Page 16 THE MALDEN ADVOCATE–Friday, October 24, 2025 OBITUARIES Eileen Marie McNeil Of Malden. Passed aw ay peacefully on October 8th, 2025. Born on January 22, 1945, in Everett, she was the beloved daughter of the late Mary and James McNeil. A lifelong resident of Malden, Eileen was a proud graduate of Malden High School where she formed lifelong friendships and a foundation for her future endeavors. Her career journey began at Automatic Radio and later led her to Maplewood Place where she dedicated many years of service, touching the lives of those she worked with through her commitment and care. Eileen's faith was an important aspect of her life, especially during her courageous battle with cancer. Her passion for life was paralleled by her love for travel. Eileen's adventurous spirit took her to the cobblestone streets of Belgium, the romantic vistas of Paris, and the emerald landscapes of Ireland. These journeys were not only explorations of the world but also of the soul, as she made lasting friendships and cherished memories along the way. Eileen's intelligence shone STRATEGIC GIFTING OF ASSETS event of a lawsuit or divorce. Currently, there is no gift tax I f you plan on making an outright gift of appreciated property such as stocks or real estate, keep in mind that the donee of your gift will accept the property with a cost basis equal to your cost basis. The cost basis might be the purchase price of the original stock or real estate plus any improvements made to the real estate. If the real estate is rental real estate, the cost basis is reduced by depreciation taken over the years since first placed in service. Generally, it is best to gift assets that have not appreciated much, if at all. Cash is always a good asset to gift because there are no cost basis issues or date of death valuation issues. You must always consider whether or not you deem it best to make outright gifts to children or to make gifts to an irrevocable Trust or a gifting Trust for their benefit. An outright gift to a child that might have creditor issues or that might be involved in a divorce would not be such a good idea. Trusts have spendthrift provisions that would offer protection to a child in the in Massachusetts. The federal gift tax exemption is currently $13,999,000. Under the Big Beautiful Bill passed in July of this year, Congress increased the exemption to $15,000,000 as of January 1, 2026. The federal estate tax exemption is currently $13,999,000. That too will be increased to $15,000,000 on January 1, 2026. The federal gift tax exemption and estate tax exemption are a unified exemption. You can either gift $13,999,000 federal gift tax free or die and bequeath $13,999,000 estate tax free, but you can’t do both. The tax-free gift amount is currently $19,000 per donee. A tax-free gift made does not reduce the $13,999,000 gift tax/estate tax exemption amount. When you die with appreciated stock or real estate that is includible in your taxable estate (even though your estate might be less than $13,999,000 for federal purposes or $2,000,000 for Massachusetts purposes) your beneficiaries obtain the benefit of Internal Revenue Code Section 1014 and receive a new cost basis equal to the fair market value at the time of your death. The huge benefit to your beneficiaries is that when they sell the appreciated property shortly after you pass, there would be no capital gain or very little capital gain resulting in no capital gains tax or very little capital gains tax. Retaining certain rights in a Trust, for example, will provide for inclusion in your taxable estate in order to obtain that much desired step up in cost basis. Another benefit of Code Section 1014 is that the beneficiary of the appreciated property receives preferential long-term capital gains tax treatment even if the beneficiary sold the appreciated property within one year from the date of death. Remember, short term capital gains are taxed at ordinary income tax rates federally and are taxed at the rate of 8.5% in Massachusetts. It is always important to select what assets to gift and how to make the actual gift. The tax implications can be significant. Transferring real estate or a stock portfolio to an irrevocable Trust structured as a grantor-type Trust would provide for a step-up in cost basis at the time of your death, avoid probate, and offer protection from a nursing home five years after the Trust is funded. Such a transfer is not a completed gift for tax purposes due to the right to receive income generated from the Trust, or the right to occupy, enjoy and possess any real estate held in Trust, or the right to determine the ultimate beneficiary of the Trust. 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. brightly, and she was known for her loving nature and sense of adventure, which she shared with everyone around her. A devoted daughter, sister, aunt, and friend. Her siblings, Maureen and her husband John Clemens, Diane and her husband Christopher Morano, James and William McNeil, will forever hold dear the times they shared. Eileen's warmth and guidance will also be deeply missed by her niece, Colleen Halloran, great-nieces, Marina and Sabrina Halloran, who looked up to her as a role model as well as her niece Christeen and her husband Steven Sanders who will cherish the love and wisdom she imparted. Eileen's love for her cats was renowned; they were not pets but family members, each one receiving the full measure of her affection. Her home was a haven of warmth, filled with the contented purrs of her feline companions. As we bid farewell to Eileen Marie McNeil, we celebrate a life of love, laughter, and adventure. Her legacy is one of unwavering love and the courage to embrace life's journey with an open heart, reminding us to cherish each moment and explore the world with wonder and without reservation. Her spirit remains a guiding light for us all, and her memory will be treasured forever in the hearts of those who were privileged to know her. Rest in peace, dear Eileen, until we meet again. A Funeral mass was held on Wednesday, October 22 at St Joseph Church, Malden. Gloria (Zillman) Honigbaum Of Malden. Entered eternal rest on October 14, 2025 at the age of 92. Devoted wife of the late Norman Honigbaum. Beloved mother of Tzivia & her late husband Rafael Frim and Marcy & her husband Steven Eisen. Adored grandmother of David Frim & his wife Lisa de Neise, Mason Frim & his wife Rebeka Burns, Marissa Eisen, and Evan Eisen. Cherished great grandmother of Kiran & Kai Frim and Noel Frim. Services were held at the Goldman Funeral Chapel, Malden on Sunday, October 19. Interment at Agudas Achim Cemetery, 740 Broadway, Melrose. Expressions of sympathy may be made to Alzheimer's Association www.alz.org or a charity of your choice. William Thomson Jr. INSERT US FLAG GRAPIC Of Malden. Passed away on O c t ober 17, 2025. He was 71 years old. William was the beloved partner of 35 years to Gena Barretto. He was the son of the late William Thomson and Marion (Kelliher) Giles. William was the loving father of Kelly Thomson-Basnett and her husband Paul of Derry, NH and William Reynolds of FL. He was the dear brother of Debra Olson, Beverly Stine, Teresa Marshal, Tracy Ingemi, John Giles, Scott Giles, Michael Giles and the late Frances Thomson and Michele Giles. William was the grandfather of Ryan Basnett and Joshua Basnett. He was the great grandfather of Gabriel Basnett, Isayah Basnett and the late Jaiden Basnett. Visiting hours were held at the A. J. Spadafora Funeral Home, Malden on Tuesday October 21st. Interment was private. Subscribe to the Advocate Online! www.advocatenews.net
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