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THE REVERE ADVOCATE – FRIDAY, JUNE 19, 2020
OBITUARIES Robert DeBonis
part of his career and retired as a respected employee of Mass Housing Finance Agency. We will all miss his infectious laugh, his outgoing spirit, and his engaging conversations. He will be sorely missed. In lieu of flowers, donations may be made in Robert's memory to the American Diabetes Association, 260 Cothituate Rd., Framingham, MA 01701.
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f Middleton, formerly of Revere, passed away surrounded by his loving family on June 11, 2020, at the age of 75. Born in Winthrop on January 4, 1945 to the late Olivio DeBonis and Chiarina (DiCesare). Devoted father of Debora DeBonis of Malden, and David DeBonis and his wife Michelle of Middleton. Cherished grandfather of Lucianna and Gianna. Also survived by countless family members and friends. He was a graduate of Revere High School and Salem State College. Robert proudly served his country in the United States Army in Germany during Vietnam. He had an accomplished career that spanned 40 years in finance and banking. Robert spent the latter
Mary “Molly� Brodbine Furlong
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ge 92, of Peabody, formerly of Point of Pines, Revere, Mary “Molly� Furlong (Brodbine) passed away peacefully on June 9 surrounded by many who loved her. She was predeceased by her husband of 65
years, Robert Furlong, her parents Francis and Marian Brodbine and her brother Francis Brobdine, Jr. She is survived by her six well-loved children: Donna Eidson (Bill) of Arlington; Robert (Maria) of Arlington, VA; Carol O’Brien (Michael) of Cincinnati, OH; Michael of Salem; Peter (Marcy) of Rowley; Christopher (Eva) of Winchester; eight adored grandchildren, a greatgrandchild, and several wonderful nieces and nephews. More than anything, Mom wanted to raise her children to be good people and she died feeling she had succeeded. Her thermostat was naturally set to happy. In addition to her children and grandchildren, she loved walking the beach, white wine, sunsets in Maine, laughing with family and friends, Dad’s jokes, the annual “Nana Games� birthday celebration that brought her entire family together in Maine, ice cream, shopping at Talbots and her dogs Addie and Mishka. Along with lifelong friends Lil, Topsy and Ginny and honorary member Jean, she is a founding member of the Golden Girls of Lynn. Her family is grateful beyond words for the unfailingly compassionate and loving care she received from Xiomy, Julie,
Elena and the angels at Care Dimension Hospice. If you wish to honor her life, please consider a donation to Care Dimensions support programs, including its music therapy, bereavement counseling and camp for families who have recently lost a parent; caredimensions.org. Love never dies.
Carol L. (Catizone) Callahan
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ifelong Revere resident, passed away with her family by her side, June 9, 2020, at the age of 78. Beloved wife of the late Gerald F.“Jerry�Callahan. Devoted mother of John J. Callahan and his wife Leah M. Cataldo of Wilmington. Cherished Nonnie of Vincent and James Callahan. Dear sister of Nicholas V. Catizone and his wife Catherine of Revere and Joan Screnci and her husband Thomas of Bartlett, NH. Loving companion of Robert Corraeo. Carol is also survived by her many loving nieces, nephews and cousins. Carol graduated from Revere High School, Class of 1959. She was a devoted parishioner of St. Mary’s Church. Carol loved all things in nature, enjoyed crafting and spending time with family and friends. In
lieu of flowers, remembrances may be made in Carol’s name to the National Shrine of St. Jude, 205 W.Monroe Street, Chicago, IL 60606.
Carol L. (Catizone) Callahan
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ifelong Revere resident, passed away with her family by her side, June 9, 2020, at the age of 78. Beloved wife of the late Gerald F.“Jerry�Callahan. Devoted mother of John J. Callahan and his wife Leah M. Cataldo of Wilmington. Cherished Nonnie of Vincent and James Callahan. Dear sister of Nicholas V. Catizone and his wife Catherine of Revere and Joan Screnci and her husband Thomas of Bartlett, NH. Loving companion of Robert Corraeo. Carol is also survived by her many loving nieces, nephews and cousins. Carol graduated from Revere High School, Class of 1959. She was a devoted parishioner of St. Mary’s Church. Carol loved all things in nature, enjoyed crafting and spending time with family and friends. In lieu of flowers, remembrances may be made in Carol’s name to the National Shrine of St. Jude, 205 W. Monroe Street, Chicago, IL 60606.
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CAPITAL GAINS AND TRUSTS gross income over $12,750. This tax is an additional 3.8 percent. In contrast, an individual beneficiary of a Trust will receive the benefit of a 15 percent capital gains tax rate on long-term capital gains (holding period of one year or more) and qualified dividends until income exceeds $434,550 for a beneficiary filn certain cases, it might ing single and $488,850 for a make sense to shift the beneficiary filing married filtax burden of capital gains ing joint. Also, a Trust benefifrom a Trust to a beneficia- ciary would not be subject to ry of the Trust. Once a Trustâ&#x20AC;&#x2122;s the net investment income capital gain income exceeds tax until his income exceeds $12,950, capital gain income $200,000 if filing single and will be taxed at a 20 percent $250,000 if filing married filfederal rate. The rate in Mas- ing joint. Therefore, a shift of sachusetts for long-term capital gain income from a capital gain income is 5.05 Trust to a beneficiary could percent. Investment income save as much as 8.8 percent (including capital gains) that in taxes. If the Trustee, pursuant to is not distributed to a beneficiary of a Trust will also the Trust instrument, has the be subject to an additional discretion to distribute inâ&#x20AC;&#x153;net investment income taxâ&#x20AC;? come or principal to a Trust equal to the lesser of one. beneficiary, that would allow The undistributed net invest- the Trustee to shift the capiment income or two. The ex- tal gain income to the benecess of the Trustâ&#x20AC;&#x2122;s adjusted ficiary. Capital gain income is
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considered a receipt of principal by the Trust. In order to shift capital gain income to a Trust beneficiary, there must be a distribution of principal to the beneficiary in the form of cash or other property. Keep in mind that this strategy would in no way be possible for an irrevocable Trust in the context of MassHealth (Medicaid) planning. An irrevocable Trust cannot allow for any distributions of Trust principal to the Settlor/income beneficiary of the Trust. If the Trust were to allow for that, MassHealth would consider the assets in the Trust countable for MassHealth eligibility purposes. Those assets in the Trust would then make the applicant ineligible for MassHealth benefits. If, on the other hand, the irrevocable Trust was set up for children with no MassHealth eligibility being sought in the future, then such principal distributions may be allowed pursuant to the terms of the Trust.
Joseph D. Cataldo is an Estate Planning/Elder Law Attorney, CertiďŹ ed Public Accountant, CertiďŹ ed Financial Planner, AICPA Personal Financial Specialist and holds a Masterâ&#x20AC;&#x2122;s Degree in Taxation.
