What Happens to Elvis’s Legacy Now?

Elvis Presley, the King of Rock and Roll, died in 1977. Like most celebrities of his stature, he left behind a complicated legacy—and a considerable estate. Elvis’s estate, including Graceland, ended up in the hands of his only child, Lisa Marie Presley, who passed away in January at fifty-four years old. It is now set to pass to Lisa Marie’s three daughters.

Several complications could make administering Lisa Marie’s estate a messy affair, however. Personal financial issues, a wide age gap between her children, and a challenge to her will by mother Priscilla Presley cast doubt over what will happen not only to her estate, but the future of Elvis’s legacy.

Lisa Marie: Her Inheritance and Finances

Lisa Marie was born in 1968 to Elvis and Priscilla Presley. Less than a decade later, her father passed away from a heart attack at the age of forty-two. Lisa Marie would die of her own heart problems nearly forty-six years later, in January 2023.

Elvis never lost popularity in the decades following his death—his estate raked in an estimated $400 million last year, as the 2022 Elvis biopic movie helped to boost the value of the estate from around $500 million to more than $1 billion.[1]

The Elvis Presley Trust

When Elvis died, his estate was placed in a trust, with Lisa Marie, Elvis’s grandmother, and his father as the beneficiaries. Elvis stipulated that Lisa Marie’s inheritance was to be held in trust for her until her twenty-fifth birthday on February 1, 1993. On that date, the trust automatically dissolved, and Lisa Marie inherited $100 million.[2]

Part of her inheritance was her childhood home, Graceland, which has become a museum and international tourist attraction that generates over $10 million per […]

2023-04-08T08:47:27-07:00April 20th, 2023|Common Problems, Estate Fights, Rich & Famous|

Why the Knives May Come Out at Death

The box office success of the 2019 murder mystery Knives Out led to franchise status, with Glass Onion, the first sequel, released in late 2022. The original Knives Out featured whodunit intrigue surrounding the murder of a wealthy author and surprise changes to his will.

While Knives Out endeared itself to fans because of its interesting characters and dramatic plot twists, the more mundane topic of estate planning is central to the movie. In Knives Out, there are several common estate planning issues that may trigger real-life family drama fit for a Hollywood movie.

Estate Planning Issues in Knives Out

Knives Out begins with the death of Harlan Thrombey, an internationally famous novelist who has just celebrated his eighty-fifth birthday at his country mansion, surrounded by family. Detective Benoit Blanc has been anonymously hired to investigate the death, and several family members have a murder motive, including his son-in-law, his son, his grandson, and the widow of his late son.

It turns out that Harlan’s death was a suicide, but that is just one thread in a jumbled knot of family dysfunction. Drawn into the fray is Marta Cabrera, Harlan’s nurse and the sole beneficiary of his estate. The large inheritance is revealed at a dramatic will reading that, although used as a dramatic device, nonetheless raises real-world estate planning lessons.

Lesson 1: Do Not Assume That You Will Receive an Inheritance When Your Family Member Dies

Harlan is survived by two living children (Linda and Walt), a widowed daughter-in-law (Joni), and three grandchildren (Ransom; Joni’s daughter, Meg; and Walt’s son, Jacob). Each of his presumptive heirs received financial support from him to some extent. And they […]

2023-02-25T09:41:58-08:00February 4th, 2023|Common Problems, Estate Fights, Estate Planning, Lawsuits|

End of the Six Year Battle Over Prince’s Estate

The Daily Mail published an article that says:

“The legal battle over Prince's estate came to an end on Sunday five years after his untimely death at 57 in 2016. The star's wealth, which totaled $156.4 million, was fought over by a number of that star's potential heirs because the Purple Rain singer did not leave a will.  The Internal Revenue Service and Comerica Bank & Trust, the estate's administrator, finally came to an agreement on the valuation after giving wildly different estimations at the beginning.”

2022-11-16T10:12:21-08:00November 16th, 2022|Estate Fights, Lawsuits, Rich & Famous|

How to make sure your estate plan won’t cause a family fight

Market Watch:  “Creating an estate plan is a gift to the people you leave behind. By expressing your wishes, you’re trying to guide your loved ones at a difficult, emotional time. All too often, though, well-meaning people do things destined to create discord, rancor and resentment among their heirs. What looks good on paper may play out disastrously in real life, says estate and trust attorney Marve Ann Alaimo, partner at Porter Wright Morris & Arthur in Naples, Florida. “People want to think everybody will be nice and do right,” Alaimo says. “Human nature is not always that way.” You can reduce the chances of family discord by doing these four things:”

2018-11-06T10:51:10-08:00November 8th, 2018|Estate Fights, Estate Planning, Trusts, Wills|

Man charged with killing wife at sea sought to inherit her estate, prosecutor says

Fox:  “A British man murdered his wife and deliberately sank the couple's catamaran near the Bahamas in a bid to inherit her estate, prosecutors said last week. Lewis Bennett, 41, was charged with second-degree murder on the high seas in the May 2017 disappearance of Isabella Hellmann, 41, of Delray Beach, Florida, in February. Bennett and his wife were on a delayed honeymoon to St. Maarten, Puerto Rico and Cuba.”

2018-09-24T14:58:52-07:00September 28th, 2018|Estate Fights, Estate Planning, Social Media|

‘Carol Burnett’ star Tim Conway recovers from brain surgery as family battle over comic’s fate rages on

Fox:  “Tim Conway is recovering from brain surgery as his daughter and second wife fight in court over his care, Fox News learned Monday. The “Carol Burnett Show” star’s daughter, Kelly Conway, revealed that a Los Angeles court has decided a permanent conservatorship of the actor will be appointed in November. Kelly and her stepmother Charlene Conway each want sole conservatorship over the 84-year-old, who is suffering from dementia.“My brothers and I would like to thank the overwhelming support for my dad from fans all over the world that are contacting me via phone, email and social media,” Kelly told Fox News in a statement. “It lifts my brothers and me”

2018-09-24T14:43:08-07:00September 26th, 2018|Estate Fights, Healthcare Directives, Rich & Famous, Social Media|

Frank Lloyd Wright estate owner defends weddings, seeks tax break from Orinda

East Bay Times:  “The homeowner of a Frank Lloyd Wright estate defended holding weddings on the property, saying there have been “no citations for illegal parking, no DUIs, no fights, no loud quarrels, no excessive noise citations” and calling neighbors’ complaints “baseless.” “In fact, (there have been) no citations whatsoever for anything from the police,” Gerald Shmavonian said in an interview. He added there have been no traffic accidents and no injuries on the site. “Ninety percent of the people take Uber.” “It’s true that there has been no criminal activity,” said Orinda Planning Director Drummond Buckley. But the Orinda official said Shmavonian was still in violation of the city’s zoning ordinance. Orinda bans commercial ventures in residential neighborhoods.”

2018-09-24T14:11:17-07:00September 25th, 2018|Estate Fights, Estate Planning, Rich & Famous|

Man accused of killing family wants his trust fund

The Washington Post:  “A Vermont man accused by relatives of killing his millionaire grandfather and his mother to collect inheritance money asked a Connecticut probate judge Tuesday to allow him immediate access to $150,000 in a family trust so he can pay for legal expenses. Nathan Carman also requested that his aunt, Valerie Santilli, be removed as trustee of the Nathan Carman Family Trust, a fund that was set up for him by his grandfather in 2011 and is worth about $270,000 today, according to court documents. Judge Owen Eagan set a full hearing date of Sept. 6 and gave Carman, who is representing himself, and Santilli’s lawyers time to question witnesses and exchange documents.”

2018-08-13T11:18:28-07:00August 16th, 2018|Estate Fights, Estate Planning, Social Media|

Family Affair: Potential Problems with Family-Owned Businesses

Ward and Smith:  “Some of the most heartbreaking situations we see in our closely-held business and estate practices are families torn apart over differences in dealing with family-owned businesses. When there are problems with family-owned businesses, people tend to think with their hearts, rather than their brains, and often take unreasonable positions that are counterproductive to reaching a satisfactory resolution.  Often, the personal relationships among the family members continue to suffer until the business issues have been resolved, and even for a long time afterwards.”

2018-08-06T16:26:39-07:00August 9th, 2018|Estate Fights, Estate Planning, Trusts, Wills|

‘You’re getting nothing’: Steve Jobs’ daughter pens sad memoir about their often brutal relationship

SFGate:  “Lisa Brennan-Jobs, daughter of Apple CEO Steve Jobs, has published an excerpt from her upcoming memoir “Small Fry” — and it contains heartbreaking details about her difficult relationship with her father. This is the first time Brennan-Jobs has written in depth about her father, who initially denied paternity and refused to pay child support payments to her mother Chrisann Brennan. Jobs died in 2011 aged 56 after being diagnosed with pancreatic cancer.”

 

2018-08-06T15:41:48-07:00August 8th, 2018|Estate Fights, Estate Planning, Rich & Famous|

Prince’s Estate Files Lawsuit Over Cybersquatting of Prince.com

ABA Journal:  “The estate of the late recording artist and actor Prince is suing an Englewood, New Jersey-based domain broker for cybersquatting the prince.com website. Filed last Wednesday in the U.S. District Court for the District of New Jersey, the suit alleges that Domain Capital is infringing on the estate’s “PRINCE” trademark by owning the domain.”

2018-08-06T14:55:20-07:00August 7th, 2018|Estate Fights, Estate Planning, Rich & Famous, Social Media|

Son claims his wealthy, reclusive and ill elderly father was pressured into leaving millions to a boarding school prior to freezing to death in his $10M New York City townhouse

Daily Mail:  “A court battle is underway over a wealthy and reclusive man's estate after it was revealed that he left the bulk of his millions to the boarding school he went to as a teen. Peter Knoll, 75, was found dead in his multimillion-dollar Upper East Side, New York City townhouse on January 8, after having died several days prior. A medical examiner declared that he had frozen to death and it was later revealed that he had been living without gas hooked up in his home since 2014. According to the executor of his estate, Peter's 2017 will declared that each of his three children would receive just $50,000, while his grandchildren were allotted $100,000. Select friends and acquaintances were to receive anywhere from $5,000 to $500,000. “

2018-07-30T14:09:16-07:00August 2nd, 2018|Estate Fights, Estate Planning, Rich & Famous, Social Media|

Glen Campbell’s Children Have Right to Contest Wills That Cut Them Off Inheritance

Tennessean:  “A Nashville judge has ruled that three children of the late Glen Campbell have a right to contest the validity of two wills that cut them off from any inheritance from the late singer. In a three-page ruling issued this week, Davidson Probate Judge David Randy Kennedy concluded that the three children have standing to contest wills dated Sept. 1, 2006 and Jan. 7, 2001. Travis, Kelli and Wesley Campbell had petitioned the court to certify that a will contest existed. The three were left out of both wills.”

2018-07-30T11:38:03-07:00July 30th, 2018|Estate Fights, Estate Planning, Rich & Famous|

Two Men Claiming to be Charles Manson’s Sons Eliminated From Fight Over Estate

Daily Mail:  “A Los Angeles judge has eliminated two purported sons of Charles Manson from the battle over his estate. Matthew Lentz, a musician who claims Manson conceived him at an orgy in 1967, and Michael Brunner, whose mother was a member of the family, were two of four people fighting over the cult leader's estate. On Friday, Judge Clifford Klein eliminated them on lack of proof that they were the rightful heirs to all memorabilia or, crucially, his image and publishing rights.”

2018-07-16T12:13:05-07:00July 16th, 2018|Beneficiaries, Estate Fights, Rich & Famous, Social Media|

Heather Mack settles claims for mother’s estate four years after killing her with her boyfriend – and all the money left will go to her daughter Stella, 3

Daily Mail:  “‘Body In A Suitcase' murderer Heather Mack has given up her claim on her mother's million dollar estate – which will now go to her three-year-old daughter Stella. Mack is serving a ten year sentence in one of the world's most notorious prisons in Bali for murdering her mom Sheila von Wiese-Mack with her boyfriend Tommy Schaefer in 2014 in a plot to take her inheritance.”

2018-06-25T16:04:54-07:00June 26th, 2018|Estate Fights, Estate Planning, Social Media|

Michael Jackson Estate Sues The Walt Disney Company

TMZ:  “The people who manage Michael Jackson's estate say The Walt Disney Co. has some nerve for profiting off the tears of MJ's kids and stealing a bunch of its property … all to make a shoddy TV special they claim never came close to documenting Michael's ‘Last Days.' The estate just sued The Walt Disney Co. claiming copyright infringement and saying it never had permission to use a bunch of its footage for its “The Last Days of Michael Jackson” TV special … which premiered last week to more than 5.5 million viewers.”

Charles Manson Had Open Casket Funeral Then Burnt to a Crisp

TMZ:  “Charles Manson had his final hurrah Saturday during a memorial service that ended in fire. Manson's body was front and center at a service held in Porterville, CA. We're told the body was decomposing badly, and needed heavy makeup and gloves to cover the deterioration. He died 4 months ago but his body was put on ice until a judge decided who would take control of it.”

2018-03-21T10:53:35-07:00March 23rd, 2018|Estate Fights, Estate Planning, Rich & Famous|
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