Jerry Taylor uses Elvis Presley's estate to show four planning mistakes: ignoring estate taxes, leaving his daughter unprotected from lawsuits and divorce, naming his elderly father as executor, and using only a will instead of trusts. Proper tax planning, protective structures, and trusts prevent these problems.
Elvis was the king of rock and roll, but unfortunately his prowess did not extend to planning for his family's future. Here are just a few things you can learn from Elvis's mistakes. The first thing was a failure to plan for estate tax. The man made a lot of money, but he did not plan for the impact that estate tax would have on what he left behind. No one knows what the estate tax is actually going to be at the time of their death because that's a moving target, but there are ways to plan for it. Number 2, he didn't plan to adequately protect his daughter, Lisa Marie, when she would receive her inheritance. Could have easily protected her from loss. Lawsuits, divorces, things of that nature, but he didn't. Number 3, you've got to select the right person to be in charge of everything after you're gone. Elvis selected his father, and when Elvis died in 1977, his father was already elderly and not in good health. And the last thing to learn from Elvis, for goodness sakes, get a trust and not just a will. Elvis had a will, which meant that everything in that was going to be totally public. If he had had a trust, his estate would not have to have gone through probate, and everything would have happened in private.
comment workshop.free still need plan to keep people out of court. learn how to in less than an hour
