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A will is the cornerstone of an estate plan. In its simplest form it provides instructions for your last wishes and how your assets and estate should be divided. If you die without a will, your estate will be divided in accordance with your state’s intestacy laws.
For years, New York has offered a wide range of Medicaid home care programs and services geared toward differing needs. But the regulations surrounding these programs have undergone a dramatic—and largely unwelcome—transformation, which begins to take effect next month.
Until now, New Yorkers could almost instantly qualify for Medicaid Home Care services by transferring assets one month and being considered financially eligible for Medicaid Home Care services the following month. This made Medicaid Home Care services a very attractive alternative for New York residents in need of long term care at home.
When someone dies with or without a will, the estate may be subjected to probate before any assets are distributed. Probate is essentially the process through which a person’s will is verified to be legal and valid.
In New York, you can change your will by making something called a codicil. A codicil is essentially a supplement or amendment to an existing will, which slightly alters, adds to, or removes something from the will’s original terms.