Hartford Business Journal

www.HartfordBusiness.com February 2, 2015 • Hartford Business Journal 21 Biz Books How to eliminate procrastination from your workday "E at That Frog! 21 Great Ways to Stop Procrastinating and Get More Done in Less Time" by Brian Tracy (Berrett-Koehler Publish- ers, $15.95). With so much coming at you on a daily basis, it's easy to unconsciously pro- crastinate about what to do next. Tracy introduces his ABCDE management approach to defining tasks by dis- tinguishing between pri- orities and posteriorities (i.e. low-value activities). "A priority is something you do more of and sooner, while a posteriority is some- thing you do less of and later, if at all." Posteriorities are the time-consuming empty calo- ries of your workday. Often, they're the things you can do quickly so you automatically elevate them to the top of your to-do list. It's likely that interruptions bubble up to the top, too. The ABCDE management of prioritizing requires you to "think on paper." Look at your to-do list at the beginning of each day. Categorize the items as follows: "A" (frogs) — Very important; must do. Ignoring these items diminishes the likeli- hood of positive consequences. If you have more than one "A" task, assign numerical priority, too. "B" (tadpoles) — These are should-do tasks. They may even- tually become frogs. Tracy states, "Never do a B task when an A task is left undone." "C" — Nice to do when you can afford the time. There are no consequences to not doing them. "D" — Delegate; make the B tasks someone else's frog or tadpole. This frees time to focus on your A tasks. Be clear about your expectations, so the subordinate can properly classify the task's priority on his/her to-do list. "E" — Eliminate activities that don't make a difference. Usually, these are things you do out of habit — like answering the phone and email pings. They're definitely posteriorities. The keys to making the ABCDE method work: 1. Take immediate action on your A-1 task; work until it's completed. 2. Stay com- mitted to following your priorities because discipline forms habit. • • • "Moving the Needle: Get Clear, Get Free, and Get Going in Your Career, Business and Life" by Joe Sweeney (John Wiley & Sons, $25). To frame your mindset for reading the book, answer three questions: "Am I having difficulty figuring out where my career is headed?" "What's my end goal and action plan for getting there?" "What could happen to force me to rethink my plan?" Your answers should go beyond motivation and inspiration. They need to define clarity of purpose — through values, relationships built and nurtured, and a commitment to follow through. A key clarity exercise: Differentiate yourself from colleagues at work. Identify unique attributes that make you stand out. It's a brand- building process that first focuses on the attributes of others. By understanding them, you get a better pic- ture of value added. The exercise involves asking thought-provoking questions and really listening to the answers. You'll not only discover common ground, but also learn more about how your skills compare, what holes you need to fill, how you can add value, and how they can add value. With what you discovered in mind, create action plans. These require fol- low through on what you intend to do for others — and yourself. They'll always require tweaking because, when it comes to growth, "when you change the way you look at things, the things you look at change." Embracing change identifies ways to constantly add value to your brand. There are short exercis- es at the end of each chapter to keep you on point. Retak- ing them from time to time as you move your needle will help you focus on what's next on your agenda. n Jim Pawlak is a nationally syndicated book reviewer. Jim Pawlak exPerts Corner Time for an estate planning checkup By Brett McGrath J ust as we should all be going to our family doctors as we get older to make sure we are healthy and in good physical condition, everyone should also periodically have a financial checkup, including a review of your estate plan and your estate planning documents, including wills and trusts. As a result of recent changes to the federal estate tax, as well as many state estate taxes, the urgency to review your will is at an all-time high. Currently there are 19 states, including Con- necticut, plus the District of Columbia that have estate taxes. Eight states are ushering in changes in 2015, such as lessening the death tax bite by increasing the amount exempt from the tax, or indexing the exemption amount for inflation. An estate plan review may be needed as a result of any one of the following reasons: • Change in marital status, births, adop- tions, or deaths of family members, beneficiaries and fiduciaries. • Change in residence or domicile (i.e., moved to a state where there is no estate tax). • Changes in the nature or extent of your assets, investments and business interests. • Reevaluation of the nomination of executors, trustees and guardians. • Revisions of tax laws and other laws relating to wills, trusts and estates, which may affect existing estate plans. In 2012, the federal estate tax exemption of $5 million per person (indexed for infla- tion) was made permanent. In addition, the concept known as porta- bility is now permanent. Portability allows a surviving spouse to use a deceased spouse's unused estate tax exclusion. For 2015, it appears as though the federal estate tax exemption will be $5.43 million per person, or $10.86 million per couple, up from $5.34 million per person and $10.68 mil- lion per couple in 2014. A 40 percent estate tax rate is applied to any excess over the exemption amount. By contrast, states with estate taxes typically exempt far less per estate. For example, Connecticut imposes a top tax rate of 12 percent on estates in excess of $2 million. As in the federal system, bequests to a spouse are estate tax-free. For tax purposes, gross estate includes all assets whether or not they go through probate. That means assets held in a revocable liv- ing trust are counted as part of the estate. The gross estate incudes: real estate (in Connecticut or elsewhere); bank accounts and CD's; investment accounts and securi- ties; vehicles and other personal property held in the state; proceeds from life insur- ance policies unless the ownership of these policies was previously transferred; retire- ment plan funds; business interests; and other assets Since many wills and revocable trusts have bequests that are tied to the federal or state estate tax exemption amount, it is important to review these documents to make sure that they maximize the tax benefits available while also benefiting your family in the manner you desired and planned for. It is possible that a well- prepared plan drafted several years ago may result in a state estate tax being due upon the death of the first spouse, even though this was never the intended or planned result. This issue, if it exists, can be avoided by proper planning now. n Brett McGrath is the partner-in-charge of tax and business services at accounting and advisory firm Marcum LLP's Hart- ford office. Brett McGrath letter to tHe editor Cities and towns are pushing regionalism efforts Dear Mr. Bordonaro, In your Jan. 26, 2015, editorial "State Must Re- examine Role of Local Governments," you mention the Municipal Opportunities and Regional Efficiencies committee championed by now House Speaker Bren- dan Sharkey. You should know that the 38 towns and cities in the Capitol Region Council of Governments have been charging ahead on more cost effective shared services from a cooperative purchasing council now serving more than 100 towns and cities, to online building permitting in two dozen cities and towns with many more teed up and ready to go. We support more efficient delivery of services and have been doing ever more of it. We have worked hard on a blueprint for future opportunities in shared services for the region. More needs to be done and state support and incentives can be a major help. While more efficient general municipal services will help to save money, the savings will be modest compared to overall municipal spending as the same number of direct providers such as police, fire, and snow plow operators will still be required. Since 65-70 percent of many municipal budgets are dedicated to K-12 education, more needs to be done to integrate town and education support services and to have K-12 spending grow no more than inflation with the appropriate adjustment for school population. Chip Beckett Beckett and Associates Veterinary Services, Glastonbury Chairman Capitol Region Council of Governments ▶ ▶ Eliminate activities that don't make a difference. Usually, these are things you do out of habit — like answering the phone and email pings.

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