14

Page 14 THE SAUGUS ADVOCATE – FriDAy, AUGUST 9, 2024 THE SOUNDS | FROM PAGE 13 Devens. More information to be announced. · Monday, Nov. 11, 10th Annual Massachusetts Elementary School Cross Country Championship; 8:30 a.m. arrival and 9:30 a.m. start at Lynn, Mass., Gannon Golf Course, 60 Great Woods Rd. Lunch will be at Prince Pizzeria following the meet. More information to be announced. · Program ending Thursday, Nov. 14; wrap up session at Belmonte. The program cost: $100 for first year; $50 for athletes returning from Cross Country 2023. For more details, please contact Coach T. at 781-8546778 or email him at christophertarantino24@gmail. com. Founders Day Book Sale Sept. 14 The New Friends of the Saugus Public Library are preparing for their annual Founders Day Book Sale, which is set for Saturday, Sept. 14 in the library’s Community Room. The Friends are requesting donations of gently used adult hardcover and softcover adult, young adult, and children’s books; no text books, encyclopedias, or pamphlets. And please... Donate clean and newer books only; no tattered pages, odors, stains or faded/battered/dirty covers! Books may be dropped off at the Library’s Main Circulation Desk during normal business hours. Please do not place donations in the outdoor book drops. The New Friends, a nonprofit organization, is a group of people with an interest in improving the Library building, programs, services and collections. The New Friends sponsor activities and provide services that benefit and stimulate interest in the Saugus Public Library by: · Presenting free programs for all ages at the Library · Purchasing museum passes for use by Saugus Public Library patrons · Purchasing books, videos, magazines and equipment for the Library · Funding the Library’s online events calendar and museum pass reservation software · Holding used book sales and the on-going used book sale in the Community Room in addition to other fund-raising events to benefit the Library · Becoming Library Volunteers Thank you for your support of the New Friends of the Saugus Public Library. A “shout out” to Lance Penney Lance Penney, a member of Planet Fitness at 367 Broadway in Saugus, sent this “shout out” to the fitness club: “The home franchise Company reviewed all of their franchisees and awarded Planet Fitness in Saugus as having the cleanest, the most signups, the most efficient, helpful, the most sales and the best service and support to clients.” Want to “Shout Out” a fellow Saugonian? This is an opportunity for our paper’s readers to single out – in a brief mention – remarkable acts or achievements by Saugus residents or an act of kindness or a nice gesture. Just send an email (mvoge@comcast.net) with a mention in the subject line of “An Extra Shout Out.” No more than a paragraph; anything longer might lend itself to a story and/or a photo. RIGHT TO OCCUPY, ENJOY AND POSSESS REAL ESTATE HELD IN AN IRREVOCABLE TRUST A life estate is established when all of the remainder legal interest in a property is transferred to another individual, while the legal interest for life rights to use, occupy, possess, enjoy and receive the income or profits from the property is retained by the Settlor/ life tenant. A beneficiary who has the right to live in a house does not have the right to access principal. Even if the lifetime beneficiary/Settlor is also the trustee, and if the trustee decides to mortgage the property to make necessary repairs or to sell the real estate and buy another piece of real estate to be held in the trust as well, that right does not rise to the level of having “access” to the trust principal. The Settlor/lifetime beneficiary would only possess the right to occupy, enjoy and possess the replacement property and to collect any net rental income generated therefrom (if applicable). Furthermore, if the property is sold and there is no replacement property purchased, and the funds are simply invested, the Settlor/lifetime beneficiary only has the right to receive the net income generated from the investment. To distribute principal from the trust to himself/herself would constitute a gross breach of his or her fiduciary duty to the remaindermen (the beneficiaries that would receive the trust principal upon the Settlor’s death). If you happen to actually just have a life estate as reserved in a deed that you transferred to your children, for example, and if the property is sold, a certain portion of the sales proceeds must be allocated to you based upon actuarial tables found in IRS Book Aleph and interest rates found in Internal Revenue Code Section 7520. In that event, these monies allocated to you as a life tenant could be subject to spendown on nursing home care, even if you had deeded the real estate to your children more than 5 years ago. This is one of the benefits of the irrevocable trust. If the real estate is sold by the trustee, all of the sales proceeds belong to the trustee and the trustee must follow the terms of the trust exactly. Even if the Settlor is also the Trustee, he or she must follow the terms of the trust and will only have the right to distribute net income to the Settlor/lifetime beneficiary. The Settlor/lifetime beneficiary will have no rights to receive principal. This is your typical “income only” irrevocable trust. As mentioned earlier, there would be a massive breach of the trustee’s fiduciary obligation to the remaindermen if the trustee were to distribute principal to the Settlor. The bottom line is that we want the trust principal not to be counted for purposes of MassHealth eligibility. The Settlor of the irrevocable Trust cannot receive principal distributions under any circumstances. Joseph D. Ca taldo is an esta te planning/elder law a ttorney,Certified Public Accountant, Certified Financial Planner, AICPA Personal Financial Specialist and holds a masters degree in taxation. Founders Day date change Founders Day, one of the most popular town events of the year, will be a week later this year. It’s usually observed on the first Saturday in September. This year it will be observed on Sept. 14 instead of Sept. 7. Knights begin planning flea market and craft fair The Knights of Columbus Council 1829 announced that it plans to hold its Festive Holiday Flea Market and Craft Fair on Saturday, Oct. 19 from 9 a.m. to 3 p.m. at 57 Appleton St. The huge indoor affair is still weeks away. But it’s not too early for participants to begin planning. Vendor space for this year’s event will be $30 with free admission and free parking to go along with raffles, food and fun. Anyone with questions should call the Knights of Columbus at 781-233-9858. For more information, Paul Giannetta can also be reached at 978-239-1392. What’s happening at the Saugus Public Library For schoolchildren looking for interesting projects and programs to participate in this fall, there’s plenty to do at the Saugus Public Library. There are some very good programs offered for grownups, too. Community Garden volunteers welcomed If you love gardening and would love to volunteer a few hours for a good cause this summer, offer your services at the Community Garden at St. John’s Episcopal Church. Volunteers are welcome to come any Friday or Saturday morning for the rest of the summer to help weed and nurture the crops. If these times are difficult, arrangements can be made for other days. For details, contact The Rev. John Beach at St. John’s Episcopal Church (revjbeach@ gmail.com). Food Pantry notes The Saugus United Parish Food Pantry is open today ( Friday, Aug. 9) from 9:3011 a.m. at 50 Essex St. in the basement of Cliftondale Congregational Church. The Saugus United Parish Food Pantry welcomes all neighbors facing food insecurity. If you are able to donate to the food pantry, you can also stop by during those hours or drop donations off at the Saugus Public Library during library hours. Please note that the Food Pantry will be closed on August 16. Legion Breakfasts resume next month American Legion Post 210 would like to thank all those who made the 2023-24 breakfast season such a success, and wish them a wonderful summer. We will resume serving breakfast on Friday, Sept. 6. August Events at the Kowloon Here’s what’s happening this month at the Kowloon Restaurant: The Kowloon Restaurant (located at 948 Broadway, Route 1 North, Saugus) sets “The Local Connection Acoustic Mic,” night on August 18 from 6 to 9 p.m. All ages and genres are invited. A rain date is set for August 25. Admission is free, no tickets are required. For more information, call the Kowloon Restaurant at 781-233-0077 or access online at www.kowloonrestaurant.com What ’s b r eak i ng a t Breakheart On Thursdays throughout August, the Visitor Center will host a Wild Breakheart Series from 10–11 a.m. Join us as we explore different aspects of Breakheart! Meet outside the Visitor Center; rain cancels. Park visitors can participate in Animal Exploration – enjoy discovering what animals call Breakheart home! On Saturdays throughout August, there will be an Easy, THE SOUNDS | SEE PAGE 16

15 Publizr Home