The Index-Journal from Greenwood, South Carolina • Page 38

1 Sunday, March 13, 2005 20 The Index-Journal, Greenwood. C. Couple need to step away from lying bank NEXT STEPS fti HERBS JJVITAMINS Contributed photo Relocation Nature's Remedies, a nutritional supplement store, has moved to 533 Montague across from the Dixie Drive-in. The store offers a variety of vitamins, herbs and some health foods, such as Ezekial bread, Spelt bread, organic juices and Spirutein shakes. The store also offers therapeutic body massage and Reiki, a Japanese form of bodywork that helps the body facilitate its own healing.

The service is by appointment only with Linda Williams of Vital Hands Therapy. For information, call 388-9295 or Williams at Vital Hands Therapy at 229-5684. year or two to sell the annuity because it is not performing well. Your IRA will be hit with surrender charges, that is, a "back-end load" that can exceed 8 percent, depending on the terms of the particular contract. While these sales costs may be disclosed to you, they are not stressed, meaning that the annuity is not an appropriate option for folks who, for one reason or another, may need access to their investment through liquidation in the short term before the sales charges evaporate over time.

While annuities may have their place, it's not in IRAs or other tax-deferred accounts. So make sure to read and understand the entire contract before you sign on the line. Jan Warner is a member of the National Academy of Elder Law Attorneys and has been practicing law for more than 30 years. Jan Collins is editor of the Business and Economic Review published by the University of South Carolina and a spec ial correspondent for The Economist. You can learn more information about elder care law and write to the authors on nextsteps.

net Copyright 2005. United Features Syndicate. QMy wife and I have just more than $400,000 total in our IRAs, and have been investing in certificates of deposit (called 'laddered" CDs) with our local bank. Generally, one-fourth of our CDs come due every year, and we roll them over with the interest This past week, we received a call from a bank representative who told us that, based on the dividend tax cut, my wife and I would be better ofT putting the $100,000 that is coming due into a variable annuity that is guaranteed not to lose money. In this way, lie told us, we could get a higher interest rate than the CDs would pay and grow our IRAs faster.

My wife is 68 and I just turned 70. We were somewhat skeptical because it seemed to be too good to be true, so we decided to write you because we believe you are unbiased and will steer us straight What would you do? If we were you, we would find another banking relationship. It's unfortunate that some banks feel the need to tell lies and half-truths to their loyal customers especially seniors in the name of earning more fees. which you are receiving very little from your banker the downside can be significant because the expenses associated with the deferred annuity are greater than will ever be explained to you. In our opinion, even the suggestion that you purchase a variable annuity inside your IRA indicates that the banker is looking out for his best interests not yours because of the commission to be earned.

There is no economic justification to sell you this product, especially when you think about the fact-that the annuity company is investing your money in the stock market, something that you clearly don't want to do given your history of using certificates of deposit. And, by the way, the "guarantee against loss" that you are being told about really means that if your account loses money, your beneficiary will not lose money if the annuity is kept until you die. This is because part of the expense you are unwittingly paying is a life insurance component. Lastly, if you purchase the annuity, you will be told that there is no cost to you up front, but the rest of the story is generally not disclosed. Let's say, for example, that you decide after a JAN WARNER JAN COLLINS Syndicated Columnists First, being told that you'll benefit from the dividend tax cut if you purchase an annuity is a flat lie, similar proponents of the "dividend tax cut" say that it will help middle-class Americans.

Hogwash! Statistically, just over half of all Americans own any stock at all, and most of these folks have their stock holdings tied up in their 401(k) plans and IRAs, which, because of the deferral of taxable income, will not receive any benefit from the dividend tax cut. Second, the purchase of a variable annuity inside an IRA results in no economic benefit that we are aware of. Your IRA is already tax-deferred, so why should anyone in his or her right mind purchase a tax-deferred variable annuity inside a tax-deferred IRA? In truth of PEOPLE IN BUSINESS Local agency adds new staffer Gail Horton has joined Prudential Cambridge Realty as its newest team member. She was formerly the brokerowner of Lighthouse Realty before joining the Prudential team. She has been in real estate since 1989 and has earned heir Graduate of Real Estate Institute and Accredited Buyer Representative designations.

GAIL HORTON Small businesses push uniqueness in battle against big chains Lynn Kelley named to Platinum Club Lynn Kelley was named one of Bank of top producers in unit origination. In honor of i I .1 i. ner perrormance, sne nas Deen nameu 10 ine nan Cm a I of America Platinum Club. I I During 2004, Kelley helped 232 families achieve large retail chains such as Wal-Mart, Target and the recently merged K-Mart-Sears. "They can be a serious threat," said Leslie Stewart, a public relations specialist responsible for the billboards.

"Their collective buying power is so great that many local merchants can't compete on a pricing level on and the independents can't compete when it comes to the big marketing dollars the chains have." But large retailers say they bring things to customers that small stores don't and that the presence of one doesn't mean the demise of the other. "We think the two can coexist quite peacefully," said Ellen Tolley, a spokeswoman for the National Retail Federation in Washington, DC. Some small business owners, such Cheryl Daly, who runs the "Raleigh Unchained" campaign in North Carolina, think otherwise. "Chain stores are definitely a threat to small business," Daly said. "Look at a small coffee shop trying to compete with Starbucks." LOUISVILLE, Ky.

(AP) The large billboards dotting parts of Louisville are as striking for their color scheme black and white as they are for their message. "Keep Louisville Weird," the billboards scream. It's part of a public relations campaign in Louisville and cities from Boulder, to Raleigh, N.C., aimed at drawing customers to unique, locally owned stores. The campaigns and small business alliances are using the effort to stay in" competition with I' Srsr I -L home ownership through mortgage financing, representing 27,109,233 in dollar volume. Platinum Club is achieved by being one of the top mortgage account executives at Bank of America, based on either dollar volume or unit origination.

Her unit origination placed her in the top 30 of LYNN KELLEY more than 1,400 employees company-wide. This is the third consecutive year she has achieved this honor. Carl Pundt named general sales manager Carl T. Pundt has been promoted to general sales manager for 94. 1 The BUILDING PERMITS sign.

Barry S. Miner, 608 Giles BUSINESS LICENSES Pavan Food Store, 1048 S. Main gasoline service station. Wellspring Counseling Services, 1 08 Creek Road East social services. Bull and 1450 WCRS AM radio stations in Greenwood.

Pundt joined Pro-Corn Communications in February 2003 as a marketing consultant and was responsible for developing and maintaining advertising campaigns for businesses in Greenwood and surrounding counties. As general sales manager he will oversee the development of the marketing plans for the radio's client portfolios, coordinate marketing campaigns, as well as lead and continued development of the sales team. Pundt is a graduate of Winthrop University with a CARL PUNDT Michael Ft. Blohm, 324 Highway 221 $107,958, new single family dwelling. Greenwood Development 216 Hardwood Loop, $67,602, new single family dwelling.

CPR Properties 206 Main $900 replace rotten sill. Paul E. Holloway, et. 116 Starboard Tack, $6,000, enclose deck for storage. Mahon Holley, LLC, 111 Watersedge Road, $113,261, new single family dwelling.

Kenneth E. Hackett, 3737 McCormick Highway, $120,783, new single family dwelling. Honest Muffler and Brakes, 1301 Montague Ext. portable or temporary sign. Robert J.

Dillard, et. 219 Devore Road, $2000, new single family dwelling. Mark Wulfekotte, et. at, 118 Creek Road $19,241, in-ground pool. Marie B.

Martin, 560 Bypass 72 N.W., $200, portable or temporary sign. JackDaddy's LLC, 2108 Highway 72 $200, portable or temporary sign. Amusement Properties II 1749 Highway 72221 E-. $200, portable or temporary sign. John Glenn Moody, 2908 Highway 702, $200, portable or temporary sign.

Ann E. Smith, 237 Main St. $15,000, general renovations. David McGill, 690 Bypass 72 NW, $200, portable or temporary sign. Christina L.

Ward, 409 Durst Ave. $200, portable or temporary sign. Ella Claire L. Mays, 462 Bypass 72 NW, $200, portable or temporary $1,300, re-roof. Janice C.

Miner, 629 Giles $1,300, re-roof. Druv 3913 Highway 25 $4,800, 275 ft. storage. Robert J. Dougherty, 1706 Calhoun Road, $2,000, interior upfit walldoor.

James L. Sprouse, 611 Cedar Springs Road, $3,000, 20 20 deck. Central Trust 118 120 Hunters Village Drive, $249,400, new duplex. Earl Wofford Brewington, 1219 Montague Ave. $200, portable or temporary sign.

Vernon Allen, et. 1 1 09 Deadfall Road West, $200, portable or temporary sign. John W. Drummond, 112 Little Mountain Road, $79,290, new single family dwelling. bachelor's degree in business administration with a concentration in marketing.

He is an active member and former president of the Emerald City Rotiiry Club and is a member of Main Street United Methodist Church. The Index-Journal welcomes business news of interest to Lakelands residents. Submitted items are published on a first-come, first-served basis Exceptions are made (or more timely news. Photo submissions are encouraged; however, photos should be of good quality for reproduction. Digital and print photos are preferred News releases should be submitted to Business Page Editor Bob Simmonds at P.O.

Box 1018. Greenwood, SC 29648 or faxed to 223-7331 They may also be sent via e-mail to mmorKjsirKtexjoumal.com. Simmonds may be reached at 223-181 1, ext. 3216 i 40 MILLION drivers TRUST STATE FARM. Personal service and competitive rates are why more people trust State Farm for car insurance than the next three companies combined.

Contact one of us today. PROPERTY TRANSFERS rfm. MM.m L. Hawkins, $10 and other consideration, lots in the county. Clyde E.

Linnenkohl Trust to Michael K. Blohm, et $1, love and affection, lot in the county. Herbert R. Anderson Jr. to Hunters Creek Builders LLC, $10, lot in the county.

Matthew Wood to Kendall Moton, et $10 and other consideration, lots in the county. Donna D. Bryan to Steve Bryan, $5, lots in the county. Estate of William E. Weeks to Jason A.

Boling, et $10, lot in the county. Robert Lee Godfrey Sr. to Robert Godfrey Properties LLC, $10 and no other consideration, lot in the county. Herbert Anderson Jr. to Lynn W.

Vaughn, $10 and other consideration, lots in the county. Jeffrey M. Hanley, et to Lila G. Hanley, $10 and other consideration, lot in the city. Bill West 128 Main Street McCormick, SC 29835 Bus: 864-852-9301 Brian Schoch 415 Montague Avenue Greenwood.

SC 29649 Bus: 864-223-1077 Cendant Mobility Financial Corp, $10 and other consideration, lot in the county. FBF Enterprises Inc. to Dale A. Johnson, no consideration, lots in the county. Salena Johnson to Dale A.

Johnson, $5, love and affection, lot in the county. Kenneth W. Cobb, et to Christopher S. Cook, et $10 and other consideration, lot in the city. Robert E.

McAllister, et to Linda M. McKellar, et $5, lot in the county. Jerry C. Spearman, et to Larry Perkovich, et $10 and other consideration, lot in the county. Marsha S.

Parker to Bourne Properties LLC, $10 and other consideration, lot in the city. J. Francis Eck to Carol L. Eck, $5, love and affection, lot in the county- Redbury Properties, et to Glenn S. Stachurskij et $10 and other consideration, lots in the county- Martha J.

O'Shields to June M. O'Shields Living Trust, $1, love and affection, lot in the city. Kevin C. Prater, et to Ruple Harley $10, lots in the county. Carta M.

Rivers to Leah A. Bates, $10 and other consideration, lot in the county. Bertha Thomas to Chrisanthia Ruth C. Murff to Ruth C. Murff, et $1, love and affection, lot in the city.

Estate of Alice B. Wideman to Morris D. Ballard, $10 and other consideration, lot in the county. Farris C. Parker Jr.

to Johnny F. Anderson, $10 and other consideration, lots in the county. Johnny F. Anderson to Parker Land Management and Development Co. $10 and other consideration, lots in the county.

Lynda M. Fleming to Phillip T. Comer, et $10 and other consid- eration, lot in the county. Willie Lee Ann Draydon to Willie Lee Wilson, $10, love and affection, lot in the county. David L.

Cockrell et to Timothy H. Stewart, et $10 and other consideration, lot in the city. William R. Pace to Ned P. Hites-man, et $10 and other consideration, lot in the county.

Derek R. Lawson to Kristi Holloway, $10 and other consideration, lot in the county. Robert L. Putnam Sr. to Debbie F.

Fortner, $10, lot in the county. Joseph A. Clinkscales to J. Travis Dover, et al $10 and other consideration, lots in the city. Theodore N.

Truszowski to Robert J. Steeley, $10 and other consideration, lot in the county. Wendell E. Williams, et to Frank Coyl 1,128 South Main Street Greenwood. SC 29646 Bus: 864-223-6781 Greenwood County Council has postponed the March 15, 2005, Public Hearing regarding an ordinance to adopt the International Property Maintenance Code 2003 Edition.

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