Page 14 THE SAUGUS ADVOCATE – FriDAy, AUGUST 16, 2024 Concert of the Week Headlands, a group that plays folk and country music, performs next Wednesday night at the Saugus iron Works H eadlands, a North Shore-based group, will perform this Wednesday (Aug. 21) at 6 p.m. in a free concert at the Saugus Iron Works National Historic Site. With their exciting three-part vocals that put their stamp on whichever musical genre they choose, Headlands has been playing at clubs, restaurants, outdoor festivals and private events since 2017. Whether an acoustic trio or a fullblown band with percussion, fiddle and horns, the group aims to treat their audiences to thrilling harmonies, tight arrangements and humor. This Rockport-based group plays rock, Americana, country, folk and even a little bluegrass. Including this week’s conthe Iron Works were organized by Saugus Public Library and will continue each Wednesday evening through the summer, weather permitting, from 6 to 8 p.m. Here’s the remaining performances of the 2024 lineup: August 21: Headlands (Folk, Country, Americana Pop). August 28: JumpStreet (Rock, R&B, Blues & Jazz). The concert series celeNEXT WEDNESDAY NIGHT’S CONCERT: The group Headlands will perform on Aug. 21 from 6 to 8 p.m. at the Saugus Iron Works National Historic Site, weather permitting. Admission is free. (Courtesy photo to The Saugus Advocate) cert, that’s six down and two more Wednesday nights to go in the program cosponsored by the Saugus Public Library and the Saugus Iron Works. The free concerts at SOUNDS| FROM PAGE 13 GRANTOR-TYPE TRUSTS AS OWNERS OF SUB S CORPORATION STOCK A s part of the estate planning process, it is a good idea to consider transferring common stock in a Subchapter S Corporation to a wholly-owned grantor-type trust in order to avoid probate in the event of the stockholder’s death as well as for estate tax planning. Many businesses have adopted S Corporation status for tax purposes. With an S Corporation, the income or loss is passed through to the individual stockholder via a Schedule K-1 form in order for the income or loss to be reported on the stockholder’s Form 1040. Assuming the stockholder has enough stockholder basis in the corporation, any loss incurred by the corporation can be passed through to the stockholder to offset income such as wages, interest, dividends, net rental income, etc. IRC Section 1361(c)(2) allows for a grantor-type Trust to be an eligible shareholder of an S Corporation. All revocable trusts are grantor-type Trusts. If structured properly, even an irrevocable Trust can be deemed a grantor-type Trust for tax purposes. If a stockholder wishes to transfer his or her common stock certificate to a revocable or irrevocable Trust, he or she would be the Settlor (the Grantor) of such a Trust, the Trustee of such a Trust and the income beneficiary of the Trust. If an irrevocable Trust is the preferred option due to asset protection reasons such as nursing home costs, some people will look to name a child the Trustee. If the Trust is drafted properly and there are not any circumstances where a principal distribution can be made to the Settlor, then the common stock in the irrevocable Trust should not be a countable asset for purposes of MassHealth eligibility, even if the Settlor also serves as Trustee. The Settlor (Grantor) of the grantor-type Trust must be deemed the owner of the entire Trust and must be a United States citizen or resident. If the Grantor dies, the grantor-type Trust would still be a permissible stockholder for two years following the Grantor’s death. In the event of the Grantor’s death, for S Corporation income tax purposes, the Trust would be considered a non-grantor administrative Trust under Internal Revenue Code Section 1361(c)(2)(A)(ii). No election is necessary to be filed with the IRS in order for a grantor-type Trust to be an eligible shareholder of an S Corporation. A Grantor-Type Trust tax return could be filed in order to report the Schedule K-1 income or loss generated by the S Corporation. A Grantor letter would then be delivered to the Grantor of the Trust so that the Grantor could report the net income or net loss figure on his or her federal and Massachusetts individual income tax return. 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. mative event. Some services provided are cost-free transportation into treatment, recovery coach services, placement assistance, food assistance, clothing assistance, community engagement and much more. Light refreshments will be served. Call the Saugus Senior Center to attend at 781-231-4178. Walk-in’s are also welcome. 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). August Events at the Kowloon THE SOUNDS | SEE PAGE 15 CHaRM Center is open The Town of Saugus announced that the CHaRM Center is open Wednesday and Saturday from 8 a.m. to 2 p.m. Residents will be required to buy a $25 Sticker to use the Compost Facilities as well as to recycle hard plastics. The rest of the Facility’s features are free to use for any Saugus resident. Residents are also allowed three TVs or computers/CRT monitors for free per household each year. The Town of Saugus reserves the right to refuse any material if quantity or quality is questionable. The final date the CHaRM Center will be open for the season is December 14. However, the Facility will be open the following winter dates, weather permitting: January 18, 2025, from 8 a.m. to 2 p.m.; February 15, 2025, from 8 a.m. to 2:00 p.m.; March 15, 2025, from 8:00 a.m. to 2:00 p.m. Please contact Solid Waste/ brates local musical talents and creates opportunities for residents and visitors to engage with the Saugus Iron Works Historic Site during evening hours. The concerts are held on the upper lawn located at 244 Central St. in Saugus. Bring your own chair or blanket and enjoy live music at the Iron Works. 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
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