A Solid Gameplan for Professional Baseball Players

The financial management of the professional athlete involves many unique and complex issues including, but not limited to, multi-jurisdictional tax compliance and planning issues such as asset protection, wealth management and estate planning.

Wealth Management

  • Risk Management
  • Asset Allocation
  • Investment Management

Traditional investment philosophy suggests the younger you are the more risk you can afford to take with your investments. Your career as a professional baseball player is not traditional; therefore, you should have a wealth management plan that is designed for you. Your career will begin with a signing bonus. usually a one-time infusion of wealth. For most, if not all. this is their first dealing with a significant amount of wealth. How you choose to manage this wealth will have an impact on your financial future for years to come. Our philosophy is to treat the signing bonus as life changing money that should be protected from unnecessary risk until your baseball career takes a clear path. If you have a 10 year MLB career, your initial signing bonus will mean little to your overall wealth. but if you don’t it will mean everything. As your career develops and certain risks are removed, the focus shifts to earnings and growth. During your prime earning years, we focus on accumulation of assets to meet the needs of a lifetime or to provide a significant supplement to your future lifestyle. On completion of your playing days, the focus shifts back to capital preservation to protect the nest egg you have created.

Financial Planning

  • Asset Protection
  • Budgeting & Cash Flow
  • Debt Management
  • Financial Analysis
  • Life Decisions
  • Retirement & Post Career

The financial lifecycle of a professional baseball player is unique and requires a plan that is solid yet flexible enough to change at a moment’s notice. On the baseball side of life, players may deal with success, setbacks, trades and other issues that have financial impacts. On the personal side of life, players may get married. have children, purchase homes, create private charity foundations or any range of things that will have a financial impact.

We have developed our financial planning and wealth management models based upon the real experiences of professional athletes and what really happens along the way. Our financial planning will include tax planning/compliance, asset protection, wealth management and other issues and will be individually-based upon your situation.

Tax Planning & Compliance

  • Signing Bonus
  • Residency Issues
  • Business Issues
  • Short & Long-Term Planning
  • Multi-Jurisdictional Tax Preparation
  • Audit Representation
  • Monitor Team Pay Allocation

Taxes play an important role in the overall financial plan of a professional baseball player. The taxes are complex due to multi-jurisdictional issues (paying taxes in states where games are played), impact on investment performance, charitable giving as well as gifting and estate tax issues. The issue of tax planning and compliance begins at the time of the draft with state residency issues and the allocation of the signing bonus between taxable years. We monitor players schedules, time on disabled lists and travel schedules to verify the proper allocation of wages during their playing days.

Taxes are an important factor in overall investment performance. We manage your  portfolios to reduce tax based upon your tax rate, the type of investments in your portfolio. the tim ing and nature of transactions and other financial factors that exist.

Due to their unique circumstances surrounding income and expenses, professional athletes routinely receive audit notices from federal and state taxing authorities – an issue we manage with routine authority.

It is critical that tax planning is an intricate part of your financial and wealth management plan.

Home Office Services

  • Record Keeping & Management
  • Personal Assistance

Some professional baseball players prefer to have their financial records prepared and maintained for them . For many players we will record their revenue and expenses for them from records they provide to us. This allows us to coordinate the athlete’s actual financial performance with financial planning goals and coordinate with tax compliance. Other comprehensive services often include assistance with insurance matters, mortgage applications, household employees or any range of assistance your situation may require.

Estate & Legacy Planning Collaboration

  • Planning
  • Wills & Trusts
  • Insurance Analysis
  • Gifting
  • Charitable Giving
  • Family Foundations

Depending on the length of the athletes career, traditional means of estate planning is often insufficient to handle the desired needs and goals. While traditionally referred to as estate planning, legacy planning involves a broader, more comprehensive approach for boutique clients. Collaboration with the necessary parties to ensure the proper planning takes place is essential.

Asset Custodian

Custody of investment assets for our professional baseball players is maintained at Fidelity Investments. Fidelity is one of the world’s largest custodians with more than $4 trillion in assets under administration. We work with a dedicated service team who understands our business and your needs. Our clients have 24/7 online access to their accounts and can call us or Fidelity at any time to review account information.