Your child just went pro. Now you’re looking at a whole new set of responsibilities, many of which have nothing to do with the game itself. And it can be overwhelming. That’s where a coordinated financial team comes in. Just like your new pro athlete has a team on the field, your coordinated financial team is the team off the field. A financial team for athletes supports the complex, behind-the-scenes financial responsibilities that come with going pro. Read on to learn more about the services they tend to offer.
- A financial team is your rookie’s behind-the-scenes dream team. They help coordinate financial planning efforts with qualified tax, legal, and other professionals.
- They also coordinate taxes, trusts, and real estate, so your athlete can focus on the game.
- A wealth management advisor can help take stress off your plate, and support the coordination of your young pro’s life and career plans.
Taxes: playing smart on and off the field
Figuring out tax savings can feel like a puzzle. That feeling is amplified for athletes. Most people earn income in one place, which keeps taxes simple. Athletes earn money in different cities, states, and sometimes countries, with every game, endorsement, or appearance potentially taxed.
On top of that, athlete careers are short. That means most lifetime earnings happen in a tiny window, so one missed deduction or mistake can cost way more than you might expect.
That’s where a wealth management advisor steps in. They help coordinate all of an athlete’s tax and financial complexities using a two-part strategy: tax planning and tax compliance.
Tax planning is the “building wealth on purpose” part. It focuses on tax-aware planning in coordination with CPAs, with the goal of helping your athlete keep more of their money. That could mean exploring strategies such as contributing to retirement accounts, writing off business expenses from side projects or personal brand work, or evaluating the timing of bonuses. It also involves setting up systems that help money flow efficiently, like structuring endorsement deals, tracking per-diem and travel reimbursements, or coordinating multi-state income. And it’s thinking long-term: evaluating real estate, trusts, or career transitions, all in coordination with qualified professionals.
Tax compliance is the “keep everything clean” part. It’s making sure every form is filed correctly, deadlines are met, and all the tricky rules from multi-state pay to international withholding are followed. It also covers the details that can trip people up, like per-diem, travel expenses, and equipment write-offs. Coordinating income reporting across states and countries prevents double taxation and IRS surprises.
When both pieces work together, your athlete is better positioned to reduce the risk of costly oversights.
Trusts: protecting the playbook
Trusts aren’t just for billionaires. They’re a smart way to make sure your athlete’s money is safe, growing, and used the way they actually want. A wealth management advisor can work with estate planning attorneys to help establish trusts for all kinds of reasons:
- Planning for the future: Making sure your athlete can pass money to family members or future generations without it getting lost or wasted.
- Giving back: Supporting charities or causes they care about, while considering potential tax implications.
- Protecting minors or dependents: Help ensure money decisions are made responsibly until kids or other beneficiaries are ready to manage it themselves.
Trusts are also flexible. Your athlete can decide exactly how and when money is used, from timing distributions to naming professional advisors to manage investments. It’s about control, protection, and planning ahead.
Here’s how this looks like in the real world: Let’s say your rookie wants to set aside part of a signing bonus for a sibling’s education or other family needs. A wealth management advisor can help coordinate with an estate planning attorney to establish a trust so that money grows safely over time, stays protected from unplanned spending, and is released according to the trust’s terms and objectives. That means all the guidance, encouragement, and sacrifices you’ve made won’t be undone by one impulsive decision.
Simplify life off the field
Going pro is exciting, but it comes with a lot of moving pieces. From coordinating with your trusted tax and legal professionals to offering financial planning guidance, Apogee Professionals coordinate with qualified tax, legal, and other professionals to keep life organized so your new pro athlete can focus on their game.
Real estate: securing home field advantage
Buying a home isn’t just about comfort. It’s also an investment. A wealth management advisor can help athletes evaluate considerations related to property purchases, management, and resale strategy.
Let’s say your rookie wants a new home near their draft city. Your wealth management advisor can help you consider tax implications and project resale value, so the home is both comfortable and financially smart.
Your athlete worked hard to get here, and now they have a team to support them with informed financial decisions for their assets.
Behind every athlete is a team
Your child’s hard work got them here, and your support got them this far. A wealth management advisor ensures all that effort continues to pay off by taking the financial tasks off their plate. With the day-to-day financial tasks taken care of, your athlete can focus more on the game and the rest of their goals.
The information provided is for educational purposes only and is not intended as specific tax or legal advice. Individuals should consult with their own qualified tax and legal professionals regarding their personal circumstances.
CRN202903-10600846