Page 19 - The Jewish Voice - February '25

The Jewish Voice, Page 19

LiFestyLes

• If I inherit an IRA or 401(k), am I subject to RMDs?
Financial Focus Yes. When you take RMDs from an inherited account, you says Evelyn had a leaky aortic valve. The shortness of breath
she was experiencing was due to the blood volume overload
What Should You Know About RMDs? generally must withdraw all the funds within 10 years, as in her heart, which was causing a backup to her lungs. Her
opposed to over your lifetime, which is the RMD window symptoms were typical of her condition.
By Sally Sima Stahl that applies to your own accounts. The rules are somewhat Dr. Umana recommended an aortic valve replacement to
You may spend many different if you inherit an IRA or 401(k) from your spouse. restore the normal flow of blood through her aorta to prevent
decades contributing to In any case, though, you’ll want to consult with your tax it from flowing back into her heart.
your IRA and 401(k), but advisor about how to take RMDs from an inherited account. “The earlier you have the operation, the better and easier
eventually you will likely If you’re already subject to RMDs, be sure you’ve taken the recovery,” Dr. Umana says.
need to take the money out them before the year ends. And if you haven’t yet started Evelyn says she chose to have the aortic valve replacement
— in fact, you must take the taking RMDs, learn as much as you can about them — at Cleveland Clinic because she knew it was “an amazing
money out or face penalties. because the more you know, the more likely you’ll make the organization.” Being a resident of Boca Raton, she was grateful
What should you know about right moves at the right time. Cleveland Clinic Weston Hospital was nearby. She also says
these mandatory withdrawals? This article was written by Edward Jones for use by she felt confident in Dr. Umana and his team.
Here are some of the your local Edward Jones Financial Advisor, Edward Jones, “I could not have been in better hands,” she says. “When
basics: Member SIPC. I went in on the day of surgery, I had every question answered.
• What are they called? Mandatory withdrawals are Edward Jones is a licensed insurance producer in all [The Cleveland Clinic team] just embraced you. There was no
technically called required minimum distributions, or RMDs. states and Washington, DC, through Edward D. Jones & fear because everybody wanted to be there and comforted you
• When must I take RMDs? If you were born before 1951, Co., L.P., and in California, New Mexico, and Massachusetts for who you were.”
you’ve probably already begun taking RMDs. If you were through Edward Jones Insurance Agency of California, LLC; Dr. Umana used a minimally invasive approach to
born between 1951 and 1959, your RMD age is 73. And if Edward Jones Insurance Agency of New Mexico, LLC; and Evelyn’s surgery. The approach allows surgeons to make
you were born in 1960 or later, your RMD age is 75. You Edward Jones Insurance Agency of Massachusetts, LLC. smaller incisions without having to open up the chest. This
can postpone accepting your first RMD until April 1 of the Edward Jones, its employees, and financial advisors causes less scarring and pain and a faster recovery than
year after you reach your RMD age, but this will result in cannot provide tax advice. You should consult your qualified traditional open surgery.
two RMDs for the year. After you take your first RMD, you tax advisor regarding your situation. “This was a team effort,” Dr. Umana says. “The patient is
must take subsequent ones by December 31 of each year. Contact us at (561) 748-7600, Sally Sima Stahl, CFP®, at the center not only of the care but of the decision making.”
• What penalties will be assessed if I don’t take all my AAMS™, 1851 W. Indiantown Road, Ste. 106, Jupiter, FL Evelyn couldn’t be more pleased.
RMDs? For every dollar not withdrawn, the IRS will charge 33458. “There’s a whole new world that’s open to me now.
a 25 percent penalty, but this can drop to 10 percent if you There’s nothing stopping me,” she says. “I’ve got the
subsequently withdraw the correct amount within two years. Breathing Easy Again: energy and the same zest I had when I was 30-something or
• Which accounts have RMDs? RMDs apply to traditional Evelyn’s Journey Through 40-something. Dr. Umana gave me this gift and it’s now my
IRAs, as well as other types of IRAs, including SIMPLE and chance to use it.”
SEP IRAs. RMDs don’t apply to Roth IRAs. RMDs also Aortic Valve Replacement
apply to traditional 401(k)s, but not Roth 401(k)s. Tip of the Tail
• Can I withdraw more than the RMD for any given year? Evelyn Greenberger had been experiencing shortness of
Yes, you are free to take out as much as you want. However, breath and a fluttering heartbeat — symptoms she thought The Rise of the Frenchie
if you take out more than the RMD for one year, you can’t indicated she had pneumonia. She got quite a surprise, though,
apply the excess to the RMD for the next year. when she went to the emergency room and doctors told her As a doctor of
• How are RMDs calculated? Typically, your RMDs are that it was not pneumonia. Instead, she was in heart failure. veterinary medicine,
determined by dividing your account balance from the prior Juan Pablo Umana, M.D., chair of the Division of Thoracic I have witnessed the
December 31 by a life expectancy factor published by the and Cardiovascular Surgery at Cleveland Clinic in Florida, explosive growth in
IRS. Your financial professional should be able to perform popularity of French
this calculation for you. Bulldogs with both
• If I have multiple accounts, do I have to take an RMD a dm i ra t i on a nd
from each one? If you are taking RMDs from a traditional concern. These silly, charming, and ridiculously cute dogs
IRA, you must calculate each RMD individually, but you have captured the hearts of America, as well as most of
can take the total amount from one or more IRAs. If you’re the world. But their popularity also highlights significant
taking RMDs from a 401(k) or similar plan, you must take challenges that owners need to consider when bringing this
the RMD from each of your accounts. breed into their home.
• How are RMDs taxed? You are typically taxed at your Frenchies are affectionate, playful, and adaptable. They
income tax rate on the amount of the withdrawn RMD. thrive on human interaction, making them ideal for families
You may be able to avoid taxes in a particular year if you and singles alike. Known for their exuberant personality, they
transfer your RMDs to a qualified charity in what’s known often earn the title of class clown. Their moderate energy
as a qualified charitable distribution. Evelyn Greenberger and Dr. Juan Pablo Umana levels make them suited for short play sessions and apartment
living. However, their deep bond with owners can lead to
separation anxiety if left alone too long.
So, why have they become the most popular dog in
America? Well for starters, their adorable looks with their
bat-like ears, wrinkled face, and compact build are irresistible.
They are a convenient size, making them perfect for urban
living and easier to manage than larger breeds. They are
playful, loving, and extremely loyal, making them appeal
to a variety of people in different types of environments.
Furthermore, social media and celebrity endorsements have
skyrocketed their fame.
However, despite all that charm and cuteness come many
health challenges:
Breathing Problems: As a brachycephalic breed, their
flat noses can cause brachycephalic obstructive airway
syndrome (BOAS). Symptoms include snoring, snorting,
and heat intolerance. Owners must monitor their activity
and avoid overheating. At Palm City Animal Medical Center,
frenchies are the number one dog we treat for heat stroke.
It is strongly advised for owners of frenchies to have them
evaluated for stenotic nares and elongated soft palates as a
puppy and, if these are found to be an issue, to surgically
correct them at the time of their spay or neuter to prevent
future problems.
Spinal Issues: Their skeletal structure makes them
prone to intervertebral disc disease (IVDD) and chronic back
pain. They also are often born with congenital spinal defects
like hemivertebrae that can lead to lifelong neurologic side
effects. Unfortunately, sometimes frenchies end up becoming
wheelchair (or cart) dependent.
Eye Conditions: Their prominent eyes are susceptible
to injuries, corneal ulcers, and cherry eye. These conditions
often require periodic visits to a veterinarian and possible
veterinary ophthalmologist for treatment and long-term
management solutions.

Lifestyles on page 20