Page 16 THE MALDEN ADVOCATE–Friday, October 1, 2021 GRANT | FROM PAGE 1 The City of Malden and its stakeholders held several walkthroughs and meetings with residents, City Councillors, the Mayor’s Office and the Malden Office of Strategic Planning and Community Development, which is overseeing this improvement project. There were three highly attended public meetings where residents participated in-person and via Zoom and were given several opportunities to give input that helped shape the final master plan for the park. “This project reinvests in Malden’s largest park by improving this great recreational asset for future generations,” said Mayor Gary Christenson. “Devir Park has evolved over the years from a neighborhood park to one enjoyed by children and adults from across the City,” said Councillor Paul Condon. “I’m grateful that we have programs like PARC grants and funding sources such as the Community Preservation Fund so that large ~ LEGAL NOTICE ~ COMMONWEALTH OF MASSACHUSETTS THE TRIAL COURT PROBATE AND FAMILY COURT Middlesex Probate and Family Court 10-U Commerce Way Woburn, MA 01801 (781) 865-4000 Docket No. MI21C0922CA In the matter of: Audriana Andrea Velasquez CITATION ON PETITION TO CHANGE NAME A Petition to Change Name of Minor has been filed by Audriana Andrea Velasquez of Malden, MA requesting that the court enter a Decree changing their name to: Audriana Eva Furtado IMPORTANT NOTICE Any person may appear for purposes of objecting to the petition by filing an appearance at: Middlesex Probate and Family Court before 10:00 a.m. on the return day of 11/17/2021. This is NOT a hearing date, but a deadline by which you must file a written appearance if you object to this proceeding. WITNESS, Hon. Maureen H. Monks, First Justice of this Court. Date: September 22, 2021 TARA E. DeCRISTOFARO Register of Probate October 1, 2021 ~ LEGAL NOTICE ~ COMMONWEALTH OF MASSACHUSETTS THE TRIAL COURT PROBATE AND FAMILY COURT Middlesex Probate and Family Court 10-U Commerce Way Woburn, MA 01801 Docket No. 21 D-1292 SUMMONS BY PUBLICATION Celia C. Anzueto, Plaintiff vs. Jose A. Valle, Defendant To the above-named Defendant: A Complaint has been presented to this Court by the Plaintiff(s), seeking Custody/Support/Parenting Time. You are required to serve upon Celia C. Anzueto - plaintiff - whose address is 11A Meridian Pkwy., Malden, MA 02148 your answer on or before November 2, 2021. If you fail to do so, the court will proceed to the hearing and adjudication of this action. You are also required to file a copy of your answer in the office of the Register of this Court at Cambridge. WITNESS, Hon. Maureen H. Monks, Esquire, First Justice said Court at Cambridge, this 21st day of September 2021. TARA E. DeCRISTOFARO REGISTER OF PROBATE October 1, 2021 T rusts can be named as a beneficiary of an IRA account if the IRA account owner wishes for there to be control over required minimum distributions upon the original IRA owner’s death. If the IRA account owner want the funds to go to a minor child, for example, an outright distribution to the child would not be possible unless guardianship proceedings are commenced. The Trust allows the IRA account owner to provide for the required minimum distributions to be paid to the Trust over a 10-year period so long as the Trust is a see-through Trust, meaning the Trust beneficiaries are identified. Under the Secure Act, only eligible beneficiaries can stretch the IRA over his or her life expectancy. Ineligible beneficiaries must stretch out the IRA over a 10-year period. If the Trust is not a see-through Trust and the beneficiaries are not identified, the Trust must TRUSTS AS IRA BENEFICIARIES take required minimum distributions over a five-year period. Upon the death of the IRA owner, the IRA account becomes a separate asset of the Trust. Required minimum distributions are then reportable by the Trust as income in the year received. If there is a distribution to a particular beneficiary of the Trust out of the separate IRA account, that beneficiary will pay the tax on that distribution. A Schedule K-1 form would be given to the beneficiary in order to him or her to file an individual income tax return for that particular calendar year. If no distributions are made by the Trustee to any beneficiary after having received a taxable required minimum distribution, then the Trust itself would pay the tax. An IRA owner may wish to name a Trust as the beneficiary if a second marriage is involved and he or she wishes to provide for the spouse to receive Trust distributions over his or her lifetime with any remaining IRA monies in the Trust to be held for the benefit of children of a previous marriage. If the Trust was a conduit Trust with mandatory annual or more frequent distributions, the surviving spouse would be an eligible beneficiary and therefore the Trust’s required minimum distributions could be based upon the spouse’s life expectancy. Leaving the entire IRA account to the second spouse might result in no monies ever being distributed to children of the first marriage for a variety of reasons. If a Trust is the beneficiary of the IRA account, the terms of the Trust itself will dictate when the beneficiaries of the Trust will be entitled to distributions. This prevents spendthrift beneficiaries from squandering the IRA monies. Also, there would most likely be more protection of the IRA monies if owned by the Trust as a result of spendthrift provisions contained in the document. Inherited IRA accounts do not offer the same level of asset protection of IRA accounts created and owned by the original account owner. The distributions to the Trust under a 10-year payout requirement, for example, does not mean the Trustee is going to make distributions to the beneficiaries over that 10-year period. It could be a much longer period of time due to the terms of the Trust. As always, the Trustee will have to take tax planning issues into consideration. 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. scale projects like this can become a reality. I want to thank Mayor Christenson for recognizing the value in the project and making a substantial financial commitment to make it a reality. Thank you to co-chair Jenelle DeVits and the Devir Park Revitalization Committee as this project will be a shining example of what can happen when residents and government officials work together.” “This is a great example of how our community can come together to accomplish a shared goal and I am thankful to the many residents of Ward 2, and Malden at large, that voiced their opinions and provided feedback and support,” said DeVits. The improvement project will be accomplished in two phases, the first of which will cost approximately $3 million. The City is seeking to combine bond funding with other local and state sources to undertake the first two phases. Shadley Associates – landscape architects and site planning consultants – is currently working on the final design plans for the first two phases. DEBATE | FROM PAGE 10 [soon]; don’t take time off,” in advising city leaders. DeLacey said he is a “believer in team efforts” and that the biggest issue the city faces is “getting on the same page as a community … Black Lives Matter, Asian Hate, violence in our streets, these are the issues we have to address.” DeLacey also noted that the City Council did not meet for a number of weeks during the onset of the pandemic in MarchApril of 2020. “The Council did not meet for more than a month in 2020. Participation of residents in government is fundamental to democracy.” DiMarco said the mental health stress on community members has “reached epic proportions” due to the pandemic. He added that “we have to come together as a community” and “stop the vitriol, bring the heat down and ease the tension.” Matheson said that from the many people he has talked with in Malden on the campaign trail, “public safety and support of the police and fire departments” is the major issue on their minds as we battle COVID-19. He added that protection of open space in Malden is another issue, with areas such as the Malden River becoming more and more important to our city. McDonald said the COVID-19 pandemic “and the way it has overwhelmed us all” is the most pressing issue, along with how the city continues to respond and aid those in the community. “We are in the same ocean, but not in the same boat,” McDonald said, noting that individuals and groups within the city require different types of assistance. “It’s the demand of a lifetime and we can meet it by developing community partnerships,” he said. He cited his support for the grassroots movement, The People’s Budget, which promotes reallocation of funding to programs such a mental health. He said the pandemic has “exacerbated racism and all of the other inequities in our society.”
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