Bill Davidson leaves behind his family, the professional teams he built including the NBA Detroit Pistons, and NHL Tampa Lightning and a $1.9Billion tax bill!
Read the story from the Detroit Free Press here.
This story grabs my attention because I grew up loving the Bad Boys from Detroit as the two-time NBA Pistons team was referred to in the 90’s. And Bill Davidson the owner made the games fun to attend and cheer on.
It also grabs my attention because people too often assume that the ultra-wealthy have their estates well in order. I do not know the particulars of this case or situation and will not make assumptions as to the details.
From reading the story, however, it appears that many of the planning strategies were delayed until the final years of his life perhaps when Mr. Davidson believed he did not have much longer to live.
By personal experience and in working with families and studying cases like these for years this is one of the worst things that can be done… delay, wait or do nothing.
The number one way to remove estate tax from being paid or even becoming a complicated issues… take fast action and do it sooner than later!
If you’re having trouble taking action on planning strategies, then find a specialist who can help you.