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 difficult times of late, but Al Davis crafted a tradition of winning over his 40 years as Raiders owner. The Raiders won an American Football League champion back prior to the merger, and after the NFL and AFL combined they recorded 3 Super Bowl titles.
Davis became popular for the catchphrase “Just win, child,” and he was inducted into the Pro Football Hall of Popularity in 1992.
The Raiders worth is estimated at around $760 million according to Forbes. Davis offered 20% of his interest in the Raiders numerous years earlier, and the profits from the sale are probably 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 exemption of simply $5 million you are looking at a lot of potential estate tax direct exposure when you examine the Davis situation.
Oftentimes the successors to such a large ownership percentage have to sell the group in order to pay the estate tax. According to NBC Sports and the San Francisco Chronicle the Davis family will maintain ownership of the Raiders and continue to guide the team next season. Davis’ spouse, Carol, and his son, Mark, will take the helm and the Davis name will continue to be inextricably linked with that of the Oakland Raiders.
Pro football franchise ownership puts one in rarefied monetary company to be sure. Numerous ordinary Americans own companies that they would like to pass along to prospering generations. If you have an interest in establishing a plan for your own Fayette county service, just get in touch with a Fayette County estate planning attorney to put an effective organisation succession method into location.