Estate Planning Keeping Raiders in Davis Household
If you were to make a 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 popular for the catchphrase “Simply win, infant,” and for many years a lot of his groups were undoubtedly rather successful.
The Raiders won an AFL champion before the NFL and AFL merged, and after the merger they won 3 Super Bowls in four tries. Davis was extremely respected by his peers and was awarded the ultimate nod when he was inducted into the Expert Football Hall of Popularity in 1992.
Al Davis died on October 8, and as a result the future of his precious Raiders remained in concern. Many times when a private owns such an important asset his or her beneficiaries should sell 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 staying in the Davis family.
As it turns out, according to reports coming from NBC Sports and the San Francisco Chronicle Al Davis had a strong estate plan in location that will permit the Raiders to remain in his household. Next year his partner 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, but there is an unrestricted exemption for transfer of property in between other half and other half and this could be part of it. Obviously Carol Davis will be confronted with some estate planning challenges going forward.
Although NFL ownership is not typical, lots of Americans own companies that they have been able to construct from the ground up. A great deal of these individuals wish to see their member of the family take control of after they pass away, and some are faced with estate tax concerns like the Davis household. If you want to establish a strong plan for the future that keeps the organisation in the family, take a minute to schedule a consultation with a skilled estate planning lawyer.