Page 12 - Talk of Tequesta - November '22
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Page 12, The Talk Of Tequesta

                                                                financial focus

                    What Should You Know About IRA Rollovers?

                                                                        By Sally Sima Stahl

         If you’ve been                                 from the amount transferred at the time of the transfer. This   of leaving your 401(k) with your former employer or
      contributing to an IRA,                           method is generally hassle-free, but some IRA sponsors   rolling it over into your new employer’s plan. However, if
      you’ve chosen a great                             will still only mail the check to your address of record, so   you do want to move your 401(k) funds into an IRA, you
      way to save and invest                            you’d have to forward it to your new IRA.          can make what’s known as a direct rollover, in which the
      for retirement. All IRAs                            • Indirect rollover – If you take an indirect rollover,   administrator of your old retirement plan will send you a
      have  potential  tax  benefits                    also known as a 60-day rollover, the assets from your   check made payable to the custodian of your IRA. No taxes
      and a range of investment                         existing IRA will be liquidated and the custodian or plan   will be withheld, but you need to get the funds transferred
      possibilities, but not all                        sponsor will send you a check or deposit the funds directly   within 60 days to avoid any potential tax issues.
      IRA  providers  offer  the                        into your bank or brokerage account. This payment may     You spend years contributing to your IRA and 401(k)
      same features. So, if you                         be subject to withholding for federal taxes, and possibly   — and for good reason. So, when it’s time to move that
      decide that your current IRA                      state taxes, unless you opt out of withholding. You have 60   money, be careful and consider getting help from your
      provider is charging higher                       calendar days from the time the funds were withdrawn to   financial and tax professionals. These funds can play a big
      fees than you’d like, or perhaps doesn’t offer as many   deposit the money, including any amount withheld, into a   role in your retirement income, so manage them wisely.
      investment choices as you want, then you might choose   new IRA. If you miss this 60-day deadline, the withdrawal     This article was written by Edward Jones for use by
      to move your IRA assets to another provider. How should   may be taxable at your personal income tax rate, and it   your local Edward Jones Financial Advisor, Edward Jones,
      you go about making this switch?                  could also be subject to an early withdrawal penalty if   Member SIPC.
        Here are some options to consider:              you’re younger than 59½.                             Edward  Jones  is  a  licensed  insurance  producer  in
        • Trustee-to-trustee transfer or direct rollover – You can     Given the immediate withholding and the possibility of   all  states  and  Washington,  D.C.,  through  Edward  D.
      ask the financial institution holding your IRA to move the   further taxes if you don’t move the money into a new IRA   Jones & Co., L.P., and in California, New Mexico and
      money directly to another IRA. No taxes will be withheld   before the 60 days are up, you’ve got much to consider   Massachusetts through Edward Jones Insurance Agency
                                                        before initiating an indirect rollover. Consequently, you   of California, L.L.C.; Edward Jones Insurance Agency of
                                                        should consult with a financial advisor and tax professional   New Mexico, L.L.C.; and Edward Jones Insurance Agency
                iT’s The law!                           before you make this type of move.                 of Massachusetts, L.L.C.
                                                                                                             Edward Jones, its employees and financial advisors
                                                          In addition to a rollover from an existing IRA, you
                                                        may someday want to move the money from your 401(k)   cannot  provide  tax  advice.  You  should  consult  your
                                                        or similar employer-sponsored retirement plan to an IRA.   qualified tax advisor regarding your situation.
                                                        This can occur when you retire or change jobs, although
                                                                                                             Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
            Did You Know                                if you do take on another job, you might have the options   1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

      That, In Florida …

                   By Adam S. Gumson, Esq.

        A deed cannot waive
      the  homestead rights of                                                          $                   $ 489        Reg.  589     $ 250
      a spouse unless it contains                                                         39Usually  75                 Up to 5 Ducts
      specific language in which                                                      serviCe Call with     duCt Cleaning speCial     uv light with any
      the spouse consents to                                                            any a/C repair        includes free sanitizing  new installation
                                                                                                                                         ( 750 value)
      waiving his/her rights.                                                        Call for serviCe       Call for serviCe       Call for serviCe
        In a probate administration,                                                 561-741-2825           561-741-2825           561-741-2825
      if a fiduciary bond is not                                                    Not valid with any other discounts,   Not valid with any other discounts,   Not valid with any other discounts,
      waived by the decedent’s                                                      offers, or coupons. Limit 1 discount   offers, or coupons. Limit 1 discount   offers, or coupons. Limit 1 discount
      will, or the court, the personal                                              per transaction. Expires: 12/10/22.  per transaction. Expires: 12/10/22.  per transaction. Expires: 12/10/22.
      representative will be
      required to obtain a bond and
      file it with the court. A petition can be filed by any interested
      person requesting that the bond be waived.
        A power of attorney becomes effective immediately
      upon execution. Florida does not permit a signatory to state
      a future date for effectiveness. This powerful document
      gives the named attorney-in-fact the ability to perform
      any of the powers detailed in the document immediately.
        Life insurance proceeds are payable to the named
      beneficiary and are exempt from creditor claims of an
      estate unless the policy provides otherwise.
        When a limited liability company merger becomes
      effective, the surviving entity continues, but all other
      companies merged into it cease to exist.
        Jupiter Law Center is a private neighborhood law
      firm located in the RiverPlace Professional Center, 1003
      W. Indiantown Road, Suite 210, Jupiter, FL, (561) 744-
      4600, The firm provides peace of
      mind by solving problems with integrity and compassion
      in the areas of estate planning (wills and trusts, powers
      of attorney, health care surrogates, living wills, probate
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      agreements) and real estate (community association law,
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