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Estate planning for wealthy athletes and common mistakes

On Behalf of | Jan 28, 2014 | Inheritances

It is no secret to Nevada readers that professional football players occasionally make poor financial decisions, especially with estate planning. Young athletes often make hasty financial decisions, but many find it tempting when given access to large amounts of money after entering the National Football League. It is particularly important that anyone who suddenly receives a large amount of money carefully begins financial and estate planning.

One of the biggest mistakes that professional athletes make is failing to consider the future. Many athletes, or any young person making a large amount of money, may not always think about the fact that their present income may have to provide for financial support for the rest of their life. Another common mistake includes spending too much money and failing to consider what will happen when their career is over. This can also happen when young people enter the workforce for the first time and begin making money, even if it is not a large income.

Football players and other professional athletes are not the only group prone to poor financial planning. Everyone should plan for the future — especially by means of estate planning and saving — but it is especially important for those who have large salaries. Nevada residents should consider this, particularly for those with risky careers, much like football players.

Estate planning does not always include factors such as writing a will. It can involve saving for the future, placing money in safe investment funds and developing a contingency plan for the future. Professional athletes are not the only group who need to plan for the future; this need encompasses every career field.

Source: lifehealthpro.com, The 6 biggest estate planning mistakes NFL players make, Maria Wood, Jan. 27, 2014