Entries by Tom DelPup

Year-End IRA Housekeeping

The end of the year is fast approaching, and with it several important deadlines for IRA account owners and beneficiaries. In my experience helping clients address year-end IRA matters, the following are the most problematic areas: Required Minimum Distribution (RMD) Deadline: December 31 is the deadline for taking RMDs from an IRA for an account […]

Saving for College Off the FAFSA Radar

Many of my clients have a desire to incorporate a college savings component into their financial plans to help with their grandchildren’s college education expenses. In many cases, a 529 college savings account has already been set up for the grandchild by the parents, and the client would like to contribute to that account. Simple […]

New Tax Law Boosts Michigan ABLE Accounts for the Disabled.

A MiABLE account allows a disabled Michigan resident to save money in an account in their own name and not jeopardize eligibility for needs-based government benefits such as Supplemental Security Income (SSI) and Medicaid. Money can be withdrawn from the account to pay for “qualified disability expenses” and such expenditures will not be counted as […]

Michigan Adopts E-Bike Law

Bicycling in Michigan has enjoyed a resurgence in popularity in recent years due in large part to the expansion of rail trails and other pathway systems, which allow cyclists to ride bikes off of roadways. Rail trails have become transportation corridors allowing cyclists to commute to work, exercise, or just sight see in a safe […]

You Reached Age 70½ This Year, So When Must You Take Your First IRA Distribution?

We are approaching the end of the year and for many of you, 2017 is the first year you must begin taking a required minimum distribution from your traditional IRAs. As you may already know, the Internal Revenue Service rules require you to take a minimum distribution (known as “RMD”) from a traditional IRA each […]