Page 8 - Talk of Tequesta - December '24

Page 8, The Talk Of Tequesta

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Consider Tax-Smart Charitable Gifts

By Sally Sima Stahl

As we enter the annual • Make qualified charitable distributions. Once you turn the stocks and then gave the money to the charities. One note
season of giving, you might 73 (or 75 if you were born in 1960 or later), you must start of caution, though—your contributions to a donor-advised fund
be thinking of charities you taking withdrawals from your traditional or inherited IRA. are irrevocable, and once the assets are in the fund, you can’t use
wish to support. But you also These withdrawals—technically called required minimum them for anything except charitable giving.
might be wondering how to distributions, or RMDs—are taxable at your personal income These strategies—QCDs and donor-advised funds in
gain some tax benefits from tax rate, so, if the amounts are large enough, they could particular—can be complex and involve several issues of
your gifts. push you into a higher tax bracket or cause you to pay larger which you should be aware. So, you should consult your tax
It used to be pretty Medicare premiums. advisor before taking action. But if any of these techniques are
straightforward: You wrote But if you donate these RMDs directly to a qualified charity, appropriate for your situation, give them some thought—because
a check to a charity and you can avoid the taxes. And because these donations, known as helping a charitable group and getting tax benefits for doing so
then deducted the amount qualified charitable distributions (QCDs), will reduce the balance is a “win” for everyone.
of the gift, within limits, on your IRA, you may have lower RMDs in the future. This article was written by Edward Jones for use by
from your taxes. But a few years ago, as part of tax law Of course, if you need some or all your RMDs to help sustain your local Edward Jones Financial Advisor, Edward Jones,
changes, the standard deduction was raised significantly, yourself in retirement, the use of QCDs may not be of interest Member SIPC.
so fewer people were able to itemize deductions. to you. Keep in mind, though, that you can start making QCDs Edward Jones is a licensed insurance producer in all states
Consequently, there was less financial incentive to make at 70½, even before you must start taking RMDs. QCDs up to and Washington, D.C., through Edward D. Jones & Co., L.P.,
charitable gifts. $105,000 can be taken in 2024. and in California, New Mexico and Massachusetts through
Of course, this didn’t entirely stop people from making them. • Consider a donor-advised fund. If you’re interested in Edward Jones Insurance Agency of California, L.L.C.; Edward
And it’s still possible to gain some tax advantages, too. a long-term charitable giving arrangement, you might want Jones Insurance Agency of New Mexico, L.L.C.; and Edward
Here are a few tax-smart charitable giving strategies: to consider establishing a donor-advised fund. You can put Jones Insurance Agency of Massachusetts, L.L.C.
• Bunch your charitable gifts into one year. If you combine many types of assets into this fund, and then direct it to make Edward Jones, its employees and financial advisors cannot
a few years’ worth of charitable gifts in a single year, you grants periodically to the charities you’ve chosen. You get an provide tax advice. You should consult your qualified tax advisor
could surpass the standard deduction amount and then itemize immediate tax deduction for your contribution, and, if you regarding your situation.
deductions for that year. In the years following, you could revert donate appreciated assets, such as stocks, you’ll avoid the Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
®
to taking the standard deduction. capital gains taxes you would have incurred if you simply sold AAMS™, 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

arTs & enTerTainmenT

Lighthouse ArtCenter Unveils

Newly Renovated 3-D Building

Lighthouse ArtCenter (LAC) is pleased to announce The upgraded building The newly renovated
the reopening of its newly renovated 3-D building at 395 features an expanded roster 3-D studio will empower
Seabrook Road, Tequesta, FL 33469. This extensive year-long of classes and instructors, students to create
renovation will enhance the creative experience for students of offering programs from a variety of projects,
all ages and skill levels, instructors, and the local community. introductory pottery wheel including abstract and
lessons to advanced hand- figurative sculptures,
building techniques. These mugs, teapots, and
enhancements will allow platters. With classes
LAC to host more visiting available during both
artists and introduce day and evening hours,
new ceramics offerings participants can choose
during summer camps from 8-week courses,
for children, promoting shorter multi-day
artistic development workshops, and special
within the community. Jamie Bates, 3 Wings Visiting events like Wine Down
“We are incredibly Artist, instructing a workshop Wednesday and Select
grateful to our contributing Fridays from 6 to 8 Chad Steve, Ron Shaw
LAC Board Members, community members, and an anonymous p.m., fostering a fun
grant that made this project possible,” said Jeni Licata, executive and communal learning environment.
director. “The community interest has been strong. Registration “The instructors bring a wealth of diverse expertise to the
Front of building left view for classes in the newly renovated building is open, and several table, and now they have a state-of-the-art facility that perfectly
classes are already full.”
complements their skills and techniques,” said Director of
Best Bin Caddy# Originally built in 1973, Lighthouse ArtCenter purchased Ceramics and Sculpture Chad Steve. “I am confident that both
students and faculty will produce their finest work yet in the
the building in 2019 from Jupiter Medical Center after leasing
NEW! it for about 20 years. The acquisition followed a whirlwind coming year.”
fundraising campaign, including benefit concerts from former
Registration is open for classes and workshops. For more
Metallica bassist and local supporter Jason Newsted.
information, visit lighthousearts.org.

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