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Inside This Issue
pg 1 ∙ Clear Vision Equals Clear Success
pg 2 ∙ Thank You for Your Service
pg 3 ∙ When to Hire and When to Fire
pg 4 ∙ Founder’s Member Spotlight
pg 5 ∙ Save the Date!
pg 6 ∙ Shout Outs!
pg 8 ∙ The Tax Woes of Lisa Marie Presley
IRS TERROR TALE OF THE MONTH Elvis’s Daughter Dies With $2.5 Million of IRS Debt
Ben Franklin once said, “In this world, nothing is certain except death and taxes.” He had a point, and his words sprung to mind this January when we learned that Lisa Marie Presley, daughter of the famous rocker Elvis Presley, had passed away suddenly at the age of 54. Not only did Presley die far too young — just like her father — but she also left behind an estate mired in $2.5 million of IRS debt. Talk about the certainty of death and taxes! They creep up even on celebrities. Presley had just over $95,000 in cash and a bit more than $714,000 in stocks, bonds, and other assets to her name when she died of cardiac arrest. That put her almost $1.7 million short of what she would need to pay off the IRS. She also owed $1.5 million to other creditors, putting her in a total of $4 million in debt. As you might imagine, reporters immediately picked apart Presley’s finances. How could it be that the daughter of Elvis, who inherited a business worth as much as $100 million at one point, died with her books in the red? It turns out that
Presley was quite the spender. She brought in about $108,000 per month but spent roughly $92,000 on expenses like rent and car payments. In 2005, she also sold her 85% stake in her father’s company, Elvis Presley Enterprises, on the advice of business
manager Barry Siegel — a move it seems she later regretted, claiming he placed the profits in risky ventures that caused her to blow through the $100 million she received. One of the assets she kept was the Graceland property. Selling it would likely have solved all of Presley’s financial problems, but she never considered it an option. In 2013, she said, “Graceland was given to me and will always be mine, then passed to my children. It will never be sold.” Perhaps, in a way, it’s a blessing Presley never sold Graceland, which always felt like home to her. She was buried in its Meditation Garden. Now, her mother, Priscilla Presley, is battling with Lisa Marie’s daughter, Riley Keogh, over the estate, but that’s a whole other terror tale.
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