30 THE QUEENS COURIER • QUEENS BUSINESS • NOVEMBER 12, 2020 FOR BREAKING NEWS VISIT WWW.QNS.COM
queens business
Leader of National Urban League joins
Resorts World panel for career day event
BY BILL PARRY
bparry@schnepsmedia.com
@QNS
Seeking to help college students in a time
of job market insecurity and an unstable
economy, Resorts World Casino New York
City hosted a recent virtual career day with
National Urban League President and CEO
Marc Morial, author of the new book “Th e
Gumbo Coalition.”
Morial, the former mayor of New
Orleans, shared his life experience and provided
career advice with the participants.
“To be a great leader, you must be able
to unite people from all backgrounds with
seemingly competing agendas to come
together under a common cause,” Morial
said. “I am honored that Resorts World
supports my vision of coalition building
and investing in the development of future
leaders.”
Joining Morial were Resorts World
Casino New York City and Resorts World
Catskills employees and executives who
talked about working in the hospitality
Photo courtesy of Resorts World Casino
industry, discussed the job skills that
helped their careers and provided advice
for surviving in a post-COVID world.
“During one of the most challenging
economic environments of our lifetime, it
is our duty to help this generation of college
students so that they can be well-prepared
to enter the job market and build
careers,” Resorts World Chief Marketing
Offi cer Darlene Monzo said. “We are
incredibly grateful to have been joined by a
luminary and visionary in Mr. Morial and
not only did the students gain tremendously
from his perspective, but the Resorts
World team did as well.”
Additionally, Morial showcased Th e
Gumbo Coalition Leadership University
series, which he is launching in partnership
with Harper Collins and One Street
Books in the spring. Th e lecture series,
sponsored by Resorts World, will provide
students with tools to help them unite and
work for positive change in the world. In
the series, Morial shares coalition-building
techniques, inspirational anecdotes and
action-oriented leadership strategies.
More than 80 students from various
colleges and universities including SUNY
and CUNY, as well as several private
schools across New York state, participated
in the event and had the ability to ask
questions of the panelists. Th e event concluded
with a virtual tour of the Resorts
World facilities.
“Resorts World is always looking for the
brightest and most outgoing candidates
who were willing to step up and provide
outstanding engagement for our guests,”
Monzo said. “Conducting this career day
virtually is a testament to the progressive
nature of our company. Th ose looking for
an exciting career in the realm of entertainment,
hospitality, and gaming were able to
participate in this great event.”
Meanwhile, state Senator Joseph
Addabbo commemorated nine years of
Resorts World in New York City.
“I am proud today to help celebrate
Resorts World Casino New York City’s
nine-year anniversary here in South Ozone
Park. For nearly a decade, Resorts World
has provided entertainment for thousands
of our local residents and visitors alike,”
Addabbo said. “Th e casino has been an
outstanding community partner and created
over a thousand jobs, many of which
have been fi lled by residents of the immediate
communities. In addition to providing
our state with billions in state revenues,
Resorts World NYC has contributed
to New York state over $3 billion in educational
funding, I would like to congratulate
the entire Resorts World NYC team on this
amazing milestone and look forward to
working with them in the future.”
Elder Law Minute TM
Numbers to Know for Your 2021 Taxes
BY RONALD FATOULLAH, ESQ. AND
JOSEPH BRENINGSTALL, ESQ.
In October of this year, the IRS issued
updated revenue procedures outlining
changes in the various tax rates, brackets
and exemptions, as well as other income
and estate and gift tax exclusions.
Th ese revenue procedures will aff ect
the 2021 tax year and will apply to taxes
that are fi led in 2022. Th is article will discuss
a few of the commonly used exemptions
and exclusions.
Th e standard deduction for married
couples fi ling jointly for tax year 2021 rose
from $24,800 to $25,100. For single taxpayers
and married individuals fi ling separately,
the standard deduction rose from
$12,400 to $12,550 for 2021. For heads of
households, the standard deduction went
from $18,650 to $18,800 for tax year 2021.
Th e personal exemption eliminated under
the Tax Cuts and Jobs Act remains at $0.
Th e marginal rate for the highest tax
bracket remained the same at 37%; this
applies to individuals earning more than
$523,000 and to married couples earning
more than $628,000 who fi le jointly. Th e
other rates are as follows: 35% for individuals
earning more than $209,425 and
to married couples earning more than
$418,850 who fi le jointly; 32% for individuals
earning more than $164,925 and
to married couples earning more than
ELDER LAW
$329,850 who fi le jointly; 24% for individuals
earning more than $86,375 and
to married couples earning more than
$172,750 who fi le jointly; 22% for individuals
earning more than $40,525 and
to married couples earning more than
$81,050 who fi le jointly; 12% for individuals
earning more than $9,950 and
to married couples earning more than
$19,900 who fi le jointly; and fi nally, 10%
for individuals earning less $9,950 or less
and to married couples earning less than
$19,900 who fi le jointly.
For tax year 2021, there is no limitation
on itemized deductions. Th e monthly
qualifi ed transportation benefi t remains
at $270; this applies to the parking benefi
t as well. Th e dollar limitation on voluntary
employee salary reductions for
contributions to health fl exible spending
arrangements remains $2,750.
For an estate of any decedent dying in
calendar year 2021, the basic exclusion
amount is $11,700,000 for determining
the amount of the unifi ed credit taking
into account any lifetime gift s above the
annual exclusion amount.
As an aside, the generous federal
estate and gift tax exclusion amount of
$11,700,000 per person ($24,000,000 for
a married couple) would allow an individual
to transfer that amount out of
their estate and lock in the current exclusion
amount. Regardless of what happens
with the tax laws as a result of the
election, the current exclusion amount
is set to “sunset” on January 1, 2026, and
the exemption amounts will be reduced
back to $5,000,000 ($10,000,000 for a
married couple), adjusted for infl ation.
Accordingly, now is the time to act in
order to preserve this opportunity.
Th is is particularly true for New York
residents, because New York does not
have a gift tax, but it does have an estate
tax for estates that exceed $5,850,000
in value. Accordingly, if an individual
transfers the assets out of his or her
taxable estate during his or her lifetime,
he/she can save a signifi cant amount in
state estate taxes. However, the age and
health of the individual must be taken
into account because New York does have
a three year “clawback” on taxable gift s
made within three years of death. So, if
the individual should die within three
years of the transfer, those assets would
be included in his or her taxable estate for
New York estate tax purposes.
For the year 2021, the annual estate and
gift tax exclusion amount remained at
$15,000. Th is allows an individuals to gift
$15,000 to any number of people without
it being calculated against their lifetime
federal estate and gift tax exclusion.
Th is article provides a brief overview
of the changes to the more basic tax
rules that will apply in the year 2021. As
always, it is important to consult with a
competent professional to better understand
the tax rules as they apply to each
individual’s circumstances.
Ronald A. Fatoullah, Esq. is the founder
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. Joseph Breningstall, Esq.
is an elder law attorney with the fi rm.
Th e 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 a partner advisor
with Advice Period, a wealth management
fi rm that provides a continuum of
fi nancial and investment advice for individuals
and businesses, and he can be
reached at 424-256-7273.
Th is is not intended to be individual
legal advice which can only be provided
if you retain our fi rm. If you need legal
advice please contact our offi ces to schedule
a consultation at 1-877-ELDERLAW
(1-877-353-3752).
RONALD FATOULLAH
ESQ, CELA*
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