For the last few weeks, we’ve explored the estate planning (or lack thereof) of some well-known celebrities. Starting with the King of Pop, Michael Jackson, it seems only fitting to wrap up our four-part series with the King of Rock, Elvis Presley. You might wonder why we’re discussing someone who has been gone since 1977. The answer lies in a recent bizarre case involving Graceland that highlights the audacity of scammers. This case serves as a wake-up call for anyone who owns property or stands to inherit it. Let’s dive into this unusual story and uncover important lessons for protecting your assets.
How It Went Down
You’d think that a famous property like Graceland would be untouchable, but that didn’t stop a mysterious company from trying to take it. A group calling itself Naussany Investments and Private Lending claimed that Graceland’s owners owed them millions from an old loan. They even scheduled an auction to sell the property to the highest bidder. However, there was just one major problem – it was all a scam.
Riley Keough, Elvis’s granddaughter and the current owner of Graceland, quickly took action. She filed a lawsuit asserting that her mother, Lisa Marie Presley, never borrowed money from this company or used Graceland as collateral. The courts sided with her, halting the auction just in time. Riley’s swift response caught the attention of the Tennessee Attorney General’s office, which has since referred the case to the FBI, and a federal investigation is ongoing.
Sadly, scams like this are on the rise, and they don’t just target the rich and famous. Scammers are adept at taking advantage of anyone, regardless of their celebrity status. A Wall Street Journal article published on June 3, 2024, highlighted 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. They then try to sell your property to an unsuspecting buyer by executing a forged deed in your name. An alternative scam is submitting a mortgage application in your name to extract cash from the house.”
Often, individuals don’t realize they’ve been victimized until after a sale is finalized. By then, it may be too late to recover the property, leading to lengthy and costly legal battles. Some may lack the financial means to fight back, resulting in devastating consequences. If it can happen to Graceland, it can happen to you. So, how can you spot these scams before they escalate?
Red Flags You Can’t Ignore
When dealing with property, loans, and estate planning, watch out for these warning signs:
- Paperwork Problems: In the Graceland case, the documents were riddled with inconsistencies. Dates didn’t match, signatures looked suspicious, and the notary claimed she never met Lisa Marie Presley. Always read the fine print and question anything that seems off. If you suspect something is amiss, consult a lawyer immediately. They can help confirm your suspicions and advise you on taking action.
- Ghost Companies: The news articles reported that Naussany Investments was difficult to track down. They had no physical address, only P.O. boxes, and weren’t registered as a business. Before engaging with any company, especially for loans, do your homework. Research them online, check the Better Business Bureau, and don’t hesitate to ask probing questions.
- Timing: Scammers often make their moves after the death of an individual, targeting grieving families who may be less vigilant. Be particularly cautious of any claims against a deceased person’s estate, as fraudsters frequently prey on families during their most vulnerable times.
Steps You Can Take to Protect Yourself
You can take proactive steps to safeguard yourself and your loved ones before any red flags appear. Here are some practical actions to help protect your property:
- Keep Good Records: Organize all important documents for easy access, including property deeds, mortgage papers, and any loans you’ve taken out. If someone makes a false claim, having this documentation will enable you to respond quickly, just like Riley did. Regularly review and update these documents to ensure they remain current.
- Be Skeptical: If something sounds too good to be true, it probably is. Be cautious of unsolicited offers or demands, especially those that pressure you to act quickly.
- Stay Informed: If you’re inheriting property or managing it for someone else, stay updated on the status of that property. Are the taxes paid? Is there a mortgage? The more you know, the harder it is for scammers to succeed. Riley Keough was able to act swiftly because she was paying attention to her family’s affairs.
You should also ensure someone is overseeing your affairs if you become incapacitated. In last week’s article, we discussed the potential fallout if you don’t have a plan in place for incapacity. It took months for Jay Leno to gain control over his wife’s financial matters when she could no longer manage them. As illustrated by the Graceland case, months can mean the difference between retaining your property or losing it. If you haven’t planned for incapacity, book a call with me using the scheduling link below, and let’s talk about how to get that taken care of.
A Solid Estate Plan is the Key
Creating a solid estate plan establishes a legal framework that’s much harder for fraudsters to penetrate. The type of planning called Life & Legacy Planning, is comprehensive and addresses all possible scenarios, ensuring you and your family are prepared for anything that might occur after your death or during your incapacity.
A Life & Legacy Plan includes an inventory of all your properties and assets, so you know exactly what you have, and your loved ones will be informed if they need to step in. It also encompasses regular reviews and updates to keep your plan aligned with changing laws and circumstances, closing potential loopholes that scammers could exploit.
Finally, we can help ensure your loved ones are aware of these risks and are familiar with your estate plan. As we’ve learned from Elvis’s estate, having more eyes watching out for fraud can make a significant difference.
At Cheever Law, APC, 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, starting with a valuable and educational Life & Legacy Planning Session. This will allow you to get more financially organized and make the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan.
To learn more about our one-of-a-kind systems and services, contact us or schedule a no-obligation 15-minute introductory phone call today.