This article originally appeared on Yahoo.com on April 14, 2024, by Jonathon Morrison.
Frazer Ryan Goldberg & Arnold LLP, a leading law firm specializing in tax, trust, and estate planning, is proud to announce a new estate planning strategy tailored specifically for professional athletes. This initiative, spearheaded by Attorney Jonathon M. Morrison, aims to address the unique financial challenges and opportunities faced by athletes in today’s competitive sports environment.
With the sports industry witnessing unprecedented growth and athletes securing record-breaking contracts, the need for specialized financial and estate planning has never been more critical. Frazer Ryan Goldberg & Arnold LLP recognizes the gap in the current financial planning landscape for athletes, many of whom experience financial difficulties post-retirement despite earning significant incomes during their careers.
Attorney Jonathon M. Morrison, leveraging his extensive expertise in estate planning, introduces the use of Optimized Charitable Lead Annuity Trusts (OCLATs) as a cornerstone of this new strategy. OCLATs are designed to maximize philanthropic impact while ensuring financial stability and growth for the athlete’s estate. This approach not only allows for significant tax advantages but also supports long-term wealth preservation and legacy building.
The firm highlights the alarming statistics regarding financial instability among retired athletes and underscores the importance of proactive and strategic financial planning. By adopting OCLATs, athletes can achieve their philanthropic goals, secure their financial future, and protect their wealth from potential creditors, all while benefiting from considerable tax deductions.
Frazer Ryan Goldberg & Arnold LLP is committed to providing comprehensive support to professional athletes, their advisors, and sports managers through this innovative estate planning strategy. The firm’s dedication to offering advanced solutions for high-net-worth individuals positions them as a trusted advisor in the sports and entertainment industry.
Athletes and their management teams are encouraged to contact Frazer Ryan Goldberg & Arnold LLP to explore how this tailored estate planning strategy can benefit their financial and philanthropic endeavors. Additional information and resources are available on the firm’s website, designed to guide professional athletes through the intricacies of estate planning and wealth management.