It’s the last Sunday of August, which means it’s time for the August Wrap-Up. This month we’re covering Make a Will Month, celebrity estate news, and Medicare changes.
Make a Will Month
Did you know that August is National Make A Will Month? If you already have a will, it’s probably ok if you didn’t participate. I say it’s “probably ok” because if it has been more than 5 years since you created your will or if major changes have happened in your life since you last looked at it, it may be time to make a new will anyways. If you don’t have a will at all, you have 6 more days to participate in the festivities. Just remember, don’t make a will on your own. Talk to an estate planning attorney, even if you have to wait until September.
Celebrity Estate News
Rupert Murdoch, the 93 year old media mogul who owns Fox News, The Wall Street Journal and other media outlets, has been making headlines for attempting to amend his irrevocable family trust. According to the New York Times article that broke the story in July, the original trust grants four of the Murdoch children equal voting rights over the media empire. The amendment would allow one of the Murdoch children, Lachlan, who has been serving as Chairman and a Chief Executive, to remain in charge of the company. Why would he want Lachlan in charge? The NYT article suggests it’s to preserve Fox News’s politically conservative bend without interference from more moderate siblings. The Murdoch hearings about the amendment are taking place in Nevada and are being kept confidential. But, if you’re wondering how amending an irrevocable trust might work in Arizona, we have a newsletter on that.
In other celebrity estate planning news, the DOJ has charged a Missouri woman with mail fraud and aggravated identity theft after attempting to steal $2.85 million from the Elvis Family. The woman is accused of filing false foreclosure documents on the family’s Graceland property after asserting that Lisa Marie Presley had pledged Elvis’s former home as collateral for a $3.8 million loan that was never repaid. Prosecutors say no loan was ever made.
Estate Planning for Pets
If you didn’t already know, Fleming & Curti is pet friendly. We have two office dogs that come to work everyday. Our pets are near and dear to our hearts so it’s not all that surprising that putting pets in your estate plan is now fairly common. In the past, pet trusts were popular among the rich and famous. Now, it’s fairly common for people to name guardians for their pets for when they die, and to attach a bit of money to the position to offset the cost of care for the furry friend.
Rather than nominating a guardian, French Actor Alain Delon wanted his dog, Loubo, to be euthanized and buried with him upon his death. The French public and several animal rights organizations were outraged. Ultimately, the family refused his wishes and decided to keep the dog.
Medicare and Medicaid
A study from NerdWallet surveyed over 2000 U.S. adults about Medicare. Some of their key findings include:
- While Medicare coverage satisfaction is high among those enrolled, 35% of those surveyed were not sure if they chose the right plan for them.
- 74% of Americans enrolled in Medicare surveyed were worried that their benefits would be reduced in their lifetime.
- Around 30% of those surveyed reported that they believe Social Security alone will provide enough income to live off of.
- 31% reported that they don’t or won’t have another retirement plan.
The survey was released close to the 2024 Trustee Reports of the Social Security and Medicare trust funds. The report predicts that both the Medicare and Social Security funds will be depleted by the mid 2030s.
On a positive note, starting January 1, 2026, ten commonly used prescription drugs will see price cuts for people with Medicare Part D coverage. The new prices range from 38% to 79% discounts off of the list prices. CMS expects Americans with Medicare prescription drug coverage to see aggregate savings of $1.5 billion in their out-of-pocket costs.
The Center for Medicare and Medicaid Services also issued a final procedural notice outlining Medicare coverage that allows better access to new and emerging medical technologies for people with Medicare.
Other stuff:
- Sphen and Magic first made headlines as committed partners in a same-sex penguin couple at the Sydney Aquarium. Sphen died this month. When they showed Magic his body, Magic started singing.
- Who should be the Trustee of your Special Needs Trust? This Elder Law Issues Podcast episode dives into the qualifications for a good trustee.
- With more than 30 certified autism trained restaurants, hotels, attractions and services, Myrtle Beach has become a top travel destination for people with autism.
- The Cedar Rapids Sizzlers won the National Granny Championship Basketball Tournament in Kansas City, Kansas earlier this month. The 12 member team ranges in age from 53 to 74 years old.
- On August 9th, the Federal Register published a final rule for Title II of the ADA. The rule improves access to medical care for people with disabilities by setting standards for accessible medical diagnostic equipment.
- The Justice Department settled it’s case against with the County of Los Angeles. The DOJ alleged that County-selected voting sites were noncompliant with ADA accessibility standards.
