THE REVERE ADVOCATE – FRIDAY, DECEMBER 3, 2021 SUPPORT | FROM Page 2 John F. Powers, Revere Ward 5 City Councilor MAKING YOUR ESTATE THE BENEFICIARY OF YOUR IRA I n most situations you would name your spouse as your primary beneficiary of your IRA or 401(k) account. If you were to die, your spouse would be able to establish his or her own spousal IRA account and would be able to defer withdrawals until age 72, at which time your spouse would then be required to take out required minimum distributions (RMD’s) over his or her life expectancy. One reason why you might wish to make your estate the primary beneficiary would be to actually protect the remaining IRA or 401(k) monies in the event your surviving spouse were to go into a nursing home. If the estate were to be named the benefi ciary of your IRA or 401(k) account, you would include a testamentary trust provision in your Last Will and Testament which would take eff ect once your Will is allowed. The testamentary trust would provide for discretionary distributions of income and principal in order to benefit your surviving spouse. One of the downsides to this, of course, is the cost and time associated with the probate process. Another downside to this is the remaining monies in the IRA or 401(k) account would have to be distributed over a five-year period with the passage of the SECURE act. Income taxes will have to be paid each year which will have a negative impact on the ability of the account to grow over time. The upside of this strategy is that MassHealth does not treat testamentary trusts the same as irrevocable trusts and the transfer penalty provisions do not apply to these trusts as "Anthony has united our community in a way that I haven't seen in over a generation. I support him because I have seen his tireless work ethic and eff orts to bring equity and accountability to our public schools. He will make a tremendous State Senator and I wholeheartedly support his campaign." Al Fiore, Revere Ward 5 City Councilor Elect "Far too many politicians say one thing and do another. Anthony knows that we are struggling from the impacts of overdevelopment and the long term ramifi cations of rising sea levels along the beach. He will be an advocate well. There is no fi ve-year look back period to be concerned with. With irrevocable trusts, there can only be income distributed to the Settlor, not principal. With a testamentary trust, principal distributions are allowed to be distributed to the surviving spouse without any negative impact on MassHealth eligibility. If the testamentary trust is structured with a remainder share and a marital share, this strategy may also provide for Massachusetts estate tax savings so that when you die, you will have taken advantage of your $1million Massachusetts estate tax exemption by making sure the remainder share in your testamentary trust is funded with enough of the IRA or 401(k) account monies to bring the total of all assets being distributed to your children to at least equal the $1million. If your spouse is aging and you are concerned about a future nursing home admission, and are also concerned about providing for all of your spouse’s health care needs, daily living expenses, housing needs, etc., then this is one strategy to at least consider. 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. BEACON | FROM Page 18 length of sessions are misguided and lead to irresponsible late-night sessions and a mad rush to act on dozens of bills in the days immediately preceding the end of an annual session. During the week of November 22-26, the House met for a total of 26 minutes while the Senate met for a total of 57 minutes. Mon. Nov. 22 House 11:00 a.m. to 11:05 a.m. Senate 11:15 a.m. to 11:41 a.m. Tues. Nov. 23 No House session No Senate session Wed. Nov. 24 House 11:02 a.m. to 11:23 a.m. Senate 11:06 a.m. to 11:37 a.m. Thurs. Nov. 25 No House session No Senate session Fri. Nov. 26 No House session No Senate session Bob Katzen welcomes feedback at bob@beaconhillrollcall.com TOUR | FROM Page 10 Boston Globe says it all: An epic failure on Beacon Lawmakers dawdled over Hill ARPA funds, delaying economic relief to millions of their constituents. An epic failure it is. It is unconscionable that this critical funding could be left languishing by politicians who haven’t missed a paycheck, had to worry about food insecurity, the closing of their business or the loss of life savings while struggling to make it through. While many of these same politicians will take part in Small Business Saturday with a photo op, they have failed their constituents who are in desperate need of help. We have to ask ourselves, “How is it possible that Beacon Hill has somehow become more broken that Washington D.C.?” We can and must do better. I come from a family of small business owners and have witnessed the endless generosity of many others in my role as a Revere School Committee member. I will never forget them as a State Senator. I ask you to join me as we fi ght for a Beacon Hill that works for EVERYONE! About Anthony: Anthony D’Ambrosio is a graduate of Yale and Cambridge Universities. He is currently a member of the Revere School Committee where he led the creation of a districtwide Equity Advisory Board; led the implementation of a districtwide mental health audit with enhanced services for students; and fought for union and labor rights. He has managed a 3,500-person nonprofi t organization that provided community-based services ranging from early childhood education to homelessness relief; taught public school classes on disability and menPage 19 for our shorelines, against Wheelabrator and the unending noise from Logan Airport." Richard Serino, Revere Ward 6 City Councilor "Having worked at the State House, I know fi rsthand how diffi cult it is to get things done. We need a State Senator who is tenacious and willing to stand up for their constituents. Anthony D'Ambrosio is exactly the right choice to fi ght for us on Beacon Hill. I will be reaching out to voters across the district on Anthony's behalf and I urge everyone to vote for him on December 14th or during early voting from December 4th to the 10th." About Anthony: Anthony D’Ambrosio is a graduate of Yale and Cambridge Universities. He is currently a member of the Revere School Committee where he led the creation of a districtwide Equity Advisory Board; led the implementation of a districtwide mental health audit with enhanced services for students; and fought for union and labor rights. He has managed a 3,500-person nonprofi t organization that provided community-based services ranging from early childhood education to homelessness relief; taught public school classes on disability and mental health issues related to social media and academic performance. Professionally, he has advised on the technology sector and growth strategies for some of the world’s most innovative technology companies. tal health issues related to social media and academic performance. Professionally, he has advised on the technology sector and growth strategies for some of the world’s most innovative technology companies. ~ LEGAL NOTICE ~ SU21P2048EA Estate of: Date of Death: 05/28/2021 INFORMAL PROBATE PUBLICATION NOTICE To all persons interested in the above captioned estate, by Petition of Petitioner of Petitioner of of of has been informally appointed as the Personal Representative of the estate to serve on the bond.
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