As we conclude another presidential election, there is no denying that the outcome may have a significant impact on our country’s economic policies, financial markets, and overall direction. Many people are wondering how the results will affect their personal finances and how they should plan for the future.

It’s important to remember that regardless of who wins the presidential election, it is crucial to have a solid financial plan in place to secure your future. Political uncertainty and changes in government policies are a common occurrence in our democracy, and it is essential to be prepared for any potential changes that may come your way.

One of the first steps in planning for your financial future is to set clear financial goals. Whether it is saving for retirement, buying a home, starting a family, or building wealth, having specific goals in mind will help you stay focused and motivated in achieving them. Take the time to assess your current financial situation, determine your priorities, and create a realistic strategy to reach your goals.

Another important aspect of financial planning is diversification. Regardless of who is in office, financial markets can be volatile and subject to fluctuations. By diversifying your investments across different asset classes, industries, and regions, you can help reduce the risk in your overall portfolio. It is also essential to regularly review and adjust your portfolio to ensure that it aligns with your goals and risk tolerance.

As a rule, it is important to have an emergency fund in place to protect yourself from unexpected expenses or financial setbacks. Whether it is a medical emergency, job loss, or natural disaster, having a cushion of savings can provide peace of mind and help you weather any financial storms that may come your way.

In addition to saving and investing wisely, it is crucial to stay informed and educated about financial matters. Keep up to date with economic trends, market developments, and changes in government policies that may impact your finances. Work closely with your Certified Financial Planner® professional, who can help you navigate your financial decisions and tailor a plan that meets your needs.

Remember that your financial future is in your hands. While external factors such as presidential elections and government policies can influence the economy and financial markets, ultimately, you have the power to control your financial destiny. By taking proactive steps to plan for your future, you can help build a solid foundation for long-term financial success.

Regardless of who wins the presidential election, it is essential to plan for your financial future and take control of your finances. By setting clear goals, diversifying your investments, building an emergency fund, staying informed, and seeking professional guidance, you can create a secure financial future for yourself and your loved ones. 

Stephen Kyne, CFP® is a partner at Sterling Manor Financial, LLC

Securities offered through Cadaret, Grant & Co., Inc. Member FINRA/SIPC. Advisory services offered through Sterling Manor Financial, LLC, or Cadaret Grant & Co., Inc., SEC registered investment advisors. Sterling Manor Financial and Cadaret Grant are separate entities. 18 Division St, Ste 202, Saratoga Springs, NY 12866 518-583-4040

A New Way to Transfer Your Property

Earlier this year, a new type of deed for the transfer of real estate was authorized in New York.  This deed is known as a Transfer on Death Deed or TOD Deed for short.

The TOD Deed gives estate planners a new way to assist clients who wish to pass on their real estate to beneficiaries.  Below is a set of questions and answers to help you understand how this new deed works and how it compares to other options.

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.

Does a TOD Deed need to be 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.

Does the TOD Deed need to be recorded?

Yes.  Like all deeds, the TOD Deed should be recorded in the County Clerk’s Office where the real property is located.  In addition to the deed, two forms need to be filed: a TP-584, which calculates the transfer tax, and a RP-5217, which informs the assessment authorities about the transfer.  The recording fee generally is around $200.00.

What happens after the TOD deed is recorded?

The County Clerk will return it to your attorney or to you, depending on who you asked them to return it to.  Please be aware that there are scammers out there that will likely send you a letter offering to send you a certified copy of your deed for a fee.  That fee is usually several times more than it would cost you to obtain a certified copy yourself from the County Clerk, which you can do at any time.

Why would you want to 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.  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.

What does it mean to get a step-up in basis?

When you own property your tax basis is what you paid for it plus any capital improvements you made.  So, if you paid $300,000 and did $50,000 in capital improvements, your tax basis would be $350,000.  If the property is worth $500,000 when you die, then the TOD beneficiary gets the $500,000 tax basis.  If they sell the property later for $550,000, their capital gain would only be $50,000. 

What happens if the beneficiary dies before you do?

If the beneficiary dies before you do, the TOD provision is ineffective.  You would simply continue to own the property and it would be part of your estate when you die.

Can I revoke a TOD deed?

Yes.  If you change your mind and do not want to leave the property to the TOD beneficiary, you can revoke the deed and take it back into your sole ownership.

Is a TOD deed used with Medicaid Planning?

No.  If you do a TOD Deed and you apply for Medicaid for nursing home care, the property will still be counted as a resource when determining your Medicaid eligibility.  A better option for Medicaid Planning would be the use of a Medicaid Asset Protection Trust or a life estate deed.

What are the alternatives to a TOD deed?

If you are interested in transferring property to a beneficiary upon your death, your other options would include leaving it to them in your Will, creating a Trust which leaves it to them upon your death, or doing a life estate deed.

What is a life estate deed?

In a life estate deed, you transfer your property to one or more beneficiaries, while retaining a life estate for yourself.  This will allow you to live in the property for the rest of your life, and, upon your death, your beneficiaries continue to own the property without the need of a court proceeding. 

Will a TOD deed affect my STAR eligibility?

No.  As soon as you were eligible for the STAR exemption before the deed on that particular property, you will continue to be eligible.

A TOD Deed is a welcome addition to the options available for estate planning for your real property.  As always, you should consult with an experienced estate planning attorney to understand what 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-seven 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.  

Flexibility is a crucial component of overall health and wellness. It enhances performance in physical activities, reduces the risk of injury, and improves posture. If you’re looking to increase your flexibility, here are effective strategies to help you on your journey.

Understanding Flexibility

Flexibility refers to the ability of your muscles and joints to move through their full range of motion. Factors such as genetics, age, and activity level influence flexibility. While some people may be naturally more flexible, anyone can improve their range of motion with consistent practice.

Benefits of Increased Flexibility

Improved Performance: Greater flexibility can enhance athletic performance by allowing for more efficient movements.

Reduced Risk of Injury: Flexible muscles are less susceptible to strains and tears during physical activities. 

Enhanced Posture: Flexibility can improve muscle balance, aiding in better posture and alleviating discomfort. 

Increased Blood Flow: Stretching promotes circulation, which can aid in recovery and overall muscle function.

Effective Stretching Techniques

Static Stretching: Involves holding a stretch for 15-60 seconds. This type of stretching is most effective after your workout when your muscles are warm.

-Example: Hamstring stretch—Sit on the ground with one leg extended and the other bent; reach towards the toes of your extended leg.

Dynamic Stretching: Involves movement and is ideal for warming up before physical activity.

-Example: Leg swings—Stand on one leg and swing the other leg forward and backward; repeat for 10-15 swings.

Ballistic Stretching: Uses momentum to stretch the muscles. This is less common and should be approached with caution to avoid injury.

-Example: Bouncing to touch your toes—Perform this only if you have a good base of flexibility.

PNF Stretching (Proprioceptive Neuromuscular Facilitation): Engages both stretching and contracting of the target muscle group. This method often requires a partner.

-Example: Partner-assisted hamstring stretch—Lie on your back while your partner lifts your leg, assisting in the stretch.

Incorporating Flexibility Training into Your Routine

Consistency: Aim to stretch at least three times a week. Dedicating 10-15 minutes to a stretching routine can significantly enhance flexibility over time.

Warm Up: Always include a warm-up before stretching to prevent injury. Light aerobic activity for 5-10 minutes is recommended.

Listen to Your Body: Avoid pushing to the point of pain. Stretching should feel comfortable and gradually improve over time.

Mix It Up: Include a variety of stretching techniques to target different muscle groups. Yoga and Pilates can be excellent complements to your flexibility training.

Stay Hydrated: Proper hydration aids muscle function and recovery, which can also influence flexibility.

Conclusion

Increased flexibility is attainable for everyone, regardless of age or fitness level. By incorporating consistent stretching routines and focusing on breath and mindfulness, you’ll likely notice improvements in your overall strength, functionality, and confidence in your body. Always consult a healthcare provider, chiropractor or a physical therapist if you’re unsure about the best practices or have pre-existing conditions. Start your journey to better flexibility today, and enjoy the numerous benefits it brings for years to come.

Dr. Matt Smith has been a Chiropractor in Saratoga Springs for 36 years. He and his daughter Dr. Kevy Smith Minogue can be reached at 518-587-2064 or at MySaratogaChiropractor.com.

There have been a few times when I would have liked to have a handy list of Halloween costumes that can be pulled together quickly at the last minute. You know, when a kid who says he doesn’t want to dress up this year changes his mind on the day of the Halloween party at school, or the day of the Trunk or Treat, or the day of Halloween itself? Last-minute freak outs are really not my thing, and it often seems, in my house, that the eleventh hour is exactly when some children decide to do something they’d previously decided not to do, or change their minds about something previously decided upon, but they have no ideas about how to make it all happen. 

There’s been a time or two when a couple of my boys decided at the very last minute that they did want to dress up for Halloween after all. I panicked and expressed my frustration, then took to the internet to see if I could find costume ideas. My standards were very low — I just wanted ideas that could be pulled together in a few minutes with things we had around the house, even if they were dumb, even if they challenged the very definition of “costume.” These were my favorites:

Ghost

One of the most classic Halloween costumes, and one of the easiest!

Cereal Killer

The picture I saw online of a “Cereal Killer” costume was of a bunch of mini cereal boxes affixed to a shirt with plastic butter knives stuck in each one and red paint around each knife puncture and on the shirt, but even just one regular sized cereal box could do.

50s guy, or lumberjack

I’m grouping these two together because they both involve jeans — only the shirts change. 50s guy can wear just a white t-shirt with the sleeve rolled; a black leather jacket is a bonus. A lumberjack only needs a flannel shirt; suspenders would be a fun addition, but not necessary.

Nerd

Shirt tucked in, pants hiked up, and hair parted in the middle and slicked down seem to be the hallmarks of a “nerd,” at least in a “Halloween costume” kind of way. A pair of glasses would complete the look nicely, if you had them.

Swimmer

While a bathing suit and swim shirt wouldn’t be great for trick-or-treating in the cold, this could be a perfect costume for a Halloween party or to wear to school. A towel around the neck, flip flops, and goggles would all be good accessories if available.

Bag of leaves

All you need is a big garbage bag and leaves! Cut holes in the bottom of the garbage bag and step into it, pulling it up to the top of your legs (over your pants), and put some leaves in it — voila! You’re a bag of leaves!

Three-hole-punch guy

After googling “fast easy costumes for teens,” I also googled “Jim Halpert Halloween costumes” — Jim Halpert is a character on the show “The Office” whose Halloween costumes almost always involved the smallest amount of effort necessary. One of them was “Three-hole-punch Jim,” in which he cut out three large black circles (construction paper is perfect for this) and stuck them in a vertical row to one side of his shirt. Not only does this allow you to pass as technically having a costume, but the connection to the “The Office” adds an extra layer of comedy for anyone familiar with the show.

Jake from State Farm, or Dave

I have to give credit for this one to some of the teens that have trick-or-treated at my house in past years. The first time I saw a teen wearing a red polo shirt and khakis with a nametag that said, “Jake from State Farm,” I laughed out loud! Similarly, one of Jim Halpert’s “costumes” on “The Office” was a nametag that said, “Dave.” When people asked him what he was, he’d point to the nametag and say, “Dave.” So dumb, yet so funny!

Error 404: Costume not found 

I thought this last idea was pretty clever: It’s just a matter of putting the words, “Error 404: Costume not found” on your shirt! It could be as easy as writing it on a piece of paper and sticking it to the front of your shirt.

You can see what I meant when I wrote in the beginning that it didn’t matter if the ideas I found were dumb or even challenged the very definition of “costume”! This list has come in handy for me — I hope you find it as helpful as I do. Trick or Treat and Happy Halloween!

Kate and her husband have seven sons ages 20, 18, 16, 14, 12, 10, and 6. Follow her at www.facebook.com/kmtowne23, or email her at kmtowne23@gmail.com.

Natural disasters can have a significant impact on the economy of an affected region. From hurricanes and earthquakes to tornadoes and wildfires, these disasters can cause extensive damage to infrastructure, homes, businesses, and agriculture. The economic consequences of natural disasters are wide-ranging and can have lasting effects on both local and national economies.

One of the most immediate impacts of a natural disaster is the destruction of property and infrastructure. Homes, buildings, roads, bridges, and utilities can be damaged or destroyed, leading to costly repairs and rebuilding efforts. The costs associated with rebuilding can be substantial, especially in cases of widespread devastation. Insurance claims, government aid, and private donations play a crucial role in funding these recovery efforts, but they may not always be enough to cover all of the costs.

In addition to the physical damage, natural disasters can also disrupt businesses and industries, leading to a loss of revenue and jobs. Businesses may be forced to close temporarily or permanently due to damage from a disaster, resulting in lost income and layoffs. Entire industries may be affected, such as agriculture, tourism, or manufacturing. The disruption to supply chains can also have ripple effects on other businesses and sectors of the economy.

The costs of recovery and rebuilding after a natural disaster can strain government budgets at all levels – local, state, and federal. Emergency response, cleanup, and rebuilding efforts require substantial resources, and governments may need to allocate funds from other programs or raise taxes to cover the expenses. In some cases, governments may need to seek financial assistance from international organizations or other countries to help cover the costs of recovery.

Natural disasters can also have long-term economic impacts on affected regions. Areas that experience frequent disasters may struggle to attract investments and businesses, as investors may be wary of the risks associated with living or doing business in such areas. Property values may decrease, and homeowners may have difficulty obtaining insurance coverage or selling their homes. In extreme cases, entire communities may be abandoned as residents relocate to safer areas.

Perhaps ironically, natural disasters can also stimulate economic activity in some cases. The rebuilding and reconstruction efforts can create jobs and stimulate demand for goods and services, boosting the local economy in the short-term. Investment in disaster-resistant infrastructure and buildings can help prevent or mitigate the effects of future disasters, leading to longer-term economic benefits.

The economic impact of natural disasters is complex and multifaceted. While the immediate costs of damage and loss are significant, the long-term effects on businesses, industries, and communities can be even more profound. Governments, businesses, and individuals must work together to prepare for and mitigate the impacts of disasters, in order to minimize the economic consequences and build resilience in the face of future events.

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

Securities offered through Cadaret, Grant & Co., Inc. Member FINRA/SIPC. Advisory services offered through Sterling Manor Financial, LLC, or Cadaret Grant & Co., Inc., SEC registered investment advisors. Sterling Manor Financial and Cadaret, Grant are separate entities. 18 Division St, Ste 202, Saratoga Springs, NY 12866 518-583-4040

The Interplay of Guardianships and Advance Planning

I have received a number of questions recently regarding guardianships, powers of attorney, and health care proxies.  There is a certain amount of confusion about the interplay between them, and I have put together a set of questions and answers in an effort to shed light on that area of the law.

How do you plan for your potential incapacity?

The best way to plan for your potential incapacity is to have a power of attorney (POA) and health care proxy (HCP) in place.  A POA allows you to designate someone to handle your financial affairs and an HCP allows you to designate someone to handle your medical decision making.

Does your POA take effect immediately?

Your POA will take effect immediately, unless you put a condition in the modifications section of the document that delays the effectiveness until after a particular condition is satisfied.  You can insert a condition that the POA shall not take effect until you have lost your mental capacity.

Does your HCP take effect immediately?

No.  HCPs take effect after you no longer have the mental capacity to make your own health care decisions.  For example, if you were in the hospital and unconscious, then the HCP would take effect, and the medical providers would turn to your HCP agent to discuss what decisions should be made regarding your treatment.

What if you lose mental capacity and do not have a POA or HCP?

In those cases, someone close to you, presumably a family member or friend, could petition to be appointed as your guardian under Article 81 of the New York Mental Hygiene Law.

What does it mean to have a guardian?

Guardianships can vary depending on what your needs are.  If your incapacity is expected to be temporary, the court can appoint the guardian to serve for a limited time.  The court also has an obligation to tailor the powers granted to the guardian to be only those necessary to address the nature of your incapacity.  

What type of powers could be granted?

The guardianship powers fall into two broad categories – powers granted as guardian of the person and powers granted as guardian of the property.  The personal powers relate to decisions regarding medical care, where you live, and who you have contact with.  The property powers relate to the handling of your financial affairs, including the management of your assets and income.

What does it mean to tailor the powers?

The court has an obligation to grant only those powers to the guardian that are necessary based on the level of your incapacity.  If your incapacity is severe, as it would be if you were in a nursing home with advanced Alzheimer’s Disease, then the powers granted would be extensive.  If you were living independently, and perhaps just needed help with some financial matters, then the powers granted may be somewhat limited.  The court needs to be judicious with what powers it grants, because whatever powers it grants to the guardian are essentially taken away from the person under guardianship.

Does it matter if a POA or HCP are already in place?

As part of the guardianship proceeding, the court will determine whether a valid POA or HCP is already in place.  If one or the other or both are in place, the court has the authority to keep them in place if it wishes to do so.  For example, the court may determine that a valid POA is in place with an agent who is appropriate, and therefore the court might not authorize guardian of the property powers.  However, if that same court determines no HCP is in place and assistance is needed with medical decision making, then it could appoint a guardian of the person with the proper authority to act regarding medical care.

Can the court revoke a POA or HCP?

Yes.  If the court believes that a POA or HCP is being misused or the designated agents are not living up to their obligations, then the court has the authority to revoke those documents and appoint a guardian.

What is the best way to plan for incapacity?

Although guardianships play an important role in providing assistance to individuals who have lost their mental capacity, guardianship proceedings are certainly more expensive and time consuming than having a POA and HCP in place.  The other distinct advantage of having a POA and HCP in place is that you will be sure that the people you want will be making decisions for you.  If you become incapacitated without those documents, you might have someone seek to be your guardian whom you would not want to be in charge of your affairs.

Planning for mental incapacity is an important part of your estate plan.  It is advisable to obtain counsel from an experienced estate planning attorney to make sure that you are prepared should the day ever come when you need help with your affairs.

On a separate note, I am pleased to announce that our firm has recently added three experienced attorneys to our Trusts and Estates Department.  Steven Thomas, James Wighaus, and Anna Myers, all formerly attorneys with the firm of Lavelle & Finn, have joined O’Connell and Aronowitz.  They bring with them a wealth of experience in estate planning, estate administration, and business law.  We would like to welcome them, and we look forward to making their expertise available to our clients.

Matthew J. Dorsey, Esq. is a Shareholder with O’Connell and Aronowitz, 1 Court Street, Saratoga Springs, NY. Over his twenty-seven 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.  

As the vibrant leaves change color and begin to fall, many homeowners take to their yards to rake leaves and prepare for the winter months. While raking may seem like a simple task, it can put a significant strain on your neck and back if proper techniques are not followed. Here are some essential tips to help you rake leaves safely and avoid injury.

1. Warm Up Before You Start

Just like any physical activity, it’s important to prepare your body before raking leaves. Take a few minutes to warm up with gentle stretching exercises. Focus on the following areas:

Neck: Rotate your head gently from side to side and forward to backward. Shoulders: Roll your shoulders forward and backward in a circular motion. Back: Perform gentle side bends and forward stretches to loosen your spine. A proper warm-up increases blood flow to your muscles and can help reduce the risk of injury.

2. Use the Right Equipment

Selecting the right rake can make a significant difference in your comfort level while raking:

Choose a Lightweight Rake: Opt for a rake that is easy to handle. Aluminum or plastic rakes are typically lighter than traditional wooden ones.

Adjustable Handle Length: If possible, use a rake with an adjustable handle to suit your height, minimizing the strain on your back.

3. Pay Attention to Your Posture

Maintaining proper posture while raking is crucial for protecting your neck and back. Keep the following tips in mind:

Stand Tall: Maintain an upright posture with your head up and shoulders back. This aligns your spine and takes pressure off your lower back.

Bend Your Knees: Instead of bending at the waist, bend your knees to lower yourself towards the ground. This technique shifts the load from your back to your legs, which are better equipped for lifting.

Engage Your Core: Tighten your abdominal muscles while raking to provide additional support to your lower back.

4. Use Proper Raking Techniques

How you rake can affect your body’s strain levels. Here are a few techniques to consider:

Short, Controlled Strokes: Use short strokes rather than long, sweeping motions. This approach minimizes the strain on your back and neck and gives you more control over the leaves.

Alternate Hands: Switch hands periodically while raking to distribute the workload evenly between sides of your body. This can help prevent muscle fatigue.

5. Take Regular Breaks

Raking leaves can be physically demanding. To avoid overexertion, take frequent breaks:

Hydration: Drink plenty of water to stay hydrated.

Rest Periods: Every 15-20 minutes, take a short break to rest your muscles and stretch.

6. Know Your Limits

Finally, listen to your body. If you start to feel discomfort or pain, take a break. If you experience persistent pain in your neck or back, it may be wise to consult a healthcare professional. Additionally, if your yard is particularly large or your piles of leaves are substantial, consider enlisting help or hiring a service to assist with the task.

Conclusion:

Raking leaves can be an enjoyable way to engage with nature while maintaining your yard, but it’s important to do so safely. By following these tips and prioritizing your physical health, you can ensure that your fall yard work is both productive and pain-free. Remember, it’s better to take your time and remain safe than to risk injury for the sake of a pristine lawn. Enjoy the beauty of fall and happy raking!

Dr. Matt Smith has been a Chiropractor in Saratoga Springs for 36 years. He and his daughter Dr. Kevy Smith Minogue can be reached at 518-587-2064 or at MySaratogaChiropractor.com.