THE REVERE ADVOCATE – FRIDAY, SEPTEMBER 20, 2024 Page 17 OBITUARIES Geraldine “Gerry” Wiemert tember 15, 2024. She was born on May 3, 1943, to the late Vincenzo Scimone and Mary (Leone). She was the devoted wife of the late Louis J. Olivieri Sr. Marie was a beacon of light, always radiating happiness and warmth to those around her, a testament to her compassionate spirit. Her dedication to her Catholic faith was deeply ingrained in her daily life, as she recited the rosary each day, fi nding solace and strength in her unwavering devotion. Marie was an exceptional woman who found immense O f Revere. 87 years old, passed away on September 18th, 2024. She is the beloved wife to John J. Wiemert. Loving daughter of James and Theresa (Forti) Marcella. Devoted sister to John and his wife Dee Marcella, the late Marie Mattarese, and the late Jimmy Marcella and sister-in-law of Frank Wiemert. Beloved mother to Jacqueline O’Brien, Deborah Phiff er, Mark Montalto, and her late son John S. Wiemert. Loving grandmother to Stephen Fabiano, Kevin O’Brien, Marc Montalto, Frankie Montalto, Bobby Jones and Alison Jones. Family and friends are invited to attend Visiting Hours on Monday, September 23rd in the Vertuccio Smith & Vazza, Beechwood Home for Funerals, 262 Beach St., Revere from 4:00 p.m. to 8:00 p.m. Her Funeral will be conducted from the funeral home on Tuesday, September 24th at 9:00 a.m., followed by a Funeral Mass in St. Anthony of Padua Church, 250 Revere St., Revere at 10:00 a.m. Interment will follow in Holy Cross Cemetery, Malden. To send online condolences, please visit www.vertucciosmithvazza.com. Funeral arrangements entrusted to the care and direction of the Vertuccio Smith & Vazza, Beechwood Home for Funerals. Marie (Scimone) Olivieri joy in the simple pleasures of life. She had a love for cooking, often preparing meals for family and friends, infusing each dish with love and generosity. She retired from Revere City Hall where she worked in the Election Offi ce. However, what mattered most to Marie was her family, which was at the heart of everything she did. She was a loving and devoted mother and a cherished friend who found true happiness in the happiness of others. Marie was a loving mother of Lisa Balzotti and her husband Anthony of Florida, and Louis Olivieri Jr. and his wife Leigh Ann of Swampscott. Caring and doting grandmother to Frank J. Bertolino III, Louis Olivieri III, and Andrew and Beau Olivieri. Especially Bianca Bertolino and her husband Peter Fedders who late became her caregivers and her favorite people in the world. Marie’s life was a living example of a Bible verse, Ephesians 4:32 — “And be kind and compassionate to one another, forgiving one another, just as God also forgave you in Christ.” Her loving, generous, and compassionate spirit will forever be remembered and cherished. Funeral from the Paul Buonfi glio & Sons 128 Revere St, Revere on Friday, September 20, 2024, at 10:00am. Funeral Mass at St. Mary of the Assumption Parish in Revere at 11:00am. Relatives and friends are kindly invited. A Visitation was held on Thursday the funeral home. Private interment. In lieu of fl owers donations can be made to the Lewy Body Dementia Association. Inc, 912 Killian Hill Rd SW, Lilburn, GA 30047 or at www.LBDA.org. Robert M. “Toby” Cassidy O O f Revere. With profound sadness, we share the passing of our beloved Marie Olivieri after a brief illness on Sepf Revere. Passed away on Thursday, September 12th at the MGH in Boston, following a brief illness, he was 88 years old. Tob, as he was affectionately known, was born on October 2,1935 in Chelsea to his late Irish immigrant parents. He was raised in Revere, where he resided his entire life. He was the youngest of three children. Toby was educated at the Immaculate Conception School and was an alumnus of the Class of 1954. Toby then attended Boston College where he earned his bachelor’s degree in education. He would later return to BC and earn his master’s degree making him a “Double Eagle,” something of which he was most proud. CAPITAL GAINS TAX AND IRREVOCABLE TRUSTS M any people question if they place real estate into a Medicaid qualifying trust what will happen upon the death of the Donor/ Settlor/Grantor some years down the road. If the irrevocable trust is Toby spent over 50 years teaching for the City of Revere. He was a middle school history teacher, and he taught for so long because he loved it. He married his wife Anita (Cassidy), also a schoolteacher in 1970. The couple remained in Revere and together they would share many of the same interests. Toby had a great love for history, and for decades he passed it along to all of his students. He was also a huge sports fan, all of the Boston sports teams, especially for BC. He was a devoted parishioner of the Immaculate Conception Parish. Toby had a wonderful disposition, fi ercely independent, with a rich mind of knowledge, and a deep faith. He loved his family and cherished his time with them. He is the beloved husband of the late Anita A. (Belmonte) Cassidy of 36 years. He was the loving son of the late Michael & Annie (O’Brien) Cassidy. The cherished brother of the late Frank Cassidy and his surviving wife Mary of Burlington and the late Marie A. MacDonald & her husband Daniel J. Also lovingly survived by many nieces, nephews, grandnieces, and grandnephews. Family & friends were invited to attend visiting hours on Sunday, September 15th in the Vertuccio Smith & Vazza, Beechwood Home for Funerals, Revere. A funeral was conducted from the funeral home on Monday, September 16th, followed by a funeral mass in the Immaculate Conception Church, Revere. Interment in Woodlawn Cemetery, Everett. In lieu of fl owers remembrances may be made to The Immaculate Conception School, 127 Winthrop Ave., Revere, MA 02151. drafted properly, the real estate will receive a full stepup in cost basis equal to the fair market value at the time of the Settlor’s death. Therefore, going forward, the original purchase price and improvements over the years become irrelevant. The benefi ciaries of the Trust are treated as if they paid fair market value for the real estate at the time of the Settlor’s death. Why is this important? If the children/beneficiaries were to sell the appreciated property shortly after the Settlor’s death, there would be little or no capital gains tax to pay. The capital gains tax to be paid would be based upon any further appreciation between the time of death and the subsequent sale. As an example, let’s assume the Settlor purchased his home for $500,000 with approximately $100,000 in improvements during the Settlor’s lifetime. The cost basis in the hands of the Settlor in this case would be $600,000. If the Settlor had subsequently transferred his home to an irrevocable trust, and died 10 years later when the value of the home was $1,000,000, the cost basis in the hands of the benefi ciaries would be $1,000,000. If the property were sold by the benefi ciaries for $1,000,000, there would be no capital gain, and hence, no capital gains tax to be paid. If, however, the Settlor had simply given the property to his children without fi rst transferring to such an irrevocable trust or without reserving a life estate within the deed of conveyance itself, a future sale by the children for $1,000,000 would result in a capital gain of $400,000 with a corresponding federal (15%) and Massachusetts (5%) capital gains tax to be paid of $80,000. Depending on the other income of the children, the federal capital gains tax rate could be as high as 20%. Furthermore, you might also get hit with the federal “net investment income tax” of 3.8%. Instead of the total rate being 20%, the children could be looking at a total rate of 28.8%, or $115,200. When you simply gift an appreciated asset outright to the children, there is what we call a “carry-over” basis in the hands of the children. That is to say, the cost basis in the hands of the Settlor becomes the cost basis in the hands of the children. No step-up in cost basis occurs. This concept of a step-up in cost basis would also apply to appreciated securities such as a brokerage account, common stock, preferred stock, etc. Reserving the right to use, occupy and possess the real estate during the Settlor’s lifetime will result in a step-up in cost basis upon the Settlor’s death. Reserving the right to receive the income generated by the assets housed in the Trust would also result in a step-up in cost basis upon the Settlor’s death. In order to obtain the benefi t of Internal Revenue Code Section 121, which allows for the $500,000 capital gains tax exclusion for a married couple when the principal residence is sold, a provision allowing for a lifetime limited power to appoint Trust principal to charities will accomplish that objective. 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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