I recently visited Elvis Presley’s resting place in Graceland as part of a family trip. The story of his estate issues reminded me of the importance of a well-crafted estate plan. His Last Will and Testament offers 3 valuable lessons for us all:
1. Choose Qualified and Trustworthy Executors:
Elvis’s choice of his father, Vernon, as the executor may not have been ideal. Vernon often deferred to Elvis’s manager, “Colonel” Tom Parker, who was later found guilty of fraud and self-dealing. The role of an executor requires not only trustworthiness but also the ability to manage complex financial matters. It’s crucial to select an executor who possesses the skills and judgment necessary to handle the estate’s affairs effectively.
2. Prepare Children for Their Inheritance:
Lisa Marie Presley faced a large learning curve in managing her inheritance. Educating heirs on financial management in advance can prevent mismanagement and ensure the longevity of the estate.
3. Address Estate Taxes:
One major oversight in Elvis’s estate planning was that it didn’t address estate taxes. Estate taxes must be paid within 9 months from the time of death. Elvis’s Last Will and Testament did not provide for estate tax planning, which led to additional complications.
Learning from Elvis Presley’s estate planning can help us make informed decisions to secure our legacies and provide for our loved ones. Don’t leave it to chance—plan with care and expertise.