The Difference Between Informal and Formal Closure

If you have ever served as an Executor or Administrator of an estate, then you know at the end of the process that you need to take steps to close the estate.  What is the difference between an Executor and an Administrator, and what does it mean to close an estate? 

Executor vs. Administrator – what is the difference? 

An estate can either go through a probate proceeding or an intestate administration proceeding, depending on the circumstances of the case. A probate proceeding occurs when the decedent had a Last Will and Testament (“a Will”).  An intestate administration occurs when the decedent died without a Will.  In a probate proceeding, the Will is proven to be valid and the Court issues Letters Testamentary to the Executor – appointing them to the position of Executor.  In an intestate administration proceeding, there is no Will to prove valid and the Court issues Letters of Administration to the Administrator – appointing them to the position of Administrator.  Whether you are an Executor or Administrator, at the end of the process, you will need to close the estate. 

What are the different types of estate closure?

Estates can be closed informally or formally.  Both types of closures are described below.   

What is an informal closure of an estate? 

With the informal closure of an estate, the Executor or Administrator (“the Estate Fiduciary”) will typically circulate to the residuary beneficiaries an informal accounting.  There is no required format for an informal accounting.  In my practice, I will sometimes do what I call a “checkbook accounting”, which essentially shares all the information in the estate checkbook with the beneficiaries and has annotations to explain the details.  For example, I would explain the source of all deposits (i.e., proceeds deposited on sale of decedent’s house) and the reasons for all payments or withdrawals (i.e., a check written to pay the decedent’s medical bills).  If the beneficiaries have questions about the informal accounting, then the lawyer preparing it typically will answer them and provide whatever additional information is relevant. If the informal accounting is acceptable to the beneficiaries, then the lawyer will ask the beneficiaries to sign Receipts and Releases.

What is a Receipt and Release?

A Receipt and Release is a form signed by the beneficiary stating what assets they have received from the estate, such as a monetary bequest or items of tangible personal property.  For example, the Receipt and Release may state that the beneficiary received $10,000.00 and a Ford truck valued at $20,000.00.  The Receipt and Release further states that the beneficiary releases the Estate Fiduciary from any further liability to them under the estate proceeding.  In addition to Receipts and Releases from all beneficiaries, the Estate Fiduciary must also file an Affidavit by Fiduciary to informally close the estate.

What is an Affidavit by Fiduciary?

An Affidavit by Fiduciary is exactly what it says – an Affidavit signed by the Estate Fiduciary regarding the administration of the estate.  It includes various information, including confirmation that all taxes are paid, and all claims are settled.  It also states that all the necessary Receipts and Releases signed by the beneficiaries are being filed.  If the Court finds everything in order, it will typically issue an Order Approving Informal Closing within approximately a week’s time. 

When is informal closure appropriate? 

Informal closure is appropriate when there are no disputes among the beneficiaries and there are no beneficiaries who are under a legal disability, such as people who are incapacitated, mentally disabled, or who are minors. Informal closures are by far the most common way to close an estate and are certainly preferable in terms of time and expense.

What is formal closure of an estate? 

A formal closure occurs when a petition is filed by the Estate Fiduciary to have the court approve a formal accounting.  The formal accounting has a required format with multiple schedules.  It describes the financial activity of the estate in great detail from the decedent’s date of death to the proposed date of closure.  It would include a proposed final distribution of the remaining assets to the beneficiaries.

When is formal closure of an estate appropriate?

Formal closure is appropriate when one or more of the beneficiaries are persons under disability.  It is also appropriate if one or more of the beneficiaries who are capable of signing a Receipt and Release refuse to do so.  This can happen when one or more of the beneficiaries believe the Estate Fiduciary did not handle their responsibilities appropriately. 

What happens after the Estate Fiduciary files a formal accounting?

All the beneficiaries who have not signed a Receipt and Release and all the persons under disability will be served with the formal accounting and there will be a return date in court for all necessary parties to be heard.  If there are persons under disability, the court will likely appoint a Guardian ad Litem to represent their interests. 

What is a Guardian ad Litem? 

A Guardian ad Litem is an attorney appointed by the court to protect the interests of a person under disability. The Guardian ad Litem will review the formal accounting and report to the court whether they find it acceptable on behalf of their client.

What happens if beneficiaries do not accept the formal accounting?

In that case, those beneficiaries can file objections to the accounting and the Court may hold a trial concerning those objections.  It is common that such matters are settled before trial, but if they are not, the court will hold a trial and determine whether to approve the accounting.  If the Court believes the Estate Fiduciary acted improperly, it has the ability to surcharge the Estate Fiduciary.  A surcharge essentially forces the Estate Fiduciary to pay back money to the estate because they did not handle their responsibilities appropriately.

Estate closure, be it informal or formal, must be handled with care in order to ensure that the Estate Fiduciary properly fulfills their duties, and the beneficiaries all receive what they are due.  In order to make sure estate closure is handled appropriately, you should consult with an experienced attorney familiar with estate administration matters. 

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. 

Financial fraud is a growing concern in our increasingly digital world. With cybercriminals constantly finding new ways to scam unsuspecting victims, it is more important than ever to protect yourself from becoming a target. Here are five simple things you can do to help safeguard your finances and avoid falling victim to financial fraud.

1. Monitor your accounts regularly

One of the simplest and most effective ways to protect yourself from financial fraud is to monitor your accounts regularly. By keeping a close eye on your bank statements, credit card statements, and online accounts, you’ll be more likely to spot any unauthorized transactions and take action to rectify the situation. Set up alerts with your financial institutions to notify you of any unusual activity, such as large withdrawals or transfers, and report any discrepancies immediately.

2. Use strong and unique passwords

Another easy way to protect yourself from financial fraud is to use strong and unique passwords for all of your online accounts. Avoid using easily guessable passwords like “123456” or “password” and instead opt for a combination of letters, numbers, and special characters. Additionally, use different passwords for each of your accounts to minimize the risk of a hacker gaining access to all of your sensitive information if one account is compromised. Consider using a password manager to generate and store strong passwords securely.

3. Be cautious with your personal information

Be cautious when sharing your personal information online or over the phone. Scammers often use phishing emails, fake websites, and phone calls to trick victims into disclosing sensitive information like Social Security numbers, account numbers, and passwords. Take the time to verify the legitimacy of any request for personal information before providing it, especially if you did not initiate the contact. 

4. Keep your devices secure

In today’s digital age, we rely on our devices for everything from online banking to shopping to social media. To protect yourself from financial fraud, it is crucial to keep your devices secure. Install antivirus software on your computer and mobile devices, keep your operating systems and apps up to date with the latest security patches, and avoid connecting to unsecured public Wi-Fi networks when accessing sensitive information. Additionally, enable two-factor authentication wherever possible to add an extra layer of security to your accounts.

5. Educate yourself about common scams

One of the best ways to protect yourself from financial fraud is to educate yourself about common scams and how to recognize them. Stay up to date on the latest fraud trends and techniques used by cybercriminals, and be wary of unsolicited emails, phone calls, or messages asking for personal information or payment. If something seems too good to be true or raises red flags, trust your instincts and proceed with caution. Remember that knowledge is power when it comes to protecting yourself from financial fraud.

In conclusion, financial fraud is a serious threat that can have lasting consequences if you fall victim to it. By following these five simple tips – monitoring your accounts regularly, using strong passwords, being cautious with your personal information, keeping your devices secure, and educating yourself about common scams – you can help reduce your risk of becoming a victim of financial fraud. Stay vigilant, stay informed, and protect yourself and your finances from falling into the hands of scammers.

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

Knee pain is a prevalent issue that can significantly impact one’s quality of life. While conventional treatments like medication and surgery are common, natural chiropractic care offers a holistic and effective alternative for managing knee pain. This article delves into the benefits of natural chiropractic care in alleviating knee pain and improving overall joint health.

Alignment Correction:

One of the primary focuses of chiropractic care is to correct misalignments in the spine and other joints. Misalignments can lead to compensatory changes in gait and posture, placing undue stress on the knees. A chiropractor will use manual adjustment techniques to realign the spine and joints, relieving pressure on the knees and facilitating proper biomechanics.

Improved Joint Mobility:

Chiropractic adjustments can help improve joint mobility and range of motion in the knees. By restoring proper alignment and function to the joints, chiropractic care can reduce stiffness and enhance flexibility, allowing for a greater range of motion and improved overall joint function.

Pain Relief:

Chiropractic care can provide effective pain relief for knee pain without the need for medication or invasive procedures. Through spinal adjustments, soft tissue therapy, and other chiropractic techniques, patients can experience reduced pain and inflammation in the knees, promoting natural healing and restoration of function.

Strengthening Support Muscles:

Chiropractic care often involves rehabilitative exercises and stretches to strengthen the muscles supporting the knees. By improving muscle strength and flexibility, patients can enhance joint stability and reduce the risk of future knee injuries or pain episodes.

Whole Body Wellness:

Chiropractic care takes a holistic approach to health, considering the interconnectedness of the body systems. By addressing underlying issues such as postural imbalances, muscle weaknesses, or nerve compression, chiropractors aim to improve overall health and well-being, which can have a positive impact on knee pain management.

Personalized  Treatment Plans:

Chiropractors develop personalized treatment plans tailored to each patient’s unique needs and condition. This individualized approach ensures that the root cause of knee pain is addressed, leading to more effective and long- lasting results compared to generic treatment approaches.

Non-Invasive and Drug-Free:

Natural chiropractic care for knee pain is non-invasive and drug-free, making it a safe and gentle alternative for individuals seeking conservative treatment options. Chiropractic adjustments stimulate the body’s natural healing processes, allowing patients to avoid the potential side effects associated with medications or surgery.

Natural chiropractic care offers a holistic and effective approach to managing knee pain by addressing the underlying causes and promoting overall joint health. Through alignment correction, pain relief, improved mobility, and personalized treatment plans, chiropractors help patients alleviate knee pain and enhance their quality of life naturally and safely. If you are experiencing knee pain, consider consulting with a chiropractor to explore the benefits of natural chiropractic care for your condition.

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.

Low back pain is a common condition that can be uncomfortable and debilitating for many individuals. When managing low back pain, using ice or heat can be a simple and effective way to alleviate discomfort. However, knowing when to use ice versus heat is crucial for optimal pain relief and faster recovery. 

Ice Therapy:

Ice therapy, also known as cryotherapy, is typically recommended for acute injuries or sudden flare-ups of pain. Ice is also indicated whenever there is radiating pain into your buttock or down your leg. Leg pain indicates there is swelling and inflammation around the nerve as it exits between the vertebrae in your low back. Applying ice helps to reduce inflammation, numb the area, and slow down nerve conduction, which can help to alleviate pain. At our office we recommend to our patients to gently apply an ice pack to their low back for 15-20 minutes every 1-2 hours from the time you wake up in the morning until you go to bed at night, shoot for 8-10 times per day during the initial stages of low back pain.

Heat Therapy:

Heat therapy, or thermotherapy, is beneficial for chronic low back pain or muscle stiffness, muscle spasms, muscle cramps, Osteoarthritis and Spinal Stenosis. Heat helps to improve blood flow, relax muscles, promote healing and improve range of motion of delicate spinal joints. At our clinic we suggest using a heating pad, hot bath, or hot water bottle with a moist washcloth on the lower back for 15-20 minutes at a time, every 2-3 hours all day long. It is essential to avoid applying heat for extended periods or sleeping with a heating pad to prevent burns or skin damage.

When to Use Ice or Heat:

It is important to understand when to use ice or heat for low back pain. In general, ice is recommended for acute injuries or recent-onset pain, such as a sudden muscle strain or sprain, or when you have buttock and leg pain. Heat is more suitable for chronic stiffness, muscle tightness, and degenerative arthritic conditions. It is crucial to listen to your body and adjust the therapy based on your symptoms.

Precautions and Tips:

While ice and heat therapy can be beneficial, it is essential to take certain precautions to ensure safety and effectiveness:

1. Always use a cloth barrier between the skin and the ice pack or heating pad to prevent skin damage.
2. Limit the application of ice or heat to 15-20 minutes at a time to avoid complications.
3. Do not use heat on an acute injury or areas of swelling, as it can worsen inflammation.
4. If you have circulatory issues or diabetes, consult with your doctor before using ice or heat therapy.

Conclusion:

Ice and heat therapy are valuable tools for managing low back pain and promoting recovery. By following the above recommendations, you can effectively use ice and heat to alleviate discomfort, reduce inflammation, and improve your overall well-being. Remember to listen to your body, seek professional guidance when needed, and incorporate these simple yet effective therapies into your low back pain management routine.

Dr. Matt Smith has been a Chiropractor in Saratoga Springs for the past 37 years. He and his daughter Dr. Kevy Smith Minogue can be reached at www.mysaratogachiropractor. com or call 518-587-2064.

Mother’s Day is a special occasion dedicated to honoring and celebrating the women who have played a significant role in our lives. From the mothers who gave birth to us, to the maternal figures who have guided and supported us throughout our journey, it is important to show our appreciation and love for them on this day.

While gifts like flowers, cards, and chocolates are always appreciated, one of the best ways to show your love and appreciation for the important women in your life is to ensure their financial well-being. Financial planning is a crucial aspect of our overall well-being and can help provide peace of mind and security for our loved ones.

Here are some tips on how to incorporate financial planning into your Mother’s Day celebrations:

Start with a Budget: One of the most fundamental aspects of financial planning is creating a budget. This involves tracking your income, expenses, and savings to ensure that you are living within your means and saving for the future. Creating a budget for your mother or maternal figure can help her take control of her finances and plan for her future needs.

Set Financial Goals: Once you have a budget in place, it’s important to set specific financial goals. This could include saving for retirement, building an emergency fund, or paying off debt. By helping your mother identify her financial goals and create a plan to achieve them, you can provide her with the tools and resources she needs to secure her financial future.

Plan for Retirement: Retirement planning is a critical aspect of financial planning, especially for women who tend to live longer than men. Help your mother evaluate her retirement goals and create a plan to ensure she has enough savings to support herself in her golden years. This could involve contributing to a retirement account, such as a 401(k) or IRA, or investing in other retirement savings vehicles.

Consider Estate Planning: Estate planning is an important part of financial planning that involves creating a will, establishing a power of attorney, and setting up a trust to ensure that your loved ones are taken care of after you pass away. Encourage your mother to create an estate plan and review it regularly to ensure that her wishes are carried out and her assets are protected.

Invest Wisely: Investing is a key component of financial planning that can help your mother grow her wealth and achieve her financial goals. Help her understand the different investment options available, such as stocks, bonds, and mutual funds, and create a diversified investment portfolio that aligns with her risk tolerance and time horizon.

Protect Against Risks: Insurance is an essential part of financial planning that can help protect your mother and her assets from unexpected events, such as illness, disability, or death. Make sure she has adequate health, life, and disability insurance coverage to safeguard her financial security and provide peace of mind.

By incorporating financial planning into your Mother’s Day celebrations, you can show your love and appreciation for the important women in your life by helping them secure their financial future and achieve their goals. Whether it’s creating a budget, setting financial goals, planning for retirement, or investing wisely, taking steps to ensure your mother’s financial well-being is one of the best gifts you can give her on this special day.

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

As the summer season approaches, it’s essential to keep an eye on our vision health. With longer days and increased outdoor activities, our eyes are subjected to various elements that can impact their well-being. Additionally, amidst this seasonal transition, there’s exciting news for our local community: after 62 years at 205 Lake Avenue, Family Vision Care Center is relocating to 6B Carpenter Lane in Saratoga.

Eye health should never take a vacation, especially during the summer months when UV exposure and outdoor activities can pose risks to our vision. Here are some tips to ensure optimal eye care during this time:

· Wear Sunglasses: Protect your eyes from harmful UV rays by wearing sunglasses with proper UV protection. Look for sunglasses that block 100% of UVA and UVB rays to shield your eyes from potential damage.

· Stay Hydrated: Dehydration can lead to dry eyes, causing discomfort and irritation. Be sure to drink plenty of water throughout the day to keep your eyes hydrated, especially in the summer heat.

· Take Breaks from Screens: Whether it’s scrolling through social media or binge-watching your favorite shows, prolonged screen time can strain your eyes. Remember to take frequent breaks to rest your eyes and reduce digital eye strain.

· Use Protective Eyewear: If you’re participating in outdoor activities such as sports or yard work, wear protective eyewear to prevent eye injuries. Safety goggles or glasses can shield your eyes from debris, chemicals, and other hazards.

· Schedule Regular Eye Exams: Don’t forget to prioritize your routine eye exams, even during the summer months. Regular check-ups with your eye care provider are crucial for maintaining good vision and detecting any potential issues early on.

In addition to these important reminders for summer eye health, Family Vision Care Center is thrilled to announce our relocation after more than 100 years of serving the Saratoga community. Since our establishment in 1920 on Broadway in downtown Saratoga, we have been committed to providing exceptional eye care to our patients. Our new location at 6B Carpenter Lane reflects our dedication to modernizing our services while remaining rooted in our community’s history and values.

We invite you to join us at our new location for the same personalized care and expertise that Family Vision Care Center has been known for over the years. Our team looks forward to continuing our legacy of excellence in eye care and serving you and your family for many more years to come.

This summer, let’s prioritize our vision health and embrace positive changes in our community, including Family Vision Care Center’s relocation to 6B Carpenter Lane. Together, we can ensure that our eyesight remains clear and vibrant for all the adventures to come.

Susan Halstead is a Nationally and NYS Licensed Optician and is the owner of Family Vision Care Center in Saratoga Springs. FVCC has been serving Saratoga County since 1920 with Susan as the third owner. Susan can be reached for comment or questions via text or call (518)584-6111or email Susan@familyvisioncarecenter.com

One of my godsons received his First Holy Communion in Pittsburgh at the end of April, so two of my big boys and I drove down and back over the course of a weekend. While it was kind of a big deal that I was able to go on such a trip (away for two nights!), and that the children I had with me are much closer to adulthood than to little boyhood (with all its travel-related stressors), the thing that I really want to point out in this article is how amazing it is to see women I knew when they were much younger and totally carefree as moms.

My godson’s mom is one of my dearest friends. We lived on the same wing my sophomore year in college; we studied abroad and traveled around Europe together; she was a bridesmaid in my wedding and is the godmother of one of my boys. We were college kids together, and now we’re moms together. Since I don’t see her that often due to distance, it was striking to me to see her bringing her son to the bathroom in the church before the Mass began, cleaning the frosting off his face after he ate his celebratory cupcake, reminding him to thank me for coming. Who is that amazing mom?!

Another of my dearest friends, who shares many of the same experiences and memories as the friend mentioned above, and who was also a bridesmaid in my wedding and is the godmother of one of my boys, recently took a day trip with her son and daughters for a college visit to Siena. One of my boys and I met them there and were able to spend a great afternoon together, walking around campus and eating in the dining hall with them. Not only was it so strange for the two of us, who met in college, to be walking around campus with our kids, who are basically the same ages we were when we met, but also to be walking around our own alma mater. I can’t remember ever thinking when we were students at Siena that twenty-five years later we would be walking around Siena with our own kids. And being such moms! Making sure our kids knew where the bathrooms were and commenting on the natural light in the dorms and pointing out all the things that were different from when we were students (much to the kids’ annoyance, I’m sure).

My best friend from childhood (who, yes, was one of my bridesmaids and is the godmother of one of my boys) doesn’t have her own children but works with and cares for children from birth through fifth grade and has more knowledge and experience than many parents I know. There aren’t many people that I would unhesitatingly entrust my children to, but she is one of them. It’s easier for me to see her in her role now because we grew up together and we have both always loved babies and children, so I’ve always seen this side of her. We both grew up in big families and are the oldest daughters, so having little ones around and helping take care of them was life. Even still, remembering her as a kid during our growing up — our sleepovers and school days and summer swimming, experiments with makeup and suffering through Cross Country together and angsting over boys — and seeing her now with the car seats in her car, hearing about her days full of diapers and playground outings and how she knows about the movies and video games that so enthrall my own boys, is pretty cool. We met up the other night for dinner and I was really struck by the privilege it has been to have grown up with her and to be growing older with her, and our shared love of little ones and how beautifully she mothers her charges and my own kids is part of the glue that holds us together. 

I’m not only amazed to see my friends as moms, but also to see my baby sister as a mom. I’m eleven years older than her — older enough that I carried her around with me the way she does with her own babies now, and the way that I do with her babies, too. That tiny girl, the baby of our family, has two little boys of her own. That teen who helped watch my own boys when my husband and I went out for date nights now asks me to come stay with her boys while she and her husband go out. I have so many pictures of her holding my babies during her growing-up years, and now my photo reel has shots of me holding her boys. Bananas! (I’m sorry, I have to say it: she was also a bridesmaid in my wedding and is godmother to one of my boys.)

I’ve written many times about my mom, my mother-in-law, and my grandmothers for Mother’s Day, so it seemed right to focus on my sister-friends this year. Though I only mentioned four of them here, it was more because I had recent interactions with them that were on my mind, and I only have so much space in this column. I don’t mean to exclude any of the other amazing women in my life, especially my other bridesmaids and godmothers of my children! They’re all amazing and I love and appreciate each one. This I need to say more for my own mom than for any of my friends and sisters reading this, I’m sure, because Mom will read this and fret and worry that someone will feel left out. That’s what moms do, after all, and she’s one of the very best. Happy Mother’s Day to you all!

Kate and her husband have seven sons ages 19, 17, 15, 14, 12, 10, and 5. Email her at kmtowne23@gmail.com.