106: What’s Left of the Presley Estate? Lessons Learned from Elvis & Lisa Marie

Ever since the mid-’50s, when “That’s Alright Mama” hit the airwaves and marked his rise to stardom, Elvis Presley has been lauded as one of the most galvanizing figures in the history of popular music. He became a household name as quickly as anyone ever had in his pre-social media time and would go on to have an incredible 149 songs make the Billboard Top 100 Pop Chart. He would also become the ultimate Las Vegas fixture — the prototype creator of what is now known today as the “Las Vegas Residency.”

Sold-out concerts, hit songs, packed theatres. Elvis generated a LOT of money. And, if you’d conclude that Elvis’s own share of this revenue led to a lavish lifestyle that very few other entertainers matched before or since, you would, of course, be right. But we’re also familiar with the cautionary tale that came with Elvis’s fame and fortune. When he died in 1977, he left behind an estate valued at around $5 million — a surprisingly small sum, considering his accomplishments.

With Lisa Marie Presley’s recent unfortunate and untimely death, the Presley estate is back in the news. A closer examination of this estate will reveal that fueled by a series of interesting planning decisions over the years since Elvis’s death — some very questionable, but a few surprisingly wise — it has gone through a series of dramatic twists and turns that, in a way seem befitting of such a storied and larger than life public figure.

But this financial saga holds far more than the unfortunate tabloid “car crash” appeal that seemed to follow the Presley name after his passing. There are also plenty of teachable moments included in this story! Join us for the latest episode of Absolute Trust Talk as Kirsten Howe and associate attorney, Madison Gunn, examine the Presley approach to estate planning over the years and detail the various decisions that have led to its current state.

In this episode, we’re going to discuss:

Elvis’s seemingly unusual method for organizing his estate The broad language contained in his testamentary trust that showed Elvis’s concern for his family The tremendous amount of latitude that Vernon Presley — Elvis’s father and his original trustee — was given. This latitude would lead to a dramatic change upon Vernon’s own death Just how dramatically the new trustee’s wise moves reversed the Presley estate’s seemingly bleak future. Why, considering her state in life, coming into control of a vast fortune created a terrible situation for Lisa Marie How, in the days after Lisa Marie’s death, poor planning and questionable motives combined to create a plethora of litigation

And more.

Don’t miss this latest episode of Absolute Trust Talk as Kirsten and Madison chronicle the history of this estate, and share some legal wisdom that could have significantly alleviated the conflicts and fluctuations it has seen over the years. We hope you’ll walk away with insights on what you should or shouldn’t do in your own estate planning.