Age: 42Died: August 16, 1977, Memphis, TN
Cause: Drug Overdose
Family: Daughter
Estate Mistake: Elvis is probably the most notorious example of a poorly planned estate. Of his $10 Million estate, about 73 percent was lost in the probate process to estate taxes and other settlement costs. His case illustrates why a trust is often the best way to protect an estate. A revocable living trust can be used to avoid the costs and delays associated with the probate process, and in most states keeps the disposition of the estate out of the public view. The estate plan must also focus on estate taxes in order to not only minimize them, but also to avoid untimely liquidations in order to pay the tax. Of course, Elsvis did get the last guffaw because he has earned far more money dead than alive.