The sale, which is unofficially believed to have been around $125 million, includes the marketing, merchandising and licensing rights to Presley’s image, likeness and name. It also includes a collection of his personal memorabilia and the right to operate Graceland as a tourist attraction, though ownership of the Memphis mansion itself remains with Lisa Marie Presley, Elvis’ daughter with Priscilla Presley.
The reason we are discussing this sale on an estate planning blog is that it does an excellent example of proving why you need to be careful, thorough and forward-looking when planning for the future.
Do you have intellectual property rights that are worth an estimated $125 million? Likely not, as very few people do. However,
- Do you own a business? You will want to discuss a succession plan.
- Do you have investments that will mature in 20 years? How do you want to plan for those to be distributed in the even that something happens?
- Do you have a cherished family heirloom? You and a lawyer should discuss whether there are ways to keep it in the family.
Many people have these concerns and others like them.
The point is, people (like Elvis) who work with a lawyer to create an estate plan tend to fare better than those who do not. That’s because with an estate plan, there are fewer uncertainties and surprises. In fact, like Elvis, you can almost certainly leverage your assets better with an estate plan than you can without.
At Ford+Bergner LLP, we help Texas clients with their estate plans. For more information about our firm, please feel free to contact us.