What Kind of Prenup will Soccer Star David Beckham ’s Son have to Sign?

The $480 million fortune of 23-year-old Brooklyn’s parents, David Beckham and Victoria Beckham, is dwarfed by the estimated $1.65 billion wealth of Miss Peltz’s financier father Nelson.

The Daily Mail’s recent article entitled “Brooklyn Beckham and his bride-to-be sign the mother and father of all prenups!” reports that the news of the prenup comes as preparations are underway for the $3.75 million ceremony and party at the Peltz family mansion in Palm Beach.

The wedding – described by friends as “Miami society meets British celebrity” – is expected to be attended by celebrity chef Gordon Ramsay, actress Eva Longoria and former footballer Phil Neville.

Victoria’s Spice Girls bandmate Melanie Brown – Mel B – has also confirmed that she’s coming to the party.

A prenup is an agreement entered into by two people who get married. It’s signed prior to the marriage.

The prenup lays out the rights and obligations of the parties to each other, in case of death or divorce.

These rights and obligations typically refer to a spouse’s property rights and obligations.

In some instances, a prenup will address custody and child support issues.

It’s wise for each spouse to have a separate lawyer to look at the prenuptial agreement and determine that it will indeed protect the best interests of their client.

The Becker-Peltz wedding will take place at the Peltz family’s $95 million, 44,000 sq. ft. beach house. Nelson and his wife Claudia also have a 27-bedroom mansion near New York which has an ice rink.

Brooklyn and Miss Peltz met in 2017 and started dating two years later. Announcing their engagement on Instagram in July 2020, Brooklyn wrote: “Two weeks ago, I asked my soulmate to marry me and she said yes. I am the luckiest man in the world.”

Her fiancée wrote: “I can’t wait to spend the rest of my life by your side. Your love is the most precious gift.”

Reference: The Daily Mail (April 2, 2022) “Brooklyn Beckham and his bride-to-be sign the mother and father of all prenups!”

 

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Many Nursing Home Residents Still Haven’t Received a COVID-19 Booster

AARP’s recent article entitled “1 in 3 Nursing Home Residents Still Haven’t Received a COVID-19 Booster, AARP Analysis Finds” states that nationally, the analysis found that 36% of U.S. nursing home residents and 64% of nursing home workers hadn’t received a COVID-19 booster as of February 20, 2022. These figures capture all nursing home residents and staff, including the 13% of residents and 14% of staff who are yet to complete an initial series of vaccinations, plus the nearly 25% of residents and half of staff who are fully vaccinated but have not gotten a booster shot.

AARP called on nursing homes to require COVID-19 booster shots for residents and staff in January. “We are so fortunate to have what we need to better protect nursing home residents and staff: vaccine boosters,” says Susan C. Reinhard, co-author of the analysis and director of the AARP Public Policy Institute. “They are plentiful and free. It is imperative to step up efforts to deliver them now.”

The COVID-19 pandemic has severely impacted long-term care in the U.S., with more than 200,000 American COVID-19 deaths of residents or staff in nursing homes, assisted living facilities and other senior care facilities, according to the Kaiser Family Foundation.

Delays in receiving consent from resident representatives, long waits for pharmacy partners to provide on-site vaccinations and the lack of a cohesive federal campaign to bring boosters to nursing homes may also be having an effect. “In the beginning of the U.S. vaccine rollout, there was a lot of focus and effort to reach those in nursing homes,” says Jennifer Kates, senior vice president and director of global health and HIV policy at the Henry J. Kaiser Family Foundation. “We haven’t seen that same push on the booster side.”

The research showed that nursing homes nationwide continue to struggle with widespread shortages of direct care workers. That fact makes infection control and providing high-quality care to residents more difficult.

AARP’s analysis, conducted by the AARP Public Policy Institute and the Scripps Gerontology Center at Miami University in Ohio, draws primarily on data acquired from the Nursing Home COVID-19 Public File by the Centers for Medicare & Medicaid Services.

Most nursing homes are federally certified and required to submit data to the government each week.

Reference: AARP (March 17, 2022) “1 in 3 Nursing Home Residents Still Haven’t Received a COVID-19 Booster, AARP Analysis Finds”

 

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What’s Going on with Veterans Affairs Medical Centers?

In addition to closing or overhauling 35 Veterans Affairs medical centers, 14 new major VA hospitals would be built along with 140 multi-specialty community-based outpatient clinics, reports The Military Times’ recent article entitled “Dozens of VA medical centers slated for closure, total rebuilds under new infrastructure plan.” The plan in total would add 80 new medical buildings to the VA’s existing inventory of more than 1,200 across the country.

The proposals represent a massive overhaul of VA’s footprint in the U.S. in the near future, which may affect millions of veterans seeking medical care and hundreds of thousands of VA employees. However, the plan must also get approval from both an independent commission of veterans advocates and Congress before moving ahead, leaving any potential changes years away.

VA Secretary Denis McDonough said the changes are a critical rethinking of where VA facilities are located and how the department delivers care to vets.

“We will be shifting toward new infrastructure or different infrastructure that accounts for how healthcare has changed, matches the needs of that market and strengthens our research and education missions,” he said. “Most of all, we’ll ensure that veterans who live in [any] location have access to the world-class care they need when they need it.”

Congress mandated a reassessment of VA’s nationwide infrastructure in 2018 as part of a review styled after the military base closing rounds of the 1980s and 1990s. Under the plan suggested by McDonough, 17 medical centers in 12 states would be completely closed. They include three sites in New York state (Castle Point, Manhattan and Brooklyn), and two sites each in Pennsylvania (Philadelphia and Coastesville), Virginia (Hampton and Salem) and South Dakota (Fort Meade and Hot Springs). Other facilities recommended for closure are:

  • The Central Western Massachusetts VAMC
  • The Dublin VAMC in Georgia
  • The Chillicothe VAMC in Ohio
  • The Fort Wayne VAMC in Indiana
  • The Battle Creek VAMC in Michigan
  • The Alexandria VAMC in Louisiana
  • The Muskogee VAMC in Oklahoma; and
  • the Palo Alto Livermore VAMC in California.

Seven of the 17 sites recommended for closing are located in the northeast, where the number of veterans (and the overall population) has declined in recent decades. Services at those sites would be replaced by smaller inpatient and outpatient clinics to be added in those areas, or by construction of new Veterans Affairs medical centers in nearby communities.

The plan calls for the construction of two new major medical sites in Virginia (Newport News and Norfolk) and Georgia (Macon and Gwinnett County), as well as a new New Jersey facility in Camden to offset the loss of some of the New York sites. The new construction list includes:

  • A medical center in King of Prussia, PA
  • A medical center in Huntsville, AL
  • A medical center in Summerville, SC
  • A medical center in Grand Rapids, MI
  • A medical center in Colorado Springs, CO
  • A medical center in Everett, WA
  • A medical center in Anthem, AZ and
  • And a medical center in Rapid City, SD.

A total of 18 medical centers would be rebuilt, either on their existing land or at a nearby new location. Three New York state centers are on that list (Albany, Buffalo and St. Albans), as are several other major metropolitan areas: Miami, Atlanta, Phoenix, Indianapolis, San Antonio and Washington, D.C. Other replacement sites include:

  • Bedford VAMC in Massachusetts
  • Wilkes-Barre VAMC in Pennsylvania
  • Beckley VAMC in West Virginia
  • Roanoke VAMC in Virginia
  • Durham VAMC in North Carolina
  • Tuskegee VAMC in Alabama
  • Hines VAMC in Illinois
  • Shreveport VAMC in Louisiana; and
  • Reno VAMC in Nevada.

McDonough stated that the plan will not displace any VA workers or patients in the short-term. Efforts will also be made to minimize disruptions over the long-term. The plan also calls for many improvements to VA staff pay and benefits as a way to strengthen retention efforts, and improving care throughout the system.

The full recommendations would cost about $98 billion more over the next 30 years than simply maintaining the Veterans Affairs department’s current infrastructure, and about $41 billion more than modernization efforts projected to be needed over that time frame.

Reference: Military Times (March 14, 2022) “Dozens of VA medical centers slated for closure, total rebuilds under new infrastructure plan”

 

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What Did Diana Rigg Leave Her Daughter in Her Will?

Diana Rigg – Rachael Stirling, the 44-year-old London-born actress, is married to Elbow frontman Guy Garvey. She is also an actress and will appear in ‘Scandaltown’ at a theatre in London next month.

The Express’ recent article entitled “Diana Rigg left daughter Rachael huge sum in will after ‘traumatic’ time before death” reports that, as an actress, she has followed in the footsteps of her late mother Dame Diana Rigg, who died from cancer in September 2020, at the age of 82. The Bond girl, who also starred in ‘Avengers’ and ‘Game of Thrones’ left her only child roughly $4 million in her will, according to the Daily Mail. Her portion of her mother’s fortune was said to include properties in France and the United States.

In her will, Diana Rigg was also said to have left a $6,500 gift to a beautician named Jessica from her local nail salon. She also gave about $365,000 to other family and charities.

After the huge outpouring of grief for Diana in the wake of her death, Rachael penned her own heartfelt tribute to her mother. In a piece for The Observer, the actress discussed her incredible life and their “traumatic” time living together after her cancer diagnosis. In her essay, she wrote that she and her famous mom did not always get on.

“There was enormous love, but it was a painful relationship for both of us at times. “When we asked her to come and live with us, I had no idea how hard it would be or how traumatic. Yet it was the greatest privilege to help her to die as comfortably as I could, and she returned that kindness with a stoicism that shielded me from her darkest moments. “We showed each other a love without end, in the end.”

Rachael described how she cared for her mother, including handling her cooking, shopping, administering her medication and taking her to and from radiotherapy and chemotherapy. Rachael recalled how her mother was hospitalized with a fractured lumbar, when she was told by a surgeon that the cancer had spread through her body. After her hospital stay, Diana Rigg was initially reluctant to move in with her daughter.

“She didn’t like the loss of independence, hated the thought of being a burden and flatly refused to use the doorbell that Guy had taped to her bedside table, in case she needed help. “She also refused morphine as it dulled her brain.”

Reference: Express (March 21, 2022) “Diana Rigg left daughter Rachael huge sum in will after ‘traumatic’ time before death”

 

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Assisted Living Providers Face More Pandemic-Related Scrutiny from OSHA

The U.S. Department of Labor announced this week that the Occupational Safety and Health Administration (OSHA) is beginning a time-limited enforcement effort for focused inspections in assisted living communities, nursing facilities, and hospitals treating people with COVID-19.

McKnight’s Senior Living’s recent article entitled “Assisted living providers to face additional pandemic-related scrutiny from OSHA” reports that the inspections are limited to organizations with previous COVID-19-related citations or complaints. They will look at the correction of the citations and compliance with existing OSHA standards to stress monitoring for current and future readiness.

OSHA explained that its goal is to expand its presence to ensure continued mitigation efforts to control the spread of COVID-19 and future variants, and to protect the health and safety of healthcare workers “at heightened risk for contracting the virus.”

OSHA will devote 15% of all of its inspections to healthcare organizations in the following classifications: assisted living facilities for the elderly, nursing care / skilled nursing facilities, psychiatric and substance abuse hospitals and general medical and surgical hospitals.

“We are using available tools while we finalize a healthcare standard,” Assistant Secretary of Labor for Occupational Safety and Health Dough Parker said. “We want to be ahead of any future events in healthcare.”

This strong effort in pandemic-related scrutiny may be a temporary action until OSHA finalizes an anticipated permanent infectious disease standard for the healthcare industry. OSHA withdrew the non-recordkeeping part of its healthcare emergency temporary standard in December. However, they said it would “work expeditiously to issue a final standard.” The agency said it would accept continued compliance with the healthcare ETS as satisfying employers’ obligations under OSHA’s general duty clause.

OSHA adopted its COVID-19 healthcare ETS in June. This required assisted living communities and other healthcare settings to conduct hazard assessments and have written plans in place to mitigate the spread of the coronavirus. These rules also required healthcare employers to provide some employees with N95 respirators and other personal protective equipment. The standard also included social distancing, employee screening and cleaning and disinfecting protocols.

While OSHA highlights skilled nursing facilities and hospitals in its memorandum for regional administrators, assisted living facilities also are mentioned.

At least 20 states have their own OSHA-approved state plans and may proceed differently than those subject to federal OSHA standards. However, the agency recommended that all healthcare employers in high-risk settings be ready for inspection. Healthcare employers should also have COVID-19 procedures and protocols in place and review their procedures for managing OSHA inspections.

Reference: McKnight’s Senior Living (March 10, 2022) “Assisted living providers to face additional pandemic-related scrutiny from OSHA”

 

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Is Palliative Care a Benefit to All Seniors?

Palliative care can give relief to those with severe, but not necessarily life-ending, health conditions. However, frequently patients and their physicians fails to understand that they can take use a team-based treatment approach that may include social workers and community support, says Next Avenue’s recent article entitled “Palliative Care is Not Just for the Dying.”

“The big misconception about palliative care in general is that you need to be dying to get it,” said Dr. Andrew Esch, a palliative care specialist and consultant for the Center to Advance Palliative Care (CAPC) in Tampa, Florida.

The pandemic has helped counter that view, Esch and others told Next Avenue. Doctors now realize the benefits to people living with COVID-19 and their families. A palliative care team tries to take a holistic view of the patient’s world, instead of focusing solely on treating the primary condition.

Note that you do not have to be imminently dying to get these services. Receiving palliative services does not mean that you are somehow giving up on treating an illness. Instead, people with cancer, for example, can rely on the symptom-based approach of care to build their strength, so they are better able to withstand chemotherapy. Those with conditions like multiple sclerosis or Parkinson’s disease can also benefit, as can those with Alzheimer’s disease.

Palliative care is “really appropriate for anybody with a diagnosis of a serious illness, regardless of prognosis,” said Brynn Bowman, CAPC’s chief executive officer. Most insurance plans cover palliative care, just as they would any other specialist service. CAPC manages a website that can help patients find specialist care providers by ZIP code.

“What palliative care aims to do is provide relief from the symptoms and stress of the illness,” Bowman said. That may include managing pain and other symptoms, supporting the family, or helping people match their treatment options to their goals. The objective is to improve the quality of life for patients and families. Palliative care is based on need, not prognosis, and the earlier the team gets involved, the better.

The COVID-19 pandemic has boosted the need for such care and shifted medicine in ways that are likely to bring the specialty to the forefront, practitioners said. The complex nature of the disease and its effects on family members and caregivers make COVID-19 a perfect example of why such care is essential.

A palliative care approach helps with the “brain fog” many people experience after spending time in an intensive-care unit, as well as the “lingering malaise” many COVID sufferers report. The general malaise brought about by the pandemic has also brought palliative care into focus, Esch said.

“There’s almost a parallel epidemic of a mental health crisis right now,” and people with underlying conditions are seeing their symptoms exacerbated by stress even if they have not contracted the virus themselves, he said, adding, “There’s a lot of suffering right now, and that’s really the intersection we sit in.”

“COVID has helped both providers and patients really focus on the need to think about what’s most important to them, where they want to get their medical care, and how,” said Dr. Kim Bower, of San Diego, Calif., medical director of the palliative care program at Blue Shield of California.

Reference: Next Avenue (Feb. 21, 2022) “Palliative Care is Not Just for the Dying”

 

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What Happens when Bitcoin Holders Die?

If you have $10 in a cryptocurrency wallet or $1 million of Bitcoin stashed offline in cold storage, you need a plan to help your next of kin gain access when you die, especially if heirs are not familiar with the brave new world of digital money. That’s the no-nonsense message from a recent article titled “What Happens to Your Crypto When You Die? Make a Plan, Or Lose Your Investments Forever” from Next Advisor. It is estimated that early buyers of cryptocurrency have already lost millions or billions because they died without a succession plan or lost their wallet keys and were not able to access their accounts.

Cryptocurrency is not small change today. It is here to stay.

If you own cryptocurrency, you need to incorporate it into your estate plan. Crypto estate planning is a balance between keeping the assets secure and accessible at the same time. Bitcoin and other cryptocurrencies are decentralized, meaning they are not issued by any country’s central banking authority. Unless another person has the right information to access the account, the assets will be gone permanently when you die. There is no paper trail and no 800-number to call.

The first step is to set up proper storage for the crypto and any other digital assets, like NFTs (non-fungible tokens) under a number of layers of security. You will need to set up tiered back-up accounts to store these assets, with varying layers of security.

If you buy and sell crypto on an exchange, loved ones may be able to access the exchange by signing into the company’s portal, similar to ones commonly used for banking, accounting, or financial investments. They need to know your password and username and will probably need access to your cell phone and email to receive a two-step verification code.

However, if you have significant sums of cryptocurrencies, you will need a more secure back-up option, which will be harder for executors to access. You will need to give your executor a crypto education as well as an estate plan.

There are centralized crypto exchanges, like Coinbase. There are hot wallets, also known as mobile wallets, that are not on a centralized platform and require a 12 or 24 word secret seed phrase to gain access. There’s also cold storage, which works like a digital safe via a USB drive. A 12 or 24 word secret seed phrase is also needed to recover or backup account information.

Your plan to pass these assets to the executor includes a physical copy of security phrases and a physical fireproof, waterproof lock box. Secure your cold storage hardware wallet—a private wallet key with a 12 or 24 word secret seed phrase—in the lockbox and make sure your executor knows the location of the safe and how to access it. Then, in one or preferably more than one separate location, store physical documents describing each digital wallet.

Describe each wallet in detail: is it an exchange, mobile wallet, or hardware wallet? Include all of the security keys, seed phrases, usernames, password information with instructions for each, including cell phone codes for the mobile wallets on your phone. Do not store anything on the internet.

You will likely need to educate family members about how crypto and other digital assets work.  They may not be comfortable with this new kind of asset. An alternative is to liquidate digital currency into more traditional assets, by transferring the crypto from the wallet into a centralized exchange, then selling it for U.S. dollars. There will be taxes due, since the IRS recognizes selling crypto as selling assets.

Reference: Next Advisor (Feb. 17, 2022) “What Happens to Your Crypto When You Die? Make a Plan, Or Lose Your Investments Forever”

 

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Wendy Williams and Concerns for her Capacity

Wendy Williams, the popular talk show host, filed a petition asking the court to restore access to a Wells Fargo bank account.

BET’s recent article entitled “Wendy Williams Assets Frozen as Dementia Talks Rise” reports that according to court documents, Ms. Williams filed a petition asking a New York judge to urge Wells Fargo to restore her access to an account with millions of dollars.

“Wells Fargo’s actions and the actions of its agents have impeded and unlawfully prevented [Williams] access to her property,” the petition stated.

Court records claim that Williams has been locked out of her bank account for weeks and has suffered “imminent and irreparable financial damage,” as a result.

Her court petition also says that Wells Fargo made an agreement with Williams to “pause or reject instructions for a proposed transaction,” if the company suspects “financial exploitation, dementia, or undue influence.”

BET previously reported that the talk show host’s brother, Thomas, denied the rumors that she was suffering from dementia back in Nov. 2021. He exclusively told The Sun, “We haven’t had any alerts like that and I haven’t seen anything like that or have had conversations with her that would lead me to believe that. We routinely go up and check on Wendy, even though we’re all down here in Florida.”

He continued, “I try to make it up there and my dad speaks with Wendy frequently. So no, we do not have any concerns concerning her mental state. It’s all physical.”

There are also reports that the talk show host is confined to a wheelchair.

Williams’ petition asked the court to reopen frozen accounts or assets and to allow her access to “any accompanying statements, currently identifiable as accounts and/or policies which contain funds that were removed and/or withheld.”

An attorney for the 57-year-old television host, whose health issues sidelined her from her show for many months last year, filed a petition two days ago asking a judge to force Wells Fargo to restore her access to an account holding “several million dollars.”

“Wells Fargo’s actions and the actions of its agents have impeded and unlawfully prevented [Williams] access to her property,” the petition stated.

The bank previously told the court its agreement with Williams allowed it to “pause or reject instructions for a proposed transaction,” if the company suspects “financial exploitation, dementia, or undue influence,” according to Williams’ petition.

Reference: BET (Feb. 7, 2022) “Wendy Williams Assets Frozen as Dementia Talks Rise”

 

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What Can We Learn from Prince ’s Estate Planning (or Lack Thereof)?

When rock superstar Prince died of a fentanyl overdose in 2016, he left behind valuable assets. He also left behind a long list of relatives but he had no will. In addition to his tangible assets, such as money in the bank and real property, Prince left music rights and the value inherent in his name and likeness. Comerica, the estate’s administrator valued it all at $82.3 million, but the IRS said it was worth twice that amount – $163.2 million – and asserted a tax claim for $39 million.

Kiplinger’s recent article entitled “Prince’s Estate Is a Royal Mess: 5 Ways You Can Do Better” said that it took six years and tens of millions of dollars in legal fees, but the heirs and the IRS finally came to an agreement in January. They agreed to a final valuation of $156.4 million. However, since his death, Prince’s half-brother passed away in 2019, leaving a will that opened the door for new, unrelated parties to assert claims against the estate. The process of distributing the vast estate will now finally start.

Although we may not have a fraction of Prince’s estate, we can all treat our heirs like royalty! There are a number of simple steps you can take now to prevent a nightmare like this one. Let’s look at five key lessons from the Prince estate mess.

  1. Draft a will. An up-to-date will was not a big priority for Prince. A will directs your executor regarding how you want to your property distributed. If you have minor children, your will allows you to name a guardian if you are not around. If you do not have a will, a court will make those decisions for you. Ask an experienced estate planning attorney to create your last will and testament.
  2. Inventory your asserts. Begin your inventory with larger and more valuable items. Add in your sentimental items. You can create a spreadsheet and have a column that shows to whom you intend to pass the asset. You can refer to this in your will.
  3. Know the value of your unique assets. The IRS and Comerica settled last year on the real estate component of Prince’s estate. However, it took another 18 months to settle on a valuation for intangible assets, like the rights to Prince’s music. The IRS ultimately dropped a $6.4 million “accuracy-related penalty” it had levied on Prince’s estate, and the Minnesota Department of Revenue also dropped a penalty. However, the battle over value resulted in a large tax bill that will likely force Prince’s heirs to sell their interests in his catalog, rather than reaping its long-term benefits.

Protect your family by enlisting the services of an expert to value jewelry, artwork, and other items of unique value. You should also make certain to keep all your documentation in a safe place. Although valuations change over time, you should have a pretty good idea of an asset’s value when making estate plans. This can spare your heirs severe tax consequences down the road.

Reference: Kiplinger (Feb. 5, 2022) “Prince’s Estate Is a Royal Mess: 5 Ways You Can Do Better”

 

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