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THE SAUGUS ADVOCATE – FriDAy, NOVEmbEr 8, 2024 Page 19 SOUNDS | FROM PAGE 18 and fill it with as many books as you’d like. Proceeds benefit the New Friends so they can support public library services in Saugus. Coming Soon at the Saugus Public Library! Foreign Language Books for adults! Books will be located on the 2nd floor past the Young Adult Fiction section. Spanish, Portuguese, Vietnamese, Arabic and Haitian Creole books will be available to check out. We will also have dual language books and short stories. Read in your native language or practice a language that is new to you! Pongala Photographs: Susan Olesiw has been visiting India and photographing its people and festivals since 1976. In her photograph exhibit on display this month in the first floor reading room at the Saugus Public Library, she focuses on the ninth day of the annual 10-day Pongala festival held in Trivandrum, Kerala, South India. It is the largest gathering of women in the world; up to two and a half million women attend each year, and though primarily Hindu, the festival is open to all devotees of any faith. The color photograph display and the photo captions are worth checking out. OBITUARIES Wills, Trusts and Asset Protection Presentation The Saugus-Everett Elks Drug Awareness Committee and Eagle Bank are sponsoring a Free Presentation for Wills, Trusts and Asset Protection. This event will be held on Monday, Dec. 16, from 10 to 11 a.m. at the Saugus Senior Center (466 Central St. in Saugus). Eagle Bank will be providing an attorney to discuss many issues: estate taxes, Medicaid, probate, property assignments, advantages and disadvantages of wills and living trusts, and much more. THE SOUNDS | SEE PAGE 22 Evelyn I. Zani Liston (nee Cleveland) O NEW MASS ESTATE TAX EXEMPTION AND FILING THRESHOLD T he Masachusetts State Legislature increased the estate tax exemption to $2million effective for decedents dying on or after January 1, 2023, pursuant to Mass General Laws Chapter 50, Sections 36 and 37. Under the prior law, the estate tax exemption was only $1million. Under the prior law, if the descedent had a gross estate of $1,750,000 and then gave away $800,000 prior to dying, then the federal gross estate would be reduced to $950,000. Although the remaining gross estate of $950,000 was less than the $1million filing threshold, the $800,000 in gifts would reduce the filing threshold to $200,000 ($1million minus $800,000). The $200,000 became the adjusted filing threshold. Since the remaining gross estate of $950,000 exceeds the $200,000, an estate tax return would have to be filed. The good news is that only the remaining gross estate of $950,000 would have been subject to the Massachusetts estate tax. The bad news was that all of the $950,000 would have been subject to the estate tax based upon the tax table found in the IRS instruc$2million is subject to estate tax in Massachusetts. Granted, the beginning tax bracket will be 8%. As an example of how to aptions for the computation of the state death tax credit found in Table B of the Form 706 filing instructions (1999 Revision), the basis of how the Massachusetts estate tax is calculated to this day. The new Massachusetts estate tax provisions eliminate this adjusted filing threshold dilemma. As long as the gross estate is less than $2million, no estate tax return is required to be filed, irrespective of any gifts made prior to death. Furthermore, if the gross estate is $3million, the first $2million is totally tax free. The Massachusetts estate tax on $2million is $99,600. Our state legislature has provided for a maximum tax credit equal to exactly $99,600. Therefore, only the gross estate in excess of ply the new Mass estate tax, assume a decedent has an estate valued at $3million. He gives away $1.1million prior to death leaving him with a gross estate at death of $1,900,000. Since $1,900,000 is less than $2million, there is no Massachusetts estate tax return necessary to be filed. Taxpayers should at least realize that it might very well make sense to make a completed gift of bank account monies, for example, to children or to certain irrevocable trusts in order to remove such assets from the taxable estate. With bank accounts, we are not concerned with achieving the so-called step-up in cost basis equal to the date of death value, as we would be concerned with appreciated assets such as real estate or a stock portfolio. In fact, any asset that has not appreciated in value could be given away prior to death to minimize or eliminate the Mass estate tax. 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. f Saugus, formerly Stoneham. Beloved wife, sister, mother, Grammy, aunt, and cousin passed away peacefully just a few weeks shy of her 97th birthday, surrounded by her family. Evelyn was born in Everett and was the daughter of James and Leone Cleveland. She graduated from Everett High School in 1945 and was a member of “the 45ers”, with whom she shared many reunions as well as monthly luncheons at The Continental restaurant in Saugus. Evelyn was a proud former employee of the Federal Reserve Bank of Boston and a lifelong volunteer.While her children were in school, she volunteered as a Stamp Lady (remember those?) and the chairperson of the Hospitality Committee.Later she spent 22 years as an AARP tax preparer, after which she volunteered at the Saugus polls in addition to volunteering at the Saugus Public Library for 10+ years.In her spare time, Evelyn knitted and crocheted hundreds of preemie hats for local hospitals. Evelyn loved to entertain, hosting many family celebrations, game nights and holidays at her home.She enjoyed going out to eat with her cousins, Bob and Barb and her brother Law.Evelyn was an avid reader and was a long-time member of the Stoneham Library Book Club.She also enjoyed doing puzzles and never went anywhere without a Sudoku book. Evelyn was the wife of the late John J. Zani as well as the late Douglas L. Liston. She is survived by her children, MaryEllen Zani-Nicolopoulos and her husband John Nicolopoulos of Melrose, MA; her son, Drew Zani and his wife Melissa of Exeter, NH; her daughter, Pam Zani of Saugus, MA; and her stepchildren, Ron Liston and his wife Gail of Jefferson, Ma; Linda Heaton of Tucson AZ; her stepdaughter-in-law Stephanie Liston of Smithfield, RI; her brother Lawrence Cleveland of Peabody, MA, her brother-in-law- Charles Taylor of Union ,Ohio; her grandchildren Alicia Zani-Conklin and her husband Joshua; Joseph Meallo; Ian Liston and his wife Margeret Chou; Rebecca DiJulia and her husband Christopher, Seth Liston and his wife Kelly; and cousins and best buddies Bob and Barb Bathelder.Evelyn is the loving Grammy of Baylee, Aliana, Hayden, Lucia, Isla, Emme, Charlotte, Carter, Sophia, Garett, Katlyn and Lily. In addition to her parents and husbands, Evelyn is predeceased by her brother Bernard Cleveland, her sister Phyllis Taylor, her sister-inlaw Ann Cleveland and her stepson Andrew Liston. The family would like to thank the wonderful staff at Winchester Hospital for taking such good care of Evelyn. Evelyn will be dearly missed by her family and friends. Relatives and friends are invited to gather in honor of Evelyn during Visiting Hours at the Robinson Funeral Home, 809 Main St., Melrose, on Friday, Nov. 8 at 9am before leaving in procession to Blessed Sacrament Church, 14 Summer St., Saugus, for her Funeral Mass celebrated at 11am. In lieu of flowers, please donate to the ALS Association, 1300 Wilson Boulevard, Suite 600, Arlington, VA. 22209 and specify the Massachusetts Chapter, or your favorite charity. For online tribute visit www.RobinsonFuneralHome.com OBITS | SEE PAGE 20

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