Below is the OCR text representation for this newspapers page.

OTTX 39mnbm ;Hmiw If (Era .jjmmral * TUESDAY, SEPTEMBER 30, 2003 B SB Chris Kinnas Investment Advice 'Stretch IRA' can help shrink tax bite After you open an IRA, you need to decide how to invest your contributions. But, other than that, you don’t really have a lot of decisions to make. It’s a dif ferent story, however, once you inherit a traditional IRA. At that point, you need to make some choices - and by making the right ones, you could save thousands and thousands of dollars. As you probably know, a traditional IRA grows on a tax-deferred basis, so you pay no taxes on your earn ings until you start making withdrawals. But tax defer ral also ends at another time - death. So, when you inherit an IRA, you could be facing a big tax hit - if you take the money as a lump sum. Do you have an alterna tive? Yes. You could use the money to set up a “stretch IRA,” which, as the name suggests, lets you stretch out IRA withdrawals - and the subsequent taxes - for as little as a year or as long as your lifetime. And since you’re not liquidating the IRA all at once, it can con tinue growing over time. If you decide to establish a stretch IRA, you must begin taking annual distributions by the end of the calendar year following the year of the original IRA holder’s death. (You can calculate your life expectancy, which determines your required annual withdrawals, through a “Single Life Table” available from the government.) Furthermore, new Internal Revenue Service rules give you a “second chance” if you inherited an IRA before 2002. Under the old rules, if you didn’t start taking payments by Dec. 31 of the year following the IRA holder’s death, you gave up the right to lifetime distributions and had to take them all within five years. But now you’ve got until Dec. 31, 2003, to take advantange of the stretch IRA provisions. See your financial and tax experts to find out the specifics of this “second chance.” Plan ahead A stretch IRA can benefit you in some important ways. But it won’t happen by itself. For one thing, your parents or other relatives might have their IRA administered by a small bank - which might not even offer the “stretch” option. So, if you think a family member may be planning on leaving you a traditional IRA, you’ll want to check on where it’s being held - and possibly move it to a more “stretch-friendly” place. Obviously, you can’t make such a decision on your own - you’ll have to talk with your parents or other rela tives about what you’d like to do. In other words, you’ll have to plan ahead. You’ll also need to do some advance planning if you’re in doubt as to who is listed as the beneficiary of an IRA. Depending on where the IRA is being kept, See KINNAS, page 7A Reception held for MSC faculty WARNER ROBINS McCall’s Tastes to Remember on Watson Boulevard hosted a reception Thursday evening for faculty from the new nearby Macon State College Warner Robins Campus. Faculty members and guests came by the restaurant to sample its line of sandwiches, salads and soups. Dahtys Hamilton, executive secre tary for MSC’s Executive Director Mike Hale, samples some of McCall’s fare. HHJ/Heather Faaciocco ; , W .y-A l lPjfllPfo u r -iflt 1 n?'* '' id?; At y t ’ u f - HHJ/Luci Joullian Al Brown, the audio/visual technician specialist for Macon State’s Warner Robins Campus. (To send in your event for the Business Calendar, fax the details to 988-1181, e mail to hhj@evansnewspa pers.com or mail to Houston Home Journal, P.O. Box 1910, Perry, GA 31069.) Tuesday, Sept. ' 23: Understanding Your Credit MACON - This seminar is designed to assist you in understanding your credit history report. Find out what the bank looks for and how to fix common errors. The seminar will be from 6 until 8 p.m. at 401 Cherry St. Prepaid registration is S3O. Call (478) 751-6592 for more information. Wednesday, Oct. 1: Advertising and Marketing: Is It Really Worth It? WARNER ROBINS - The Warner Robins Chamber of Commerce and Ann H. Smith, CPA, are co-sponsor ing a series of seminars this year as part of the cham ber’s effort to support the business community with meaningful continuing edu cation programs. The “Small Business Networking Roundtable” series is designed as an opportunity for small busi ness owners and key employees to meet other Business > /WOs- ZZj! £1 a ij ; \ a r-raHHHßfflllp' •'«& BUSINESS CALENDAR professionals, network with each other, as well as discuss issues that affect the growth of their business. The next roundtable will be on Advertising and Marketing: Is It Really Worth It?, from 8-11 a.m. in the chamber boardroom, 1420 Watson Blvd., Warner Robins. Cost is either per session or for the entire series. Chamber members pay S4O per session in advance, or SSO at the door. Non-mem bers pay $65 per session in advance, or $75 at the door. Cash, check, Visa, Master Card, Discover and American Express are accepted. To reserve a seat, contact the Chamber at akay@warner-robins.com or Ann H. Smith, CPA, at (478) 471-1005 or asmith@ahsmithcpa.com. Wednesday, Oct. 1: Leadership Development Breakfast PERRY - A monthly breakfast hosted by Dennis Hooper and Rick Parker. Serving the Lord -and His people with gladness. (475) »>SS-0237 Local leaders discuss John Maxwell’s videotaped views on “The Law of Identity: Shared Values Define the Team.” There is no charge, and a note-taking outline is provided. The group gathers at 6:45 a.m. for juice, coffee, fruit, and doughnuts. The video starts at 7 a.m. Those who must leave for work do so at 7:20 a.m.; the rest dis cuss the material until 8 a.m. All are invited - Crosswalk Student Center, 1106 Swift St. Questions? Call Dennis at 988-0237. Thursday, Oct. 2: WBE Certification seminar MACON - WBE (Women Business Entrepreneurs) Certification can make a dif ference in any woman owned business that wants See CALENDAR, page 7A All-You-Can-Eat Shrimp-$9' 9 /Catfish-$9' 9 Friday & Saturday - spm -10 pm I-7B Ik It 1M • M7-M77 F. Dennis Hooper Personal Coach and Collaborator Consulting in the areas of personal and leadership development. Hooper and Friends, Inc. jj U 631! sip Willi milllipiß onsite anrl niifiiprtft gJUIIIO ill 811 |ll UJvviw f: .iff' ■ , Leaders often ask for help with time manage ment. As leaders assume greater responsibilities, they are expected to han dle the demands of multi ple priorities. The secret to handling multiple goals and proj ects is to accept the reality that none of us manages time. Successful leaders have come to realize they can redly manage nothing but themselves. So what we usually call “time man agement” is really “self management.” Managing multiple goals and projects requires that you discipline yourself to attend to the basics of managing well each goal and prqject. Clear expectations. It is vital that all the people involved with the project define with you the desired outcome of the effort and the frequency and method to be used to keep everyone informed of progress. Make sure everyone involved knows who will initiate the status reports, when they will occur, how the informa tion will be shared, and who will be notified. Design a tracking system. Since you will be managing multiple goals and projects, you need a system for tracking progress on each one. Inexperienced individuals rely on memory or on mul tiple pieces of paper, and they soon find these sys tems inadequate. Experiment to learn what works for you, but many systems involve a simple matrix with the multiple projects listed down the left-hand side of the sheet. Column headings are usu ally either future dates or the sequential steps expected to be taken. Progress on each project is then noted horizontally from left: to right across the page. Use the tracking sys tem. Once designed, the tracking system should support you as you serve the customers of each project. I’ve seen leaders design elaborate tracking systems - then never use them! It is imperative that you allocate time weekly, maybe daily, to call “time out” from the hectic grind of “to do” items. Use this time to update your track ing system. And don’t just fill in the blanks mindless ly - use this time to work “on” your systems (rather than “in" your systems). Ask yourself for each project if there are ways ASK TH€ €XP€RTS AT TH€ IffIAGIAG C€AT€R FULL SERVICE IMAGING CENTER • CT SCAN ★ NUCLEAR MEDICINE • ULTRASOUND ★ X-RAY • MRI ★ FLUOROSCOPY • MAMMORGAPHY • OPEN SEVEN DAYS A WEEK • COMPLETELY OPEN MRI, NO TUNNEL • SAME DAY SCHEDULING • WE PRE-CERTIFY INSURANCE • BOARD CERTIFIED RADIOLOGIST, ON-SITE • RESULTS AVAILABLE IN 48 HOURS • WE ACCOMMODATE ALL TYPES OF PATIENTS • EVENING AND WEEKEND APPOINTMENTS FOR YOUR CONVENIENCE r or ikuMnw tiSmiria 478-053-6033 478-053-0047 (FAX) Caivenlantly Located At 2706 Watsta Bird - la Frul Of law's • Wanwr Bohlas, 6A « PAGE 6A Dennis Hooper ... even greater things .. . dhooper2@juno.com you can improve the progress that is occurring and whether you are keep ing the right people informed. Look over the information recorded for the past weeks and months, and project for ward to future weeks and months. Challenge your self to determine if this tracking system is helping you accomplish the tasks necessary to achieve the desired outcomes of these projects. Informal “check-in” with stakeholders. Your tracking system will include the timing of for mal progress reports to those interested in the project. However, every stakeholder appreciates informal “How’s it going?” contacts, assuring them that you are staying on top of their projects. Among the stakeholders you should keep informed are the client, collabora tors working with you on , the project, and your boss. Get comfortable apologizing. Unexpected disruptions will derail even the best of plans. When you fail to meet a commitment, a genuine and heartfelt “I’m sorry” is very appropriate. It is far better to acknowledge our gaffes than it is to try to cover them up or ignore them. Obviously, if you know you will not be able to meet a commitment far enough in advance, you should contact the appro priate individual and establish new expecta tions. The key to successfully managing multiple priori ties is self-discipline. Add only projects and goals for which you have taken the front-end time to under stand the expectations clearly. Then organize a simple but thorough sys tem for stimulating and tracking progress against each of the projects and goals. And be sure to pause periodically to assess where you are - and where you need to refocus your attentions.