THE SAUGUS ADVOCATE – FRIDAY, DECEMBER 3, 2021 Page 17 REAL ESTATE TRANSAC TIONS Copyrighted material previously published in Banker & Tradesman/The Commercial Record, a weekly trade newspaper. It is reprinted with permission from the publisher, The Warren Group. For a searchable database of real estate transactions and property information visit: www.thewarrengroup.com. BUYER1 Mendez, Julio C BHRC | FROM PAGE 14 say that the Legislature does not meet regularly or long enough to debate and vote in public view on the thousands of pieces of legislation that have been fi led. They note that the infrequency and brief length of sessions are misguided and lead to irresponsible late-night sessions and a mad rush to act on BUYER2 SELLER1 Pelletier, Laurie dozens of bills in the days immediately preceding the end of an annual session. During the week of November 22-26, the House met for a total of 26 minutes while the Senate met for a total of 57 minutes. Mon. Nov. 22 House 11:00 a.m. to 11:05 a.m. Senate 11:15 a.m. to 11:41 a.m. Tues. Nov. 23 No House session SELLER2 Pelletier, Raymond No Senate session Wed. Nov. 24 House 11:02 a.m. to 11:23 a.m. Senate 11:06 a.m. to 11:37 a.m. Thurs. Nov. 25 No House session No Senate session Fri. Nov. 26 No House session No Senate session Bob Katzen welcomes feedback at bob@beaconhillrollcall.com METHUEN | FROM PAGE 16 Possession of Burglarious Instruments and Malicious Destruction of Property under $1,200. “This suspect was well-hidden, deep inside a large commercial building and far from the most visible evidence of the crimes of which he is accused. The assistance K-9 Kilo and his unique skills provided to this investigation were absolutely critical,” said Methuen Police Chief Scott McNamara. “This arrest highlights the incredible contribution that our K-9 partners make to law enforcement and I commend, Kilo, Officer Nicolosi and all of the offi cers and detectives who worked together to locate a suspect.” Rivera was scheduled to be arraigned in Lawrence District Court on November 24. Under state law, if convicted, Rivera could face up to 40 years in prison and fi nes of up to $4,000. The incident remains under investigation. ADDRESS 34 Hawkes St CITY DATE PRICE Saugus 10.11.2021 $640 000,00 “YOUR FINANCIAL FOCUS” JOSEPH D. CATALDO MAKING YOUR ESTATE THE BENEFICIARY OF YOUR IRA principal in order to benefit your surviving spouse. One of the downsides to In most situations you would name your spouse as your primary beneficiary of your IRA or 401(k) account. If you were to die, your spouse would be able to establish his or her own spousal IRA account and would be able to defer withdrawals until age 72, at which time your spouse would then be required to take out required minimum distributions (RMD’s) over his or her life expectancy. One reason why you might wish to make your estate the primary beneficiary would be to actually protect the remaining IRA or 401(k) monies in the event your surviving spouse were to go into a nursing home. If the estate were to be named the beneficiary of your IRA or 401(k) account, you would include a testamentary trust provision in your Last Will and Testament which would take effect once your Will is allowed. The testamentary trust would provide for discretionary distributions of income and this, of course, is the cost and time associated with the probate process. Another downside to this is the remaining monies in the IRA or 401(k) account would have to be distributed over a five-year period with the passage of the SECURE act. Income taxes will have to be paid each year which will have a negative impact on the ability of the account to grow over time. The upside of this strategy is that MassHealth does not treat testamentary trusts the same as irrevocable trusts and the transfer penalty provisions do not apply to these trusts as well. There is no fiveyear look back period to be concerned with. With irrevocable trusts, there can only be income distributed to the Settlor, not principal. With a testamentary trust, principal distributions are allowed to be distributed to the surviving spouse without any negative impact on MassHealth eligibility. If the testamentary trust is structured with a remainder share and a marital share, this strategy may also provide for Massachusetts estate tax savings so that when you die, you will have taken advantage of your $1million Massachusetts estate tax exemption by making sure the remainder share in your testamentary trust is funded with enough of the IRA or 401(k) account monies to bring the total of all assets being distributed to your children to at least equal the $1million. If your spouse is aging and you are concerned about a future nursing home admission, and are also concerned about providing for all of your spouse’s health care needs, daily living expenses, housing needs, etc., then this is one strategy to at least consider.
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