Sports &
entertainment
Tax advice and wealth management & preservation to sportspersons and entertainers.
The sports and entertainment industries have always had a particular appeal, for a variety of reasons – be it the fame, the money, coverage – everyone wants to be in this space.
The truth is that a lot of traps can come with fame, money and prestige and I have seen sportspersons or entertainers lose everything they had built over a number of years, in just a couple of months.
According to Sports Illustrated, 78% of NFL players who are retired for only two years file for bankruptcy, and after five years of retirement, 60% of NBA players suffer the same fate. These figures are shocking and reiterate the need for proper financial planning amongst sportspersons.
The concept of wealth preservation is important for any client operating in any industry, however, more consideration needs to be given to the presentation of wealth for sportspersons and entertainers, for several different reasons.
Their career is typically extremely short. When compared with other industries and occupations, the career of a sportsperson or entertainer, and the income generating window is extremely limited, ending in their mid 30s when, suddenly, revenues could drop considerably, sometimes disappear completely.
Planning is key, planning early is crucial. Whether we are looking at tax planning or wealth management, it is important for individuals in these industries to plan early.
Solutions
Tax Residence
Together with our tax team, we advise clients on optimal tax solutions and also assist them in the process of obtaining tax residence.
Image Rights Companies
Setting up and managing IRCs for sportspersons and entertainers. Ensuring the right structures, substance and advisors in place.
Trust Structures
Assisting clients in setting up trusts and acting as Trustees, as such vehicles continue to be seen as the ideal vehicle for planning and wealth management & preservation.
Management Companies
Setting up, managing and advising management companies within the two industries.
Capabilities
Tax
Trusts
Immigration
Structuring
