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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earnings may be withdrawn penal-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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