THE SAUGUS ADVOCATE – FriDAy, OCTObEr 25, 2024 Page 19 THE SOUNDS | FROM PAGE 18 Rides to the polls “The Saugus Democratic Town Committee encourages all residents to vote in all elections, but even more importantly in the upcoming Presidential Election on November 5th. To ensure all have the opportunity to vote, we are offering free rides to your voting location on Tuesday, November 5, from 9 a.m. to 6 p.m. Reservations appreciated by Friday, November 1st by contacting Mary Robblee at (617) 2405439 or via email at mrobb48@ aol.com (Same day requests will be accepted if possible).” Food pantry donations “The Saugus Democratic Town Committee is supporting and encouraging food donaSOUNDS | SEE PAGE 21 - LEGAL NOTICE - COMMONWEALTH OF MASSACHUSETTS THE TRIAL COURT PROBATE AND FAMILY COURT Essex Probate and Family Court 36 Federal Street Salem, MA 01970 (978) 744-1020 Docket No. ES24P3040EA Estate of: DENNIS M. QUINN Date of Death: 07/15/2024 CITATION ON PETITION FOR FORMAL ADJUDICATION To all interested persons: A Petition for Formal Adjudication of Intestacy and Appointment of Personal Representative has been filed by Charlene Kernen (O.B.O. Chestn) of Saugus, MA requesting that the Court enter a formal Decree and Order and for such other relief as requested in the Petition. The Petitioner requests that: Rachael Stanton of Marion, MA be appointed as Personal Representative(s) of said estate to serve With Corporate Surety on the bond in unsupervised administration. IMPORTANT NOTICE You have the right to obtain a copy of the Petition from the Petitioner or at the Court. You have a right to object to this proceeding. To do so, you or your attorney must file a written appearance and objection at this Court before: 10:00 a.m. on the return day of 11/18/2024. This is NOT a hearing date, but a deadline by which you must file a written appearance and objection if you object to this proceeding. If you fail to file a timely written appearance and objection followed by an affidavit of objections within thirty (30) days of the return day, action may be taken without further notice to you. UNSUPERVISED ADMINISTRATION UNDER THE MASSACHUSETTS UNIFORM PROBATE CODE (MUPC) A Personal Representative appointed under the MUPC in an unsupervised administration is not required to file an inventory or annual accounts with the Court. Persons interested in the estate are entitled to notice regarding the administration directly from the Personal Representative and may petition the Court in any matter relating to the estate, including the distribution of assets and expenses of administration. WITNESS, Hon. Frances M. Giordano, First Justice of this Court. Date: October 08, 2024 PAMELA A. CASEY O’BRIEN REGISTER OF PROBATE October 25, 2024 I GIFT TAXES AND MEDICAID IRREVOCABLE TRUSTS If your principal residence is f you transfer your home or investment assets into an irrevocable Trust, no gift taxes will be owed if the Trust is drafted in such a way as to avoid a completed gift. If the Settor of the irrevocable Trust reserves the right to determine the ultimate beneficiaries of the Trust, under Internal Revenue Code Section 2511 and Treasury Regulation Section 25.2511-2C, the transfer into the Trust will not be a completed gift. Since there is no gift tax in Massachusetts and the current gift tax exemption is $13.6million, most people decide not to even bother filing a gift tax return for informational purposes only. In a typical Medicaid irrevocable Trust, it is structured as a grantor-type trust for both income tax purposes and capital gains tax purposes. Therefore, if there was a rental property titled in the name of the irrevocable Trust, the Trust would file its own income tax return under its own federal ID number and the Settlor of the Trust would receive a Grantor letter in order for the Settlor to report the net rental income or loss on his or her own individual income tax return. The same would be true for any dividend income, interest income or capital gain distributions generated by the irrevocable Trust as a result of transferring any bank account, brokerage account or other investment account to the irrevocable Trust. Since the transfer to the irrevocable Trust involves an incomplete gift, the other benefit will be that the appreciated real estate or stocks, for example, in a brokerage account, will receive a step-up in cost basis at the time of the Settlor’s death, thereby providing the beneficiaries of the irrevocable Trust a fresh starting point with the cost basis equal to the fair market value of the underlying Trust assets at the time of the Settlor’s death. Therefore, if the real estate or stock portfolio is then sold within a short period of time after the Settlor’s death, there would be either no capital gain or little capital gain to be recognized upon that subsequent sale. transferred to the irrevocable Trust, and you wish to sell in the future, the Settlors of the Trust would enjoy the benefit of a $500,000 capital gain tax exclusion. For a single Settlor, the capital gain exclusion would be $250,000. If deeding to children outright, if the children do not live in the home, they will not receive the benefit of the capital gain exclusion. Since the home is not their principal residence, and there has been a completed gift, there is a strong likelihood that the children will have to pay a capital gains tax based on their portion of the total capital gain. If the parents deeded to the children with a reserved life estate, a completed gift will have occurred and the capital gain would have to be allocated to the life tenants and the remaindermen, based upon the Book Aleph table and IRS Section 7520 interest rates applicable at the time of the sale. An irrevocable Trust would avoid those tax issues, would avoid probate and would start the five-year look-back period in order to protect the Trust assets from a nursing home. Joseph D. Cataldo is an estate planning/elder law attorney,Certified Public Accountant, Certified Financial Planner, AICPA Personal Financial Specialist and holds a masters degree in taxation. CRABTREE | FROM PAGE 4 neer, Hallion performs engineering duties that include the study, analysis and engineering of the town’s infrastructure and equipment, according to Crabtree. Hallion is also responsible for maintaining the town’s Geographic Information Systems (GIS) and provides valuable technical assistance to town boards and commissions on public works projects. Hallion’s experience includes positions such as quality control manager, senior project engineer, assistant project superintendent and project superintendent. Prior to becoming the Town of Saugus engineer, Hallion worked for nine years at Charter Contracting. He spent the last five years at Charter Contracting as a project superintendent and quality control manager, most recently managing the Muddy River Flood Risk Mitigation and Restoration Project in Boston, Crabtree said. Hallion previously served as a quality control manager at Great Lakes Dredge & Dock in Saratoga Springs, N.Y. Hallion earned a bachelor of science degree in civil engineering from Wentworth Institute of Technology. His skills include site/ project management, AutoCAD/civil 3D, estimating and planning, volume calculations, quantity tracking, work plans/submittals, scheduling, environmental remediation, surveying, marine construction, demolition, dredging/beach nourishment and wetland shelf installation.
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