Page 14 THE REVERE ADVOCATE – FRIDAY, NOVEMBER 8, 2024 ~REVERE HIGH SCHOOL SPORTS ROUNDUP~ By Dom Nicastro NEW MASS ESTATE TAX EXEMPTION AND FILING THRESHOLD T he Masachusetts State Legislature increased the estate tax exemption to $2million effective for decedents dying on or after January 1, 2023, pursuant to Mass General Laws Chapter 50, Sections 36 and 37. Under the prior law, the estate tax exemption was only $1million. Under the prior law, if the descedent had a gross estate of $1,750,000 and then gave away $800,000 prior to dying, then the federal gross estate would be reduced to $950,000. Although the remaining gross estate of $950,000 was less than the $1million filing threshold, the $800,000 in gifts would reduce the filing threshold to $200,000 ($1million minus $800,000). The $200,000 became the adjusted filing threshold. Since the remaining gross estate of $950,000 exceeds the $200,000, an estate tax return would have to be fi led. The good news is that only the remaining gross estate of $950,000 would have been subject to the Massachusetts estate tax. The bad news was that all of the $950,000 would have been subject to the estate tax based upon the tax table found in the IRS instructions for the computation of the state death tax credit found in Table B of the Form 706 fi ling instructions (1999 Revision), the basis of how the Massachusetts estate tax is calculated to this day. The new Massachusetts estate tax provisions eliminate this adjusted fi ling threshold dilemma. As long as the gross estate is less than $2million, no estate tax return is required to be fi led, irrespective of any gifts made prior to death. Furthermore, if the gross estate is $3million, the fi rst $2million is totally tax free. The Massachusetts estate tax on $2million is $99,600. Our state legislature has provided for a maximum tax credit equal to exactly $99,600. Therefore, only the gross estate in excess of $2million is subject to estate tax in Massachusetts. Granted, the beginning tax bracket will be 8%. As an example of how to apply the new Mass estate tax, assume a decedent has an estate valued at $3million. He gives away $1.1million prior to death leaving him with a gross estate at death of $1,900,000. Since $1,900,000 is less than $2million, there is no Massachusetts estate tax return necessary to be fi led. Taxpayers should at least realize that it might very well make sense to make a completed gift of bank account monies, for example, to children or to certain irrevocable trusts in order to remove such assets from the taxable estate. With bank accounts, we are not concerned with achieving the so-called step-up in cost basis equal to the date of death value, as we would be concerned with appreciated assets such as real estate or a stock portfolio. In fact, any asset that has not appreciated in value could be given away prior to death to minimize or eliminate the Mass estate tax. 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. Revere boys soccer prepares for Bedford clash after gritty playoff win The Revere High School boys soccer team continues to make waves this season, capping off its regular season with a strong 12-2-2 record and earning the No. 9 seed out of 38 teams in the Division 2 MIAA tournament. The Patriots’ blend of off ensive fi repower and defensive resilience set the stage for their postseason campaign, which began with a hardfought 2-1 victory over No. 24 East Longmeadow. Revere’s opening playoff match on Nov. 4 showcased their trademark determination and skill. Senior forward Patrick Valentim played a pivotal role, scoring both goals to secure the 2-1 win. Valentim’s precision and poise were on full display as he capitalized on two assists from Angel Ortez, whose creative playmaking once again highlighted his importance to the Patriots’ attack. Ortez, who has been a standout player all season with his ability to contribute goals and assists, found Valentim in space twice to create scoring opportunities that proved decisive. The Patriots’ defensive unit limited East Longmeadow’s scoring chances and held strong after conceding one goal. This collective defensive eff ort has been a hallmark of Revere’s season, contributing to their low average of goals WILDLAND | FROM Page 2 200 — an increase of about 1,200% over the average, and higher than the monthly numbers usually seen in the traditional early spring brush fi re season. Of these fi res, 100 were reported over the last seven days, and preliminary information indicates that all of them started with human activity. “More than a quarter of this year’s brush and wildland fi res took place in October,” said Chief Fire Warden David Celino of the Massachusetts Department of Conservation & allowed per game. Revere’s regular season showcased their versatility and depth. With a 12-2-2 record, they demonstrated their off ensive might. Here are some statistics from the 2024 season: Team statistics: • Average goals per game: 2.47 • Average allowed goals per game: 1.18 Top fi ve goal scorers: 1. Angel Ortez: 11 goals 2. Patrick Valentim: 10 goals 3. Santiago Velez: 6 goals 4. Francisco Navarette: 4 goals 5. Jeremy Romero: 3 goals Top 5 assist leaders: 1. Francisco Navarette: 6 assists 2. Angel Ortez: 5 assists 3. Brayan Medina: 4 assists 4. Santiago Velez: 3 assists 5. Patrick Valentim: 2 assists The leadership from key players like Valentim and Ortez has been pivotal, as has the consistency of playmakers such as Francisco Navarette, who contributed signifi cantly in both scoring and assists. The Patriots’ ability to turn matches around and close out games has been a marked improvement from previous years. Coach Manny Lopes’ tactical adjustments, such as strategic formation changes and lineup rotations, kept the team competitive even in their toughest matchups. Revere’s next test comes against the No. 8 seed Bedford Buccaneers, a team that fi nished their regular season with a 4-5-8 record but proved their mettle with a 1-0 win Recreation. “They accounted for more than half of the 1,158 acres burned so far this year. The weather conditions and dry surface fuels that have contributed to these fast-moving fi res are expected to continue in the days ahead. Any outdoor fi re will grow quickly, become diffi cult to control, and require numerous fi refi ghting resources.” “About 45% of Massachusetts homes are in or near wooded areas at risk for brush and wildland fi res,” said State Fire Marshal Jon M. Davine. “In the current fi re weather enviover Sharon to kick off their postseason. The Patriots will travel to Bedford on Thursday, Nov. 7, for a 7 p.m. showdown. Revere volleyball ends season with postseason loss Revere suff ered a 3-0 loss at Essex Tech in the opening round of the Division 2 MIAA volleyball tournament. The Patriots were the No. 40 seed out of 40 teams, while Essex Tech was No. 25. Revere ended the regular season 10-10. That is a huge turnaround from a two-win season the year before. Coach Emilie Hostetter on the loss to Essex Tech: “The girls started really strong playing with them the fi rst set, but Essex Tech took the set in the last few points. It was great to get the team tournament experience, so that we can come back even stronger next year.” Senior Danna Canas had four kills and Dayana Ortega had three kills. Libero Samantha Indorato had three aces and 11 digs. Senior Captain Lea Doucette had two blocks. Revere girls soccer falls in tourney opening round Revere’s girls soccer team ended a fi ne campaign with a 5-0 loss to Foxborough in the opening round of the Division 3 MIAA girls soccer tourney. Revere was ranked 43rd out of 44 teams. Foxborough was ranked 22. The Patriots, under fi rst-year coach Ariana Rivera, fi nished the regular season 9-7. ronment, any significant fire could put people and property in danger. In fact, many of them have started with activity around the house, like outdoor cooking and using lawn tractors and other power equipment.” “Battling wildland fi res is labor-intensive, time-consuming, resource-heavy work for our fi refi ghters,” said Foxborough Fire Chief Michael D. Kelleher, president of the Fire Chiefs Association of Massachusetts. “Dead and comproWILDLAND | SEE Page 16
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