Elvis Presley (1935-1977) – Singer
Elvis Presley began his career working with Sun Records’ owner Sam Phillips. RCA Victor acquired his contract in a deal arranged by Colonel Tom Parker, who would manage the singer for over two decades. Presley is regarded as one of the most important figures of the 20TH century popular culture. He had a versatile voice and unusually wide success encompassing many genres, including country, pop ballads, gospel, and blues. He is the best-selling solo artist in the history of popular music. Nominated for 14 competitive Grammys, he won three, and received the Grammy Lifetime Achievement Award at the age of 36. He has been inducted into multiple music halls of fame. Yet, despite his success as a singer, consider what happened to his estate.
35% Shrinkage of the Estate
$10,165,464 Gross Estate
$ 202,563 Less Settlement Costs
$ 3,339,520 Death Taxes
$ 3,542,083 Total Costs
$ 6,623,381 Final Estate Value
Elvis Presley was an award winning singer, but even famous singers can fail to properly plan. You decide. Is 35% loss of the Estate good planning by someone with a vast array of professionals available to assist him?
If you want to minimize the likelihood of shrinkage to your estate, then contact The Mendel Law Firm, L.P. for a free initial consultation on estate planning, trust planning, and/or probate issues.