Entries by Tom DelPup

Considering the Stretch IRA Rules After the SECURE Act.

As a financial and estate planning technique, the “stretch” IRA allowed the beneficiary of an inherited IRA to take distributions from the IRA over her remaining life expectancy, extending the life and income tax advantages (tax-deferred or tax free growth) of the IRA. For a very young beneficiary, this could have been a virtual lifetime. […]

The SECURE Act Becomes Law – How Will it Affect Your Financial and Estate Planning?

The SECURE Act, which passed the US House of Representatives last summer (2019), had been flying well below most people’s radar as it seemed to lose steam in the Senate, despite bipartisan support. However, quite surprisingly and with little fanfare, it was passed into law just before Christmas, and took effect January 1, 2020. In […]

Working the System – Parents Giving Up Custody of Their Kids to Get College Financial Aid

Aunt Becky’s legal woes arose from her efforts to get her children into the University of Southern California. However, for many families, the problem isn’t getting their kids into a college of their choice, the problem is paying for it. Some enterprising parents in Illinois reportedly have given up custody of their children to help […]

How Will the SECURE Act Affect Your Retirement Savings?

Having passed the US House of Representatives and now moving quickly through the US Senate, the SECURE (Setting Every Community Up for Retirement Enhancement) Act appears to be on its way to soon becoming law. The SECURE Act will make numerous changes to how money is contributed to, and withdrawn from retirement accounts. While many […]

NBI Seminar: What You Need to Know About Probate & Trust Administration

The National Business Institute (NBI) is offering a day-long seminar entitled “Probate & Trust Administration – What You Need to Know About Probate and Trust Administration,” on August 19, 2019, at the Wyndham Garden in Ann Arbor, Michigan. (Full disclosure: I am one of the presenters.) Program Description (From NBI): Working through issues that arise […]

Is It Time? End of Life Decision Making for Pets

My pup, Frisco, is almost 15 years old. Frisco is a miniature Australian Shepherd. Whip smart, obedient, gentle, and loves the hugs. She’s in good health for her age, though her stamina has diminished, her hearing is failing and so is the vision in her left eye. But she still loves going for walks and […]

UTMA Account Seized in Bankruptcy – What Can We Learn?

Uniform Transfers to Minors Act (UTMA) accounts are a popular tool for gifting assets to minors. They can easily be set up without the services of an attorney or accountant. A contribution to an UTMA account is considered a completed gift for tax purposes, but the minor beneficiary is prohibited from accessing the funds in […]