Professional Athlete Financial Lifeline
The appropriate financial and investment plans for a professional athlete must be created within the landscape of the unique life and income situation of an athlete. That landscape is that an athlete will live through three different stages in his life. The Playing Stage when potentially large income is being earned and the athlete's tax obligations are large; the Transitional Stage when the income is turned off but the athlete is still a young person, and the Retirement Stage when the athlete is a retired person. The athlete's wealth which is earned over a relatively short period of time must be allocated to provide an income stream in each life stage, while simultaneously balancing the idea that these life stages might be spent as taxable residents of the US, or Canada. Upon death, the athletes wealth will be transferred to heirs and again, there are unique circumstances here depending on which country the athlete is a taxable resident of.
The following schematic is an example of this professional athlete lifeline.