I have Premiere Elements 14/14.1 on Windows 8.1 64 bit with video card/graphics card = Intel HD Graphics. So far for long time, no problems.
From your details, my first impression is that your particular AMD video card/graphics card is at the core of the problem. I do not see Error 87 often. When I have, it has been associated with an ATI/AMD video card/graphics card problem.
This one involved Photoshop CS6 64 bit - Windows 8.1 - ATI Driver
This one involved Premiere Elements 11 - Windows 8.1 - ATI/AMD Driver
Have you attempted to contact AMD Customer Service for input on its driver?
Please consider the above, and, as your time permits, let us know the outcome.
I am happy to report that renaming atig6pxx.dll did indeed work even if I for the life of have no clue as to the reason...
Great news. Great job.
It is unfortunate when the whys do not fall into place, but we are grateful when the solution does.
Thank you for taking the time to explore the online suggestions, gain your success using them, and reporting what worked for you.