Page 18 THE MALDEN ADVOCATE–Friday, November 10, 2023 Call The Advocate: 617-387-2200 ~ Mystic Valley Regional Charter School Sports ~ NON-MASSACHUSETTS RESIDENT TAXABLE ESTATE T he Massachusetts gross estate for purposes of calculating a Massachusetts estate tax that might be due for a nonresident decedent is calculated the same way as the gross estate is calculated for a Massachusetts resident. The estate tax liability of a nonresident decedent is simply based on the percentage of real property and tangible personal property located in Massachusetts in relation to the entire estate of the nonresident decedent. This is per Massachusetts General Laws Chapter 65C, Section 4. If you are a Florida resident and have a vacation home, rental property or tangible personal property such as a boat located in Massachusetts with a total value of $1million and your gross estate is $5million, the Massachusetts preliminary estate tax under the new tax law with a now $2million exemption would be $280,800. This is also assuming deductions have been taken on the estate tax return in the amount of $100,000. If you divide $1million by $5million, or $20%, and multiply that figure by $280,800, you arrive at a final estate tax due to the Commonwealth of Massachusetts in the amount of $56,160. This is why Massachusetts nonresidents will often transfer Massachusetts real estate into an LLC in order to convert the ownership into personal intangible property and not have the real estate included as part of the calculation of the Massachusetts taxable estate. Even ownership of a boat could be transferred to an LLC. Additionally, the membership interest(s) in the LLC can be transferred into a living trust in order to avoid probate in the event of the member’s death. This is set forth in Estate of Henry L. Nielson v. Commissioner of Revenue, Appellate Tax Board Docket No. F232365 (Mass. App. Tax Bd. February 15, 2001). Keep in mind that if you are a non-Massachusetts resident, live in a state that does have an estate tax, and you do have real estate located in Massachusetts resulting in a Massachusetts estate tax upon the death of the decedent, Massachusetts does not allow for a foreign death tax credit based upon state estate taxes assessed on that Massachusetts real estate by the state that you are residing in. Massachusetts residents should contact their state representative or state senator to push for Massachusetts portability. The federal government provides for portability. This would mean that if a husband dies and leaves his half of the total marital estate of $4,000,000 to his wife, without any complicated trust planning, his wife would have the benefit of not only her $2million exemption, but that of her husband’s. If she subsequently dies with a $4million estate, no Massachusetts estate tax would be due. With no trust planning, and no portability option available, upon the wife’s subsequent death with a $4million estate, the Massachusetts estate tax will be $180,800. Quite a big difference. 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. T Mystic Valley Girls Volleyball Sweeps Kipp Academy By Emily Brennan he Mystic Valley Regional Charter School girls volleyball team (8-12) swept the Northeast Knights at home on Thursday evening in three sets. Mystic Valley dominated the first set, as the Knights held on for the first seven points but could not stop the Eagles from there. Mystic Valley went on to an 11-point run and finished the set with a win. The Knights scored the first five points in the second set, but Mystic Valley made a fast comeback and took control of the set once again. The second frame ended with a Mystic Valley win for a confidence boost and motivation for a sweep going into set three. Set three was the closest of the match, as the knights managed to keep Mystic Valley within four or five points through much of the frame. Mystic Valley pulled away in the final points, as they went on to win the set and sweep the Knights. Fransabelle DaSilva led the Eagles in kills, scoring nine. Eva Truong and Lexi Beacom-Domotor each scored one. DaSilva scored a game high of six aces, while Ashley Cohen and Maeve Collins each added three. Ashlee Guillame was the leader in blocks with four, followed by Melody Sullivan with one. DaSilva was the team leader in digs with eight, followed by Collins and Beacom-Domotor with one each. The Eagles recorded the most team kills (18) they have in any match of the 2023 season. Eagles Defeat Northeast on Senior Night The Mystic Valley girls soccer team defeated the Northeast Knights by the score of 4-0 on Monday afternoon. The match was dominated by the Eagles from the opening kickoff, as Reilly Hickey found the back of the Knights net within the first two REAL ESTATE TRANSACTIONS BUYER1 ALAOUI, FAIZAH BOUCHER, MARIE DANOFF, DOUGLAS LEBLANC, TIANA MCKILLOP SR, DAVID J BUYER2 WAY, LAWRENCE A DANOFF, MICHELLE MCKILLOP, ANTHONY SELLER1 FLIP MY HOUSE LLC BOUCHER, GEORGES PARRELLA, RICHARD THAI, LIEN D LY, NHU Q SELLER2 BOUCHER, NICOLE M PARRELLA, ADELE THAI, PHONG A The Eagle Seniors, shown from left to right, are Inssaf Machouk, Evie Reynolds, Reilly Hickey, Niamh Stewart and Aya Abbassi. minutes. Ten minutes later Evie Reynolds would find the foot of Hickey, giving the Eagles a twogoal lead. Hickey would close out the half scoring an unassisted goal, and the Eagles took a comfortable lead into halftime. The second half continued to be an all-Eagles affair, as a pass from Lucia Antonucci would lead to another Hickey goal to close out the game. Eighth grade goalkeeper Emily DeLeire earned her fifth clean sheet of the season. Eagles Cruise Past Whittier Tech Mystic Valley girls’ soccer defeated Whittier Tech, 3-0, in Haverhill on Thursday afternoon. The Eagles improved their record to 10-6-1. After the game, coach Offner emphasized how the team controlled the flow of the game. “We moved the ball well and generated several scoring chances.” The game started with the Wildcats on the attack, firing a shot just five minutes into the match. However, it was denied by Mystic Valley goalkeeper Emily DeLeire. Mystic Valley quickly responded with two separate scoring chances within two minutes, but the Wildcats’ defense denied each opportunity. At halftime, DeLeire had saved three of the three shots she faced. After a scoreless first half, the Lucia Antonucci in action Eagles came to life. Evie Reynolds was the first to score, sinking the ball into the top of the net from a pass by Hickey at the 51-minute mark. Hickey scored her first goal of the game just five minutes later, to increase the Eagles’ lead to 2-0. In the 65th minute, Antonucci intercepted an aerial pass and quickly found Reynolds up the field. Reynolds turned and slid the ball between the Wildcats’ defense towards Hickey, who then placed a shot past the Whittier goalkeeper and into the net for the 3-0 advantage. The Wildcats created one more scoring chance, but the Eagles’ defense denied the opportunity. Mystic Valley will finish the regular season on Monday afternoon against Northeast at 5:30 p.m. Copyrighted material previously published in Banker & Tradesman/The Commercial Record, a weekly trade newspaper. It is reprinted with permission from the publisher, The Warren Group. For a searchable database of real estate transactions and property information visit: www.thewarrengroup.com. ADDRESS 12 MAGNOLIA ST #1 51 WARREN AVE 116 GLEN ST 20-30 DANIELS ST #117 63-65 ASHLAND ST CITY MALDEN MALDEN MALDEN MALDEN MALDEN DATE 10.16.23 10.20.23 10.18.23 10.18.23 10.18.23 PRICE 539000 640000 35000 351000 850000
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