If you were to make a brief list of the most influential owners in the history of professional football Al Davis would definitely be at or near the top of the list.
Davis became famous for the catchphrase “Simply win, baby,” and over the years a number of his teams were undoubtedly rather effective.
The Raiders won an AFL championship prior to the NFL and AFL merged, and after the merger they won 3 Super Bowls in 4 tries. Davis was extremely respected by his peers and was awarded the supreme nod when he was inducted into the Specialist Football Hall of Popularity in 1992.
Al Davis passed away on October 8, and as a result the future of his precious Raiders remained in question. Often times when an individual owns such an important possession his/her beneficiaries should offer it in order to pay the estate tax, which right now is carrying a 35% maximum rate; so professional football observers were wondering if the Raiders would wind 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 remain in his household. Next year his spouse Carol and his son Mark will take over and continue the Davis professional football legacy.
Exactly how the estate was structured has not been exposed, however there is a limitless exemption for transfer of property between couple and this might be part of it. Of course Carol Davis will be confronted with some estate planning challenges going forward.
Although NFL ownership is not typical, numerous Americans own businesses that they have had the ability to build from the ground up. A great deal of these people wish to see their relative take over after they pass away, and some are faced with estate tax problems like the Davis household. If you want to develop a solid plan for the future that keeps business in the household, take a moment to schedule an assessment with an experienced estate planning lawyer.