There are few if any National Football League franchise owners who had the type of long-term success that Al Davis was able to accomplish.
He took the helm of the franchise back in 1970 and his achievements are truly exceptional. The Raiders won a champion in the old AFL, and after the NFL and AFL combined they captured 4 AFC champions.
That, of course, just gets you into the Super Bowl. When you exist you need to win it to really make your mark in history. The Raiders were able to take home the huge enchilada on 3 of those 4 occasions, and this level of excellence helped to make Al Davis a Hall-of-Famer.
A couple of weeks ago Al Davis died in Oakland at the age of 82. At the present time the estate tax exclusion is $5 million and the maximum rate of the tax is 35%. The Raiders deserve about $760 million according to Forbes, and Davis reportedly managed 47% of the group. If you do the math you’re looking at an enormous estate tax costs unless certain safety measures are taken, and many households would have to offer the group to pay the tax if they were to inherit such a valuable asset.
Whether you were a fan of Davis or not, you have to appreciate his love for and commitment to the Raiders. As you may anticipate, Al Davis had a strong estate plan in place that will enable his better half Carol and his boy Mark to keep ownership of the franchise. The Davis name will certainly be connected with the Raiders going forward according to NBC Sports, and this is something that many individuals are delighted to see.
Few of us are faced with prospective estate tax expenses in the 10s or hundreds of countless dollars. Many Americans own businesses that mean a fantastic deal to them. If you are amongst them and you wish to see your company handed down to future generations, contact an estate planning attorney who has a background in organisation succession planning.