https://www.nbcsports.com/nfl/profootballtalk/rumor-mill/news/bill-parcells-gave-4-million-to-his-former-players-who-were-in-need

Bill Parcells gave $4 million to his former players who were in need

Maybe Bill Parcells always seems a litte grumpy so that no one will ask him for money. Because when his former players do, he gives it to them.

In all, he has given a lot of money to his former players.

Appearing Friday on WFAN, former New York-area sports writer Gary Myers explained that Parcells gave millions to former players, with no expectation the money would be repaid.

“Bill has loaned out $4 million to 20 players that played for him, who come to him in this financial crisis,” Myers said, via Ryan Glasspiegel of the New York Post. “Bill knows when they come to him it’s a last resort.”

Myers said he asked Parcells why he would do that, given that Parcells also didn’t expect to get his money back. Said Parcells to Myers: “These guys have sacrificed so much for me with their bodies and their commitment.”

Maybe Bill Parcells always seems a litte grumpy so that no one will ask him for money. Because when his former players do, he gives it to them.

In all, he has given a lot of money to his former players.

Appearing Friday on WFAN, former New York-area sports writer Gary Myers explained that Parcells gave millions to former players, with no expectation the money would be repaid.

“Bill has loaned out $4 million to 20 players that played for him, who come to him in this financial crisis,” Myers said, via Ryan Glasspiegel of the New York Post. “Bill knows when they come to him it’s a last resort.”

Myers said he asked Parcells why he would do that, given that Parcells also didn’t expect to get his money back. Said Parcells to Myers: “These guys have sacrificed so much for me with their bodies and their commitment.”

It’s one of the stories in Myers’s forthcoming book, Once A Giant: A Story of Victory, Tragedy, and Life After Football. It focuses largely on the 1986 Giants, the team Parcells led to the franchise’s first Super Bowl win.

“People are going to find out how Bill Parcells has made this transition from a guy who had love-hate relationships with his players to the patriarch of that ’86 team, now that Wellington Mara has been gone for awhile and Bill has had his 82nd birthday recently,” Myers said, per Glasspiegel.

Now that the cat is out of the bag regarding the Big Tuna’s generosity, he should probably keep his phone turned off. And not just because people will be contacting him for a quote or two. The quickest way to become a target for requests for money is to become known as someone who has a habit of giving it away.

That said, Parcells apparently is willing to do what he can to help those who played for him, whether with the Giants, the Patriots, the Jets, or the Cowboys.

“He’s put away money he needs for the rest of his life, he’s given money to his kids, and what he has left he’s designated to help those close to him who need it,” Myers said.

Maybe other coaches are already doing the same thing for their former players, and we just don’t know about it. Or maybe other coaches will read this and become inspired to help their former players who have fallen on hard times — especially if those hard times arise from the overall physical toll those players absorbed while answering the coach’s call to run straight into the tangle of bodies that has left their own bodies broken.

Watch out Bill...the IRS will want documentation of those loans...that is that they weren't gifts.
If not:

-
They will be counted as income for the recipient and they would have needed to file the year the gift was given.

-
At $4mm for 20 people, that is an average
of $500k.


-
Should they not repay , any amount above 14k year goes against his lift-time exemption for gifting heirs

-
Should he forget to count those gifts, some of his heirs will be paying 35% on their inheritance.

Martha Careful;459309Watch out Bill...the IRS will want documentation of those loans...that is that they weren't gifts.
If not:

-
They will be counted as income for the recipient and they would have needed to file the year the gift was given.

-
At $4mm for 20 people, that is an average
of $500k.


-
Should they not repay , any amount above 14k year goes against his lift-time exemption for gifting heirs

-
Should he forget to count those gifts, some of his heirs will be paying 35% on their inheritance.

I'm pretty sure the Gift tax is on the person that gave the gift, not the person that received the gift. So if you give a single individual a gift of more than $17,000 (for 2023, it can change every year), you then need to pay taxes on the amount over $17,000 (or $34,000 if you are filing jointly).

So if you're gifting someone cash above the Gift Tax amount, then put it in a trust and gift it to them over a number of years (or at least consider that option).


Also for the Shawshank Redemption fans, you might remember there are certain exceptions or exemptions if you know what you are doing (PS: My understanding is the reality number for the time frame of the movie should of been $30,000, not $60,000)
[img=https://y.yarn.co/c5db2723-4c86-41e7-87b2-994b6f5e970d_text.gif]Money money money[/img]

Now, if a person gets a loan, and defaults on the loan, then the person owed can deem it to be "not likely to be collectable" and (I'm totally missing a key word or phrase), but when that happens, they can then deducted it, but then the person that defaulted would have to count it as income that year on their income. Which if it's a huge amount, then it's possible the person might go in bankruptcy.

But a freaking ton depends on the language put in the loan.


Notes: I'm not a tax expert, and do not rely on anyone over the Internet for advice unless you are double checking them.

Also this is my opinion for federal level taxes, but please remember State and Local can be exactly the same or totally and completely different than the Federal level. And even worse if you're mixing multiple states or locations in there.

Sometimes I've been curious to see the breakdown of some pro players taxes, just to see how freaking complex they get. Dealing with multiple states and cities and depending on the sport, different countries.