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Home » BLOG » Famous Estates – Legacy Champ or Chump?

Famous Estates – Legacy Champ or Chump?

August 16, 2013 by Stephen A. Mendel, Estate Planning Attorney

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.

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Stephen A. Mendel, Estate Planning Attorney
Stephen A. Mendel, Estate Planning Attorney
Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.
Stephen A. Mendel, Estate Planning Attorney
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Filed Under: Uncategorized Tagged With: celebrity estate plans, celebrity estates, Estate Planning, estate planning attorney, famous estates, financial planning

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About Stephen A. Mendel, Estate Planning Attorney

Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.

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