With market indices at, or near, all-time highs, it’s natural for some to wonder if they can go any higher?

Never mind the fact that every all-time high has necessarily been prefaced by every other all-time high, loss-aversion makes many investors wary of a cliff. This is when you may start hearing the word “correction” tossed around. 

So, what is a correction? 

The standard definition of a market correction is a 10% pullback in the value of an asset, like a stock, or of an index, like the S&P 500. These pullbacks can happen slowly over a period of time, or as quickly as in a single day. Corrections can vary in length, as well, from just a few days to a several months. 

Market corrections are notoriously difficult to predict, however they generally happen when the price of assets far exceed their fair value, and markets become overly inflated. How inflated an asset must become is the great unknown.

Understandably, a 10% drop in the price of assets sounds like something that should be devastating. In the short-term it can be, but in the long-term corrections can be a boon to the market. Since market corrects tend to be overly broad, can they provide opportunities for investors to rebalance their portfolios and reallocate from areas that are truly overvalued, to those which may be undervalued. 

While eliminating the effects of a correction may be impossible, mitigating the effects can be much more feasible. A properly diversified portfolio, a basic tenet of investing, can be your best defense against the impacts of a correction. Although diversification can’t guarantee against losses, it can help soften the blow when the eventual correction happens by.

So, what can be done during a correction?

The biggest mistake investors make during a correction is to panic. People are naturally tuned to loss-aversion, which tends to make them react exactly when they shouldn’t. Selling into a down market only drives prices further down, and exacerbates the effects of the correction. Savvy investors know that, for this very reason, corrections provide a buying opportunity. Knowing, and doing, however, is the tricky part!

It’s important to remind yourself that, historically, every single time the US markets have experienced a correction, they have eventually recovered to find new highs. 100% of the time. Now, this isn’t a guarantee by any means, but as far as track records go, it should help you sleep better at night, and help keep you from making any rash changes to your portfolio.

The accompanying chart shows you the intra-year lows and eventual annual return of the S&P 500, going back forty years. Note that in 2020, the index was down as much as 34%, and if you sold at the bottom that would have been your return. If, however, you had stayed invested, you would have been rewarded with a 16% gain. You’ll find similar stories in many other years. 

Is there a correction around the corner? Nobody can say for sure. What we do know is that corrections can provide opportunities, and that long-term investors should generally not let themselves be spooked by their eventuality. Afterall, you probably wouldn’t rush to sell your home next month, just because of a drop in value.

Work closely with your Certified Financial Planner® to determine how best to position your assets so that, when a correction does come around, your portfolio is ready. Be sure to communicate with your CFP® to create an investment policy around your portfolio so that you both know if and how you’ll react. Ultimately your needs will determine the proper course of action.

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

Securities offered through Cadaret, Grant & Co., Inc. Member FINRA/SIPC. Advisory services offered through Sterling Manor Financial, LLC, or Cadaret Grant & Co, SEC registered investment advisors. Sterling Manor Financial and Cadaret, Grant are separate entities.

Given that we are still dealing with the impact of the Covid-19 Delta variant, people can differ as to whether we are truly “post-pandemic” at this time. Hopefully, however, we are past the worst of the Covid-19 pandemic and can look to forging a path forward.

Before determining that path, it would be advisable to reflect on how the pandemic changed the world of estate planning since the early months of 2020.

Remote Notarization Authorized by Executive Order

On March 19, 2020, the Governor signed Executive Order 202.7 allowing remote notarization. This authority permitted a Notary Public to notarize the signature of someone who they saw sign a document via video conference. The Governor allowed for this authority so that important documents like deeds or powers of attorney could be notarized without the need for the Notary Public to be physically present with the signer. At the time, due to lockdowns, quarantines, and other restrictions, it was increasingly difficult to access the services of a Notary Public. 

Remote Witnessing Authorized by Executive Order

On April 7, 2020, the Governor signed Executive Order 202.14 allowing remote witnessing. This authority permitted remote witnessing of certain legal documents, including wills and health care proxies. The authority for remote notarization and remote witnessing allowed basic documents for an individual’s estate plan (will, health care proxy, and power of attorney) to be executed without the witnesses and a Notary Public being present with the signer.

On June 24, 2021, the New York State of Emergency expired, and the authority for remote notarization and remote witnessing ended. This is important, because any document utilizing those techniques from June 25, 2021 forward would not be properly notarized and/or witnessed.

The Future of Remote Notarization & Remote Witnessing

Undoubtedly, remote notarization and remote witnessing were important tools during the worst days of the pandemic. In their absence, it would have been more difficult, or even impossible, to get important documents signed by clients. Whether remote notarization and remote witnessing might be made legal in the future in New York is uncertain at this time. 

I currently have the honor of serving as the President of the Estate Planning Council of Northeastern New York. Last year, our group hosted a panel with three local Surrogate Court Judges, who gave us their view from the bench regarding a variety of legal topics. In response to a question about the judges’ opinions regarding remote notarization and remote witnessing, all the judges agreed it was a positive development. Given that these processes have been viewed favorably by respected members of our judiciary, we may see an effort to make them a permanent part of New York law.

Other Options Beyond Remote Notarization and Witnessing

Currently, there is no real alternative to remote notarization; however, a version of remote witnessing is available. Remote witnessing pursuant to Executive Order 202.14 allowed the witnesses to be in a physical location different than the signer. As long as the witnesses could see what the signer was doing via video conference, remote witnessing was possible.

One potential alternative is to have an attorney supervise the signing of an important document, like a will, via video conference, with the two witnesses present with the signer. This is not “remote witnessing” per se, because the witnesses are present with the signer – although the attorney is not. This is a potential alternative to remote witnessing when it would be difficult for .te signer to come to a lawyer’s office and could be considered “remote supervision.”

The conventional process for signing a will, i.e. coming to a lawyer’s office and signing before the lawyer and two witnesses, will continue to be the most common practice. It has the advantage of not being susceptible to any technical snafus that might occur with the use of video conferencing technologies.

A New Awareness of the Importance of Estate Planning

Beyond the issues of remote notarization, remote witnessing, and remote supervision, the Covid-19 pandemic has definitely made people more aware of the need to “get their affairs in order.” Given the dangers presented by Covid-19, it is certainly wise to consider taking action on an estate plan.

The Path Forward for Estate Planning

If you have not engaged in proper estate planning, the path forward entails the following simple steps. First, put together a list of your assets and liabilities. Second, put together a list of your family, friends, or organizations that you wish to leave your assets to. Third, consider who you may want to appoint as an agent during your lifetime or after your passing. These agents are the trusted people who can potentially act as your executor, trustee, power of attorney agent, and health care proxy agent. Fourth, give appropriate thought to what assets you would like to give to what persons or organizations.

Armed with this basic information, you can have a discussion with the appropriate professionals regarding a proper estate plan. In the absence of taking these steps, you risk your assets not being left to the people and organizations of your choice. You also risk having your financial and medical decisions made by someone other than who you would have chosen. As with many things in life, the most difficult thing is simply starting the process. With the four steps listed above, you will be on your way.

Matthew J. Dorsey, Esq. is a Partner with O’Connell and Aronowitz, 1 Court St, Saratoga Springs. Over his 24 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. 

SEPTEMBER EVENTS

FREE Pitney Meadows Pop-Up Fresh Pantry

Mondays • 9:30 a.m. until gone
We are collaborating with Pitney Meadows in their Food Security Access to Farm-Fresh Produce program. They are committed to providing fresh produce donations to food pantries, senior
programs, and other programs to feed the community.

UKULELE THURSDAYS 

Thursdays  • 10 a.m.
Facilitated by Marshall Swift. Dust off your ukulele and join your friends at the Center for some singing and playing.

BRIDGE, CANASTA, PINOCHLE & POKER GROUP 

Welcoming new players. Call the front desk for times and information.

Special Events & Programs

FRIDAY BACKYARD BBQ LUNCH! 

Friday, September 24 • 11:30 a.m. – 12:30 p.m.
Let’s enjoy the beautiful days of fall. Join your friends for some
food and games. Let’s make the most of the beautiful fall days.

IN HOUSE CHEF DINNERS ARE BACK!    
Dinners sponsored by Home of the Good Shepherd & Humana. 

Tuesday, September 14 • 3 – 4:30 p.m. 
Simply Food by Maura. Roast Turkey Dinner – stuffing, mashed
potato, gravy, green beans. $11. To-Go dinner, curbside
pick-up: 3-4:30 p.m.. 

Tuesday, September 28 • 3 – 4:30 p.m. 
Staff. Pasta & Meatballs, salad and garlic bread. $11. Dine in at the Center with your friends at 4:30 p.m. OR take your dinner To-Go 3-4:30pm. Please indicate your choice at sign up.

SENIOR TECH FAIR    

Tuesday, September 14  • 1 – 4 p.m.
Where older adults come to learn, explore and share smart technology. KeyBank staff will be here to help you with ANY & ALL questions regarding technology! How to use: E-mail, cell phones, IPADS, Laptops, Kindles and more.
Snacks provided. Please register!

SENIOR “RIGHT SIZING” HOUSING SEMINAR     

Friday, September 17  • 10 a.m.
Free. Own a home and not sure it’s still right for you? Come join us for a 90 minute informational seminar on rightsizing housing for seniors. Learn about the resources available to help you make informed decisions about whether you should downsize or age in place.

NEW YORK STATEWIDE SENIOR ACTION COUNCIL MEETING      

Thursday, September 23  • 2 p.m. at the center and via ZOOM
Presents Saratoga Initiatives in Supporting People with Chronic Illness. Overwhelmed by the complexities of the health system? Wondering how to sort all this out, and what it means for the future? The Senior Life Transitions Program may be able to assist you with these challenges. Open to the Public. Call the Front Desk to register and get ZOOM link.

LEARN TO FALL IN LOVE WITH “ART” 

Monday, September 13 & 27  •  2 p.m.
$5 material fee. Facilitated by Barry, member and artist. Afraid of expressing yourself through art? Barry has a foolproof easy method to get you to draw! Using designs provided by Barry, you will create pictures that are unique and colorful! Open to any level of experience but geared to those with none.

PAINT & SIP

Friday, September 24  • 2 p.m. 
$5 supply fee. Facilitated by Skidmore students. A Paint & Sip combines the fun and relaxation of a party with a paint class. Guided by Skidmore artists, you will create a masterpiece that is suitable for framing. The emphasis is definitely on the fun. We
encourage conversation and laughter rather than serious focus. All levels of experience welcome.

CHIT CHAT & MUSIC GROUP 

Mondays • 1 p.m. at the Center 
Facilitated by Anna, Skidmore Intern. Join your friends for a fun hour of chit chat, laughs and music! Meet new friends and connect with old ones!

BARBER AT THE CENTER

First Monday of the month • 9 a.m. – 12 p.m. 
Ryan will be coming to the Center to cut our men members hair. Must call the front desk to make an appointment.

TAROT CARD READINGS

Last Thursday of the month • 10 a.m. – 2 p.m. 
Facilitated by Mary Shimp. $5 suggested donation. Do you have some unanswered questions about your life? A tarot card reading provides guidance to gain an insight into what the future holds using a special deck of cards. Call to make a 15-minute appointment.

VAN TRIPS 

Dinosaurs in Motion at Universal Preservation Hall 

Friday, September 17
Dinosaurs in Motion is an amazing blend of science, art and innovation which engages and educates you by using 14 magnificent, fully interactive, recycled life-size metal dinosaur sculptures inspired by actual fossils. Pay $27
at sign up. Leave at 9:45 a.m.

The Big E 

Tuesday, September 21
Shopping, entertainment, midway rides and foods from around the world – all during New England’s most colorful season! We leave the Center at 8:30 a.m. Pay $32 at sign up. Please bring any additional money for lunch and spending.

Lunch Bunch – 550 Waterfront 

Tuesday, September 28
Enjoy lunch at one of Saratoga Lake’s restaurants with a magnificent view. Pay $3 at signup. Bring money for lunch. Leave the Center at 11:30 a.m.

ONE DAY BUS TRIPS 

BURLINGTON/SHELBURNE MUSEUM   

Thursday, October 7
Member price $60. Non-members welcome, please call the front desk. Sponsored by Blue Shield. From weathervanes, quilts and American art to transplanted 1950s-era homes, a railroad station and a fully outfitted steamboat, the Shelburne Museum really does have a little of everything on display. Nearly 40 buildings, filled with various exhibits, span the museum’s 45 acres. 

A DAY IN BOSTON 

Thursday, November 14
Member Price $53. Non-members welcome, please call the front desk. Between the beautiful architecture, unique culture, amazing history and delicious food, it’s one of the most popular tourist destinations on the East Coast. November is a great time to get unique gifts for the up-coming holidays. 

I’m sure all mothers know that feeling of being at both ends of a spectrum of emotions at the same time. When you can’t wait for your baby to become more self-sufficient and less needy, for example, and yet you lament the fact that the time is going way too fast and why can’t they stay little forever. Or when your kids are hanging backwards off the couch for hours/days/weeks in the summer moaning because they have nothing to do and you long for school to start again, and then it does and you’re all going from the crack of dawn until bedtime with all of the busyness of the school year and you wish it was summer again. Or you think that these carefree kids who make fun of you for always being tired and cranky have a real thing coming when they have to start jobs and have adult responsibilities, and then those things start happening and you cry into your coffee because you know that their carefree days will never be here again and you feel so bad for them.

It’s exhausting, this “both/and” existence! And I have been over my head in it all summer. 

My oldest is starting his senior year in high school! We’re (I’m) thinking and talking all the time these days about college and career ideas, and he worked two jobs this summer to save for school and life expenses, and I could just bust with pride and devastation that my tiny boy is such a man.

My youngest, who I still refer to as “the baby,” is turning three today and will be spending a little time in his nursery school classroom this morning to meet his teacher and see all the “big boy things” he’s heard about from his brothers, and I’m so thrilled for the fun he’ll have and absolutely wrecked that my baby is so big.

My exact middle boy — the one who has three older brothers and three younger brothers — is moving on to middle school this year, which means that I’ll have more kids in the big school than in the elementary school. I’m finding it very difficult to wrap my mind around this whole-family shift from a family with mostly little ones to a family with mostly big kids — I really can’t think too much about it.

I read Charlotte’s Web to the boys as I’ve done every summer for years, but only to the younger four because the big boys were always at work or doing other big-boy things. My tallest boy’s pants have a 36” inseam, and I also bought a size 3T T-rex costume as a birthday present for my dino-obsessed baby. I spend a lot of time making mental lists of the things my oldest will need for his first away-from-home living space next year while also trying to adjust to the fact that my youngest is transitioning out of his daily naps.

It’s no surprise to me at all that the day I emailed the baby’s teacher to introduce myself, which was also the day that my oldest has his senior picture taken, was the day my doctor decided it was time to start me on medication for high blood pressure.

I’ve found a certain peace in having a meticulously detailed daily to-do list, even sometimes including such minutiae as “take a shower,” “meal plan,” and “do laundry,” just so I’m reminded of the simple, normal rhythms of life and can feel a measure of control over this turbulent time. I constantly look at the enormous desk calendar I’ve started writing everything on (since the normal-sized wall calendar I’ve always preferred to techie options is no longer nearly big enough) — I check in with it frequently during the day, updating and revising our family’s goings-on as needed; it’s the first thing I look at in the morning and the last before I go to bed. Whether I’m laughing or crying — or both — with little boy stuff and/or big boy stuff, my to-do list and daily calendar keep me focused and able to care for everyone appropriately and able to get everyone where they need to be at the right times. It’s so nice to not have to worry about dropping balls as I’m constantly grappling with my emotions, and it’s strangely soothing to see all these emotionally charged things reduced to neatly organized scribbles of ink on paper.

I think so often of my mom and the other older moms I know when I’m wrung out with the intensity of coexisting happiness and sadness because of these kids and coexisting big boy things and little boy things — they all went through these kinds of things and survived, after all. Not a one of them has disappeared in a puff of exhausted smoke; not a one of them has gotten whiplash from the back and forth between emotional extremes, or spontaneously combusted from feeling everything all at once. It’s just the growing pains of motherhood, I guess! I bet a lot of you are feeling your own versions of these things as your kids go back to school — good luck to you all and be patient with yourselves!

Kate and her husband have seven sons ages 16, 15, 13, 11, 9, 7, and 3. Follow her at www.facebook.com/kmtowne23, or email her at kmtowne23@gmail.com.

One of the most asked questions I receive while in the clinic, is “What do you treat most often?”

My response, although a bit of dead-pan humor is, “humans mostly.”

Yes. I treat shoulders, hips, backs, knees, post surgeries, jaw, and just about any orthopedic condition someone may have who comes through our doors. Although my response may be a bit of dry wit, it is true. Looking beyond an impaired body part and at an individual’s function and quality of life is what I do. 

We are not individual body parts, we are whole people!

Let’s look at an example of a 68 y/o woman who recently hurt their elbow after playing two days of grueling tennis matches in a row. She comes in with raging elbow pain whenever she tries to hold her racket or grab onto the steering wheel. Life is now debilitating, frustrating, and seems like she is stuck in a hole of darkness. Everything in daily life hurts. Time goes on, with hard work, treatment, avoiding activity that makes it worse, activity modifications, the elbow pain is nearly gone. Tennis can be played again, and everything is alright.

She has family in town for the races and her two young grandsons come to visit. The woman is ecstatic that she gets to play with them for the first time in several months. The family heads to the playground. She is carrying her grandson in her loving arms while walking over the grass into the sand. Suddenly she seems quite unsure of her footing and decides to place her grandson down to walk beside him instead. Both little ones want to play in the sand. Slowly and hesitantly she kneels down in the sand placing much of her body weight through her previously painful elbow and realizes how much more difficult the movement really is. After some time playing, it is time to get up…

The above scenario is a great example of how injuries heal, but how narrow focused we can get on specific injuries. We cannot miss the big picture of fitness! Fitness helps us engage in exercises, play sports, move around the house, hold our children, carry groceries up the stairs, and so much more that makes our quality of life better.  Four fitness foundations make up our daily activities: stability/balance, mobility, power, and strength.

If we engage and work on these four movement principles, we will be able to move well and thrive.

Foundations of Fitness

1 – Stability/Balance. A proper starting place should be established before we try to enhance our movements. Stability is our body’s ability to control a movement at or into a specific position.  The grandmother above was unable to maintain safe stability while carrying her grandson through some uneven terrain, thus forcing her to set him down.

All movements in our body come from our brain. There is an intricate and complex highway of nerves that must be coordinated together to make clear and concise movements or to maintain our balance. If we fail to stabilize our body or joints, whether it is moving or trying to stay still while resisting forces, movement dysfunctions or injury may occur.

2 – Mobility. Mobility is our ability (or our joints ability) to move through its entire available range of motion. As our habits and lives change, our bodies will adapt to new, usually smaller ranges of motion. Yes, age does factor into it, but less than what you would think. The tennis player had been out of tennis for a while and developed some stiffness in her knees and hips making her ability to get down to the ground much more difficult than before her injury.

Remember, mobility is different than flexibility. Mobility is concerned with how our joints move, while flexibility is associated with the muscles. Muscles take a long time to improve their length, while mobility can be improved by focusing on several short movements throughout the day.

3 – Power. The importance of power grows as we age. Power is the ability for our bodies to quickly produce force and transmit energy. Our muscles lose power faster than they lose strength with each decade of life. When the lady above felt unbalanced, power would have been important to quickly help her regain balance if she had lost it. Getting off the ground would require power and force to safely and independently rise up (especially if she was carrying something with weight.) She constantly uses power during all her tennis serves and slams! Having muscular power is linked to greater participation in sports and improving our independence with daily activities.

4 – Strength. Save the best for last! Stable and mobile bodies are great, but strong ones are better! Muscle strength is our ability to produce force. The scenarios above have plenty of examples of where strength plays a key role: holding the grandchild, lowering herself to the ground, stabilizing her body on her arm as she knelt, and the ability to get back onto her feet after playing with her grandkids.

Strength builds resilience, tissues in our bodies that are less injured and less susceptible to pain.  Building strength with exercise fights many chronic conditions and keeps our muscles from losing mass with aging (sarcopenia).

The fitness foundations above are vital to long-term fitness and living a fulfilling active life. For the next four articles, I will be taking an indepth look at each of the four fitness foundations and how you can engage in each principle yourself!

Dr. Robert Rehberger PT, DPT, OCS is a physical therapist at Goodemote Physical Therapy serving Saratoga and surrounding communities. He is a Board-Certified Orthopedic Specialist and has completed a Board Certified Spine Fellowship  in Ithaca, NY. He also serves as a wellness, fitness,  and strength coach on a private basis.

At Goodemote PT we work with individuals recovering from injury to help improve quality of life and fitness. If you have any questions call 518-306-6894 to set up an appointment or find us at GoodemotePT.com. Dr. Robert Rehberger can be reached at GPTmaple@gmail.com

As a Certified Financial Planner®, I find that many people are confused about what kind of life insurance they should have.

While life insurance is an important component of nearly everyone’s financial plan, there are multiple types, which can cause quite a lot of confusion. At its core, however, insurance falls into two categories: permanent and term.

The type of insurance you have depends on your anticipated need. If you feel your need for insurance will be permanent, meaning you’ll need it whether you die today or at age 95, then permanent insurance should be considered. Most people, however, only need life insurance to cover a specific period of time, making term insurance a preferable option.

Let’s take a closer look:

Term insurance is intended to cover a basic need: to replace the economic loss resulting from a death during a specific period of time. It sounds clinical, but that’s all it is. For example, if I have a child today, I may want to purchase a 25-year term policy to ensure that, if I were to pass away before that child became independent, there would be sufficient assets to provide for my child. Once they’re out of the house the need no longer exists and the insurance term expires. Parents today might need a 30-year policy!

With term insurance, you’re only paying for what you need, when you need it. Because of that, the premiums are much lower, relative to many permanent forms of insurance. 

Permanent life insurance is intended to cover a permanent need. The most frequent permanent needs I encounter are: 

1 – Estate planning: In order to provide for liquidity at death, or to create a tax-free estate at death, permanent life insurance strategies can be utilized. 

2 – Pension replacement: In the event one spouse elected a single-life only pension, a permanent insurance policy can be used to replace the pension in the event of the pensioner’s death. 

In both of these circumstances, a permanent insurance policy is used simply because the insurance need exists for an unknown period of time. It would be unwise to use a term policy in these instances. 

Many people have been sold permanent insurance policies who may not have had a permanent need, on the premise that permanent insurance can build cash value against which tax-free loans can be taken in the future. While this is technically true, in my seventeen years in private practice, I’ve very rarely encountered a person who funded their retirement using their life insurance cash value. 

This is true for a variety of reasons. 

In order to grow significant cash value, the policy premiums needed are significantly higher than just the cost of insurance (which is all you pay in a term policy). While many people are well-intentioned on the front-end, life happens, and very often people reduce the amount they pay into their policies, which dramatically affects the policy’s performance. 

Another reason these policies often don’t live up to expectations is that life insurance agents may use unrealistic assumptions when illustrating future policy performance. If you bought a policy in the ‘80s, illustrated using 1980s interest rates, then you know exactly what I mean. 

The only time I see permanent insurance work as a savings vehicle, is for a client whose cash flow is such that they have maximized contributions to every other retirement savings vehicle, and still have significant money they need to sock away.  So, if you’ve exhausted your ability to contribute to your 401k, 403b, IRAs, and other retirement vehicles, then permanent insurance could be another avenue for saving.

It should be noted that some people start out with a temporary need which evolves into a need that is more permanent. Luckily, most term insurance is convertible into a form of permanent insurance for just this reason. 

In the battle between term and permanent, as planners, we overwhelmingly favor term insurance. It is by far the most cost-effective way to solve for a need, while preserving the option to convert to permanent insurance if the need changes. 

Your Certified Financial Planner® will be the best person to help you assess your need by helping you to understand your overall financial circumstances, and can tailor a policy to provide proper coverage. If your advisor is independent, they will also have dozens of carriers to choose from, and can help get you the most competitive rates.

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

Securities offered through Cadaret, Grant & Co., Inc. Member FINRA/SIPC. Advisory services offered through Sterling Manor Financial, LLC, or Cadaret Grant & Co, SEC registered investment advisors. Sterling Manor Financial and Cadaret, Grant are separate entities.

People sometimes think that if their spouse enters a nursing home that the nursing home or the government will take all their assets, leaving them in dire financial straits.  The truth, however, is that even if your spouse enters a nursing home and you need to apply for Medicaid coverage to pay for the cost, you can still retain significant assets and income. 

In Medicaid parlance, the spouse who stays out of the nursing home is referred to as the “Community Spouse” and the spouse who enters the nursing home is referred to as the “Institutionalized Spouse”.  Below is a set of questions and answers which will help explain what assets a Community Spouse will be able to keep if their spouse goes into a nursing home.

If my spouse applies for Medicaid for nursing home care, what assets can I keep?

Medicaid rules allow the Community Spouse to retain the following assets as “exempt resources”:

• $74,820.00 in monetary assets (and sometimes more),

• the family home,

• the tangible personal propertywithin the family home,

• irrevocable pre-paid funeral arrangements, and

• one car.

What happens if I have more assets than allowed?

You will need to “spend down” those assets private paying for nursing home costs, until you reach the allowable level.  However, there may be some alternatives.  For example, you could spend some of the excess resources on necessary home repairs because the home is an exempt asset.  For example, $5,000 in funds in excess of the allowable limit can be used to pay for a needed furnace replacement, instead of being spent down on nursing home costs.

Can I refuse to make my assets and income available to pay for the nursing home care of my spouse?

Yes, you can.  That is known as a spousal refusal.  If you file a spousal refusal, then the Medicaid authorities may seek to force you to provide the resources by litigating the matter in court.  If you file a spousal refusal, the Medicaid authorities must evaluate the eligibility of your spouse without considering your assets.

Is all tangible personal property exempt as a resource?

No, if you have items of specific intrinsic value, such as a coin collection or valuable pieces of art, they would potentially be considered non-exempt.

Do I have to contribute any of my income to the care of my spouse?

The Community Spouse is also entitled to $3,259.50 per month in income in 2021, which is known as the Minimum Monthly Maintenance Needs Allowance (MMMNA).  If the Community Spouse does not have that amount in their own name, they are entitled to income from the Institutionalized Spouse to reach the $3,259.50 level. 

For example, if both spouses solely have as income Social Security and the Community Spouse receives $1,500 in Social Security and the Institutionalized Spouse receives $2,000 in Social Security, the Community Spouse is entitled to $1,759.50 of the Institutionalized Spouse’s $2,000 in Social Security in order to reach the $3,259.50 MMMNA level.  Certain deductions apply for expenses like Medicare premiums and private health insurance costs.

Are retirement accounts like IRAs considered assets?

Generally no, they are not.  They are considered instead as sources of income.  The income amount derived from them is based on the account owner’s age and is somewhat larger than the required minimum distribution (RMD) amount.  This is good news, however, because it means that a Community Spouse could have an IRA worth $100,000.00 and that money would not be counted towards the $74,820.00 in resources that they are allowed to have.

Given all these rules, are there planning opportunities?

If your spouse is entering a nursing home and applying for Medicaid, you do not need to be impoverished as a result.  The rules regarding income and asset exemptions are complex, but they yield many planning opportunities to maximize the preservation of assets and income for the Community Spouse.

Matthew J. Dorsey, Esq. is a Partner with O’Connell and Aronowitz, 1 Court St., Saratoga Springs. Over his 23 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.

See What’s Back in August!

BRIDGE MONDAYS 

Mondays • 12:30 p.m. 
We would like to welcome bridge back to the Center. Open for friendly games. Hope to see you!

STRENGTH TRAINING

Wednesdays • 1 – 2 p.m. 
Facilitated by Aidan. In person at the Center and via zoom. 

UKULELE THURSDAYS 

Thursdays  • 10 a.m.
Facilitated by Marshall Swift. Dust off your ukulele and join your friends at the Center for some singing and playing.

JOIN OUR POKER GROUP 

Fridays •  9 a.m. – 12 p.m.
Fun friendly poker games, welcoming new players. 

Special Events & Programs

FRIDAY BACKYARD BBQ LUNCH! 

Friday, August 13 • 11:30 a.m. – 12:30 p.m.
Join Abby & Anna on Friday afternoons for some BBQ and fun! With the warm weather here to enjoy, come hang out with your friends & make the most of summer days! Live Music Schedule with Bill Gervasio. 

IN HOUSE CHEF DINNERS ARE BACK!  

Tuesday, August 17 • 4:30 p.m. 
Dinners sponsored by Home of the Good Shepherd & Humana. Dine in at the Center with your friends OR take your dinner “To-Go.”

Tuesday, August 17
Simply Food by Maura Roast Turkey Dinner – stuffing, mashed potato, gravy, green beans. $11. To-Go dinner curbside pick up: 3-4:30 p.m.. 

CDTA HALF FARE PROGRAM     

Wednesday, August 18  • 11:30 a.m. 

$2 FOR THE CDTA CARD. Facilitated by Valerie Rosado, CDTA Customer Service. Please sign up! The CDTA offers half fare bus rates to citizens aged 65 and over, and disabled individuals to access CDTA’s fixed route service. Valerie will come and take your ID picture, get your information and make you a Half Fare card. Please bring proof of age and $2. If you qualify and are under 65 you can provide an award letter from SSI or SSD.

LEARN TO FALL IN LOVE WITH “ART” 

Wednesday, August 18 & 25  •  1 p.m.
$5 material fee. Facilitated by Barry, member and artist. Afraid of expressing yourself through art? Barry has a foolproof easy method to get you to draw! Using designs provided by Barry, you will create pictures that are unique and colorful! Open to any level of experience but geared to those with none.

SIMPLE & EASY MEAL PLANNING 

Thursday, August 26  • 12 p.m. 
Facilitated by Sherri Rose, Board Certified Health & Wellness Coach. At a loss as what to eat? Hate cooking for one? Sherri will give you guidance and tips to keep you healthy. How to avoid the last-minute scramble for dinner, creating go-to lists of healthy meals, cooking for 1-2, healthy takeout, exploring meal delivery plans, and a recipe swap. Session 2 with Sherri -Thursday, September 9. “Balancing Your Wellness Wheel.” Please sign up! 

CHIT CHAT & MUSIC GROUP 

Mondays • 1 p.m. at the Center 
Looking for something fun to do? Join our Chit Chat & Music Group facilitated by Skidmore Interns, Abby and Anna. Join your friends for a fun hour of chit chat, laughs and music! Meet new friends and connect with old ones!

WRITING YOUR MEMOIRS 

Thursdays • 10 – 11 a.m. 
Stories through the decades. facilitated by Jackie, Skidmore intern. Write your stories and memories so that you and your loved ones can cherish them for a lifetime. No experience necessary.

TAROT CARD READINGS

Last Thursday of the month • 10 a.m. – 2 p.m. 
Facilitated by Mary Shimp. $5 suggested donation. Do you have some unanswered questions about your life? A tarot card reading provides guidance to gain an insight into what the future holds using a special deck of cards. Call to make a 15-minute appointment.

Van Trips

Pitney Meadows Farm: Sun Tea “Sip and Talk” 
Monday, August 16
“Sip and Talk” with Executive Director Lynn Trizna. Enjoy an outdoor conversation with Executive Director Lynn Trizna and a beautiful view of the production farm fields. You will learn about the history, programs and impact of the Pitney Meadows Community Farm, and while you talk, enjoy fresh sun brewed tea with herbs from the fields. If you enjoy what you taste, you can then harvest some fresh herbs to take home and make your own fresh herbal tea! Pay $7 at signup. 

Lunch Bunch – Vermont Country Store 

Friday August 27
Shop and have lunch at the iconic Vermont Country Store. “It’s everything you could want in a country store and more.” Lunch at Mildred’s Grille. Pay $15 at signup. Bring money for shopping and lunch. Leave the Center at 9 a.m.

One Day Bus Trips

SONNENBERG MANSION   

Thursday, August 19
$100 member price. Nonmembers welcome, please call the front desk. Sponsored by CDPHP. Land, Lake & Lunch in Canandaigua. Sonnenberg Gardens & Mansion is one of the longest surviving estates from the Victorian Era in the US. The elegant 40-room Queen Anne style mansion was built in 1887 by NYC financier Frederick Ferris Thompson and his wife, Mary Clark Thompson, as a summer home. Enjoy a lunch cruise on the Canandaigua Lady – a 19th century steamboat replica and double-decker paddle wheeler. 

A DAY IN NEW YORK CITY    

Wednesday December 8
Price to be determined. Nonmembers welcome, please call the front desk. There is no other place quite like New York City; from its world-class museums, art galleries and architecture to its role as the theatre and financial capital of the world. Spend the day on your own and explore the fascinating city. You will be dropped off at Bryant Park (42nd between 5th & 6th).

Excursions 2021   

Pacific Northwest: October 4-11
Greece Island Hopper: October 16 -26 
Bluegrass Country/Smokey Mountains: Oct. 15-23 
Canyon Country-Arizona & Utah: October 20 -27 
Christmas on Danube River Cruise: Dec. 2-10 
Spotlight on Sante Fe: December 5-10

One of the things I’ve been most amazed by since becoming a mother is the softness I often feel towards others, much more easily than before having children. The hard edge I often brought to my assessments of others is noticeably absent — or at least much diminished — and I know for sure that having had the gift of knowing my children from the earliest moments of their lives, and seeing that many aspects of their personalities show themselves even at birth and continue through their lives, and that the harder aspects of a person’s personality often make the bearer suffer as much or more so than the people around him or her, has helped me to be a kinder, more compassionate person.

One example I’ve been thinking about a lot lately has to do with something that happened during my own high school running “career” of nearly twenty-five years ago. I’ve been thinking of it recently because in May one of my boys and I started running together regularly, and we’ve even run/walked the 5K (3.1 mile) Varsity Course at the State Park, which is where my high school memory happened and surely one of the reasons it resurfaced.

During Cross Country practices in high school, the task and expectation by the coach was that we would run, not walk, whatever course she had us do in practice, but one of my teammates would regularly stop and walk once we were out of sight of the coach. This teammate didn’t fancy herself a particularly good runner, and neither was I — in fact, I was the worst runner on the team — and yet I kept a steel grip on the requirement to run and not walk, even to the point of running so slowly that a walker could beat me. So it was particularly galling to me that every time my walking teammate heard my “running” steps coming up behind her, she would start running again until she put enough space between us, and then she would slow to a walk again. And she beat me in almost every race. I hated that I gave everything I felt I had to give and still came up short against someone who didn’t seem to give much at all, and I’ve seethed at that memory ever since.

Fast forward to this summer when my boy and I have been working hard — and it’s been hard work! We started with a Couch to 5K program in which the first few workouts consisted of running for one minute, then walking for one minute, and repeating ten times, and are now up to being able to run two miles without stopping (most of the time anyway). But the thing is, I now see no problem at all with stopping to walk if needed — I encourage my son to do so if he feels he needs to (with the intention of just catching his breath and then resuming running), since I can see how hard he’s working and I want to encourage him, and my goal for him is good physical health and the kind of mental strengthening that happens with doing something good but difficult, rather than being the best and fastest. With intermittent walking, he’s been able to keep going, keep improving, slowly but surely.

Of course, I know that the goals and measures of success for a kid who’s running on his own for good health and not part of a team (and with his middle-aged mother with finicky knees) are and should be quite a bit different from those of a high school Cross Country runner, or any competitive athlete of any age. Even still, I’ve been astonished at my own change of heart toward runners who stop to walk. I’m so moved by the effort I see my boy putting in, and since my goal for him is improvement rather than perfection, I’m happy with every step forward, whether walking or running. I even think back to that teammate of mine in high school — looking at her with a mother’s eyes, I have a better sense that she probably wasn’t actually trying to “cheat the system,” but rather that running was probably a challenge for her, and the fact that she kept with it all season and didn’t quit the team was a success in itself and one worth celebrating. 

I have many examples of being astonished by my softening towards others the older I get, and it’s always with a particularly maternal heart. Having had my own children, I’m better able to see others as the children of mothers who love them and can see the best in them even when no one else can, who know they have their demons and private struggles and give them grace when no one else will. There’s something quite nice about that — something that, I think, makes the world a better place (if it doesn’t make for top runners).

Kate and her husband have seven sons ages 16, 15, 13, 11, 9, 7, and 2. Follow her at www.facebook.com/kmtowne23, or email her at kmtowne23@gmail.com.

Do you ever get stuck in the vicious cycle if worry and fear in your life? As a published author of a managing fear book, I struggled with fear and anxiety for over 20 years. Here is a brief summary of what I did to overcome cycle of fear and anxiety in my life:

I got advice from the professionals. The first thing I did was to talk to various counselors since they know how to conquer fear and anxiety. Whenever I talked to the counselors, I would bring a notebook and take notes so I would not forget the advice that was given to me. 

I became an expert on dealing with fear and anxiety. I did everything possible to learn as much as I could in removing my fears and anxieties in my life. I talked to professionals, read books, joined support groups, and learned from experiences. 

I surrounded myself with helpful people. I made it a habit of surrounding myself with supportive people who understood what I was going through. This really helped me out when I was really struggling with my anxieties and stresses. 

I learned how to manage my fearful thoughts. The key in getting the edge off of your anxieties is by managing your fearful thinking. Whenever I would get a negative and fearful thought, I would challenge that thought with positive statements and realistic thinking. I also made it a habit to focus on the facts of my current situation and not on my negative thinking. 

I was persistent. There were times I felt like giving up because my fears and anxieties were so powerful and I didn’t know what to do. I worried about what would happen and that just made my fears that much stronger. During those times, I would consult with a professional and I made it a point to learn from my experiences so that I would be better able to handle these situations in the future. 

I did not make excuses. With a lot of practice, I became very good at reducing my fears and anxieties. I realized that the answers to my problems were out there, however it was up to me to find those techniques that would get my life back on track. Making excuses would not improve my situation. 

I realized that you can’t predict the future. I realized that there are always factors and circumstances that I cannot predict or anticipate that could make a difference in my stressful and fearful situations. A person may be 99% correct in predicting the future, but all it takes is that 1% to make a difference. The key is to focus on the present. 

I made the choice to get better. You have to make the effort to find the answers to overcome your situation. It will not always be easy, but you can overcome the cycle of fear and worry with hard work and a willingness to learn from your everyday experiences. It is important not to give up. 

Stan Popovich is the author of the popular managing fear book, “A Layman’s Guide to Managing Fear”. For more information about Stan’s book and to get some free mental health advice, visit Stan’s website at www.managingfear.com.