Page 4 - PGA Community News - November '22
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Page 4, PGA C.A.N.!                                                 November 2022                                                                                                                                                 November 2022
      Northern Notes




      Easements And Rights-Of-                          otherwise agreed between the easement owner and the owner     needing maintenance. In that case, there could be future
                                                                                                             Suppose district staff or contractors cannot get to an area
                                                        of the underlying property. The easement owner can make
      Way On Your Property                              repairs and improvements to the easement, provided that   unintended consequences.
                                                        those repairs or modifications do not interfere with the use      NPDES tip: Dirt, oil, and debris that collect in parking
      By Katie Roundtree,                               and enjoyment of the easement by the owner of the property   lots and paved areas can be washed into the storm sewer
      Director of Finance and                           through which the easement exists.                 system and eventually enter local waterbodies. Sweep up
      Administration, Northern                             Please be mindful of easements on your property and keep   litter and debris from sidewalks, driveways and parking
      Palm Beach County                                 those areas clear of personal property. Access to the district’s   lots, especially around storm drains.
      Improvement District                              facilities is critical, especially during storm events.
         If you own property in
      Florida, you may encounter
      the terms easement and                              Financial Focus
      right-of-way. Both of them
      affect how you can use your                         What Should You Know                               Given the immediate withholding and the possibility of
      property and the rights to                                                                           further taxes if you don’t move the money into a new IRA
      your property. They are used                        About IRA Rollovers?                             before the 60 days are up, you’ve got much to consider
      frequently in areas where Northern Palm Beach County                                                 before initiating an indirect rollover. Consequently, you
      Improvement District has maintenance responsibilities. They   By Sally Sima Stahl                    should consult with a financial advisor and tax professional
      are essential to allow the district to access areas where it may     If you’ve been                  before you make this type of move.
      not have ownership rights near our facilities or waterways.   contributing to an IRA,                  In addition to a rollover from an existing IRA, you may
         An easement is a legal agreement that allows another   you’ve chosen a great                      someday want to move the money from your 401(k) or
      party to use the subject property for a specific purpose.   way to save and invest                   similar employer-sponsored retirement plan to an IRA. This
      They do not give the user ownership over the property;   for retirement. All IRAs                    can occur when you retire or change jobs, although if you do
      they enable the user to use the subject property without   have potential tax benefits               take on another job, you might have the options of leaving
      being arrested for trespassing. An example is a drainage   and a range of investment                 your 401(k) with your former employer or rolling it over
      easement located between two homes. Within one or both   possibilities, but not all                  into your new employer’s plan. However, if you do want to
      parcels is a designated area where the easement holder   IRA providers offer the                     move your 401(k) funds into an IRA, you can make what’s
      may travel to access something on the other side. Another   same features. So, if you                known as a direct rollover, in which the administrator of your
      example is flowage easement which allows water from one   decide that your current IRA               old retirement plan will send you a check made payable to
      location to travel through a water body owned by someone   provider is charging higher fees than you’d like, or perhaps  the custodian of your IRA. No taxes will be withheld, but
      else to another.                                    doesn’t offer as many investment choices as you want, then  you need to get the funds transferred within 60 days to avoid
         Some common easements in our area are drainage, water   you might choose to move your IRA assets to another provider.  any potential tax issues.
      management, utility and landscape buffers. Each of these   How should you go about making this switch?     You spend years contributing to your IRA and 401(k) —
      allows the holder to access the property for the purpose stated.     Here are some options to consider:  and for good reason. So, when it’s time to move that money,
      They could be a means to access a pipe, a water body, an     • Trustee-to-trustee transfer or direct rollover – You can  be careful and consider getting help from your financial and
      electrical connection, or landscaping around a facility.   ask the financial institution holding your IRA to move the  tax professionals. These funds can play a big role in your
         A right-of-way is a broader type of easement that allows   money directly to another IRA. No taxes will be withheld  retirement income, so manage them wisely.
      anyone to travel through the subject property to reach another   from the amount transferred at the time of the transfer. This    This article was written by Edward Jones for use by
      destination. Like other easements, a right-of-way agreement   method is generally hassle-free, but some IRA sponsors will  your local Edward Jones Financial Advisor, Edward Jones,
      gives the recipient no ownership over your property.   still only mail the check to your address of record, so you’d  Member SIPC.
      However, a right-of-way does not give the holder access to   have to forward it to your new IRA.       Edward Jones is a licensed insurance producer in
      another person’s property for “use” of the property. A right-    • Indirect rollover – If you take an indirect rollover, also  all states and Washington, D.C., through Edward D.
      of-way only allows a person to pass over another person’s   known as a 60-day rollover, the assets from your existing  Jones & Co., L.P., and in California, New Mexico and
      property. Rights-of-way are for travel purposes across the   IRA will be liquidated and the custodian or plan sponsor  Massachusetts through Edward Jones Insurance Agency
      land, such as a driveway or a walkway. They do not allow   will send you a check or deposit the funds directly into your  of California, L.L.C.; Edward Jones Insurance Agency of
      you to use the land for any other reasons.          bank or brokerage account. This payment may be subject to  New Mexico, L.L.C.; and Edward Jones Insurance Agency
         Once an easement is created, the easement owner has   withholding for federal taxes, and possibly state taxes, unless  of Massachusetts, L.L.C.
      the right and the duty to maintain it for its purpose unless   you opt out of withholding. You have 60 calendar days from    Edward Jones, its employees and financial advisors
                                                          the time the funds were withdrawn to deposit the money,  cannot provide tax advice. You should consult your qualified
                                                          including any amount withheld, into a new IRA. If you miss  tax advisor regarding your situation.
                                                          this 60-day deadline, the withdrawal may be taxable at your    Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
                                                          personal income tax rate, and it could also be subject to an  1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
                                                          early withdrawal penalty if you’re younger than 59½.
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