Lisa Marie Presley, the only daughter of legendary singer Elvis Presley and actress Priscilla Presley, passed away on April 1st 2021 at the age of 52. She was a beloved musician in her own right and had a successful career spanning decades. Her death came as a shock to many fans who admired her talent and resilience despite her struggles in her personal life.
View this post on Instagram
Lisa Marie's life is an inspiration for many people around the world, not only because of her musical accomplishments but also for how she persevered through difficult times in order to live life to its fullest potential. She will be remembered fondly by those who knew her best and deeply missed by all who were touched by her presence.
Although her death is tragic, it has recently been revealed that Lisa Marie had a financial safety net provided by three life insurance policies worth more than $30 million. This revelation comes at a time when her estate has been left in turmoil due to an ongoing legal battle between her siblings over the handling of their father's inheritance.
The life insurance policies were purchased by Lisa Marie in the early 2000s and are believed to be among the most expensive ever taken out by an entertainer. The policy amounts total to over $30 million, with each policy having its own individual limits for various types of coverage.
In addition to providing protection for Lisa Marie’s loved ones in the event of her death, these policies also have tax implications for her estate. The proceeds from such policies are typically not subject to estate tax or income tax if they are owned by the insured person.
As such, this could potentially save millions for those inheriting from Lisa Marie’s estate as it would not be subject to taxes imposed on other assets inherited by them.
The Set Up Of The Life Insurance
The life insurance policies were likely set up shortly after Lisa Marie married singer-songwriter Michael Lockwood in 2006 and began raising their twin daughters together shortly thereafter.
View this post on Instagram
It is possible that she wanted to ensure there would be sufficient funds available should something happen to either parent while they were young or while their children were still dependent on them financially. Regardless of why she purchased them, these life insurance policies will no doubt prove invaluable to those who remain after Lisa Marie's passing.
Despite being born into wealth and privilege as Elvis Presley’s only daughter, Lisa Marie had many struggles throughout her life, including difficulties with substance abuse and mental health, which ultimately led to her premature death at 52 years old.
While she won't be around anymore to benefit from the protection that these life insurance policies provide, loved ones left behind can take some solace in knowing that they will have one less problem to worry about as they navigate through this difficult time without her presence in their lives.