Exploring Celebrity Estate Plans: Part 4 of 4 - Lessons from Elvis Presley and the Scammers
Over the past few weeks, we’ve explored how various celebrities planned for their deaths. We began with the King of Pop, Michael Jackson, so it’s only fitting to conclude our 4-part series with the King of Rock, Elvis Presley.
You might wonder why we’re discussing a man who passed away in 1977. The reason is a recent case involving Graceland highlighting how audacious scammers can be. This case serves as a wake-up call for anyone who owns property or stands to inherit it. So, let’s dive into this strange tale to discover what it can teach us about protecting our assets from unscrupulous individuals.
The Unfolding of Events
You might think that a famous property like Graceland would be untouchable, but that didn't stop a mysterious company from attempting to steal it. A group calling itself Naussany Investments and Private Lending claimed that Graceland's owners owed them millions from an old loan and even set a date to auction the property to the highest bidder. The catch? It was all a scam.
Riley Keough, Elvis's granddaughter and the current owner of Graceland, quickly fought back. She filed a lawsuit stating that her mother, Lisa Marie Presley, had never borrowed money from this company or used Graceland as collateral. The courts agreed, halting the sale just in time. Keough’s swift action caught the attention of the Tennessee Attorney General’s office, which then involved the FBI, leading to a federal investigation.
Unfortunately, these types of scams are becoming more common, and they’re not just targeting the rich and famous. Scammers are skilled at exploiting ordinary people as well. A Wall Street Journal article published on June 3, 2024, explains a typical scenario:
“Here’s how it works: A fraudster targets your house and assumes your identity, using tactics similar to identity thieves to acquire your personal information and create fake IDs. He or she then tries to sell it to an unsuspecting buyer by executing a forged deed in your name. An alternative scam is to submit a mortgage application in your name to get cash out of the house.”
Often, victims don’t discover the fraud until the sale is complete, and by then, it may be too late to recover the property without a lengthy and costly legal battle. Some people simply can’t afford to fight back, leading to devastating outcomes.
If it can happen to Graceland, it can happen to you. So, how can you spot these scams before they spiral out of control?
Warning Signs You Can’t Ignore
When handling property, loans, and estate planning, stay alert for these red flags:
Paperwork Issues: In the Graceland case, the documents were riddled with issues—mismatched dates, suspicious signatures, and a notary who claimed never to have met Lisa Marie Presley. Always scrutinize the fine print and question anything that seems off. If you suspect something is amiss, consult a lawyer immediately. They can confirm your suspicions and help you take swift action.
Ghost Companies: Naussany Investments was elusive, with no real address, only P.O. boxes, and no business registration. Before dealing with any company, especially for significant transactions like loans, do your research. Look them up online, check with the Better Business Bureau, and ask probing questions to ensure their legitimacy.
Suspicious Timing: The scammers waited until after Lisa Marie Presley passed away to strike. Be particularly cautious about any claims against a deceased person's estate, as fraudsters often target families during vulnerable times.
Proactive Steps to Safeguard Your Assets
Taking proactive measures can help protect you and your loved ones from potential scams. Here are some practical steps to ensure your property and assets are secure:
Maintain Organized Records: Keep all important documents, such as property deeds, mortgage papers, and loan agreements, organized and easily accessible. Regularly review and update these documents. If someone makes a false claim, having well-maintained records will help you respond as swiftly as Riley did.
Be Skeptical: If something seems too good to be true, it probably is. Be cautious of unsolicited offers or urgent demands, especially if they come with pressure to act quickly.
Stay Informed: If you’re inheriting or managing property for someone else, stay on top of the details. Are the taxes up to date? Is there an outstanding mortgage? The more informed you are, the harder it is for scammers to take advantage. Riley Keough was able to act quickly because she was paying attention.
Ensure that someone else is aware of and can manage your affairs if you become incapacitated. Last week’s article discussed the challenges Jay Leno faced when trying to manage his wife's financial affairs due to a lack of planning. If you missed it, here's a summary: it took months for Jay Leno to gain control of his wife’s finances after she became incapacitated. In the case of Graceland, those months could have been the difference between keeping and losing the property. If you haven't planned for your incapacity, book a call with me using the scheduling link below, and let’s ensure your affairs are in order.
The most important step you can take to protect yourself is to establish a comprehensive Life & Legacy Plan. This goes beyond incapacity planning, covering all aspects of your estate to ensure your wishes are honored and your assets are protected.
The Importance of a Comprehensive Estate Plan
Creating a robust estate plan establishes a legal shield that's difficult for fraudsters to breach. Planning Session I offer is comprehensive and meticulous. It prepares you and your family for any scenario that might arise after your death or during a period of incapacity.
Key elements of a Planning Session include:
- Thorough Asset Inventory: This detailed inventory lists all your properties and assets, ensuring you know exactly what you have. It also provides your loved ones with the necessary information to step in if needed.
- Ongoing Reviews and Updates: Regular reviews and updates keep your plan aligned with changing laws and circumstances, effectively closing potential loopholes that scammers might exploit.
- Informed Loved Ones: We ensure that your loved ones are aware of potential risks and familiar with your estate plan. As we’ve learned from Elvis’s estate, having multiple eyes watching out for fraud significantly enhances protection.
With a comprehensive estate plan, you can rest assured that your wishes will be honored and your assets protected. The more detailed and up-to-date your plan, the harder it becomes for scammers to exploit vulnerabilities.
How We Protect You from Scams
With scams on the rise, the best time to safeguard yourself is now. As a Personal Family LawyerⓇ Firm, we specialize in creating comprehensive Life & Legacy Plans that ensure your loved ones stay out of court and avoid conflicts. These plans are designed to work when you (and they) need them the most. Once your plan is in place, you can rest assured knowing your wishes will be honored, your loved ones will be cared for, and your property will be protected.
Click here to schedule a complimentary 15-minute consultation to learn more: https://go.20westlegal.com/meeting-scheduler
This article is a service of 20WestLegal LLC. We don't just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love. That's why we offer a Planning Session, during which you will get more financially organized than you've ever been before and make all the best choices for the people you love. You can begin by calling our office in Sudbury, Massachusetts today to schedule an Estate Planning Session and mention this article to find out how to get this $750 session at no charge.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.