36 THE QUEENS COURIER • MARCH 12, 2015 FOR BREAKING NEWS VISIT www.queenscourier.com business EMPLOYMENT MATTERS 5 Success Tips Dear Mindy, I am graduating from college this spring and I fi gured out how to be successful in school. Can you tell me what characteristics are necessary to be successful in the business world? College Grad Dear College Grad, Successful people approach their personal and professional life with clear direction and unwavering focus. Integrate the following tips into your daily routine and you will be more likely to meet with success in business and in life. 1. Set Goals and Commit to Achieving Them - Successful people set very specifi c short term goals that ultimately lead the way to achieving broader long term goals. Setting and achieving goals takes a lot of consistent work that allows for gradual, but consistent growth. 2. Have Focus and Direction – While setting and achieving goals is a cornerstone to success, if you set unrealistic goals you will not be able to attain them. Focus on small achievable goals that will help build your confi dence. Set priorities so that you can manage your time effectively and don’t be afraid to say no to “time wasters” that take you away from your direction. 3. Regard Mistakes as Learning Experiences - In order to achieve success, people must believe in themselves. Negativity holds you back and does not allow you to make progress in life. Everyone makes mistakes. However, successful people regard mistakes as learning experiences, not as an excuse to quit trying. Only you can determine how much or how little you achieve. 4. Work Smart, Not Hard – Make a conscious effort to spend time pursuing work and activities that get you closer to achieving your goals. Take time to determine how you can be more productive and effective rather than busier. Once you defi ne your long term goals, it is easier to make good decisions in your life. 5. Maintain Health and Well-Being – It is easier to be productive when you are healthy and happy. Here are a few essentials to well-being: surround yourself with supportive people, take vacations, get suffi cient sleep, eat healthily, exercise regularly, maintain high ethical and moral standards, spend within your means and fi nd ways to eliminate stressors in your life to ensure that you are living up to your potential. Learning how to manage your time, your health, your fi nances and your goals will add up to a positive, successful future. Mindy Stern, SPHR, ACC is a career coach, author, speaker, trusted HR advisor and president of AIM Resource Group Inc. If you are ready to make a meaningful impact on your career call for a free 30 minutes strategy session. Visit the website at www. aimresourcegroup.com or call 718-217-1074 to get results! Do you want your questions answered in this column? Send requests to mstern@aimresourcegroup. com . The Elder Law Minute TM Six Common Estate Planning Mistakes BY RONALD A. FATOULLAH, ESQ. AND DEBBY ROSENFELD, ESQ. Most people have the best of intentions with regard to how they want their estates to be distributed upon their demise and how their affairs should be handled if they become incapacitated. Unfortunately, without proper planning, the best of intentions may not be enough. The following are six of the most commonly made mistakes in estate planning: Failing to plan. The biggest mistake is failing to create a comprehensive plan in the fi rst place. If an individual does not have an estate plan, his assets will be distributed upon his death according to the law in the state in which he resides. In New York, a surviving spouse is entitled to $50,000 plus half of the estate, with the children inheriting the balance. A single person’s estate will pass to his children, parents, or siblings. If a person dies with absolutely no living relatives, his estate passes to the state in which he was domiciled. These results often do not comport with what the individual would have wanted. In addition, without an estate plan, a parent with minor children has no way to name the guardian(s) of his children or who will act for him if he becomes incapacitated. Doing it yourself (“DIY”). Some people are tempted to save money by using a do-it-yourself online will service or by simply writing something up themselves, but these poorly drafted documents often end up costing the estate and heirs additional money in the end. It is impossible to know, without a legal education and years of experience, the correct legal solution to any particular situation or what planning opportunities may be available. If there is anything about a family situation that is not commonplace, using a DIY estate planning program means taking a large risk that can affect one’s family for generations to come. The problems created by not getting competent legal advice probably will not be borne by the person creating the will, but may well be shouldered by such person’s children and grandchildren. Not planning for disa bility. A properly drafted estate plan not only specifi es what will happen to one’s assets upon death; it also plans for what happens if one becomes incapacitated. It is important to have documents, such as a power of attorney and health care proxy that appoints a trusted agent to act on an incapacitated person’s behalf with respect to both fi nancial and medical matters. Failing to fund a trust. Even if a person has implemented an estate plan, his work is not necessarily done. If one’s estate plan includes a trust, the trust has to be funded in order for it to be effective. A trust is “funded” by retitling assets in the name of the trust. If assets such as a brokerage account or the deed to a house or are not retitled in the name of the trust, the trust is nothing more than an empty shell and will be useless. Not checking one’s benefi ciary designations. All individuals should periodically review their retirement plan benefi ciary designations to make sure they are not outdated. Retirement accounts are most often distributed according to the forms that are fi lled out with the account holder. Typically, a retirement asset will not pass to the benefi ciary through a will or trust. Every retirement account owner needs to make sure that he has named a benefi ciary as well as a successor in case the named benefi ciary predeceases him. If a retirement account does not have a named benefi - ciary, it will pass through the person’s estate, which may result in negative tax consequences. Not reviewing the plan. Once a person has an estate plan in place, it is important to keep it up to date. Circumstances change over time and one’s estate plan needs to keep up with these developments. Major changes that may affect a person’s plan include getting married or divorced, having children, or experiencing an increase or decrease in assets. Even if an individual does not experience any major changes, he should review his plan periodically to make sure it still expresses his wishes. Consulting with an experienced estate planning/ elder law attorney is probably the best way to ensure that these mistakes are not made. Ronald A. Fatoullah, Esq. is the principal of Ronald Fatoullah & Associates, a law fi rm that concentrates in elder law, estate planning, Medicaid planning, guardianships, estate administration, trusts, wills, and real estate. Debby Rosenfeld, Esq. is a senior staff attorney at the fi rm. The law fi rm can be reached at 718-261-1700, 516-466-4422, or toll free at 1-877-ELDER-LAW or 1-877-ESTATES. Mr. Fatoullah is also the co-founder of JR Wealth Advisors, LLC. The wealth management fi rm can be reached at 516-466-3300 or 800-353-3775. ELDER LAW RONALD FATOULLAH ESQ, CELA*
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