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QB042016

B U S I N E S S • R E A L E S T A T E • H O M E I M P R O V E M E N T business A QUEENS COURIER SUPPLEMENT • APRIL 2016 Employment Matters - Overcoming the Fear of Negotiating Salary The Elder Law Minute TM The Importance of a Reliable Fiduciary BY RONALD A. FATOULLAH, ESQ. AND DEBBY ROSENFELD, ESQ. Our clients take their estate planning decisions very seriously - as they should. Leaving one’s assets to loved ones and/ or charities, either through a will or a trust, involves serious thought and lengthy discussions. A decision that should also be given great thought is the choice of the individual who will carry out all of the client’s wishes. A person designated to carry out the testator’s bequests in a will is an executor and the person chosen to carry out the grantor or trustor’s wishes in a trust is the trustee. Both an executor and trustee are referred to as the fi duciary. The fi duciary represents the estate of the deceased person (“decedent”) and typically is an individual in whom the decedent, when alive, had placed the utmost trust and confi dence to manage and protect his or her property or money. Once an individual dies, the appointed fi duciary is required to step in and take charge of matters. For example, if the decedent owned a home, the fi duciary must intervene as quickly as possible to secure the premises and make sure nothing is taken. There can be far reaching repercussions if this is not done. Firstly, if there is more than one benefi ciary and if the relationship amongst the benefi - ciaries is not a good one, the fi duciary must eliminate the possibility of one of the benefi ciaries entering the home and taking some or all of the decedent’s personal property. Furthermore, even if the benefi ciaries are all in agreement, the fi duciary is responsible for securing the property to ensure that it is not vandalized or left neglected. If a fi duciary fails to secure the assets comprising the estate in a timely fashion, the estate might incur a loss for which the fi duciary would be personally responsible. Very often, an individual will die with certain debts. These debts must be paid off before the assets in the estate can be distributed. After a person dies, creditors are given a certain amount of time to come forward with their respective claims. Sometimes, the estate does not have suffi cient funds to repay all the creditors plus make distributions to the benefi ciaries. Certain creditors, such as the Internal Revenue Service and Medicaid, have a higher priority than other creditors and are entitled to be paid fi rst. A prudent fi duciary must be aware of these priorities and must not pay all claims as soon as they come in lest there be insuffi cient funds for the remaining creditors. Once all the assets of the estate are identifi ed and secured, it is also the responsibility of the fi duciary to make sure they are held and invested properly. Some investment vehicles can fl uctuate dramatically and the fi duciary is bound by a certain standard in order to ensure that the value of the estate does not diminish signifi cantly. This does not mean that the fi duciary is required to have expertise in fi nancial planning. Rather, the fi duciary must consult with a reputable and certifi ed fi nancial planner to safeguard the assets of the estate. Sometimes a client will not provide for outright distributions to certain benefi - ciaries. For example, if a father feels that his son cannot handle money properly, he might leave the son’s portion in trust with a trustee having discretion as to when the son should receive payments. It is important that the trustee in such a case exercise prudence and sound judgment and not be vulnerable to any pressure the son may exert. Finally, once a person dies, there are fi lings which must be effected. Aside from admitting the will to probate, the fi duciary must also complete various tax fi lings, including an estate tax return if the value of the estate exceeds the allowable threshold. Further, an income tax return must be fi led for the year in which the decedent died and an income tax return must be fi led for the estate. All these requirements and cautions should not scare people away from accepting the job of fi duciary. Rather, clients should exercise prudence in whom they choose to carry out this signifi cant role. Once appointed, the fi duciary can seek the services of a qualifi ed estate administration attorney to help him or her navigate the entire process. 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* Q: I feel that I deserve an increase in my salary. How do I negotiate a fair salary for the work that I do? Dreading the Talk A: Dear Dreading, Whether you are starting a new job or hoping for a raise at your current position, negotiating salary is something that needs planning and forethought. A survey by Salary.com revealed that only 37% of people always negotiate their salaries—while 18% never do. Surprisingly, 44% of respondents claim to have never brought up the subject of a raise during their performance reviews. The ability to advocate for yourself and successfully negotiate is a necessity in today’s workplace. Check out the tips below to learn how to negotiate without fear. TIP # 1. If you are interviewing you have the most power to negotiate a salary after your future employer has made a verbal offer, but before you sign a job offer. At that point the employer has decided that they want to hire you and typically want you to start work as soon as possible. This is the time to negotiate, whether you are asking for more money, more vacation time or a later start date. TIP # 2. If you are currently working and believe you deserve higher compensation, you have the most power to negotiate salary either before you begin a new assignment or after you have successfully completed an important assignment. If your employer tells you that this is not the best time to increase your salary, calmly restate your logic and request to revisit the issue in a few months or at performance review time (whichever is sooner). TIP # 3. Whether you are starting a new job or want an increase at your current job, you need to be prepared to use facts and fi gures to back up your request. Go to salary.com or glassdoor. com to learn about comparable salaries for similar positions within your industry and location. After doing the research, determine the salary you want, then ask for a little more to allow room for compromise. TIP # 4. Before you begin to negotiate role play with a trusted advisor or friend to get comfortable with the dialogue. Most employers expect to get some pushback when discussing salaries, and will try to fi nd a middle ground with you. Position the negotiation as a win-win situation to make it a more collaborative conversation. If you’ve done your homework and know what you’re worth, you should be able to enter into negotiations with the confi dence and optimism that will help you negotiate with success. 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 if you would like to brainstorm your negotiating techniques. Do you want your questions answered in this column? Send requests to: www.askmindynow.com


QB042016
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