Korsinsky & Klein LLP Korsinsky & Klein LLP 2026-08-07T14:54:08Z https://www.kklawfirm.com/feed/atom/ WordPress /wp-content/uploads/sites/1302650/2020/11/cropped-Korsinsky-klein-site-identity-32x32.jpg On Behalf of Korsinsky & Klein LLP <![CDATA[Can your parents protect their savings while getting Medicaid?]]> https://www.kklawfirm.com/?p=53218 2026-08-07T14:54:08Z 2026-08-07T14:53:44Z Medicaid protections for parents’ assets New York has some of the most protective spousal Medicaid laws in the country. If the parents need long-term care, the healthy spouse doesn’t have to be left financially strained. Here is how Medicaid protects your parents’ nest egg:
  • Safe family home: As long as one parent resides in the primary residence, Medicaid won’t force them to sell it. Retirement accounts taking active monthly distributions and one primary family vehicle are also protected.
  • The “spousal refusal” advantage: If your parents have liquid assets above the standard limit, the state law allows the healthy parent to execute a formal spousal refusal. By placing the excess assets in the healthy parent’s name, Medicaid may evaluate the ill parent's eligibility separately.
  • Monthly income protection: The healthy parent is entitled to keep up to $4,066.50 per month in income under the Minimum Monthly Maintenance Needs Allowance (MMMNA) to cover their living costs.
  • Asset retention: Under New York's spousal impoverishment rules, the healthy spouse living in the community can retain up to $162,660 in assets without risking the ill parent’s’ coverage.
Because nursing home Medicaid carries a five-year look-back window on asset transfers, early strategy is crucial. Structuring assets correctly requires careful legal guidance to avoid unintentional delays or penalties.

Taking early action

Protecting your parents' life savings while securing the long-term care they need doesn’t have to be a trade-off. If you are navigating the process, consulting with an experienced elder law attorney could help guide your family toward securing necessary care while looking out for your parents’ finances.]]> On Behalf of Korsinsky & Klein LLP <![CDATA[5 due diligence mistakes that delay luxury home deals]]> https://www.kklawfirm.com/?p=53217 2026-08-06T14:00:21Z 2026-08-06T14:00:21Z Buying a luxury property in New York City takes patience and sharp attention to detail. However, many buyers rush through due diligence and pay for it later with delays, disputes or dead deals. Here are the mistakes that trip up even experienced buyers.

Skipping the title search

A clean title matters more in New York than almost anywhere else. Old liens, unresolved estate claims and boundary disputes can surface late in the process and stall a closing for weeks. Buyers who trust a quick summary instead of the full record often miss the detail that causes the trouble.

Ignoring building financials

Co-ops and condos both carry hidden risks in their financial statements. Buyers who skip this step miss warning signs like thin reserve funds, pending litigation or planned assessments. Request the last three years of financials and board meeting minutes, then read them closely.

Underestimating the co-op board process

Co-op boards in New York hold real power over a sale. They can reject buyers without giving a reason, and they often demand extensive financial documentation. Prepare your package early, gather your bank statements and tax returns in advance, and expect the interview to take real time.

Overlooking service and maintenance agreements

Many luxury buildings run on long-term contracts for staff, maintenance and amenities. These agreements can lock in costs or restrictions that outlast your purchase. Ask for copies of every active contract and check for unusual terms before you commit.

Delaying the attorney review

New York deals move through attorneys, not just agents, and this step protects you legally. Buyers who wait too long to bring in counsel often discover problems only after they submit an offer. Hire a real estate attorney who knows luxury transactions from day one, not after you find a home you love.

Move forward with confidence

Luxury real estate in New York rewards buyers who plan ahead. Build your team early, ask hard questions and read every document your attorney flags. The extra weeks you spend now can save you months of frustration later.]]> On Behalf of Korsinsky & Klein LLP <![CDATA[How beneficiary designations can override your will in New York]]> https://www.kklawfirm.com/?p=53214 2026-07-22T12:05:46Z 2026-07-22T12:05:46Z Beneficiary forms usually control A beneficiary designation is a legal instruction you complete with the financial institution that holds the account. When you pass away, the institution generally distributes the assets according to that designation. Under New York Estates, Powers and Trusts Law, assets with valid beneficiary designations generally pass outside the probate process. This means an outdated designation could leave assets to someone you no longer intend to benefit. Because of that, it helps to review these forms after major life events.

Life changes can create unexpected problems

While marriage, the birth of a child, or the death of a beneficiary require manual updates to your beneficiary forms, New York law automatically revokes most revocable beneficiary designations to an ex-spouse upon a final divorce. If the beneficiary designation and the will conflict, the financial institution will often follow the beneficiary designation instead. For retirement accounts, federal law may also affect who can receive benefits in certain situations. These rules can work alongside state law and influence how assets transfer.

Review your estate plan as a whole

A complete estate plan works best when every document supports the same goals. Your will, trusts and beneficiary designations should reflect your current wishes and work together. Reviewing these documents after significant life changes can help reduce confusion for your family and support a smoother transfer of assets under the New York Surrogate's Court Procedure Act when probate is required, and help you avoid conflicts and ensure your assets reach the right people. An effective estate plan changes as your life does. Because beneficiary forms often override your will, it is important to keep all your documents aligned. If you have questions about how these designations interact with your specific estate plan, you may consider reaching out to a legal professional for guidance.]]> On Behalf of Korsinsky & Klein LLP <![CDATA[What if your parents have too many assets for Medicaid?]]> https://www.kklawfirm.com/?p=53197 2026-07-17T03:30:08Z 2026-07-16T15:52:08Z Several planning methods could support eligibility Having substantial assets does not always put Medicaid out of reach. The best approach often depends on what your parents own, how soon they need care and whether a spouse will remain at home. Common steps include:
  • Review which assets count. Medicaid may not include every type of property in its calculation. A primary residence often remains exempt from the equity limit. Who lives there and other eligibility rules can affect that treatment. Personal belongings and certain burial funds may also remain exempt.
  • Pay legitimate expenses. Your parents may use excess funds to pay debts, repair the home or buy medical equipment. These payments should provide fair value and meet an actual need.
  • Understand spousal protections. When one spouse needs long-term care, the spouse at home may retain part of the couple’s income and resources. In New York, that spouse may also request an assessment of the couple’s countable resources before applying for nursing home Medicaid.
  • Consider an irrevocable trust. A properly prepared trust may keep certain property outside the Medicaid resource limit. Its terms, funding date and transfer rules can still affect eligibility.
  • Avoid improper transfers. A gift or sale below fair market value may cause a period of ineligibility for nursing home coverage. Medicaid generally reviews transfers made during the 60 months before the applicant enters a facility and applies for benefits.
These methods have different timing and recordkeeping rules. Families should review the likely result before spending funds or changing ownership.

Planning early often creates more choices

Timing can affect which methods remain available. Trusts, transfers and other financial changes may need careful coordination before a parent enters a nursing home. An attorney can review your family’s finances, explain Medicaid standards and identify lawful ways to avoid penalties.]]> On Behalf of Korsinsky & Klein LLP <![CDATA[3 problems artists face during estate planning]]> https://www.kklawfirm.com/?p=53194 2026-06-22T11:23:55Z 2026-06-22T11:23:55Z Artists are a unique group of people. They love their works of art dearly and hold them close to their heart. Unfortunately, they sometimes forget to safeguard them as part of their enduring legacy. This often triggers unnecessary problems, especially if they are staying in New York. 

1. Expensive physical and tax burdens

Artists usually have many valuable and invaluable artworks in their possession. Both of them can cause problems. In many cases, physical artworks require high maintenance. They can be expensive to store, insure, conserve and transport. Without backing from a major gallery, the heirs might find it difficult to manage them without high administrative and storage costs.  Furthermore, New York enforces a strict estate tax "cliff." If the artist’s total estate value crosses the state exemption threshold (which sits at $7.35 million as of 2026), their heirs could face massive tax liabilities on the entire amount. Even if their artwork is not highly valued during their lifetime, it can skyrocket posthumously, thus tipping the scales towards taxable estate value.  

2. Finding the right successor

Artwork is a labor of love. That is why an artist benefits the most from a trustee who truly understands the value of their work. But finding that person is easier said than done. Ideally, a proper executor or trustee needs more than just a passing familiarity with the art world; they require a deep passion for the artist’s work and deep knowledge of legacy marketing.

3. Conflict among multiple heirs

When an artist's physical work, copyrights and intellectual property pass down to multiple family members without a clear, centralized manager, operational paralysis often follows. A simple task, such as getting everyone to sign a single bill of sale, may become slow and tedious. Getting multiple heirs to agree on gallery consignments, website updates or copyright licensing can become an incredibly complex hurdle. 

How a legal guide may help

Tackling New York estate law and the fine art market requires a strategic approach. With an experienced estate planning attorney, the artist can find a way to safeguard their life's work so that it remains a source of wealth and pride for their loved ones rather than a financial burden]]> On Behalf of Korsinsky & Klein LLP <![CDATA[Who can fight your will and actually win?]]> https://www.kklawfirm.com/?p=53193 2026-06-14T14:32:36Z 2026-06-14T14:32:36Z A disappointed relative can threaten a lawsuit after reading a will, but frustration alone does not overturn an estate plan. In New York, the stronger question is whether that person has the legal right to object and enough evidence to prove a real problem. For families with substantial property, business interests or blended family dynamics, that distinction matters.

They need a financial stake

New York does not let just anyone object to probate. A person generally needs a financial interest that would suffer if the court accepts the will. That may include a spouse, child, beneficiary under an earlier will or another heir who would inherit if the will failed. New York’s Surrogate’s Court Procedure Act says a person whose interest in the estate would suffer may object to probate. Hurt feelings, family history or moral outrage do not create a strong case by themselves.

They need a legal reason

A challenger also needs grounds that attack the validity of the will. Common claims involve lack of capacity, undue influence, fraud or problems with how the will was signed. These claims require more than suspicion. A child who dislikes a parent’s second spouse, for example, still needs facts showing pressure, deception or incapacity. In high-value estates, those facts may come from medical records, emails, financial documents, witness statements or changes in professional relationships.

Sudden changes invite closer review

A late-life will revision can draw attention, especially when it shifts major assets away from longtime beneficiaries. That does not make the new will invalid. People can change their plans for personal, business or family reasons. The risk rises when the change happened during illness, isolation or heavy dependence on one person. A court may look closely at who arranged the appointment, who spoke with the lawyer and who benefited from the new terms.

Strong planning can reduce the opening

A carefully drafted will does not prevent every fight, but it can make a weak challenge harder to sustain. Clear signing procedures, capacity notes, consistent beneficiary choices and thoughtful explanations can all help show that the plan reflects the person’s actual intent. For complex estates, a will or trust dispute often turns on documents created long before anyone reaches court. Clean records can matter as much as the language inside the will.

Treat the threat as a planning issue

The person most likely to “win” a will contest usually has both standing and evidence. That is why vague threats should not drive your estate plan, but credible risks should shape it. If you expect conflict, review the vulnerable parts of your plan now. A careful record of capacity, intent and procedure can help your family defend the choices you made when the pressure begins later.]]> On Behalf of Korsinsky & Klein LLP <![CDATA[Should professionals review their estate plans?]]> https://www.kklawfirm.com/?p=53191 2026-06-10T21:08:01Z 2026-06-10T21:08:01Z It is not uncommon for career professionals to experience significant changes throughout their careers and personal lives. They might start a business, receive a promotion, make investments or grow their family; all of these things can affect the long-term goals of a person. Regular reviews may help ensure that an estate plan continues to provide the protection, control and flexibility a person wants. 

Significant changes may require updates

Life does not stay the same. Personal and financial circumstances change over time. Estate planning documents may need to be reviewed to make sure they align with future objectives. Some examples of events that may require us to review the estate planning documents include:
  • Marriage, divorce and remarriage
  • Birth of a child or a grandchild
  • Starting, acquiring or selling a business
  • Purchase or sale of real estate
  • Any major career change or retirement
  • Significant changes in wealth
Even a detailed, well-crafted estate plan could benefit from adjustments when major life events happen.

Growing wealth can create new planning needs

As wealth and assets grow over time, estate planning considerations often become more complex. Professionals who have accumulated investment accounts, real estate, business interests or other valuable assets may face planning issues that did not exist when their plans were first created. Periodic reviews can help determine whether current strategies still support an individual’s goals. They can help determine whether the plan still reflects a person's needs.

Family priorities can change over time

Estate planning involves more than finances. It is also an opportunity to help protect loved ones and ensure that important decisions remain in trusted hands. Over time, relationships, responsibilities and family needs might change. Individuals chosen to serve as executors, trustees or agents under a power of attorney may no longer be the best fit. Reviewing these documents from time to time can help ensure that key roles have people who are capable of carrying out those responsibilities.

Protecting what you have built

For many professionals, an estate plan is more than just legal paperwork. It could reflect the effort put into building their career, supporting families and creating financial security. A thoughtful plan can help protect those achievements while ensuring that personal wishes are honored in the future. Taking time to revisit an estate plan from time to time may help identify outdated provisions, address circumstances that might have changed and provide confidence that years of hard work will continue to benefit future generations.]]> On Behalf of Korsinsky & Klein LLP <![CDATA[The role of Medicaid in New York long-term care planning]]> https://www.kklawfirm.com/?p=53190 2026-06-02T09:13:13Z 2026-06-02T09:13:13Z Eligibility for Medicaid in New York New York residents with low income may qualify for Medicaid as long as they meet income limits for their age group and household size. People who may qualify include:
  • Children
  • Pregnant women
  • Single adults
  • Families
  • Certified blind or disabled people
Immigrants are also eligible as long as they meet the requirements. Some people may also qualify if they have high medical bills, even if their income or resources are above the usual limits.

Understanding the spend-down process

If you exceed Medicaid’s income or assets limits, a spend down allows you to qualify by reducing them to the program’s thresholds. If your income is over the limit, the process works like a repeating deductible. You can subtract New York’s medically needy limit from your wages, then pay it in approved medical costs during the budget period (often 1 to 6 months). After that, Medicaid covers the remaining eligible care. An asset spend down is an easier, one-time step. Before applying for Medicaid, you can reduce your countable resources until you are at or below the allowed threshold.

The importance of trusts

Another common strategy to help you qualify for Medicaid is by storing certain assets in a Medicaid Asset Protection Trust (MAPT). Under the trust, these resources are generally excluded in the program’s eligibility review because you no longer own them. A MAPT can also help preserve assets for your children and other family members.

When planning early matters

Navigating Medicaid qualification requires careful preparation while paying attention to state program requirements. Working with a legal professional can help you ethically structure your finances while ensuring long-term care for you or your loved ones.]]> On Behalf of Korsinsky & Klein LLP <![CDATA[Navigating powers of attorney, health care proxies and living wills]]> https://www.kklawfirm.com/?p=53188 2026-05-29T02:13:38Z 2026-05-29T02:13:38Z Estate planning is about much more than just distributing tangible or financial assets after someone passes away. It also focuses on planning for the future, with the understanding that a medical emergency could occur. Three documents may be helpful when doing this type of advance planning. Many estate plans will contain all three, as they address different areas.

A financial power of attorney

First, you may want to set up a financial power of attorney or a legal power of attorney. This can give someone else the ability to act on your behalf if you are incapacitated. They may be able to pay taxes, access bank accounts, pay hospital bills or navigate real estate transactions.

A health care proxy

With a health care proxy, you choose an individual who can make medical decisions for you. If you are incapacitated and the doctors want to give you emergency treatment, for example, then your proxy can authorize that treatment when you are unable to do so. This could be the same person as your financial power of attorney, or someone else entirely. 

A living will

Finally, you can use a living will to make some decisions in advance, rather than choosing an agent to act on your behalf. If you do not want to be resuscitated or kept on life support, for example, you can spell out your medical wishes in a living will.

Setting up your estate plan

These are three important documents to consider when making your estate plan. Take the time to carefully weigh all of the legal options at your disposal.]]> On Behalf of Korsinsky & Klein LLP <![CDATA[3 common moves during a Medicaid spend-down]]> https://www.kklawfirm.com/?p=53186 2026-05-16T03:29:14Z 2026-05-16T03:26:19Z 1. Paying medical bills Spending income to qualify for Medicaid requires that people use their funds for approved purposes, including reducing existing medical debts. People who already have past-due medical bills can reduce their debt every month by paying toward those balances with their excess income.

2. Modifying the home

People with debilitating medical conditions may need to make adjustments to their living space. They may want to change their doorknobs and faucets or renovate the home so they can live on the first floor, for example. Necessary modifications, such as walk-in tubs, can cost thousands of dollars to install and are often part of a spend-down strategy.

3. Prepaying funeral costs

Older adults can pay in advance for funerals, burial plots and cremation and memorial services. Doing so allows them to take pressure off their loved ones after their passing and potentially help them qualify for Medicaid when they are vulnerable. Working with an attorney to plan for Medicaid can help people create effective spend-down strategies. The right financial choices can help people qualify for benefits when they need them.]]>