Estate Planning For Athletes
Having a proper estate plan is extremely important to ensure that your wealth and assets are properly passed down to one’s beneficiaries. It also means financial planning so that the transfer of assets occurs at the most beneficial tax rates. For most clients, estate planning covers wealth that is accumulated over many years. However, professional athletes accumulate their wealth early in life and in a short period of time, sometime. It is critical for professional athletes to create an estate plan early in their career.
Professional athletes have special considerations when establishing their estate plan, including the need to review it often and make appropriate changes as needed. Many factors change and evolve for the professional athletes, and proper estate planning includes:
· Domicile state planning
· Heirs and beneficiaries
· Licensing rights contracts and commercial endorsement deals
· League collective bargaining agreements that may limit an athlete’s earning potential after the current contract expires
· Marital agreements
· Life Insurance planning
· Disability planning, including revocable living trusts, living wills and health care proxies
· Revocable and irrevocable trust considerations
· Asset protection
Leaving their assets unprotected without an estate plan is one of the biggest mistakes a professional athlete can make. Professional athletes with an estate plan will avoid the expense and publicity of their domicile state’s probate system. This is why TBH Sports acts as your financial coach to be sure all pro athletes have an estate plan. Call us today for a no-obligation discussion concerning the estate planning needs of professional athletes.