Al Davis, who died on October 8th at the age of 82, was one of the most recognizable figures in the world of professional sports for the past five decades. Different people had different opinions of Davis, but one thing is for certain: He loved the Raiders. Davis was known for the phrase “Just win, baby,” and the reality is that his teams did a lot of it.
The Raiders won the AFL Championship back in 1967 before the NFL and AFL merged. They then went on to win the AFC Championship four times, winning the coveted Super Bowl crown during three of those years. Without question Al Davis earned the respect of his peers, and he was given the ultimate honor when he entered the National Football League Hall Of Fame in 1992.
Because of the federal estate tax it can be challenging for owners of professional sports franchises to keep their teams in the family after they pass away. It takes careful planning to achieve this goal, but according to NBC Sports and the San Francisco Chronicle Al Davis did in fact plan ahead carefully and intelligently in an effort to keep his beloved Raiders in the family. Reportedly, his wife Carol and son Mark will be running the team going forward.
Few people are fortunate enough to live their dreams of professional sports franchise ownership. However, many of us own our own businesses, and your business can mean a lot to you. If you would like to see your business remain in the family and not have a large portion of its value consumed by the federal estate tax, planning is key. The best way to proceed is to sit down with an estate planning attorney, explain your objectives in detail, and execute a plan that grows your legacy into the next generation and beyond.