If you were to make a brief list of the most prominent owners in the history of expert football Al Davis would definitely be at or near the top of the list.
Davis ended up being famous for the catchphrase “Simply win, infant,” and over the years much of his teams were indeed quite effective.
The Raiders won an AFL champion before the NFL and AFL combined, and after the merger they won three Super Bowls in four tries. Davis was highly respected by his peers and was awarded the supreme nod when he was inducted into the Professional Football Hall of Popularity in 1992.
Al Davis passed away on October 8, and as an outcome the future of his cherished Raiders was in concern. Many times when a specific owns such an important possession his/her heirs need to offer it in order to pay the estate tax, which right now is bring a 35% maximum rate; so professional football observers were questioning if the Raiders would end up remaining in the Davis family.
As it turns out, according to reports coming from NBC Sports and the San Francisco Chronicle Al Davis had a solid estate plan in place that will allow the Raiders to stay in his family. Next year his spouse Carol and his boy Mark will take control of and continue the Davis professional football legacy.
Exactly how the estate was structured has actually not been exposed, however there is an endless exemption for transfer of property in between couple and this could be part of it. Naturally Carol Davis will be faced with some estate planning challenges going forward.
Although NFL ownership is not common, lots of Americans own businesses that they have actually had the ability to develop from the ground up. A lot of these people would like to see their household members take over after they pass away, and some are faced with estate tax issues like the Davis household. If you wish to establish a strong prepare for the future that keeps the company in the household, take a moment to schedule an assessment with an experienced estate planning attorney.