Have you considered including Medicare and Medicaid in your estate plan? Many people forget the importance of considering these government healthcare benefits as part of their wider estate plan. Read on to learn more about these two programs and why you need to consider government healthcare benefits in your estate plan.
In my estate planning practice, clients frequently inquire into the distinctions between Medical Powers of Attorney and Living Wills. This is a great question because, under West Virginia (WV) law, it is not a matter of needing one or the other. There is no battle of "medical power of attorney vs living will." Instead, these documents work together as part of a comprehensive estate plan.
Let's start with the basics. A proper estate plan that protects both you and your assets includes the following legal documents: (1) Last Will and Testament; (2) Durable Power of Attorney; (3) Medical Power of Attorney; and (4) Living Will. In my estate planning practice, clients frequently ask: What is a Durable Power of Attorney? Since the purpose of Durable Powers of Attorney is a frequent point of discussion, below I discuss this estate planning tool's function.