Page 16 THE REVERE ADVOCATE – FRIDAY, NOVEMBER 12, 2021 BUILDING | FROM Page 1 school project on RHA property bounded by Constitution and Cushman Avenues. That leaves two viable site options for the Revere High School Building Committee: the former Wonderland Park and the current high school site. The School Building Committee is expected to make a fi nal determination on a site confi guration sometime in February. At last Friday’s weekly meeting of the School Building Committee, the project design team discussed the viability of the options at Wonderland, as well as presenting initial plans for a third option at the current high school site. All the versions of ~ LEGAL NOTICE ~ Estate of: Date of Death: INFORMAL PROBATE PUBLICATION NOTICE To all persons interested in the above captioned estate, by Petition of Petitioner of a Will has been admitted to informal probate. of has been informally appointed as the Personal Representative of the estate to serve on the bond. ~ HELP WANTED ~ Maintenance Mechanic I/Laborer The Revere Housing Authority is seeking a Maintenance Mechanic I/Laborer. Work involves the performance of semi-routine manual skills in repairing such items as: plumbing/heating valves and This position after a craftsman or vocational tech graduate is preferred. Must have valid a CORI screening. Professional licenses are highly desirable the high school construction plan on the current site involve building the new school on the Erricola Park portion of the property, then replicating the fi elds on the site of the current building. Previous to Friday’s meeting, two options for the Erricola Park relocation were on the table. According to Robert Bell from architect Perkins Eastman, there are inherent challenges with the two options. The version with no takings of nearby land would make a tight squeeze of the new high school, while the expanded version of the Erricola Park option would necessitate the taking of about 15 properties near the school. “We were hearing from the abutters the last few weeks their concerns, and we know that the existing site on its own with the culvert as a constraint really squeezes the building into an uncomfortable tightness,” said Bell. “We know that with Wonderland, there is a land purchase there, and there’s a concern about lost tax revenue as well as walkability.” Over the past few weeks, Bell said, designers have been looking at options for moving the existing culvert on the site, giving more room for a cohesive, campus-feel high school building without it being squeezed into a smaller footprint. However, moving the culvert would come with additional expenses and could stretch out the construction schedule. “Money and time,” said Brian Dakin of owner’s project manager LEFTFIELD when asked about the biggest challenges with moving the culvert. “The two biggest things about that are going to be an enabling phase to reroute the culvert … Previously, we were planning on working around the culvert, so there is also going to be a cost premium to reroute the culvert.” Moving the culvert could also create some issues with temporary parking while the construction is phased in on the site, Dakin said. “This is version one of this plan, and it’s got a lot of room to grow and change,” said Bell. “I think the end result is, for the student experience and the community experience that you don’t have a building sitting in a parking lot; you have a building sitting in green space, so it is going to feel a lot more like a campus.” Dakin asked the members of the School Building Committee to give a closer review over the next week or two to the new option that reroutes the culvert. He said the project team feels the new option is superior in many ways to the previous options at the high school site, and said he would like to see if there is a consensus MAKING GIFTS I f you plan on making gifts of appreciated property such as stocks or real estate, keep in mind that the donee of your gift will accept the property with a cost basis equal to your cost basis. The cost basis might be the purchase price of the original stock or real estate plus any improvements made to the real estate. If the real estate is rental real estate, the cost basis is reduced by depreciation taken over the years since fi rst placed in service. Generally, it is best to gift assets that have not appreciated much, if at all. Cash is always a good asset to gift because there are no cost basis issues or date of death valuation issues. You must always consider whether or not you deem it best to make outright gifts to children or to make gifts to an irrevocable Trust for their benefi t. An outright gift to a child that might have creditor issues or that might be involved in a divorce would not be such a good idea. Trusts have spendthrift provisions that would offer protection to a child in the event of a lawsuit or divorce. Currently, there is no gift tax in Massachusetts. The federal gift tax exemption is currently $11,700,000. Under the Biden Administration proposal, the gift tax exemption would be reduced to $1,000,000. The federal estate tax exemption is currently $11,700,000. The Biden Administration’s proposal is to reduce it to $6,000,000. The federal gift tax exemption and estate tax exemption are a unifi ed exemption. You can either gift $11,700,000 federal gift tax free or die and bequeath $11,700,000 estate tax free, but you can’t do both. Although there is no gift tax in Massachusetts, taxable gifts (i.e. gifts in excess of $15,000 per donee) reduce the $1,000,000 threshold for being required to fi le a Massachusetts estate tax return. If you gave away $750,000 and were still left with $750,000 in assets at the time of your death, even though your estate ended up being less than $1,000,000, a Massachusetts estate tax return would still need to be fi led. The threshold would have been lowered to $250,000 in estate assets. When you die with appreciated stock or real estate that is includible in your taxable estate (even though your estate might be less than $11,700,000 for federal purposes or $1,000,000 for Massachusetts purposes) your benefi ciaries obtain the benefi t of Internal Revenue Code Section 1014 and receives a new cost basis equal to the fair market value at the time of your death. The huge benefi t to your benefi ciaries is that when they sell the appreciated property shortly after you pass, there would be no capital gain or very little capital gain resulting in no capital gains tax or very little capital gains tax. Another benefi t of Code Section 1014 is that the benefi ciary of the appreciated property receives preferential longterm capital gains tax treatment even if the benefi ciary sold the appreciated property within one year from the date of death. Remember, short term capital gains are taxed at ordinary income tax rates federally and are taxed at the rate of 12% in Massachusetts. It is always important to select what assets to gift and how to make the actual gift. The tax implications can be signifi cant. 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. with the School Building Committee to further develop the new option. In December, Dakin said, the project team will be fi nalizing possible budgets for all the building options still on the table in preparation for the School Building Committee to make a fi nal determination in February. 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