Planning for retirement may seem overwhelming, but taking simple steps now can help set you up for a comfortable and secure future. Whether you’re just starting your career or are nearing retirement age, it’s never too early or too late to begin preparing for this important life stage.

The first step in planning for retirement is to define your goals. Take some time to consider what you envision for your retirement years. Will you want to travel, pursue hobbies, or volunteer? Thinking about what kind of lifestyle you want to have in retirement can help you determine how much money you’ll need to save. Remember these goals can, and probably will, change.

Once you have a vision of your retirement goals, it’s important to calculate how much money you’ll need to fund your desired lifestyle. Consider your living expenses, healthcare costs, and any additional expenses you may have, such as travel or hobbies. Working with your financial advisor can help you estimate your retirement needs based on factors like your current age, income, and retirement age.

One of the most effective ways to build a solid retirement nest egg is to start saving as early as possible. Even small contributions to a retirement account can grow significantly over time due to compound interest. If your employer offers a 401(k) or similar retirement plan, consider participating and contributing as much as you can, especially if your employer matches contributions.

Developing a concrete plan for saving for retirement can help you stay on track and reach your goals. Set specific savings targets and create a budget that allows you to contribute regularly to your retirement accounts. Automating your retirement contributions can also make it easier to save consistently without having to think about it.

When saving for retirement, it’s important to diversify your investments to help manage risk. Consider investing in a mix of stocks, bonds, and other assets that align with your risk tolerance and time horizon. Revisit and adjust your portfolio as needed to help ensure it remains aligned with your retirement goals.

Understanding the basics of retirement planning and investing can empower you to make informed decisions about your financial future. Consider seeking out resources, such as books, online courses, or financial advisors, to learn more about retirement planning strategies and investment options.

By taking these simple steps to start planning for retirement, you can work to set yourself up for a more financially secure future. With the right approach and a commitment to saving, you can take better control of your retirement and work towards the lifestyle you envision for your golden years.

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

One thing that I’ve really come to appreciate more and more as my boys get bigger is how well those who work in pediatrics tend to be with their patients and their patients’ mothers (at least, this mother). The medical professionals who have cared for my kids over the years have been great at keeping me looped in, asking my thoughts, and respecting my experience, while also letting me know where I haven’t had the right perspective, needed to learn more, or just needed to calm down. This is a fine line to walk for medical professionals, in my opinion — how to be respectful of the rights and responsibilities of parents while also relying on one’s own medical education, training, and experience to properly treat little ones (and not-so-little ones, as in the case of my big boys).

My gratitude for good pediatric medical professionals has been on my mind lately because one of my big boys was treated recently by those who don’t specialize in pediatrics, and while they did a fine technical job — for which I’m extremely grateful — my dealings with them emphasized what a gift those with a pediatric focus are for kids and their anxious mothers. These are some of the things that I find so comforting as a mom that those in pediatrics do really well:

Listen to me

I realize the child is the patient, and the older the child, the more he or she can speak for himself or herself. But also, I remember things the kids don’t; I understand things the kids don’t; I spend a whole lot more time watching my kids than my kids spend watching themselves. Their story is not my story, but I’m a fairly omniscient narrator, especially with the very little ones. Doctors who take seriously my perspective, theories, thoughts, and concerns (or who make it look like they do!) make me feel like they’re taking my child’s health seriously. They also make me more likely to trust their advice.

Explain things

I love that our pediatrician explains what he’s going to do before he does it and continues the explanation as he’s doing it. He talks to my sons, not to me, but loud enough for me to hear, which covers all the bases — things like, “Okay, I’m going to push hard on your belly now — it’s not going to tickle!” Additionally, the doctors and nurses are always really careful to fully explain next steps in the case of an ongoing medical issue (from a round of antibiotics to more involved treatments): how long, what to expect, what to do if something unexpected happens, and always a reminder that it’s perfectly fine to call the office with any questions or concerns at any time. (I have taken full advantage of that through the years!)

Keep things kid-friendly

On the one hand, it’s maybe a little unfair to expect those who work with children to always be good at being kid-friendly — I’ve always thought it’s a gift to be able to do so, and not a gift that I feel like I have, so I can appreciate that this could be a challenge for certain personalities that are otherwise really skilled at what they do. But our pediatric caregivers really try hard to ask my boys how life is going, engage in funny chitchat, and some are even really good at being a little goofy, all of which go a long way toward making kids and their moms feel comfortable. One of the doctors at our pediatrician’s office tells my boys to be sure not to take the princess stickers, since those are for him — my boys crack up every single time he says it.

The boy I mentioned earlier broke his leg at the end of the summer and had to have surgery, and was put in a long cast for six weeks, which made self-care and mobility incredibly difficult for him and provided new challenges for my husband and I as his caretakers, for my parents, who were a huge help, and for our whole household. The surgical team did a fantastic job of fixing his leg, but it wasn’t a pediatric team, and while I saw several attempts at efforts to have a good bedside manner, I often felt worried, out of the loop, and confused about several parts of his care plan. I felt like I needed to speak up more as his advocate, because they weren’t considering things from a kid’s perspective and my son didn’t know how to speak up for himself or what to say, but also that my voice wasn’t as important to them as it always has been to our pediatrician. There were even some moments that I found to be really scary, but the need to reassure me and my son in the ways I’ve become accustomed to at the pediatrician’s office didn’t seem to be high on anyone’s list. 

I suppose I’ll always feel like my kids’ doctors should be asking my thoughts, taking seriously my concerns, and making it look like the things I’m saying are helpful and relevant, even when my boys are well into adulthood. A mother is a mother forever, after all! And I certainly want good care for them at all ages, whether or not that comes with a skilled bedside manner. I’m just so grateful for those who are really good at being the kind of medical caregivers that this mama wants for her children, and that I feel like I need in order to best take care of them. (We are happy patients of Community Care Pediatrics!)

Kate and her husband have seven sons ages 19, 17, 15, 13, 11, 9, and 5. Email her at kmtowne23@gmail.com.

What is Chiropractic?

Chiropractic is a health care profession that focuses on disorders of the musculoskeletal system and the nervous system, and the effects of these disorders on general health. Chiropractic services are used most often to treat common musculoskeletal complaints, including but not limited to back pain, neck pain, pain in the joints of the arms or legs, and headaches.

Through their whole-person, patient-centered approach, doctors of chiropractic (DCs) elevate the health and wellness of their communities by helping people of all ages live more fully and actively.

Why Choose Chiropractic?

Chiropractic is the third-largest primary health care profession, surpassed in number only by doctors of medicine and dentistry. Doctors of chiropractic treat about 35 million Americans annually.

•DCs are licensed to practice in all 50 states and the District of Columbia–and in many nations around the world–and undergo a rigorous education in the healing sciences at institutions accredited by the U.S. Department of Education.

•A growing list of research studies and reviews demonstrate that the services provided by chiropractic physicians are both safe and effective. The evidence strongly supports the natural, whole-body and cost-effective approach of chiropractic services for a variety of conditions.

•Chiropractic services are included in most health insurance plans, including major medical plans, workers’ compensation, Medicare, some Medicaid plans, and Blue Cross Blue Shield plans for federal employees, among others.

•Chiropractic is used extensively by amateur and professional athletes, professional dancers and others to prevent and treat injuries as well as achieve optimal health and functioning.

What is Spinal Manipulation?

One of the most common and well-known therapeutic procedures performed by doctors of chiropractic is spinal manipulation (sometimes referred to as a “chiropractic adjustment”). The purpose of spinal manipulation is to restore joint mobility by manually applying a controlled force into joints that have become hypomobile – or restricted in their movement – as a result of a tissue injury. Tissue injury can be caused by a single traumatic event, such as improper lifting of a heavy object, or through repetitive stresses, such as sitting in an awkward position with poor spinal posture for an extended period of time. In either case, injured tissues undergo physical and chemical changes that can cause inflammation, pain, and diminished function for an individual. Manipulation, or adjustment of the affected joint and tissues, restores mobility, thereby alleviating pain and muscle tightness, allowing tissues to heal.

Chiropractic adjustment rarely causes discomfort. However, patients may sometimes experience mild soreness or aching following treatment (as with some forms of exercise) that usually resolves within 12 to 48 hours. Compared to other common treatments for pain, such as over-the-counter and prescription pain medications, chiropractic’s conservative approach offers a safe and effective option.

What is a Doctor of Chiropractic?

Doctors of Chiropractic (DCs) – often referred to as chiropractors or chiropractic physicians – practice a hands-on approach to health care that includes patient examination, diagnosis and treatment. Chiropractors have broad diagnostic skills and are also trained to recommend therapeutic and rehabilitative exercises, as well as to provide nutritional, dietary and lifestyle counseling.

DCs may assess patients through clinical examination, laboratory testing, diagnostic imaging and other diagnostic interventions to determine when chiropractic treatment is appropriate or when it is not appropriate. Chiropractors will readily refer patients to the appropriate health care provider when chiropractic care is not suitable for the patient’s condition, or the condition warrants co- management in conjunction with other health care providers.

In many cases, such as lower back pain, chiropractic care may be a patient’s primary method of treatment. When other medical conditions exist, chiropractic services may complement or support medical treatment by relieving the musculoskeletal pain associated with the condition.

Like their medical colleagues, chiropractors are subject to the boundaries established in state practice acts and are regulated by state licensing boards. Their education in four-year doctoral graduate school programs is nationally accredited through an agency that operates under the auspices of the U.S. Department of Education. After graduation, they must pass national board exams before obtaining a license to practice, and then must maintain their license annually by earning continuing education (CE) credits through state-approved CE programs.

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

Everyone who has ever owned real estate has had a deed.  They are undoubtedly one of the most common legal documents that lawyers draft. But what do you really know about deeds?  What are the different types of deeds and why are the differences important? Here’s a set of questions and answers that can act as a primer on real estate deeds.  In this discussion, I will use the term “grantor” to refer to the person giving the deed and the term “grantee” to refer to the person receiving the deed.  In a basic real estate closing context, the seller would be the grantor and the buyer would be the grantee.

What are the most common types of deeds?

The most common types of deeds are warranty deeds, quitclaim deeds, bargain and sale deeds, executor deeds, trustee deeds, life estate deeds, referee deeds, and tax foreclosure deeds.

What is a warranty deed?

A warranty deed is the most common deed for real estate transfers in Upstate New York.  With a warranty deed, the grantor is promising that they own the property and there are no title issues relating to property.  If title issues later arise after the closing, the grantee would potentially have a legal right to compel the grantor to resolve those issues.

What is a quitclaim deed?

In a quitclaim deed, the grantor conveys whatever rights, if any, they have in the property to the grantee.  Unlike a warranty deed, the grantor is not promising that they own the property and the grantor is not promising there are no title issues regarding the property.

What is a bargain and sale deed?

Bargain and sale deeds are more common downstate in real estate transfers.  The bargain and sale deed is better than a quitclaim deed but not as good as a warranty deed.  In a bargain and sale deed, the grantor is promising that they own the property and that they themselves have not done anything to impair the title to the property.  They are not promising (as in a warranty deed) that there are no title issues with the property, in general.

What is an executor’s deed?

If someone dies and their Will is submitted to probate, then an executor of their estate is appointed.  If the decedent owned property in their name at the time of their death, then that real estate is now owned by their estate.  If someone later buys that property from the estate, the executor signs an executor’s deed to convey the property.  It is important to note that just because you are named as an executor in someone’s Will, you may not sign an executor’s deed.  You need to have the decedent’s Will probated and receive your appointment from the Surrogates Court before you have the authority to sign an executor’s deed.

What is a trustee’s deed?

A trustee’s deed is signed when a trust owns the real estate.  There are several kinds of trusts.  Some trusts are created during the lifetime of a grantor and some trusts are created after the grantor’s death.  It is important to review the trust agreement to ensure that the person signing the deed is named as trustee and authorized by the trust provisions to sell the property.  If the trust was created in the grantor’s Will, it is important to make sure the Will was probated and the Surrogates Court appointed the named trustee.

What is a life estate deed?

I am using the shorthand “life estate deed” to describe the type of deed where the property is conveyed by the grantor to a grantee, but a life estate is retained by the grantor.  This is common when a parent wants to deed their property to their children but wants to maintain the right to live in their house until they die, which is accomplished by the reserved life estate right.  Upon the death of the grantor, the grantee then has title to the property free of the grantor’s interest.  In that case, no action is required in Surrogates Court to complete the transfer to the grantee.

What is a referee’s deed?

A referee’s deed is used when a property has been foreclosed on by a mortgage holder.  In those cases, the court handling the foreclosure appoints a referee to handle the sale.  The referee usually holds a sale at public auction and the highest bidder wins the opportunity to purchase the property.  The buyer typically has to put a small deposit down on the date of the auction and then pay the balance of the purchase price in a certain number of days.

What is a tax foreclosure deed?

If a property owner does not pay their property taxes, the local municipality or county has the ability to foreclose their tax lien on the property and take title to it.  This is usually done against all the delinquent properties in the municipality or county at the same time, through a legal tax foreclosure proceeding.  A public tax foreclosure auction is later held, where all the delinquent properties are sold to the highest bidder.  A government official who is authorized to sign the tax foreclosure deeds will later sign the deeds to the winning bidders.

The deeds listed above are not an exhaustive list of real property deeds in New York, but they are the most common.  As you can see, there are a number of important differences with each deed, and a buyer has to be careful to understand exactly what they are getting when they purchase real property.  In order to protect your interests, it is important to secure the services of an experienced attorney and title company to assist you when you make a real estate purchase.

Matthew J. Dorsey, Esq. is a Shareholder with O’Connell and Aronowitz, 1 Court St, Saratoga Springs. Over his 26 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.

Investing always come with uncertainty, but when markets become volatile, the stakes can feel higher than ever. 

Volatility refers to rapid price swings and uncertainty in the financial markets, often driven by economic, political, or social factors. While some investors might shy away from such unpredictable conditions, savvy individuals recognize that opportunities may lie within these tumultuous markets. Investing in volatile markets requires a different approach, but with the right strategies and mindset, it can lead to significant gains.

Before stepping into the world of investing in volatile markets, it is crucial to embrace and comprehend the nature of volatility itself. Volatility is a double-edged sword, capable of delivering high returns but potentially carrying substantial risks. Accepting that some level of uncertainty is inevitable will help you maintain a realistic perspective throughout your investment journey.

Diversification is a time-tested strategy that may cushion the impact of market volatility. Allocating your investments across different asset classes like stocks, bonds, real estate, and commodities helps spread the risks; losses in one area may be offset by gains in another. Diversifying across sectors, regions, and company sizes further manages exposure to specific risks.

Investing in volatile markets requires a meticulous assessment of risks and rewards. Conducting fundamental and technical analysis of potential investments can be important. Scrutinize historical data, examine financial statements, assess the overall market outlook, and closely follow geopolitical developments. By understanding the risks associated with each investment, you can make informed decisions that align with your risk tolerance and financial goals.

Volatility tends to stir emotions, and reacting impulsively can be detrimental to long-term investment success. Stick to your investment plan and avoid making hasty decisions influenced by fear or greed. Volatile markets often provide short-term fluctuations, which do not necessarily affect an investment’s long-term potential. Staying disciplined, maintaining a diversified portfolio, and focusing on solid fundamentals can help you navigate the stormy seas of volatile markets.

Investing in volatile markets requires patience and a long-term perspective. Trying to time the market’s ups and downs is a risky endeavor. Instead, try to focus on quality investments with strong growth potential, even during periods of turbulence. By assessing the underlying fundamentals and opportunities within the market, investors can potentially take advantage of temporary market downturns to accumulate premium assets at discounted prices.

Investing in volatile markets can be overwhelming, especially for newcomers or individuals lacking expertise in financial markets. Seeking advice from a Certified Financial Planner (CFP®) Professional can provide valuable guidance and help fine-tune your investment strategies. These professionals can help assess your risk tolerance, provide personalized recommendations, and help you develop a resilient investment plan.

Investing in volatile markets may seem intimidating or risky, but it can also present unique opportunities to grow your wealth. Remember, market volatility is an inherent characteristic of investing. By understanding the nature of volatility, diversifying your portfolio, conducting thorough risk assessments, staying disciplined, adopting a long-term perspective, and seeking professional guidance, you can work to navigate these turbulent waters. 

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. 518-583-4040

What if I told you that dividends are not all they are cracked up to be? That doesn’t mean they are necessarily bad. However, receiving a dividend is like taking money from your bank account and holding it in cash. Your financial situation hasn’t necessarily changed; you are just holding part of your money in a different form. The true measure of a good investment should be the total return instead of the dividend stream it pays. This can be a touchy subject for people, so I apologize in advance. 

When a company pays a dividend, the price of its stock declines by the amount of the dividend. They refill the coffers by continuing whatever line of business they are in and hopefully turning a profit. Using the bank account analogy, your bank account hopefully has an upward trajectory from contributions from your paychecks. Whether you hold that money in the bank or dollar bills is up to you, but it doesn’t change the amount of money you have. Warren Buffett’s company, Berkshire Hathaway, has paid one solitary dividend in its history – a $0.10/share payout in 1967. Buffett is so opposed to paying dividends that he quipped, “I must have been in the bathroom when that decision was made.” 

People love dividends because they represent tangible value from their investments. However, it’s easy to lose sight of the big picture by focusing on dividends, not the total return. Total return is comprised of price appreciation plus income (dividends). Companies that pay dividends systematically force their investors to recognize one side of that equation while the market determines the other. To illustrate my point, AT&T has routinely paid between 6-8% of its share price in dividends since the beginning of 2016. The total return over that period has been a rounding error above 0%. Compare that to non-dividend-paying Berkshire Hathaway with a total return of over 150% over that same period. Which would you rather have?

Dividends are nice because they get paid by companies who (usually) have enough cash lying around to distribute to their shareholders. Beware the siren song of a high dividend yield, though! Payouts are not guaranteed, and companies might choose to suspend dividend payments, which usually causes a double whammy of a loss of income plus a drop in stock price. Residents of the Capital Region need look no further than General Electric from 2017 to 2018, when they cut their dividend from $0.24 to $0.01 per share. The share price responded by dropping over 65%.

Lest you think I outwardly hate dividends, I believe that dividend investing with certain constraints can prove to be profitable. In fact, we allocate a portion of our portfolios to companies that pay dividends, with additional screening criteria. As with anything else, a thorough examination of how an investment fits into a portfolio is a necessary precursor to its inclusion. If you are unsure, consult a professional (like us).

David Rath, CMT, CFA, is the Chief Investment Officer at Continuum Wealth Advisors in Saratoga Springs. Continuum Wealth Advisors, LLC is a Registered Investment Advisor registered through the Securities and Exchange Commission.

For more information, visit contwealth.com.

The musculoskeletal system is the “backbone” of your body, literally. It’s comprised of not only the spine but all your muscles, bones and joints. It’s what gives your body form. It’s what makes it possible for you to move and do the things you enjoy. Keeping this vital system strong is essential for a full and active life.

When your musculoskeletal system is functioning well, you feel stronger and healthier; however, when there’s a problem, you might experience pain and even disability. More than one in two adults report experiencing a musculoskeletal condition such as back pain, neck pain, joint pain, arthritis and osteoporosis. They are the most commonly reported medical conditions among those under age 65 and the second most common condition for people aged 65 and older.

Musculoskeletal conditions become more common as we age, sometimes limiting our ability to move and accomplish everyday activities. This can affect overall health negatively by contributing to lack of physical activity, which can in turn lead to obesity and chronic conditions such as Type 2 diabetes and hypertension.

Nurturing musculoskeletal health over a lifetime begins with good nutrition, adequate hydration and healthy habits such as regular rest and physical activity. Prevention is also key; we can reduce the risk of pain and injury by improving our posture and movement techniques as well as the ergonomics of our work and home environments.

The American Chiropractic Association offers the following small steps to take toward better musculoskeletal health:

•Move more. Bones, muscles and joints need movement to stay healthy. The U.S. surgeon general recommends adults get at least 150 minutes weekly of moderate physical activity (walking, yard work, recreational swimming, etc.) or at least 75 minutes of intense weekly activity (jogging, hiking uphill, basketball, etc.)

•Eat a balanced diet. Proper nutrition is just as important to musculoskeletal health as it is to overall health. Eat a balanced diet that includes whole fresh foods and try to avoid processed foods. Be sure to get enough calcium and vitamin D for your bones and lean protein to build and maintain strong muscles.

•Go outside! The sun helps our bodies produce Vitamin D, which in turn helps to absorb calcium and strengthen bones.

•Do weight-bearing exercises. Walking, jogging and resistance exercises such as weightlifting can improve bone density. Planks and squats can also strengthen core muscles. Non-weight-bearing exercises such as swimming and biking can benefit the musculoskeletal system as well, especially for people unable to walk or jog while recovering from back, hip or knee pain.

•Stay hydrated. Drinking water makes muscles stronger by carrying oxygen to the cells of the body. It also helps lubricate and cushion joints.

•Quit smoking. It contributes not only to cardiovascular disease but also osteoporosis and bone fracture as we age.

•Get adequate rest. A good night’s sleep enables your body to repair muscles and joints that are strained or injured during the day.

•Don’t drink too much alcohol. Drinking alcohol excessively can lead to osteoporosis and bone fracture.

•Practice good posture. It helps keep bones and joints in correct alignment so our muscles work more efficiently, saving energy and reducing fatigue while decreasing the abnormal wearing of joint surfaces that can lead to degenerative arthritis and joint pain.

•Maintain a healthy weight. Being overweight can put stress on joints, especially as we age, leading to an increased risk of injury. However, being underweight can increase the risk of bone loss and fracture.

•Improve movement techniques to avoid strain and injury. Lifting tip: When picking up heavy items from the floor, do not bend over at the waist; instead, kneel down on one knee, as close as possible to the item you are lifting, with the other foot flat on the floor and pick up the item. Alternatively, bend both knees, keeping the item close to your body, and lift with the legs.

•Limit screen time. Neck pain and poor posture can result from spending too much time looking down at your tablet or cell phone. Spend less time on mobile devices and do stretch and extension exercises regularly. Bring your shoulder blades together and stand up tall.

•Be proactive and prevent falls. Remove throw rugs, low furniture, cords and other trip hazards on the floor; review medications with your doctor that could affect balance; have your vision checked; and start an exercise routine to improve strength, balance, coordination and flexibility.

By strengthening your musculoskeletal system, you can stay healthier and engaged in the activities that matter most to you.

Whatever your health goals are, your doctor of chiropractic can help. Chiropractors practice a hands-on, non-drug approach to health care. In addition to their expertise in spinal manipulation, they have broad diagnostic skills and are trained to recommend therapeutic and rehabilitative exercises, as well as to provide nutritional, dietary and lifestyle advice.

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

Estate planning is a critical process that can help ensure your assets are distributed according to your wishes after your passing, while also minimizing the taxes, expenses, and stress for your loved ones. By creating a comprehensive estate plan, you can protect your estate’s value, provide for your family’s future, and leave a lasting legacy.

Estate planning involves a series of legal documents and strategies that outlines how assets and liabilities will be managed and distributed upon your death. It can allow you to control the flow of your assets, protect your family’s financial security, and establish a plan for your healthcare should you become incapacitated.

The cornerstone of any estate plan is a will. A will is a legal document that outlines your wishes regarding the distribution of your assets and the appointment of guardians for minor children. Without a will, your estate may be subject to intestacy laws, leaving the decision making power in the hands of the court. Writing a will can allow you to specify who should inherit your assets, no matter how small or large, and helps avoid potential family disputes.

While wills are essential, they may not be enough for complex estates or specific needs. In such cases, creating a trust as part of your estate plan can be beneficial. Trusts can provide greater control over the distribution of your assets, allowing you to stipulate when and how your beneficiaries will receive their inheritances. Additionally, they can offer privacy since trust documents don’t become public record. Irrevocable trusts can also help reduce estate taxes and protect assets from creditors.

Estate planning encompasses more than just distributing assets after death. It also includes preparing for potential incapacity during your lifetime. A power of attorney document grants another person the authority to handle your financial affairs should you become unable to do so yourself. Similarly, healthcare directives, such as a living will or a healthcare proxy, can help ensure that your medical wishes are known and respected if you are unable to communicate them personally.

Life is ever-changing, and so should your estate plan. Marriage, divorce, birth, death, or significant changes in your financial situation or goals require updates to your plan.

Neglecting to review and update your estate plan periodically may lead to unintended consequences, leaving your loved ones to deal with outdated instructions or assets passing into unintended hands.

While do-it-yourself estate planning documents are available, they often fail to address the unique circumstances and complexities of individuals’ situations. Consulting an experienced estate planning attorney can help ensure that your plan is tailored to your specific needs and goals. An attorney can guide you through the legal requirements, explain the implications of certain choices, and help you navigate the local laws and regulations.

Creating an effective estate plan can be essential for securing your legacy, protecting your loved ones, and ensuring your assets are distributed as you desire. By incorporating a will, trusts, power of attorney, healthcare directives, and strategies to minimize taxes, you can leave a lasting positive impact on your family and future generations. Seek professional guidance to customize your estate plan and provide peace of mind for yourself and your loved ones.

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. Neither Cadaret, Grant and Co., nor Sterling manor financial and their representatives provide tax or legal advice.