46 THE QUEENS COURIER • QUEENS BUSINESS • NOVEMBER 14, 2019 FOR BREAKING NEWS VISIT WWW.QNS.COM
queens business
Elder Law Minute TM
Estate planning when divorce is imminent
BY RONALD A. FATOULLAH, ESQ.
AND JOSEPH BRENINGSTALL, ESQ.
Only about 40 percent of adults in the
United States currently have estate planning
documents such as a will or living
trust. And approximately 40 percent of
fi rst marriages will end in divorce.
Th is article will highlight a few key strategies
for those who fall into both categories
to make sure their wishes are protected
during and aft er the process of separation
and divorce.
First, one should be familiar with his/her
existing documents and understand what
needs to change now that he or she is getting
divorced. Th ese documents include
the individual’s will, living trust, health
care proxy, power of attorney, insurance
policies, payable-on-death accounts and
401K and IRA benefi ciary designations.
For a will and/or living trust, an individual
will want to be sure to remove any provisions
for the ex-spouse and make sure
that the ex-spouse is not listed as the executor
and/or trustee. Th is will ensure that
the individual’s “ex” does not receive any
ELDER LAW
assets when he or she dies and will have no
control over the estate or trust.
Generally, couples appoint each other
as agents to make healthcare decisions for
one another on their respective health care
proxies, so this is another document that
would need to be updated if an individual
does not want his or her ex to make these
decisions any longer.
Th e power of attorney is a very broad
and powerful document which allows the
agent to step into a person’s shoes and
make fi nancial decisions on his/her behalf.
It is obvious that in the context of a divorce
it is very important to revoke any existing
power of attorney that appoints one’s
ex as agent.
One must also be careful when it comes
to life insurance policies and divorce.
Oft en the divorce settlement will require
that an ex-spouse maintain a life insurance
policy that was in eff ect at the time
of the divorce. Life insurance may also be
required to guarantee the continued fl ow
of alimony, child support or both, as determined
by the divorce settlement.
If the divorce settlement is silent with
regard to life insurance, it is important to
be clear on how the policy is paid and what
it guarantees. Whoever owns the policy is
responsible for paying premiums and keeping
the policy in force and also would have
the authority to change benefi ciaries.
If divorce is likely, it is also crucial to
address payable-on-death accounts. Many
people name their spouse as the primary
benefi ciary on their accounts, so if an
individual does not want their ex named
as benefi ciary, they need to make sure to
reach out to the fi nancial institution(s) to
make that change.
Th e same holds true for 401K and IRA
benefi ciary designations. Individuals must
make sure that their 401K and IRA benefi -
ciary designations are consistent with their
wishes. If one does not want to name his
or her ex-spouse as a benefi ciary, it would
be prudent to execute a new benefi ciary
designation dated aft er the divorce.
It is advisable to reach out to an estate
planning attorney during the divorce
process to review one’s overall estate
plan in light of the new circumstances.
Divorce is never an easy or pleasant thing
to go through, but knowing that one’s
aff airs are in order and having an estate
plan that refl ects one’s current priorities
should make the process a bit smoother.
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 associate 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.
RONALD FATOULLAH
ESQ, CELA*
editorial
The Power of Gratitude
Dear Mindy, I work hard
every day, but rarely get the
type of appreciation I would
like to hear. Many of my colleagues
feel the same way.
Can you give me some suggestions
to encourage gratitude
at work?
— Frustrated
Dear Frustrated,
Th e fact is that most people
feel happier at work if they
are either giving or receiving
thanks. Hearing “thank you” for a
job well done makes people feel more
fulfi lled and motivated to repeat good
performance.
Managers are oft en focused on telling
their teams what needs to be fi xed,
rather than focusing on
being grateful for what is
working. Th at’s why it is
important to understand
the power of giving thanks
for what we have, instead
of complaining about what
we lack.
Th ere are many opportunities
to express gratitude
at work. Here are a few easy
ways to create a sustainable
gratitude culture:
• Create a gratitude
wall. Encourage employees to
thank each other publicly on a bulletin
board with sticky notes or index
cards. Include pictures to draw attention
to the gratitude wall. Employees
can thank each other for something
as simple as bringing in donuts, or as
complex as completing a project.
• Include kudos. Create a Kudos section
in your company newsletter. Let
people know who is going “above and
beyond” and who is grateful for their
extra eff orts. It will encourage others
to model that behavior.
• Build a gratitude platform. For tech
savvy organizations, create a gratitude
platform that employees can easily
access to recognize each other’s contributions
and publicly highlight their
achievements.
• Establish a Win-Win. Create a contest
to express special thanks to an
employee each month and make sure
that nominations and winners represent
various areas of the organization.
• Keep a gratitude journal. List things
for which you are thankful on a daily,
weekly or monthly basis. Keep the
journal where you can see it as a daily
reminder to think in a grateful way.
When people are thanked for their
work, they are more likely to increase
their feelings of trust and have a higher
sense of well-being. Focus on fi nding
ways to sustain gratitude to create a
healthy balance at work.
What are you grateful for?
Mindy Stern, SPHR, SHRM-SCP,
ACC is a trusted HR advisor, leadership
coach, author, educator, speaker
and president of AIM Resource Group
Inc. For more information visit the
website at www.aimresourcegroup.com
or send an email to info@aimresourcegroup.
com .
EMPLOYMENT
MATTERS
MINDY STERN
SPHR, SHRM-SCP,
link
link
link
/www.aimresourcegroup.com
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