WHERE HAVE YOU GONE, CHIP HILTON? Using a Combination of Deferred Compensation and Loan Method Split Dollar in Tax Planning for Professional Sport Signing Bonuses

Gerald Nowotny - Law Office of Gerald R. Nowotny
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This article focuses on tax planning for professional athletes who receive substantial one-time signing bonuses. The sad reality is that most professional athletes will never have another opportunity to earn that level of income money beyond their playing days. A combination of misspending and heavy taxation places many professional athletes in a difficult situation in retirement to match their debilitating physical ailments.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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