reduced or eliminated altogether. A reserved life estate by itself, under the current tax law, will accomplish the same step-up. As it stands now, the case is important to elder law attorneys as such a reserved special power of appointment in a deed will not jeopardize MassHealth eligibility. to support all forms of adult and pediatric care and cancer research at the nation’s premier cancer center, Dana-Farber Cancer Institute. The Jimmy Fund Walk has raised more than $167 million for Dana-Farber in its 34-year history, raising a record-breaking more than $8.8 million in 2022. Norma-Rose Termé-Smith, 10, will participate as a Walk Hero for the Boston Marathon Jimmy Fund Walk. Heroes are matched with Jimmy Fund Walk teams to give participants an opportunity to connect with patients. Norma-Rose was diagnosed with pineoblastoma. Norma-Rose walks on her match team, Team Defeet Cancer. “I like playing games at the Jimmy Fund Clinic and playing ‘Norma-Rose Rules’ while waiting for my appointments,” Norma-Rose describes. “Throughout the past 34 years, the Jimmy Fund Walk has continuously supported life-saving research and cancer care at Dana-Farber. The 2023 Walk will be held during the Jimmy Fund’s 75th anniversary year and will aim to raise $9 million in the eff ort to prevent, treat, and defy cancer,” said Jimmy Fund Walk Director Zack Blackburn. “This year also marks the 35th annual Jimmy Fund Walk. We are eager to get out on the course and see all our outstanding walkers and teams come together to support this great cause.” The Jimmy Fund Walk is the only organized walk permitted on the famed Boston Marathon® course, and participants have the fl exibility to choose from four distance options: 5K walk (from Dana-Farber Cancer Institute’s Longwood Medical Campus), 10K walk (from Newton), Half Marathon walk (from Wellesley) and Marathon walk (from Hopkinton). Whatever route walkers choose, they will be treated to 10 refueling stations as well as poster-sized photographs of patients — Jimmy Fund Walk Heroes — displayed at each mile and half-mile marker as inspiration. All four routes of the Jimmy Fund Walk will culminate at the Jimmy Fund Walk Finish Line Powered by Schneider Electric. Due to construction in Copley Square, the Jimmy Fund Walk Finish Line location has been moved to the Fenway neighborhood for 2023. Walkers should know that distances might be slightly shorter, as they fi nish the walk in front of Fenway Park. The fi nish line will include a celebration complete with food, music and a speaking program. If walkers wish to participate a bit closer to home, the Jimmy Fund Walk has fl exible opportunities. Participants can also join the event virtually by “walking their way” from wherever they are most comfortable: in their neighborhood, on a favorite hiking trail or on a treadmill at home. Materials to support Virtual Walkers are available. To register to walk or volunteer at the Jimmy Fund Walk (#JimmyFundWalk) or to support a walker, visit www.JimmyFundWalk.org or call 866531-9255. Registrants can enter the promo code NEWS for $5 off the registration fee. All registered walkers will receive a Boston Marathon® Jimmy Fund Walk Hero Norma-Rose TerméSmith bib, a medal and a Jimmy Fund Walk T-shirt. About the Jimmy Fund: The anniversary in Jimmy Fund, which is celebrating its 75th 2023, is comprised of community-based fundraising events and other programs that, solely and directly, benefi t Dana-Farber Cancer Institute’s lifesaving mission to provide compassionate patient care and groundbreaking cancer research for children and adults. The Jimmy Fund is an offi cial charity of the Boston Red Sox, the Massachusetts Chiefs of Police Association, the Pan-Mass Challenge and the Variety Children’s Charity of New England. Since 1948, the generosity of millions of people has helped the Jimmy Fund save countless lives and reduce the burden of cancer for patients and families worldwide. Follow the Jimmy Fund on Facebook, Twitter and Instagram: @TheJimmyFund. Law Offices of JOSEPH D. CATALDO, P.C. “ATTORNEYS AND COUNSELORS AT LAW” ESTATE/MEDICAID PLANNING WILLS/TRUSTS/ESTATES INCOME TAX PREPARATION WEALTH MANAGEMENT RETIREMENT PLANNING ELDER LAW 369 Broadway Everett, MA 02149 (617)381-9600 JOSEPH D. CATALDO, CPA, CFP, MST, ESQUIRE. AICPA Personal Financial Specialist Designee
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