Page 2 - The Shores of Jupiter - December '24

Page 2, The Shores

Deadline for the January Financial Focus ®

Issue is December 13

Mail or email to: Consider Tax-Smart Of course, if you need some or all your RMDs to help
Bill Thompson, 18583 Lake Bend Drive Charitable Gifts sustain yourself in retirement, the use of QCDs may not
be of interest to you. Keep in mind, though, that you can
billthompsonsoj@gmail.com start making QCDs at 70½, even before you must start
By Sally Sima Stahl taking RMDs. QCDs up to $105,000 can be taken in 2024.
As we enter the annual • Consider a donor-advised fund. If you’re interested
The Shores of Jupiter season of giving, you might in a long-term charitable giving arrangement, you might
be thinking of charities you
want to consider establishing a donor-advised fund.
website: wish to support. But you You can put many types of assets into this fund, and
also might be wondering
then direct it to make grants periodically to the charities
www.theshoresofjupiter.org how to gain some tax you’ve chosen. You get an immediate tax deduction for
benefits from your gifts. your contribution, and, if you donate appreciated assets,
It used to be pretty such as stocks, you’ll avoid the capital gains taxes you
straightforward: You wrote would have incurred if you simply sold the stocks and
a check to a charity and then gave the money to the charities. One note of caution,
Disclaimer then deducted the amount though—your contributions to a donor-advised fund are
Copy appearing herewith may not be the viewpoint of the gift, within limits, from your taxes. But a few years irrevocable, and once the assets are in the fund, you can’t
of The Shores Board of Directors or its newsletter ago, as part of tax law changes, the standard deduction use them for anything except charitable giving.
editor. Nor should responsibility be assigned for was raised significantly, so fewer people were able to These strategies—QCDs and donor-advised funds in
accuracy or validity or articles contributed by itemize deductions. Consequently, there was less financial particular—can be complex and involve several issues
residents or other articles chosen by the publisher or incentive to make charitable gifts. of which you should be aware. So, you should consult
the editor. Of course, this didn’t entirely stop people from making your tax advisor before taking action. But if any of these
them. And it’s still possible to gain some tax advantages, too. techniques are appropriate for your situation, give them
Here are a few tax-smart charitable giving strategies: some thought—because helping a charitable group and
Realtime Property Management • Bunch your charitable gifts into one year. If you getting tax benefits for doing so is a “win” for everyone.
combine a few years’ worth of charitable gifts in a
This article was written by Edward Jones for use by
of South Florida LLC single year, you could surpass the standard deduction your local Edward Jones Financial Advisor, Edward
amount and then itemize deductions for that year. In the Jones, Member SIPC.
Alexa Schuck, Property Manager years following, you could revert to taking the standard Edward Jones is a licensed insurance producer in
612 N. Orange Ave., Bldg C-4, deduction. all states and Washington, D.C., through Edward D.
Jupiter, FL 33458 • Make qualified charitable distributions. Once you Jones & Co., L.P., and in California, New Mexico and
turn 73 (or 75 if you were born in 1960 or later), you Massachusetts through Edward Jones Insurance Agency
must start taking withdrawals from your traditional or of California, L.L.C.; Edward Jones Insurance Agency of
inherited IRA. These withdrawals—technically called New Mexico, L.L.C.; and Edward Jones Insurance Agency
The Shores Of required minimum distributions, or RMDs—are taxable at of Massachusetts, L.L.C.

Jupiter Homeowners your personal income tax rate, so, if the amounts are large Edward Jones, its employees and financial advisors
enough, they could push you into a higher tax bracket or
cannot provide tax advice. You should consult your
Association Inc. cause you to pay larger Medicare premiums. qualified tax advisor regarding your situation. ®
But if you donate these RMDs directly to a qualified
Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
charity, you can avoid the taxes. And because these AAMS™, 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
Board Of Directors, Committee donations, known as qualified charitable distributions
Board Of Directors: (QCDs), will reduce the balance on your IRA, you may
David Lindley, President have lower RMDs in the future.
John Hornyak, Vice President
Cynthia Clemente, Secretary
Barry Parker, Treasurer
Sal Greco, Director
Brian Martin, Director
Ryan Warren, Director

Architectural Control Committee:
Brian Martin, Co-Chair
Sal Greco, Co-Chair
John Hornyak
Compliance Committee:
Ryan Warren, Chair
Lakes And Parks Committee:
David Lindley, Chair
Crimewatch Committee:
Bill Thompson, Co-Chair
Sal Greco, Co-Chair
Welcoming Committee:
John Hornyak, Chair
Sylke Lopez
Infrastructure
David Lindley, Chair
Communications and Newsletter Editor:
Bill Thompson, Chair
Events & Social Media Committee:
Barry Parker, Co-Chair
Kristi Parker, Co-Chair
Francesca Brown
Tracey Lavoll
Sylke Lopez
Anais Maristany-Diaz
Dena Martin
Webmaster
Kristi Parker

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