Published in FrankelRubin.com
on June 18th, 2024
Even the King of Rock ‘n’ Roll wasn’t immune to estate planning mistakes.
Elvis Presley passed away in 1977 with a net worth of around $5 million. Nevertheless, poor planning resulted in significant financial challenges for his daughter, Lisa Marie Presley, who inherited the estate at age 25. Unfortunately, the saga of estate mismanagement continued with Lisa Marie’s untimely death in January 2023.
This article examines the lessons we can learn from these oversights.
A will is better than nothing, but it’s only the start. Develop a comprehensive plan that includes a trust and a power of attorney, and follow these steps:
- Consult with a Reputable Estate Advisor: Estate law is complex. Consulting with an estate planning professional can help you avoid Elvis’ mistakes.
- Plan for Estate Taxes: Many ways exist to reduce estate taxes. Consider strategies like gifting assets and establishing trusts.
- Maintain Liquidity: Set aside liquid assets to cover immediate family needs and creditor expenses.
- Regularly Review and Update Plans: Life changes, and your estate plan should too. Ensure that your estate is set up to provide your loved ones with what you wish for them.
