Price and Associates has over twenty years experience in providing legal services to the needs and requirements of professional athletes. We have never been nor to we intend to become sports agents, but instead provide an ancillary value added support to agents, financial advisers, and their clients. The majority of our experience has been with NFL athletes, and we excel in the the following areas including:
Estate and Tax Planning
Wills and trusts to reduce/avoid federal estate taxes, probate costs and delay.
Charitable Remainder Trusts with a tie into private foundations.
501(c)(3) private foundations as the focus of the charitable activities of the athlete. Also employed in coordination with athlete marketing.
A variation on the above, which is called a NIMCRUT, or Net Income Make-up Charitable Remainder Trust, employed as the equivalent of a non-qualified non-Erisa pension plan that not only creates security to the athlete but flexibility as to receipt of payments and protection from creditors.
Traditional domestic and offshore protection trusts. Currently the trend is toward the use of Delaware, Nevada, and other domestic jurisdictions, however, they have not been tested by the full faith and credit provisions of the Constitution. The asset protection would be from potential creditors, ex-spouses, etc. The negatives are increased cost and restricted access.
Family/entourage protection. We create a program (via trust format) to funnel requests for funds from friends and family so as to insulate the athlete from dealing with persistent claims and requests.
Athlete marketing and career development.
This depends on the agent’s desire to be involved in this aspect of the athlete’s career. We have accomplished national marketing contracts for athletes.
Personal appearance preparation. If an athlete is interested in public speaking and personal appearances.
Event promotion and production. We have organized a number of events, and particularly charity golf tournaments for athletes. These would normally benefit the CRT listed above. We do this on reduced time and expense basis. If the athlete is willing to split the proceeds with the Juvenile Diabetes Research Foundation, we reduce our charges to cost only.
Insurance. We also assist in placing disability insurance on all athletes, in particular, college athletes with pro aspirations.
We do agent screening for college athletes.
Pre-College Athlete Counseling
We have counseled high school athletes with regard to college scholarships and MLB contracts.