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Newspaper Archive of
Cape Gazette
Lewes, Delaware
Jim's Towing Service
June 9, 2000     Cape Gazette
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June 9, 2000
 
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Henlopen Bait & Tackle under new ownerslhip By Michael Short Bill and Denise Willis are the new owners of Henlopen Bait and Tackle. The tackle shop is located on Savannah Road near Arby's and Wescoat's Corner. Willis, a veter- an of other local tackle shops, says owning his own shop is a dream come true and that he wants to thank his family for helping him make that dream a reality. Willis said little will change in the shop, a fixture of the area fish- ing scene for years, except for the owners. Current employees Bill Grimes and Richard Breese will stay on with Henlopen Bait and Tackle. "I have been inspired by Old In- let Bait and Tackle and R&R Sports to have my own store," he said of his former employers. "I learned a lot from them and it's been our dream [his wife and him- self] to open our own store ever since we have been down here." Willis would like to thank his sister in law and mother in law, Renee McKim and Toni Smith, re- spectively, for their support. Henlopen Bait and Tackle will specialize in surf and bay fishing with early hours, fresh bait and lots of terminal tackle. "Our main concern is to have good bait and early hours," he said. Hours are expected to be 5 a.m. to 8 p.m. every day this summer. Willis may reduce hours in the off-sea- son, depending on how hot the fishing stays. There will be reel repair done and some offshore fishing sup- plies, but it won't be the main em- phasis of the shop. There are cus- tom tied fishing rigsavailable and the bait selection will include shiners, bloodworms, squid, fresh peelers, mullet, minnows and everything but the kitchen sink. Willis said he will probably be raffling off a bronze sculpture by Don Myrer, known for his fishing art. "I have waited a long time for this opportunity," Willis said. Michale Short photo Henlopen Bait and Tackle has changed hands, although lit- tle else is different at the well-known tackle shop. Bill and Denise Willis, shown here, are the new owners of the Savan- nah Road shop. Strategy Continued from page 55 tribute up to $2,000 per year into a Roth IRA. Once you are age 59 and a half, and the account has been open five years, you can make tax-free withdrawals for any reason, including college bills. If you need to access your Roth IRA assets earlier, contributions can be used any time tax and penalty free to pay for tuition COSTS. However, although Roth IRA earnings may be withdrawn penal- ty-free for qualified higher educa- tion expenses, they will be subject to income taxes. If you have a traditional IRA, you can make early withdrawals to pay for qualifying higher edu- cation expenses without incurring the federal 10 percent tax penalty, although withdrawals are subject to income taxes. You may want to invest in a child's name through a Uniform Gifts/Transfers to Minors custodi- al account. If your child is under age 14, the first $700 in invest- ment income is tax-free. The next $700 is taxed at the child's rate and income above $1,400 is taxed to your child at your tax rate. After the child turns 14, all income is taxed at the child's rate. If your children are nearing col- lege age and your savings pool lags, look into tax-advantaged ways of borrowing - with a home equity loan or line of credit, for example, or through a government sponsored loan program. For those who qualify, tax de- duction is available for interest on education loans - up to $2,000 per year. You can take the deduction for five years from the time you start making loan payments. Or, see whether your 401 (k) plan or whole life insurance policy allows you to take out loans. Have a financial plan. Obvious- ly, solutions to women's financial concerns can't all be squeezed in- to one article. 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