Estate planningWhen the King of Rock and Roll died in August 1977, his estate was valued at more than US$10 million.
Unfortunately, Elvis Presley’s will wound up going through probate, and it took three years for the lawyers to work things out in court.
Finally, mercifully, the court ruled that the estate should pass to his only child, Lisa Marie.
But Lisa Marie Presley didn’t get the US$10 million. Between taxes and legal fees, Elvis’s estate was reduced to just US$3 million.
That’s right. Seventy percent went straight to the taxman and the lawyers, while Elvis’ daughter was left with just 30 cents on the dollar.
Now I’d like to tell you the story of another king… the Oil King, H.L. Hunt.
His story ends differently.
Just prior to his death in 1974, Hunt’s net worth was estimated at US$2 billion.
Far more than the King of Rock and Roll… but that’s not what’s important here…
Rather, the point I want to make for you is that this other king? He was far better prepared.
Hunt had carefully distributed his assets into all sorts of legal structures—funds, trusts, life insurance…
After his death, the only asset that could be linked to H.L. Hunt directly was a pick-up truck worth US$2,000—hardly worthy of a courtroom battle.
Meaning Hunt’s fortune remained intact. His heirs received everything he wanted them to.
This tale of two kings reflects your two estate-planning options:
Put a plan in place to preserve it… or end up giving much of it away.
The big-picture moral of this story is that, when you do the work to put a plan in place, only you have control over your wealth.
You—not the government, creditors, litigants, or the banks—can decide what happens to your assets, now and in the future.
These are the tools that give you the power to guarantee yourself the financial future you want.
Now, 50 years ago, these same strategies that the Oil King used to grow and protect his fortune were expensive and hard for the average investor to access.
But not anymore. The Internet has made everything easier and the costs far more realistic for all of us.
Learning how to start to plan your estate
The ultimate key to putting together the plan that’s the best fit for you is getting the right advice.
Unfortunately, that can still hard to find.
That’s why once a year I gather together all the top experts I know on these topics—the same people who I work with to manage my own affairs—for my annual Offshore Wealth Virtual Summit.
As the fallout from this pandemic worsens…
And as we brace ourselves for higher taxes…
I can think of no better solution right now than focusing on the strategies available to you to sidestep all the mess and position yourself for security and prosperity regardless what the rest of the world gets up to.
That’s the agenda for my Offshore Wealth Virtual Summit taking place next week.
Next week—Tuesday through Friday, Nov. 16–19, Founding Publisher Kathleen Peddicord and I’ll be hunkered down together with the top experts worldwide on diversifying both your life and your investment portfolio across borders.
We think of this summit as an annual check-up. It’s our chance to reconnect in a focused way with the entire team that has helped us to diversify our lives… and to explore opportunities for the next-step evolution of our plan…
While helping all those in the virtual room with us conceive customized plans of their own.
Join us, and you’ll come away with an iron-clad system for keeping your assets and your retirement safe…
You’ll come away with the “Plan B” that you need right now more than ever.
Editor, Offshore Living Letter