Lisa Marie Pressley died earlier this year, but although she inherited a fortune of over $100 million, she too left behind over $2.5 million in taxes. Unfortunately those taxes do not go away upon her death. The cash and stocks she had will first go the IRS and then the beloved Graceland which her mother and daughter are now battling ownership over may also be used to pay the left over taxes that her cash and stocks don’t cover.
In 2013, although spending more than she had, she stated she did not want to sell Graceland and said: “Graceland was given to me and will always be mine. It will be passed onto my children. It will never be sold.” However, that may never come to be.
Now that it is part of Lisa Marie’s estate, the IRS gets to be paid first. Hopefully proper estate planning will prevent that so that Lisa Marie’s wishes will come true, but without that, the IRS will get to lien it and seize it.
If you owe back taxes, don’t think they will go away. Don’t leave things to chance and let us help you work out a plan to protect your assets , your pay check, your bank accounts, and catch up with past back taxes on your own terms.