If you were to make a short list of the most prominent owners in the history of expert football Al Davis would certainly be at or near the top of the list.
Davis ended up being well-known for the catchphrase “Just win, child,” and throughout the years much of his teams were indeed quite effective.
The Raiders won an AFL championship prior to the NFL and AFL combined, and after the merger they won three Super Bowls in four shots. Davis was highly respected by his peers and was granted the supreme nod when he was inducted into the Expert Football Hall of Fame in 1992.
Al Davis died on October 8, and as a result the future of his cherished Raiders remained in concern. Typically times when an individual owns such an important asset his/her beneficiaries should sell it in order to pay the estate tax, which today is carrying a 35% maximum rate; so expert football observers were questioning if the Raiders would wind up remaining in the Davis family.
As it ends up, according to reports coming from NBC Sports and the San Francisco Chronicle Al Davis had a strong estate plan in location that will enable the Raiders to stay in his household. Next year his wife Carol and his child 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 endless exemption for transfer of property in between hubby and partner and this might be part of it. Of course Carol Davis will be faced with some estate planning challenges going forward.
Although NFL ownership is not typical, many Americans own services that they have been able to construct from the ground up. A lot of these people want to see their member of the family take control of after they pass away, and some are confronted with estate tax concerns like the Davis family. If you wish to establish a solid plan for the future that keeps business in the family, take a moment to schedule a consultation with an experienced estate planning attorney.