THE MALDEN ADVOCATE–Friday, September 24, 2021 Page 19 ~ LEGAL NOTICE ~ MALDEN BOARD OF APPEAL PUBLIC HEARING The Malden Board of Appeal will hold a public hearing on Wednesday, October 20, 2021 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 21-012 by Cheilla Santos for a variance of MCC 12.16.010 Table of Intensity Regulations - Chapter 12 of the revised Ordinances of 2020 as amended of the City of Malden – Specifically – Dwelling – Single Family Dimensional Controls (side yard set back) as per Plans RES-026364-2018 at the property known as and numbered 173 Pierce St, Malden, MA and also known by City Assessor’s Parcel ID #090-772-212 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://permits.cityofmalden.org/EnerGov_Prod/SelfService Nathaniel Cramer, Chair September 24 & October 1, 2021 ~ LEGAL NOTICE ~ MALDEN PLANNING BOARD and MALDEN CITY COUNCIL ORDINANCE COMMITTEE PUBLIC HEARING The Malden Planning Board and Malden City Council Ordinance Committee will jointly hold a public hearing in the Herbert L. Jackson Council Chamber, Malden City Hall, 215 Pleasant Street, Malden, MA at 7:00 P.M. on Wednesday, October 13, 2021, in accordance with Section 12.32.050 of Chapter 12 of the Revised Ordinances of 2020, as Amended, of the City of Malden, on the petition for zoning amendments made in City Council Paper #405/2021, to further amend the following sections of Chapter 12 of the Revised Ordinances of 2020, as Amended, of the City of Malden, as follows: I. Use Regulations (Section 12.12): To amend by adding regulations and provisions to establish a Site Plan Review process for the change of use and extension of existing buildings, construction of new buildings, and extension of existing and construction of new surface parking areas, for non-residential uses allowed by right in all zoning districts, including religious uses and educational uses. The full text of the proposed zoning amendments (City Council Paper #405/2021) is available for public review on the City of Malden website at https://cityofmalden. legistar.com/Legislation.aspx and with the City Planner, Inspectional Services, 3rd floor, and the City Clerk, 2nd Floor, 215 Pleasant Street, Malden, MA. By: Kenneth Antonucci, Clerk Malden Planning Board September 24 & October 1, 2021 ~ Home of the Week ~ REVERE...Much-sought after Ranch style home in desirable West Revere neighborhood! Here is the home you’ve been waiting for! This custom-built home offers 3 generous bdrms., 2 full baths, welcoming foyer opens to spacious & sunny fireplace lvrm., eat-in kit. w/ abundance of cabinets & counter space, electric cook-top & wall oven, cozy sun room overlooking the yard. Great expansion possibilities in the lower level w/ full bath, high-ceilings, fireplace, & walk-out, convenient walk-up attic provides plenty of storage. Hrdwd. flooring, cent. vacuum, new roof, replacement windows, updated heating system & electric. Private, fenced yard, great for summer enjoyment, garden area w/ well for watering & storage shed. Offered at $554,900 335 Central Street, Saugus, MA 01906 (781) 233-7300 View all our listings at: CarpenitoRealEstate.com View the interior of this home right on your smartphone. By: Craig Spadafora, Chair Malden City Council Ordinance a y avvy S iorenniiooro a avvyavvy iori n r by Jim Miller How to Manage an Inherited IRA from a Parent Dear Savvy Senior, What are the rules regarding inherited IRAs? When my mom died this year, I inherited her traditional IRA and would like to know what I need to do to execute it properly. Confused Daughter Dear Confused, I’m very sorry about the loss of you mother. Inheriting an IRA from a parent has a unique set of rules you need to know, which will help you make the most of the money you inherit and avoid a tax-time surprise. Here are some basics you should know. Set-Up Inherited Account Many people think they can roll an inherited IRA into their own IRA. But if you inherit an IRA from a parent, aunt, uncle, sibling or friend you cannot roll the account into your own IRA or treat the IRA as your own. Instead, you’ll have to transfer your portion of the assets into a new IRA set up and formally named as an inherited IRA – for example, (name of deceased owner) for the benefi t of (your name). If your mom’s IRA account has multiple benefi ciaries, it can be split into separate accounts for each benefi ciary. Splitting an account allows each benefi ciary to treat their own inherited portion as if they were the sole benefi ciary. You can set up an inherited IRA with most any bank or brokerage fi rm. However, the easiest option may be to open your inherited IRA with the fi rm that held your mom’s account. 10-Year Withdrawal Rule Due to the Secure Act, which was signed into law in December 2019, most (but not all) IRA benefi ciaries must deplete an inherited IRA within 10 years of the account owner’s death. This applies to inherited IRAs if the owner died after Dec. 31, 2019. There’s no limit on when or how often you withdraw money from the account, as long as the account is empty by the end of the 10 years. That is, you can choose to withdraw all of the money at once, you can leave it sitting there for a decade and then take it all out, or you can withdraw distributions over time. But be aware that with a traditional IRA, each withdrawal will be counted as income and subject to taxes in the year you make the withdrawal. Exceptions to the Rule There are several exceptions to the IRA 10-year rule, including for a surviving spouse, minor child, disabled or chronically ill benefi ciary, or a benefi ciary who is within 10 years of age of the original IRA owner. These benefi ciaries may be able to receive more time to draw down the account and pay the resulting tax bill. For example, when you inherit an IRA from a spouse, you can transfer the IRA balance into your own account and delay distributions until after you turn age 72. Minor children must start required minimum distributions from an inherited IRA but don’t become subject to the 10-year rule until they reach the “age of majority,” which is 18 in most states. Disabled and chronically ill benefi ciaries and those within 10 years of age of the original account owner have the option to stretch required withdrawals over their lifetime. Minimize Your Taxes As tempting as it might be to cash out an inherited IRA in a lump-sum withdrawal, tread carefully. This option could leave you owing a hefty sum when it’s time to fi le your taxes. Withdrawals from a traditional IRA generally are taxable as income, at your income tax rate. For some people, it can be a smart tax move to gradually draw down the account over the 10-year period to avoid a large tax bill in a single year and potentially being bumped into a high tax bracket. Or, if you’re approaching retirement, say in fi ve years, you may want to wait to start withdrawing from the account until you are retired, and your income drops potentially putting you into a lower tax bracket.. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.
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