Page 16 THE MALDEN ADVOCATE–Friday, December 3, 2021 MVES distributes 1,000 Thanksgiving notes and pies M ystic Valley Elder Services (MVES) Resident Service Coordinators Julie Souliotis and Katie Todisco made Thanksgiving brighter for many older adults by delivering – with the help of Souliotis’ two children, Nick and Paige – 1,000 Thanksgiving notes and delicious pies donated by Table Talk Pies to supportive housing buildings in Wakefield, Melrose and Malden. I Malden Catholic students walk on behalf of the Leonard Florence Center for Living and raise $13K MAKING YOUR ESTATE THE BENEFICIARY OF YOUR IRA I n most situations you would name your spouse as your primary beneficiary of your IRA or 401(k) account. If you were to die, your spouse would be able to establish his or her own spousal IRA account and would be able to defer withdrawals until age 72, at which time your spouse would then be required to take out required minimum distributions (RMD’s) over his or her life expectancy. One reason why you might wish to make your estate the primary beneficiary would be to actually protect the remaining IRA or 401(k) monies in the event your surviving spouse were to go into a nursing home. If the estate were to be named the beneficiary of your IRA or 401(k) account, you would include a testamentary trust provision in your Last Will and Testament which would take effect once your Will is allowed. The testamentary trust would provide for discretionary distributions of income and principal in order to benefit your surviving spouse. One of the downsides to this, of course, is the cost and time associated with the probate process. Another downside to this is the remaining monies in the IRA or 401(k) account would have to be distributed over a five-year period with the passage of the SECURE act. Income taxes will have to be paid each year which will have a negative impact on the ability of the account to grow over time. The upside of this strategy is that MassHealth does not treat testamentary trusts the same as irrevocable trusts and the transfer penalty provisions do not apply to these trusts as well. There is no fiveyear look back period to be concerned with. With irrevocable trusts, there can only be income distributed to the Settlor, not principal. With a testamentary trust, principal distributions are allowed to be distributed to the surviving spouse without any negative impact on MassHealth eligibility. If the testamentary trust is structured with a remainder share and a marital share, this strategy may also provide for Massachusetts estate tax savings so that when you die, you will have taken advantage of your $1million Massachusetts estate tax exemption by making sure the remainder share in your testamentary trust is funded with enough of the IRA or 401(k) account monies to bring the total of all assets being distributed to your children to at least equal the $1million. If your spouse is aging and you are concerned about a future nursing home admission, and are also concerned about providing for all of your spouse’s health care needs, daily living expenses, housing needs, etc., then this is one strategy to at least consider. 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. n honor of the 13th Annual ALS & MS Walk for Living, which was held virtually on October 17 to benefit the residents of the Leonard Florence Center for Living, the Malden Catholic High School (MC) held a three-mile walk on Wednesday, November 17 at 2:30 p.m. To honor those in the community who have suffered from amyotrophic lateral sclerosis (ALS), more than 300 MC students, parents, faculty, staff and friends attended the walk – around the track 12 times – and raised more than $13,000. The walk honored Timothy Paquette (MC ’07), who passed away from ALS on June 27, and was the son of Rick & Elizabeth Paquette; Chris Snow, a Melrose native who was diagnosed with ALS in 2019; and Brother Joe Comber, a community member and caregiver to Brother Tim Hoey, who was MC’s Social Studies Department chairperson and beloved teacher who passed away from ALS on April 24. Brother Tim Hoey was a resi~ 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. MI21P6039EA Estate of: Jody Lyn Housman Date of Death: 10/13/2021 CITATION ON PETITION FOR FORMAL ADJUDICATION To all interested persons: A Petition for Formal Probate of Will with Appointment of Personal Representative has been filed by Jaimy L. Housman of Casselberry, FL requesting that the Court enter a formal Decree and Order and for such other relief as requested in the Petition. The Petitioner requests that: Jaimy L. Housman of Casselberry, FL be appointed as Personal Representative(s) of said estate to serve Without Surety on the bond in unsupervised administration. IMPORTANT NOTICE You have the right to obtain a copy of the Petition from the Petitioner or at the Court. You have a right to object to this proceeding. To do so, you or your attorney must file a written appearance and objection at this Court before: 10:00 a.m. on the return day of 12/21/2021. This is NOT a hearing date, but a deadline by which you must file a written appearance and objection if you object to this proceeding. If you fail to file a timely written appearance and objection followed by an affidavit of objections within thirty (30) days of the return day, action may be taken without further notice to you. UNSUPERVISED ADMINISTRATION UNDER THE MASSACHUSETTS UNIFORM PROBATE CODE (MUPC) A Personal Representative appointed under the MUPC in an unsupervised administration is not required to file an inventory or annual accounts with the Court. Persons interested in the estate are entitled to notice regarding the administration directly from the Personal Representative and may petition the Court in any matter relating to the estate, including the distribution of assets and expenses of administration. WITNESS, Hon. Maureen H. Monks, First Justice of this Court. Date: November 23, 2021 TARA E. DeCRISTOFARO REGISTER OF PROBATE December 3, 2021 dent of the Leonard Florence Center for Living. Speakers include Brother Hoey’s mother, Elizabeth Paquette; Mayor Gary Christenson and Walk for Living Director Maura Graham. “Tim lost his battle with ALS this June, and he left his wife Chelsea and beautiful baby boy, Declan. I felt devastated and overwhelmed but having the MC Lancers come out today, providing a circle of love and care for those in the community who are suffering, meant a tremendous amount to me and my family,” said Paquette. The Leonard Florence Center for Living enables its residents, many of whom are completely immobilized, to control lights, turn on the TV, call for the elevator, open doors and raise window shades, all with help of a computer and sensor that tracks head and eye movements for instruction. This technology enables them to move independently through the entire residence, vastly improving their quality of life. Every single dollar raised from this Walk goes directly back to patient care and programs for the ALS and MS residents. The Center cares for more individuals living with ALS than any place else in the world. “Malden Catholic has partnered with the Leonard Florence Center for the past eight years and we are delighted to join together as a community to provide an improved quality of life for those who suffer from ALS and MS,” said MC Headmaster John Thornburg. COUNCIL | FROM PAGE 7 Immigrant Learning Center in Malden, a first-time partnership with the Malden Public Schools in such a venture. McCabe encouraged family members to contact MPS and to email her directly at jmccabe@ maldenps.org with any questions, opinions or concerns regarding their student’s English Learner education. Also announced on Tuesday night is a survey that caregivers are asked to complete regarding their family’s English Learner educational experience, which is accessible at https://forms.gle/HiMtaSBdteEjPFoK8.
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