A graphic breaking down Myles Garrett's $177.9 million NFL contract went viral this summer because the numbers were enormous: roughly $99 million to taxes and fees, about $78.9 million net. The planning point is not what most people expect. A trust does not make salary tax-free. Salary is salary.
The better question is what happens to the wealth after the tax hit. For an athlete, founder, executive, physician or business owner, a limited liability company paired with a South Dakota nongrantor asset protection trust can turn after-tax income into a protected, long-term structure that addresses creditor exposure, divorce, estate tax and the governance of wealth for children who are not ready to receive it outright. Earning the money is the first play. Protecting it is the game plan.
The full piece is at turnipseed.law.
