NFL quarterback, Patrick Mahomes, II recently signed a 10 year, $500 million dollar contract; the highest in league history. Although it is not uncommon for elite football players to sign multi-million dollar deals, Mr Mahome’s deal provides him with the type of wealth which requires a multi-generational estate plan. Here are some of the top 5 estate planning strategies Mr. Mahomes needs to do now:
1) Implement advance estate planning utilizing trusts. Trusts can pass on his wealth without public knowledge and save in his case millions of dollars in court fees, taxes and professional service costs.
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