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Don’t Drop the BallDon’t Drop the Ball

What planners for professional athletes need to know

20 Min Read
Don’t Drop the Ball

Financial and legal advisors representing professional athletes (pro-athletes) confront the following unique challenges in protecting and building their clients’ wealth:

 

• Relatively short earnings horizon—The average career spans from 3.5 to 5.6 years, and the prime earnings period from athletics is limited. Additionally, certain pro-athletes may suffer career-ending injuries early in their professional experience.  

• Unrestrained spending habits—Generally, pro-athletes’ spending on luxury goods, such as vehicles and residences, especially in the initial period of their careers, may outstrip their earnings.   

• Limited financial literacy—Many pro-athletes are recruited from high school or college and aren’t well-versed in investing or b...

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About the Authors

K. Eli Akhavan

Managing Partner, Akhavan Law Group LLP

 

K. Eli Akhavan is a managing partner of the Akhavan Law Group LLP. He was previously an associate in Moses & Singer's Trusts and Estates and Asset Protection practice groups. Eli counsels clients on sophisticated domestic and international estate planning, including advising high-net-worth individuals on their tax, wealth preservation and estate planning needs. He also provides guidance on business succession planning, asset protection trusts, and charitable planning. 

Before joining Moses & Singer, Eli was an associate at a prominent Long Island law firm where he represented clients on matters concerning asset protection planning, business succession planning, income taxation and charitable gifting. Prior to that, Eli was an associate at a major New York City law firm and counseled clients on complex partnerships, joint ventures and general taxation matters. 

Jonathan I. Shenkman

President, Shenkman Wealth Management

Jonathan I. Shenkman, President, Shenkman Wealth Management.