If you were to make a brief list of the most prominent owners in the history of professional football Al Davis would definitely be at or near the top of the list.
Davis became popular for the catchphrase “Simply win, baby,” and throughout the years a number of his groups were indeed quite successful.
The Raiders won an AFL championship before the NFL and AFL merged, and after the merger they won three Super Bowls in four tries. Davis was extremely respected by his peers and was awarded the supreme nod when he was inducted into the Expert Football Hall of Fame in 1992.
Al Davis passed away on October 8, and as an outcome the future of his precious Raiders remained in concern. Many times when a private owns such an important asset his or her heirs must sell it in order to pay the estate tax, which today is carrying a 35% optimum rate; so expert football observers were wondering if the Raiders would wind up staying in the Davis family.
As it ends up, according to reports coming from NBC Sports and the San Francisco Chronicle Al Davis had a solid estate plan in location that will enable the Raiders to stay in his family. Next year his spouse Carol and his kid 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 unrestricted exemption for transfer of property in between couple and this might be part of it. Obviously Carol Davis will be faced with some estate planning challenges going forward.
Although NFL ownership is not typical, numerous Americans own businesses that they have been able to build from the ground up. A great deal of these people want to see their member of the family take over after they die, and some are faced with estate tax concerns like the Davis household. If you would like to develop a solid prepare for the future that keeps the service in the household, take a minute to organize for an assessment with an experienced estate planning lawyer.