Quote Originally Posted by MissyM View Post
I never thought there was anything sneaky about the trust. It was the financial aspect. Also I thought that inheritance taxes had to be paid right away (I think with-in 9 months in TN) but Graceland didn't open untill much later. Also I don't look at auctioning things off with a grim eyeglass. Those things can be handle by very classy auction companies.
I also wonder why it was allowed to get to such a point and why it wasn't done sooner. I am fully aware that relatives lived there but since Delter was still alive when it opened anyway, that can't be the reason.
So Vernon dies in 79 and and it takes that long to open it up??
Well here is the deal too. Since Minnie Mae was alive untill 1980, by waiting to open it up till after her death all profits could go to Lisa. In other words Minnie Mae although was in the will, she didn't get a thing. (or her heirs) Again, I'm not sure that is what Elvis would have wanted. But that's just another opinion of mine.
The bigger the estate the harder it is to appraise what the value of it all and so that takes time-since the IRS at first appraised the estate at 4.5 and then much later climed the 22 million figure- perhaps the reason for the lag in time was due to the IRS not being prompt with there estimate of the estates worth. The State of Tn. would more than likely be waiting for the IRS Federal figures before settling on their end. (realizing the IRS always figures high on tax issues which bring money into their coffers-the scoundrels) The estate also could have filed a protest-saying the estate was not worth what the IRS was saying. Things like this can be in court for years. Any appeals of the figures would slow down the whole process. Once again the time line is not anything out of the ordinary for a high profile estate where its much more complex than a say the average Joe.
An extension can be granted on the Federal Inheritance tax-don't know much about the Tn. state Inheritance Tax but I'm sure there are extensions granted for them also if its necessary.
As far as Minnie Mae I don't think anyone tried to defraud her. (IMO) she was taken care in every way until she died-their was no other provision for her. But their was a provision for taking care of Lisa, or any lawful children after Vernon and Minnie died-which included closing the trust on her 25th b-day and turning over the estate to her. If Minnie had lived to 150 she would have been taken care of and provided for. But I see no provision for her to actually inherit property, or for the estate to be split between her, Vernon and Lisa at some point in time.
I know some people may think "she was left a third of the estate which should have been handed down to her descendants"-there is nothing in the will that says this (that I can gather from reading from the provisions.)
But she and Vernon would would have been take care of -forever in the style they were accustomed too if she could have lived forever. After they died the "estate in trust" was set up to be divided among any lawful children equally when they reached the proper age.
If someone related to Minnie can find a provision that states- Minnie and her heirs were to get a third of the estate-they need to take it to an estate lawyer and get his opinion. If that lawyer sees any hope of that being the situation he will take it to court in a heartbeat, on a contingency basis. His fee will cost them nothing- unless he wins the case then the agreed on fee (and expenses) will come from the settlement with EPE.