Page 14 THE SAUGUS ADVOCATE – FriDAy, JUnE 23, 2023 THE SOUNDS | FROM PAGE 13 MEG Foundation offers Dedicated Chairs to Families The MEG Foundation Board of Directors is hoping to return former Saugus High School Library chairs, at no charge, which were originally donated to the Saugus High School Library by many families and friends, in their memory. We hope the chairs will find their way back to their loved ones. We have approximately 50 dedicated chairs available to relatives. Please contact Janice Jarosz at 339222-2178 or Linda Ross at 781-233-4607 for further information. The list includes the followTAX BENEFITS OF IRREVOCABLE TRUSTS If you place your principal residence into an irrevocable trust to protect the equity for your children, you can sell your home and still take advantage of the $250,000 capital gains tax exclusion ($500,000 for a married couple) upon sale. For example, if you are single and you lived in your home for at least two of the five years prior to the date of sale of your home, and you sold your home for $750,000, with a purchase price of $500,000, the $250,000 capital gain would not be taxable. In order to determine your actual cost basis, you would be adding to the purchase price all capital improvements since acquisition such as a new roof, new windows, new heating system, kitchen renovation, bathroom renovation, asphalt driveway, etc., plus any and all closing costs on the sale of the house such as broker’s commission, tax stamps, legal fees and recording fees. Upon your death, the fair market value of the home would become the new cost basis in the hands of the beneficiaries of the Trust, such as your children. If they were to sell the home shortly after your death, in all probability, there would then be no capital gains tax to pay. Only if the property appreciated significantly since the date of your death would there then be a capital gain to pay taxes on. Keep in mind that once the five-year look-back period has passed, the house would not be a countable asset for MassHealth purposes and being held in the irrevocable Trust would avoid probate as well as estate recovery for MassHealth benefits paid. If the house were to be sold during your lifetime, the net sales proceeds would be placed into the irrevocable Trust to either purchase a new home to be held by the Trust or to invest the monies to generate income to be paid to you as an income beneficiary of the Trust. This would be the case if you decided to rent and not purchase a replacement property. The sale of the home and the purchase of a replacement home does not restart the five-year look-back period. Since the irrevocable Trust is drafted as a grantor-type Trust, even if you place a brokerage account into such a Trust, the interest, dividend and capital gain distribution income would be reported on a Trust tax return but the Trust would generate a Grantor Letter to be issued to the Grantor of the Trust (Settlor or Trustor) in order for the Grantor to be able to report this income on his or her individual income tax return at the much lower tax rates than those of Trusts. Not all types of assets are suitable to be placed into an irrevocable Trust as part of a Medicaid plan. For example, retirement accounts and IRA’s are assets that you would not place into such a Trust as to do so would create an immediate taxable event. Joseph D. Cataldo is an estate planning/elder law attorney, Certified Public Accountant, Certified Financial Planner, AICPA Personal Financial Specialist and holds a masters degree in taxation. ing Dedicated Chairs: Aubrey, Flo & Al; Favuzza, Josephine; Barry, Diane; Favuzza, Frank; Biffin, Theodore; Fioravanti, Ann; Blair, James, A.; Franlins, Beatrice T.; Bly, Belden G. Jr.; Gloria & Jackie (59); Borghetti, Joseph; Harrington, Mike; Bourgeois, Eleanor Statuto; Kelley, Maureen; Braid, Robert M.; MacNeil, Bill; Bucchiere, John; McKinney, William; Butler, Laurence; Mekalian Family; Celandes, Wilbur; Jean Henderson; Class of 1938 - Melewski, Roberta; Class of 1941 - Melewski, Sophie; Class of 1947 - Morrison, Mary A.; Class of 1960 - Moschella, Carmen Jr.; Class of 1966 - Moylan, Albert J.; Cogliano, Anthony; O’Connor, Mae & Larry; Colby, Virginia; O’Neil, Nellie; Courant, Barbara Henderson; Parrish, Charles L.; Dahlberg, Frank; Pincess, Abraham; Dahlberg, Frank and Sarah; Polese, Lisa A.; DeSteuben, Albert, Jr.; Saugus High School 2001 – Dewling, Debi Sanders; Secor, John; Diamond, Beverly; Sketchley, John; Fabrizio, Bonnie McHale; Sorenson, Andy; Fabrizio, Kenneth; Steward, Doris; Favuzza, Geraldine; Whyte, Chris. Attention 2016-18 Saugus High grads The Saugus High School graduate classes of 2016, 2017 and 2018 Cumulative Record Folders will be destroyed on July 15, 2023. Any graduates from the dates above of Saugus High School wishing to obtain their records before they are destroyed, please email Kim Alba at kalba@saugus.k12. ma.us. The pick-up dates and times will be given to you via email. If you would like them mailed, please include an address in your email. Seeking Sachems sports historical data If you are knowledgeable about the Saugus High Sachems Boys and Girls sports teams prior to 1969, Saugus Public Schools could use your help. The School District is looking for data on Saugus High Sachems Boys and Girls sports teams prior to 1969 that won a conference, regional and/or State Championship. “For example, we need data on the 1966, ’67 or ’68 Saugus varsity cross country team that won the State Championship,” Saugus School Committee Member Dennis Gould wrote in a press release. “We need the team, the year and what championship they won. Pictures of the teams, trophies or old banners would be great also,” Gould said. “The data will be used by the School District to generate historical banners to hang in the new complex and to give to the Saugus Sports Hall of Fame for permanent record.” If you happen to have access or knowledge of such data, please email it to Dennis Gould, School Committee, jdgould1969@aol.com. Dennis can also be reached at 1-617257-4847. Kowloon outdoor dining and concerts The Kowloon Restaurant, which is located at 948 Broadway (Route 1 North) in Saugus, opened its outdoor dining venue on May 17 – serving a full food and bar menu. The Kowloon Restaurant is open every day from noon till closing, and the outdoor venue is open Wednesday to Sunday from 5 p.m. to closing. This month’s Outdoor Concert Lineup: June 24: Live Music: WildFire Band – 8:00 p.m. – free admission, reserved seating is $10 per person. June 25: Sunday Country Night Live with Houston Bernard Band – 6:00 p.m. – free admission, reserved seating is $10 per person. Stevie B on July 22: Hailed as the “King of Freestyle,” Stevie B is set to perform live in concert at the Kowloon Restaurant’s outside venue on Saturday, July 22 at 9 p.m.; doors open at 7 p.m. The “Party Your Body” event will feature the singer performing “In My Eyes,” “I Wanna Be the One,” “Because I Love You,” “Spring Love” and Dreamin’ of Love.” Also in the lineup mixing is DJ Ricky P, formerly of The Palace, Stars Dance Club, The Rack, KISS 108 FM, JAMN 94.5 FM and STAR 93.7 FM. Tickets are: VIP Golden Front Seats $65.00, General Reserved Seats $55.00, Limited Standing Room Only $40.00. For tickets, call the Kowloon Restaurant at 781-233-0077 or access online: www.kowloonrestaurant.com Rockin’ 4 Vets concerts are coming to Kowloon! Rockin’ 4 Vets presents a classic rock Summer SunDays Veterans Benefit Concert Series starting on July 16 with Garry Goudreau’s Engine Room and continuing to August 20 with Dyer, Goodwin, Chakosur and Brian Templeton; with an initiative to assist veterans’ organizations throughout Massachusetts with PTSD, addictions and homelessness. The concert series lineup includes: July 16: Barry Goudreau’s Engine Room, lead by Barry Goudreau, former guitarist for the classic rock band Boston. July 30: Johnny A. Trio, fronted by the former guitarist for Rock & Roll Hall of Fame band The Yardbirds. August 6: John Butcher with special guest Sal Baglio – led by guitarist and frontman of the Jon Butcher Axis, along with Baglio, former leader of the band The Stompers. August 13: James Montgomery’s Rhythm & Blues Revue with Christine Ohlman & Barrence Whitfield, hailed as a legendary New England blues performer and former member of the Johnny Winter Band. August 20: Dyer, Goodwin, Chakour with special guest Brian Templeton, longtime members who played with Joe Cocker, Tina Turner and the J. Geils Band. For tickets, go to the ticketing link gimmeLIVE.com. VIP tickets are available for preshow meet and greet with performers. Doors open at 12:15 p.m. and the shows are at 1:00 p.m. 100% percent of the concert series’ profits will benefit the veterans’ organizations, including: Hidden Battles Foundation, https://hiddenbattlesfoundation.org/ Massachusetts Military Support Foundation, https:// mmsfi.org/ Veterans Northeast Outreach Shelter, https:// vneoc4vets.org/ Boston Rescue Mission and 22 Mohawks, https://22mohawks.com/ Rockin’ 4 Vets, LLC is a New England-based concert promoter, who, along with Alive & Kicking Productions, are the producers for this benefit event. Jim Tirabassi is the founder and director of Rockin’ 4 Vets, LLC. Rockin’ 4 Vets, LLC and Alive & Kicking Productions produce benefit concerts throughout New England to provide support to organizations assisting Vets with issues related to PTSD, addiction and homelessness. Bingo is back! The Kowloon Restaurant announced Bingo every Wednesday from 7 to 9 p.m. in the Hong Kong Lounge. Prizes will be given away each week. A full Chinese gourmet spread THE SOUNDS | SEE PAGE 16
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