"Everyone is happy. Unified and together and excited for the future," Priscilla's lawyer said.
Lisa Marie Presley's family has finally struck an agreement in their legal dispute over her trust.
Legal counsels for Priscilla Presley and Riley Keough reached an agreement in a Los Angeles courtroom on Tuesday, May 16, with Riley's side expected to submit a settlement request under seal for both the Promenade and a life insurance trust, PEOPLE confirmed. "They have reached a settlement. Families are happy," Ronson Shamoun, Priscilla's lawyer, told reporters. "Everyone is happy. Unified and together and excited for the future."
Justin Gold, Keough's attorney added, "[Riley] would not have agreed to the settlement if she was not happy with it." The next hearing and approval motion is planned for August 4.
Lawyers for Riley Keough, Elvis Presley's granddaughter, and Priscilla Presley, his ex-wife, announced at a court hearing on Tuesday that the parties had reached a settlement in their family estate dispute, but that the details would remain confidential. https://t.co/s5bAIvPbTw— The New York Times (@nytimes) May 17, 2023
Los Angeles probate attorney, David Esquibias, explained that "most families (high net-worth or not) resolve their disputes privately and settle out of court," adding, "Lawyers are amazingly quick negotiators when they need to be. The parties could have started negotiating yesterday or back in January."
Lisa Marie allegedly had at least $35 million in life insurance policies at the time of her death, according to TMZ. "A 'life insurance trust' is typically created by wealthy people. It is an irrevocable trust that is funded with life insurance," explained Esquibias.
Lisa Marie Presley Had $35 Million In Life Insurance As Estate Battle Brewshttps://t.co/tJxCvrTuIV pic.twitter.com/BHQizYvydH— JASON MATTHEWS (@MFISGURU) January 31, 2023
"For someone like Lisa Marie Presley, a primary objective of a life insurance trust is to avoid tax at death. For example, let's say Lisa Marie Presley died with a total net worth of $13 million, plus owned a $1 million life insurance policy — a total estate of $14 million. Without a life insurance trust, the $1 million of life insurance would be included in her taxable estate — and her estate would pay $400,000 in estate tax," said Esquibias.
Inside Priscilla Presley and Riley Keough's Fight Over Lisa Marie's Trust: 'They Don't See Eye to Eye' pic.twitter.com/YqPINpIBGI— People (@people) March 8, 2023
Priscilla Presley said her family is "stronger than ever" after she and granddaughter Riley Keough reached an arrangement in a Los Angeles courtroom on the late Lisa Marie Presley's trust. "My family has resolved all confusion as it relates to our plea to the court and requests for document interpretation after my daughter Lisa Marie's untimely passing," Priscilla said in a statement shared exclusively with PEOPLE. "Although some media identified such a plea as a lawsuit, I want to make clear that there was never any lawsuit filed against my beloved granddaughter."
Priscilla Presley Says 'Our Family Is Stronger' After Settling Lisa Marie Case with Riley Keough (Exclusive) https://t.co/DJ8d8SQ8IJ— People (@people) May 16, 2023
She continued, "As a family, we are pleased that we resolved this together. My family and I hope that everyone will grant us the privacy we have needed to properly grieve Lisa Marie and spend personal time together. We love and appreciate all of you and the Presley family is stronger than ever."
Lisa Marie Presley, rock icon Elvis Presley's only child with ex-wife Priscilla, died in January at the age of 54 after suffering a sudden heart attack. Priscilla's lawyers filed a suit in Los Angeles disputing the "authenticity and validity" of a 2016 amendment to Lisa Marie's living trust, which left everything she owned to her daughters, Riley, and the 14-year-old twins she shared with Michael Lockwood, Finely, and Harper.
Cover Image Source: Getty Images | Angela Weiss