Page 20 - The Jewish Voice - January '24

Page 20, The Jewish Voice

Lifestyles from page 19 Financial Focus Although these rulings give beneficiaries — those not
eligible for the exemptions listed above — more time to
Take Steps to Memorialize the State of the Relationship Don’t Leave Your IRA to the IRS plan, they will eventually need to start taking RMDs, which
For estranged spouses, doing what is required to legally could affect their tax situations. To help protect your heirs,
end the relationship is another way to avoid unintended results By Sally Sima Stahl consider these suggestions:
when one of the spouses dies. After divorce, the surviving If you’ve invested in • Using permanent life insurance. A properly
former spouse is not entitled to inherit any amount from the an IRA for many decades, structured permanent life insurance policy could help
deceased former spouse unless there is a property settlement it may well turn into a key you replace the assets your family might lose to the taxes
agreement providing otherwise. Depending on state law, even if source of income for your resulting from an inherited IRA. You might even consider
the surviving former spouse is still a beneficiary in the deceased retirement. Still, you might naming a charity as the beneficiary of an IRA, rather than
former spouse’s will, they may not be entitled to inherit pursuant not deplete your IRA in your family members. The charity would receive the IRA
to the will unless there is additional documentation showing that your lifetime, especially if proceeds tax free, and the life insurance could then provide
the deceased former spouse intended that result. As mentioned you also have a pension or a tax-free benefits to your heirs.
above, the effect of legal separation varies depending on state 401(k) and other investment • Leaving taxable investment accounts to your
law: In some states, legal separation has no impact on a spouse’s income. So, if your IRA still heirs. Apart from your tax-deferred IRA, you may own
right to inherit under the intestacy or elective share statute. has sizable assets after your other, fully taxable accounts containing investments such
We Can Help passing, it would likely end up in your estate plan. If you as stocks or bonds. Typically, these investments receive
One of the important goals of estate planning is to ensure that leave your IRA to grown children or other family members, what’s known as a step-up in their cost basis once they are
your wishes are carried out. If you want to prevent an estranged could they be hit with a big tax bill? inherited. This means your heirs will essentially inherit
family member from inheriting from you, your estate plan needs Here’s a little background: Up until the Secure Act of all the gains your investments earned by the time of your
to expressly state that intention. We can help you think through 2019, those who inherited traditional IRAs could extend passing — but they won’t be taxed on these gains if they
how to best accomplish your estate planning goals while also their required withdrawals over their lifetimes, which sell the assets immediately. This type of sale could help
minimizing any further strife in your family. Give us a call today stretched out the annual taxes due on these withdrawals. offset the taxes your heirs will incur from the inherited
to set up an appointment. You can reach us at 561-694-7827. Elder But the Secure Act changed the provisions for non-spouse IRA.
& Estate Planning Attorneys PA, 480 Maplewood DR Suite 3, beneficiaries who inherited an IRA after 2019, meaning The tax and investment issues surrounding inherited
Jupiter, FL 33458. that beneficiaries of inherited IRAs had only 10 years IRAs can be complex, so consult with your tax and
1 Estrangement, Dictionary.com, https://www.dictionary.com/ (beginning the year after death) to withdraw the entire financial advisors before making any moves. And, as with
browse/estrangement (last visited Aug. 29, 2023). balance. For some beneficiaries, this could potentially many areas relating to inheritances, the sooner you start
create a tax burden. (Inheritors of Roth IRAs are also planning, the better.
Are You Bothered by Hip Pain? required to follow the 10-year distribution rule but are not This article was written by Edward Jones for use by
subject to income taxes on account earnings if the Roth your local Edward Jones Financial Advisor, Edward Jones,
If you’re a younger or IRA’s five-year holding period has been met.) Member SIPC.
middle-aged adult bothered by However, not all beneficiaries were affected by the new Edward Jones is a licensed insurance producer in
hip pain, your first thought is rules. Spouses can stretch their inherited IRA distributions all states and Washington, D.C., through Edward D.
likely not about hip surgery – but over their lifetimes and exceptions exist for certain non- Jones & Co., L.P., and in California, New Mexico and
you may need it. Many young, spouse beneficiaries. Minor children of the IRA owner Massachusetts through Edward Jones Insurance Agency
athletic people are having hip (until the age of majority), chronically ill or disabled of California, L.L.C.; Edward Jones Insurance Agency of
surgery after finding out that a individuals, and beneficiaries who are no more than 10 New Mexico, L.L.C.; and Edward Jones Insurance Agency
deep cartilage tear is causing years younger than the IRA owner may opt to stretch their of Massachusetts, L.L.C.
their mysterious, nagging pain. distributions. Edward Jones, its employees and financial advisors
Q: What is a labral tear? The new 10-year requirement applies to IRAs inherited cannot provide tax advice. You should consult your
A: It is a tear in the ring of on or after Jan. 1, 2020. But due to confusion over changes qualified tax advisor regarding your situation.
cartilage (labrum) in your hip to required minimum distribution (RMD) rules for some Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
that cushions and seals the joint. Evan Peck, M.D., Sports beneficiaries of inherited IRAs, the IRS waived penalties 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
Q: What causes it? Medicine for individuals who failed to take RMDs in 2021 and 2022
A: Trauma (from a car and extended the RMD penalty waiver for 2023. Lifestyles on page 21
accident, for instance) can cause a labral tear. But it’s seen
more frequently among athletes whose activities flex the hip
while twisting – including yoga and Pilates. A variation of
normal anatomy can cause a labral tear, as well. Often this is
hip impingement, where the shape of the hip causes abnormal
contact between the ball and socket of the joint. The most
common root cause of a labral tear is onset over time due to
physical activity combined with a bony abnormality.
Q: Are certain groups more likely to have a labral
tear?
A: Women are about twice as likely to experience a labral
tear, and it often happens in younger, active patients.
Q: What are the symptoms?
A: Many people can have a tear and not have any
symptoms at all. If you do notice a symptom, though, it’s
typically pain deep in the hip joint that doesn’t get worse
when you push on the area. It often comes with certain
activities (movement in a particular direction, for instance).
Q: How do doctors diagnose a labral tear?
A: Doctors can get most of the information needed to
diagnose a labral tear from a health history, examination,
and a good set of X-rays. An MRI is often needed in order
to confirm the diagnosis.
Q: What are the treatment options?
A: There are a few conservative treatments for a labral
tear, which are typically attempted for three to six months
to try to alleviate the pain. These options include:
• Taking a break from activities that cause the pain
• Using anti-inflammatory medication
• Receiving a guided injection of cortisone into the hip
joint
• Using physical therapy, which unloads some of the pressure
from the hip joint
• Modifying activities to a lower, less painful level ~ Bathing, Dressing, Personal Care ~ Fall Risk Prevention
Q: What if conservative treatment doesn’t help? ~ Medication Reminders, Doctor Visits ~ Alzheimer’s and Parkinson’s Care
A: If the treatments listed above aren’t working, your doctor ~ Shopping, Errands, Companionship ~ Transition Home from Hospital or Rehab
may order an MRI to get a better idea of the pathology of the
injury. This shows whether there is cartilage damage, arthritis in ~ Meal Preparation, Light Housekeeping ~ Hourly to 24-Hour Care
the joint, or injury to other muscles that might cause problems. ~ Pet Friendly ~ Rigorous Background Checks
Depending on how severe the symptoms are, your doctor might
recommend surgery to fix it.
If you are having hip pain deep in the joint that lasts for more Respectful of Jewish Traditions.
than a month and occurs with particular movements, check with
your doctor to see if you might have a labral tear. The sooner
you pinpoint and address the problem, the sooner you can get
back to your normal activities with less pain. 561-328-7611
To make an appointment with an orthopaedic specialist at
Cleveland Clinic Weston Hospital, call 877.463.2010 or visit visitingangels.com/palmbeaches
ClevelandClinicFlorida.org/ortho for more information. lic# 299994617