If you were to make a short list of the most influential owners in the history of expert football Al Davis would definitely be at or near the top of the list.
Davis became well-known for the catchphrase “Simply win, child,” and throughout the years a number of his teams were undoubtedly rather effective.
The Raiders won an AFL champion prior to the NFL and AFL combined, and after the merger they won 3 Super Bowls in 4 shots. Davis was highly respected by his peers and was granted the ultimate nod when he was inducted into the Professional Football Hall of Fame in 1992.
Al Davis passed away on October 8, and as an outcome the future of his precious Raiders remained in concern. Often times when an individual owns such an important possession his or her successors should offer it in order to pay the estate tax, which today is bring a 35% maximum rate; so expert football observers were questioning if the Raiders would wind up staying in the Davis family.
As it turns out, according to reports originating 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 family. Next year his better half Carol and his child 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 between couple and this might be part of it. Naturally Carol Davis will be faced with some estate planning challenges going forward.
Although NFL ownership is not common, many Americans own organisations that they have actually been able to construct from the ground up. A great deal of these individuals would like to see their relative take control of after they die, and some are faced with estate tax problems like the Davis family. If you wish to establish a strong prepare for the future that keeps business in the family, take a moment to schedule an assessment with an experienced estate planning lawyer.