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THE MALDEN ADVOCATE–Friday, December 6, 2024 Page 19 Annual Festival of Carols returns to First Baptist Church Of Malden Experience the true meaning of the Christmas season through music T he Festival of Carols will be held on Sunday, December 8 at 5:00 p.m. at First Baptist Church of Malden (493 Main St.). All are invited to attend this free Christmas concert. For over 80 years, the Festival of Carols has been a beloved Malden Christmas tradition, bringing the story of Jesus’ birth alive through songs and narratives. Under the direction of Program Director and Conductor Richard Freeman and Organist Rosalind Mohnsen – Music Director at Immaculate Conception Church – different choirs and singers throughout the city will join together to perform both contemporary and traditional Christmas music. “Choir practice will begin promptly at 3:00 the day of the concert for any singers who may want to join in the festival,” said Freeman. “All we ask is that participants can read music.” During the festival, the audience will be invited to join in singing some familiar carols. The organ accompanying the choirs is a 1915 E.M. Skinner and uses nearly 3,000 pipes to create a unique sound to showcase the many talented voices of the choirs. The organ will also have a featured solo. “First Baptist Church of Malden has been hosting the festival since 1970,” said Freeman. “The festival started in 1943 to bring people together during World War II. It was initially sponsored by the Malden Clergy Association, and later by the Malden Council of Churches.” Freeman has been directing the festival for 54 years, beginning as a singer in First Baptist’s choir, before moving on to its director. This year’s First Baptist choir will include members from the Maplewood Baptist Church, who have been worshipping with First Baptist for the past two years, under the leadership of Maplewood’s Pastor, Gary McClenthen. “The festival has looked a bit different over the years and reflects how the world and the city of Malden has changed so much in the past 80 years or so,” explains Freeman. “One thing that hasn’t changed about this wonderful tradition is its focus. This time of year, it’s easy to get caught up in the hustle and bustle and busyness of the season. For an hour or so, you’ll forget about grocery lists and presents left to buy. Rather through beautiful and timeless Christmas carols, you’ll be reminded, in a very meaningful, inspiring, and powerful way, of the true meaning of the Christmas season…the celebration of the birth of our Savior Jesus. And how the gifts of love and hope are as timeless and transformative as the gift of music.” While the festival is free, a donation will be collected to benefit Malden’s Bread of Life. For more information about the Festival of Carols and First Baptist Church of Malden, visit fbcmalden.org. Friends of Malden River’s December Meeting Cancelled D ue to pending conflicts, the December meeting has been cancelled. We will resume meetings on January 13 at Cambridge Health Alliance (195 Canal St., Malden). We will send confirmation of the January meeting. Please share the information listed below with your networks! Malden River updates: 1.) Contracting bids for construction of the Malden River Works Waterfront Park will be going public this month. Once the bids are secured and the contractor is chosen, we are planning that construction will commence in early spring of 2025. Stay tuned at https://www.maldenriverworks.org 2.) We look forward to meeting in January to organize events, including walks, cleanups, community events, join the Malden River Works Social Media Channel, etc. We will be organizing committees to plan and volunteer with community groups. Please reply to this email with your ideas and interests so that we can pursue them ahead of the January meeting. The Friends will be taking part with Malden Reads and the 2025 One City One Book. The chosen book is “The Boy who Harnessed the Wind” by William Kamkwamba and Bryan Mealer. Give it a read and let’s explore how we can “Create Currents of Electricity and Hope in our Community.” 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 LINDERME AND GWYNN ESTATES: IMPLIED LIFE ESTATES T 3.) The City of Malden is accepting resumes for Malden residents to apply for the Commission on Climate MEETING | SEE PAGE 21 he tax court case in Linderme v. Commissioner, 52 T.C. 305 (1969) clearly states that the value of real estate can still be includable in the decedent’s taxable estate even if there was no actual reserved life estate on the deed itself. For example, if a 90 year old man deeded his home to his 3 children and reserved a life estate on the deed itself, the fair market value of the real estate would become the new cost basis going forward in the names of the three children. The reserved life estate on the deed itself leaves no question as to whether or not the home is to be included in the gross estate for estate tax purposes. Once included in the gross taxable estate, the step-up in cost basis is achieved thereby providing for the new cost basis to be equal to the fair market value of the home at the time of death. When there is no life estate language on the deed itself, you have to look at the facts and circumstances along with the Linderme case and the Gwynn case (437 F.2nd 1148 (4th Circuit, 1971) in order to determine if the home would still be includable in the gross taxable estate. So long as the fair market value of the home is not greater than $2million, and assuming there are no other assets owned at the time of death, there would be no Massachusetts estate tax to be paid. Certainly no federal estate tax with the new $13.99million exemption amount as of 1-1-25. If the children sell for $2million, they would pay no capital gains tax as well. Therefore, as part of an estate plan/tax plan, we want the value of the home to be includable in the taxable estate of the decedent. The reason is that once the property is included in the taxable estate, under Internal Revenue Code Section 1014(a), we can achieve a stepup in cost basis equal to the fair market value at the time of death. It’s as if the children paid $2million for the property thereby resulting in no capital gain upon a subsequent sale. In the Linderme and Gwynn cases, there was no reserved life estate on the deed itself. The court found that there was an understanding on the part of all parties that the parent was to live in the home until death. The parent lived in the house rent free until the date of death. None of the children resided in the house with the parent. In the Linderme case, the father paid all of the monthly operating costs such as real estate taxes, water and sewer, homeowner’s insurance, repairs, etc., until the day he moved to a nursing home. At that point in time, the home remained vacant. While in the nursing home, the son continued to pay the monthly expenses with the father’s own money. Upon the death of the father, the house was sold, estate bills were paid and the net proceeds were split among the three children. The Judge ruled that the decedent retained the possession and enjoyment of the home until the day he died. The Judge found that there was indeed an understanding of all parties that this was the case. He found that the value of the home should be includible in his taxable estate under Internal Revenue Code Section 2036(1)(a). The decedent had exclusive possession of the home. There are times when you really want the real estate to be includible in the taxable estate so that a very large future capital gains tax can be avoided. These are two court cases to keep in mind in order to avoid, or greatly minimize, any future capital gains tax. 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. $ $ $ $

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