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NBA rookie sets aside salary in a trust

The tales of former professional athletes burning through substantial amounts of money is nothing new. In fact, ESPN created a 30-for-30 documentary, “Broke”, that chronicled some the most painful (and troubling) tales of money lost during and after an athlete’s career is over. With 78 percent of former NFL players and 60 percent of former NBA players declaring bankruptcy within five years after their retirement, money mismanagement is arguably an epidemic.

Against this backdrop, it is unusual, yet encouraging, that one NBA player is creating a trust to protect his financial future. Michael Carter-Williams, according to the Philadelphia Inquirer, is diverting part of the salary he is earning through his rookie contract to a trust. 

Carter-Williams, who was the 11th overall pick in this year’s NBA draft, is scheduled to make $4.5 million over the first two years of his contract. While the specific amount (or the type of trust being used) was not reported, the use of a trust early in his career is certainly worthy of headlines.

In general, trusts are legal entities that are created that allow one person to safeguard property (whether it is real estate, money or other assets) for the benefit of another person. They are commonly used by parents who want to set aside property that will be transferred to their children. Among the many benefits of a trust, the property within it commonly does not have to pass through probate.

There are a number of different trusts available to people who need to protect property. For more information on which trust will best serve your needs, contact an experienced estate planning attorney.

Source: ABC, “Philadelphia 76ers rookie Michael Carter-Williams can’t touch his money,” Susana Kim, December 3, 2013

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