Page 14 THE SAUGUS ADVOCATE – FRIDAY, JUNE 30, 2023 THE SOUNDS | FROM PAGE 13 Knights of Columbus Craft Fair and Flea Market The Saugus Knights of Columbus will hold its Outdoor Craft Fair and Flea Market on Saturday, August 19. Their last events were all sold out. Reserve your space now. A 12 x 12 space costs $30. Vendors must bring their own tables and chairs. Call Paul Giannetta for reservations or info — 978-239-1392. The Saugus Cultural Council seeks help The Saugus Cultural Council is recruiting new members. If you have a passion for arts, education, community engagement and building an inclusive community, feel free to apply. Please send a letter of interest and brief resume to the Saugus Board of Selectmen. The Saugus Cultural Council is a local agency funded by the Mass Cultural Council, a state agency. For more information, please contact saugusculturalcouncil@gmail.com. LIFE ESTATES AND STEP UP IN COST BASIS One common dilemma facing the remaindermen listed on a deed is how to calculate the cost basis of the real estate in question upon the death of the life tenant or life tenants. This is an important issue as the remaindermen need to know their cost basis in the event they subsequently sell the real estate or rent it out thereby requiring depreciation calculations. If, for example, a father deeded his home to his two children and reserved a life estate on the deed itself (essentially the right to use, occupy and possess the home for the rest of his life), upon the father’s death, under Internal Revenue Code (IRC) Section 2036(a)(1), the fair market value (FMV) of the home at the time of the father’s death would be the starting cost basis in the hands of the children going forward. If the FMV of the home was $600,000, the law treats it as though the children paid $600,000 for the home. This of course helps tremendously to avoid or greatly eliminate any capital gains tax upon a subsequent sale of the home. What if the father and mother both deeded the home to the children with reserved life estates? In this situation, since the father deeded his 50% interest in the home to the children with a reserved life estate, upon the father’s death, only 50% of the property is stepped-up to FMV upon his death. Since the mother deeded her 50% interest in the home to the children with a reserved life estate, upon the mother’s death, only 50% of the property is stepped-up to FMV upon her death. As a result, the home would have to be valued at both the father and mother’s death in order to obtain the new cost basis in the hands of the children upon the second to die. You would take 50% of the FMV of the home upon the father’s death and add that fi gure to 50% of the FMV of the home upon the mother’s death. Furthermore, 50% of the FMV of the home would be includible in the taxable estate of each spouse upon his or her death. What if the father and mother reserved a life estate, as husband and wife, tenants by the entirety? Would that make a diff erence in the calculation? The answer is no. Upon the father’s death, he in essence gifts his life estate to his wife. This is referred to as a life estate pur autre vie. Upon the subsequent death of his wife, there will not be a step-up in cost basis of the husband’s 50% life estate given to her as she simply did not retain a life estate in 100% of the home. She only retained a life estate in the 50% that she originally gifted to the children. She did not retain a life estate in the husband’s 50% interest. Only he did. This is pursuant to IRC Section 2036(a)(1) dealing with retained interests. 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 masters degree in taxation. MEG Foundation off ers Dedicated Chairs to Families The MEG Foundation Board of Directors is hoping to return former Saugus High School Library chairs, at no charge, that were originally donated to the Saugus High School Library by many families and friends, in their memory. We hope the chairs will fi nd their way back to their loved ones. We have approximately 50 dedicated chairs available to relatives. Please contact Janice Jarosz at 339-2222178 or Linda Ross at 781-2334607 for further information. The list includes the following Dedicated Chairs: Aubrey, Flo & Al; Favuzza, Josephine; Barry, Diane; Favuzza, Frank; Biffi n, 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: 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 Sun-Days Veterans Benefi t Concert Series starting on July 16 with Garry Goudreau’s Engine Roomand continuing to August 20 with Dyer, Goodwin, Chakosurand 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, led 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 Butcherwith 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 Whitfi eld, 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 withJoe Cocker, Tina Turner and the J. Geils Band. For tickets, go to the ticketing link gimmeLIVE.com. VIP tickets are available for pre-show meet and greet with performers. Doors open at 12:15 p.m. and the shows are at 1:00 p.m. One hundred percent of the concert series’ profi ts will benefi t 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 benefi t 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 is availTHE SOUNDS | SEE PAGE 16
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