Athletes, Entertainers & Creative Professionals
From worldwide concert tours, to smash hit Broadway productions, to major amateur and professional sports organizations, EisnerAmper understands the rapid pace and unique financial issues of highly talented athletes, entertainers, and creative professionals.
As such, we take a custom approach to meet each client’s specific needs. We provide business management, financial planning, tax minimization, personal budgeting, and advisory services.
Our practitioners review your information through an objective lens, maintaining the highest level of confidentiality. Our ultimate goal is to enhance the quantitative and qualitative aspects of your personal brand.
EisnerAmper’s integrated team includes accounting, tax, and other professionals with decades of experience providing financial advisory services to athletes, actors, authors, designers, photographers, musicians and others in the sports and creative and performing arts fields such as directors, producers, screenwriters, cinematographers, songwriters, conductors, singers, newscasters and broadcast executives. These professionals hold a variety of advanced degrees and accreditations (CPA, CFP, JD, RIA, CFE, CIRA, and NFLPA-Registered Player Financial Advisor.)
Our services include:
Business Management
For most high net worth individuals, time is their most precious commodity. Whether entrepreneurs, professionals, entertainment or sports executives or personalities, or those that inherited wealth, all share a common desire to have their personal financial affairs handled with the highest level of integrity and professionalism.
Contract Review
Our professionals can review the structure of and business objectives within various contracts, including player, performance, personal service, licensing, and endorsement. Taking a long-term view we:
- Assist in contract evaluation, negotiation, and dispute resolution
- Advise on licensing, joint venture and profit-participation proposals
- Conduct royalty contract compliance audits and protect intellectual property
- Review expense reimbursements and income opportunities from endorsements, personal appearances and awards
- Review tax minimization provisions
- Review state and international tax credit optimization and utilization
Financial Planning
We understand that the career lengths for those on the athletic or performing arts stages can be less predictable than of someone in a more traditional profession. It requires we take a holistic, proactive approach to financial planning:
- Manage cash flow and debt
- Establish and monitor annual budgets
- Create a long-term retirement and asset-accumulation plan
- Provide risk management and asset protection via an insurance strategy
- Advise on life and health insurance planning and long-term disability
- Review estate and inheritance plans
- Advise on power of attorney
Investment Advisory
EisnerAmper analyzes your portfolio to maximize returns and identify cost- and risk-reduction opportunities. We then implement an investment strategy tailored to your financial goals and risk tolerance. To maintain a cycle of excellence, we regularly analyze performance and rebalance portfolios when prudent.
Investment Proposal Review
Athletes, entertainers, and creative professionals often have business opportunities offered to them, many of which are unsolicited. Our practitioners carefully review proposal documentation including cash outlay, loan covenants, rate of return, personal risk exposure, transaction structure and entity formation (limited liability company, partnership, corporation).
Forensic, Litigation and Valuation
With higher risk exposure than the average person, athletes, entertainers, and creatives can be targets for litigation. Our advisors will:
- Assist your legal counsel on litigation issues
- Assess the economic impact of proposals or settlements
- Provide forensic accounting, discovery and expert testimony
- Monitor and provide strategies in cases of financial distress or bankruptcy
Tax Planning
EisnerAmper can develop a 360-degree tax strategy to maximize deductions in order to minimize tax exposure, as well as maintain compliance with taxing authorities:
- Advise on multi-state issues including tax domicile and state tax reciprocity, duty days for athletes and other consideration
- Prevent global double-taxation for non-U.S. athletes and entertainers
- Suggest business structure for greatest flexibility and protection, (e.g., limited liability company, partnership or corporation)
- Examine deductions such as agent and professional fees
- Minimize tax attributable to retirement income and deferred compensation
- Create tax strategies for philanthropy, foundations, or charitable trusts as well as estate planning
- Advise on audits
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