SlideShare a Scribd company logo
BUSINESS
                                                              Akron Legal News
                      Taking
                       Stock
      Malcolm Berko


Saving for                                           Page 1                                       “Our Business is Ohio ”                         August 31, 2010
                                                                                                                                                       DATE HERE




   your
children’s
  future
   Dear Mr. Berko: We have
10-year-old twins (a boy and a
girl), and our broker is push-
ing us hard to invest in a 529
plan for each twin. We would
begin with a $4,000 invest-
ment in each plan, then make
monthly investments of $250
for each child. We know that
college costs continue to in-
crease, and we want to do the
right thing. Please give us
your opinion of the plan, the
tax savings and the advan-
tages or disadvantages. We
anxiously wait for your reply.
-- W.H., Aurora, Ill.
   Dear W.H.: There are two
types of 529 plans: (1) prepaid
and (2) savings; however,
most stockbrokers will not
recommend prepaid plans.
Prepaid plans allow Mom and
Dad to pay tuition costs up-
front at today’s tuition rates
even though Junior plans to
attend college 10, 15, or 18
years in the future. So your        In May of 2009 Vicki Prussak decided to spread the wealth of wellness to others, starting Well…Now LLC, which offers services to help peo-
gain is the difference between      ple improve all aspects of their lives. (Photo courtesy of Well...Now LLC).
today’s cost and the cost of
college 15 years hence.
   Most stockbrokers recom-          Local business redefines the concept of wellness
mend savings plans, in which
your gain is based upon the                SHERRY KARABIN                changes,”      said     Prussak.    March 2009.                          ately think it is just about exer-
performance of the underlying             Legal News Reporter            “Therefore, I quit drinking,           “I felt this was the time to      cise, but really it’s every aspect
investments you chose, which                                             smoking and then began to           make the switch so I decided to      of a person’s life. Wellness is
are usually mutual funds.              With the recent passage of the    make smaller lifestyle changes,     go into business for myself,”        about lifestyle changes that
And for the past 10 years, I’ve     health care reform law, well-        one of which included exercise.     said Prussak, who is also an         each individual designs to
been saying, “Bah humbug!” I        ness services and other preven-      I found belly dancing classes at    ACE (American Council on Ex-         achieve their greatest personal
don’t like 529 plans and never      tive care measures are getting       a local university and signed       ercise) certified personal train-    well being. It is a process with
did, and I don’t know of a sin-     even more attention.                 up. I enjoyed it so much it be-     er. “It was scary and stressful,     no endpoint and is possible in
gle reader who has had the             But for Cuyahoga Falls resi-      came a hobby/business and I         but I’m a firm believer in follow-   each moment.
good fortune to pay his lad’s       dent Vicki Prussak, wellness         was in the best shape of my         ing the doors that open.”               “My job is to guide clients and
college costs with a 529 sav-       has been a way of life for more      life.”                                 Located on West Market            help them to determine what
ings plan.                          than 20 years. In May of 2009,          Over the years, she held sev-    Street in Akron, Well…Now of-        their goals are. Some people
   Your broker’s advice will        she decided to spread the            eral positions in major corpo-      fers individual, group, and fam-     want to eat better or exercise
pay him well, but serve you         wealth to others, starting           rate marketing and advertising      ily wellness coaching as well as     more; others are looking to re-
very poorly. I recommend that       Well…Now LLC, which offers           departments, most recently as a     workshops that are presented         lieve stress or even improve
you give your broker one of         services to help people improve      visual marketing manager for a      at businesses, recreation cen-       their finances. Once they know
those new cell phones that ex-      all aspects of their lives.          local manufacturer. However, in     ters, association groups and         what they are looking to do, it is
plodes during a solar eclipse,         “I’ve always been interested in   the fall of 2008 she was feeling    other venues.                        a matter of clearing the path-
then call him when the moon         wellness,” said Prussak, who         burned out, and began classes          “I find there is much confu-      way to do so,” said Prussak.
next passes between the sun         once suffered from mini-strokes      to become a certified wellness      sion about wellness. I spend a          “It’s not therapy, it’s more
and the earth. So look at a         at the age of 21 due to an un-       coach. The decision turned out      lot of time educating people         about the here and now. We fig-
prepaid plan that can be            healthy lifestyle as a teenager.     to be quite timely, since her de-   about what it really means,”         ure out where they are now and
funded immediately or in in-           “I knew I had to make             partment was outsourced in          said Prussak. “People immedi-                Continued on Page 2
stallments. I don’t like to gam-

                                     Largest solar energy proj. begins commercial operation
ble with important money,
and believing you can pick
several mutual funds -- the
values of which will increase
sufficiently to pay Bonnie and             RICK ADAMCZAK                 and experience that will contin-    Columbus Southern Power and          Solar Farm.
Clyde’s college costs -- is farce       Special to the Legal News        ue to be increasingly in demand     Ohio Power Company through a            Vaughn Industries, a Wyan-
and folly. If the investment cli-                                        well into the future,” said Diana   20-year purchase agreement.          dot County-based construction
mate during the next 10 years          The largest solar energy proj-    Drysdale, vice president of re-       The project was completed          company, was the subcontrac-
is representative of the last 10    ect in Ohio, the 12-megawatt         newables and the vice-president     ahead of schedule, according to      tor for Juwi. Juwi is initially op-
years, your kids may have to        PSEG Wyandot Solar Farm near         of PSEG Solar Source.               PSEG officials. PSEG Solar           erating the plant for PSEG Solar
settle for a degree by mail.        Upper Sandusky, has started            PSEG is the Newark, N.J.-         Source used several local busi-      Source.
   To get started, I suggest you    commercial operation.                based power company that            nesses that provided materials,         Nearly all of the construction
call the College Illinois! 529         A formal dedication ceremony      owns the solar power facility.      equipment and services for con-      jobs created by the project were
Prepaid Tuition Program on          was scheduled for yesterday to         The Ohio State University Ex-     struction of the solar power         filled by Ohio residents, accord-
their toll-free number, 1-877-      mark the opening of the Wyan-        ten-sion also has been a part-      farm.                                ing to PSEG officials.
877-3724, and they will walk        dot County facility, which in-       ner in the development of the         PSEG officials said the com-          The panels were procured by
and talk you through the de-        cludes 160,000 ground-mount-         solar energy project, helping       pany worked closely with the         Juwi and were supplied by First
tails.                              ed thin film solar panels on 80      Wyandot County officials study      Wyandot Economic Develop-            Solar, which has a major manu-
   Please know that your con-       acres of land, enough to gener-      the economic viability of the       ment office to maximize local        facturing plant in Toledo.
tributions are NOT deductible       ate power for about 1,500            project.                            business participation in the           “This project is the result of a
from your federal tax liabili-      homes.                                 OSU President Gordon Gee          project.                             mutually beneficial partnership
ties, as most folks believe.           “Renewable energy projects,       was scheduled to speak at the         Juwi Solar Inc., a Colorado-       between PSEG Solar Source
However, many states, includ-       like this one in Wyandot Coun-       dedication ceremony yesterday,      based solar power company,           and the Wyandot community,”
ing Illinois, provide state tax     ty boost local industry through      along with Gov. Ted Strickland.     was the engineering, procure-        said Eric Romich, director of
deductions for part or all of       both construction employment           The facility output is being      ment and construction contrac-       Wyandot County Economic De-
Continued on Page 2                 and the development of skills        provided to AEP subsidiaries,       tor and developed the Wyandot               Continued on Page 2
XXX                                                                                    XXX                                                                                 Page 2XXX


                   Business in Brief                                                Local business redefines the
                 Newsmakers in Northeast Ohio                                           concept of wellness
      Cedar Fair adding giant                                                 Continued from Page 1
                                                                        where they want to be in future,
                                                                                                              just spend a bunch of energy
                                                                                                              creating stress about something
                                                                                                                                                    grow the business to include
                                                                                                                                                    worksite wellness program

       swing rides at 4 parks
                                                                        and what steps they need to           that doesn’t even happen. The         management for area business-
                                                                        take to get there.”                   reality is we can’t control the       es seeking to develop their own
                                                                           Currently, Prussak is flying       situation (the weather), but we       programs, as well as adding
                                                                        solo, but she does hire inde-         can control how we choose to          coaches, trainers and work-
  SANDUSKY, Ohio (AP) — Amusement park operator Cedar Fair              pendent contractors.                  respond to the situation, like        shops in all areas of wellness,”
will be hitting new heights with new rides next year at its parks          For example, she recently be-      getting up a half hour early to       said Prussak.


                                                                                                                                                    Saving for
in Ohio, California and Canada.                                         gan offering her “Laughing Your       make sure we are not late and
  Ohio parks Cedar Point in Sandusky and Kings Island near              Stress Off” workshop to busi-         all stressed out about it.
Cincinnati will be getting the WindSeeker ride that will spin thrill    nesses and associations.                 “I teach people to clarify situ-


                                                                                                                                                       your
seekers 300 feet above the ground at speeds reaching 30 mph.               The half-day workshop uti-         ations, focusing on what they
  The company also announced Tuesday that Canada’s Wonder-              lizes the talents of motivational     can control, and then help them
land near Toronto and Knott’s Berry Farm outside Los Angeles            trainer Robin Sacks, inspira-         to formulate a plan of action,”
will be getting the WindSeeker ride.

                                                                                                                                                    children’s
                                                                        tional speaker and stand-up           said Sacks.
  Riders will sit in two-person swings that will flare out at close     comic, Michael Gershe, stand-            Gershe has been doing stand-
to a 45 degree angle from the center tower.                             up comedian Chuck Costanzo,           up comedy since 1995, but
  The rides cost $5 million each.

                                                                                                                                                      future
                                                                        and Emmy-Award winning                more recently his focus has
                                                                        sportscaster, Bill Boronkay.          been on inspirational speaking.
    Gas-fired power plant                                                  “Stress relief is so important,”
                                                                        said Prussak. “Stress can lead
                                                                                                              “I start off with humor to help
                                                                                                              the audience relax, and follow it

 planned for southern Ohio                                              to overeating, smoking, and           up with a discussion about per-             Continued from Page 1
                                                                        other problems. But if people         sonal development, with an em-        your contributions.
                                                                        can find a way to lighten up and      phasis on short-and-long-term           However, you would do well to
                                                                        get out of their own way, they        goal setting. The hope is when        grossly     underestimate       the
  COLUMBUS (AP) — A power company plans to build a natural                                                    they leave they will have a plan      plan’s tax savings. And as long
                                                                        will find they have more control
gas-fired plant in southern Ohio on a site where it scrapped plans                                            of what they would like to            as the funds are vested with the
                                                                        over their lives than they think.”
for a plant using coal.                                                                                       achieve and they will know            state, you have control over the
                                                                           “The whole concept is that we
  Columbus-based American Municipal Power Inc. on Monday                                                      what changes they will need to        money.
                                                                        take ourselves too seriously,”
said its new project would build a 600-megawatt gas plant on the                                              make to get there,” said Gershe.        Meanwhile, the funds can be
                                                                        said Sacks, who is the chief ac-
Ohio River in Meigs (mehgz) County. The coal-fired plant would                                                   While “Laughing Your Stress        used for tuition, fees, books,
                                                                        countability partner at Way
have been larger, generating 1,000 megawatts.                                                                 Off” is designed primarily for        supplies and room and board as
                                                                        Coaching in Cleveland. “Life
  AMP needs approval from more than 80 cities it supplies with                                                businesses and other profes-          long as Bonnie and Clyde re-
                                                                        happens to everyone. It is how
power in six states.                                                                                          sionals, Prussak is also a Certi-     main students. Off-campus
                                                                        we respond to it that deter-
  The company gave up on the coal-fired plant last fall.                                                      fied     Dr.   Sears     L.E.A.N.     housing costs are covered up to
                                                                        mines if we choose to be happy
  An environmental group that opposed the coal plant says it                                                  (Lifestyle, Exercise, Attitude,       the allowances for room and
                                                                        or miserable about it. That is a
won’t object to the gas plant. Another critic of the earlier plan                                             Nutrition) coach. She teaches         board that the college includes
                                                                        choice. There is so much hu-
says it’s still studying the new project.                                                                     groups of parents and care-           in its cost of attendance.
                                                                        mor around us. We often laugh
  Gov. Ted Strickland says it will create more than 500 con-                                                  givers at local businesses and          But did you know that every-
                                                                        at things we see happening to
struction jobs and 28 permanent ones.                                                                         associations how to develop and       one is eligible to take advantage
                                                                        others, but when the same
                                                                        things happen to us we are            maintain healthy habits for the       of the 529 plan, and the dollar
 Commissioners eye bigger                                               stressed out.
                                                                           “We have become hard wired
                                                                                                              entire family.
                                                                                                                 The costs of her services vary,
                                                                                                                                                    amounts that can be invested
                                                                                                                                                    are quite substantial: more

   hotel tax in Cleveland                                               to complain and go negative           and she does offer individual         than $300,000 per beneficiary
                                                                        when we are faced with situa-         and group rates as well, work-        in many states, and there are
                                                                        tions,” said Sacks. “For exam-        ing within the constraints of in-     no income or age restrictions.
                                                                        ple, if we hear about a blizzard      dividual and entity budgets.          And even though the money can
  CLEVELAND (AP) — County commissioners in Cleveland are                                                                                            be reclaimed by the donor (you),
                                                                        that is coming, many of us cre-       Despite the economic condi-
considering taking a bigger tax bite to pay for a proposed con-                                                                                     the funds are not counted as
                                                                        ate stress about how the next         tions, Prussak said her busi-
vention and medical trade-show center.                                                                                                              part of your estate for tax pur-
                                                                        day will go. The funny thing is,      ness is increasing.
  Cuyahoga (ky-uh-HOH’-guh) County commissioners, who will                                                                                          poses.
                                                                        rarely does it go that way! We           “Ultimately, I would like to
lose their jobs when a new county government takes over in Jan-                                                                                       As a result, some clever tax

                                                                                Largest solar energy
uary, are weighing changes in the 4.5 percent tax on hotel and                                                                                      lawyers use the 529 plan as a
motel rooms.                                                                                                                                        conveyance to remove assets
  The tax also pays for the Cleveland travel and tourism bureau.                                                                                    from your estate while you still
  In 2007, county commissioners increased the countywide sales
tax to help pay for the project. It’s being managed by a developer                 project begins                                                   retain control, if you need the
                                                                                                                                                    money for your future use. A

                                                                               commercial operation
who’s being paid $6 million a year by the county.                                                                                                   tax lawyer should be able to
                                                                                                                                                    give you the specifics and will
      Limited Brands 2Q net                                                   Continued from Page 1           May 26.
                                                                                                                                                    know enough to give you the
                                                                                                                                                    proper advice. Of course this

          income jumps                                                  velopment. “It has helped nur-
                                                                        ture a incubating clean energy
                                                                                                                PSEG Solar Source also owns
                                                                                                              a 2-megawatt solar farm in
                                                                                                                                                    not what the plan was intended
                                                                                                                                                    for, but it is certainly one of the
                                                                        economy that will provide eco-        Hackettstown, N.J., serving the       many egregious examples of
                                                                        nomic and environment bene-           adjacent Mars Chocolate facto-        how a corrupt Congress was en-
   COLUMBUS (AP) — Limited Brands Inc.’s net income rose
                                                                        fits for decades to come.”            ry, and is nearing completion of      couraged to manipulate the tax
sharply in the second quarter as more Americans shopped at its
                                                                           As part of its development ef-     a 15-megawatt facility in Jack-       laws to favor a few large cam-
mall stores — Victoria’s Secret and Bath and Body Works — and
                                                                        forts, Juwi agreed to build solar     sonville, Fla., with the output of    paign contributors.
it recorded several one-time gains.
                                                                        PV systems for three high             that plant being provided to the        Please address your financial
   The company, based in Columbus, Ohio, also raised its full-
                                                                        schools in Wyandot County in          Jacksonville Electric Authority.      questions to Malcolm Berko,
year outlook.
                                                                        order to provide them with free,        AEP will receive all renewable      P.O. Box 8303, Largo, FL 33775
   Limited Brands reported late Wednesday that it earned $178.7
                                                                        zero-emission electricity and to      energy credits from the project.      or e-mail him at mjberko@ya-
million, or 54 cents per share, for the quarter that ended July 31.
                                                                        educate students about the              PSEG Solar Source is a sub-         hoo.com. To find out more
That’s up from $74.3 million, or 23 cents per share, in the same
                                                                        technology used at the solar          sidiary of Public Service Enter-      about Malcolm Berko and read
quarter last year.
                                                                        farm.                                 prise Group.                          features by other Creators Syn-
   Adjusting for several one-time items in the period — a bond-re-
                                                                           The project officially began         Copyright 2010, The Daily Re-       dicate writers and cartoonists,
lated loss plus gains for selling shares of Express clothing chain
                                                                        generating renewable solar            porter, 580 S. High St., Colum-       visit the Creators Syndicate
and selling its remaining interest in Limited Stores — the com-
                                                                        power on a commercial basis           bus, OH.                              website at www.creators.com.
pany earned 36 cents per share.
   That beat the 34 cents per share that analysts polled by Thom-
son Reuters expected. And it’s nearly double last year’s adjusted
earnings of 19 cents per share.
   Total revenue rose nearly 9 percent to $2.2 billion, which it pre-
viously announced, meeting analyst expectations.
   As at many mall-based chains, Limited Brands’ shoppers cut
back during the recession and have now begun to loosen their
purse strings.
   And Limited Brands has improved its profitability by moving
away from clothing toward more profitable beauty products and
lingerie. In addition to Victoria’s Secret and Bath and Body
Works, the company operates Canadian lingerie chain La Senza.
   Limited Brands completed that transition in June when sold its
remaining 25 percent stake in namesake Limited Stores LLC to
the chain’s majority owner for $32 million.
   Limited Brands expects to earn $1.68 to $1.83 per share for its
full fiscal year, in line with Wall Street’s $1.81 expectation and up
from its previous guidance of $1.60 to $1.80.
   Shares of the company rose 23 cents to $26.01 in after-hours
trading.

More Related Content

Similar to Well...Now...Akron Legal News

How To Write Scholarship Essays. Online assignment writing service.
How To Write Scholarship Essays. Online assignment writing service.How To Write Scholarship Essays. Online assignment writing service.
How To Write Scholarship Essays. Online assignment writing service.
Julie Jones
 
TDC Case Studies-Branding
TDC Case Studies-BrandingTDC Case Studies-Branding
TDC Case Studies-Branding
Pat Hayes Kaufman
 
The Miner County Story
The Miner County StoryThe Miner County Story
The Miner County Story
Rural Learning Center
 
Maui - Sustainability and Viability - House Bill 2501 - Sign into law -Messag...
Maui - Sustainability and Viability - House Bill 2501 - Sign into law -Messag...Maui - Sustainability and Viability - House Bill 2501 - Sign into law -Messag...
Maui - Sustainability and Viability - House Bill 2501 - Sign into law -Messag...
Clifton M. Hasegawa & Associates, LLC
 
16459
1645916459
Copyrighted© – Dr. Steve Tidwell – August 1, 2021Amberton Univer
Copyrighted© – Dr. Steve Tidwell – August 1, 2021Amberton UniverCopyrighted© – Dr. Steve Tidwell – August 1, 2021Amberton Univer
Copyrighted© – Dr. Steve Tidwell – August 1, 2021Amberton Univer
AlleneMcclendon878
 
Jeff Forward - Community Solar Handout - REV 2012
Jeff Forward - Community Solar Handout - REV 2012Jeff Forward - Community Solar Handout - REV 2012
Jeff Forward - Community Solar Handout - REV 2012
Chris Williams
 
N.C. Community Development Initiative Biennial Report
N.C. Community Development Initiative Biennial ReportN.C. Community Development Initiative Biennial Report
N.C. Community Development Initiative Biennial Report
nc_initiative
 
SEPS portfolio
SEPS portfolioSEPS portfolio
SEPS portfolio
William Botts
 
Social Performance: Can you get it right?
Social Performance:  Can you get it right?Social Performance:  Can you get it right?
Social Performance: Can you get it right?
Mary Lou Lauria
 
Petoskey Chamber State Of The Community Luncheon 2010
Petoskey Chamber State Of The Community Luncheon 2010Petoskey Chamber State Of The Community Luncheon 2010
Petoskey Chamber State Of The Community Luncheon 2010
Petoskey Regional Chamber of Commerce
 
Ladies of the Light
Ladies of the LightLadies of the Light
Ladies of the Light
Tim Tynan
 
2017 Update on DADi
2017 Update on DADi2017 Update on DADi
2017 Update on DADi
Joan Sacrison
 
SIC Article
SIC ArticleSIC Article
SIC Article
Sheena Steedman
 
Project study on establishing lending business
Project study on establishing lending businessProject study on establishing lending business
Project study on establishing lending business
Reymar27
 
Persuasive 500 Essay
Persuasive 500 EssayPersuasive 500 Essay
Persuasive 500 Essay
Amber Moore
 
Sample business plan presentation(2)
Sample business plan presentation(2)Sample business plan presentation(2)
Sample business plan presentation(2)
smarty23b
 
Sample business plan presentation
Sample business plan presentationSample business plan presentation
Sample business plan presentation
Vaibhav Vandhav
 
Finance Interview Paper
Finance Interview PaperFinance Interview Paper
Finance Interview Paper
Kyle Parkhill
 
UCPCOG 2019 Comprehensive Economic Development Strategy
UCPCOG 2019 Comprehensive Economic Development StrategyUCPCOG 2019 Comprehensive Economic Development Strategy
UCPCOG 2019 Comprehensive Economic Development Strategy
Robert Hiett
 

Similar to Well...Now...Akron Legal News (20)

How To Write Scholarship Essays. Online assignment writing service.
How To Write Scholarship Essays. Online assignment writing service.How To Write Scholarship Essays. Online assignment writing service.
How To Write Scholarship Essays. Online assignment writing service.
 
TDC Case Studies-Branding
TDC Case Studies-BrandingTDC Case Studies-Branding
TDC Case Studies-Branding
 
The Miner County Story
The Miner County StoryThe Miner County Story
The Miner County Story
 
Maui - Sustainability and Viability - House Bill 2501 - Sign into law -Messag...
Maui - Sustainability and Viability - House Bill 2501 - Sign into law -Messag...Maui - Sustainability and Viability - House Bill 2501 - Sign into law -Messag...
Maui - Sustainability and Viability - House Bill 2501 - Sign into law -Messag...
 
16459
1645916459
16459
 
Copyrighted© – Dr. Steve Tidwell – August 1, 2021Amberton Univer
Copyrighted© – Dr. Steve Tidwell – August 1, 2021Amberton UniverCopyrighted© – Dr. Steve Tidwell – August 1, 2021Amberton Univer
Copyrighted© – Dr. Steve Tidwell – August 1, 2021Amberton Univer
 
Jeff Forward - Community Solar Handout - REV 2012
Jeff Forward - Community Solar Handout - REV 2012Jeff Forward - Community Solar Handout - REV 2012
Jeff Forward - Community Solar Handout - REV 2012
 
N.C. Community Development Initiative Biennial Report
N.C. Community Development Initiative Biennial ReportN.C. Community Development Initiative Biennial Report
N.C. Community Development Initiative Biennial Report
 
SEPS portfolio
SEPS portfolioSEPS portfolio
SEPS portfolio
 
Social Performance: Can you get it right?
Social Performance:  Can you get it right?Social Performance:  Can you get it right?
Social Performance: Can you get it right?
 
Petoskey Chamber State Of The Community Luncheon 2010
Petoskey Chamber State Of The Community Luncheon 2010Petoskey Chamber State Of The Community Luncheon 2010
Petoskey Chamber State Of The Community Luncheon 2010
 
Ladies of the Light
Ladies of the LightLadies of the Light
Ladies of the Light
 
2017 Update on DADi
2017 Update on DADi2017 Update on DADi
2017 Update on DADi
 
SIC Article
SIC ArticleSIC Article
SIC Article
 
Project study on establishing lending business
Project study on establishing lending businessProject study on establishing lending business
Project study on establishing lending business
 
Persuasive 500 Essay
Persuasive 500 EssayPersuasive 500 Essay
Persuasive 500 Essay
 
Sample business plan presentation(2)
Sample business plan presentation(2)Sample business plan presentation(2)
Sample business plan presentation(2)
 
Sample business plan presentation
Sample business plan presentationSample business plan presentation
Sample business plan presentation
 
Finance Interview Paper
Finance Interview PaperFinance Interview Paper
Finance Interview Paper
 
UCPCOG 2019 Comprehensive Economic Development Strategy
UCPCOG 2019 Comprehensive Economic Development StrategyUCPCOG 2019 Comprehensive Economic Development Strategy
UCPCOG 2019 Comprehensive Economic Development Strategy
 

Well...Now...Akron Legal News

  • 1. BUSINESS Akron Legal News Taking Stock Malcolm Berko Saving for Page 1 “Our Business is Ohio ” August 31, 2010 DATE HERE your children’s future Dear Mr. Berko: We have 10-year-old twins (a boy and a girl), and our broker is push- ing us hard to invest in a 529 plan for each twin. We would begin with a $4,000 invest- ment in each plan, then make monthly investments of $250 for each child. We know that college costs continue to in- crease, and we want to do the right thing. Please give us your opinion of the plan, the tax savings and the advan- tages or disadvantages. We anxiously wait for your reply. -- W.H., Aurora, Ill. Dear W.H.: There are two types of 529 plans: (1) prepaid and (2) savings; however, most stockbrokers will not recommend prepaid plans. Prepaid plans allow Mom and Dad to pay tuition costs up- front at today’s tuition rates even though Junior plans to attend college 10, 15, or 18 years in the future. So your In May of 2009 Vicki Prussak decided to spread the wealth of wellness to others, starting Well…Now LLC, which offers services to help peo- gain is the difference between ple improve all aspects of their lives. (Photo courtesy of Well...Now LLC). today’s cost and the cost of college 15 years hence. Most stockbrokers recom- Local business redefines the concept of wellness mend savings plans, in which your gain is based upon the SHERRY KARABIN changes,” said Prussak. March 2009. ately think it is just about exer- performance of the underlying Legal News Reporter “Therefore, I quit drinking, “I felt this was the time to cise, but really it’s every aspect investments you chose, which smoking and then began to make the switch so I decided to of a person’s life. Wellness is are usually mutual funds. With the recent passage of the make smaller lifestyle changes, go into business for myself,” about lifestyle changes that And for the past 10 years, I’ve health care reform law, well- one of which included exercise. said Prussak, who is also an each individual designs to been saying, “Bah humbug!” I ness services and other preven- I found belly dancing classes at ACE (American Council on Ex- achieve their greatest personal don’t like 529 plans and never tive care measures are getting a local university and signed ercise) certified personal train- well being. It is a process with did, and I don’t know of a sin- even more attention. up. I enjoyed it so much it be- er. “It was scary and stressful, no endpoint and is possible in gle reader who has had the But for Cuyahoga Falls resi- came a hobby/business and I but I’m a firm believer in follow- each moment. good fortune to pay his lad’s dent Vicki Prussak, wellness was in the best shape of my ing the doors that open.” “My job is to guide clients and college costs with a 529 sav- has been a way of life for more life.” Located on West Market help them to determine what ings plan. than 20 years. In May of 2009, Over the years, she held sev- Street in Akron, Well…Now of- their goals are. Some people Your broker’s advice will she decided to spread the eral positions in major corpo- fers individual, group, and fam- want to eat better or exercise pay him well, but serve you wealth to others, starting rate marketing and advertising ily wellness coaching as well as more; others are looking to re- very poorly. I recommend that Well…Now LLC, which offers departments, most recently as a workshops that are presented lieve stress or even improve you give your broker one of services to help people improve visual marketing manager for a at businesses, recreation cen- their finances. Once they know those new cell phones that ex- all aspects of their lives. local manufacturer. However, in ters, association groups and what they are looking to do, it is plodes during a solar eclipse, “I’ve always been interested in the fall of 2008 she was feeling other venues. a matter of clearing the path- then call him when the moon wellness,” said Prussak, who burned out, and began classes “I find there is much confu- way to do so,” said Prussak. next passes between the sun once suffered from mini-strokes to become a certified wellness sion about wellness. I spend a “It’s not therapy, it’s more and the earth. So look at a at the age of 21 due to an un- coach. The decision turned out lot of time educating people about the here and now. We fig- prepaid plan that can be healthy lifestyle as a teenager. to be quite timely, since her de- about what it really means,” ure out where they are now and funded immediately or in in- “I knew I had to make partment was outsourced in said Prussak. “People immedi- Continued on Page 2 stallments. I don’t like to gam- Largest solar energy proj. begins commercial operation ble with important money, and believing you can pick several mutual funds -- the values of which will increase sufficiently to pay Bonnie and RICK ADAMCZAK and experience that will contin- Columbus Southern Power and Solar Farm. Clyde’s college costs -- is farce Special to the Legal News ue to be increasingly in demand Ohio Power Company through a Vaughn Industries, a Wyan- and folly. If the investment cli- well into the future,” said Diana 20-year purchase agreement. dot County-based construction mate during the next 10 years The largest solar energy proj- Drysdale, vice president of re- The project was completed company, was the subcontrac- is representative of the last 10 ect in Ohio, the 12-megawatt newables and the vice-president ahead of schedule, according to tor for Juwi. Juwi is initially op- years, your kids may have to PSEG Wyandot Solar Farm near of PSEG Solar Source. PSEG officials. PSEG Solar erating the plant for PSEG Solar settle for a degree by mail. Upper Sandusky, has started PSEG is the Newark, N.J.- Source used several local busi- Source. To get started, I suggest you commercial operation. based power company that nesses that provided materials, Nearly all of the construction call the College Illinois! 529 A formal dedication ceremony owns the solar power facility. equipment and services for con- jobs created by the project were Prepaid Tuition Program on was scheduled for yesterday to The Ohio State University Ex- struction of the solar power filled by Ohio residents, accord- their toll-free number, 1-877- mark the opening of the Wyan- ten-sion also has been a part- farm. ing to PSEG officials. 877-3724, and they will walk dot County facility, which in- ner in the development of the PSEG officials said the com- The panels were procured by and talk you through the de- cludes 160,000 ground-mount- solar energy project, helping pany worked closely with the Juwi and were supplied by First tails. ed thin film solar panels on 80 Wyandot County officials study Wyandot Economic Develop- Solar, which has a major manu- Please know that your con- acres of land, enough to gener- the economic viability of the ment office to maximize local facturing plant in Toledo. tributions are NOT deductible ate power for about 1,500 project. business participation in the “This project is the result of a from your federal tax liabili- homes. OSU President Gordon Gee project. mutually beneficial partnership ties, as most folks believe. “Renewable energy projects, was scheduled to speak at the Juwi Solar Inc., a Colorado- between PSEG Solar Source However, many states, includ- like this one in Wyandot Coun- dedication ceremony yesterday, based solar power company, and the Wyandot community,” ing Illinois, provide state tax ty boost local industry through along with Gov. Ted Strickland. was the engineering, procure- said Eric Romich, director of deductions for part or all of both construction employment The facility output is being ment and construction contrac- Wyandot County Economic De- Continued on Page 2 and the development of skills provided to AEP subsidiaries, tor and developed the Wyandot Continued on Page 2
  • 2. XXX XXX Page 2XXX Business in Brief Local business redefines the Newsmakers in Northeast Ohio concept of wellness Cedar Fair adding giant Continued from Page 1 where they want to be in future, just spend a bunch of energy creating stress about something grow the business to include worksite wellness program swing rides at 4 parks and what steps they need to that doesn’t even happen. The management for area business- take to get there.” reality is we can’t control the es seeking to develop their own Currently, Prussak is flying situation (the weather), but we programs, as well as adding solo, but she does hire inde- can control how we choose to coaches, trainers and work- SANDUSKY, Ohio (AP) — Amusement park operator Cedar Fair pendent contractors. respond to the situation, like shops in all areas of wellness,” will be hitting new heights with new rides next year at its parks For example, she recently be- getting up a half hour early to said Prussak. Saving for in Ohio, California and Canada. gan offering her “Laughing Your make sure we are not late and Ohio parks Cedar Point in Sandusky and Kings Island near Stress Off” workshop to busi- all stressed out about it. Cincinnati will be getting the WindSeeker ride that will spin thrill nesses and associations. “I teach people to clarify situ- your seekers 300 feet above the ground at speeds reaching 30 mph. The half-day workshop uti- ations, focusing on what they The company also announced Tuesday that Canada’s Wonder- lizes the talents of motivational can control, and then help them land near Toronto and Knott’s Berry Farm outside Los Angeles trainer Robin Sacks, inspira- to formulate a plan of action,” will be getting the WindSeeker ride. children’s tional speaker and stand-up said Sacks. Riders will sit in two-person swings that will flare out at close comic, Michael Gershe, stand- Gershe has been doing stand- to a 45 degree angle from the center tower. up comedian Chuck Costanzo, up comedy since 1995, but The rides cost $5 million each. future and Emmy-Award winning more recently his focus has sportscaster, Bill Boronkay. been on inspirational speaking. Gas-fired power plant “Stress relief is so important,” said Prussak. “Stress can lead “I start off with humor to help the audience relax, and follow it planned for southern Ohio to overeating, smoking, and up with a discussion about per- Continued from Page 1 other problems. But if people sonal development, with an em- your contributions. can find a way to lighten up and phasis on short-and-long-term However, you would do well to get out of their own way, they goal setting. The hope is when grossly underestimate the COLUMBUS (AP) — A power company plans to build a natural they leave they will have a plan plan’s tax savings. And as long will find they have more control gas-fired plant in southern Ohio on a site where it scrapped plans of what they would like to as the funds are vested with the over their lives than they think.” for a plant using coal. achieve and they will know state, you have control over the “The whole concept is that we Columbus-based American Municipal Power Inc. on Monday what changes they will need to money. take ourselves too seriously,” said its new project would build a 600-megawatt gas plant on the make to get there,” said Gershe. Meanwhile, the funds can be said Sacks, who is the chief ac- Ohio River in Meigs (mehgz) County. The coal-fired plant would While “Laughing Your Stress used for tuition, fees, books, countability partner at Way have been larger, generating 1,000 megawatts. Off” is designed primarily for supplies and room and board as Coaching in Cleveland. “Life AMP needs approval from more than 80 cities it supplies with businesses and other profes- long as Bonnie and Clyde re- happens to everyone. It is how power in six states. sionals, Prussak is also a Certi- main students. Off-campus we respond to it that deter- The company gave up on the coal-fired plant last fall. fied Dr. Sears L.E.A.N. housing costs are covered up to mines if we choose to be happy An environmental group that opposed the coal plant says it (Lifestyle, Exercise, Attitude, the allowances for room and or miserable about it. That is a won’t object to the gas plant. Another critic of the earlier plan Nutrition) coach. She teaches board that the college includes choice. There is so much hu- says it’s still studying the new project. groups of parents and care- in its cost of attendance. mor around us. We often laugh Gov. Ted Strickland says it will create more than 500 con- givers at local businesses and But did you know that every- at things we see happening to struction jobs and 28 permanent ones. associations how to develop and one is eligible to take advantage others, but when the same things happen to us we are maintain healthy habits for the of the 529 plan, and the dollar Commissioners eye bigger stressed out. “We have become hard wired entire family. The costs of her services vary, amounts that can be invested are quite substantial: more hotel tax in Cleveland to complain and go negative and she does offer individual than $300,000 per beneficiary when we are faced with situa- and group rates as well, work- in many states, and there are tions,” said Sacks. “For exam- ing within the constraints of in- no income or age restrictions. ple, if we hear about a blizzard dividual and entity budgets. And even though the money can CLEVELAND (AP) — County commissioners in Cleveland are be reclaimed by the donor (you), that is coming, many of us cre- Despite the economic condi- considering taking a bigger tax bite to pay for a proposed con- the funds are not counted as ate stress about how the next tions, Prussak said her busi- vention and medical trade-show center. part of your estate for tax pur- day will go. The funny thing is, ness is increasing. Cuyahoga (ky-uh-HOH’-guh) County commissioners, who will poses. rarely does it go that way! We “Ultimately, I would like to lose their jobs when a new county government takes over in Jan- As a result, some clever tax Largest solar energy uary, are weighing changes in the 4.5 percent tax on hotel and lawyers use the 529 plan as a motel rooms. conveyance to remove assets The tax also pays for the Cleveland travel and tourism bureau. from your estate while you still In 2007, county commissioners increased the countywide sales tax to help pay for the project. It’s being managed by a developer project begins retain control, if you need the money for your future use. A commercial operation who’s being paid $6 million a year by the county. tax lawyer should be able to give you the specifics and will Limited Brands 2Q net Continued from Page 1 May 26. know enough to give you the proper advice. Of course this income jumps velopment. “It has helped nur- ture a incubating clean energy PSEG Solar Source also owns a 2-megawatt solar farm in not what the plan was intended for, but it is certainly one of the economy that will provide eco- Hackettstown, N.J., serving the many egregious examples of nomic and environment bene- adjacent Mars Chocolate facto- how a corrupt Congress was en- COLUMBUS (AP) — Limited Brands Inc.’s net income rose fits for decades to come.” ry, and is nearing completion of couraged to manipulate the tax sharply in the second quarter as more Americans shopped at its As part of its development ef- a 15-megawatt facility in Jack- laws to favor a few large cam- mall stores — Victoria’s Secret and Bath and Body Works — and forts, Juwi agreed to build solar sonville, Fla., with the output of paign contributors. it recorded several one-time gains. PV systems for three high that plant being provided to the Please address your financial The company, based in Columbus, Ohio, also raised its full- schools in Wyandot County in Jacksonville Electric Authority. questions to Malcolm Berko, year outlook. order to provide them with free, AEP will receive all renewable P.O. Box 8303, Largo, FL 33775 Limited Brands reported late Wednesday that it earned $178.7 zero-emission electricity and to energy credits from the project. or e-mail him at mjberko@ya- million, or 54 cents per share, for the quarter that ended July 31. educate students about the PSEG Solar Source is a sub- hoo.com. To find out more That’s up from $74.3 million, or 23 cents per share, in the same technology used at the solar sidiary of Public Service Enter- about Malcolm Berko and read quarter last year. farm. prise Group. features by other Creators Syn- Adjusting for several one-time items in the period — a bond-re- The project officially began Copyright 2010, The Daily Re- dicate writers and cartoonists, lated loss plus gains for selling shares of Express clothing chain generating renewable solar porter, 580 S. High St., Colum- visit the Creators Syndicate and selling its remaining interest in Limited Stores — the com- power on a commercial basis bus, OH. website at www.creators.com. pany earned 36 cents per share. That beat the 34 cents per share that analysts polled by Thom- son Reuters expected. And it’s nearly double last year’s adjusted earnings of 19 cents per share. Total revenue rose nearly 9 percent to $2.2 billion, which it pre- viously announced, meeting analyst expectations. As at many mall-based chains, Limited Brands’ shoppers cut back during the recession and have now begun to loosen their purse strings. And Limited Brands has improved its profitability by moving away from clothing toward more profitable beauty products and lingerie. In addition to Victoria’s Secret and Bath and Body Works, the company operates Canadian lingerie chain La Senza. Limited Brands completed that transition in June when sold its remaining 25 percent stake in namesake Limited Stores LLC to the chain’s majority owner for $32 million. Limited Brands expects to earn $1.68 to $1.83 per share for its full fiscal year, in line with Wall Street’s $1.81 expectation and up from its previous guidance of $1.60 to $1.80. Shares of the company rose 23 cents to $26.01 in after-hours trading.