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Author: Kacie Cotter-Harrigan

Term vs. Permanent: Understanding Life Insurance

Written by Kacie Cotter-Harrigan on . Posted in Families Today.

As a Certified Financial Planner®, I find that many people are confused about what kind of life insurance they should have. 

While life insurance is an important component of nearly everyone’s financial plan, there are several types, which can cause quite a lot of confusion. At their core, however, insurance falls into two categories: permanent and term.

The type of insurance you have depends on your anticipated need. If you feel your need for insurance will be permanent, meaning you’ll need it whether you die today or at age 95, then permanent insurance should be considered. Most people, however, only need life insurance to cover a specific period of time, making term insurance a preferable option.

Let’s take a closer look:

Term insurance is intended to cover a basic need: to replace the economic loss resulting from a death during a specific period of time. It sounds clinical, but that’s all it is. For example, if I have a child today, I may want to purchase a 25-year term policy to ensure that, if I were to pass away during childrearing, there would be sufficient assets to provide for my child. Once they’re out of the house the need no longer exists and the insurance term expires. 

With term insurance, you’re only paying for what you need, when you need it. Because of that, the premiums are much lower, relative to many permanent forms of insurance. 

Permanent life insurance is intended to cover a permanent need. The two most frequent permanent needs I encounter are: 

1. Estate planning: In order to provide for liquidity at death, or to create a tax-free estate at death, permanent life insurance strategies can be utilized. 

2. Pension replacement: In the event one spouse elected a single-life only pension, a permanent insurance policy can be used to replace the pension in the event of the pensioner’s death. 

In both of these circumstances, a permanent insurance policy is used simply because the insurance need exists for an unknown period of time. It would be unwise to use a term policy in these instances. 

Many people have been sold permanent insurance policies who may not have had a permanent need, on the premise that permanent insurance can build cash value against which tax-free loans can be taken in the future. While this is technically true, in my sixteen years in private practice, I’ve very rarely encountered a person who funded their retirement using their life insurance cash value. 

This is true for a variety of reasons. 

In order to grow significant cash value, the policy premiums needed are significantly higher than just the cost of insurance (which is all you pay in a term policy). While many people are well-intentioned on the front-end, life happens, and very often people reduce the amount they pay into their policies, which dramatically affects the policy’s performance. 

Another reason these policies often don’t live up to expectations is that life insurance agents may use unrealistic assumptions when illustrating future policy performance. If you bought a policy in the ‘80s, illustrated using 1980s interest rates, then you know exactly what I mean. 

The only time I see permanent insurance work as a savings vehicle, is for a client whose cash flow is such that they have maximized contributions to every other retirement savings vehicle, and still have significant money they need to sock away. 

It should be noted that some people start out with a temporary need which evolves into a need that is more permanent. Luckily, most term insurance is convertible into a form of permanent insurance for just this reason. 

In the battle between term and permanent, as planners, we overwhelmingly favor term insurance. It is by far the most cost-effective way to solve for a need, while preserving the option to convert to permanent insurance if the need changes. 

Your Certified Financial Planner® will be the best person to help you assess your need by helping you to understand your overall financial circumstances, and can tailor a policy to provide proper coverage. If your advisor is independent, they will also have dozens of carriers to choose from, and can help get you the most competitive rates.

Stephen Kyne, CFP® is a Partner at Sterling Manor Financial in Saratoga Springs and Rhinebeck.

Securities offered through Cadaret, Grant & Co., Inc. Member FINRA/SIPC. Advisory services offered through Sterling Manor Financial, LLC, an SEC registered investment advisor or Cadaret Grant & Co., Inc. Sterling Manor Financial and Cadaret, Grant are separate entities.

Teeing Up for the Summer Season

Written by Kacie Cotter-Harrigan on . Posted in Sports.

Everybody in the family is ready for an outing and Airway Meadows Golf Club in Gansevoort is teed up to serve them.

“Our conditions are outstanding this year. There was not too much rain in the spring, the greens look wonderful, and the fairways are really outstanding,” said Joan Heber, Airway Meadows Vice President and Manager. 

The 18-hole championship course is just 15 minutes from Saratoga Springs in a unique setting that offers views of their black angus beef farm, a plane runway, and quaint covered bridges.

SAFETY PRECAUTIONS IN PLACE
To ensure your family has a worry-free day out, special social distancing and cleanliness safety precautions have been put in place this year.

The primary focus of these changes has been to limit contact with others and with the course’s shared equipment. 

NO CONTACT
The club’s tavern is closed, but food and beverages are still being served to-go and most of their regular menu choices are available. 

Touching the flagstick is not permitted, and there are no ball washers or rakes allowed. The holes were temporarily filled with a raised cup but now have a filler cup so the ball still partially rolls in for a more satisfying experience. 

“People don’t seem to mind the changes. They’re happy with what we have and they understand why we’re doing it,” said Heber. 

Professionals disinfected all Airway Meadows carts with Bioprotect, a biodegradable antimicrobial cleaner that provides 90 days of consistent protection against germs, including the Coronavirus. 

After each use, the carts are also washed and disinfected, ensuring they are sanitized and ready for the next golfers. 

NO CLUSTERING
While golf is inherently a no-contact sport, Airway Meadows enforces social distancing guidelines further by maintaining a one person per cart rule, informing patrons that groups must be limited to 10 people or less (until national restrictions indicate otherwise), and manning a starter at the first tee to provide information to players and answer any questions.

NO TOURNAMENTS (FOR NOW)
While Heber is hopeful that groups of up to 50 people will be permitted by mid-summer, almost all of the tournaments that had been scheduled for June have been cancelled. Some groups have rescheduled for later in the season and some have moved their events to the spring and summer of 2021. 

When tournaments begin again, shotgun starts will be replaced with consecutive tee times. Players are asked not to arrive more than 15 minutes before their tee time.

NO WALK-INS
Already a rarity, Airway Meadows is no longer allowing walk-ins. Golfers are asked to book tee times online or over the phone. The Pro Shop is open, but times, especially on Saturdays and Sundays, are filling up fast. 

“You sure want to save a time so you have that spot. It seems like we’re busier this year because there’s not much else kids and parents can do together. We’re seeing higher numbers this year. Plus, playing and walking around here, it’s good exercise,” said Heber.

For more information, go to www.airwaymeadowsgolf.com

‘Opener’ Says Me!

Written by Kacie Cotter-Harrigan on . Posted in Food.

Hello my Foodie Friends!

Our family is holding up well during this stressful time. Like many of you, when we received our stay at home instructions we purchased a lot of canned goods. This seemed strange to my daughter who is not used to seeing many food items in cans except maybe Spaghetti O’s.  I am of the age of remembering when cans ruled the pantry. When my brothers and I were very young, one of our jobs to help mom was to open the cans with a can opener! To three young boys, a can opener was a technological marvel. We would open a can and beg to open two more so every brother got his turn. We fought each other for the chance to open a can for mom. 

Billy, the youngest, almost ruined it for us as he ended up with a bad cut from the edge of the can. The middle child, Danny, negotiated with mom an age limit on using the can opener. It was to begin at his age and little Billy had to wait another six months. In looking back at my childhood time (historically), we were all hiding under our desks and preparing for Air Raids and worse. Therefore, family households were well stocked on canned goods. There were so many canned options to choose from: green beans, soup, corn, creamed corn, Spaghetti O’s and many more.

As I look at the shelves in the supermarket today, I see we are buying a lot of canned goods again. There are many types of can openers.  Often times the culinary connoisseur seeks to get the easiest and safest can opener they can for quick and efficient opening. I’m very happy to sell safety edge can openers now as well as the originals. OXO offers a can opener that has an auto safety lid lifter making it possible to open a can and never touch the lid.  This smart little device combines a can-do attitude with amazing efficiency. Its super sharp wheel cuts cleanly beneath the lid to open cans without leaving behind any sharp edges. Thanks to OXO’s famous ergonomic design, using the opener is a breeze.

• Efficient can opener quickly removes lids andleaves behind a smooth, safe edge.
• Easy-turn side grip and soft, nonslip handles make this tool very comfortable to use.
• Stainless-steel cutting wheel doesn’t touch your food, so it stays fresh and clean.
• Built-in pliers for no-touch lid removal.

By cutting on the side of the can below the edge, the Smooth Edge Can Opener leaves no sharp edges on the can or lid. The sharp, hardened stainless steel cutting wheel stays clean, avoiding contact with can contents, while the lid pliers allow for no-touch lid removal.

If you prefer the old fashioned tried and true method, OXO has some to choose from. 

One of them is the locking can opener: With its modern design and updated features, this OXO can opener is as easy on the eyes as it is in the hand. As you squeeze it closed, the locking mechanism snaps shut on the can, making it simple to open. To release, press the lock open with your thumb.

• Sharp stainless-steel cutting wheel.
• Designed to lock in place for easy opening without a tight grip.
• BPA-free.

These are some great examples to add to your collection of kitchen gadgets. 

Remember my Foodie Friends, “Life Happens in the Kitchen” – even for little boys. Somewhere, someplace, someone is using a can opener!!

 Take Care,
John & PaulaREARDON Ambrosia

Psst… Some of the Best Things Happen on Wednesdays

Written by Kacie Cotter-Harrigan on . Posted in Food.

Weekends are market days for many farmers. But the Saratoga Farmers’ Market would like to let you in on a secret – there’s a midweek market, as well.

Tucked into a corner of the Wilton Mall parking lot is the Wednesday market, featuring about 15 local farmers and prepared food vendors. From 3 p.m. to 6 p.m., they offer eggs, fresh produce, plants, baked goods, and prepared foods.

“It’s our best-kept secret,” says market board president Beth Trattel. “A simple way to pick up the freshest foods in a safe, no-fuss environment.”

In years past, the market association promoted its Wednesday market as a family-friendly space to gather for music, children’s games, and food purchases. This year, with COVID-19 restrictions on public gatherings in place, live music and games are on pause. But farmers are still coming.

Who’s there and what are they bringing? 

Here’s a snapshot.

As you enter the market from the former Bon Ton parking lot, flowering plants and other seedlings from Burger Farm greet you. Nearby, Shushan Hydro Farm offers hydroponically grown herbs and vegetables. Surrounding Shushan are baked confections from The Chocolate Spoon, casseroles from The Food Florist, and Mediterranean meals to go from Euro Delicacies.

Further into the market are more farmers: Owl Wood Farm and Gomez Veggie Ville with their colorful piles of vegetables; eggs, chicken, and more vegetables at Squashville and Greenjeans farms; mushrooms and lavender at 518 Farms; and apples and cider of both the sweet and hard type from Saratoga Apple. On another end, you’ll find My Dacha Slovenian Café with its meals-to-go offerings. And tucked in between other stalls are Saratoga Garlic with its pickled garlic and aioli offerings, Gifford Farms with produce and baked goods; and Mister Edge’s popular knife sharpening service.

More vendors will start attending as the state eases its COVID-19 restrictions.

For now, Wednesday remains a great space to get the fresh ingredients for one or two meals, perhaps a prepared meal for Friday, and a few sweet treats. Try carrots dipped in aioli, scrambled eggs with arugula, radishes and lettuce tossed in a salad, and more.

The Saratoga Farmers’ Market is 3-6 p.m. Wednesdays and 9 a.m.-1 p.m. Saturdays at the Wilton Mall. Follow us on Facebook, Twitter, and Instagram, and subscribe to our newsletter at www.saratogafarmersmarket.org/weekly-newsletter

Wednesday Market Vendor List

Wednesday’s Market Offers: Vegetables, Herbs, Fruit, Mushrooms, Meat, Poultry, Eggs, Handmade Goods, Jams & Jellies, Flowers, Bedding Plants & Potted Plants, Honey, Maple Syrup, Baked Goods, Take-Home Meals & Ready-to-Eat Foods, Knife & Tool Sharpening

  • 518 Farms 
  • Burger’s Market Garden
  • Euro Delicacies
  • Gifford Farms
  • Gómez Veggie Ville
  • Goode Farm 
  • Green Jeans Market Farm 
  • Left Field 
  • Mister Edge Sharpening
  • My Dacha Slovenian Café
  • Old World Farm
  • Owl Wood Farm 
  • Saratoga Apple
  • Saratoga Garlic Company 
  • Scotch Ridge Berry Farm 
  • Squashville Farm
  • The Chocolate Spoon 
  • The Food Florist
  • Underwood’s Greenhouse / Shushan Valley Hydro Farm 

Builder’s Corner: Love it, List It and/or Build it …During a Pandemic?

Written by Kacie Cotter-Harrigan on . Posted in Home & Garden.

What Combination Is Right For You and How To Figure It Out 

THE CURRENT MARKET CLIMATE
AND HOW TO TAKE YOUR CONSUMER TEMPERATURE
The COVID-19 pandemic has had a lasting impact on all of us and as NYS goes onto phase 2 of reopening we are finding ways to adjust to a new normal. This time “on pause” did have some silver linings in that people have re-evaluated their priorities and many have made determinations about what is important and what isn’t. Many no longer want to put their dreams on hold. These are all deeply personal decisions. 

Building a home versus buying a home has also always been highly individualized. But now people have been cooped up in their houses for the last three months and that is a lot of time to think and look around at all of the things you either love about your house or perhaps things you don’t like. You’re left with multiple combinations of three options: You can do nothing about it, fix what you have by redesigning certain elements or you can walk away from it altogether and buy or build a new home. But chances are you are going to need to do some upgrades to get the price you want for your home either way. 

Real estate is the best investment you can make in your lifetime regardless of whether building a new home or purchasing an existing home. Interest rates are at an all time low and it is a good time to secure financing for building, buying or upgrading a home. It is also a seller’s market but during a time when there is very low inventory on the market, people find themselves settling for homes that did not meet all of the items on their wish list. But when you build a home you get to create your wish list and you get to decide exactly what stays and goes based on your budget, not what just happens to come with an existing home.

To build or not to build, that is the question. 
Here are some questions to consider when making a determination:

1. Can I get the financing to build a home? 
2. Can I secure property in a location I desire? 
3. Can I find an experienced builder with a good reputation who know building codes and can get my plans approved while seeing my project through from inception to completion?
4. Am I in a hurry to move? If so, building may not be ideal for you.
5. Have I contemplated building a new home for more than a few years? If yes, then you are a good candidate.
6. Do I enjoy expressing my unique taste and having things that are different than anyone else’s? Then building will probably be ideal for you.

HOW TO SPOT AN IDEAL BUILDER
Once you have made the determination to buy and have been conditionally approved for financing, then you can look for your ideal builder. Typically, an ideal builder would be based in the area you want to build in and would also be able to produce the architectural plans. You also should consider a builder who can locate and secure property for you. Some builders can also assist with securing financing. Therefore, it’s really important to get comprehensive designs that a bank will approve. Only then can a timeline for completion be established. Once you choose your builder, then you can create a design that is a collaboration of your ideas, aesthetic inclinations and wish list combined with the builder’s experience and knowledge. Many builders have affiliations or own their own showrooms where you can sample materials and work directly with a designer. From that timeline you can determine what will be an ideal time to list and sell your current home. An experienced builder and remodeler will also be able to help you make any evaluations about what upgrades to complete on your current home to get the most money without going over market value which you can’t recapture in the sale price. In other words, you don’t want to lose money on the upgrades you do to get more for your home. A cost/benefit analysis should be developed with the guidance of your builder and realtor. Ideally find a builder who has a real estate company as well. The more services that a builder can provide, the easier it is for you to have a smooth and stress-free experience. 

Best of luck to you with your research and decision making process!

The Heart of the Garden

Written by Kacie Cotter-Harrigan on . Posted in Home & Garden.

I LOVE LILIES!They take little effort to plant and grow, and the rewards are huge.They’re winter hardy, so once you plant them they stay in forever, multiply quickly, and provide large, often fragrant flowers.Lilies are available as bulbs in economical packages from the garden center in early spring and later as potted plants among the perennials selection.The variety of sizes and colors is amazing.  No wonder I love them so much! 

The lilium segment of the larger Liliaceae family contains some of the showiest flowers to be found anywhere, and many of the thousands of cultivars thrive in our northern climate including two of my favorites, Asiatic and Oriental Hybrids.

Asiatic hybrids are the first of the lilies to flower in early summer.They are also the most cold tolerant of all lilium forms.Asiatics mature and reproduce rapidly, making them a rewarding choice for those just starting to dabble in lily growing.  Asiatics are available in reds, whites, pinks, oranges, and yellows of every shade.Some feature solid colored petals while others are ornately speckled.Asiatics are not strongly scented but come in a range of sizes from 2’ to 5’ tall!  Pictured above are some of Asiatic Lilies that grow in our beds (pink).

Another lily enjoyed by many is not a lily at all.Everyone knows them as daylilies, but they are not true lilies but Hemerocallis.You have seen them growing almost wild in roadside ditches and just about anywhere.  We can thank our ancestors who planted them generations ago.  Hemerocallis is a Greek word meaning ‘beautiful for a day’.The name reflects the lifespan of each flower which opens in the morning and withers away at the end of a single day.   

Daylilies are about the easiest plants to grow.  They love full sun but will thrive in partial shade and aren’t particular about the soil they’re planted in.Only a few years ago, a clump of yellow daylilies was considered exotic.  Now red, gold, peach and burgundy daylilies are turning up in perennial borders.  Daylilies with bi-colored flowers are commonly available.Miniatures and strongly scented daylilies have also appeared.   

The daylily has come a long way from the common roadside flower that our ancestors planted.They have taken up a new role at the heart of the garden.Considering how easy they are to grow and how rapidly they multiply, you should give them a try.

THANKS FOR THE READ!

The Great Outdoors: Head to Moreau Lake

Written by Kacie Cotter-Harrigan on . Posted in Sports.

MOREAU — Visiting the Moreau Lake State Park is going to require a bit of extra planning this year. With its 6,990 acres of land,  41 miles of hiking trails, and three lakes, Moreau Lake State Park is an excellent spot to enjoy the outdoors while maintaining social distancing during the pandemic. Before you go this summer however, it’s important that you familiarize yourself with the park’s new rules and regulations. 

The New York State Parks Department of Recreation & Historic Preservation establishes these guidelines to ensure the parks are safe for everyone. Updates and additional information can be found at parks.ny.gov/covid19

LIMITED DAY USE

Moreau Lake State Park is open daily, from 8 a.m. until 9 p.m. Parking has been reduced by 50 percent.  On nice weather days, the park may reach capacity quickly, so getting an early start is key to getting in. Cars parked outside the designated areas, on Old Saratoga Road or Mountain Road, will be ticketed. Park capacity closure alerts are posted on the park’s Facebook page @MoreauLakeStatePark.

The nature center, playground equipment, and concession stands are closed. 

The swimming beach is open daily 10 a.m. until 6 p.m. They do ask that you maintain a six-foot distance from one another and to wear a mask when you are unable to maintain social distance. Those not adhering to these guidelines will be asked to leave. 

Beach-goers are advised to bring their own water and snacks. 

Lifeguards are on duty and have been given COVID-19 informational training. They now carry additional supplies to be able to disinfect equipment and safely help anyone pulled from the water. 

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RESERVATION ONLY CAMPING

Campsites and cabins at Moreau Lake State Park are now open to people with existing camping reservations. Restrooms are open, but wearing masks and maintaining social distancing in public areas is required.

A limited number of new camping reservations are being accepted but are expected to fill quickly. To make a reservation, call 1-800-456-CAMP or go to newyorkstateparks.reserveamerica.com. 

New York State Parks is allowing the transfer of existing camping reservations into the 2021 season and will waive the transfer fee until June 11th when completed online. 

New reservations are being accepted for the 2021 season, as well. To avoid long telephone wait times, online reservations are encouraged. 

FREE FISHING JUNE 27 & 28

There are plenty of places to go freshwater fishing in New York’s 70,000 miles of waterways and more than 7,500 lakes and ponds. 

The New York State Department of Environmental Conservation encourages everyone to have the opportunity to fish with periodic Free Fishing Days and Weekends throughout the year. The next Free Fishing Weekend, when you can fish without a license, will be on June 27th and 28th. 

Moreau Lake offers access to small, non-motorized boats and its average depth is 32 feet.  According to the DEC, this creates a nice refuge for rainbow trout during the hot summer days. The weedier, shallower northern end is good for large-mouth bass fishing. 

Youth Baseball Hopes to Adapt and Overcome

Written by Kacie Cotter-Harrigan on . Posted in Sports.

Known as America’s pastime, baseball has gotten us through the tough times. 

Sports, however, including recreational youth baseball, fall into Phase 4 of the state’s reopening plan, which means that they will be among the last activities to resume. 

Right now, Saratoga hopes to have at least a partial season.

“We are absolutely hoping to play,” said Joe Rigabar, President of Saratoga-Wilton Youth Baseball.

THE OUTLOOK

Baseball practices typically begin in April, but now, hopes are that the fields will reopen for play by late June or early July. 

Once they do, baseball still won’t look the same as it has in previous years. 

“It will obviously be different. There’s not going to be six games going on at once with spectators all around. We’ll have to adapt and have some changes but we think it’s important for kids of all ages to get back out there and play at some point,” said Rigabar.

Social distancing and limiting physical contact may mean restricting the number of spectators and the number of kids in the dugout. The concession stand will likely be closed. 

“We’ll do whatever it takes to get the kids out on the field and playing,” he said.

KEEPING BASEBALL ALIVE

While best practices guidelines have been released by several national youth sports organizations, Rigabar said it is not entirely clear what the state, county, and local guidelines for reopening will be. 

Working with other local youth sports representatives, a reopening plan was submitted to local officials, so once they’ve been given the go-ahead, they hope to be able to move very quickly to begin the season, he said.

While they wait, Rigabar’s two sons, ages 12 and 8, have been practicing at home.

“We were pretty excited for this season and when that was taken away from us, there was a lot of sadness. The kids, including my son, Jack, have worked really hard to get to this point, so it’s been really challenging, but we’ve been getting outside almost every day and have been continuing to have fun. We just hope to keep a love of baseball alive for him and for all of his buddies.”

HEALING THE COMMUNITY

Saratoga-Wilton Youth Baseball is comprised of nearly 500 families, with participants in a Cal Ripken division for younger children, the Babe Ruth Division for ages 12-15, and the Blue Sox travel team. 

Early on, a letter was sent to families letting them know about the delays and offering a refund of registration fees if they had health concerns or were experiencing financial hardships.

“I’ve been very pleasantly surprised. While there were probably some who didn’t register who normally might have, of those that did, only three percent have backed out and asked for a refund of their registration fees,” said Rigabar.

No community sponsors have pulled out either, although the leagues did make the decision not to pursue new small business sponsorships this year. 

“Financially, we’re in a place where baseball can continue. It is important to our kids and our community. People need this and want this.”