Jeezy Fanatic Posted March 3, 2020 Share Posted March 3, 2020 I watched this video and think he said pretty early on he put away 70% of his post tax signing bonus. Hopefully he has a good professional helping to manage those savings, and another good professional checking in and auditing the first good professional. 1 Quote Link to comment Share on other sites More sharing options...
naptownskinsfan Posted March 3, 2020 Share Posted March 3, 2020 3 hours ago, turtle28 said: He probably did buy a house for himself and one for his parents. And he gets hit with the gift tax for anything over $16000 on said house for his parents. Quote Link to comment Share on other sites More sharing options...
Thaiphoon Posted March 3, 2020 Share Posted March 3, 2020 31 minutes ago, naptownskinsfan said: And he gets hit with the gift tax for anything over $16000 on said house for his parents. Wait...isn't there a $2M rule on the lifetime amount of gifts you can make to someone tax free? Not sure if that is a money-only rule (so cash or transfers don't count but an actual physical gift does) but I do remember when we were planning my estate that there is something like that. I'll have to go back and recheck. Quote Link to comment Share on other sites More sharing options...
Thaiphoon Posted March 3, 2020 Share Posted March 3, 2020 Personally, they are all grown men and are responsible for their actions. @turtle28 is right that Cooley did it the right way and didn't turn the money over to investors like other players who got swindled did. But again, that initial action was the player's action. THEY made the money The money came to THEM It was THEIR decision to send or spend the money however THEY wished Yes, I understand these guys are young. I was stupid when I was in my early 20s too. Yes, I understand that many of these guys go from nothing to millions overnight. But again, that is on THEM. Making excuses for why a player who earned $100M in his career is flat broke is just infantilizing them. They are grown men. Not babies. They need to take responsibility for their situation(s). Personally, I loved Bill Parcells' way of players saving their $. https://www.foxsports.com/nfl/story/bill-parcells-legacy-remains-in-impression-he-left-on-players-080211 Quote In Vegas recently, I bumped into a former Cowboys player. He had not been a particular fan of Parcells, actually had been influenced by Terrell Owens’ mutiny. When I asked, though, how he was doing, he talked of being good financially, how Parcells had pulled him aside early on and asked what he was doing with his money. He proceeded to give him a speech about living off his game check, saving his bonuses and then living off the interest. It stuck. See above. Parcells would preach to his players to not touch their bonus money. And ONLY live on their game checks. Even a 7th rounder is going to make a salary of around 600k per year (7th rounders typically only get a 60k signing bonus though). But even that 600k vastly outpaces most of the rest of the country. It is ridiculous that players cannot live on as "little" as 600k. 2 Quote Link to comment Share on other sites More sharing options...
MKnight82 Posted March 3, 2020 Share Posted March 3, 2020 19 minutes ago, Thaiphoon said: Wait...isn't there a $2M rule on the lifetime amount of gifts you can make to someone tax free? Not sure if that is a money-only rule (so cash or transfers don't count but an actual physical gift does) but I do remember when we were planning my estate that there is something like that. I'll have to go back and recheck. I think that's only for spouses. 1 Quote Link to comment Share on other sites More sharing options...
Thaiphoon Posted March 3, 2020 Share Posted March 3, 2020 14 minutes ago, MKnight82 said: I think that's only for spouses. Found it! Please ignore any of the text about who signed it (not getting into politics - just found a good link to it to explain the details). https://www.dwt.com/insights/2018/01/trump-administration-signs-2017-tax-act Quote B. Federal Gift Tax. The Act also doubles the federal gift tax exemption from $5M to $10M per individual. The gift tax exemption is also indexed for inflation, so the actual gift tax exemption starting January 1, 2018 will be $11.2M per person. Starting on January 1, 2018, individuals may make up to $11.2M of gifts during lifetime without incurring any gift tax. As is the case with the federal estate tax, this increased exemption will revert back to the $5M (as adjusted for indexing) level starting in calendar year 2025, unless the increased gift tax exemption is extended by Congress and the President. But it also lists here the gift tax again...which is confusing a bit. So I think it is a difference of an actual object versus money. Quote D. Annual Gift Tax Exclusion. The annual gift tax exclusion will increase in calendar year 2018 to $15,000 per donee from the 2017 $14,000 level. This exclusion is in addition to the federal estate/gift tax exemption. Quote Link to comment Share on other sites More sharing options...
bigdog44 Posted March 4, 2020 Share Posted March 4, 2020 Yea I’m not feeling bad for anyone who blows through that kind of money. I’m sure the NFLPA and a couple guys in every NFL locker room has some good advice and resources for any player who gives a darn about what to do with his money. 1 Quote Link to comment Share on other sites More sharing options...
Slateman Posted March 4, 2020 Share Posted March 4, 2020 Youth may be wasted on young people, but money is wasted on old people. 1 Quote Link to comment Share on other sites More sharing options...
turtle28 Posted March 4, 2020 Share Posted March 4, 2020 On 3/3/2020 at 2:11 PM, Thaiphoon said: Found it! Please ignore any of the text about who signed it (not getting into politics - just found a good link to it to explain the details). https://www.dwt.com/insights/2018/01/trump-administration-signs-2017-tax-act But it also lists here the gift tax again...which is confusing a bit. So I think it is a difference of an actual object versus money. Damn, I should’ve been a baller. Quote Link to comment Share on other sites More sharing options...
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