Al Davis, the longtime owner of the Oakland Raiders, died on October 8 at his Oakland house at the age of 82. The Raiders have actually fallen on tough times of late, however Al Davis crafted a legacy of winning over his 40 years as Raiders owner. The Raiders won an American Football League champion back before the merger, and after the NFL and AFL combined they captured 3 Super Bowl titles.
Davis ended up being popular for the catchphrase “Just win, baby,” and he was inducted into the Pro Football Hall of Fame in 1992.
The Raiders worth is approximated at around $760 million according to Forbes. Davis offered 20% of his interest in the Raiders numerous years back, and the earnings from the sale are presumably part of his estate. When he died his ownership share was believed to be 47%. There is a 35% estate tax to contend with, and with an exclusion of simply $5 million you are taking a look at a lot of potential estate tax exposure when you examine the Davis situation.
Oftentimes the heirs to such a big ownership portion need to sell the team in order to pay the estate tax. Nevertheless, according to NBC Sports and the San Francisco Chronicle the Davis family will maintain ownership of the Raiders and continue to guide the group next season. Davis’ better half, Carol, and his kid, Mark, will take the helm and the Davis name will continue to be inextricably intertwined with that of the Oakland Raiders.
Pro football franchise ownership puts one in rarefied monetary company to be sure. But many normal Americans own organisations that they want to pass along to succeeding generations too. If you are interested in establishing a prepare for your own Fayette county organisation, just contact a Fayette County estate planning attorney to put an effective company succession technique into location.