Page 6 - Hobe Sound Reflections - December '24

Page 6, Hobe Sound

FiNaNCial FoCus ®

Consider Tax-Smart (QCDs), will reduce the balance on your IRA, you may your tax advisor before taking action. But if any of these
have lower RMDs in the future.
techniques are appropriate for your situation, give them
Charitable Gifts Of course, if you need some or all your RMDs to help some thought—because helping a charitable group and
sustain yourself in retirement, the use of QCDs may not getting tax benefits for doing so is a “win” for everyone.
By Sally Sima Stahl be of interest to you. Keep in mind, though, that you can This article was written by Edward Jones for use by
As we enter the annual start making QCDs at 70½, even before you must start your local Edward Jones Financial Advisor, Edward Jones,
season of giving, you might taking RMDs. QCDs up to $105,000 can be taken in 2024. Member SIPC.
be thinking of charities you • Consider a donor-advised fund. If you’re interested in Edward Jones is a licensed insurance producer in all states
wish to support. But you also a long-term charitable giving arrangement, you might want and Washington, D.C., through Edward D. Jones & Co., L.P.,
might be wondering how to to consider establishing a donor-advised fund. You can put and in California, New Mexico and Massachusetts through
gain some tax benefits from many types of assets into this fund, and then direct it to make Edward Jones Insurance Agency of California, L.L.C.;
your gifts. grants periodically to the charities you’ve chosen. You get an Edward Jones Insurance Agency of New Mexico, L.L.C.; and
It used to be pretty immediate tax deduction for your contribution, and, if you Edward Jones Insurance Agency of Massachusetts, L.L.C.
straightforward: You wrote donate appreciated assets, such as stocks, you’ll avoid the Edward Jones, its employees and financial advisors
a check to a charity and capital gains taxes you would have incurred if you simply sold cannot provide tax advice. You should consult your qualified
then deducted the amount of the stocks and then gave the money to the charities. One note tax advisor regarding your situation.
the gift, within limits, from your taxes. But a few years of caution, though—your contributions to a donor-advised Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
®
ago, as part of tax law changes, the standard deduction fund are irrevocable, and once the assets are in the fund, you AAMS™, 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
was raised significantly, so fewer people were able to can’t use them for anything except charitable giving.
itemize deductions. Consequently, there was less financial These strategies—QCDs and donor-advised funds in
incentive to make charitable gifts. particular—can be complex and involve several issues
Of course, this didn’t entirely stop people from making of which you should be aware. So, you should consult
them. And it’s still possible to gain some tax advantages, too.
Here are a few tax-smart charitable giving strategies:
• Bunch your charitable gifts into one year. If you ClevelaNd CliNiC
combine a few years’ worth of charitable gifts in a
single year, you could surpass the standard deduction
amount and then itemize deductions for that year. In the
years following, you could revert to taking the standard MartiN HealtH News
deduction.
• Make qualified charitable distributions. Once you turn
73 (or 75 if you were born in 1960 or later), you must start
taking withdrawals from your traditional or inherited IRA. Cleveland Clinic Martin dose radiation. The precision with which the radiation
These withdrawals—technically called required minimum is delivered allows for the treatment of tumors without
distributions, or RMDs—are taxable at your personal Health Expands Cancer overexposure to nearby healthy tissue. Because of
income tax rate, so, if the amounts are large enough, they the higher dosages, patients need fewer treatments –
could push you into a higher tax bracket or cause you to Services between one and five, compared to traditional 25 to
pay larger Medicare premiums. 35 – and experience fewer side effects.
But if you donate these RMDs directly to a qualified Cleveland Clinic Martin Health’s ongoing mission The Robert and Carol Weissman Cancer Center offers
charity, you can avoid the taxes. And because these is to provide the most advanced cancer care available to SRS for brain and SABR/SBRT for lung, bone, and other
donations, known as qualified charitable distributions the Treasure Coast community. That care is even more sites of cancer.
accessible as the Robert and Carol Weissman Cancer “In the appropriately selected patient, stereotactic
Center at Martin Health radiation therapy can diminish the treatment time,
adds caregivers and thereby removing the time toxicity of cancer care and
expands its services. improving quality of life,” says Lizaso.
Mel Lizaso, M.D., A variety of radiation oncology services are available
is one of three radiation in Port St. Lucie and Stuart. New and state-of-the-art
oncology physicians at equipment allow the physicians to use such techniques as
the cancer center. Also surface guidance, 4-D CT scanning, and hypofractionated
included on the staff therapy for more precise targeting of tumors that spares
are radiation therapists, the surrounding tissues while sometimes decreasing the
physicists, dosimetrists, number of treatments required.
and nurse practitioners. The radiation oncology team at Martin Health
“ W e de di c a t e provides exceptional patient-centered cancer care.
ourselves to providing Patients are provided with a thorough overview of
evidence-based care that Mel Lizaso, M.D. treatment options and informed with recommendations
is individualized to the while being guided through every step of treatment.
patient,” says Dr. Lizaso. “Our treatment plans are “We take into account the whole patient when
based on cutting edge science and compassion.” designing our treatment plans,” says Lizaso. “It is
The radiation oncology department uses leading individualized and considers the goals and best interests
edge technologies to offer the latest in radiation therapy, of each patient.”
including stereotactic ablative radiotherapy (SABR or To make an appointment with Dr. Lizaso or another
SBRT) and stereotactic radiosurgery (SRS). SABR/ specialist at Cleveland Clinic Martin Health, call (877)
SBRT and SRS are radiation techniques that use state- 463-2010 or visit ClevelandClinicFlorida.org/Cancer
of-the-art equipment to deliver highly focused high- to learn more.

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