Are your finances on track?

By ROBIN L. COOK

Whether you are focused on accumulating enough funds for a worry-free retirement, ensuring that the funds you have already saved will be protected and l a s t t h r o u g h o u t y o u r lifetime, or aiming to reduce estate taxes for y o u r f a m i l y , t h e c r ea t i o n o f a f i n a n c i a l r o a d m a p c a n e n s u r e you are successful

Y o u r f i n a n c i a l r o a d m a p c o n s t r u c t i o n starts with some basic building blocks:

∫ A personal financial statement listing all o f y o u r a s s e t s ( b a n k a c c o u n t s , i n v e s t m e n t a c c o u n t s , r e a l e s t a t e , business interests, insurance, et cetera) and liabilities

TCH anticipates full reopening for upcoming season fall-spring

Robin L Cook

∫ Your estimated annual spending amount/needs

∫ Income sources and amounts both now and future

∫ Future large purchase desires or liquidation expectations

∫ Charitable intentions

∫ Legacy desires for family/heirs

∫ Date you would like to retire if you are still employed

Once you have gathered this pertinent information, it would be beneficial to have discussions with your wealth advisor so they can communicate and help build a strategy with your wealth team Your wealth team will often include your wealth advisor, estate attorney, tax advisor and insurance agent who join forces to help create a road map specifically tailored for your desired outcome Your personal roadmap will use the variables you shared above to illustrate how your assets with last throughout your lifetime and the estimated value of your estate when it passes to your heirs or charity

The value of your estate when it passes on is important because tax laws are continually changing For example, the current 2023 federal estate tax (currently 40%) exemption limit of $12 92 million per person/$25 84 million per couple is sunsetting in 2026 As a Florida resident with no state gift or estate tax, these limits are currently the amount of money you can leave to heirs with no federal estate tax minus any prior gifts over the current annual $17,000 per person gift limit In 2026, the exemption limit drops back to the 2017 number of $5 million per person adjusted for inflation There are various types of trusts, gifting strategies, charitable giving, portability and other techniques that your estate attorney, tax advisor and wealth advisor can help you employ now to take advantage of the current high limits to reduce future federal estate taxes for your heirs You should also confer with your advisors about the most tax advantageous assets to give now or bequeath to charities Since withdrawals from traditional IRAs are taxed as ordinary income and annuity gain withdrawals are subject to ordinary income tax rates, they can be a good choice to bequeath to your favorite qualified non-profit organizations If your passing estate is over the federal estate tax limits, these assets could be subject to a dual tax 40% federal estate tax, plus income tax when withdrawn Your tax advisor should always be consulted for the most advantageous gifting methods and beneficiary designations to fit

See FINANCES, page 9

Like many facilities, The Community House on Sanibel has had some challenges in recovering from Hurricane Ian Items needed to make repairs have been in short supply, slowing down restoration

However, officials recently announced that the facility expects to return to full operation in September, in time to host meetings and events for groups and organizations planning for the fall-spring season

Executive Director Teresa Riska-Hall explained that the opening will happen in three phases over the summer, with partial access for some smaller events by June 15 Phase II will be added by Aug. 31.

Groups that held their meetings at The Community House in the past, including the Sanibel-Captiva Rotary Club and Shellcrafters, will move their activities back to the facility in the coming weeks

The final phase Phase III will come on stream by Oct 1 It will entail adding the Founders Room, which was part of the original Community House historic structure dating from 1927

“The floodwater from (Hurricane) Ian washed out the original foundation pillars of the Founders Room, and repairing that area has been one of the most complicated parts of our restoration work, requiring the most time to complete,” Riska-Hall said

“But we are happy to report it should be ready to go by October,” she added

The Community House is owned and operated by the

Sanibel Community Association

“This is a very happy announcement for us The SCA board has been anxious to get The Community House back in service and available to our island neighbors to help them return to normal,” SCA Board President Carol Townsley said “Many groups rely on the house as a place to meet, and island non-profits rely on it for their very important fundraising activities ”

“We look forward to welcoming them back and supporting their work,” she added

To reserve event space for activities, contact the office at 239-472-2155.

The Community House is at 2173 Periwinkle Way, Sanibel