Page 18 THE SAUGUS ADVOCATE – FRIDAY, OCTOBER 1, 2021 “YOUR FINANCIAL FOCUS” JOSEPH D. CATALDO TRUSTS AS IRA BENEFICIARIES and the beneficiaries are not identified, the Trust must take required minimum distributions over a fiveyear period. Upon the death of the IRA ownTrusts can be named as a beneficiary of an IRA account if the IRA account owner wishes for there to be control over required minimum distributions upon the original IRA owner’s death. If the IRA account owner want the funds to go to a minor child, for example, an outright distribution to the child would not be possible unless guardianship proceedings are commenced. The Trust allows the IRA account owner to provide for the required minimum distributions to be paid to the Trust over a 10-year period so long as the Trust is a see-through Trust, meaning the Trust beneficiaries are identified. Under the Secure Act, only eligible beneficiaries can stretch the IRA over his or her life expectancy. Ineligible beneficiaries must stretch out the IRA over a 10-year period. If the Trust is not a see-through Trust er, the IRA account becomes a separate asset of the Trust. Required minimum distributions are then reportable by the Trust as income in the year received. If there is a distribution to a particular beneficiary of the Trust out of the separate IRA account, that beneficiary will pay the tax on that distribution. A Schedule K-1 form would be given to the beneficiary in order to him or her to file an individual income tax return for that particular calendar year. If no distributions are made by the Trustee to any beneficiary after having received a taxable required minimum distribution, then the Trust itself would pay the tax. An IRA owner may wish to name a Trust as the beneficiary if a second marriage is involved and he or she wishes to provide for the spouse to receive Trust distributions over his or her lifetime with any remaining IRA monies in the Trust to be held for the benefit of children of a previous marriage. If the Trust was a conduit Trust with mandatory annual or more frequent distributions, the surviving THE SOUNDS | FROM PAGE 15 American Legion Post 210, shared this information with us: Legion Hall, located at 44 Taylor Street, has resumed its Friday breakfasts and will continue through the last Friday in May of 2022. The buffet breakfast is served at 8:00 a.m. for a donation of $7. The Pumpkins are here! The “Pumpkin Truck” arrived at the First Congregational Church in Saugus Center last Saturday (Sept. 25). The Annual Pumpkin Patch is now up and running and will be open through Halloween, Oct. 31. Pumpkins of all sizes are displayed on the church lawn and will be available for purchase every day from 10 a.m. to 6 p.m. “We’re happy to get our pumpkins and appreciate all the people who helped unload the truck,” Pumpkin Patch coordinator Carl Spencer said. “The church truly enjoys providing the community with pumpkins and hosting this great fall event.” World Series Park hosts Coaches vs. Cancer Coaches vs. Cancer Tournament/CABL Classic will be held this weekend, Saturday and Sunday (Oct. 2 and 3) at World Series Park in Saugus. The tournament is being sponsored by the Commonwealth Amateur Baseball League (CABL). Teams from CABL will play in the tournament. Three games will be played tomorrow (Saturday, Oct. 2) – at 10 a.m., 1 p.m. and 4 p.m. – and three games will be played on Sunday, Oct. 3: at 10 a.m., 1 p.m. and 4 p.m. (the championship game). Admission is free and the public is invited to attend. The Coaches vs. Cancer program is a nationwide collaboration between the American Cancer Society and the National Association of Basketball Coaches resulting from cancer touching so many of our nation’s coaches. Baseball has now become involved to raise funds for cancer research and help to raise a public awareness of cancer prevention, early detection and making healthy lifestyle choices. Funds raised from this event will go to the American Cancer Society. Want to be a Knight? spouse would be an eligible beneficiary and therefore the Trust’s required minimum distributions could be based upon the spouse’s life expectancy. Leaving the entire IRA account to the second spouse might result in no monies ever being distributed to children of the first marriage for a variety of reasons. If a Trust is the beneficiary of the IRA account, the terms of the Trust itself will dictate when the beneficiaries of the Trust will be entitled to distributions. This prevents spendthrift beneficiaries from squandering the IRA monies. Also, there would most likely be more protection of the IRA monies if owned by the Trust as a result of spendthrift provisions contained in the document. Inherited IRA accounts do not offer the same level of asset protection of IRA accounts created and owned by the original account owner. The distributions to the Trust under a 10-year payout requirement, for example, does not mean the Trustee is going to make distributions to the beneficiaries over that 10-year period. It could be a much longer period of time due to the terms of the Trust. As always, the Trustee will have to take tax planning issues into consideration. The Knights of Columbus is looking for new members to join. If interested in becoming a member of this local organization, please call 781-233-9858. Multiple “Shout-Outs” this week! There is no such thing as too many “Shout-Outs” in any given week. The more the merrier. Here are this week’s nominations: The First Congregational Church of Saugus would like to give two Shout-Outs this week. First, a big thank you to everyone who volunteered their time and energy to help unload the pumpkins for our annual pumpkin patch. Thanks to all who participated both Saturday and Sunday. We would also like to thank Charlie’s Pizzeria for donating pizza to feed our volunteers. The Pumpkin Patch is open daily from 10-6. Stop by to purchase your pumpkins and help support our Church. Thank You. First Congregational Church, 300 Central Street, Saugus, MA 01906; 1stchurchsaugus@gmail. com. Joanie Allbee submitted these shout-outs: It’s only a right thing to do to OLD SACHEM | FROM PAGE 9 ka Kelly. He dated model Hannah Davis since 2012, became engaged in 2015 and married in 2016. The couple has two children. He had business interests in publishing nonfiction books and formed a website, ThePlayersTribune.com, as a “new media platform that will present the unfiltered voice of professional athletes, bringing fans closer to the games they love than ever before.” He has investments in Luvo Inc. and Whistle Sports Network, a multichannel video network company. In 2014 he explored purchasing the Buffalo Bills football team, but decided against the purchase. He was also known as a philanthropist, creating the Turn 2 Foundation that helped in alleviating drug and alcohol problems with children and teenagers, and rewarding students of high scholastic achievements. He raised funds for survivors of the 2011 Tohoku earthquake and tsunami in Japan. Jeter donated furniture and household items to families forced to relocate after hurricane Irma in 2018. And I stated earlier he became CEO and part owner of the Miami Marlins. Derek Jeter was an outstanding baseball player, a provider of the needy and a baseball magnate. But he will long be remembered as one of the greatest MLB players of all time. give thanks for such a nice kindness and gesture as someone making you a Whole kettle of homemade chicken soup, because they don’t see hide or tail of you when you’re laying low with a migraine. John Cannon did this kind & thoughtful deed of bringing me over a HUGE pot of homemade chicken soup he made from scratch to “heal” my time of migraine sickness. Which I was able to share bowls/cups with over 1/2 dozen people who all thought it was fabulous! Thank You. Hats off to Chef John! I would also like to share and thank Cheryl Doucette a dear heart, for a nice gesture texting me about Saturday evening’s beautiful double rainbow ! Flew outside to see it but it was at another end in Saugus. So I asked her to send a photo and she did several beautiful rainbow pictures. Nature’s created rainbows, just for the sheer beauty & love of them. Thank you. I would have missed this! 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. Want to serve Saugus? Feel like getting involved in meaningful public service for your hometown? Go to Saugus Town Hall. You will find plenty of opportunities there. The Saugus Town Manager is accepting resumes/applications from Saugus residents for several volunteer positions on the following Boards or Commissions: Board of Assessors: The responsibility of this board is to annually determine the full and fair market value of all real estate in the Town. Guidelines are set by the Dept. of Revenue, Bureau of Local Assessment. Board of Health: This board is responsible for protecting and THE SOUNDS | SEE PAGE 19
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