New York’s transfer on death deed law went into effect on July 19, 2024 – a little over two years ago.  Shortly after the statute went into effect, I wrote an article describing this new type of deed.  Now that two years have passed, I thought it would be useful to reflect on how the use of the transfer on death deed has developed.

Below you will find a refresher on what a transfer on death deed (TOD deed) is and how it works.  In addition, I will explain the things we have learned from two years of using this new estate planning option.

What is a TOD Deed?

A TOD Deed allows you to give your property to a beneficiary, but to delay the vesting of their interest until after your death.  Upon your death, the property is owned by the beneficiary, and no court proceeding is required to facilitate their ownership.  You may also revoke the deed at any time before your death.

Is the TOD Deed notarized?

Yes.  A TOD Deed needs to be signed before a notary public and two witnesses.  This is different than a typical real estate deed, which needs to be signed before a notary public but does not need to be witnessed.

The fact that two witnesses are needed, but not needed for other types of deeds, is an important point.  If you try to draft a TOD deed without proper legal assistance, you may miss the additional step of having it witnessed by two people.  In the event you make that mistake, a court would likely find the deed invalid.

Is the TOD Deed recorded?

Yes.  Like all deeds, the TOD Deed should be recorded in the County Clerk’s Office where the real property is located.  Initially, it was thought that the two tax forms that usually accompany a deed recording would have to be filed with the deed.  Those forms are the RP-5217 and the TP-584.  

One thing we have learned in the last two years is that those two forms do not need to be filed with a TOD deed.  As a result, the filing and recording fees for a deed – which usually total around $200.00 – are in fact lower.  The recording fee for a TOD deed is generally around $65.00.

Why do a TOD deed?

The TOD Deed is a simple way to transfer property to a beneficiary after you die, without the need to have a Surrogate’s Court proceeding or creating a living trust.  Also, since the beneficiary is obtaining the property after your death, they will get a step-up in tax basis to the value as of the time of your death.

Does it affect my estate?

This is an interesting issue that has developed in the last two years.  There is a provision of the TOD statute that says if your probate estate is insolvent, then the property subject to the TOD deed could be used to pay claims or allowances against your estate.

What does this mean for the property?

It means that if a decedent’s probate estate (the estate controlled by the decedent’s Last Will and Testament) does not have enough money to pay all the claims and allowances against the estate, then there could be a lien against the real estate conveyed by the TOD deed.

How much of a problem is this?

It may be no problem at all, because if the probate estate is not insolvent, then there would be no potential lien against the real property conveyed by the TOD deed.  An insolvent probate estate is an estate that has more claims and allowances against it than there are assets in the probate estate to satisfy them.

The practical problem this presents is that if you transfer your home to your child, your child may want to sell it after you die.  When your child goes to sell the home, the buyer will likely want to get title insurance on the purchase.  Since this lien issue may exist, the buyer of the home may not be able to get title insurance and the sale would not close.

Is there a way to deal with this?

Since this issue is relatively new, some title insurance companies may not even raise it as a problem.  If they do, title insurance companies have historically been willing to issue title insurance for the sale of a home if they are provided with affidavits from the seller assuring them that the potential lien problem is not an issue with regard to this particular property.

Any other considerations?

A TOD deed is an estate planning option that, like all estate planning, should be reviewed periodically.  By periodically, I mean every five years or when there is an important change in your life, i.e. a death in the family or the desire to change death beneficiaries of your assets.  As a result, if you do a TOD deed, you should periodically review whether you want to keep the deed as is or potentially make a change.

TOD deeds have been a welcome addition to estate planning options available over the last two years, and we will continue to keep track of developments related to them. As always, you should consult an experienced estate planning attorney to understand what estate planning options are best for you and your family.

Matthew J. Dorsey, Esq. is a Shareholder with O’Connell and Aronowitz, 1 Court Street, Saratoga Springs, NY. Over his twenty-nine years of practice, he has focused in the areas of elder law, estate planning, and estate administration. Mr. Dorsey can be reached at (518)584-5205, mdorsey@oalaw.com and www.oalaw.com.  

For years, consumers enjoyed an economic era defined by cheap borrowing. Today, that landscape looks entirely different. With the Federal Reserve holding benchmark rates steady between 3.50% and 3.75% to counter persistent inflation, borrowing costs remain elevated across the board. Mortgage averages hover around the mid-to-high 6% range, and everyday consumer loans carry heavy price tags that impact monthly budgets.

For the average household, adapting to this environment requires a fundamental shift in how you manage debt, cash reserves, and long-term financial goals. Surviving and thriving in a higher-rate climate demands deliberate changes to your daily financial habits.

High interest rates act as a brake on the economy, designed to cool excessive spending and tame inflation. For consumers, this environment presents distinct financial friction alongside a few unique opportunities.

On the negative side, financing major purchases is significantly more expensive than it was just a few years ago. Credit card APRs sit near historic highs, making revolving balances exceptionally dangerous to household cash flow. Meanwhile, home buyers face a 30-year fixed mortgage average of roughly 6.69%, which dampens housing market mobility, locks many current homeowners into their properties, and inflates monthly mortgage payments for new entrants.

Conversely, savers finally benefit from a shift in monetary policy. Higher interest rates mean that cash parked in high-yield savings accounts, money market funds, or short-term certificates of deposit generates meaningful returns. This dynamic rewards those who prioritize liquidity and capital preservation.

Thriving in a higher-rate climate requires proactive management rather than passive acceptance. Consider implementing these four strategic pillars:

• Aggressively Target Toxic Debt: Variable-rate debt, such as credit cards and home equity lines of credit, should be your primary target. Because these rates adjust upward automatically with the broader economy, paying them off quickly yields a guaranteed return equal to the interest rate saved. Eliminating this liability is mathematically superior to most conservative investment returns.

• Optimize Your Cash Yield: Do not leave your emergency fund in a traditional brick-and-mortar bank paying near-zero interest. Move liquid savings to high-yield vehicles to ensure your emergency cash keeps pace with the broader economy. Every dollar should be working for you.

• Rethink Major Purchases: When purchasing a home or vehicle, focus heavily on the total cost rather than relying on monthly payment structures. If you must borrow in a 6% to 7% mortgage environment, consider making a larger down payment to lower your principal exposure or planning for potential refinancing down the line if economic conditions shift.

• Audit Fixed Commitments: High borrowing costs cascade quietly into everyday goods and services as businesses pass down their own financing expenses to the consumer. Regular budget audits protect your cash flow from this silent inflation creep.

Beyond immediate budgeting and debt management, higher benchmark rates alter how you should view investment portfolios. When risk-free assets like Treasury bills and certificates of deposit pay over 4% or 5%, the hurdle rate for riskier investments rises. Equities must work harder to justify their risk premium.

Investors should work closely with their Certified Financial Planner® profession to re-examine their asset allocation and ensure that fixed-income holdings are pulling their weight. At the same time, maintaining a disciplined, long-term perspective remains vital. Market cycles fluctuate, and trying to time interest rate cuts or economic peaks often results in costly missteps.

Navigating this economic cycle requires patience and discipline. While markets continuously speculate on the timing of future central bank policy pivots, true financial resilience comes from focusing strictly on the variables you can control.

By systematically eliminating high-interest liabilities, making your emergency cash work harder, and evaluating every debt commitment with a critical eye, you can turn a challenging macroeconomic climate into an opportunity to build a structurally stronger, more resilient household balance sheet.

Stephen Kyne, CFP® is a Partner at Sterling Manor Financial, LLC in Saratoga Springs. Sterling Manor Financial, LLC is an SEC Registered Investment Advisor. This article contains forward-looking statements and opinions based on information available at the time of writing and are subject to change without notice.

Back pain can be a complex and frustrating issue, affecting individuals of all ages and lifestyles. One of the most common questions when dealing with back pain is whether to use heat or ice for relief. Understanding the appropriate circumstances for each method can significantly influence your recovery and comfort. This article will discuss when to use heat or ice for back pain, the scientific reasoning behind each method, and practical tips for application.

Understanding Heat and Ice Therapy 

Ice Therapy (Cryotherapy) 

Ice therapy, or cryotherapy, involves applying cold substances to the affected area. The primary benefits of ice therapy include:

– Reducing Inflammation: Ice constricts blood vessels, which limits blood flow to the injury site and helps reduce swelling.

– Numbing Pain: Cold therapy can help numb the area, temporarily alleviating pain sensations.

– Preventing Muscle Spasms: Cold can help reduce muscle spasms in the affected area.

When to Ice Your Back 

– Immediate Injury: If you’ve recently sustained an injury (e.g., a muscle strain or sprain), ice should be your first line of defense.

– Inflammation: If you notice swelling in your back, apply ice to reduce inflammation.

– Acute Pain Episodes: During flare-ups of chronic back pain, using ice can be beneficial.

– Post-Activity Relief: After strenuous activity or exercise that may have strained your back.

Application Tips for Ice Therapy 

1. Duration: Apply ice for 15-20 minutes at a time, allowing your skin to return to normal temperature before reapplying.

2. Protection: Always wrap ice or cold packs in a cloth or towel to protect your skin from frostbite.

3. Frequency: Ice can generally be applied every 1-2 hours as needed, particularly in the first 48 hours following an injury.

Heat Therapy (Thermotherapy) 

Heat therapy involves applying warmth to the affected area. The primary benefits of heat therapy include:

– Relaxing Muscles: Heat increases blood flow, promoting muscle relaxation and reducing stiffness.

– Soothing Pain: Warmth can soothe and alleviate discomfort, especially for chronic pain conditions.

– Improving Flexibility: Heat can assist in loosening tight muscles, which may improve flexibility and range of motion.

When to Heat Your Back 

– Chronic Pain: For ongoing issues such as chronic muscle tension or arthritis, heat can be beneficial.

– Muscle Tightness: If you feel tightness or stiffness in your muscles, heat therapy can help loosen them up.

– Post-Ice Application: After the initial 48 hours of icing an acute injury (once swelling has reduced), transitioning to heat can promote healing.

– Before Activity: Applying heat before engaging in physical activities can prepare muscles for movement, reducing the risk of strain.

Application Tips for Heat Therapy 

1. Duration: Apply heat for 15-30 minutes at a time.

2. Types of Heat: Use a heating pad, warm towel, or take a warm shower or bath. Ensure that the heat is comfortable and not too hot.

3. Frequency: Heat can generally be applied several times a day, based on personal comfort levels.

Special Considerations 

– Consult a Professional: If back pain persists beyond a few days or is severe, it’s important to consult a healthcare professional for a proper diagnosis and treatment.

– Combined Approaches: Sometimes, alternating between heat and ice can be beneficial, especially for chronic conditions.

– Individual Preferences: Everyone’s body responds differently, so it may be useful to try both methods to determine which offers you the most relief.

Understanding when to apply heat or ice to your back can greatly enhance your comfort and speed up the healing process. Ice is typically used for acute injuries, inflammation, and acute pain, while heat is best suited for chronic pain, muscle tightness, and relaxation. Listening to your body and using these therapies strategically can help you manage back pain effectively. 

Always seek professional advice for persistent or excessive pain to ensure appropriate care.

Dr Matt smith has been a chiropractor in Saratoga Springs for forty years, He and his daughter, Dr Kevy Smith Minogue practice at 50 Seward Street. Online appointments can be made at WWW.MySaratogaChiropractor.Com

Marriage changes more than just your personal life, it can also change what happens to your estate when you die. Whether you have a Will or not, New York law gives spouses important rights that can affect who manages your estate, who inherits your property, and what benefits a surviving spouse may receive.

This article answers your questions on how marriage affects your estate under New York law and why it is important to review your estate plan if you are estranged from your spouse.

Who administers your estate?

A common misconception is that a surviving spouse is always in charge of settling their spouse’s estate. In reality, the answer depends on whether you have a Will and whether the people you nominated are able to serve.

If you have a valid Will, you can choose the person you want to be responsible for administering your estate (your “Executor”). You may nominate your spouse, but you do not have to. If the Executor and all nominated successor Executors are unable or unwilling to serve, your spouse will typically have priority to step in and administer your estate. 

If you do not have a valid Will, the court will appoint an Administrator of your estate. Your surviving spouse generally has the highest priority to serve in that capacity. Other family members, such as children, parents, or siblings, usually cannot be appointed instead of your spouse unless your spouse consents or is legally disqualified. 

Who inherits your estate?

Just as marriage affects who administers your estate, it also affects who receives your assets. Whether you have a Will matters, but a spouse also has protections that can override your Will. 

If you have a valid Will, you can direct who inherits your estate. However, marriage limits the ability to completely disinherit a spouse. Even if your Will leaves everything to someone else, your spouse may have the right to claim a portion of your estate through the “right of election” (also called the “elective share”). 

If you do not have a valid Will, the law directs how your estate is distributed.  If you are survived by a spouse and no children, your spouse inherits everything in your estate. If you are survived by a spouse and children, your spouse receives the first $50,000 of your estate plus one-half of the remaining balance, and your children share the other half. If you die without a valid Will, your “estate” is comprised of the assets you own at the time of your death that are not jointly held with another or payable to a named beneficiary. 

What is the right of election?

The right of election is a legal protection for surviving spouses. In general terms, it gives your spouse the ability to claim a portion of your “net estate” even if your Will (or your beneficiary designations) leave your spouse out. In most cases, the elective share is the greater of: $50,000, or one-third of your net estate.

What is your net estate? 

For elective share purposes, your net estate includes certain assets that pass in and outside of a Surrogate’s Court proceeding. Depending on the circumstances, this can include assets held jointly with someone else, accounts that transfer automatically at death by beneficiary designation, and interests in trusts. 

What else is your spouse entitled to?  

In addition to inheritance rights, surviving spouses have the right to receive specific property or allowances before the ordinary estate distribution is completed. These protections are meant to provide immediate support and can apply even when the estate has creditors. Common examples include certain household items, personal belongings, and a vehicle (subject to value limits).

What about employee benefits? 

Some employer-sponsored benefits have special rules. For example, retirement plans such as 401(k)s often require a spouse to be the default beneficiary unless the spouse signs a valid written waiver. Other employer-sponsored benefits, such as group life insurance, may also provide important rights for surviving spouses depending on the policy.

Can your spouse contest your Will? 

Yes. Even if your Will excludes your spouse, they are typically entitled to receive notice of estate proceedings and may object. A spouse may raise concerns about the validity of the Will (for example, lack of capacity or undue influence) and may also challenge whether the nominated fiduciary should serve. 

Can your spouse give up these rights? 

Yes. Spouses may voluntarily waive certain rights, including the right to inherit from your estate or serve as your estate fiduciary, through a valid written agreement. Common examples include:

prenuptial and postnuptial agreements, separation agreements, or a written renunciation. 

Can your spouse lose these rights? 

Generally, your surviving spouse may only be disqualified from their rights with respect to your estate in limited circumstances. Grounds for disqualification may include abandonment, substance abuse, and felony convictions for embezzlement, crimes involving misappropriation of money or breach of fiduciary duty. 

Are estranged spouses disqualified? 

Not necessarily. Simply living apart or having no communication is usually not enough to disqualify a surviving spouse from the rights discussed in this article. Unless there is a valid waiver, a valid separation or divorce agreement, or another basis for disqualification, an estranged spouse may still have significant rights under New York law.

Marriage can impact your estate plan, even if you and your spouse have been living separately for years. Many people are surprised to learn that simply being estranged does not automatically end a spouse’s legal rights. If your marital status or family circumstances have changed, now is a good time to discuss your situation with an attorney experienced in estate planning. 

Anna R. Myers Norton is an associate attorney with O’Connell and Aronowitz, One Court Street, Saratoga Springs, New York. Anna’s practice focuses on trust and estate law, including estate planning, estate administration, and guardianship.

We’ve officially crossed the midway point of 2026. For the last six months, markets have been volatile as they’ve reacted to geopolitical uncertainty, energy supply shocks, logistics disruptions, and other drags on the economy. Yet, despite these obvious headwinds, the economy and markets have shown notable resilience. As we turn to the second half of the year, we remain cautiously optimistic that this broader trend of resilience can continue.

The AI Elephant in the Room: Massive Spending, Rising Risks

For more than a year, a primary engine supporting our economic growth has been massive corporate investment in artificial intelligence. Tech giants have poured hundreds of billions into data centers, connectivity, and hardware. AI and AI-adjacent sectors have helped lift US GDP to a stable 2.1% annualized growth rate.

However, all that exuberance has fueled an AI boom that is starting to look precariously top-heavy. Analysts and federal regulators are increasingly sounding the alarm, drawing unsettling parallels to the dot-com bubble of 2000. We have been repeatedly voicing our concerns about the massive concentrations in the tech sector as well.

The risk here is far-reaching: tech companies are taking on staggering amounts of debt and spending capital at an unprecedented clip, yet clear, widespread profitability has yet to fully materialize. If these companies are unable to make the numbers work and are forced to pull back, the resulting market shifts could impact everything from private credit markets to traditional utilities.

In our view, the core question is less about whether the sector undergoes a valuation adjustment, and more about the timing and nature of how that potential normalization might occur.

So much of the global marketplace is betting on AI meeting or exceeding lofty expectations. Anything short of those goals could disrupt the momentum that has been driving stock prices higher.

While it has buoyed the numbers so far, counting on AI to permanently carry the economy carries inherent risk. Historically, significant market imbalances tend to normalize—whether through a sharp correction or a gradual deflation. Until conditions stabilize, we urge a cautious, disciplined approach that incorporates broad diversification across asset classes. While this strategy may result in missing out on some potential upside, it is designed to help provide downside protection, as it is impossible to accurately time when or how deep a market correction might be.

Looking Ahead to the Second Half

Even with the AI hype potentially masking structural risks and energy prices straining household budgets, the broader economic picture has highlights. The job market appears to have stabilized, with unemployment holding steady at a healthy 4.4% to 4.5%, although workforce participation has dropped to Covid-era levels. For now, we are looking at an economy that has successfully absorbed global shocks rather than fracturing under them.

Looking toward the second half of the year, our baseline outlook anticipates that interest rates may remain at or slightly above current levels. We also believe inflation could begin to ease if Middle East tensions continue to cool. Most importantly, all eyes will likely be on earnings and guidance as tech companies, large and small, begin to issue Q2 results.

Stephen Kyne, CFP® is a Partner at Sterling Manor Financial, LLC in Saratoga Springs. Sterling Manor Financial, LLC is an SEC Registered Investment Advisor. This article contains forward-looking statements and opinions based on information available at the time of writing, and are subject to change without notice.

Stretching plays a crucial role in maintaining a healthy body, particularly when it comes to the neck and back. Poor posture, sedentary lifestyles, and stress can lead to discomfort and stiffness in these areas. Incorporating regular stretching into your routine can enhance flexibility, alleviate pain, and improve overall well-being. 

Why Stretch Your 

Neck and Back?

Benefits of Stretching

1. Improved Flexibility: Regular stretching expands the range of motion in your neck and back muscles, which can help prevent injuries.

2. Reduced Muscle Tension: Stretching can relieve tension build-up, reducing pain and discomfort.

3. Enhanced Posture: Targeted stretches can improve alignment and posture, counteracting the effects of prolonged sitting and poor ergonomics.

4. Increased Blood Flow: Stretching promotes circulation, helping to deliver oxygen and nutrients to muscles.

5. Stress Relief: Stretching can reduce physical and mental stress, leading to a sense of relaxation and wellbeing.

 Neck Stretching Exercises

1. Neck Tilt

How to Do It: 

 Sit or stand up straight.

Gently tilt your head to the right, bringing your ear toward your shoulder.

 Hold for 15-30 seconds.

 Switch sides and repeat.

Targets: Side neck 

muscles (scalene and 

sternocleidomastoid)

 2. Neck Rotation

How to Do It: 

 Sit or stand with your back straight.

 Slowly turn your head to the right until you feel a gentle stretch in your neck.

 Hold for 15-30 seconds.

 Return to the center and repeat on the left side.

Targets: Neck muscles 

(levator scapulae and 

trapezius).

3. Chin Tucks

How to Do It: 

 Sit or stand with your back straight.

 Gently tuck your chin to your chest, keeping your neck aligned.

 Hold for 5 seconds and release.

 Repeat 10 times.

Targets: Deep neck flexors, 

improving posture.

Back Stretching Exercises

 1. Cat-Cow Stretch

How to Do It:

Start on your hands and knees in a tabletop position.

 Inhale as you arch your back (cow pose), lifting your head and tailbone.

 Exhale as you round your spine (cat pose), tucking your chin and pelvis.

 Repeat for 5-10 cycles.

Targets: Spine flexibility 

and abdominal muscles.

2. Child’s Pose

How to Do It:

 Kneel on the floor, touch your big toes together, and sit back on your heels.

 Reach your arms forward and lower your torso to the floor.

Hold for 30 seconds, breathing deeply.

Targets: Lower back, hips, 

and shoulders.

3. Seated Forward Bend

How to Do It: 

Sit with your legs extended in front of you.

 Inhale, raising your arms overhead.

 Exhale as you bend at the hips, reaching your hands toward your feet.

 Hold for 15-30 seconds.

Targets: Hamstrings, back, 

and calves.

 Tips for Safe Stretching

1. Warm Up First: Always warm up before stretching to prevent injury. Light aerobic activity (like walking) for 5-10 minutes is effective.

2. Listen to Your Body: Stretching should feel good, not painful. If you experience pain, ease off the stretch.

3. Breathe: Inhale deeply while stretching and exhale as you relax into the stretch.

4. Hold, Don’t Bounce: Hold each stretch for 15-30 seconds without bouncing, which can lead to strains.

5. Consistent Practice: Aim to stretch regularly—ideally daily or after exercise.

Incorporating neck and back stretches into your daily routine can significantly enhance your flexibility, alleviate discomfort, and contribute to better posture. Whether you’re at home, at work, or on the go, these simple exercises can help you maintain a healthy spine and prevent chronic pain.

Dr Matt smith has been a chiropractor in Saratoga Springs for forty years, He and his daughter, Dr Kevy Smith Minogue practice at 50 Seward Street. Online appointments can be made at WWW.MySaratogaChiropractor.Com