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THE REVERE ADVOCATE – FRIDAY, FEBRUARY 23, 2024 Page 15 Come watch Polymnia Choral Society tell the story of Anne Frank’s diary, life and legacy F or over 70 years, Polymnia Choral Society has been delivering great performances to acknowledge and honor the important times in our lives. On Saturday, March 9, 2024, at 7:30 p.m., Polymnia will be performing “Annelies” by James Whitbourn. It’s a powerful and dramatic work in 14 movements that details the life of Anne Frank during the time she was in hiding during World War II. Also included in the piece are excerpts from her diary. Come experience Polymnia Choral Society’s performance of songs inspired by Anne Frank’s writings, life and legacy. In addition, educational materials regarding the Holocaust, Anne Frank’s life and her diary’s infl uence will be available for the audience to learn more about these topics. Due to the seriousness of this concert’s subject matter, it would be appropriate for adults and children aged 12 and up to attend. This concert will be held at the Melrose Performing Arts Center at Melrose Veterans Memorial Middle School (350 Lynn Fells Pkwy., Melrose, Mass.). Doors open at 7:00 p.m. Tickets are $25 for adults, $20 for seniors and $15 for students. To purchase tickets for this concert, visit https://polymnia.org/ about-our-upcoming-season/ or Miter Biter (479 Main St., Melrose) or call 617-633-5006. For more information about Polymnia: www. polymnia.org/about Winthrop Police Officer assists choking infant WINTHROP – Police Chief Terence Delehanty and Fire Chief Scott Wiley report that a Winthrop Police offi cer assisted a choking baby on Tuesday just minutes after completing CPR refresher training. On Tuesday, Feb. 20, at approximately 11:09 a.m., the Winthrop Police and Fire Departments were notifi ed by 911 call that a 1-month-old infant was choking at a home on Sunset Road. Winthrop Police and Firefi ghters responded immediately. Offi cer Robert Jaworski, a 30-year veteran of the Winthrop Police Department, was fi rst to arrive on scene. Offi cer Jaworski, who had just CAPITAL GAINS TAX EXCLUSION AND IRREVOCABLE TRUSTS P eople often question if they transfer their principal residence into an irrevocable trust, will they still be entitled to the capital gains tax exclusion upon a subsequent sale, pursuant to Internal Revenue Code Section 121. The answer is yes. A married couple fi ling a joint income tax return has the right to exclude up to $500,000 of capital gain on the sale of their principal residence. The limit is $250,000 for a single taxpayer. The capital gain is simply the difference between the selling price and the cost basis of the home. The cost basis of the home is determined by adding the original purchase price, plus capital improvements over the years as well as expenses associated with selling the home such as a broker’s commission, tax stamps, legal fees, fi xing up expenses and any other expenses associated with the sale. In some cases, you also have the benefi t of using the date of death value as part of the cost basis if one of the spouses were to die. For example, if husband and wife purchased a home 25 years ago for $250,000 and the husband died 10 years ago when the home’s value was $350,000, upon a subsequent sale of the home by the wife, the cost basis is computed as follows (also assume capital improvements prior to husband’s death were $30,000 and selling expense were $25,000): 1/2 of the $250,000 purchase price is allocated to wife, or $125,000. She only owned 50% of the home. 1/2 of the fair market value of home at the time of husband’s death is $175,000 ($350,000 x 1/2, since the husband only had a 50% interest in the home at the time of his death). 1/2 of the capital improvements attributed to wife, or $15,000. Selling expenses of $25,000. In this example, the cost basis would be $340,000 ($125,000 + $175,000 + $15,000 + $25,000). If the home were sold for $575,000, the capital gain would be $235,000. The entire gain would be non-taxable. Since the husband passed away, one half of the fair market value of the home at the time of his death enters into the calculation of the wife’s cost basis. This is referred to as the “step-up in cost basis”. For the $500,000 capital gains tax exclusion to apply, the married couple must have lived in the home for 2 out of the previous 5 years prior to the actual sale. Since the irrevocable incomeonly trust is designed to qualify under the “grantor-type” trust rules, the law treats the Settlors/ Donors/Grantors of the trust as the owners for tax purposes. What makes the trust a grantor-type trust for capital gains tax purposes is the reserved right in the Settlors to direct where the trust principal and/or income of the trust can go during the Settlors’ lifetime. In accordance with Internal Revenue Code Section 674(a), this retained power is what makes the trust a grantor-type trust for capital gains tax purposes, thereby preserving the capital gains tax exclusion. This is referred to as a lifetime special power of appointment. Most often, a lifetime special power of appointment and a testamentary special power of appointment provision is included in an irrevocable Trust. The testamentary special power of appointment is designed to allow the Settlor the ability to change the ultimate benefi ciary of the Trust by exercising that power of appointment via the Settlor’s Last Will and Testament being submitted to a probate court upon death. A power of appointment is essentially a power to redirect where the Trust principal will go. This also results in an incomplete gift for gift tax purposes. 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. left his CPR refresher training approximately 10 minutes before, used his training and experience to dislodge a substance from the child’s throat, allowing the child to breathe. HELP | FROM Page 7 10 Town Meeting members, the Board of Health and the Conservation Commission. Statement from Giannino State Rep. Jessica Giannino (DRevere), who represents Precincts 3 and 10 in Saugus, issued a brief statement, saying “It is imperative that our federal delegation assist state and local leaders in the Town with the costs associated with The Saugus River Coastal Storm Risk Management Feasibility Study. “Many years ago, the Army COACH | FROM Page 12 younger players stepped up this year and how so? Rivera: Sophomore Shayna Smith stepped up this year into a diff erent role: playing more on the perimeter as opposed to down low. She has adjusted her game and helped a lot with bringing the ball up the fl oor. Freshman Sarah Lechheb stepped up with some big minutes this year and will defi nitely be needed postseason. Her urgency and speed in bringing the ball up is great for our offensive tempo. She is a fearless, lockdown defender. We can’t wait to see how she continues to grow and work on her game. Advocate: What kinds of The child and a parent were then transported to Massachusetts General Hospital for evaluation. “Offi cer Jaworski’s prompt response and application of back thrusts to the unresponsive infant were nothing short of extraordinary, and undoubtedly played a crucial role in ensuring the baby’s well-being,” said Chief Wiley. “The professionalism, courage and skill shown by Offi cer Jaworski in a critical moment was truly commendable,” said Chief Delehanty. “Winthrop is incredibly fortunate to have dedicated and compassionate fi rst responders like Offi cer Jaworski patrolling our streets and ensuring the safety of our residents.” (Editor’s Note: This story was submitted by the Winthrop Police and Fire Departments.) Corps of Engineers assessed the flooding in Revere and Saugus and made recommendations to alleviate the issue. Since then, the problems have gotten far worse and the need to fi nd a solution to protect our neighborhoods has never been more urgent,” Giannino said. “I look forward to working with my partners in the state, local and federal delegation to fi nd solutions to ensure that the residents in Saugus and Revere can rest knowing that their homes are protected from the wetlands that are just outside our doors.” things are you looking to polish as a team as you head into the tourney? Rivera: Due to injuries, we are struggling to find someone who can consistently run our off ense. Thankfully, we have had a long stretch of practices and scrimmages to prepare. Advocate: What GBL team brought out the best in you this year, and what did it do for your team’s growth? Rivera: Lynn Classical. We broke even with Lynn Classical and shared the GBL title. Both games were down to the wire, and we fell short the second matchup. That loss allowed us to work on our basketball IQ and emphasize certain gamelike situations. For Advertising with Results, call he Adv cate Ne spapers call The Advocate Newspapers at 781-286-8500 or Info@advocatenews.net

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