Financial Management For Professional Athletes
The financial management of the professional baseball player involves many unique and complex issues. These can range from multi-jurisdictional tax compliance and planning issues such as asset protection, wealth management and estate planning.
The series of issues changes constantly as a player progresses from draft day through the minor leagues to the major leagues and then finally post playing days. In the early years, financial planning focuses on capital preservation to protect the signing bonus as life changing money in case of injury or career changes. Later, upon sufficient major league experience, the focus can shift to asset protection, asset accumulation, charitable foundations and estate/legacy planning for post playing days.
It is crucial for the professional baseball player to seek counsel with financial professionals who have significant experience in all of these issues as it relates directly to the many issues professional athletes face. Mr. Foss and the team at Core Wealth Advisors currently works with over 60 current and former professional baseball players providing the following services:
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