Page 10 - Jupiter Ocean Mile - February '25

Page 10, Jupiter Ocean Mile
Financial Focus ®

What Should You Know About born in 1960 or later, your RMD age is 75. You can postpone may be able to avoid taxes in a particular year if you transfer

RMDS? accepting your first RMD until April 1 of the year after you your RMDs to a qualified charity in what’s known as a qualified
reach your RMD age, but this will result in two RMDs for the
charitable distribution.
year. After you take your first RMD, you must take subsequent • If I inherit an IRA or 401(k), am I subject to RMDs? Yes.
By Sally Sima Stahl ones by December 31 of each year. When you take RMDs from an inherited account, you generally
You may spend many • What penalties will be assessed if I don’t take all my must withdraw all the funds within 10 years, as opposed to
decades contributing to RMDs? For every dollar not withdrawn, the IRS will charge over your lifetime, which is the RMD window that applies to
your IRA and 401(k), but a 25 percent penalty, but this can drop to 10 percent if you your own accounts. The rules are somewhat different if you
eventually you will likely subsequently withdraw the correct amount within two years. inherit an IRA or 401(k) from your spouse. In any case, though,
need to take the money out • Which accounts have RMDs? RMDs apply to traditional you’ll want to consult with your tax advisor about how to take
— in fact, you must take the IRAs, as well as other types of IRAs, including SIMPLE and RMDs from an inherited account.
money out or face penalties. SEP IRAs. RMDs don’t apply to Roth IRAs. RMDs also apply If you’re already subject to RMDs, be sure you’ve taken
What should you know about to traditional 401(k)s, but not Roth 401(k)s. them before the year ends. And if you haven’t yet started taking
these mandatory withdrawals? • Can I withdraw more than the RMD for any given year? RMDs, learn as much as you can about them — because the
Here are some of the Yes, you are free to take out as much as you want. However, more you know, the more likely you’ll make the right moves
basics: if you take out more than the RMD for one year, you can’t at the right time.
• What are they called? Mandatory withdrawals are apply the excess to the RMD for the next year. This article was written by Edward Jones for use by
technically called required minimum distributions, or RMDs. • How are RMDs calculated? Typically, your RMDs are your local Edward Jones Financial Advisor, Edward Jones,
• When must I take RMDs? If you were born before 1951, determined by dividing your account balance from the prior Member SIPC.
you’ve probably already begun taking RMDs. If you were born December 31 by a life expectancy factor published by the Edward Jones is a licensed insurance producer in all states
between 1951 and 1959, your RMD age is 73. And if you were IRS. Your financial professional should be able to perform and Washington, D.C., through Edward D. Jones & Co., L.P.,
this calculation for you.
and in California, New Mexico and Massachusetts through
Northern Notes • If I have multiple accounts, do I have to take an RMD from Edward Jones Insurance Agency of California, L.L.C.; Edward
Jones Insurance Agency of New Mexico, L.L.C.; and Edward
each one? If you are taking RMDs from a traditional IRA, you
must calculate each RMD individually, but you can take the Jones Insurance Agency of Massachusetts, L.L.C.
Easements On Your Property total amount from one or more IRAs. If you’re taking RMDs Edward Jones, its employees and financial advisors cannot
from a 401(k) or similar plan, you must take the RMD from provide tax advice. You should consult your qualified tax
By Katie Roundtree, each of your accounts. advisor regarding your situation.
Director of Finance and • How are RMDs taxed? You are typically taxed at your Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
®
Administration, Northern income tax rate on the amount of the withdrawn RMD. You AAMS , 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
™
Palm Beach County
Improvement District “Service is our number one priority”
If you own property in
Florida, you may come 561-743-0070
across the term “easement.”
An easement can influence
how you use your property, www.palmspoolservices.com
and the rights associated with
it. These legal agreements
are often present in areas where the Northern Palm Beach
County Improvement District has facilities and maintenance
responsibilities. Easements are essential for allowing the
district to access locations where it does not have ownership
rights, particularly near its facilities, preserves, or waterways.
An easement is a
legal arrangement that
permits another party to
use a specified portion of
property for a particular
purpose. It does not
grant ownership of Expires 3/15/25.
the property; rather, it
allows the user to utilize State Licensed & Insured CPC #
the property without the Serving Palm Beach County 1457468 • LPG#30099
risk of being charged
with trespassing. For instance, a water management maintenance
easement may exist between two homes, designating an area
where the easement holder can travel to access something on
the other side. Another example is a flowage easement, which
allows water to flow from one location through a body of water
owned by someone else. A common easement in this context is
a water management easement, usually covering areas where
pipes, used for stormwater management, may be buried. Recycle Right Every Day
Once both parties agree to the terms of an easement, it is
recorded with the Palm Beach County Clerk of the Court.
This ensures that any future owners of the property are aware
of the easement’s existence. If the property is sold later, the
easement will be noted in the title search and property survey
to document the easement area.
A water management maintenance easement typically grants
the easement owner the rights of ingress and egress, allowing
access to the property for maintenance of water management
tracts or preserves located on the other side. The easement also
allows the agency’s agents and contractors to pass through the
property, with or without equipment and vehicles.
As the property owner, you are responsible for maintaining
the easement area and keeping it free from plants, trees, fences,
and structures, unless specifically permitted through the official
permitting process. You cannot block access to the easement. If
a permitted fence with gates exists within the easement, access
should not be hindered by dogs or security systems. The owner
and their contractors have the right to pass through the property
safely and without harassment. Additionally, trees planted in
water management easements can grow into and damage pipes
and structures, potentially impacting stormwater management
or causing sinkholes from collapsed pipes.
It’s important to understand the significance of easements
on your property and to keep these areas clear of personal
belongings. Easements provide necessary access for district
employees and contractors to legally enter properties located
Learn More: swa.org/recycleright
Northern Notes on page 11