THE REVERE ADVOCATE – FRIDAY, OCTOBER 10, 2025 Page 9 ~ REVERE HISTORY ~ Centennial Milestone on Revere Street By John J. Henry he statue of Cristoforo Columbo (Christopher Columbus) has stood at its present location, at 250 Revere Street, Revere, for 100 years, with one hand pointing to the earth and his outstretched arm and hand pointing to heaven. This imposing bronze statue of Christopher Columbus is almost as well traveled as its namesake. He was sculptured by Belgian-born Alois G. Buyens and presented to the Catholic Archbishop of Boston, John Williams, by the Knights of Columbus, on October 12,1892. The statue of Columbus was subsequently placed in front of the Cathedral of the Holy Cross in Boston, where it remained for 33 years. In 1925, Cardinal William O’Connell ordered the statue of Columbus moved from Boston to the Piazza in front of Saint Anthony of Padua Church in Revere, then under construction, as a gift from the Archdiocese of Boston to the Italian residents of Revere. On Columbus Day in 1925, the statue of Columbus was unveiled by the Pastor of Saint Anthony of Padua Parish, Reverend Ernesto Rovai, and the Mayor of Boston, James Michael Curley. The dedication ceremony included a large parade consisting of military detachments and fraternal organizations, civic groups, BosT REVOCABLE TRUSTS T he basic purpose of a revocable Trust is to avoid proThe statue of Christopher Columbus located at 250 Revere St. ton Italian fraternal societies, Saint Anthony’s parish religious groups and Revere Italian organizations. The dedication and parade, celebrating the statue of Christopher Columbus, was an opportunity for Revere’s Italian-American community to celebrate their Italian heritage and culture. The dedication ceremony concluded with a huge fi reworks display on the Hutchinson Street side of the church. John J. Henry served as City Clerk of the City of Revere for 32 years, from 1977 to 2009. He has written numerous articles about Revere and its people. Law Offices of JOSEPH D. CATALDO, P.C. “ATTORNEYS AND COUNSELORS AT LAW” ESTATE/MEDICAID PLANNING WILLS/TRUSTS/ESTATES INCOME TAX PREPARATION WEALTH MANAGEMENT RETIREMENT PLANNING ELDER LAW 369 Broadway Everett, MA 02149 (617)381-9600 JOSEPH D. CATALDO, CPA, CFP, MST, ESQUIRE. AICPA Personal Financial Specialist Designee bate and, if necessary, provide provisions within the Trust document to eliminate or greatly reduce federal and Massachusetts estate taxes. A revocable Trust is a Will substitute but far superior in many of its features. The goal is to eliminate or greatly minimize the amount of assets that fall into the probate estate requiring the fi ling of the original Last Will and Testament at the appropriate Registry of Probate along with the required forms and fi ling fees. A probate asset would be an asset owned directly by the decedent in his or her name only at the time of death, or if the decedent did not provide for a benefi ciary on an IRA account, 401(k) account or life insurance policy. Alternatively, the primary benefi - ciary named may have predeceased the decedent and no contingent beneficiary was named. There are instances where you might want to have a probate estate. For example, if you name the estate the benefi ciary of your IRA account and have already begun taking your required minimum distributions, and you are concerned about your surviving spouse going into a nursing home, then naming your estate as the benefi - ciary and creating a Testamentary Trust within your Last Will and Testament for the benefi t of your surviving spouse, the assets in that Trust would be protected from the nursing home. The Trustee of the Testamentary Trust spouse would then be required to take required distributions from your IRA based upon your “ghost” life expectancy. This was made possible under the Secure Act. The Trustee could then make distributions of not only income to your surviving spouse, but also distributions of principal. If you died without having reached your required beginning date of 73 years of age, the Trustee of the Testamentary Trust would have to deplete the IRA account by the end of the fi fth year following the year of your death. Therefore, you must meet your required beginning date for this strategy to work. For tax purposes, the person who creates the Trust may use his or her social security number when opening up a bank account or brokerage account in the name of the Trust. No separate tax returns need to be fi led for a revocable Trust. Appreciated assets such as real estate or stock held inside a revocable Trust receive the so-called step-up in cost basis upon your death equal to the fair market value of the assets at the time of your death. Therefore, a subsequent sale of the assets after your death would result in little or no capital gain, depending upon future appreciation of the assets. Keep in mind, since the Donor or Settlor of a revocable Trust has total control over the Trust assets and retains the ability to alter, amend or revoke the Trust, there is no nursing home protection with these Trusts. An irrevocable Trust would be necessary to achieve that objective. Upon the death of the Donor or Settlor of a revocable Trust, the Trust would then become irrevocable requiring the fi ling of Trust tax returns if there is income being generated by the Trust. A federal ID number for the Trust would then have to be applied for. 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.
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