THE SAUGUS ADVOCATE – FriDAy, AUGUST 4, 2023 Page 17 THE SOUNDS | FROM PAGE 16 Thursday, August 24, at 3:30 p.m. All ages welcome; no registration required. This program is funded in part by the Saugus Cultural Council. Be sure to check the online calendar for any weather-related updates. Storywalk: Check out a Storywalk – also on Thursday, August 24, at 3:30 p.m. – at the Iron Works. This event, which is led by Coordinated Family & Community Engagement (CFCE), will feature a back-toschool story, “All Are Welcome,” by Alexandra Penfold. Snakes of New England: Snakes of New England – and the World! On Monday, August 28, at 10:30 a.m. at the Iron Works! Meet some amazing snakes presented by Rick Roth of Cape Ann Vernal Ponds. All outdoor events at the Iron Works are subject to change due to the weather. Please check the online event calendar on the morning of the event for updates. Teen Summer Reading 2023! Through August 25: Visit our website (sauguspubliclibrary. org) to fill out a book review form for every book you read or listen to over the summer. All books count – fiction, nonfiction, manga, graphic novels, audio books, required reading, etc. One reader will win a $50 gift card to Amazon! The more you read, the better your chance! Tween and Teen Crafts & Snacks! August 4, 11, 18 and 25; weekly summer crafts on Fridays from 10-11 a.m. in the Brooks Room; fifth through 12th grades. No registration necessary, just come by and bring your friends! Attendees will be making bracelets, clay animals, flower prints, earbud holders, wizard wands, mini light sabers and fabric bookmarks and doing some cookie decorating. Join our Teen Advisory Board: first Tuesday of each month at 6 p.m. in the Teen Room; fifth grade and up. Meet with the Teen Librarian once a month to talk about what you’d like for programs and materials at the library. Your opinion matters! No registration required. Snacks provided! (sauguspubliclibrary. org – 781-231-4168) Just Sew! Saugonians are welcome to join a monthly sewing class for adults that is held the third Monday of each month from 6:30-7:30 p.m. in the Community Room of the Saugus Public Library. The class covers basic topics like sewing buttons, hemming clothing and mending torn fabric and will move on to more advanced topics in the coming weeks. This class is free. (See sauguspubliclibrary.org) First Baptist Church presents “Can We Talk…” First Baptist Church Pastor Leroy Mahoney invites troubled people to join others in a special program called “Can We Talk … Community conversations on Trauma and Healing” the first Thursday of every month from 6 to 7 p.m. at Rev. Isaac Mitchell Jr. Fellowship Hall (105 Main St. in Saugus). “Join us as we gather in community to share our stories, thoughts and feelings about whatever you are going through,” Rev. Mahoney states in a written announcement. “As always, it is a safe space to come together in community,” he says. About The Saugus Advocate We welcome press releases, news announcements, freelance articles and courtesy photos from the community. Our deadline is noon Wednesday. If you have a story idea, an article or photo to submit, please email me at mvoge@ comcast.net or leave a message at 978-683-7773. Let us become your hometown newspaper. The Saugus Advocate is available in the Saugus Public Library, the Saugus Senior Center, Saugus Town Hall, local convenience stores and restaurants throughout town. Let’s hear it! Got an idea, passing thought or gripe you would like to share with The Saugus Advocate? I’m always interested in your feedback. It’s been six and a half years since I began work at The Saugus Advocate. I’m always interested in hearing readers’ suggestions for possible stories or good candidates for “The Advocate Asks” interview of the week. Feel free to email me at mvoge@ comcast.net. Do you have some interesting views on an issue that you want to express to the community? Submit your idea. If I like it, we can meet for a 15to 20-minute interview over a drink at a local coffee shop. And I’ll buy the coffee or tea. Or, if you prefer to continue practicing social distancing and be interviewed from the safety of your home on the phone or via email, I will provide that option to you as the nation recovers from the Coronavirus crisis. If it’s a nice day, my preferred site for a coffee and interview would be the picnic area of the Saugus Iron Works JULY BIRTHDAYS: Pictured from left to right: Front row: Camielle Cardosi, Gerri Stoddard, Cathy Dortona; second row: Bill Bidmead, Mary McKenzie, Diane McConnell, Ann Tucker, Eleanor Blaney, Annette Reed, Peter Anganis; back row: Danielle LeBlanc, Cathy Billingsley, Steve Terrazzano, Paul Watts. (Courtesy photo to The Saugus Advocate) B T irthdays are always special occasions at the Saugus Senior Center. The center likes to recognize the seniors’ birthdays on the last day of the month with a collective birthday celebration. They receive a free lunch, cake, ice cream and a souvenir group photo. Saugus Birthday Celebrations IRS REVENUE RULING 2023-2 he Internal Revenue Service in March of this year confirmed that the assets of an irrevocable grantor trust that are not included in the grantor’s gross taxable estate do not receive the step up in cost basis upon the grantor’s death pursuant to Internal Revenue Code (IRC) Section 1014(a)(1). The types of irrevocable trusts that are the subject matter of this revenue ruling are irrevocable gifting trusts where the grantor of the trust is gifting assets out of his or her estate in order to avoid having those assets includible in his or her gross taxable estate for estate tax purposes. For larger estates, such a technique may well be a good strategy as once your estate is taxable for federal estate tax purposes, the federal estate taxes are significant. Although the federal estate tax exemption is currently $12.9million for taxpayers dying in 2023, it is slated to drop down back to $6million in 2026, failing legislation to extend the estate tax provisions currently in place. When assets are transferred to such a Trust, a completed gift has occurred for gift tax purposes. If the grantor retains powers pursuant to IRC Sections 671-678, the grantor will be treated as the owner for “income tax” purposes. However, with an irrevocable gifting trust, the assets held in such a trust are not afforded the step up in cost basis. This means that the assets held in trust upon the grantor’s death will not receive a new cost basis equal to the fair market value at the time of death. The grantor’s original cost basis of the assets will be passed along to the beneficiaries of the trust. This ruling confirms that you cannot have your cake and eat it too when it comes to these irrevocable gifting trusts. The assets in the trust must be includable in the grantor/decedent’s estate for estate tax purposes in order to gain the valuable step up in cost basis. This ruling does not affect the typical Medicaid irrevocable trusts which are designed to achieve grantor-type trust status for income tax purposes and to provide for the inclusion of highly appreciated assets, such as stocks and real estate, in the grantor’s taxable estate. Provisions included in these trusts are designed to prevent a completed gift from occurring when assets are transferred to the trust. It may very well be that no federal estate tax will be paid or no Massachusetts estate tax will be paid, but if the trust assets are included in the taxable estate, the step up in basis will be achieved. The Massachusetts state legislature will hopefully increase the estate tax exemption to $2million. It is currently $1million. It would be great if the legislature adopted estate tax portability thereby providing a married couple with a total estate tax exemption of $4million. Upon the death of the first spouse, everything could pass to the surviving spouse estate tax free based upon the unlimited marital deduction. Upon the surviving spouse’s subsequent death, he or she would then be entitled to the deceased spouse’s $2million exemption plus his or her own $2million exemption, for a total of $4million. You would see less taxpayers leave Massachusetts for a more tax-friendly state.
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