Page 20 - Abacoa Community News - January '24

Page 20, Abacoa
Financial Focus ®

Don’t Leave Your IRA To The not subject to income taxes on account earnings if the Apart from your tax-deferred IRA, you may own other,
fully taxable accounts containing investments such as
Roth IRA’s five-year holding period has been met.)
IRS However, not all beneficiaries were affected by stocks or bonds. Typically, these investments receive
the new rules. Spouses can stretch their inherited IRA what’s known as a “step-up” in their cost basis once
By Sally Sima Stahl distributions over their lifetimes and exceptions exist for they are inherited. This means your heirs will essentially
If you’ve invested in certain non-spouse beneficiaries. Minor children of the inherit all the gains your investments earned by the time
an IRA for many decades, IRA owner (until the age of majority), chronically ill or of your passing – but they won’t be taxed on these gains
it may well turn into a key disabled individuals, and beneficiaries who are no more if they sell the assets immediately. This type of sale
source of income for your than 10 years younger than the IRA owner may opt to could help offset the taxes your heirs will incur from the
retirement. Still, you might stretch their distributions. inherited IRA.
not deplete your IRA in The new 10-year requirement applies to IRAs inherited The tax and investment issues surrounding inherited
your lifetime, especially if on or after Jan. 1, 2020. But due to confusion over changes IRAs can be complex, so consult with your tax and
you also have a pension or a to required minimum distribution (RMD) rules for some financial advisors before making any moves. And, as
401(k) and other investment beneficiaries of inherited IRAs, the IRS waived penalties with many areas relating to inheritances, the sooner you
income. So, if your IRA for individuals who failed to take RMDs in 2021 and 2022 start planning, the better.
still has sizable assets after and extended the RMD penalty waiver for 2023. This article was written by Edward Jones for use by
your passing, it would likely end up in your estate plan. Although these rulings give beneficiaries – those not your local Edward Jones Financial Advisor, Edward
If you leave your IRA to grown children or other family eligible for the exemptions listed above – more time to Jones, Member SIPC.
members, could they be hit with a big tax bill? plan, they will eventually need to start taking RMDs, Edward Jones is a licensed insurance producer in
Here’s a little background: Up until the Secure Act of which could affect their tax situations. To help protect all states and Washington, D.C., through Edward D.
2019, those who inherited traditional IRAs could extend your heirs, consider these suggestions. Jones & Co., L.P., and in California, New Mexico and
their required withdrawals over their lifetimes, which • Using permanent life insurance. A properly Massachusetts through Edward Jones Insurance Agency
stretched out the annual taxes due on these withdrawals. structured permanent life insurance policy could help of California, L.L.C.; Edward Jones Insurance Agency
But the Secure Act changed the provisions for non-spouse you replace the assets your family might lose to the taxes of New Mexico, L.L.C.; and Edward Jones Insurance
beneficiaries who inherited an IRA after 2019, meaning resulting from an inherited IRA. You might even consider Agency of Massachusetts, L.L.C.
that beneficiaries of inherited IRAs had only 10 years naming a charity as the beneficiary of an IRA, rather Edward Jones, its employees and financial advisors
(beginning the year after death) to withdraw the entire than your family members. The charity would receive cannot provide tax advice. You should consult your
balance. For some beneficiaries, this could potentially the IRA proceeds tax free, and the life insurance could qualified tax advisor regarding your situation.
create a tax burden. (Inheritors of Roth IRAs are also then provide tax-free benefits to your heirs. Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
required to follow the 10-year distribution rule but are • Leaving taxable investment accounts to your heirs. 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
Math Problems Could Spell Dyscalculia

By Jim Forgan, Ph.D., What brain systems did you use to solve the problem? money do you have left” requires subtraction. Math has
School Psychologist One cognitive system which is important for math is other specialized vocabulary words such as sum, radius,
“If you have $196 visualization. You might have visualized the numbers and hypotenuse. A fifth cognitive system needed for math
dollars and you spend $27, 196 and 27 in your mind as you visually regrouped and is processing speed. Your child is often timed on math
how much money do you subtracted to solve the equation. Another important tests or expected to rapidly know their basic addition,
have left?” If you are a cognitive system is your working memory. You had to subtraction, or multiplication facts.
math whiz you quickly hold 196 and 27 in your working memory while you As you can see, telling your child to “try harder”
knew the answer was $169 performed the math operation. in math might not be the solution. Our testing helps
but perhaps you had to A third cognitive system important for math is identify which of your child’s cognitive systems are
think about it, write it, ask attention. Regardless of using mental math or paper, you working well and which ones might be causing a math
Alexa, or use a calculator had to give great attention to detail as you solved the learning disability and dyscalculia. There are specialized
before knowing the answer. problem. If you made one careless error, it doomed your math programs and learning strategies available to help
The key here is you knew the basics of how to solve the answer. Language is a fourth cognitive system involved in children. Call to discuss your child. Visit JimForgan.com
problem. If you did not have technology, you could solve math. You had to use language to understand “how much or call (561) 625-4125.
the math problem by hand.
Some children receive adequate math instruction but Dyslexia, ADD/ADHD,
perform poorly in math due to a math learning disability
called dyscalculia. These children might grasp simple math
but struggle with multistep math or math word problems. Gifted Testing
They learn multiplication facts only to forget them.
There are many reasons why a child might have math
difficulty. Consider the introductory math problem. NOW OFFERING: Dr. Jim Forgan & Associates
• Jupiter & Stuart Offices Licensed School Psychologist
• Testing for Processing www.JimForgan.com
Problems, Anxiety,
Defiance (561) 625-4125
• Weekend and After

It’s The Law! School Appointments
“Helping Parents Help Children”

THERE’S A NEW DERMATOLOGIST IN THE NEIGHBORHOOD.

Yuval Bibi, M.D., is board certified by the American Board of
Dermatology Associates of the Palm Beaches is a group
Dermatology, and is now providing care at our Palm Beach practice of board-certified dermatologists and fellowship-
trained Mohs surgeons providing general dermatology,
Gardens and Delray Beach offices. Dr Bibi’s clinical practice surgical dermatology, and cosmetic dermatology services.
Our physicians are also recognized leaders in the diagnosis
interests include general dermatology, surgical dermatology, and treatment of skin cancer.
as well as a special focus on genital dermatology, mucosal

dermatosis, and scalp and nail disease. Dr Bibi sees both
adults and children. He is a native of Jerusalem, Israel,
where he earned his medical degree, as well as a PhD at Ben Make an appointment to see Dr. Bibi

Gurion University. He completed his residency training at one of these offices:
at the combined Boston University-Tufts University Palm Beach Gardens Delray Beach
10335 N. Military Trail 2605 W. Atlantic Ave.
Dermatology program. He looks forward to providing Suite A Suite D 204
Palm Beach Gardens, FL 33410 Delray Beach, FL 33445
you with excellent dermatology care. (561) 622-6976 (561) 819-5822