There are few if any National Football League franchise owners who had the kind of long-term success that Al Davis had the ability to attain.
He took the helm of the franchise back in 1970 and his achievements are truly impressive. The Raiders won a champion in the old AFL, and after the NFL and AFL combined they captured four AFC champions.
That, of course, simply gets you into the Super Bowl. Once you exist you have to win it to really make your mark in history. The Raiders were able to take home the big enchilada on three of those 4 events, and this level of excellence helped to make Al Davis a Hall-of-Famer.
A few weeks ago Al Davis passed away in Oakland at the age of 82. At today time the estate tax exclusion is $5 million and the optimum rate of the tax is 35%. The Raiders are worth about $760 million according to Forbes, and Davis apparently managed 47% of the group. If you do the mathematics you’re looking at a huge estate tax costs unless certain safety measures are taken, and numerous households would need to offer the group to pay the tax if they were to inherit such an important asset.
Whether you were a fan of Davis or not, you need to appreciate his love for and dedication to the Raiders. As you may expect, Al Davis had a solid estate plan in location that will allow his better half Carol and his son Mark to maintain ownership of the franchise. The Davis name will indeed be linked with the Raiders going forward according to NBC Sports, and this is something that many people more than happy to see.
Few of us are faced with prospective estate tax expenses in the 10s or numerous countless dollars. However, lots of Americans own organisations that indicate a good deal to them. If you are amongst them and you would like to see your organisation handed down to future generations, connect with an estate planning attorney who has a background in company succession planning.