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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