ill a CD help for
allege?
\
By Joseph D. Jr.
Q. I' like t9 ft for my Ut­
de girl eel ti
good? J. SchaI
Un s.
A. CD's are an excellent
choice. They are safe, secure
IFDIC or FS. Lie backed ac­
counts. Please choose
maturities of 6 to 18 months in
length. Unless a phenomenal
rate is available do Dot lock your
money up beyond that point!
Q. What kind of eeou
uses the child's sodal security
number.
A. A. uniform gift to minors
account or (UGMA). This
registers the account with an
adult custodian for the minor. If
your child does not have a social
security number then the adults
social security number may be
used until the child's number
can replace it. The first $1,000 of
interest is taxable to the child
The second $1,000 is CD's and
zero coupon bonds are a good
choice for UGMA accounts.
Q. I h ve a lump sum of
..............
Feb� 19-25 1989 MlCIDGAN CITIZE
Dick
Gregory
-looks to
settle
out-of
court
By
By Usa Collins
CCI Hopes For Out-Of-Court SettJemeut With Dick
Gregory: Last October, Comedian Dick Gregory filed a
federal Lawsuit, accusing the directors of the nutrition
company he founded - Correction Connection Inc. of
trying to force him to sell his stock. The company's direc­
tor, in turn, countercharged that the comedian had in­
curred over 160,000 in questionable American Express
charges. Just last week, a company spokesman said that
they are working towards an out-of-court settlement. At
the request of Gregory's legal counsel, a prior court date
had been pu hed back. Recently, Gregory, who remains
on the board of directors but is not active in the company's
day-t -day operations, was cited in violation of an court
order that prohibits him from distributing the product,
other than through mail order sales.
Motown! olar Merger - On Again, orr Again? It was
almost official or so everyone thought until last week talks
between Motown and Solar ceased. And while, there is no
official word yet as to the tatus of the deal, it appears that
talks may once again be underway after it was reported that
some irreconcilable differences between Dick Griffey and
Motown had caused negotiations to sour. A Hollywood
trade reported last week that the deal, which has been in
negotiation now since October, had fallen through due to
the inflexibility of Solar Records chief Dick Griffey. Word
is- Griffey, who just recently settled out- f-court a breach
of contract/discrimination suit he'd filed against Warner
Communications, Inc. is said to be in a fmancial bind
odel HI man d or Misuse OrFunds
In alion' Second Bi t Credit Union Failure On
cords: A federal grand jury is now looking into the Na- -
tiona I Credit Union Adminisrtation's charges of fraud and
misuse of funds against businessman Lawrence King, 44, in
the failure of Franklin Community Federal Credit Union,
in Omaha, cb. The institution was closed down by federal
regulators in ovcmber of last year, after some $37 million
in funds was discovered missing. King, who had been
prai ed for his community work and positive role model
im ge, is no being cast as a rna who used the institution's
funds to finance a lavish lifestyle that included limousines,
. excessive personal charges, and a high-political profile. (In
'84, King threw a party for- Several hundred Republican
conventioa-goers at Dallas' Southfork Ranch). Already,
the empire King bui , is crumbling, as he's hadto seU off
some per nal holdings to pay legal fees that are expected
to reach $500,000. His wifc, Alice was also named in the
suit. According to one Omaha insider, the black com­
munity is being very hush-hush about the matter. ·It's a
touchy subject. He's helped alot of people. No one reaDy
kn what to be&e.ie.·
...,....' •••• L (jrocMlen bee a b t s pitcher in
ball 1 tory: NY Mets pitcher, Dwight Gooden, 24,
became the highest salaried Met �eaa he signed three­
year, $6.7 millio pact that could actually net him than
$7.811lillion. Tel of the cement call for a SSOO,(XX)
s1RJ111D2 bonus; S2.2S million salary -1989; SL 7 million­
$2.2S milficii in 1991. AJDODI other prOYi5ions
. i the ct arc that Gooden CO\4ld � S1OO.GXl if wted
World Series MVP; S5O,000 if �ted • playoff VP;
,fDJ for • Cy YoUng Award. d S2S.ooo if be .
dcd tor an all- tar me.
s. ... Deal 011': The gamble paid off for
Vnited Artists in its funding of Tm Gonna Gil You
Sucka·, - 3O-year 0 KeeneD Ivory Wayans parody of the
70's blaxploitation fibbs, staning Wayus, Jim Brown,
DaWlUl Lewis, Isaac Hayes and BenUe Casey. United Ar­
tisu advanced Wayaus S3 million to do the film. By last
weekend, ucb· which only this week premiered in Los
Angeles, bad �dy grossed over S8 miIlioD.
Social
Security to the
rescue for the
I disabled
The ocial Security Ad­
ministration encourages blind
and disabled people riving
benefits to work despite their
impairments. There are various
work incentives provisions to
�clp them become self-support­
mg.
The plan i called PASS -
short for 'plan for achieving
self-support."
- Under a PASS, a disabled or � _
blind person can set aside in­
come and/or resources over a
specified period 0 f time or a
work goal such as voca nal
training, education, purch ing
work-related equipment, or
starting a business. The inoome
and/or resources set aside do
not count in determining the
person's eligibility or pcl)tment
amount Working blind or dis­
abled people who otherwise M rinc Lance Cpl. JAMES
wou not be cligmJe for SSI E. 11I0MPSON, son of Doris
may be able td receM paJIDCIlts and J mes F. Thompso Sr., of
if they aYe a PASS. 69� _ � Vineyard St., Benton
A vocatioaal �, so- Harbo/, recently completed for
- cial worker, ,01' Social a three- ek deployment to
, Security r Puerto Rico while serving with
others aJ elp a perIOD 2 d arine Division, Camp
cbelop a for .. N.C.
self- pport. n.c . A 1987 pu e of drum
de a a HiP ScJaool� Latadru • e
specifi� . joe d e Mar· Corps in
plan, aad the . leaded t.iJDC r 1987.
fr for carTJiaI t Ibe pi.
It also proYide for a dear­
ly identifiable of the
tim that are set aside.
We wiD evaluate the plan and
determine if i . acceptable.
We'D also help put the plan .
wri . g. The person must thea
follow the plan but can
negotiate revisioas as needed.
It is important to note that,
earnings rise, an SSI recipient
who does not DOW eed a PASS
Joseph D. Phoenix, Jr., is a
registered rep1f!Sentative with the
investment finn of McCarthy &:
Associates, Inc., of Oticago, IL
Pleas« send all questions to P. o.
Box 496-442, Chicago, Illinois
60649 or call 312-736-6110.
$100,000 coming fro my
teachers annuity upo retire
eat, Where s d I in tit?
E. M y� ewY Qty.
A. You should treat this
lump sum very carefully. If you
are averse to risk then CD's and
annwties are for you. If you want
a little more inco (10.5%)
then corporate bond .mutual
funds may be your choice. If you
want a hedge against falling in­
teres rates then a mixture of
sonie stocks (30% of your total
balance) and corporate bonds
would serve you well Just like
the IRA, all of your lump sum
does not have to be invested
witb the same institution!
may eed one next m nth to .
rema n eligible or increase. his
orhe payment am unL
Anyone who wants more in­
for�ation a out plans for
achi ving sell-s upport should
call ny ocial ecurity office.
ocie 1 ccurity al has a lea net
available that de cribes the
various wor k incen tive
provisions. It's called "Benefits
For Disabled People Who
Return To Work." Copies are
available free at any Social
Secu ity office.
Marine PVl. JOn D.
BROCK, son of Anna L. Brock
of 1200 Empire, Benton Har­
bo, as completed recrui
train ng at Ma-rine Corps
Rc it Depot, San Diego.
A 988 graduate of Benton
Har r High School, Benton
Ha r, he joined the Marine
Cor in September 1988.
N��y Sea· aft Recruit *
SHAuNTRlCE Y. ANDER­
soN, ldaupter of Ju(iith F.
ADdcrsoII of 2208 Jarman, M -
b:gca Heights, has completed
recruit training at Recruit I
Training Command, Orlando,
f1a.
A 1988 graduate of Mus­
egon Heights High School,
M kegoo He. she joined
the vy in October 1988. ...------- ..................