Income Tax Deductions Professional Athletes and Their Managers Must Know About

TAX & LEGAL Planning for Pro athletes

Professional atheletes are great at making money but often lack the support and guidance they need to effectivelty keep it. Some Asset Protection issues address active threats, like lawsuits, others address more passive and predictable issues like income and estate taxes. This article provides a simple summary of taxation issues that professional athletes, their managers […]

Warren Sapp files for bankruptcy – $100K a month income won’t float his bills

HABITS OF WEALTH

Wealth is finite and fragile – we try to teach those we work with some simple basics, like the “habits of wealth”, the value of liquidity and being able to pay your bills for an extended period of time if your cash flow stops, as his might in August when his contract expires.  It’s not just […]

Asset Protection FAIL – NHL Player has Minimum Legal Auto Insurance in Accident

THE DANGER OF

It’s hard to believe but it’s true. NHL player Matt Moulson (who has  a $9MM Million dollar contract with the New York Islanders) slammed his Escalade  into a Subaru last year and injured the other driver. Not surprisingly, she and her attorney have declined his insurance carrier’s $25,000.00 offer. Yes, $25,000 is all the insurance he was carrying.   […]

Man found dead in NFL player’s pool

THE DANGER OF

NFL player has guest die in pool during party. This creates liability and the possibility of wrongful death lawsuit against him that he has likely NOT been prepared for by his manager, agents or estate planner. His home-owner’s insurance is likely to be inadequate.

Film Producer Ordered to Pay $3 Million in Sexual Harassment Suit

THE DANGER OF

The headline could have read 100 different ways, with “Producer” substituted with “CEO” , “Athlete” or even “Doctor”. Imagine this was you, or the CEO or an exeuctive of your closely held business. I won’t pretend to know all the facts of the case, but I know that this type of claim is often an […]

The Common Traits of Long-Term Wealth – Staying Rich

Ike Devji, J.D. I have been fortunate to work with some of the most successful people in America through the course of my career. All of them excel at something; medicine, business, real-estate development, science, and even the arts. What this vastly diverse crowd has in common (besides money) though are a set of traits […]

Why Professional Athletes and Entertainers May Start to Avoid the UK

Debra Callicut CPA

Guest Column By Debra Callicut Partner Henry & Horne, LLP It has been reported that Usain Bolt turned down an opportunity to run at a UK athletics event as the tax he would suffer filing as a nonresident earner of the UK could have potentially exceeded his UK earnings.  The reason behind this apparent unfair tax […]