Page 20 - Abacoa Community News - October '23

Page 20, Abacoa

Financial Focus ® Cardinal Newman High School’s

Should You Be “Selfish” In Groundbreaking Ceremony Marks

Retirement? The Start Of $10 Million Renovation

By Sally Sima Stahl
As a parent, you The North Academic Building Opening the ceremony, school President John F. Clarke
naturally want to help Transformation Initiates Phase I welcomed attendees and introduced Bishop Barbarito of
your children – but is it the Catholic Diocese of Palm Beach, who led the group in
always a good idea to Of The Five-Year ‘Shaping The prayer. The national anthem resonated through the air, sung
provide them with support by CNHS junior Sophia Perez. Heartfelt addresses were given
when they’re adults? You Future’ Capital Campaign by distinguished individuals, including Nick Coniglio, ’97 and
may want to proceed Richard Rendina, ’98, the Shaping the Future Appeal cochairs;
carefully in this area – Founded in 1961, Cardinal Newman High School as well as Rene Tercilla, partner at Harvard Jolly Architecture;
to protect everyone’s (CNHS) is a premier college preparatory Catholic high school Patrick Painter, ’02, vice president of business and legal affairs
financial interests. in West Palm Beach. CNHS marked the beginning of a $10 at Hedrick Brothers Construction; and Jim Arrigo, Shaping the
This topic is on the million renovation to the North Academic Building with a Future Major Gifts cochair.
minds of many people: 63 percent of retirees and 69 groundbreaking ceremony on Aug. 9. The Most Rev. Gerald “Today marks a monumental step forward in the history of
percent of preretirees have either limited their financial M. Barbarito, esteemed donors, board members, pastors, Cardinal Newman,” said CNHS’s President John F. Clarke. “This
support to adult children or other family members, or faculty, and administration, all sporting hard hats provided by groundbreaking ceremony celebrates the unity and dedication of
would limit this support, to preserve their own financial Hedrick Brothers Construction, united for a symbolic shovel our generous donors as their vision to provide an unparalleled
stability and avoid becoming a burden, according to a toss. The event celebrated the unwavering commitment to educational experience for our students comes to fruition.”
recent survey by Age Wave and Edward Jones. fostering the excellence of this premier college preparatory The renovation begins an exciting chapter in the school’s 62-
So, as this finding indicates, it isn’t that preretirees and Catholic high school. year history with substantial enhancements to provide students
retirees are being “selfish” when they’re cautious about with an even more immersive and enriching
providing financial assistance – their goal is to maintain learning environment. The state-of-the-art
their financial independence, so they never have to depend facility will feature a more centralized entry,
on their family members for help. And anyone can agree a welcome center with offices for admissions,
that this is a worthy objective. a college advising and student services center,
In any case, the amount of support you can reasonably science classrooms, laboratories, an innovation
offer will depend on several factors, including your center, and classrooms for mathematics.
monthly income, your expenses, your savings and your Throughout the renovation, CNHS remains
projected future expenditures. By taking these figures into fully operational and dedicated to delivering
account, you should be able to develop a good estimate exceptional education to its students.
of what you can – and can’t – do for your adult children. The school continues fundraising for the
But if you do decide that you can afford to provide Shaping the Future appeal, a five-year endeavor
some financial resources, at least on occasion, you may that will allow advancement to be completed
want to be strategic about it. In other words, how can you in phases as funding is provided. For more
do the most good? information and updates on the Shaping
You have various options. For one thing, if your the Future Capital Campaign, please visit
children have earned income, they can contribute to an Patrick Painter, Gary Gelo, Richard Rendina, Ellen Acosta, Nick Coniglio, cardinalnewman.com/shapingthefuture/ or
IRA to help fund their retirement – and while you can’t put Jim Arrigo, Bishop Barbarito, Ed Curtin, Rene Tercilla, Sally Gibson, Karmita contact mary.martens@cardinalnewman.com,
funds directly into their IRAs, you can give them money Gusmano, John Clarke (561) 619-7280.
for that purpose, up to the annual contribution limit,
which, in 2023, is $6,500, or $7,500 for those 50 or older.
Also, if you have grandchildren, you could contribute to
a 529 education savings plan for them. A 529 plan can
provide tax-free earnings and withdrawals for qualified
higher education expenses.
However, even if you don’t think you can afford
to make cash gifts, you might be able to provide some
financial benefits in other ways. For example, you could
give your children shares of stock you’ve owned for
several years. If these shares had appreciated in value, and
you were to sell them yourself, and then give the money
to your children, you’d have to pay the capital gains taxes.
By gifting the shares directly to your children, you’d avoid
these taxes, and while your children would have to pay
the taxes when they sold the shares, they might be in a
lower tax bracket than you. And if they didn’t need the
money right away, they could hold the shares and hope
that they appreciate further. (Keep in mind that you can
make financial gifts, including the value of stocks, of up
to $17,000 per person, per year, to as many people as you
want without incurring gift taxes.)
Being cautious about providing financial support to
your grown children and other family members – and
being purposeful when you do provide it – isn’t selfish.
It’s a thoughtful way to protect your own financial security
and avoid burdening your family – while still helping them
out when you can.
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward
Jones, Member SIPC.
Edward Jones is a licensed insurance producer in
all states and Washington, D.C., through Edward D.
Jones & Co., L.P., and in California, New Mexico and
Massachusetts through Edward Jones Insurance Agency
of California, L.L.C.; Edward Jones Insurance Agency of
New Mexico, L.L.C.; and Edward Jones Insurance Agency
of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors
cannot provide tax advice. You should consult your
qualified tax advisor regarding your situation.
Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.