{"id":2915,"date":"2023-05-15T09:43:31","date_gmt":"2023-05-15T09:43:31","guid":{"rendered":"https:\/\/alcleanscarpet.site\/Weatherby\/2023\/05\/15\/the-inheritance-of-lisa-marie-presley\/"},"modified":"2023-06-07T05:02:48","modified_gmt":"2023-06-07T05:02:48","slug":"the-inheritance-of-lisa-marie-presley","status":"publish","type":"post","link":"https:\/\/alcleanscarpet.site\/Weatherby\/the-inheritance-of-lisa-marie-presley\/","title":{"rendered":"The Inheritance of Lisa Marie Presley"},"content":{"rendered":"

Most people love their children and would like to provide well for them.\u00a0 And how better to provide well for your children than to give them abundant wealth?\u00a0 Well, estate planners appreciate how wealth can be both a blessing and a curse.\u00a0 In particular, most parents do not recognize how harmful it can be to leave an inheritance outright to children.\u00a0 Lisa Marie Presley, daughter of rock megastar Elvis Presley, is a sad example of how inherited wealth is no guarantee of prudent personal finance.<\/p>\n

In the height of his popularity, Elvis earned vast sums from his entertainment career.\u00a0 Yet by the time he died in 1977, his estate had dwindled to a mere $5 million.\u00a0 See<\/em> \u201cThe Presley Inheritance<\/a>,\u201d People Magazine, 3\/01\/1993.\u00a0 In the 16 years following the death of Elvis, his estate was managed wisely by his widow Priscilla.\u00a0 And so when Lisa Marie turned 25 on February 1, 1993 and was ready to start collecting her inheritance, the value of the Estate of Elvis had climbed all the way back up to $100 million.\u00a0 The People Magazine article referenced above painted a rosy, optimistic picture of Lisa Marie\u2019s maturity and capabilities when she stood ready to collect her inheritance.\u00a0 \u201cI think marriage and motherhood have made her a responsible person,\u201d said Jerry Schilling, a longtime Elvis confidant and former manager for Lisa Marie. \u201cI have seen her grow so much.\u201d<\/p>\n

That was then.\u00a0 Now, let\u2019s flash forward to 2017.\u00a0 Lisa Marie is currently embroiled in a bitter legal contest with her ex-husband, Michael Lockwood.\u00a0 See<\/em> Fox News, 2\/19\/2017<\/a>.\u00a0 <\/strong>The specific pending legal proceeding is Lockwood\u2019s request for $40,000 per month in spousal support and $100,000 for attorney\u2019s fees.\u00a0 In response Lisa Marie has made court filings alleging she now owes millions in back taxes and credit cards.\u00a0 She also notified the court that she has been in a treatment facility for undisclosed reasons since she moved from Tennessee to California last year.\u00a0\u00a0 We also understand that the two children of Lisa Marie and Lockwood are in state child protective services (although the precise reasons for that are not publicly known).<\/p>\n

What is interesting is Lisa Marie\u2019s court filings also indicate that she receives an inheritance check in the amount of $100,000 each month.\u00a0 We have a mixed opinion of that arrangement.\u00a0 On the plus side, given Lisa Marie\u2019s apparent substance abuse problems and clear tendencies towards financial mismanagement, it is obviously a good thing that she is unable to access the principal of her inheritance.\u00a0 For if she could access her wealth outright, then so too could her numerous creditors.\u00a0 And then her share of Elvis\u2019s estate would have disappeared long ago.<\/p>\n

Yet on the negative side, this is a good example of why forcing a mandatory periodic income distribution is not the best idea.\u00a0 As far as we know, those $100,000 checks will keep flowing no matter the circumstances of Lisa Marie\u2019s personal life.\u00a0 A divorce, substance abuse problems, tax problems, and personal excessive spending and debt problems are all circumstances when it is crucial for a Trustee to have the ability to refrain from making distributions to a beneficiary.\u00a0 So unfortunately it seems that the caretakers of Elvis\u2019s estate have no discretion or oversight over how Lisa Marie uses (or misuses) her inheritance checks.<\/p>\n

Certainly most of us will not have to worry about leaving hundreds of millions of dollars in inheritance to our children.\u00a0 But we all have the ability to engage in prudent estate planning so that whatever we do leave to our loved ones can be wisely administered for their benefit.<\/p>\n

If you have any questions about the issues presented above or care to discuss any other planning issues, please call us at 860-769-6938, visit our website at http:\/\/www.weatherby-associates.com<\/a> or email us at info@weatherby-associates.com<\/a>.<\/p>\n

https:\/\/weatherby-associates.com\/inheritance-lisa-marie-presley<\/p>\n","protected":false},"excerpt":{"rendered":"

Most people love their children and would like to provide well for them.\u00a0 And how better to provide well for your children than to give them abundant wealth?\u00a0 Well, estate […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2915","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nThe Inheritance of Lisa Marie Presley<\/title>\n<meta name=\"description\" content=\"Lisa Marie Presley, daughter of rock megastar Elvis Presley, is a sad example of how inherited wealth is no guarantee of prudent personal finance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alcleanscarpet.site\/Weatherby\/the-inheritance-of-lisa-marie-presley\/\" \/>\n<meta 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