Holmes Construction – 80 years of service
pat copeland | SUN
Hugh Holmes, Jr. and Hugh Holmes, Sr. outside their current
office in the Holmes Beach Business Center.
BY PAT COPELAND |
SUN STAFF WRITER
Holmes Construction in Holmes Beach may be the oldest business on the Island, now celebrating 80 years of service to Island and local residents.
Hugh Holmes, Sr. recalled how his father, John Edward Holmes, was doing construction work in Tampa and came to the Island.
“He came on an excursion boat and fell in love with the Island,” Hugh, Sr. said. “He bought property at Magnolia and Snapper in 1922 and moved here. My brother, John, was born in 1925, and I was born in 1926.”
Hugh, Sr. said when his mother passed away in 1932, the family moved to Massachusetts for two years and then returned to the Island. His father remarried in 1935 and began the construction business.
“He mostly repaired older homes,” Hugh Sr, said. “He would fix then up then manage them. He built a few houses on Shell Drive.
“When the war started, construction materials were rationed, so dad worked on Army bases. After the war ended and materials became available, the business grew. He hired a lot of ex-servicemen and opened an office on Bridge Street in Bradenton Beach.”
Two of those ex-servicemen were his sons. John worked on construction crews, while Hugh, Sr. did drafting. Another office was opened in Homes Beach in what is now the Holmes Beach Business Center.
“My brother decided he wanted to go into the building supply business, and I took over the construction,” Hugh, Sr. recalled. “We had a construction office, a real estate office and a building supply business.”
Hugh, Sr. said his brother then sold the building supply business to the Kern family, which operates it as Island Lumber. He said his son, Hugh, Jr., began working in the construction business at the age of 12 during summers when school was out.
“He worked for me and also had a sign business,” Hugh Sr., said. “When I was ready to retire, he took over the business in the late 1970s.”
Some Island landmarks built by the Holmes Construction Company were the Island Bank, now Wells Fargo; the Island Shopping Center; Pete Reynard’s Yacht Club, soon to be the Waterline Marina Resort; the Foodway, now the Waterline Shops; Seaside Gardens; the Layby; Shell Point condominiums; Bali Hai Resort; Via Roma Resort; the Christian Science Church, now demolished; the Island Beach Club and the Catalina Resort.
“When I took over the business, I had a friend, Don Rowe, who bought into the business,” Hugh Jr. said. “He married my sister, Donna, and she did the books. After awhile we went our separate ways amicably, and I continued with the business.
“When my son Hugh III got out of school, he worked with us until the recession hit. Now he’s doing property management on Siesta Key.”
The business offers a full range of construction services from remodeling, repairs and storm protection to new residential and commercial construction in addition to managing the Island Shopping Center and Holmes Beach Busines Center.
Holmes
Construction Co.
5343 Gulf Drive
Holmes Beach
778-2924
Monday through Saturday
8 a.m. to 5 p.m.
www.holmes-construction-co.com
High-income earners can still use a Roth IRA
Investment Corner By Tom
Breiter
Have you ever known something was right for you and been told you couldn’t have it? It can be pretty frustrating. Many high-income earners, who would like to contribute directly to Roth accounts, cannot do so because of IRS income limits. However, that doesn’t mean it’s impossible for high-earners to reap the benefits associated with Roth accounts, such as tax-free growth, tax-free distributions and no required minimum distributions. They may be able to participate in Roth accounts by:
1. Converting an existing Traditional IRA to a Roth IRA. Anyone can move the assets accumulated in a traditional IRA account to a Roth IRA account, regardless of income. The catch is you’ll owe current income tax on the amount converted. This may be a sound choice if:
• You want tax-free income during retirement;
• You expect to be in the same or a higher tax bracket in the future;
• You can pay taxes owed from sources other than the IRA account;
• You plan to leave the account for your heirs.
2.Completing a backdoor Roth conversion. If you earn too much to contribute directly to a Roth IRA (adjusted gross income of $131,000 or more for a single filer; $193,000 for joint filers in 2015), then you can contribute to a non-deductible traditional IRA and convert it to a Roth IRA. This is called a backdoor Roth conversion. It may have some appeal for high-income individuals even though IRA contribution limits, which are $5,500 in 2015 ($6,500 if you are age 50 or older), make it difficult to build a substantial position.
Before pursuing a backdoor Roth conversion, it’s essential to thoroughly understand the rules and limitations. For example, the pro-rata rule requires individuals who are complete backdoor Roth conversions to calculate taxes owed across all untaxed IRA assets. So, if you have other IRAs that have not been taxed then a pro-rata portion of any assets converted to a Roth IRA may be taxable. Your financial professional or tax account will be helpful in understanding the limitations.
If you complete a Roth conversion of any kind and regret the decision, you can re-characterize the conversion by converting the Roth IRA assets back into a traditional IRA. This must be done within specific time frames.
3. Making Roth contributions to a 401(k) plan. Not all employer-sponsored retirement plans offer Roth 401(k) plan contributions. If yours does, take advantage of it. There are no income limits on Roth 401(k) contributions and contribution limits are more generous than those for traditional IRAs. During 2015, plan participants may contribute up to $18,000 to a 401(k) plan account, plus up to $6,000 more, if they are age 50 or older.
No matter how much money you earn, it is possible to enjoy the benefits of a Roth account. Just make sure you talk with a financial professional and understand the rules, limitations and potential impact of any conversion before you take action.
Tom Breiter is president of Breiter Capital Management, Inc., an Anna Maria based investment advisor. He can be reached at 778-1900. Some of the investment concepts highlighted in this column may carry the risk of loss of principal, and investors should determine appropriateness for their personal situation before investing. Visit www.breitercapital.com.
