Davis Household Will Retain Ownership of Raiders
There are few if any National Football League franchise owners who had the kind of long-lasting success that Al Davis had the ability to accomplish.
He took the helm of the franchise back in 1970 and his achievements are truly exceptional. The Raiders won a champion in the old AFL, and after the NFL and AFL merged they recorded 4 AFC championships.
That, naturally, simply gets you into the Super Bowl. Once you’re there you have to win it to truly make your mark in history. The Raiders had the ability to take house the huge enchilada on 3 of those 4 occasions, and this level of excellence assisted to make Al Davis a Hall-of-Famer.
A few weeks ago Al Davis died in Oakland at the age of 82. At the present time the estate tax exemption is $5 million and the maximum rate of the tax is 35%. The Raiders are worth about $760 million according to Forbes, and Davis supposedly controlled 47% of the team. If you do the mathematics you’re looking at a huge estate tax expense unless certain precautions are taken, and numerous families would need to offer the team to pay the tax if they were to inherit such an important asset.
Whether you were a fan of Davis or not, you have to appreciate his love for and commitment to the Raiders. As you may anticipate, Al Davis had a solid estate plan in place that will allow his spouse Carol and his kid Mark to keep ownership of the franchise. The Davis name will undoubtedly be connected with the Raiders going forward according to NBC Sports, and this is something that numerous individuals enjoy to see.
Few of us are confronted with possible estate tax costs in the 10s or numerous countless dollars. Lots of Americans own organisations that suggest a terrific offer to them. If you are amongst them and you would like to see your company bied far to future generations, connect with an estate planning lawyer who has a background in organisation succession planning.