Page 6 - Jupiter West - January '24

Page 6, Jupiter West
Financial Focus ®

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

Catching Up With Wendy Derhak When a pet becomes homeless due to the death, disability,
or deployment of their owner we provide a nonjudgmental
11 Years After Launching, and supportive place for solutions. If a homeless pet fits
This Nonprofit Founder our mission, we commit to taking care of it for life. This
Discusses The Past, forever promise gives surviving family and friends peace
of mind.
Present And Future Of Our pets, which are mostly seniors, live in the home
The Pet Cottage In This of a forever guardian or at our sanctuary property. The
Exclusive Interview majority of our forever guardians are senior people. The
forever guardian provides love and a safe place to call
Why Did You Start The Pet home. The Pet Cottage covers all veterinary expenses.
Cottage? Because of this partnership, many senior people in our
It all started with my dear community are able to have a senior pet companion.
friend Joan. She was an active Our forever promise to each pet in our care means that
senior in her early 70s and at no matter what happens to a guardian, the pet will have
the time I was her personal a loving home. It’s a win-win-win situation that makes
trainer. We worked out three us do a happy dance!
times a week and became To date, we have made 100 forever promises to pets
close friends. Truthfully, she So we decided that I would become the guardian of and supported 84 forever guardians and 87 volunteers.
was like a mother to me. her cats and her lawyer crafted a legal agreement. What’s Your Vision For The Future?
When she received a terminal As I supported Joan through the end of her life, I had Our big goal is to secure a sanctuary property that we
pancreatic cancer diagnosis, Wendy and Bella Pom many conversations with the hospice staff about how can call our own. We currently rent in Jupiter Farms and
her biggest concern was: Who often pet owners with terminal illnesses face this reality. having our own property would allow us to expand our
will care for my three senior cats? They said it was a problem without a solution. mission and services by building additional dog cottages,
Joan was a strong independent woman. She had no In 2012, I founded The Pet Cottage as a solution! a cat hotel, and larger volunteer space. We want to be a
spouse, no children and no siblings. Her three furbabies, Today, we celebrate and protect the magical relationship pillar of support in the community and a known entity
Shadow, Smokey, and Jeremy, were her entire world and between people and pets by offering home-style care to for people and pets in need.
sweet companions. pets who lose their humans due to death, disability or We are always open to new volunteers and forever
We started to explore options for rehoming them upon deployment. We also provide senior people with pet guardians joining our pack. Contact us below for more
her death. And we kept hitting dead ends. The thought of companions. information.
placing these beloved family members who had brought What Are You Most Proud Of? The Pet Cottage,
her so much joy and love in a shelter was out of the I’m proud of our forever promise. We are not an (561) 818-5025,
question. adoption agency or foster program. We are a new concept. www.thepetcottage.org

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