Natural disasters can have a significant impact on the economy of an affected region. From hurricanes and earthquakes to tornadoes and wildfires, these disasters can cause extensive damage to infrastructure, homes, businesses, and agriculture. The economic consequences of natural disasters are wide-ranging and can have lasting effects on both local and national economies.

One of the most immediate impacts of a natural disaster is the destruction of property and infrastructure. Homes, buildings, roads, bridges, and utilities can be damaged or destroyed, leading to costly repairs and rebuilding efforts. The costs associated with rebuilding can be substantial, especially in cases of widespread devastation. Insurance claims, government aid, and private donations play a crucial role in funding these recovery efforts, but they may not always be enough to cover all of the costs.

In addition to the physical damage, natural disasters can also disrupt businesses and industries, leading to a loss of revenue and jobs. Businesses may be forced to close temporarily or permanently due to damage from a disaster, resulting in lost income and layoffs. Entire industries may be affected, such as agriculture, tourism, or manufacturing. The disruption to supply chains can also have ripple effects on other businesses and sectors of the economy.

The costs of recovery and rebuilding after a natural disaster can strain government budgets at all levels – local, state, and federal. Emergency response, cleanup, and rebuilding efforts require substantial resources, and governments may need to allocate funds from other programs or raise taxes to cover the expenses. In some cases, governments may need to seek financial assistance from international organizations or other countries to help cover the costs of recovery.

Natural disasters can also have long-term economic impacts on affected regions. Areas that experience frequent disasters may struggle to attract investments and businesses, as investors may be wary of the risks associated with living or doing business in such areas. Property values may decrease, and homeowners may have difficulty obtaining insurance coverage or selling their homes. In extreme cases, entire communities may be abandoned as residents relocate to safer areas.

Perhaps ironically, natural disasters can also stimulate economic activity in some cases. The rebuilding and reconstruction efforts can create jobs and stimulate demand for goods and services, boosting the local economy in the short-term. Investment in disaster-resistant infrastructure and buildings can help prevent or mitigate the effects of future disasters, leading to longer-term economic benefits.

The economic impact of natural disasters is complex and multifaceted. While the immediate costs of damage and loss are significant, the long-term effects on businesses, industries, and communities can be even more profound. Governments, businesses, and individuals must work together to prepare for and mitigate the impacts of disasters, in order to minimize the economic consequences and build resilience in the face of future events.

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

Securities offered through Cadaret, Grant & Co., Inc. Member FINRA/SIPC. Advisory services offered through Sterling Manor Financial, LLC, or Cadaret Grant & Co., Inc., SEC registered investment advisors. Sterling Manor Financial and Cadaret, Grant are separate entities. 18 Division St, Ste 202, Saratoga Springs, NY 12866 518-583-4040

The Interplay of Guardianships and Advance Planning

I have received a number of questions recently regarding guardianships, powers of attorney, and health care proxies.  There is a certain amount of confusion about the interplay between them, and I have put together a set of questions and answers in an effort to shed light on that area of the law.

How do you plan for your potential incapacity?

The best way to plan for your potential incapacity is to have a power of attorney (POA) and health care proxy (HCP) in place.  A POA allows you to designate someone to handle your financial affairs and an HCP allows you to designate someone to handle your medical decision making.

Does your POA take effect immediately?

Your POA will take effect immediately, unless you put a condition in the modifications section of the document that delays the effectiveness until after a particular condition is satisfied.  You can insert a condition that the POA shall not take effect until you have lost your mental capacity.

Does your HCP take effect immediately?

No.  HCPs take effect after you no longer have the mental capacity to make your own health care decisions.  For example, if you were in the hospital and unconscious, then the HCP would take effect, and the medical providers would turn to your HCP agent to discuss what decisions should be made regarding your treatment.

What if you lose mental capacity and do not have a POA or HCP?

In those cases, someone close to you, presumably a family member or friend, could petition to be appointed as your guardian under Article 81 of the New York Mental Hygiene Law.

What does it mean to have a guardian?

Guardianships can vary depending on what your needs are.  If your incapacity is expected to be temporary, the court can appoint the guardian to serve for a limited time.  The court also has an obligation to tailor the powers granted to the guardian to be only those necessary to address the nature of your incapacity.  

What type of powers could be granted?

The guardianship powers fall into two broad categories – powers granted as guardian of the person and powers granted as guardian of the property.  The personal powers relate to decisions regarding medical care, where you live, and who you have contact with.  The property powers relate to the handling of your financial affairs, including the management of your assets and income.

What does it mean to tailor the powers?

The court has an obligation to grant only those powers to the guardian that are necessary based on the level of your incapacity.  If your incapacity is severe, as it would be if you were in a nursing home with advanced Alzheimer’s Disease, then the powers granted would be extensive.  If you were living independently, and perhaps just needed help with some financial matters, then the powers granted may be somewhat limited.  The court needs to be judicious with what powers it grants, because whatever powers it grants to the guardian are essentially taken away from the person under guardianship.

Does it matter if a POA or HCP are already in place?

As part of the guardianship proceeding, the court will determine whether a valid POA or HCP is already in place.  If one or the other or both are in place, the court has the authority to keep them in place if it wishes to do so.  For example, the court may determine that a valid POA is in place with an agent who is appropriate, and therefore the court might not authorize guardian of the property powers.  However, if that same court determines no HCP is in place and assistance is needed with medical decision making, then it could appoint a guardian of the person with the proper authority to act regarding medical care.

Can the court revoke a POA or HCP?

Yes.  If the court believes that a POA or HCP is being misused or the designated agents are not living up to their obligations, then the court has the authority to revoke those documents and appoint a guardian.

What is the best way to plan for incapacity?

Although guardianships play an important role in providing assistance to individuals who have lost their mental capacity, guardianship proceedings are certainly more expensive and time consuming than having a POA and HCP in place.  The other distinct advantage of having a POA and HCP in place is that you will be sure that the people you want will be making decisions for you.  If you become incapacitated without those documents, you might have someone seek to be your guardian whom you would not want to be in charge of your affairs.

Planning for mental incapacity is an important part of your estate plan.  It is advisable to obtain counsel from an experienced estate planning attorney to make sure that you are prepared should the day ever come when you need help with your affairs.

On a separate note, I am pleased to announce that our firm has recently added three experienced attorneys to our Trusts and Estates Department.  Steven Thomas, James Wighaus, and Anna Myers, all formerly attorneys with the firm of Lavelle & Finn, have joined O’Connell and Aronowitz.  They bring with them a wealth of experience in estate planning, estate administration, and business law.  We would like to welcome them, and we look forward to making their expertise available to our clients.

Matthew J. Dorsey, Esq. is a Shareholder with O’Connell and Aronowitz, 1 Court Street, Saratoga Springs, NY. Over his twenty-seven years of practice, he has focused in the areas of elder law, estate planning, and estate administration. Mr. Dorsey can be reached at (518)584-5205, mdorsey@oalaw.com and www.oalaw.com.  

As the vibrant leaves change color and begin to fall, many homeowners take to their yards to rake leaves and prepare for the winter months. While raking may seem like a simple task, it can put a significant strain on your neck and back if proper techniques are not followed. Here are some essential tips to help you rake leaves safely and avoid injury.

1. Warm Up Before You Start

Just like any physical activity, it’s important to prepare your body before raking leaves. Take a few minutes to warm up with gentle stretching exercises. Focus on the following areas:

Neck: Rotate your head gently from side to side and forward to backward. Shoulders: Roll your shoulders forward and backward in a circular motion. Back: Perform gentle side bends and forward stretches to loosen your spine. A proper warm-up increases blood flow to your muscles and can help reduce the risk of injury.

2. Use the Right Equipment

Selecting the right rake can make a significant difference in your comfort level while raking:

Choose a Lightweight Rake: Opt for a rake that is easy to handle. Aluminum or plastic rakes are typically lighter than traditional wooden ones.

Adjustable Handle Length: If possible, use a rake with an adjustable handle to suit your height, minimizing the strain on your back.

3. Pay Attention to Your Posture

Maintaining proper posture while raking is crucial for protecting your neck and back. Keep the following tips in mind:

Stand Tall: Maintain an upright posture with your head up and shoulders back. This aligns your spine and takes pressure off your lower back.

Bend Your Knees: Instead of bending at the waist, bend your knees to lower yourself towards the ground. This technique shifts the load from your back to your legs, which are better equipped for lifting.

Engage Your Core: Tighten your abdominal muscles while raking to provide additional support to your lower back.

4. Use Proper Raking Techniques

How you rake can affect your body’s strain levels. Here are a few techniques to consider:

Short, Controlled Strokes: Use short strokes rather than long, sweeping motions. This approach minimizes the strain on your back and neck and gives you more control over the leaves.

Alternate Hands: Switch hands periodically while raking to distribute the workload evenly between sides of your body. This can help prevent muscle fatigue.

5. Take Regular Breaks

Raking leaves can be physically demanding. To avoid overexertion, take frequent breaks:

Hydration: Drink plenty of water to stay hydrated.

Rest Periods: Every 15-20 minutes, take a short break to rest your muscles and stretch.

6. Know Your Limits

Finally, listen to your body. If you start to feel discomfort or pain, take a break. If you experience persistent pain in your neck or back, it may be wise to consult a healthcare professional. Additionally, if your yard is particularly large or your piles of leaves are substantial, consider enlisting help or hiring a service to assist with the task.

Conclusion:

Raking leaves can be an enjoyable way to engage with nature while maintaining your yard, but it’s important to do so safely. By following these tips and prioritizing your physical health, you can ensure that your fall yard work is both productive and pain-free. Remember, it’s better to take your time and remain safe than to risk injury for the sake of a pristine lawn. Enjoy the beauty of fall and happy raking!

Dr. Matt Smith has been a Chiropractor in Saratoga Springs for 36 years. He and his daughter Dr. Kevy Smith Minogue can be reached at 518-587-2064 or at MySaratogaChiropractor.com.

One of the things that has probably been overly important to me in my motherhood is making sure my children all have the same childhood. What a silly notion! But it’s been something on my mind for years: we did x, y, and z for the older boys, so we definitely need to do x, y, and z for the younger boys, that kind of thing. Which really is silly, I know, because our boys simply *will* have different experiences growing up, no matter what. Time marches on — and time changes everything.

For one thing, time equals experience, and experienced parents do parenting differently than first-time parents. There’s a funny comic I’ve seen that describes the different stages of parenthood: when your first baby drops his pacifier on the floor, you immediately sterilize it in boiling water before giving it back. When your second baby drops his pacifier on the floor, you run it under water before giving it back. When your third baby drops his pacifier, you give it a quick swipe on your pants before giving it back. It’s true! Things that you absolutely freaked out about as first-time parents don’t phase you at all once you have a couple more kids. 

With my first, I did the homemade baby food route for a while: I steamed and pureed veggies and made homemade applesauce. After a few kids, I was a jar-and-pouch devotee! I was also extremely attentive to strict schedules of eating and sleeping for my oldest. Though schedules have always remained an important part of my mothering, my youngest has a far more relaxed rhythm to his day than his older brother did — he regularly goes to bed far later than my older boys would ever have been allowed to do.

Another thing about time is that older parents aren’t up for as much as younger parents are. When we started our family, we were in our twenties — young and energetic. When our youngest was born, we were in our forties — and I was feeling old and always tired (I’ll let my husband speak for himself!). 

I think back to that young woman I was with all those babies and I’m amazed. I used to take all the kids to the grocery store with me — so many little ones in the cart and on the cart and walking next to the cart — and now, if I have to take my youngest, I’ll sometimes put off my shopping trip for later in the day or another day altogether just so I don’t have to have to tell him seventeen times to stop jumping and walk normally, or to say no to all his requests for all the things.

With the passing of time comes an increase of technology: type and availability. With my older kids, I was determined to keep a tight lid on technology. My oldest didn’t even touch a computer or a tablet or anything like that until he was introduced to it in school. But as my older kids became older and their own technology requirements increased — like the requirement to have their own Chromebooks for middle- and high school, and the phones we determined were necessary for the big boys now that pay phones no longer exist — it all trickled down to the youngers. My older boys sometimes let their little brothers play games on their phones (under strict supervision), and my youngest often instructs me to “look it up on your phone!” when he asks me a question that I don’t know the answer to.

I often find myself starting to sink into a lament about my little guys not having the same kind of unplugged childhood that my older boys did. I worry about how the older boys’ busy schedules — work, sports, friends, school — interfere with the younger boys’ peaceful time at home. I wistfully remember the long walks I would take with all my little ones during our long, slow days at home together years ago, that I simply don’t have the time for now with my little guys. My little boys are left in the care of others far more than my olders ever were because of my own work. The big boys grew up surrounded by babies and smaller children; my youngest wishes he had the same — he has frequently asked me for a baby brother, and smothers his baby cousins with hugs whenever he sees them (which isn’t nearly often enough for his liking). The older boys have always had to share their space, have always had to deal with a houseful of people and noise; my youngest will be the only boy living full time at home for the entirety of his high school years.

I’ve heard many times from those who grew up in big families that the older siblings and the younger siblings all have a sense of being brought up by totally different parents. We even joke about that in my own family of origin — it’s generally acknowledged that my two youngest sisters, who are nine and eleven years younger than me, were brought up with a different set of rules than the rest of us. It’s funny and makes for good stories, but it can also sometimes feel unfair, which I think is what I’m trying to avoid the most. In the end, all I can do is pray and do the best I can, as my mom is always reminding me, and keep loving my kids. I hope the school year has started well for all of you and your little (and not so little) ones!

Kate and her husband have seven sons ages 19, 18, 16, 14, 12, 10, and 5. Email her at kmtowne23@gmail.com.

The Federal Reserve has been working aggressively for the last two years to rein in inflation without bringing the economy to a grinding halt. This is the “soft landing” you’ve probably heard about, and it appears it may have been mostly successful. Next week the Fed is widely expected to begin unwinding its strategy by lowering rates.

After the Federal Reserve decides to lower interest rates, there are several potential outcomes and implications for the economy and financial markets. This decision is typically made in an effort to stimulate economic growth, encourage borrowing and spending, and combat potential downturns in the economy. While the immediate effects of a rate cut can vary, there are some general trends and expectations that can be observed.

One of the first effects of a rate cut is a decrease in borrowing costs for consumers and businesses. Lower interest rates can make it more affordable to take out loans for purchases such as homes, cars, and other big-ticket items. This can stimulate consumer spending and investment, which in turn can boost economic growth and job creation. Businesses may also be more willing to invest in new projects or expand their operations when borrowing costs are lower, leading to increased economic activity and potential job growth.

In addition to lower general borrowing costs, lower interest rates can also impact the housing market. When interest rates are decreased, mortgage rates tend to follow suit, making it more affordable for individuals to buy homes or refinance their existing mortgages. This can lead to an increase in home sales and construction activity, providing a boost to the real estate market and related industries. However, lower interest rates can also contribute to rising home prices, as increased demand for housing can lead to competition among buyers and bidding wars in some markets.

Lower interest rates can also have an impact on the stock market. In general, lower interest rates can make stocks more attractive to investors, as the potential returns from equities may be more appealing compared to other investments such as bonds or savings accounts. As a result, stock prices may rise in response to a rate cut, especially for companies that are expected to benefit from increased consumer spending and economic growth. However, the relationship between interest rates and stock prices is complex and can be influenced by a variety of factors, so it is important to consider the broader economic and market context when analyzing the impact of a rate cut on the stock market.

Another potential effect of lower interest rates is a depreciation in the value of the U.S. dollar. When interest rates are lowered, investors may seek higher returns in other currencies or assets, leading to a decrease in demand for the dollar. A weaker dollar can make U.S. exports more competitive in international markets, potentially boosting demand for American goods and services. However, a weaker dollar can also lead to higher prices for imported goods, which can contribute to inflationary pressures in the economy.

Overall, the decision by the Federal Reserve to lower interest rates can have wide-ranging effects on the economy and financial markets. While the immediate impact of a rate cut may be positive for consumers and investors, it is important to consider the potential longer-term consequences and risks associated with lower interest rates. As always, continue to work closely with your Certified Financial Planner® professional to help ensure your financial strategy reflects changes in the markets and in your life.

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

Securities offered through Cadaret, Grant & Co., Inc. Member FINRA/SIPC. Advisory services offered through Sterling Manor Financial, LLC, or Cadaret Grant & Co., Inc., SEC registered investment advisors. Sterling Manor Financial and Cadaret, Grant are separate entities. 18 Division St, Ste 202, Saratoga Springs, NY 12866 518-583-4040