There are couple of 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 amazing. The Raiders won a championship in the old AFL, and after the NFL and AFL merged they caught four AFC champions.
That, naturally, simply gets you into the Super Bowl. Once you exist you have to win it to truly make your mark in history. The Raiders were able to take home the huge enchilada on three of those four celebrations, and this level of quality helped to make Al Davis a Hall-of-Famer.
A couple of weeks ago Al Davis passed away in Oakland at the age of 82. At the present time the estate tax exemption is $5 million and the maximum rate of the tax is 35%. The Raiders are worth about $760 million according to Forbes, and Davis apparently managed 47% of the team. If you do the math you’re looking at an enormous estate tax expense unless specific precautions are taken, and numerous households would have to sell the group to pay the tax if they were to acquire such an important asset.
Whether you were a fan of Davis or not, you have to respect his love for and dedication to the Raiders. As you may expect, Al Davis had a solid estate plan in place that will allow his other half Carol and his son Mark to maintain ownership of the franchise. The Davis name will certainly be linked with the Raiders going forward according to NBC Sports, and this is something that many individuals are pleased to see.
Few people are confronted with potential estate tax bills in the 10s or numerous countless dollars. Nevertheless, lots of Americans own organisations that indicate a lot 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.