Money Management MNCPA
Choosing an early withdrawal from your IRA can be a costly move, often resulting in unfavorable consequences such as tax penalties and loss of future growth. In an effort to discourage the early collection of designated retirement money during taxpayers’ working years, Uncle Sam imposes a 10-percent penalty in addition to one’s regular tax bill. A withdrawal made earlier than age 59½ could qualify for such a penalty unless an available exemption criterion is met.
With only a week of session left, many of us are asking where the last few months went. This week the E-12 Division met in conference committee several times to lay out the differences between our two bills. On Thursday the Senate also took up the Legacy Bill – which takes three-eighths of one percent of the state sales tax and uses the money to invest in clean water, outdoor heritage, arts and cultural heritage and parks and trails. The bill totals $537 million over the FY16-17 biennium and invests in hundreds of important projects that will protect and enhance important places all across the state.
This weekend was quite the whirlwind.
The grammatical tense of this column will be somewhat confused because I’m writing this, of course, before the weekend and its events occurred, as the publication date of the paper is May 10 and I have to have my part of it finished today, May 7.
But I think I can reliably predict what will happen this weekend, so I’ll describe it in past tense.
It was a doozy of a week at the Capitol the other week, with several floor sessions lasting well into the evening or early morning hours. What follows is a look back at this past week’s highlights and a look ahead with predictions about the time remaining to the 2015 legislative session.
Century College leaders and stakeholders
When we reflect on the impact that Century College of White Bear Lake has on its students and surrounding communities, we realize the immense value of higher education. We appreciate this value through individual examples of student success.
During the past few years Minnesota courts have started to encourage parents to attend early neutral evaluation (ENE) when custody or parenting time (visitation) or financial issues are disputed, or attend mediation if ENE does not occur. There are several reasons for this requirement. One reason is cost: the sooner the parties can resolve their dispute, the fewer emotional and financial resources are devoted to the dispute. Literally tens of thousands of dollars in attorney’s fees and court costs can be avoided by an early resolution rather than protracted litigation. Some judges tell the parties, “You can choose to send your lawyer’s kids to college or your own.”
Roughly 1,300 new stepfamilies are created every day, according to the Stepfamily Foundation. And, 41 percent of all Americans have at least one step relative, based on Pew Research Center findings. These blended families have an opportunity to launch new relationships and traditions, but they often face pitfalls where finances are concerned. The Minnesota Society of Certified Public Accountants provides these tips for issues stepfamilies may face and how to address them.
Many of us know a loved one who has faced Alzheimer’s disease. It’s a wrenching experience watching them slowly slip away, trying to be a source of comfort and companionship, even as a cure remains painfully out of reach.
Workers fix a segment of surface pavement on Lakewood Drive, just south of Highwood Avenue E. (submitted photo)
Nora Slawik Mayor of Maplewood
As I am driving in Maplewood I experience firsthand the deteriorating pavement conditions, traffic congestion and potholes that plague our roads. I know this affects the quality of life for our families and it can hurt our businesses. Many of you have contacted me via e-mails, phone calls or in person about problems with the streets by your homes and backups on certain roads.
The Senate recently passed provisions investing in our state’s economic development programs, workforce programs and our natural resources. The bill supports existing programs that help people find jobs, and funds new ideas that help move Minnesota forward.
Here are some highlights: