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

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

Who administers your estate?

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

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

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

Who inherits your estate?

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

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

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

What is the right of election?

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

What is your net estate? 

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

What else is your spouse entitled to?  

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

What about employee benefits? 

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

Can your spouse contest your Will? 

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

Can your spouse give up these rights? 

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

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

Can your spouse lose these rights? 

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

Are estranged spouses disqualified? 

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

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

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

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

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

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

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

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

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

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

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

Looking Ahead to the Second Half

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

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

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

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

Why Stretch Your 

Neck and Back?

Benefits of Stretching

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

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

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

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

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

 Neck Stretching Exercises

1. Neck Tilt

How to Do It: 

 Sit or stand up straight.

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

 Hold for 15-30 seconds.

 Switch sides and repeat.

Targets: Side neck 

muscles (scalene and 

sternocleidomastoid)

 2. Neck Rotation

How to Do It: 

 Sit or stand with your back straight.

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

 Hold for 15-30 seconds.

 Return to the center and repeat on the left side.

Targets: Neck muscles 

(levator scapulae and 

trapezius).

3. Chin Tucks

How to Do It: 

 Sit or stand with your back straight.

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

 Hold for 5 seconds and release.

 Repeat 10 times.

Targets: Deep neck flexors, 

improving posture.

Back Stretching Exercises

 1. Cat-Cow Stretch

How to Do It:

Start on your hands and knees in a tabletop position.

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

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

 Repeat for 5-10 cycles.

Targets: Spine flexibility 

and abdominal muscles.

2. Child’s Pose

How to Do It:

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

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

Hold for 30 seconds, breathing deeply.

Targets: Lower back, hips, 

and shoulders.

3. Seated Forward Bend

How to Do It: 

Sit with your legs extended in front of you.

 Inhale, raising your arms overhead.

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

 Hold for 15-30 seconds.

Targets: Hamstrings, back, 

and calves.

 Tips for Safe Stretching

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

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

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

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

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

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

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

Throughout our community this month, high school seniors will be graduating and many of them will be heading off to college.  With college costs increasing faster than the rate of inflation, saving to pay for these expenses is certainly on the minds of many people.

One of the most common questions parents ask is how they can begin saving for their child’s future education expenses. With the cost of higher education continuing to rise, many families are looking for ways to put money aside while taking advantage of potential tax benefits and investment growth.

The following questions and answers provide a basic overview of potential college savings options.

How can I save for college?

For many families, a 529 college savings plan is the most widely used option.  A 529 plan is a tax-advantaged account designed to help families save for education expenses. Contributions are made with after-tax dollars, but the funds grow tax-free, and withdrawals are generally tax-free if used for qualified education expenses.

These plans can be used for many colleges, universities, trade schools, and other eligible educational institutions.

Who controls the account?

Typically, the person who establishes the account remains in control of the funds.

For example, a parent may open an account for a child while retaining the ability to manage investments and determine when distributions are made. If the original beneficiary does not need the funds, the account owner may be able to change the beneficiary to another family member.

Are there different 

types of plans?

Yes.  Every state in the nation, except Wyoming, sponsors a 529 plan.  You can invest in whichever state plan you want, but if you are a New York resident and invest in the New York plan, you are eligible for an income tax deduction.

What is the tax deduction?

You can get an income tax deduction of up to $5,000 for a single taxpayer and up to $10,000 for married couples filing jointly.  These deductions apply only to your New York State income taxes, not federal income taxes.  They are not per child but rather in total per tax return.

What can I invest in?

The New York 529 plan is managed by the Vanguard Group.  There are two basic options for the plan.  The first choice is an age-based investment option and the second is to develop your own custom investment strategy using the funds available through the plan.  

Are there different 

age-based options?

Yes.  You can choose Conservative, Moderate, or Aggressive age-based options.  Often people will choose the Aggressive option when a child is younger and then move to Moderate or Conservative options, as the child becomes older.  You can generally change your investment choice up to twice a year.

What other options 

are there?

If you are looking for another option that allows you to save money for college expenses with tax-free growth and tax-free withdrawals, another option would be a Coverdell Education Savings Account (ESA).  

How is it different 

from a 529?

The Coverdell ESA allows more flexibility to the investor.  You can invest in individual stocks if you wish, as well as exchange traded funds (ETFs) or mutual funds.  ETFs and mutual funds are available through 529 plans, but you are limited to the selection available through the investment firm managing that particular plan.  

Are there downsides?

Yes.  With a Coverdell ESA, you can only contribute up to $2,000 per beneficiary per year.  They are also phased out at higher income levels.  For single filers the phase out starts around $95,000 and for married couples filing jointly it starts at around $190,000.

What is more popular?

529 plans are certainly more popular today than Coverdell ESAs.  It is estimated that nationally over $600 billion is invested in 529 plans.

Are there other options?

You can certainly save in other ways for college expenses, including investing in taxable accounts, Roth IRAs, or savings bonds.  Based on your personal financial situation, other types of investment may make sense.  For example, if you are unsure if a child will be able to use the funds for educational purposes, you may want to save money in your Roth IRA for them.  

How would that work?

Generally speaking, the money in your Roth IRA would grow tax free and be distributed tax free, just as with a 529 plan.  With a 529 plan, you can only withdraw money for qualified educational expenses, and you can change the beneficiary of the plan, but only to another family member.  With a Roth IRA, you can withdraw your funds for whatever purpose you wish.  Roth IRAs are, however, subject to income and contribution limits.  In addition, to the extent you are using your Roth IRA to save for a child’s education, those funds will not be available for your own retirement.  There are also some withdrawal restrictions with regard to Roth IRA earnings that you would want to discuss with a tax advisor.

The cost of higher education can seem overwhelming, but there are a number of tools available to help families prepare. Whether through a 529 plan, a Coverdell ESA, or another savings strategy, taking action today will help reduce financial stress in the future.

As with any financial planning decision, families should consider consulting with qualified legal, tax, and financial professionals to determine which approach is best suited to their individual needs and objectives.

Matthew J. Dorsey, Esq. is a shareholder with O’Connell and Aronowitz, 1 Court Street, Saratoga Springs, New York.  Over his twenty-nine years of practice, he has focused on 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.

A structural shift has been emerging for investors who rely on low-cost index funds within their personal and retirement accounts for an easy source of diversification. Over the past several years, driven by market interest and expectations surrounding artificial intelligence, several technology companies have drawn outsized investment. As a direct result, these companies have claimed a much larger share of indices than many investors may realize, thereby potentially reducing the true diversification historically provided by these funds.

With prominent private firms like SpaceX, OpenAI, and Anthropic preparing for potential public market debuts, a massive wave of equity could soon enter public markets. While highly anticipated, these mega-cap listings introduce specific risks for everyday passive investors, potentially altering the risk profile of traditionally diverse index funds.

Historically, companies tended to go public early in their growth cycles. When Amazon launched its IPO in 1997, it was valued at a modest $438 million. Public index investors who held the stock captured its long-term upward trajectory. Today, the environment has shifted. Venture capital and private markets now frequently sustain companies until they reach massive valuations. SpaceX is reportedly aiming for a valuation near $2 trillion, while OpenAI and Anthropic are discussed at levels approaching or exceeding $1 trillion.

Consequently, a significant portion of the exponential, early-stage growth may already be realized by private institutional backers before a public listing occurs. When these companies enter an index, passive investors are not necessarily getting in on the ground floor; instead, they may be purchasing shares at peak private valuations, potentially reducing the historical margin for error.

Traditional index investing assumes that the largest companies in a benchmark are mature, cash-generating enterprises. Frontier artificial intelligence and aerospace infrastructure, however, require unprecedented capital expenditure. Developing and running advanced models demands substantial computing power, specialized semiconductors, and extensive data center infrastructure. OpenAI’s internal projections, for instance, point to billions in ongoing operational and inference costs. Similarly, SpaceX’s capital requirements remain steep as it expands its Starlink network and integrates advanced AI infrastructure.

Because cap-weighted index funds must replicate the market, they generally do not evaluate whether a stock’s current cash burn justifies its price; if a company is large enough, the fund is structurally mandated to purchase it. This means passive capital could be automatically directed into capital-intensive business models before they establish consistent, long-term profitability.

As it is, major market indices are already notably concentrated in a handful of technology giants. The “Mag-7” companies have recently comprised approximately 50% of the NASDAQ and 35% of the S&P 500. The addition of multi-trillion-dollar firms like SpaceX, OpenAI, and Anthropic could push this concentration to new extremes.

When a benchmark becomes heavily weighted toward a single narrative, true diversification can be diminished. If the commercial monetization of AI faces unexpected bottlenecks or slower-than-anticipated enterprise adoption, the mathematical weight of these few companies could disproportionately impact the value of the entire index.

Index funds operate on strict operational rules rather than active management discretion. Historically, index providers maintained seasoning periods, often requiring sustained profitability before a company could join a major benchmark like the S&P 500. To accommodate massive market demand, some index providers are exploring or utilizing “fast-track” inclusion mechanisms, allowing ultra-large-cap companies to enter an index shortly after their debut. For example, SpaceX may enter the NASDAQ after as few as 15 trading days, potentially before ever reporting quarterly earnings as a public company.

When a mega-cap stock is quickly added to an index, passive managers are required to purchase billions of dollars of the asset to prevent tracking errors, regardless of market volatility. To fund these sudden, massive acquisitions, index funds typically must sell off proportional shares of other stable, cash-flowing components within the index. This mechanic can lead to an artificial inflation of speculative assets at the expense of more traditional equities.

The potential public listings of major AI and technology pioneers represent a significant milestone for capital markets. For passive investors, however, it serves as a reminder that index funds are dynamic, shifting structures. As massive, capital-intensive firms enter core benchmarks, passive portfolios may inherently adopt a more speculative, concentrated exposure. It’s important that you work closely with your Certified Financial Planner® professional to better understand how your investment strategy may be affected.

Stephen Kyne, CFP® is a Partner at Sterling Manor Financial, LLC in Saratoga Springs. Sterling Manor Financial, LLC is an SEC Registered Investment Advisor. This article contains forward-looking statements and opinions based on information available at the time of writing, and is subject to change.

Foot health is a critical yet often overlooked aspect of overall well-being. Day in and day out, our feet endure immense pressure and stress from activities ranging from walking to running to standing for extended periods. One of the key contributors to foot health is the arch of the foot, which acts as a natural shock absorber and supports the body’s weight. For many, however, structural issues such as flat feet, high arches, or fallen arches can lead to discomfort or pain, making arch supports a valuable tool in maintaining foot health.

Understanding Foot Arches

The human foot has three main arches: the medial arch (inner side), the lateral arch (outer side), and the transverse arch (across the foot). These arches work together to distribute body weight, absorb shock, and aid in mobility. Variations in arch structure can lead to various foot problems. For instance, flat feet (or fallen arches) can disrupt the natural alignment of the body, while high arches can result in an inadequate distribution of body weight.

What Are Arch Supports?

Arch supports, often referred to as orthotics, are specially designed inserts that fit into your shoes to provide additional support to the foot’s arch. They can be over-the-counter products or custom-made by a podiatrist. The purpose of arch supports is to correct alignment, alleviate pain, and enhance overall foot function.

Benefits of Using Arch Supports

1. Pain Relief: Many individuals suffer from conditions such as plantar fasciitis, Achilles tendonitis, or general foot pain. Arch supports can help alleviate these conditions by reducing strain on the ligaments and muscles of the foot.

2. Improved Alignment: Proper arch support can help maintain the foot’s alignment, which can contribute to better posture and reduced strain on the knees, hips, and lower back.

3. Enhanced Comfort: Particularly for individuals who spend long hours on their feet (such as nurses, retail workers, or athletes), arch supports can provide cushioning and comfort by distributing pressure evenly across the foot.

4. Increased Performance: Athletes, in particular, may benefit from enhanced arch support as it can help improve stability and balance, leading to better performance in sports.

5. Prevention of Future Issues: Using arch supports can help prevent the development of foot-related problems, particularly for those with a family history of foot issues or those who are significantly overweight.

Types of Arch Supports

1. Over-the-Counter Inserts: Easily accessible and available in various shapes and sizes, these are useful for general arch support and comfort. In our office we recommend that you try these first. They are inexpensive and work 95 percent of the time.

2. Custom Orthotics: Created based on a prescription from a podiatrist, these are tailored to fit the unique shape of an individual’s foot, making them suitable for those with specific medical conditions or significant misalignments.

3. Heel Cups and Cushions: Often used for targeted relief, these products are designed to support the heel and reduce pressure on the arch.

4. Sport-Specific Supports: Designed for particular activities (running, basketball, etc.), these arch supports provide targeted support for the demands of the sport.

Choosing the Right Arch Support

Selecting the appropriate arch support involves considering several factors:

– Foot Type: Understanding whether you have flat, neutral, or high arches can guide your choice.

– Activity Level: Different activities may require different levels of support and cushioning.

– Footwear Compatibility: Ensure that the arch support fits well with the shoes you intend to wear.

– Professional Consultation: If you experience persistent pain or discomfort, consulting a podiatrist or Sports Chiropractor can help determine the best arch support for your needs.

Arch supports serve as a vital component in maintaining foot health and overall well-being. By alleviating pain, improving alignment, and preventing future foot problems, they contribute significantly to quality of life and physical performance. Whether you choose over-the-counter options or seek custom-made orthotics, prioritizing your foot health through proper arch support can yield tremendous benefits. Remember, healthy feet pave the way for an active and fulfilling life.

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

For many people, their most important and valuable asset is their family home.  What to do with your residence is a critical issue to consider when developing your estate plan.  There are several options available, and the following questions and answers cover the basic strategies.

Should I transfer my home while living?

There are several options to transfer your home when you are living, and whether they are right for you depends on your particular goals and circumstances.  The basic options include:  transferring your home outright, transferring your home and retaining a life estate, deeding your home to a trust, and doing a transfer on death (TOD) deed.

Why do a lifetime transfer?

A lifetime transfer of your home may make sense if you are interested in long-term care (LTC) planning or want to make it easier for your beneficiaries to receive your home after you pass away.  By “LTC planning”, I am referring to a transfer of your home which would protect it in the event you were admitted to a nursing home and wanted to apply for Medicaid.

How does LTC planning work? 

Generally speaking, if you want to engage in LTC planning, you would either transfer your home outright to a beneficiary, transfer it to a beneficiary and retain a life estate, or transfer it to an irrevocable trust.  For LTC planning to be effective, you must not apply for Medicaid to pay for nursing home care for at least five years after the transfer.  This five-year period is known as the “look back period”.

What are the differences?

Transferring your home outright is generally not favored because you would lose all control of the home, you would lose your STAR exemption, and your beneficiary would not get a step-up in tax basis when you pass away.  Transferring your home and retaining a life estate allows you to continue to live in the home without question, allows you to retain your STAR exemption, and gives your beneficiary a step-up in tax basis.  Transferring your home to an irrevocable trust gives you all the benefits of a life estate deed with additional flexibility.

What is the most common option?

Most commonly, people who are interested in LTC planning will transfer their home to an irrevocable trust, which is sometimes referred to as a Medicaid Asset Protection Trust (MAPT).  The additional flexibility of a MAPT includes the ability to change the beneficiaries.  You may also sell the home while you are living and purchase another home or invest the sale proceeds and receive the income generated by those invested funds.

Are there other options?

Yes.  There are certain exceptions to the five-year look back period rule.  For example, you may transfer your home to your spouse right before you enter a nursing home, and the transfer will not negatively affect your Medicaid eligibility.  You may also transfer your home to a caregiver child without an adverse effect on your Medicaid eligibility.  A “caregiver child” is a child of yours who has lived in your home for at least two years and provided care to you that prevented the need for you to enter a nursing home.

What if LTC planning is not a goal?

If LTC planning is not a goal of yours, then you can still consider the life estate deed as an option.  Another option that is relatively new in New York law is the transfer on death (TOD) deed.  The TOD deed allows you to name a beneficiary of your home after you die.  It has no value for LTC planning, but it will prevent the need to administer a trust or probate a Will after your death to facilitate the home transfer to your beneficiary.

How is it different from a life estate deed?

A TOD deed is different from a life estate deed because you can change the beneficiary at any time before you die, without the consent of the beneficiary.  By contrast, if you transfer your home to a beneficiary and reserve a life estate in a life estate deed, you cannot change that beneficiary without his or her consent.

What other options are there?

If LTC planning is not a goal of yours, then you can leave your home to a beneficiary in a revocable trust or your Last Will and Testament.  In contrast to a MAPT, a revocable trust does not protect your home for LTC purposes, but it will eliminate the need to probate your Will to transfer your home to your beneficiary.  Since a revocable trust is generally revocable and amendable as you see fit, you can change the terms, including the beneficiaries, whenever you wish.

What about using my Will?

If you properly execute a Will and you own your home at the time of your death, then your Will can provide for the transfer of your home to whomever you like.  Your home can be left to a beneficiary specifically, i.e. “I give my home to my son John” or it can pass as a part of a residuary clause, i.e. “I give the rest, residue, and remainder of my estate to my son John”.

As you can see, there are multiple options for the transfer of your home to beneficiaries either during your lifetime or after you pass away.  Which option is the best for you depends on your particular goals and circumstances.  In order to choose the best option for you, it is advisable to have a discussion with an experienced estate planning professional. 

Matthew J. Dorsey, Esq. is a shareholder with O’Connell and Aronowitz, 1 Court Street, Saratoga Springs, New York.  Over his twenty-nine years of practice, he has focused on 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.

This month, Sterling Manor Financial celebrates a significant milestone: our 20th anniversary. When we opened our doors two decades ago, the financial landscape was markedly different. Over the years, we have navigated soaring bull markets, profound recessions, and unforeseen global events alongside our clients. Yet, as we reflect on the past twenty years, some of the most valuable lessons we have learned regarding financial planning and retirement preparedness are not based on complex economic models or predictive algorithms. Instead, they are deeply rooted in human behavior.

We have learned that planning for the future is an ongoing process of action and revision. Often, individuals seek a rigid roadmap that promises a straight line to their retirement goals. However, life rarely adheres to a straight line. Unexpected health challenges, career shifts, and family needs inevitably arise. We have found that true preparedness is not about attempting to predict the future with absolute certainty. Rather, it is about building flexibility and resilience into a financial strategy. A successful plan must be able to adapt when life presents unexpected challenges; resilience ultimately outweighs the pursuit of perfection.

Time and again, we have observed that the most significant barrier to a successful retirement is often not a lack of financial resources, but the natural human urge to react impulsively to short-term market fluctuations. During periods of economic uncertainty, the instinct to alter strategies can be overwhelming. Emotional discipline consistently proves to be as important as mathematical optimization. An investor might possess a flawlessly diversified portfolio, but if market volatility triggers panic, theoretical math provides little protection. Consequently, a substantial part of our role involves helping clients maintain their perspective and stay the course. Enduring turbulence is challenging, but it remains essential for long-term financial success.

Our experience has also shown that retirement is as much a psychological transition as it is a financial milestone. In the past, retirement was often viewed purely as a financial equation: reaching a specific target number meant the journey was complete. However, clients who focus exclusively on their financial capital often struggle with the sudden loss of structure and identity when they leave the workforce. The individuals who experience the most fulfilling retirements are those who retire to a defined purpose, rather than simply retiring from a career. Whether it involves philanthropy, pursuing delayed passions, or dedicating time to family, having a clear sense of purpose is just as vital as maintaining a robust retirement account.

It has been a distinct privilege to serve our clients over the past two decades. As we look to the future, our core mission remains steadfast: to help guide clients toward lasting financial stability and help build a meaningful, resilient life. Thank you to the Saratoga Springs community for being a part of our story, and for placing your trust in Sterling Manor Financial for the past twenty years. We look forward to continuing this journey together.

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

Sterling Manor Financial, LLC is an SEC Registered Investment Advisor and does not provide tax or legal advice, nor is it a third-party administrator. Consult your attorney or accountant prior to implementing any tax or legal strategies