Page 8 - Abacoa Community News - December '24

Page 8, Abacoa
Financial Focus ®

arounD abacoa
Consider Tax-Smart Charitable on your IRA, you may have lower RMDs in the future.

Of course, if you need some or all your RMDs to help sustain
Gifts yourself in retirement, the use of QCDs may not be of interest
to you. Keep in mind, though, that you can start making QCDs
By Sally Sima Stahl at 70½, even before you must start taking RMDs. QCDs up to
As we enter the annual $105,000 can be taken in 2024.
season of giving, you might • Consider a donor-advised fund. If you’re interested in
be thinking of charities you a long-term charitable giving arrangement, you might want
Celebrate the holidays with the iconic Jupiter landmark’s wish to support. But you also to consider establishing a donor-advised fund. You can put
exciting and memorable holiday events at the Jupiter Inlet might be wondering how to many types of assets into this fund, and then direct it to make
Lighthouse & Museum, the historical landmark operated gain some tax benefits from grants periodically to the charities you’ve chosen. You get an
by the nonprofit Loxahatchee River Historical Society! your gifts. immediate tax deduction for your contribution, and, if you
It used to be pretty donate appreciated assets, such as stocks, you’ll avoid the
straightforward: You wrote capital gains taxes you would have incurred if you simply sold
a check to a charity and then the stocks and then gave the money to the charities. One note
deducted the amount of the gift, of caution, though—your contributions to a donor-advised fund
within limits, from your taxes. But a few years ago, as part of are irrevocable, and once the assets are in the fund, you can’t use
tax law changes, the standard deduction was raised significantly, them for anything except charitable giving.
so fewer people were able to itemize deductions. Consequently, These strategies—QCDs and donor-advised funds in
there was less financial incentive to make charitable gifts. particular—can be complex and involve several issues of
Looking to finish your holiday shopping early? The Sip Of course, this didn’t entirely stop people from making them. which you should be aware. So, you should consult your tax
& Shop event takes place on Wednesday, December 4. And it’s still possible to gain some tax advantages, too. advisor before taking action. But if any of these techniques are
This event will bring together local artisans and creators Here are a few tax-smart charitable giving strategies: appropriate for your situation, give them some thought—because
for a festive evening of holiday shopping and refreshments. • Bunch your charitable gifts into one year. If you combine helping a charitable group and getting tax benefits for doing so
From 5 p.m. to 8 p.m., guests can browse unique gifts a few years’ worth of charitable gifts in a single year, you is a “win” for everyone.
and artworks on the Lighthouse deck and in the gift shop could surpass the standard deduction amount and then itemize This article was written by Edward Jones for use by
while enjoying complimentary wine, champagne, and beer. deductions for that year. In the years following, you could revert your local Edward Jones Financial Advisor, Edward Jones,
Local artists and vendors will include Katie Herman Art, to taking the standard deduction. Member SIPC.
known for her colorful, tropical home decor and art pieces; • Make qualified charitable distributions. Once you turn Edward Jones is a licensed insurance producer in all states
Slip Pottery, offering handmade ceramics; and KaiBlu, 73 (or 75 if you were born in 1960 or later), you must start and Washington, D.C., through Edward D. Jones & Co., L.P., and
showcasing handcrafted jewelry and art made from natural taking withdrawals from your traditional or inherited IRA. in California, New Mexico and Massachusetts through Edward
materials. Additionally, historian and author Josh Liller These withdrawals—technically called required minimum Jones Insurance Agency of California, L.L.C.; Edward Jones
will be signing copies of his book Five Thousand Years on distributions, or RMDs—are taxable at your personal income Insurance Agency of New Mexico, L.L.C.; and Edward Jones
the Loxahatchee: A Pictorial History of Jupiter-Tequesta, tax rate, so, if the amounts are large enough, they could Insurance Agency of Massachusetts, L.L.C.
Florida. This free event requires no registration and is push you into a higher tax bracket or cause you to pay larger Edward Jones, its employees and financial advisors cannot
an excellent opportunity to find last-minute gifts while Medicare premiums. provide tax advice. You should consult your qualified tax advisor
connecting with the Jupiter Inlet Lighthouse & Museum But if you donate these RMDs directly to a qualified charity, regarding your situation.
team. you can avoid the taxes. And because these donations, known as Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
®
qualified charitable distributions (QCDs), will reduce the balance AAMS™, 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

See Road Closures Map from page 1

On Saturday, December 14. the Jupiter Inlet
Lighthouse & Museum will be hosting the annual
Holiday Extravaganza for the whole family to enjoy.
This year’s theme will be “There’s Snow Place Like
Home” and will have mounds of real snow for sled
riding, photo opportunities with winter characters,
family fun entertainment, crafts for children, food
trucks, photos with Santa and, last but not least, a
special showing of Disney’s Frozen. The event starts
at 3 p.m. with the movie starting at 5:45 p.m. and
tickets will be $10. There will also be a toy drive for
Chasin a Dream Foundation, whose mission is to ease
the burden on families with children battling cancer,
cystic fibrosis, heart disease, and other life-threatening
illnesses and disabilities, by offering individualized
assistance that promotes healing and hope.

$ $ 100 OFF $ 250

39Usually 95
$
Captain’s was established in 1980 servicing SERVICE CALL WITH ANY NEW UV LIGHT WITH ANY
NEW INSTALLATION
Palm Beach County and is a privately ANY A/C REPAIR WATER HEATER ( 750 Value)
$
owned and managed company. CALL FOR SERVICE CALL FOR SERVICE CALL FOR SERVICE
Captain’s is committed to providing
dependable, reliable and professional 561-741-2825 561-741-2825 561-741-2825
ground transportation to and from all Not valid with any other discounts, Not valid with any other discounts, Not valid with any other discounts,
South Florida Airports and Seaports. PBCVH212 offers, or coupons. Limit 1 discount offers, or coupons. Limit 1 discount offers, or coupons. Limit 1 discount
To reserve your vehicle: per transaction. Expires 1/04/25. per transaction. Expires: 1/04/25. per transaction. Expires: 1/04/25.
561-798-2180 or 800-634-7890 www.captainsairport.com