Eternal Flame

REMEMBERING OUR FELLOW SEMINOLES

Alumni and friends have contributed so much in so many ways to demonstrate their love for Florida State Athletics. Their contributions and dedication have helped create an elite athletic program that shines among the brightest in the nation. We are thankful for their generosity, dedication and Seminole spirit.

REMEMBERING OUR FELLOW SEMINOLES Alumni and friends have contributed so much in so many ways to demonstrate their love for Florida State Athletics. Their contributions and dedication have helped create an elite athletic program that shines among the brightest in the nation. We are thankful for their generosity, dedication and Seminole spirit. Pace A. Allen, Sr. Tallahassee, FL 1959 Charles Alley Waynesville, NC 1976 John Beranek Tallahassee, FL 1961 Ronald W. Brooks Saint Marks, FL 1970 Oberley A. Brown Tallahassee, FL 1944 Bobby Byrd Clearwater, FL 1962 Dwight Chastain Tallahassee, FL Franklin A. Collinsworth Havana, FL Carolyn Coward Tallahassee, FL Derek Cowart Boston, GA David K. Custis Tallahassee, FL Nicholas C. DiLuzio Attapulgus, GA 1981 Dale W. Doss Tallahassee, FL 1958 Peter Dunn-Rankin Honolulu, HI 1965 Golf, Swimming Lee A. Everhart Tallahassee, FL Peter Harris Tallahassee, FL 1990 Hadley H. Hasemeier Tallahassee, FL Sandra R. Henderson Tallahassee, FL Jeffrey L. Jansen Jacksonville, FL 1971 Robert A. Johnston Fort Wayne, IN 1996 Thomas E. Lewis Tallahassee, FL 2007 Monheim Manassa Tallahassee, FL Edwin R. Marshall, Jr. Apex, NC 1959 Dr. William Miller Tallahassee, FL 1986 Michael V. Morton Tallahassee, FL 1964 Elizabeth P. Nix Tallahassee, FL Jimmy Patronis, Sr. Panama City, FL 1953 William E. Powers Jr. Tallahassee, FL Ronald E. Prater Panama City Beach, FL Michael L. Schneider Tallahassee, FL Harold A. Smith Tallahassee, FL Lomax Smith Tallahassee, FL Jim Spooner Lewisville, TX 1976 Paul Strait Tallahassee, FL 1970 Teresa K. Trammell New Orleans, LA 1967 Thomas W. Traxler Tallahassee, FL Michael J. Visconti Michael J. Visconti Charlotte A. Williams Tallahassee, FL 1979 Janet Wilson Fort Myers, FL 1990 Janet L. Wilson Tallahassee, FL Ronald P. Yarbrough Tallahassee, FL 1965

Lomax Smith Lomax Smith was born in Bellwood, Alabama in 1942, to Herman and Evelyn Smith. As a teen growing up in Panama City, Florida, he decided to join the United States Airforce at age 18. Lomax served as a medic for four years. In 1967, he moved his family to Tallahassee, where they put down roots and established a successful real-estate development company (West Florida Construction). He never shied away from caring for his family, friends and anyone needing a helping hand. Lomax was an avid supporter of Florida State University Athletics. His passion and support for FSU sports fueled his desire to become a Seminole Booster in 1969. Lomax was a Golden Chief for many years and became Chairman of the Board of the Seminole Boosters in the mid 1980’s. He was honored and excited to have the opportunity to build the original Sky Box at Doak Campbell Stadium. He was also a member of the Rotary Club, Florida Contractor’s Association and a founding member of the Governor’s Club in Tallahassee. Quoting from a commemorative achievement award given to Lomax, from Florida State University Seminole Boosters, are the perfect words which reads: “The final test of a leader, is that he leaves behind him in other men the conviction and the will to carry on” …. (Walter Lippmann)

Pretty. Unexpe ed.

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IRA’s & THE SECURE ACT: & THE SECURE ACT: WHAT IT IS AND HOW IT COULD IMPACT YOU

By MIKE DASHER, SR. VICE PRESIDENT OF DEVELOPMENT, SEMINOLE BOOSTERS INC.

2. No age limit on traditional IRA contributions for working IRA owners.

There is no longer an age limit on contributing to a traditional IRA for IRA owners who continue to work beyond age 70 ½.

On January 1, 2020, a new law went into effect known as the SECURE Act, “Setting Every Community Up for Retirement Enhancement” Act. The Secure Act has a wide range of impacts from individual income, estate, financial, retirement planning and charitable planning. If you are over 70 ½ years old, and have an IRA account, you need to know how this legislation impacts you. This article will highlight a few things to be aware of but as always, speak to your financial professionals about how this personally impacts you and your family.

1.RMD (Required Minimum Distribution) starting age increased from 70 ½ to 72.

The age at which the owner of an IRA must start taking RMD’s has increased from 70 ½ to 72.

From a charitable planning perspective it is important to know that the minimum age for making a qualified charitable distribution (QCD), or what is widely known as a charitable IRA rollover, remains 70 ½. From a charitable planning perspective it is important to know that deductible amounts that an IRA owner contributes after reaching age 70 ½ will reduce, dollar for dollar, the amount of a QCD that can be excluded from the donor’s income.

3. “Stretch” IRA eliminated for most nonspouses.

When a deceased owner’s IRA is inherited by non-spouse who is more than 10 years younger than the deceased, no longer can the new owner “stretch out” distributions over his or her life expectancy. The new owner must now empty the inherited IRA within 10 years. However, there are no longer any more annual required distributions, the owner can take distributions any way they want to as long as they withdraw all funds within 10 years.

From a charitable planning perspective it is important to know that the elimination of the “stretch” IRA creates even more incentive for the charitably inclined to designate what’s left in their IRA to one or more charities and to use other funds to benefit their heirs. This will avoid all income tax on the IRA funds because charities are tax-exempt and provide heirs with funds on which they will not need to pay income tax.

QUESTIONS?

If you have further questions how these changes may impact your charitable giving or wish to discuss a charitable gift plan for Seminole Boosters, please give me a call at 850-644-9674 and I would be happy to visit with you.