Page 16 THE REVERE ADVOCATE – FRIDAY, OCTOBER 1, 2021 POPULATION | FROM Page 2 The biggest goal of redistricting is to even out the population across the six wards. The average ward population grew from 8,622 residents to 10,364 residents over the past decade. “Everything we are doing is thinking about those 10,364 residents, within a certain deviation,” Kantor said. Legally, each ward must be within a fi ve percent deviation of total population, although Kantor said most of the draft maps are within the two percent deviation in population the city is hoping to reach. “We’re trying to get everyone to this boundary of just slightly above 10,000 people,” he said. The six draft maps are available for review and feedback on the city website at revere.org. “Each of the maps has some benefi ts and some possible downsides,” said Kantor. The first draft map has the slightest amount of geographical change, but it has the largest deviation in population between the wards. The biggest changes include some shuffling between sections of Wards 1 and 2, as well as between Wards 3 and 6. “Some of the problems with this map is that it carves up a little more of Shirley Avenue and maintains some additional geographical inconsistencies,” said Kantor. “It also creates a discrepancy of nearly 1,000 residents between Ward 2 and Ward 6, which is a pretty substantial diff erence.” A variation on that map tries to limit the changes of the boundaries as much as possible, but keeps the population deviation between wards closer to two percent. “We’re not advocating for this map; we are just noting that if we want to minimize the changes but hit some basic benchmarks, these are some possible options,” said Kantor. The third and fourth draft maps are attempts at making more commonsense geographical boundaries for the wards, while the fi fth map aims to create a Hispanic/Latino supermajority of voters in Ward 2. Kantor said the fi fth map may create a little too much stretching of the other ward boundaries to make it feasible, but that it does deliver on a goal that some people in the city wanted to look at. The fi nal draft map presented at the public forum was a proposed ward map submitted by the Secretary of State’s offi ce. Ward 6 Councillor Richard Serino noted that one of the maps would place all of Newman Street into his district. The street is currently divided between Wards 6 and 3. Anthony Cogliandro, a candidate for Ward 3 councillor, lives on the Ward 3 side of the street. While a potential change would not impact the Ward 3 seat in this election, it could place both Serino and Cogliandro in Ward 6 in 2023. “I would like to state, for the record, that I would love for Newman Street on the odd side to stay in Ward 3,” said Cogliandro. Ward 4 Councillor Patrick Keefe said he has been an advocate for making the wards more geographically coherent, and asked if the maps that would be presented to the City Council would be set in stone. Kantor said the City Council would have the ability to give feedback and there would be the opportunity to make changes as long as the wards fall into the legal parameters. Currently, Kantor said, the plan is to present a draft map or two to the City Council for discussion in early October, with a fi - nal vote by the end of October. However, he noted that there is potential state legislation which could push back the deadlines for drawing the new map if it passes on Beacon Hill. TRUSTS AS IRA BENEFICIARIES T rusts can be named as a benefi ciary of an IRA account if the IRA account owner wishes for there to be control over required minimum distributions upon the original IRA owner’s death. If the IRA account owner want the funds to go to a minor child, for example, an outright distribution to the child would not be possible unless guardianship proceedings are commenced. The Trust allows the IRA account owner to provide for the required minimum distributions to be paid to the Trust over a 10-year period so long as the Trust is a seethrough Trust, meaning the Trust benefi ciaries are identifi ed. Under the Secure Act, only eligible beneficiaries can stretch the IRA over his or her life expectancy. Ineligible benefi ciaries must stretch out the IRA over a 10-year period. If the Trust is not a seethrough Trust and the benefi ciaries are not identifi ed, the Trust must take required minimum distributions over a fi veyear period. Upon the death of the IRA 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 owner, the IRA account becomes a separate asset of the Trust. Required minimum distributions are then reportable by the Trust as income in the year received. If there is a distribution to a particular benefi ciary of the Trust out of the separate IRA account, that beneficiary will pay the tax on that distribution. A Schedule K-1 form would be given to the benefi ciary in order to him or her to fi le an individual income tax return for that particular calendar year. If no distributions are made by the Trustee to any benefi ciary after having received a taxable required minimum distribution, then the Trust itself would pay the tax. An IRA owner may wish to name a Trust as the benefi - ciary if a second marriage is involved and he or she wishes to provide for the spouse to receive Trust distributions over his or her lifetime with any remaining IRA monies in the Trust to be held for the benefi t of children of a previous marriage. If the Trust was a conduit Trust with mandatory annual or more frequent distributions, the surviving spouse would be an eligible benefi ciary and therefore the Trust’s required minimum distributions could be based upon the spouse’s life expectancy. Leaving the entire IRA account to the second spouse might result in no monies ever being distributed to children of the fi rst marriage for a variety of reasons. If a Trust is the benefi ciary of the IRA account, the terms of the Trust itself will dictate when the beneficiaries of the Trust will be entitled to distributions. This prevents spendthrift benefi ciaries from squandering the IRA monies. Also, there would most likely be more protection of the IRA monies if owned by the Trust as a result of spendthrift provisions contained in the document. Inherited IRA accounts do not off er the same level of asset protection of IRA accounts created and owned by the original account owner. The distributions to the Trust under a 10-year payout requirement, for example, does not mean the Trustee is going to make distributions to the benefi ciaries over that 10year period. It could be a much longer period of time due to the terms of the Trust. As always, the Trustee will have to take tax planning issues into consideration. 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. Like us on Facebook advocate newspaper Facebook.com/Advocate.news.ma
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