RICHMOND, Va., Oct. 30 — With the opening of the 2008 NBA season, Samuel Dalembert of the Philadelphia 76ers is on top of his game. The 6'11" starting Center reached career highs last season, averaging 10.7 points and 8.9 rebounds in 82 games. Dalembert also is rebounding from an unsatisfactory financial situation two years ago to this year having a net worth in the millions, thanks to a new partnership with a trusted network of financial advisors.
"When Sam approached us in 2005, his financial situation was not unique," says Steve Piascik, CPA, M.T., founder and president of Piascik & Associates, P.C., a team of certified public accountants and financial planners experienced in serving professional athletes and other high wealth individuals. "Like most professional athletes, NBA players are faced with the challenges of high income and demands from family members, friends and investors who approach them in attempts to share in this wealth. Piascik & Associates understands the pressures these athletes are facing, and we help them find the best solutions."
In just two years, Piascik & Associates has built a trusted relationship with Dalembert, from tax minimization services to bill payment and estate planning. The firm has increased Dalembert's net worth by millions. As an investor in real estate properties and multiple equity accounts, Dalembert now turns to a team of advisors, which includes Piascik, for due diligence before he invests in anything.
With dozens of existing athlete clients in the NFL, NBA and MLB, Piascik & Associates has successfully managed to reduce athletes' combined federal and state tax rates anywhere from 3% to 10%.
"NBA athletes will accumulate wealth in a short window of their life," notes Piascik, who also is among a handful of registered financial advisors to the NFL Players Association. "With average salaries for NBA starters reaching upwards of $3.5 million and the playing lifetime just three to four years, the financial decisions NBA players make today will have the greatest impact to them and their families' financial success in years to follow."