34 THE COURIER SUN • OCTOBER 10, 2015 FOR BREAKING NEWS VISIT www.couriersun.com business Employment Matters – Secrets of Effective Managers Dear Mindy, I have recently been promoted to a manager position and am looking for some guidelines to follow. In the past I have had managers who have been less than inspirational and I want to start on the right foot. Do you have any recommendations about where to start? New Manager Dear Manager, Whether you’re stepping into a management role at a new company or you’ve just been promoted and will now be managing your former colleagues, here are a few secrets of effective managers: Get to Know Your Staff: Effective managers know that they will only be as successful as their individual team members. That begins with listening to your employees and building trust. Let your employees know that you are there to support them individually and as a team. Recognize that each member of your team has individual strengths, unique personal motivators and their own communication style. The best leaders will modify their management style to refl ect the needs of their individual team members. Getting to know your team members and learning how to communicate with them on an individual level will enable you to lead the team effectively. Communicate Early and Often: A big part of being a good manager is listening to your employees. Managers who listen more than they speak can gain valuable insights into the organization. Let your employees know that you care about their opinions and want to hear them. Get input from the team before making changes and keep an open door policy to encourage honest communication. Regularly scheduled team meetings are an effective way to build strong teams and inspire team members to creatively solve problems together. Set Clear Goals and Expectations: Employees need to know what is expected of them, especially during times of change. Meet with each employee to establish realistic individual goals and make sure that both you and the employee understand the necessary steps to accomplish the goals. Clearly communicate your expectations for the team and help them understand what success means in your organization. Meet regularly to ensure that you are holding your team accountable for their goals and take corrective actions quickly. Take Your Time: While it is important to communicate your vision for the team, save massive changes until you have had the time to build trust. While your new ideas may lead the team in the right direction, they will be accepted more readily if you have the team’s buy-in. Change is hard for many people to accept, so make sure that you take the time to understand how your changes can impact employees and the organization before implementing new polices or ideas. Encourage Creativity and Innovation: Effective leaders know that one of their most important jobs is to develop their people. Invest in classes that will encourage your team members to strive for ongoing professional development. Challenge your team members to fi nd creative ways to solve problems and actively encourage innovation. Find ways to recognize and appreciate those who step up to the challenge. Employees want their managers to be open to new ideas, show integrity and be responsive to their needs. They like to feel valued and be recognized when they have achieved success. If you focus on your employees you will gain their respect and be able to build a trusting relationship as a new leader. If you would like tips for the most effective ways to communicate at work contact Mindy directly at www.askmindynow. com . Mindy Stern, SPHR, SHRM-SCP, ACC is a trusted HR advisor, career coach, author, speaker and president of AIM Resource Group Inc. 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: www.askmindynow.com The Elder Law Minute TM “UTMA” AND GIFTING TO MINORS BY RONALD A. FATOULLAH, ESQ. AND STACEY MESHNICK, ESQ. Parents and grandparents often want to make gifts to minor children and grandchildren. The Uniform Transfers to Minors Act (“UTMA”) allows any adult such as a parent or grandparent to establish custodial accounts for a minor child, into which money can be deposited as a gift. Any adult may make the gift and any adult or bank/trust company may act as custodian. In 1996, the New York legislature enacted the UTMA, which replaces the Uniform Gift to Minors Act (“UGMA”). The UTMA applies to all irrevocable gifts made on or after January 1, 1997. The UGMA was repealed in 1997 and the provisions of the UTMA govern accounts established under either statute. The custodian of the account may provide to the minor, or spend for the minor’s benefi t, as much of the assets as the custodian considers advisable for the use and benefi t of the minor. However, the minor has no control over the property until he or she reaches the age of majority, at which time the custodian must turn the money over to the child. The age of majority is 21 for all UTMA accounts in New York unless the donor/transferor stipulates the age of 18, and 18 for all UGMA (i.e. pre January 1, 1997) accounts in New York. The account is titled in the name of the child, shifting the tax liability to the child, who is typically in a lower tax bracket than the adult parent/grandparent. For children, or students under age 24, income below $1,000 is not taxed, income from $1,000 through $2,000 is taxed at the child’s rate, and income over $2,000 is taxed at the rate of the adult who gifted the money to the child. Once a gift is deposited into an UTMA account it is irrevocable. In other words, the money cannot be returned to the person who deposited the money. However, the adult gifting the money retains control of the money and decides how it will be invested for the benefi t of the minor. For fi nancial aid purposes, custodial accounts are considered assets of the student and may, therefore, affect fi nancial aid. Any money in custodial accounts will be counted as part of the custodian’s taxable estate if the custodian is the legal guardian of the child and if the custodian dies before the child has reached the age of majority. For children on SSI/Medicaid, UGMA/UTMA funds are disregarded when determining Medicaid eligibility. Disbursements from such accounts may be countable income to the child if they are used to make certain payments to third parties such as retailers and merchants for goods or services provided to the child. When the minor reaches the age of majority, the funds become available to the child, which may affect his or her eligibility for government benefi ts. For grandparents establishing UTMA accounts for their grandchildren, the money is not an available asset to the grandparent should she/he ever apply for Medicaid benefi ts. Remember that at age 21, the assets in the UTMA account are the child’s assets. This may become problematic if, at that time, the child experiences psychological, physical, or addiction issues. It is important to speak with a knowledgeable attorney and fi nancial advisor in order to consider all gifting options and their effect on planning. 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. Stacey Meshnick, Esq. is a senior staff attorney at the fi rm who has chaired the fi rm’s Medicaid department for over 15 years. 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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