13

THE REVERE ADVOCATE – FRIDAY, SEPTEMBER 9, 2022 Page 13 VOTE | FROM Page 1 both ran unopposed in their respective districts in the Democratic primary and will go unchallenged on the ballot in the general election, as well. Total voter turnout in Revere was just under 15 percent, with 4,509 of the city’s 30,265 registered voters casting ballots on Tuesday. Paul Fahey, in his fi rst citywide election as Election Commissioner, said there were some issues related to voters finding polling locations due to the recent redistricting and reprecincting, and that his offi ce would address any issues moving forward to the general election in November. “This was the fi rst citywide election since the redistricting and reprecincting, so we had 21 precincts before and we are down to 19,” said Fahey. “We did see some changes in voting locations, primarily from Covid. Most of them stayed the same, but we did have to make some changes, so that caused some confusion.” Fahey noted that postcards were sent out to all households, including registered voters, informing them of their polling locations, and he said the voter outreach would continue through to the general election. Other than some confusion over the polling locations, Fahey said, the day went well, and he praised the work done by the Board of Election Commissioners and the poll workers. The toughest local contest on the ballot was the Democratic race for Suffolk County District Attorney between current DA Kevin Hayden and Boston City Councilor Ricardo Arroyo. Hayden was the projected winner of the race, and in Revere, he easily topped Arroyo, 1,749 to 1,190. Other Democratic races where Revere fell in line with the statewide winners included auditor, attorney general and secretary of state. Locally, Andrea Campbell outpaced Shannon Liss-Riordan in the AG’s race, 1,469 to 1,172. Longtime Secretary of State William Galvin outpolled Tanisha Sullivan, 2,381 to 750, and Diana DiZoglio beat Christopher Dempsey, 1,653 to 1,228. Steven Tompkins outpaced Sandy Zamor Calixte in the Democratic Suffolk County Sheriff race. State Senator Lydia Edwards and Congresswoman Katherine Clark ran unopposed in the Democratic primary. Edwards faces no competition in November, while Clark will face Republican nominee Caroline Colarusso, who ran unopposed in the Republican primary. On the Republican side, James McMahon ran unopposed for Attorney General, Rayla Campbell for Secretary of State and Anthony Amore for Auditor. St. Anthony of Padua Church Faith Formation Class registration Sept. 25 S aint Anthony of Padua Church Faith Formation Class sign up is being held at the Family Mass and Teacher blessing on Sunday, September 25, 2022, at 10:00 a.m. After Mass, there will be a gathering in the Church Hall for the students and parents to meet the teachers, register for class, hear a quick program overview, have snacks, take a craft home and win raffl e prizes. We hope to see you there! All are welcome! Call Donna Felzani with questions at 781-289-1234, x22. How the Inflation Reduction Act Will Lower Your Drug Costs Dear Savvy Senior, What kind of changes can Medicare benefi ciaries expect to see in the Infl ation Reduction Act that was recently signed into law? I’m enrolled in original Medicare and have a Part D prescription drug plan but spent more than $6,000 out-of-pocket last year on medications alone. ESTATE TAX PORTABILITY E state tax portability was introduced into law on December 17, 2010 as part of The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act. Massachusetts has not adopted portability. Encourage your elected offi cials to pass legislation authorizing it at the state level. Portability allows the federal unused exemption amount for one spouse to be passed to the surviving spouse. A Federal estate tax return would have to be filed even though no federal estate tax is due. If one spouse dies and leaves $5million to his or her spouse, there is an unlimited marital deduction so no federal or Massachusetts estate tax will be paid. If a federal estate tax return is fi led within 5 years from the time of death, you can preserve the DSUE (Deceased Spouse Unused Exemption) for the surviving spouse. The due date for fi ling an estate tax return to avoid any late fi ling or late payment penalties if a tax is actually owed is 9 months from the date of death. Congress has given taxpayers more time to fi le a federal estate tax return in order to preserve the portability election. Revenue Procedure 2022-34 was promulgated this year which extended the due date from 2 years to 5 years. This fi ve year period applies in the situation where an estate tax return would not otherwise be required to be fi led for the decedent’s estate. If the husband were to die in 2022 leaving $5million to his wife, there would be no estate tax to be paid on that $5million. If his wife had Overpaying Paul Dear Paul, The climate, tax and health $10million in her own name she would then end up with a $15million estate. If the wife were to also die in 2022 there still would be no federal estate tax, even though her estate would have been valued at $15million at the time of her death. The 2022 federal estate tax exemption is $12.6million. Therefore, the husband’s DSUE of $12.06million is added to the wife’s $12.06 federal estate tax exemption resulting in a total federal exemption for the wife of $24.12million. Consequently, none of her $15million estate would be subject to federal estate tax. It is therefore important to know when to fi le a federal estate tax return when the fi rst spouse dies. The federal exemption is slated to be reduced to $6.2million beginning on January 1, 2026, unless congress extends the higher exemption amounts. Preserving a $12.06 portability election now might come in very handy several years down the road when a surviving spouse dies at a time when the federal estate tax exemption is much lower. You would want to lock in the higher federal estate tax exemption now. 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. care bill known as the Infl ation Reduction Act that was passed by Congress and signed into law by President Biden last month includes signifi cant improvements to the Medicare program that will kick-in over the next few years. These changes will lower prescription drug prices for millions of seniors by allowing the government to negotiate drug prices for the fi rst time and capping seniors’ out-of-pocket drug costs at $2,000 annually. Some other popular changes will include free vaccinations, lower insulin costs and expanded subsidies for lower income seniors. Here is a breakdown of the changes to expect in Medicare and when they will roll out. 2023: Starting this January, all vaccines covered under Medicare Part D, including the shingles vaccine, will be free to benefi ciaries. And the skyrocketing cost of insulin will be capped at $35 per month. This will be a signifi cant saving for the more than 3 million Medicare enrollees who currently use insulin to control their diabetes. Also starting next year, drug makers will be penalized in the form of “rebates” that they would be forced to pay to the government if they impose price increases that exceed general infl ation. 2024: Cost sharing for catastrophic coverage in Part D will be eliminated. Under the current Part D benefit, once your out-of-pocket costs reach $7,050 in 2022, you enter “catastrophic” coverage but are still responsible for 5 percent of your prescription drug costs, with no limit. But in 2024, people with Part D coverage will no longer be responsible for any out-of-pocket drug costs once they enter catastrophic coverage. This is signifi - cant for seniors who use expensive medications for conditions like cancer or multiple sclerosis. Also starting in 2024 through 2029, Part D premiums will not be allowed to grow faster than 6 percent per year. And for lower income Medicare benefi ciaries, eligibility for the Part D Low Income Subsidy (also known as Extra Help) will be expanded to 150 percent of the federal poverty level, from today’s limit of 135 percent. This change will mean about 500,000 more seniors will qualify for fi nancial assistance to help pay some or all of their prescription drug premiums and deductibles. 2025: One of the biggest cost reduction measures for Medicare beneficiaries will begin in 2025 when out-of-pocket spending on Part D prescription drugs will be capped at $2,000 per year. This will be a major savings for the more than 1.5 million benefi ciaries who currently spend more than $2,000 outof-pocket each year. 2026: When Medicare’s Part D program was enacted in 2003, negotiating lower drug prices was forbidden. But because of the Infl ation Reduction Act, starting in 2026 Medicare will be empowered to begin negotiating prices with drug companies for 10 of the most expensive drugs covered under Part D. In 2027 and 2028, 15 drugs would be eligible for negotiations and in 2029 and subsequent years, 20 drugs would be chosen. And, in addition to all the Medicare improvements, the Infl ation Reduction Act also extends the Aff ordable Care Act (Obamacare) premium subsidies for three years that have helped millions of Americans gain coverage before they’re eligible for Medicare. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior. org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.

14 Publizr Home