Al Davis, majority owner of the Oakland Raiders of the National Football League, died this past weekend. He reportedly did thorough Estate Planning with a skilled Estate Planning Attorney. This may allow the Raiders to remain with his widow and son even after his widow passes. The St. Louis Rams, Miami Dolphins, and Washington Redskins professional football teams were all sold to pay estate taxes when their owners died. Proper Estate Planning can limit or eliminate Estate Tax exposure and let you pass on what you own to your loved ones.
What can you do?
Make sure your Estate Plan is well designed by a skilled Estate Planning Attorney who limits their practice to Estate Planning and that that attorney has a formal update program to keep your Estate Plan current with the law. We know three things will change over time: the law, what you own, and relationships. You will want to make sure your Estate Plan is current in all three areas.