Elvis and H.L. Hunt: A Story of Two Kings

The ‘King of Rock ‘n Roll’, Elvis Presley died in August 1977 with an estate valued $10 million.  This was considered a respectable fortune.  Unfortunately, Elvis’s will went through probate and, after three years of legal wrangling, the court ruled the estate should go to his only daughter, Lisa Marie.  But after taxes and legal fees, Elvis’s estate was reduced by 70% to just $3 million.

The ‘Oil King’, H.L. Hunt, was one of the richest men in the world in 1957 with a fortune estimated between $400-700 million.  He built his fortune by trading poker winnings for oil rights and he inspired the TV series, Dallas.  Hunt’s net worth was $5 billion when he died in 1974.

Fortunately, this ‘king’ was a little more organized.  He had diversified his assets into all sorts of legal structures – life insurance, funds, commodities, you name it.  The only asset that could be linked to H.L. Hunt after he died was a Chevy pick-up truck worth $2,000.

Moral of this story:  Everyone needs to get smart on financial planning and economics, especially those with modest assets.  You have control over your wealth.  You – not the government or the banks – decide what happens to your assets.  That’s important to remember in these days of financial doom and gloom.

We all have two options, as this story of two ‘kings’ illustrates:

1) Do Nothing.  We live in a time where more and more of your assets will be swallowed up in taxes, creditors and inflation.  Your financial assets and estates are at risk of being slashed; and your heirs could end up getting only a small part of what you’ve built for them.

2) Take Control.  Like the ‘Oil King’, strategically organize your assets and plan your estate.  Everything H.L. Hunt did was above the law.  He organized his assets using legal strategies that made it impossible for anyone to seize them. This approach means you can enjoy more of your money today, protect your retirement nest egg from further crises and still leave behind something to your heirs – all without the pain of a huge tax bill or expensive probate process.

The decision is a no-brainer.  This is especially true now, when you consider that never before in the history of the U.S. have your financial assets been more vulnerable than they are today.

The fact that you’re reading this indicates you’re already on the right track.  Educate yourself about economics and financial planning.  Seek advice from those who are financially successful.  Take control of your financial life before it’s too late!

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