Over the past few weeks, we’ve explored how various celebrities planned (or didn’t) for their deaths. We started with the King of Pop, Michael Jackson, so it’s fitting to conclude our 4-part series with the King of Rock, Elvis Presley. You might wonder why we’re discussing a man who’s been dead since 1977. A recent case involving Graceland highlights how audacious scammers can be, serving as a wake-up call for anyone who owns property or stands to inherit it. Let’s dive into this bizarre tale and uncover how to protect your assets from unscrupulous actors.
How It Went Down
You’d think a famous property like Graceland would be untouchable, but that didn’t stop a mysterious company from trying to claim it. A group called Naussany Investments and Private Lending alleged that Graceland’s owners owed them millions from an old loan and set a date to auction the property. But there was a problem – the entire claim was a scam.
Riley Keough, Elvis’s granddaughter and current owner of Graceland, quickly fought back. She filed a lawsuit, asserting her mother, Lisa Marie Presley, never borrowed money from this company or used Graceland as collateral. The courts agreed, halting the sale just in time. Keough’s swift action caught the attention of the Tennessee Attorney General’s office, which then turned the case over to the FBI, leading to a federal investigation.
Unfortunately, these types of scams are on the rise and target not just the rich and famous. A Wall Street Journal article from June 3, 2024, details how fraudsters execute these scams:
“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. He or she then tries to sell it to an unsuspecting buyer by executing a forged deed in your name. An alternative scam is to submit a mortgage application in your name to get cash out of the house.”
Often, people don’t find out this has happened until the sale is complete, and by then, it may be too late to reclaim the property. Fighting back can be time-consuming and costly, and not everyone has the resources to do so. The results can be devastating.
If it can happen to Graceland, it can happen to you. So, how can you spot these scams before they spin out of control?
Red Flags You Can’t Ignore
When dealing with property, loans, and estate planning, be vigilant about these warning signs:
Paperwork problems: In the Graceland case, the documents were rife with issues. Dates didn’t match, signatures looked suspicious, and the notary claimed she never met Lisa Marie Presley. Always scrutinize the fine print and question any inconsistencies. Consult a lawyer immediately if something seems off; they can verify your suspicions and help you act quickly.
Ghost companies: Naussany Investments was elusive, with no real address, just P.O. boxes, and no business registration. Before dealing with any company, especially for loans, do your due diligence. Research them online, check with the Better Business Bureau, and ask probing questions.
Timing: The scammers waited until after Lisa Marie Presley passed away to make their move. Be extra cautious about claims against a deceased person’s estate – fraudsters often target families when they’re most vulnerable.
Steps You Can Take to Protect Yourself
You can take proactive steps to protect yourself and your loved ones:
Keep good records: Organize your important documents, including property deeds, mortgage papers, and loan documents. Regularly review and update these records to ensure you have proof to counter false claims quickly.
Be skeptical: If something sounds too good to be true, it probably is. Be wary of unsolicited offers or demands, especially if there’s pressure to act quickly.
Stay informed: If you’re inheriting property or managing it for someone else, stay on top of all related matters. Knowing the status of taxes, mortgages, and other obligations makes it harder for scammers to deceive you.
Plan for incapacity: Ensure someone else is aware of your affairs in case you become incapacitated. As seen in last week’s article, not planning for incapacity can leave your estate vulnerable. Jay Leno’s struggle to manage his wife’s financial affairs highlights the need for thorough planning.
A Solid Estate Plan is the Key
A solid estate plan creates a legal framework that’s difficult for fraudsters to penetrate. The type of planning I do, called Life & Legacy PlanningⓇ, is comprehensive and thorough, covering all possible scenarios to ensure you and your family are prepared for anything. It includes an inventory of your properties and assets, ensuring that your loved ones know what you own and can act swiftly if needed. Regular reviews and updates keep your plan current with changing laws and circumstances, closing potential loopholes that scammers might exploit.
How We Help You Avoid Falling Victim to Scams
Scams are on the rise, and the best time to protect yourself is now. As a Personal Family LawyerⓇ Firm, we help you create a Life & Legacy Plan to keep your loved ones out of court and conflict, ensuring your plan works when you need it most. Once your plan is in place, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected.
Use the form on this page to schedule a complimentary 15-minute consultation to learn more.
This article is a service of The Life and Legacy Law Center, a Personal Family Lawyer® Firm. 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. That’s why we offer a Life & Legacy Planning® Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.