Rumor has it that Hollywood legend Elizabeth Taylor is close to death after her heart began to fail.

Sources say the 74-year-old Oscar award winning actress is currently bedridden in her Bel Air, California, home.

After learning her health is worsening, Liz reportedly cancelled her annual Easter party and has begun planning her funeral. She is expected to be buried next to one of her former husbands, Richard Burton, in Switzerland.

A friend reveals, "Liz is inching closer to death every day and she knows it. It is not a pretty picture.

"She's not leaving a lot of money to her children. She wants the bulk of her fortune to go to AIDS research."

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