Division 1 scholarship college athletes are unable to earn money while participating in amateur athletics. However, there are also rules in place that prevent players from turning professional when they so, please>.
This brings up the discussion of whether or not it is fair to athletes that the NCAA prevents college athletes from turning pro to earn money, as they also can’t profit while still in school. The place to start in this conversation is what athletes need to do in order to be eligible for professional leagues – it differs from sport to sport.
Baseball: Athletes can be drafted directly from high school. However, if they choose to go to college, they can’t go pro until after their junior year.
Football: High school football players can not turn professional. All athletes must be removed from high school for at least three years.
Basketball: Athletes cannot be drafted directly from high school. Players must be at least one year removed from high school and be 19 years or older. This means they can either play a year professional overseas or go to college for at least one year.
It wasn’t always this way though – at least in basketball. In the past, high school players weren’t required to go to college. For example, LeBron James was drafted directly from St. Vincent-St. Mary’s in 2003.
There is a chance these rules will be changed in the future for college athletes, but what can college athletes do to protect themselves in the meantime? One of the best options is to secure an insurance policy. Athletes should seek the assistance of a sports attorney to ensure the policy meets their needs. Before this college football season, Louisville quarterback Teddy Bridgewater took out a $10 million insurance policy to protect against injury and future lost earnings.
Portability of estate and gift tax enables a surviving spouse to inherit any unused portion of their deceased spouse’s federal estate and gift tax exemption. So, if one spouse doesn’t utilize their full exemption, the surviving spouse can effectively double their exemption amount with regard to estate tax liability. For married couples, portability offers a […]
Pet Trusts in New Jersey and New York: A Practical Estate Planning Tool
For many of us, pets are more than companions—they are members of the family. Yet they are often overlooked or inadequately provided for when it comes to estate planning. A pet trust offers a legally enforceable way to ensure that your animal continues to receive proper care if you become incapacitated or pass away. As […]
For many New Jersey business owners, a closely held company represents decades of work, financial investment, and personal sacrifice. Trusts in business succession planning are one of the most effective tools for protecting that value, allowing founders to control how and when the business passes to the next generation while reducing the risk of disputes, […]
Read Before You Sign: IT Contract Pitfalls Every NJ Business Should Know
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Non-disclosure agreements (NDAs) remain a critical tool for protecting sensitive business information. However, New York NDA requirements have evolved, and businesses must ensure these agreements are carefully drafted to remain enforceable. In a competitive market like New York City, NDAs are commonly used to protect proprietary information, client relationships, and strategic plans. At the same […]
How Courts Evaluate Testamentary Capacity and Undue Influence Will contests in New Jersey are difficult to win, given the strong presumption that a properly executed will reflects the testator’s intent. However, challenges based on lack of testamentary capacity and undue influence remain common, particularly where there are concerns about mental capacity or the involvement of […]
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