FOR BREAKING NEWS VISIT www.qns.com DECEMBER 8, 2016 • BUSINESS • THE QUEENS COURIER 23 business THE PERFECT PITCH Both job seekers and business owners need to have a pitch that will quickly explain what they do and why they do it. To give our readers more information about the perfect pitch I spoke with Jacqueline Franchetti, Chief Marketing Officer of Franchetti Communications, about her fi rm’s pitch presentation coaching, which was designed to give executives the skills they need to deliver a pitch or sales presentation that gets results. Q: What is a pitch and why would a small business owner or job seeker need one? A: The pitch is the most important communication tool small business owners have in their arsenal. Businesses need the perfect pitch to succeed; it’s essential for getting heard, getting recognized and getting ahead. In business, a pitch is used to convey what you have to offer – it can be about you, about your product or service(s), about a great idea that needs funding, or about a new concept to present to your organization. Job seekers will use their pitches when networking, on interviews and when introducing themselves to people who can give them job leads. Q: How do you decide what to say? A: Crafting the perfect pitch takes time. It’s one of the most daunting tasks you’ll ever accomplish, even for experienced communicators. To craft the perfect pitch, put your audience or customers fi rst. You have to think ‘what’s in it for them,’ not ‘what’s in it for me.’ Most people have the hardest time translating what they are pitching into something that matters to their audiences. But that’s the most essential element. The ‘aha’ moment comes when speakers put themselves in their audience’s shoes. From there, they can craft a strong pitch. Q: What verbal cues are important when giving a pitch? A: One of the most important factors of successful communication is authenticity – demonstrating your passion and commitment to your message and showing that the pitch itself is well considered and thoughtful. Authenticity helps keep your pitch from becoming stale – the pitch itself or your delivery of it. The most important way to demonstrate whether your pitch is worth paying attention to is by tailoring it for your audience. A room full of engineers will prioritize information differently than a room full of Wall Street investors. Businesses succeed with perfect pitches, so take the time and effort to customize your pitch for your audience. Q: What is the most important thing to keep in mind as you deliver your pitch? A: Remember this – only you know what you plan to say, the audience doesn’t. So if you have a misstep, you’re the only one who knows it. Keep going, keep smiling and don’t let it wreck your confi - dence. Mindy Stern SPHR, SHRM-SCP, ACC is an author, career coach, leadership development specialist and trusted HR Advisor. She frequently speaks at leadership conferences and workshops. If you would like your questions answered in this column, just email info@aimresourcegroup. com or visit the website at www.aimresourcegroup.com. The Elder Law Minute TM Passing your home to your children BY: RONALD A. FATOULLAH, ESQ. AND STACY MESHNICK, ESQ. Giving your house to your children can have potential tax consequences, but there are ways to accomplish this transfer without the negative side effects. The best method to use will depend on your individual circumstances and needs. The simplest way to give your house to your children is to name them as beneficiaries in your will. If you are a New York resident, as long as the total value of your estate is under $4,187,500 (until April 2017), no estate taxes will be imposed. In addition, when your children inherit property rather than receive it as a gift during your lifetime, it reduces the capital gains tax liability upon the ultimate sale of the property. Capital gains taxes are paid on the difference between the “basis” in property (purchase price plus capital improvements) and its selling price. If children inherit property, the property’s tax basis is “stepped up,” which means the basis is increased to the value of the property at the time of death. For example, if your home is worth $2,000,000 on your death and your children inherit it, they will have a $2,000,000 basis, irrespective of what you paid for it. However, if you were to need Medicaid at any time before you died, the ownership of this home would create eligibility issues. Another option is to gift the home to your children during your lifetime. For federal estate and gift tax purposes, you can gift a total of $5,450,000 (in 2016) over your lifetime without incurring a gift tax. If your residence is worth less than $5,450,000 and you give it to your children, you likely will not have to pay any gift taxes, but you will still have to file a gift tax return with the Internal Revenue Service for informational purposes. The downside of gifting property during your lifetime is that it creates capital gains tax consequences for your children. When property is gifted without any retained interest, it does not receive a stepped up basis, as it would when it is inherited. If you paid $30,000 for your home your children will take on your $30,000 basis. If they sell the home, they will pay capital gains tax on the difference between $30,000 and the sale price. In addition, gifting a house to your children can have consequences if you apply for Medicaid within five years of the gift. Another method of transferring property is to put it into a trust that names your children as beneficiaries. With certain types of trusts, the property will no longer be a part of your estate when you die, so your estate will not incur estate taxes. The house will also not be subject to Medicaid estate recovery. With other types of irrevocable trusts, the home will remain a part of your estate, but will be out of your name for Medicaid eligibility purposes. The downside of this alternative is that once the house is in the irrevocable trust, it cannot be taken out again. Although the house can be sold, the proceeds must remain in the trust. Similar to making a gift, if you apply for Medicaid within five years of transferring the house to a trust, you may be subject to a Medicaid penalty period. Figuring out the best way to pass property to your children will depend on your individual circumstances. Talk to your elder law attorney to decide what method will work best for your family. Ronald A. Fatoullah, Esq. is the principal of Ronald Fatoullah & Associates, a law firm that concentrates in elder law, estate planning, Medicaid planning, guardianships, estate administration, trusts, wills, and real estate. Elizabeth Forspan, Esq. is the managing attorney of the firm. The law firm 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 with Advice Period, a wealth management firm. The wealth management firm can be reached at 424-256-7273. ELDER LAW RONALD FATOULLAH ESQ, CELA* EMPLOYMENT MATTERS MINDY STERN SPHR, SHRM-SCP, ACC
QC12082016
To see the actual publication please follow the link above