Posted on 07/18/2024 12:51:38 PM PDT by nickcarraway
I would setup a talent agency in Florida. In exchange for $39 million, that agency would provide a specific football player to an NFL team. The agency would fund a retirement account FBO the player per IRS limits. The agency would purchase housing and make it available to the player use for $1 per year. The agency would purchase an insurance policy FBO the player in the event of a catastrophic career-ending injury. The agency would purchase and maintain transportation for the exclusive use of the player. The player would receive a salary of $15,000 per game per year for services as a football player.
This would be with free agents?
The game is officially dead. Chicago should trade him for a decent veteran qb...and 5 draft choices. While he is playing in the watered down ncaa football leagues he looks great. Against fast linebackers and other fast defenses in the NFL...he won’t look so good. Maybe looks good in first year...
He can have a legal residence in any state & just rent during the season.
He DOESN’T WANT TO HAVE MEDICARE TAXES DEDUCTED from his remuneration. I know of people who do this for that purpose.
That or set up a foundation like the Clinton Foundation or Gates Foundation.
He’s going to be a bust, in the neighborhood of JaMarcus Russell.
But what if it is treated as a loan?
They should structure the contracts to pay players the league minimum when they play in high income tax states, and make up the difference for games they play in low or no income tax states. For example/illustration - $20,000 for a game in Chicago, and $2 million for games in Texas and Florida.
As for the LLC thing, I imagine he can do all the side deals, promotions, advertising money in a no tax state.
It is. Especially your assets, because you can separate your personal assets from the business.
I thought athletes and entertainers were already LLCs?
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