Page 8 - Hobe Sound Reflections - June '23
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Page 8, Hobe Sound
FInAnCIAl FoCus
New Law May Offer Financial least the RMD for a given year, you could face tax penalties. get a tax credit based on employee matching or profit-sharing
contributions. This credit is capped at $1,000 per employee and
Previously, this penalty was 50 percent of the amount you were
Opportunities supposed to have taken but now it’s reduced to 25 percent. phases out gradually over five years.
• New options for qualified charitable distributions – If • Military spouse tax incentive – If you have 100 or fewer
By Sally Sima Stahl you’re 70½ or older, you can make a one-time qualified employees who earn at least $5,000 annually, you can earn a tax
Your own decisions and charitable distribution (QCD) of up to $50,000 to entities that credit of up to $500 for three years if you make military spouses
actions typically determine previously couldn’t receive these QCDs, including charitable eligible for a retirement plan, such as a 401(k) or SEP IRA. You
your financial strategies. remainder annuity trusts, charitable remainder unitrusts and can receive the credit for the year in which the military spouse
But outside events can charitable gift annuities that meet certain criteria. Because is hired, plus the next two taxable years.
affect your choices, too. QCDs are typically excluded from your taxable income and These aren’t the only provisions in the SECURE 2.0 Act that
And that may be the case could satisfy some or all of your required RMDs, which are may be relevant to you, and some parts of the new law go into
with the recent passage of otherwise taxable, these expanded opportunities may prove effect in the future. You may want to contact your financial and
the SECURE 2.0 Act. beneficial from a tax standpoint. Consult with your tax advisor tax advisors to see just how you might ultimately be affected
This piece of legislation to determine if and how QCDs make sense for your situation. by this legislation, and how you could take advantage of it.
covers many areas. But here If you’re still working … This article was written by Edward Jones for use by your
are some changes that may be • Roth contributions to retirement plans – Starting this year, local Edward Jones Financial Advisor, Edward Jones, Member
of interest to you, depending on your situation: if you participate in a 401(k) or similar plan, you can take your SIPC.
If you’re a retiree … employer’s matching and other contributions on a Roth basis. Edward Jones is a licensed insurance producer in all states
• Higher age for RMDs – The age at which you must take While these contributions will count as taxable income, they can and Washington, D.C., through Edward D. Jones & Co., L.P.,
withdrawals — known as required minimum distributions, ultimately be withdrawn, along with any earnings they generate, and in California, New Mexico and Massachusetts through
or RMDs — from your traditional IRA and 401(k) has tax free, provided you meet certain conditions. Edward Jones Insurance Agency of California, L.L.C.; Edward
increased from 72 to 73, effective this year. (If you turned 72 If you’re a business owner … Jones Insurance Agency of New Mexico, L.L.C.; and Edward
in 2022, but still haven’t taken your first RMD, you will need • Increased tax credit for starting a retirement plan – If Jones Insurance Agency of Massachusetts, L.L.C.
to do so this year.) And in 2033, the RMD age will increase you have 50 or fewer employees, you can now claim a startup Edward Jones, its employees and financial advisors cannot
again, to 75. You don’t have to wait until these ages before credit covering 100 percent — up from 50 percent — of the provide tax advice. You should consult your qualified tax
taking withdrawals, but the new age limits may affect your administrative costs of opening a 401(k) plan, up to $5,000 for advisor regarding your situation.
withdrawal decisions. each of the first three years of the plan. Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
• Lower penalties for missed RMDs – If you don’t take at • Employer contribution credit – You may now be able to 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
tIp oF tHe tAIl
Retractable Leash Dangers 2. Injuries: The thin cord of a retractable leash can easily approaches a fearful or aggressive dog without your control
cut through skin or cause burns as it rapidly extends. Even a dog fight could result.
As a dog owner, you worse, the cord of the retractable leash can become wrapped Overall, retractable leashes may seem like a convenient
may have considered around fingers, resulting in digit amputations. Pets and people option for dog owners, but they come with significant risks.
purchasing a retractable can both be injured when a large dog runs full tilt and hits Consider using a traditional 6-foot fixed lead to give your pet
leash to give your furry the end of the lead. This can result in people being knocked the freedom to move while still maintaining control, safety,
friend a bit more freedom off their feet and dragged, and pets getting whiplash as they and preventing behavioral problems. Remember, the safety
during walks. However, are suddenly pulled back. Finally, with 26 feet of leash it is of your dog and those around them should always be your
these leashes can actually pose a danger to both you and your easy for both people and pets to get tangled in the lead. top priority.
pup. Here are some reasons why retractable leashes may not 3. Behavioral issues: Using a retractable leash can actually Established in 1981, Palm City Animal Medical Center is
be the best choice for your canine companion. reinforce bad behavior in your dog. For example, if your pet dedicated to providing the best possible care for your pets. With
1. Lack of control: Retractable leashes can extend up is prone to pulling, the leash may teach them that pulling is focuses on compassionate care in surgery, physical therapy and
to 26 feet, which means that your dog can easily wander acceptable. The more they pull, the more they are rewarded rehabilitation, preventative medicine, extensive diagnostics,
into dangerous areas, such as busy streets, wildlife, or other with freedom. Additionally, if your dog tends to run up to and emergency service, Palm City Animal Medical Center
dogs. This is especially true because the locks on retractable people, the lack of control with the long leash gives them the combines exceptional medical care with a caring philosophy
leashes are unreliable allowing the lead to continue to extend. opportunity to jump up on people and get them entangled for pets and their owners. For more information, call (772)
Additionally, the thin cord of the leash can easily break in the leash. Also, just because your dog enjoys playing 283-0920, visit www.palmcityanimalmedicalcenter.com or find
leading to an escaped pet. with other dogs the next dog may not. If your dog rapidly us on Facebook at www.facebook.com/PalmCityAnimalClinic.
nonproFIt news
House Of Hope And Children’s “This approach has the potential to be transformative for “We see this as a paradigm shift in how we approach the
Services Council Launch our organization and for the whole community,” explained process of helping and empowering people,” Heaton said. “It
House of Hope CEO Rob Ranieri. “It puts the participants
assumes they are creative, capable, and resourceful. It positions
Family-Centered Coaching in the driver’s seat and helps them learn how to make the staff as ‘coaches’ instead of ‘fixers.’ That difference in language
best choices for themselves.” and approach between saying ‘This is what we offer’ to ‘What do
House of Hope and the Martin County Children’s The Children’s Services Council has been looking you need?’ creates an environment that makes change possible.”
Services Council (CSC) are partnering in an initiative called for a program like this, according to CSC Executive More than 120 organizations in 32 states have already
family-centered coaching to help House of Hope clients Director David Heaton. House of Hope, with its mission adopted the approach of family-centered coaching, a program
become stronger, more independent, and better advocates of empowering its clients, seemed like a natural match to
for themselves and their families. pioneer the program locally. Nonprofit News on page 9
Ido Stern, Esq. Offices in Stuart & Boca Raton
Attorney at Law
Wills 561-609-3556
Trusts
561-929-2111
Probate Litigation
1803 S Kanner Hwy.
Inheritance Disputes Stuart, Fl 34994
www.sternlawfl.com Stern@sternlawfl.com