Lohan has now revealed she was sent a piece of costume jewelry by Taylor, who encouraged her to focus on her acting.
She tells Britain's Daily Mail, "I treasure it (the ring). It came with this beautiful note, hand-written by Elizabeth Taylor, which was very encouraging about my work - and that work is something I should concentrate on. Itâ€™s a costume ring! It has a cognac-colored stone with precious stones set round it.
"After I was sent it, I put the ring, and the letter, away in a safe place so I wouldnâ€™t lose it. But I took them out recently when I was asked to portray her. Itâ€™s a tiny connection to her."
The actress admits she is taking the role extremely seriously and hopes it will give her the chance to resurrect her once glittering career.
She adds, "I realize how important it is not to muck this up. This is my chance to get on with my life."