“Mothering Boys”

I hope you enjoy this reprint from a few years ago! Several of my boys have given up screens this year, which has resulted in some really nice family time (but also more time to bother one’s brothers, sigh).

We observe Lent in our house, which refers to the six weeks before Easter, starting with Ash Wednesday. It’s meant to be a time of fasting and prayer in preparation for celebrating the most holy time of our faith calendar, thus mirroring the forty days Jesus spent in the desert praying and fighting off temptations as told in the books of Matthew, Mark, and Luke in the Bible. We are currently finishing up the second (sic) full week of Lent. (Note: That was back when I first wrote this; we are now finishing up the third full week.)

Catholics traditionally give up certain things that we enjoy during Lent, as you might give up unhealthy foods if you’re training to run a marathon, or give up watching late-night TV the week before a big test. These self-imposed restrictions help us turn our minds and hearts toward Easter; they help us “get healthy” spiritually.

For children, the idea of “giving something up for Lent” has predictable and often hilarious results. Are there any Catholic children who haven’t joked (in all seriousness!) that they’ve decided to give up school this Lent? Or homework? Or doing their chores? Each child thinks they’re the first one to think of this, and each child just about dies laughing over it. My four-year-old understands more this year than he ever has and thinks his brothers’ crazy ideas about giving up eating vegetables and giving up going to bed early on school nights are the funniest things he’s ever heard.

Then there are the children who take the idea of Lenten sacrifice very seriously and try to make it as hard as possible for themselves and tell me that they’ve decided to give up their very favorite things. Except, when your very favorite thing is milk, I’m not going to let you give it up! Nor when you want to give up reading or going outside to play. Even things like “giving up movie night with the family” aren’t okay with me — things that are good and healthy for the mind, body, soul, and relationships are, in general, not included in the list of the things that children should be giving up, as far as I’m concerned.

As long as they don’t want to give up good and healthy things, though, I don’t generally mind if my big boys decide to make Lent extra Lent-y. I’ve had boys decide to give up all TV, for example, and video games, and non-school computer-related stuff, and it’s definitely hard for them! I admire their struggle and find it inspiring for my own efforts. It’s always interesting, though, that with these hard decisions come extra considerations: if you give up TV, does that mean *all* the things that are on the TV screen? Or just shows on cable? What about movies? Does Netflix count? What about YouTube? Can you sit in the room with the TV on as long as you don’t look at it? (My four-year-old, after he’d finished guffawing at his brothers’ jokey ideas, told me he’s giving up TV. I told him *absolutely not*.)

Even when the kids give up the “normal” things for Lent, I still find them tweaking their chosen sacrifices throughout the first week or two. Does giving up dessert mean all dessert? Or maybe just candy? (They always seem to figure this out just at dessert time — especially when cookies are on the menu.) But then, does giving up candy mean all candy? Or maybe the boy really meant non-peanut butter candy? (This is always figured out just when Reese’s are being passed out, amazing.) But after the first week or two, things settle, and the boys are resigned to the fact that there will be times over the next few weeks until Easter that their chosen sacrifice is extra hard — which is the whole point.

Then there are Sundays, which are a little bit controversial. Some people believe that Sundays are not technically a part of Lent; as a result, many Catholics will have what they gave up for Lent on Sundays. Others, however, find this to be terrible! Weak! In this, there is no teaching (other than the Sundays of Lent are, indeed, part of Lent), so to each his or her own. But I will tell you that in my house we’ve always done “the Sunday thing” — had the thing we gave up on Sundays — so on Sundays there is a lot of “I can have dessert today, whee!!” and trying to finagle extra dessert because of it: “But I haven’t been able to have any dessert all week and everyone else could!” Or, “I can play video games today, so I should have the first turn, since everyone else was able to play yesterday and Friday!”

I don’t really mind the search for loopholes and the tweaks — it’s so human! And I so appreciate the willingness to grapple with this hard thing and find a way to do it, rather than refuse to do it at all. It’s like that saying attributed to G.K. Chesterton: “If a thing is worth doing, it is worth doing poorly.” And in doing it, over and over, one will get better at it! Or so I remind myself as I break up yet another squabble over whether or not it’s unfair to have the TV on at all when one member of our household has given it up for Lent. Sigh.

Kate and her husband have seven sons ages 21, 19, 17, 16, 14, 11, and 7. Email her at kmtowne23@gmail.com.

Back pain is a common ailment that affects millions of people worldwide. It can be caused by a variety of factors, including muscle strain, poor posture, injury, and underlying medical conditions. While it’s important to consult a healthcare professional for persistent or severe pain, many individuals can manage mild to moderate back pain through self-treatment strategies. This article explores practical approaches for alleviating back pain at home.

Understanding Back Pain

Before delving into self-treatment techniques, it’s essential to understand the types of back pain:

1. Acute Pain: Lasts less than six weeks, commonly caused by a specific injury or activity.

2. Chronic Pain: Persists for more than three months and may arise from ongoing conditions like arthritis or disc issues.

Self-Treatment Strategies

1. Rest and Activity Modification

– REST: Initially resting the affected area can help reduce inflammation and pain. However, extended bed rest is generally not recommended.

– ACTIVITY MODIFICATION: Gradually return to normal activities, avoiding movements that exacerbate the pain. Opt for low-impact activities during recovery.

2. Heat and Ice Therapy

– ICE: Applying an ice pack for 15-20 minutes can help reduce inflammation within the first 48 hours after an acute injury.

– HEAT: After the initial inflammation subsides, applying heat (using a hot water bottle or heating pad) can help relax muscles and promote blood flow.

3. Stretching and Strengthening Exercises

– STRETCHING: Engage in gentle stretching exercises to alleviate tension in the back and improve flexibility. Focus on stretches that target the back, hips, and hamstrings.

– STRENGTHENING: Once pain decreases, incorporating strengthening exercises can provide long-term relief.

Focus on core stability exercises, such as planks and bridges, to support the spine.

4. Posture Improvement

Maintaining proper posture can significantly reduce back pain. Here are tips for better posture:

– Sit with feet flat on the floor, knees at hip level.

– Use chairs with lumbar support to encourage proper spinal alignment.

– Keep your computer screen at eye level to avoid leaning forward or straining your neck.

5. Ergonomic Adjustments

– WORKSTATION: Create an ergonomic workspace by adjusting the height of your chair and computer screen. Consider using a standing desk or an ergonomic chair to encourage good posture.

– LIFTING TECHNIQUES: When lifting heavy objects, bend at the knees, not the waist, and keep the load close to your body to minimize stress on the back.

6. Over-the-Counter Pain Relief

Non-prescription medications such as ibuprofen or acetaminophen can help alleviate pain. Always follow the dosage instructions on the label and consult a healthcare provider if you have any pre-existing conditions or are taking other medications.

7. Mindfulness and Relaxation Techniques

Stress can exacerbate back pain. Incorporating relaxation techniques can be beneficial:

– MINDFULNESS MEDITATION: Practicing mindfulness can help reduce the perception of pain and improve coping strategies. 

 – YOGA: Gentle yoga can enhance flexibility, strengthen the core, and alleviate tension in the back.

8. Alternative Therapies

Many people find relief through complementary therapies, such as:

– MASSAGE: Therapeutic massage can help relieve muscle tension and improve blood circulation.

– ACUPUNCTURE: This traditional Chinese practice may help alleviate pain by reducing muscle tension and promoting relaxation.

-CHIROPRACTIC: Chiropractic care is a non-invasive, hands-on health care discipline focused on diagnosing, treating, and preventing mechanical disorders of the spine.

When to Seek Medical Attention

While many cases of back pain can be treated at home, certain symptoms warrant a visit to a healthcare professional:

– Persistent pain that lasts longer than a six weeks

– Severe pain that does not improve with self-care

– Pain accompanied by numbness, tingling, weakness, or loss of bladder/bowel control

– Pain following a fall, injury, or accident.

Self-treating back pain can be effective for managing mild to moderate discomfort. By adopting strategies such as rest, heat and ice therapy, stretching, ergonomic adjustments, and mindfulness techniques, individuals can significantly reduce their symptoms. Remember, however, that if pain persists or worsens, it’s crucial to consult a healthcare provider for further evaluation and treatment. Implementing these self-care techniques empowers you to take control of your back health and improve your overall quality of life.

Dr Minogue enjoys treating patients of all ages and stages of life. This includes helping athletes reach optimal performance, supporting mothers through prenatal and postpartum stages, keeping infant’s and children’s spines aligned for optimal nervous system development, and helping older patients age gracefully.

Appointments can be made online at MySaratogaChiropractor.com.

“Mothering Boys”

A friend wondered recently why I don’t write too much about mothering teens, and he was right — I purposely avoid writing too much about my big boys in an effort to give them some privacy as they navigate the new/weird/confusing world of teenagerhood. This piece, however, was one I wrote several years ago, and it exactly hits what I’m always feeling as my boys get older.

Every year in January my boys’ school has Pajama Day. It always seems to me that the other kids at school are fairly equally divided between wearing actual pajamas on Pajama Day (sometimes with bathrobes and slippers as well!), and just wearing comfortable clothes, which is what my boys usually wear to bed — usually a t-shirt and shorts or sweat pants. We do have pajama pants in several sizes, so for Pajama Day, my usual plan has been to send them in pajama pants and a t-shirt, which has always worked fine for all of my boys … except one.

This one boy has always had a heightened sense of “what everyone else is doing.” Since he was tiny, I’ve watched him watching his peers to see how they wear their baseball hats, whether they tuck their shirts in or not, and if they wear white socks or black socks when they’re playing basketball. It’s always pulled at my heartstrings to watch him carefully adjust some part of his outfit to better fit what he sees his friends doing. His observations aren’t foolproof — he tends to think *everyone* is doing something, even if it’s only a few people and just as many are doing something else — and I’ve had to talk him down many a time and assure him that whatever he was wearing and how he was wearing it was just fine. I’ve even pointed out other kids wearing the same things, in order to reassure him.

It’s not just clothing either — he’s put out every Christmas that we don’t deck the entire exterior of our house out in Christmas lights like “everyone else does” even though there’s no one in our neighborhood who does anything on the scale that he wants. 

Pajama Day has always been one of those events for him. I think he was okay for his first Pajama Day, because he hadn’t yet seen what everyone else would wear, but he quickly determined that *everyone* wears matching pajama pants-and-shirt sets, which we didn’t have, and he was so embarrassed. Around that time (but after Pajama Day had already passed) we received a bag of hand-me-downs from a family who often passes on their older boys’ clothes, and there was a pajama set in it in his size, and he wore it around the house for days because he felt so cool that he finally had pajamas just like everyone else. We gave him pajama sets for his birthday, and even a pair of slippers, all in preparation for Pajama Day, and he was thrilled. I would have done the same for his brothers, but none of them cared enough to do so. The younger ones got to wear his pajamas as he outgrew them, but none of them got as excited about them.

This year, when Pajama Day was coming up, I panicked a little, because I’d totally forgotten to think about getting pajamas for my finicky boy and he’d outgrown the others. In fact, it was so last minute when I realized that I told him I was sorry, but he was going to have to wear pajama pants and a t-shirt this year. He said, “That’s fine.”

“That’s fine”?? And he really seemed fine. He wasn’t upset at all. What?

At first, I was so relieved that was his answer, and it made it all so much easier for me … but then I started thinking about how this is such a great example of him growing up. It was such a stress every year to make sure he had his pajamas, but now that that’s not something I need to worry about anymore I’m feeling really wistful. It’s like, this is what I’ve been hoping for and working toward with so many conversations I’ve had with him over the years, and now that it’s happened, I’m wondering where that little boy went. 

Is this a little taste of what the empty nest will be like? When all you’ve been preparing your kids for their whole growing up finally happens — they move out and become the contributing adults that they should be — and all you do is remember the little ones they used to be, when the days were so long and you didn’t get any sleep but the years flew by and you’d love to have them little again?

Today it’s pajamas, tomorrow it’s something else, I know. I do love watching my boys grow and mature, and I am glad that my boy doesn’t have to suffer anymore with his illusions of what’s required on Pajama Day. And spring is around the corner! Next time I write, it’ll be nearly St. Patrick’s Day. Time marches on, for better and for worse.

Kate and her husband have seven sons ages 21, 19, 17, 15, 14, 11, and 7. Email her at kmtowne23@gmail.com.

Understanding Revocable Trusts Treasury Department Issues New Rule for U.S. Companies

Estate planning can feel overwhelming. While many people expect the Last Will and Testament to be the main document in their estate plan, that is just one tool in a much larger toolbox.  Another estate planning tool is the “Revocable Trust”, also known as the “Living Trust”, which is becoming more frequently mentioned, but still commonly misunderstood.  Here is a Q&A that provides an explanation of Revocable Trusts.

What is a Revocable Trust?

A Revocable Trust is a legal document where you transfer ownership of your assets during your lifetime while retaining the ability to modify, amend, or fully revoke the Trust.  A Revocable Trust sets forth the terms under which the assets are owned and managed while you’re alive and their disposition in the event of your incapacity or death.  

Who are the parties to a Revocable Trust?

You, as the “Grantor” create the Revocable Trust.  As the Grantor, you appoint a “Trustee” to manage the assets owned by the Trust.  You can serve as the Trustee during your lifetime.  You appoint “Successor Trustees” to manage the Trust in the event of your incapacity or death.  The “Beneficiaries” are the individuals or entities that will receive the benefit of the assets owned by the Trust.  You may be the sole beneficiary of your Revocable Trust during your lifetime, and you can set forth the terms of the distribution of the assets after your death – just as you would in a Last Will and Testament.

How does a Revocable Trust operate?

During your lifetime, a Revocable Trust allows you to maintain complete control over the assets owned by the Trust.  This includes transferring assets in and out of the Trust and also buying or selling certain assets or property through the Trust. You can also retain the ability to amend the terms of the Revocable Trust, including changing the distribution of assets upon your death and who serves as Successor Trustee.  At your death, your Revocable Trust becomes irrevocable, and your Successor Trustee administers the Trust and distributes the assets according to its provisions.

How do you fund a Revocable Trust?

To take full advantage of a Revocable Trust you must transfer ownership of all your assets to the Revocable Trust.  This can include bank accounts, investment accounts, closely held business interests, real estate and tangible personal property.  These transfers are accomplished by retitling the assets into the name of your Revocable Trust.  Bank accounts, investment accounts, mutual funds and individuals bonds and securities can be transferred to a new account in the name of your Revocable Trust.  Real estate can be transferred to the Trust by a deed, and business interests can be transferred to the Trust by an assignment.  To ensure the transfers are done correctly, the assistance of an experienced attorney would be helpful. 

Does a Revocable Trust avoid probate?

Yes, as soon as all of your assets are either titled in the name of the Revocable Trust or otherwise owned as non-probate assets.  Examples of non-probate assets outside of your Trust would include jointly held assets, like a jointly held residence, or assets payable to an individual, like an insurance policy.  If all your assets are in your Revocable Trust, jointly held, or payable to a named beneficiary, then the probate of Last Will and Testament will not be necessary.  After you pass away, the Trustee of your Revocable Trust has the immediate authority to distribute assets pursuant to the terms of the Revocable Trust without going through the probate process.  

When might you consider a Revocable Trust?

While anyone has the ability to create a Revocable Trust, it may not be appropriate for everyone.  Individuals with limited assets might find other estate planning tools more suitable and affordable. 

A Revocable Trust plan is particularly beneficial for individuals who own real estate in multiple states, have complex asset structures, want to provide for seamless management during incapacity or who want to avoid the probate process.  

What are the Common Misconceptions?

There are several misconceptions about Revocable Trusts. 

First, simply creating the Revocable Trust is all you need to do.  This is incorrect.  To receive the full benefits of the Revocable Trust, you must properly transfer your assets to the Revocable Trust.

Second, a Revocable Trust offers tax benefits.  This is incorrect.  A Revocable Trust does not have any income tax benefit during your lifetime and does not provide an estate tax benefit at your death.  

Third, a Revocable Trust is a trust that provides asset protection and can be used for long-term care planning purposes. This is incorrect.  Generally, a Revocable Trust will not protect your assets from your creditors.  It will also not protect your assets for long term care purposes.  If you want to engage in Medicaid Planning to address potential nursing home costs, you will need to consider other planning tools including Irrevocable Trusts.

Fourth, if you create a Revocable Trust then you do not need a Last Will and Testament.  This is incorrect.  At the time you create the Revocable Trust, you should also create a “Pour-Over Last Will and Testament”.  In the event you do not transfer all of your assets to your Revocable Trust prior to your death, your “Pour-Over Last Will and Testament” will direct that those assets be distributed pursuant to your Revocable Trust.

Trying to decide whether a Revocable Trust or a Last Will and Testament is appropriate for your estate planning can be challenging.  It is advisable to seek the guidance of an experienced estate planning professional to ensure you have the plan that is best for you.

James D. Wighaus is an Associate Attorney with O’Connell and Aronowitz, 6 Airport Park Boulevard, Latham, New York.  James’ practice is focused in the areas of corporate law, and trusts and estates law, including estate planning, long-term care planning, estate tax planning and estate administration. James can be reached at (518) 694-5698, jwighaus@oalaw.com and www.oalaw.com.  

When you’re young, “retirement” feels like an abstract concept invented by people who wear cardigans and play bridge on Tuesdays. It feels roughly a million years away. You’re worried about rent, maybe student loans, trying to advance your career, and hopefully having enough left over for a social life. The idea of locking money away for a version of yourself that won’t exist for another 40 years? It doesn’t exactly scream “priority.”

But here is the hard truth: Time is the single most powerful asset you have right now. Even more than your salary.

The Magic of “Free Money”

You’ve probably heard the term “compound interest” thrown around. It sounds boring, but it’s actually magic. It’s essentially interest earning interest on top of interest.

Think of it like a snowball rolling down a hill. If you start at the very top (your 20s), that snowball has a long way to roll, picking up more snow with every turn until it’s a massive boulder by the time it hits the bottom. If you wait until you’re 40 to start rolling it, you have to push a lot harder and pack a lot more snow yourself to get the same result because the hill is shorter.

• Scenario A: You invest a little bit now, and your money makes money while you sleep.

• Scenario B: You wait ten years, and you have to save double or triple the amount just to catch up.

Yeah, But Life Is Expensive

Okay, so the math is great, but math doesn’t pay rent. We have to acknowledge the elephant in the room: saving is hard.

When you are young, you are often earning the lowest salary of your career while facing some of your highest hurdles. You might be staring down:

• Student Loan Debt: It’s hard to save for the future when you’re paying for the past.

• Sky-High Rent: Cost of living is no joke.

• FOMO: You want to travel, go to concerts, and actually enjoy your youth.

• Short-Term Goals: Maybe you want to buy a car or save for a house down payment.

It is completely valid to feel like you just can’t right now. When you have $100 left at the end of the month, putting it into a 401(k) or IRA feels less satisfying than buying groceries or going out for a nice dinner.

The “Good Enough” Strategy

Here is the secret: You don’t need to be perfect. You just need to start.

The “all or nothing” mentality is the enemy of wealth. You don’t need to max out your accounts immediately. Can you spare 1% of your paycheck? Can you skip two takeout meals a month and invest that $50?

The habit of saving is often more important than the amount. If you build the muscle memory of living on slightly less than you earn now, it becomes painless. Plus, if your employer offers a “match” on your retirement plan, you absolutely need to take it. That is literally free money on the table—part of your compensation package that you lose if you don’t participate.

The Bottom Line

It’s a balancing act. You shouldn’t live on ramen noodles just to be a wealthy retiree, but you also shouldn’t ignore the future entirely. It’s about being kind to “Future You.”

Someday, you’re going to be 65. You’re going to be tired of working. You’re going to want options. By starting now—even imperfectly, even with small amounts—you are buying your future freedom. It’s the best gift you can give yourself.

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

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.

I’ve been writing an annual economic outlook piece for the last fifteen years, and this year’s is by far the most difficult. As the largest and most diverse economy in the world, the US has immense potential, but there are serious headwinds which make a positive 2026 outlook anything but assured. 

I put a great deal of effort into writing from a purely economic perspective, but politics and the economy have become inextricably linked. 

For the first time since the Great Recession, the European markets grew faster than the United States’. Take it for what you will, but we view it largely as a flight of capital due to the perceived instability of the United States: ever-fluctuating trade policy, self-defeating immigration policies, inconsistent foreign policy, and now adventuring in regime change and serious discussions around the annexation of a fellow NATO member’s territory. Regardless of your opinion, and regardless of the long-term outcome, the perception of the United States as a stable and reliable trading partner and ally is in question, leading the international community to reassess its relationship to, and dependence on, the US.

We don’t expect the volatility to subside this year. First, consider that it’s becoming more likely that the democrats will take at least one house of Congress. That matters because it creates a shortened timeline for the administration to achieve some of its more controversial objectives. The resulting instability may serve to exacerbate the flight of capital to other markets and further erode the value of the dollar. 

The dollar index fell nearly 11% in 2025, which was the greatest decrease in over fifty years. A weaker dollar makes US goods less expensive in foreign markets, but it also makes foreign goods more expensive in the US. Combine that with price increases due to tariffs, and the trend of rising inflation could be likely to continue. 

Through December, the ISM Manufacturing Index has signaled contraction for the last ten months, meaning that US manufacturing is, broadly, in recession. This trend directly contradicts the case for tariffs, especially since ISM respondents blame the contraction, in part, on tariff-related uncertainty.

Employment numbers have shown a worrying trend, as unemployment has risen to 4.6% from 4% at the start of 2025. It will be crucial to monitor this trend, as maintaining full employment is one of the Federal Reserve’s dual mandates, and will help determine the direction of interest rates in the new year. 

Jerome Powell will be ending his term in May of 2026, and will be replaced by a yet-unnamed appointee of the President, who has indicated a strong desire for a direct role in the setting of interest rate policy. Given that, and the republican majority in the Senate, we believe that the next Fed Chair will be amenable to the President’s influence. That said, the Fed Chair, alone, does not set interest rate policy; that is set by the FOMC (Federal Open Market Committee), of which the Fed Chair is a member and gets one vote. 

Since interest rates are essentially the cost of money, in the event that we see bargain basement rates, we expect markets to respond positively in the short-term, as businesses take advantage of cheap borrowing costs to expand and invest in their operations. We’d also likely see a dramatic increase in inflation, especially in certain sectors. Homes that are already unaffordable to many could become increasingly out of reach as buyers flood the market, as they did during Covid. 

I’ve written about AI in the past, and it continues to drive growth in US indices. Whether AI represents a bubble is yet to be seen, however it should be noted that, at least from a pure diversification standpoint, the dependence on these relatively few companies for growth is, itself, a major risk. Of the 500 companies represented in the S&P 500, ten companies make up 40% of the index, and almost all of those are tech companies. The last time we saw this kind of concentration in technology was just before the dot-com bubble burst, when many of those companies saw their values drop by upwards of 80%, and many more went out of business altogether. 

In 2025, corporate bankruptcies reached the highest level since just after the Great Recession, with more than 717 companies filing; a nearly 15% increase year-over-year. The industrial/manufacturing sector was most affected, as many manufacturers crumbled under the weight of increasing costs due to tariffs. Personal bankruptcies also increased by more than 10% year-over-year.

While this all may sound very doom-and-gloom, it’s important to remember that the United States accounts for roughly 4% of the world’s population but produces roughly 25% of the world’s GDP. In other words, our economy is incredibly broad, our workers are incredibly productive, and our businesses are incredibly resilient. While all indicators may not be trending the right direction, one cannot underestimate the possibility that the US economy could pull off a win in 2026. 

We don’t believe that it’s time to run for the hills, but we do believe that the current environment underscores the paramount importance of broad diversification in your portfolio, the need to understand your risk profile, and the value of the relationship you have with your Certified Financial Planner® professional. Make adjustments as your needs change, and as the world around you dictates. 

Stephen Kyne, CFP® is a Partner at Sterling Manor Financial, LLC in Saratoga Springs. This piece contains forward looking statements which are subject to change. 

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. 

What you need to know as we enter the New Year

In 2025, my colleagues and I reported on several developments in the law regarding our main practice areas, including trusts and estates law, guardianship, and estate planning.  I thought it would be helpful to look back on that reporting and give some reminders and updates for the New Year.

Income Tax Changes for 2026

The One Big Beautiful Bill Act (OBBBA) signed by President Trump on July 4th of last year ushered in some significant changes to the tax law.  I wrote an article last July covering these changes (https://saratogatodaynewspaper.com/july-11-july-17-2025-2/).  Some highlights to keep in mind for the New Year, include four new temporary deductions: 1) up to $25,000 for tip income, 2) up to $12,500 for individuals and $25,000 for joint filers for overtime income, 3) $6,000 for taxpayers 65 and older, and 4) up to $10,000 for car loan interest for cars which have their final assembly in the U.S.  All four of these new temporary deductions could result in significant savings for taxpayers, but they are all subject to income phaseouts.  Another highlight is a quadrupling of the State and Local Taxes (SALT) deduction cap from $10,000 to $40,000 for taxpayers that itemize deductions.

Tax Changes for Education in 2026

The OBBBA expanded the use of 529 educational savings accounts by increasing the annual amount that can be used for K-12 expenses from $10,000/year to $20,000/year.  It also increased allowable withdrawals in general, including allowing withdrawals to pay for programs that prepare students for industry-recognized licensing exams.

Estate Tax Changes for 2026

The estate tax exemption levels for New York State and the federal government both increased in 2026.  The New York State estate tax exemption amount is now $7,350,000 and the federal exemption amount is now $15,000,000.  The federal annual exclusion amount for gifting remains at $19,000 per beneficiary per year, which is unchanged from 2025.  This is the amount of money you can give to a beneficiary without the necessity of filing a federal gift tax return (Form 706).

Trump Accounts in 2026

Trump accounts can be established starting in 2026 for children born between 2025 and 2028.  If you elect to establish a Trump account for a child born during that time, the federal government will make a one-time $1,000 contribution to the account.  Starting in July of 2026, additional contributions may be made by anyone who wishes to do so, subject to certain limits.  These accounts are tax deferred investment accounts, which can be converted to Individual Retirement Accounts (IRAs) when the child turns 18.  More information on these accounts may be found in my colleague Anna Myers Norton’s article in November of last year (https://saratogatodaynewspaper.com/november-14-november-20-2025/). 

Developments re: NY LLCTA

New York’s Limited Liability Company Transparency Act (LLCTA) required owners of corporate entities to report their identities to New York State.  The required Reporting Companies follow the federal Corporate Transparency Act (CTA) requirements.  My colleague James Wighaus reported last April that the federal CTA was significantly limited to apply only to foreign corporate entities (https://saratogatodaynewspaper.com/april-11-17-2025/).   Since the LLCTA followed the federal standard, it also only applied to foreign corporate entities.  The New York legislature passed an amendment to the New York law to expand the application to corporate entities formed in the United States.  In December of last year, Governor Hochul vetoed the proposed amended legislation, leaving the application of the LLCTA only to foreign corporate entities.  By limiting the application of New York law to conform with the federal standard, the Governor arguably prevented a significant regulatory burden from being imposed on New York businesses.

Developments re: the MAID Act

In August of last year, Anna Myers Norton reported on the status of New York’s proposed Medical Aid in Dying Act (MAID Act) (https://saratogatodaynewspaper.com/august-15-august-21-2025-3/).  The MAID Act had been passed by both the New York State Senate and Assembly and was awaiting signature by Governor Hochul.  In December of last year, Governor Hochul announced she had negotiated changes in the law with the legislature and that she would sign the bill into law this month.  The MAID Act will allow terminally ill New York residents to obtain prescription drugs from a medical professional to aid them in ending their lives.  A detailed explanation of the negotiated changes is beyond the scope of this article, but I thought it important to update our readers that the MAID Act will become law in 2026.

I hope you find this overview of updates and reminders helpful.  A lot happened in 2025, and it certainly seems like 2026 is going to be no different.  I informed you last month that our firm – O’Connell and Aronowitz – celebrated its 100th anniversary in December.  We have additional exciting news for this year.  We will be moving our Albany office at 54 State Street to 6 Airport Park Boulevard in Latham, where we will be occupying the entire building with our 32 attorneys and their support staff.  We are very excited about the move, and we look forward to serving our clients better out of our new location.  Our Saratoga office, which has been operating for almost 16 years now, will continue to operate and be available to our clients, as well.  On behalf of O’Connell and Aronowitz, I wish you all a safe and prosperous 2026!

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