Page 4 - Jupiter Ocean Mile - July '18
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Page 4, Jupiter Ocean Mile

Financial Focus

What Should You Do With An                                                	 • How does the inherited IRA fit in with my overall         Consequently, you’ll want to respect this inheritance –
                                                                          financial strategy? You’ll need to consider how your          and get the most out of it for as long as you can.
Inherited IRA?                                                            newly inherited IRA fits in to the “big picture” of your      	 This article was written by Edward Jones for use by
                                                                          financial strategy. Are you adding redundancies? If you       your local Edward Jones financial advisor.
By Sally Sima Stahl                                                       keep the inherited IRA largely intact, how will it affect     	 Edward Jones, its employees and financial advisors
                                                                          your current investment mix? Could the added income           are not estate planners and cannot provide tax or legal
	 Individual Retirement                                                   from required distributions change your retirement            advice. You should consult your estate-planning attorney
Accounts (IRAs) are quite                                                 calculations or even enable you to retire earlier? You may    or qualified tax advisor regarding your situation.
popular. At the end of 2017,                                              want to consult with a financial professional about these     	 Call me for a free portfolio review at (561) 748-7600,
investors owned nearly                                                    and other questions related to your inherited IRA.            Sally Sima Stahl, AAMS, 1851 W. Indiantown Road, Ste.
$9 trillion in IRA assets,                                                	 The person who left you an IRA worked hard for              106, Jupiter, FL 33458.
according to the Investment                                               that money and thought enough of you to pass it on.
Company Institute, a trade
association of United States                                              Honda Classic Shatters Records from page 1                    	 Several charities are receiving proceeds from the
investment companies.                                                                                                                   American Honda Birdies for Children program, where
Given these numbers,                                                      includes a third consecutive individual grant of $1 million   fans donate for the chance to guess the number of birdies
it probably wouldn’t be                                                   to the Nicklaus Children’s Health Care Foundation.            in the tournament. Fifteen finalists participated in a drawing
surprising if you inherited an IRA someday. But what                      	 The Honda Classic has given close to $40 million to         on June 14 for a 2018 Honda Civic Hatchback with Sport
should you do with it?                                                    South Florida children’s charities since its inception 37     Touring trim. They each correctly guessed the total of 1,090
	 First of all, you’ll need to be aware of some basic rules.              years ago including almost $25 million in the 12 years since  birdies recorded at the 2018 Honda Classic.
If your parent, or anyone other than your spouse, leaves you              Children’s Healthcare Charity Inc. took over the event and    	 When The Honda Classic moved to PGANational Resort
a traditional IRA – one in which contributions are typically              moved it to PGA National Resort & Spa.                        & Spa in 2007, it awarded $505,000 to charity. By 2010, it
tax-deductible and earnings can grow tax-deferred – you                   	 Some of the initiatives evolving from The Honda             had eclipsed the $1 million mark ($1,018,000) and it broke
can transfer the money into an “inherited IRA,” from which                Classic’s charity disbursements this year range from helping  through the $2 million barrier in 2013 with $2.114 million
you’ll need to take at least a minimum amount of money                    preschool children involved with Literacy Coalition and       in contributions. It surpassed the $3 million barrier in 2016
– technically called a “distribution” – each year, based on               Grandma’s Place enter kindergarten with essential school      and now has broken through the $4 million threshold.
your life expectancy. These distributions are taxable at                  readiness skills, to creating opportunities for children      	 The growth is a testament to American Honda’s 37 years
your regular income tax rate. If you’ve inherited a Roth                  fighting cancer to meet other young cancer warriors which     as the longest-standing title sponsor on the PGA TOUR
IRA, you also must take these minimum payouts, but the                    creates a sense of community through POST, to supporting      as well as partnerships with PGA National Resort & Spa,
amounts won’t count as taxable income, because your                       a safe place for kids to come together free of bullying and   PGA of America, Palm Beach County, the City of Palm
parents, or whoever left you the IRA, already paid taxes on               stress and share through song as members of Young Singers     Beach Gardens and the PGA TOUR along with the support
the contributions that went into it. (To make sure you fully              of the Palm Beaches.                                          from Founders Club sponsors Tire Kingdom and United
understand all the guidelines on distributions and taxation               	 The Honda Classic has teamed with young Tommy               Technologies, and more than 200 other community-minded
of inherited IRAs, consult with your tax advisor.)                        Morrissey’s UnLIMBited Foundation to provide financial        local sponsors. Player, corporate and spectator support has
	 It’s also important to understand how your inherited                    assistance to children who need limb-correction surgery,      led to increased ticket sales, parking revenues, concessions
IRA will fit in to your overall financial strategy.                       has helped introduce golf to youth through the First Tee of   and sponsorships. The Honda Classic has also benefited
Consequently, you’ll need to address these questions:                     the Palm Beaches and has helped fund the summer program       the past three years from marquee champions Adam Scott,
	 • How much should I take out each year? As mentioned                    attendance of kids and the expansion of Loggerhead            Rickie Fowler and Justin Thomas, who has risen to World
above, you must take a distribution of at least a minimum                 Marinelife Center, a world-renowned sea turtle research,      No. 1 since his victory in the 2018 Honda Classic.
amount from your inherited IRA each year – if you don’t,                  rehabilitation, education and conservation center where       	 The 2019 Honda Classic will be played February 25 to
you may be subject to a 50 percent penalty on the amount                  youngsters learn about turtle recovery.                       March 3, 2019 with Thomas defending his title.
you should have taken. But you can take out more than
the minimum. In deciding how much to take, you’ll need                                       Jupiter Beach Specialists
to evaluate a few factors. First, of course, is whether you
need the extra money to help support your regular cash
flow. It’s possible you have other pools of income from
which to draw, and, in some cases, it may be advantageous
for you to tap these sources first. Another consideration
is taxes – if you’ve inherited a traditional IRA, the more
you take out each year, the bigger your tax bill may be.
	 • Should I keep the same investments? Inheriting
an IRA doesn’t mean you’re stuck with the original
account owner’s investment choices. You can change the
investments to align with your goals and risk tolerance,
both of which may change over time.

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