THE MALDEN ADVOCATE–Friday, November 1, 2024 Page 19 OBITS | FROM PAGE 18 vived by his daughter Heather Vicente, her husband Bryan and their four children Alexa, Ariana, Bryan Jr. and Bryce. Ron is also survived by his brother Troy. Ron also leaves aunts and uncles, nieces and nephews and many cousins and friends. Ron was predeceased by his mother and sister Lori Colon. A Memorial Service will take place on Nov. 2, 2024 at 2:00 pm at the Fenton and Hennessey Funeral Home 55 Westminster St, Bellows Falls, VT. In lieu of fl owers please consider the American Heart Association or the Monadnock Humane Society. Arrangements have been entrusted to the care of the Fenton and Hennessey Funeral Home 55 Westminster St, Bellows Falls. VT. Vincent J. Anzalone Of Malden. A retired chef, passed away suddenly in his home in Malden on Thursday, October 24th. Vincent was born in Boston in 1960, the son of Romeo and Eugenia Anzalone. He was raised and educated in East Boston. He went on to become a chef, working at diff erent restaurants, most notably Sablone’s in East Boston and Anthony’s Pier 4 Restaurant. He enjoyed his career until heath issues forced his retirement. Vincent enjoyed listening to and playing music, and had played bass in a band in years past. He is survived by his brothers, Andrew S. Anzalone and wife Barbara A Carver of Malden, and John B. Anzalone and wife Ruth S. Copans of Denver, Colorado, his nieces Annie and husband Alec, and Rebecca and husband Justin, his great nieces Maya and Nora, and his great nephews Milo and Ames. Our brother was a warm, talented guy, a terrifi c chef with a great sense of humor. We will miss him greatly. All services will be private. JOB | FROM PAGE 11 sitioned to executive coaching. Deborah has coached with Harvard Business School Executive Education programs and the Massachusetts Conference for Women. She has been trained or certifi ed in a variety of coaching models and assessment tools. Deborah has facilitated 50+ job seekers networking groups since 2016. This week’s topic (November 6) is Networking. Register by contacting the Malden Public Library at 781-324-0218 or through the website. This group is sponsored by approximately 50 Massachusetts public libraries. Recording Note: This program will be recorded. All registrants will receive the recording via email within 48 hours of the program. Lawn and Yard CareUSA FALL LAWN It’s Time For CLEAN-UPS - CALL NOW! • Reasonable rates • Fast, reliable service 781-521-9927 Discount Tree Service 781-269-0914 $$ I PAY CASH $$ for World War II military items. Top prices paid for helmets, swords, daggers, uniforms, etc. Call 617-719-1698 SPADAFORA AUTO PARTS JUNK CARS WANTED SAME DAY PICK UP 781-324-1929 Quality Used Tires Mounted & Installed Used Auto Parts & Batteries Family owned & operated since 1946 I Professional TREE REMOVAL & Cleanups 24-HOUR SERVICE f you transfer your home or investment assets into an irrevocable Trust, no gift taxes will be owed if the Trust is drafted in such a way as to avoid a completed gift. If the Settor of the irrevocable Trust reserves the right to determine the ultimate benefi - ciaries of the Trust, under Internal Revenue Code Section 2511 and Treasury Regulation Section 25.2511-2C, the transfer into the Trust will not be a completed gift. Since there is no gift tax in Massachusetts and the current gift tax exemption is $13.6million, most people decide not to even bother fi ling a gift tax return for informational purposes only. In a typical Medicaid irrevocable Trust, it is structured as a grantor-type trust for both income tax purposes and capital gains tax purposes. Therefore, if there was a rental property titled in the name of the irrevocable Trust, the Trust would fi le its own income tax return under its own federal ID number and the Settlor of the Trust would receive a Grantor letter in order for the Settlor to report the net rental income or loss on his or her own individual income tax return. The same would be true for any dividend income, interest income or capital gain distributions generated by the irrevocable Trust as a result of transferring any bank account, brokerage account or other investment account to the irrevocable Trust. Since the transfer to the irGIFT TAXES AND MEDICAID IRREVOCABLE TRUSTS revocable Trust involves an incomplete gift, the other benefi t will be that the appreciated real estate or stocks, for example, in a brokerage account, will receive a step-up in cost basis at the time of the Settlor’s death, thereby providing the benefi ciaries of the irrevocable Trust a fresh starting point with the cost basis equal to the fair market value of the underlying Trust assets at the time of the Settlor’s death. Therefore, if the real estate or stock portfolio is then sold within a short period of time after the Settlor’s death, there would be either no capital gain or little capital gain to be recognized upon that subsequent sale. If your principal residence is transferred to the irrevocable Trust, and you wish to sell in the future, the Settlors of the Trust would enjoy the benefit of a $500,000 capital gain tax exclusion. For a single Settlor, the capital gain exclusion would be $250,000. If deeding to children outright, if the children do not live in the home, they will not receive the benefi t of the capital gain exclusion. Since the home is not their principal residence, and there has been a completed gift, there is a strong likelihood that the children will have to pay a capital gains tax based on their portion of the total capital gain. If the parents deeded to the children with a reserved life estate, a completed gift will have occurred and the capital gain would have to be allocated to the life tenants and the remaindermen, based upon the Book Aleph table and IRS Section 7520 interest rates applicable at the time of the sale. An irrevocable Trust would avoid those tax issues, would avoid probate and would start the fi ve-year look-back period in order to protect the Trust assets from a nursing home. Joseph D. Cataldo is an estate planning/elder law attorney, Certifi ed Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a master’s degree in taxation. Call $ $ $ $
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