Page 16 THE REVERE ADVOCATE – FRIDAY, SEPTEMBER 24, 2021 Cameras reveal fires at Revere Target were intentionally set Authorities seeking identifi cation of person at scene R evere Fire Chief Christopher Bright, Revere Police Chief David Callahan, and State Fire Marshal Peter Ostroskey said two fi res at a Revere department store this week were intentionally set and that they are seeking the identifi cation of a person seen in the area. The Revere Fire Department was notifi ed at about 8:24 on Tuesday night of a fi re in a trash can inside the family restroom located in the lobby of the Target at 36 Furlong Dr. Once at the scene, engine companies observed a second fi re in the mulch along the right side of the building. Revere fi refi ghters extinguished both fi res with no injuries. A joint investigation into the cause of the fi re was led by the Revere Fire Department and the State Police Fire and Explosion Investigation Unit assigned to the State Fire Marshal’s offi ce. Investigators believe both fi res had been intentionally set. A review of video footage from cameras in the area showed a person in the vicinity at the time of the fi res and investigators hope to identify him. “We believe this individual may have information that could help investigators,” Bright said. Offi cials noted that the Arson Watch Reward Program posts rewards of up to $5,000 to anyone who provides information that helps prevent, detect, or solve an arson crime. Anyone can call the Arson Hotline confi dentially at 1-800-682-9229 with information, 24 hours a day. The Arson Watch Reward Program is sponsored by the property and casualty insurance underwriting companies in Massachusetts. T THE NEW 10 YEAR RULE ON RETIRMENT PLAN DISTRIBUTIONS Revere Police are seeking additional information about this person who may have been involved with the two fi res that were intentionally set at Target last Tuesday. (Courtesy Photo) SKATING CENTER www.Roller-World.com 781-231-1111 HELP WANTED Skate Guards • Snack Bar Adults Prefered - Hours Can Be Arranged Open 7 Days Per Week Call Jerry at 617-620-9201 or Michelle at 781-233-9507 Located at 425R Broadway (Route 1 South), Saugus MBTA Bus Route 429 he SECURE Act was passed on December 20, 2019. One of the biggest changes to retirement accounts included in that legislation was the new provision relating to retirement plan distributions for most non-spouse benefi - ciaries of such accounts. Prior to the passage of the SECURE Act, all designated benefi ciaries (living individuals and qualifying Trusts) were allowed to use the “stretch” strategy in order to spread out the distributions from the inherited retirement account over the individual’s life expectancy as well as the life expectancy of the benefi ciaries of the qualifying Trust. This was a big win for the benefi ciary as the inherited retirement account could continue to be invested for the long-term without major tax bites taken out each year due to a much smaller required minimum distribution (RMD). This was also a loss for the federal and state governments as the tax revenue would be received over a much longer period of time. The SECURE Act broke up the designated beneficiaries into two groups: 1. Eligible benefi ciaries and 2. NonEligible benefi ciaries. The eligible beneficiaries are able to stretch the required minimum distributions over their life expectancies. Who’s in this group? Surviving spouses, disabled beneficiaries, chronically ill beneficiaries, minor children of the decedent account holder (as well as qualifying Trusts established for their benefi t), and benefi ciaries not more than ten years younger than the decedent account holder. All other benefi ciaries will be part of the non-eligible group and will not be able to stretch out the RMD’s over their lifetime. Now, the IRS wins and this group of benefi ciaries loses. They have to withdraw the account in its entirety within a ten-year period. A 35 year old benefi ciary of his father’s IRA account who dies will have to include $50,000 in his or her taxable income over a 10year period. This income will be added to this child’s other income each year. He or she could lose $13,500 in each of those years to federal and state income taxes assuming the federal marginal tax bracket is 22% and the Massachusetts rate is 5%. That’s $135,000 out the window over a tenyear period for a middle class American. The RMD can be taken ratably over the ten- year period or the benefi ciary can wait until the tenth year to take it all out. If the RMD is not taken out, a 50% penalty on the shortfall would be assessed by the IRS. Under the old rule, the 35 year old beneficiary would have been able to withdraw the inherited retirement account over a period of 48.5 years. The new 10-year rule has a dramatic aff ect on the net “after tax” value of an inherited retirement account. 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. THEFT | FROM Page 4 tained their victims’ information from other co-conspirators and from websites on the nefarious “darknet.” Law enforcement offi - cials also allege that the defendants purposely caused motor vehicle crashes to garner identifying information about the other driver. Should they be convicted, the defendants could face up to 22 years in prison, three years of supervised release and a fi ne of $250,000. Anyone who believes they may have been a victim in this case is urged to visit https:// www.justice.gov/usao-ma/victim-and-witness-assistance-program/us-v-wemerson-dutraaguiar-and-us-v-priscila-barbosa-et-al.
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