Athlete Relocation Means New State Laws and Statutes
Practically all athlete relocations involve a move out-of-state. Rarely does an athlete get traded or sign with a new team in the same state, and this brings up some new considerations that are worth mentioning and being aware of.
In a perfect world, all states would have the same laws and statutes but unfortunately, that is not the case. Being aware of these new statutes in your new state can literally save you millions of dollars during the time you spend in a new state.
New state equals new tax rules. It is mandatory for your financial success that you are aware of these changing tax rules. If there a state income tax? States like Texas, Las Vegas and Florida have none. Are itemized deductions the same in your new state? Does your new state tax interest income the same as your old?
What are the community property laws in the new state? There are nine community property states. How will that affect your finances in the case of divorce?
And if you have had estate planning done in the past, it should be reviewed by a lawyer in the new state. Some new documents might be required in your new state and you need to be aware of them.
Troublesome? These things don’t have to be. Work with professionals who can guard you against these legal potholes. At Sportsrelocation.com, it is our job to make sure you have a smooth athlete relocation transition from one state….one team…to another.
Sports Relocation, Inc. Sports Relocation, Inc assist players/coaches of all professional sports leagues including the NBA, WNBA, NFL, MLB, NHL, and entertainers relocate nationwide by servicing their Real Estate & Relocation needs. Ikem Chukumerije is licensed to practice real estate in New York, California, Nevada, Florida, & Georgia. Sports Relocation, Inc operates nationwide and provides elite athlete relocation services in all 50 states and internationally.