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Cape Gazette
Lewes, Delaware
Jim's Towing Service
January 3, 1997     Cape Gazette
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January 3, 1997
 

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32 - CAPE G ZEaFE, Friday, January 3 - January 9, 1997 Bus00NESS & REAL ESTATE Roadsters revs up to be running next week near Lewes By Jen Ellingsworth The 50s will meet the 90s when Roadsters Restaurant opens this week. The" restaurant and package store is situated on Savannah Road in Lewes, at the former loca- tion of the Cedar Chest. Although the Roadsters package store has been open since earlier this year, the restaurant portion has been added since that time. Roadsters RestalFant is set to debut with a soft opening the week of Monday, Jan. 6. The expansion of the restaurant enables Roadsters to seat 140 peo- ple, and includes a wood-burning pizza oven, a rotisserie, and a bar with 16 televisions. Proprietor Pete Townsend, who also owns the Roadhouse Steak Joint on "Rt. 1 near Lewes and another Roadsters package store in the Baymart Shopping Center in Dewey Beach, has applied his love for the 50s to almost every facet of Roadsters. "He (Townsend) has a lot of really great ideas," said Road- house corporate representative Lisa Courtney. "At the time when the Roadhouse opened, there wasn't any place around here like that. Roadsters will be different, too," Townsend opened The Road- house in the spring of 1993 and the Baymart Roadsters package store this past Labor Day. Since its opening, the Roadhouse has received rave reviews from locals as well as visitors to the area. "It's successful not only because of our summer clientele," said Courtney, "but the locals in the winter who really keep the business up." Despite the overwhelming suc- cess of the western-inspired Road- house Steak Joint, locals can expect something very different and exciting in Roadsters. The decor of the new restaurant is reminiscent of the 50s in every aspect. A '59 Corvette is perma- nently parked inside, and other memorabilia is posted up as far as the ey e can see. In addition, each of the red vinyl booths at Road- sters is equipped with its own jukebox so diners can spin their favorite dance tunes while they enjoy their meals, snacks or Continued on page 33 Jen Ellingsworth photo General manager Jeff Catts will oversee the day-to-day operation of Roadsters Restaurant on Savannah Road in Lewes. The restaurant, which will feature a diverse menu of original creations, will have its soft opening on Monday, Jan. 6. Gifts to charity can cut income and estate taxes Gifts to charity are a boon not only to organizations designed to benefit society, but also to the giv- er. You enjoy the satisfaction of furthering the cause of a charity that shares your philosophies and goals, and gifts to charity can reduce your taxable income, cut- ting your total tax bill by substan- tial amounts. As with other financial arrange- ments, however, you must follow established rules for your gift to be recognized as deductible by the Internal RevenUe Service. In addi- tion, if you wish to leave money or assets to a charity in your will or estate plan, you must make proper arrangements to ensure that your wishes are carried out. Tax deductible gifts to chari- ty. You may deduct from your taxable income contributions or gifts to organizations that are reli- gious, charitable, educational or scientific in purpose. Groups that promote literacy or work to pre- vent cruelty to children or animals also qualify. The Salvation Army, United Way, American Cancer Society, Boy or Girl Scouts, American Heart Association, non- profit schools and the March of Dimes are all examples of charita- ble organizations. Contributions may be made by cash, check, or out-of-pocket expenses incurred in doing volun- teer vork for qualifying organiza- tions. If you donate used items, such as clothing or furniture, your deduction is based on their fair market value at the time of the gift. To deduct single charitable contributions of $250 or more, you need a receipt or acknowledg- ment letter from the recipient. Some charities may be unaware of this rule that became effective in 1994, so ask for a receipt if you are not given one. You must have the receipt before the due date for filing your annual taxes, so don't wait until you are audited to ask for a receipt. If you contribute reg- ularly to an organization such as a church, ask for a year-end summa- ry of your giving, and check for accuracy against your own records. A receipt must state whether or not the charity provided any goods or services in return for the gift. If you contribute to a charity and also receive a benefit from it, you FINANCIAL FOCUS may only deduct the amount that exceeds the value of the benefit you received. For example, say you pay $100 to attend a charity's fundraising dinner. If the value of the dinner can be pegged at $40, your deductible contribution would be only $60. You can also donate assets such as stock oi' other marketable secu- rities. If you have owned the secu- rity for more than a year, your tax deduction is its market value at the time of the gift and you don't pay tax on any appreciation. If you have owned the security for one year or less, however, the deduc- tion is limited to the cost of the stock. Charitable trusts. Charitable giving can be a part of your will or estate plan. Such giving can only benefi your chosen charity, but provide you or your heirs with income during your lifetime or theirs. One such strategy is to make a deferred gift using a chari- table remainder trust. When you set up a charitable remainder trust, you or your fami- ly receives income from the trust for life or for a term you specify of up to 20 years. In the year the trust is established, you receive ap deduction on your income tax return equal to a portion of the val- ue of your gift. Often, such trusts are funded with highly appreciat- ed assets such as stock or rental property, because the sale of assets in the trust is not subject to capital gains taxation. When the trust ends, the remaining assets pass to the charity. These trusts are a good way to benefit from an income or estate tax deduction: Another strategy is a charitable lead trust, in which you place assets in trust and the income is paid to your chosen charity for a period of time. After that time, the principal passes to your heirs tax- free. Consult with your tax advisor about any trusts you consider establishing. Leaving property in trust. A charitable remainder trust is an innovative way to minimize taxes on an appreciated property, such as a home, when other strategies - such as the once-in-a-lifetime $125,000 capital gains exclusion or rolling over the proceeds into a home of equal or greater value- may not be sufficient to avoid tax- es on the appreciation. Funding a charitable remainder trust With home allows your home to be sold tax free and provides you with a lifetime of income on the proceeds of the sale that can be used for retirement income or to pay the mortgage on a home of lesser value. After the death of you and your spouse, the trust assets are transferred to your cho- sen charity. You can also make a gift of a remainder interest in your person- al residence or vacation home to charity. You are allowed to con- tinue to live in the property and are entitled to a current income tax deduction for a portion of the fair market value of the property. The property is transferred to charity at . your death. You should consult with your tax advisor regarding the gift of a remainder interest in a residence. Real estate can also be deeded outfight to charity during your lifetime. Community foundations. One of the fastest growing sectors of charitable giving today is the com- munity foundation. These founda- tions are publicly-supported chad- table institutions that administer individual funds contributed by or bequeathed to it by individuals, other foundations, agencies, cor- porations and other sources. A community foundation is governed by a local board of pri- vate citizens chosen to be repre- sentatie Of the public interest. The board invests its assets and distributes income each year in the form of grants either at the board's discretion or with advice from the donor. In 1994, more than 400 community foundations held over $13 billion assets, received over $1.8 billion in gifts and gave more than $861 million in grants. There may be no cost for estab- lishing a charitablefund with a community foundation. In addi- tion, as a donor, you are assured that your gift will improve the lives of individuals within your chosen community for generations Continued on page 33