Biography, <—-( Link )

An insight into the life of Elvis Presley.

PART A ; Biography

Elvis Presley is the unforgotten King of Rock N’ Roll who rose from humble circumstances to engage in the rock revolution with his amazing voice and talented abilities. Born in Tupelo, Mississippi on January 8th 1935. Elvis was the son of Gladys and Vernon Presley. More specifically, his mother was a sewing machine operator and his father was a truck driver. Who would have thought that Elvis would spear head one of the most important cultural forces in history? and also present “a hip-shaking symbol of liberation for the staid America of the 1950s.” At the time he brought together in unity, both lines of the segregated borders and performed his art with a “natural sexuality” that made him a role model to many rebel teenagers. Elvis actually had a twin brother, Jesse Garon who was unfortunately stillborn(born dead) which led Elvis to grow up as a single child with no living brothers or sisters. In 1938, when Elvis was only three years old his father Vernon served an eight month prison sentence for writing bad checks. In addition, towards having served a term in prison, Vernon’s employment  kept the family just above the poverty level. The Presley’s attended the “First Assembly of God Church” which surrounded Elvis with gospel music of the Pentecostal Church and in 1945 Elvis won second prize in the Mississippi-Alabama Fair and Diary Show. In 1948, the Presley’s moved to Memphis, where he attended L.C. Humes High School and was again exposed to music such as blues and jazz on Beale Street. Upon graduation of high school in 1953 Presley worked at the Precision Tool Company and then drove a truck for a Crown Electric company, while at the same time having this love towards music, so Elvis decided to visit the “Memphis Recording Service” which was also home to “Sun Records” to record his special voice. When Sam Phillips the main producer for Memphis recording’s heard Presley’s vocals he immediately teamed him with up-coming guitarist Scotty Moore and bassist Bill Black to produce “That’s All Right” and “Blue Moon of Kentucky” which created the sort of say the blueprint for rock and roll. Since then and after five ground breaking singles, RCA records purchased Elvis’s contract from Sun Records for $35,000 and with some connections Hill and Range publishers purchased Sam Phillips Hi-Lo music for another staggering amount of $15,000. The contract in which Elvis was involved, was a written agreement. Along with another $5000 in advance Elvis purchased a  pink Cadillac for his mother, which to this day remains among his possessions preserved at his Graceland residency and also which is in control by Lisa Marie. Elvis Presley became a national star in 1956. That same year on January 28th, the singer made his first ever television debut on “Dorsey Brothers” (a stage show at the time) and from that moment on there were consecutive appearances on several shows and televised programs. In March of 1956, Parker signed Presley to a “managerial agreement that he would receive 25 percent of Presley’s earnings.” The contract in the matter of which we are speaking of will last through Presley’s lifetime and beyond. Eventually, Elvis’s “career momentum was interrupted by a two-year army stint in Germany” where he found the love of his life and future wife, Priscilla. Throughout the 1960s he mainly focused on making movies and recording new tracks in the studio then around the 1970s he started performing and touring constantly in front of crowds and crowds of people all around the country until his death in August of 1977, [date of death: August 16th, 1977] Memphis, TN. It was a sad day in the world of rock and roll when the news broke out that Elvis Presley died from cardiac arrhythmia (heart attack) at Graceland, his Memphis mansion, he was only 42 years old. Hundreds of people gathered when Presley was buried in a mausoleum at Forest Hill Cemetery in Memphis. About two years later, his father, Vernon, died and was also buried in the same location. With his father dead, all of Presley’s estate passed on to Lisa Marie the current sole heir. Litigations over the estate ended in June of 1983 after 21 months of court proceedings with a settlement that ended four lawsuits. Lisa Marie was of-course appointed guardian ad litem, “Blanchard Tual, wrote in his report on Presley’s financial affairs that Parker had handled affairs not in Elvis but in his own best interest.” Priscilla Presley assumed authority of the estate and through a number of business deals which made the Presley estate several times more valuable than it had ever been during Elvis’s lifetime. As a recording artist, Elvis Presley is undisputed when his accomplishments are in question, he is believed to have sold more than one billion records world-wide. Elvis to this day still appears to hold the largest number of gold, platinum, and multiplatinum certifications of any artist in the history of rock and roll.

PART D ; A Reflection of Elvis’s Estate Plan ,-

In my opinion or reflection on Elvis Presley’s estate plan I believe that he was very generous and kind. He clearly stated that he wanted any person to which he may be related or even the father of  by any circumstance for if he didn’t know would assume the right to inherit from his death. He enjoyed spending his earnings and because of that the cost of maintaining his famed Graceland estate was enormous, more importantly, Elvis mortgaged it late in his life to help continue his payroll. At the time of his tragic heart attack on August 16, 1977, Elvis Presley’s bank account had only about five million dollars and his total estate was worth a reported 10.2 million dollars.” I feel as if it was vital for him to show that he loved his family and that he didn’t want anyone to be left out or sort of say excluded from inheriting. Elvis was a singer and a entertainer who redefined popular music and the legacy he left behind will never be forgotten, nor lost. Elvis Presley, the true King of Rock and Roll!

CITATIONS

Three Sources :

1. http://www.elvis.com/about/bio ;;

“ABOUT ELVIS PRESLEY.” Bio. The Estate of Elvis Presley, LLC, n.d. Web. 05 May 2015.

2. https://rockhall.com/inductees/elvis-presley/bio/ ;;

“The Rock and Roll Hall of Fame + Museum.” Elvis Presley Biography. Ed. Davis M. The Rock and Roll Hall of Fame and Museum, Inc., n.d. Web. 05 May 2015.

3. http://www.rollingstone.com/music/artists/elvis-presley/biography ;;

“Elvis Presley Biography.” Rolling Stone. Rolling Stone Encyclopedia, n.d. Web. 05 May 2015.

Some of Elvis’ financial success is attributed to his manager and promoter, Colonel Tom Parker. He helped Elvis secure unprecedented movie deals paying him a lot of money. By the time of his heart attack on August 16, 1977, Elvis Presley bank account had only about five million dollars and his total estate was worth a reported 10.2 million dollars. Elivis Presley was the highest-paid entertainer in the world in his prime, and the highest single tax-payer in the United States, this sum seems almost paltry.

Instead of a standard manager’s commission of 10 to 20 percent, Parker had a 50/50 deal with Elvis. But he also managed to double dip into Elvis’ earnings. Parker used companies he set up including Elvis Presley Enterprises to cut Elvis’ share down to 22 percent of every dollar earned for much of the income, including merchandising.

After Elvis died, Parker no longer had the King to manage or make money for him.  Instead, he approached the executor of the Elvis Presley Estate Elvis’ father, Vernon Presley and warned him that he would be the target of scam artists and pirates. Parker convinced him to sign a new agreement to let Parker manage the Estate and receive 50 percent of all income received, in order to protect Vernon.  The income expected to come in through Elvis Presley’s estate, in terms of royalties from his music and movies, merchandising, commercial uses of his image and likeness, would have been more than enough, even if nothing was done to promote it. He was, after all, the King of Rock ‘n’ Roll.

Eventually, due to a probate court proceeding, an independent attorney was appointed to investigate Parker’s agreement with the estate. The attorney’s 300-page report concluded that Parker’s commissions were unreasonable and exorbitant compared to industry averages. The attorney challenged the validity of the holding company for Elvis’ merchandising rights, which caused the estate to receive only 22% of related profits. All agreements with Parker were terminated.

http://en.m.wikipedia.org/wiki/Elvis_PresleyAnother legal issue that ensue was

Presley’s main physician, Dr. Nichopoulos, was exonerated of criminal liability for the singer’s death. In the first eight months of 1977 alone, he had prescribed more than 10,000 doses of sedatives, amphetamines and narcotics, all in Elvis’s name. His license was suspended for three months. It was permanently revoked in the 1990s after the Tennessee Medical Board brought new charges of over-prescription.     http://www.foxnews.com/entertainment/2010/05/05/exclusive-elvis-presleys-doctor-claims-died-embarrassing-case-chronic/

Reflection of Elvis’s Estate:

As doing my research Elvis did not have too many legal issues with his estate considering he left it all to his only daughter,. So for me it was complicated to find good legal issues. Also there was no fighting over the estate as he only has one daughter. He’s still one of the wealthiest men in the United Stated and his legacy will live on forever. I like his will because as reading the other wills he really did not leave anyone he loved out and had no big fights over his estate that I came across.

In Elvis Presley’s Last Will and Testament he appoints his father as his Executor and Trustee and the National Bank of Commerce of Memphis Tennessee as his Successor Executor and Successor Trustee. Elvis first begins disposing of his things by giving away all of his tangible personal property of various kinds, characters and values obtained during his professional career to his Executor do with it as he wants as long as he acts in good faith and best interest of the estate and the beneficiaries. Then, Elvis’ Will goes on to say that he gives his Executor the right to allow any beneficiary the use or benefit of any household goods, chattels, or other tangible property. Next, Elvis gives his real estate to his Executor to hold for investment or to sell any part of in whatever way he determines will be in the best interest of the estate and beneficiaries. In Elvis’ residuary clause he leaves everything else in his estate to a trust to collect income that is to be controlled by his trustee, his father, and within that trust his trustee is instructed to pay all the expenses, taxes and costs incurred in the management of the trust estate with the income of the trust. After all expenses is paid Elvis wants his trustee to use the net income and a portion of the principal at any time and from time to time for the health, education,  support, comfortable maintenance and welfare for his daughter Lisa Marie Presley, and any other issue he may have, for his grandmother, Minnie Mae Presley, his father, Vernon E. Presley, and any other relatives of his that are living at the time of his death, who in the absolute discretion of his Trustees are in need of emergency assistance for any of the above mentioned purposes. Also, the Trustee is able to make the distribution without affecting the ability of the trust to meet the present needs or to meet the reasonably expected future needs of his issue, grandmother, and father. Elvis adds in his Will that upon the death of his father there is to be no more distribution to any other relatives living at the time of his death besides his issue and his grandmother and any of those beneficiaries have no interest whatsoever in the trust. After the death of his grandmother and his father Elvis wants the Trustee to divide the Residuary Trust into separate and equal trusts, creating one for each of his lawful children that is living and one equal trusts for the living issue collectively, if any, of any deceased child of his. The share for the issue of his deceased child should immediately vest in equal shares, but that child will not receive all of his/her trust until he/she is 18 years of age. Until that child is 18 years of age the Trustee must use that child’s share for their care, support, and education. Elvis gives the Trustee the right to distribute the whole or any part of the net income or principal from the each of the trusts as he deems necessary to provide comfortable support, education, maintenance, benefit and general welfare of each of Elvis’ children. The distributions may be made directly to the beneficiary or to the guardian of the beneficiary. The Trustee is not responsible for what is done with the distribution after it is distributed, he must just take into consideration all other known sources of funds for that beneficiary for the purpose of the distribution. Once Elvis’ kids reach 25 years old, if his father and grandmother are deceased, their trust must terminate and all remainder assets then obtained in the trust will be distributed to the child. If any of Elvis’ kids die before the age of 25, then their trust will terminate on their death and all remaining assets in the trust will be equally distributed and free of further trust to the surviving issue of the deceased child but subjected to them not receiving all of their trust until they are 18. If all of Elvis’s kids are dead before the termination of their trusts, then all of his estate and all of the assets of very trust is to be distributed in equal shares to his heirs at law per stirpes. Elvis request that any life insurance that has his estate as the beneficiary be used by his Executor for payments of debts, expense and taxes to the extent deemed advisable by the Executor. Also, all of the proceeds from the life insurance that are not used for taxes, expenses and debts shall be used for the purpose of satisfying devises and bequests included in the Will. Elvis directs that the interest any beneficiary has in principal or income of any trust shall not be subjected to claims or creditors or others, nor to legal process, and may not be voluntarily or involuntarily alienated or encumbered except as provided in the Will. Also, any bequests for any female shall be for her sole and separate use, free from debts, contracts and control of any husband she may ever have. Elvis requires that none of the appointees named in his will shall be demanded to furnish and bond or security for the performance of the respective fiduciary duties required. Elvis gives his Trustee and Successor Trustee the power to do everything he deems advisable with respect to the administration of each trust required to be established under his Will, even though their powers would not be authorized or appropriate for the Trustee under the statutory or other rules of law. If the Trustee has reasonable doubt of his power, authority or duty in the administration of any trust created, the Trustee shall obtain advice and counsel of reputable legal counsel without resorting to the courts for instructions.

Reflection Of Elvis’ Estate

Elvis Presley was a very wealthy man. I think he executed his Will very carefully, so to not leave anything or any one that he did not intend to include out. He was very generous in his Will, because he did not exclude any family members. Even though he did not name every one of his family members by name, he wanted all of them to be taken care of as far as their health, education, support and comfortable maintenance. His WIll was rather long, however I feel as though it needed to be so he could cover every ground possible so there would be no confusion about what to do with his items and money after his death.