beast
  • beast
  • Select Member Topic Starter
a year ago
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.


UserPostedImage
a year ago
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.

Go Packers!!!!
beast
  • beast
  • Select Member Topic Starter
a year ago

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.

Originally Posted by: Martha Careful 


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)
UserPostedImage

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.


UserPostedImage
Fan Shout
TheKanataThrilla (14h) : I could actually see Seattle inquiring about Willis.
TheKanataThrilla (15h) : If we took a flyer on a QB, I like Kyle McCord out of Syaracuse. Keep Willis definitely, but don't turn down a good trade.
Mucky Tundra (15h) : RB Kareem Hunt as well
Zero2Cool (16h) : Tyreek Hill also arrested before or during Chiefs time for assault.
Martha Careful (19h) : Kansas City Chiefs wide receiver Xavier Worthy was arrested for assault. They are now even more likely to supplement the WR position
Mucky Tundra (8-Mar) : So weak I had to say it twice!
Mucky Tundra (8-Mar) : But it feels like a weak QB draft class
Mucky Tundra (8-Mar) : But it feels like a weak QB draft class
Mucky Tundra (8-Mar) : I suppose that puts Seattle in play for a QB in the 1st round this year
Mucky Tundra (8-Mar) : Gotta say, didn't see Geno getting traded from the Seahawks
Zero2Cool (8-Mar) : Breer: Seahawks offered the Raiders Geno Smith and DK Metcalf for EDGE Maxx Crosby; Raiders "quickly" declined.
Zero2Cool (8-Mar) : It has 2019 Packers schedule.. yeah, I be slowly coding haha
Zero2Cool (8-Mar) : Finally got the 'new' PackersHome online...
Zero2Cool (8-Mar) : Nice work Seahawks!
dhazer (8-Mar) : wow Geno Smith to the Raiders for a 3rd rounder
Zero2Cool (6-Mar) : Good deal too
Martha Careful (6-Mar) : Maxx Crosby resigned by Raiders
Zero2Cool (6-Mar) : Chargers release Joey Bosa
Zero2Cool (4-Mar) : Appears Jets released Adams. It'll be official in few hours.
Zero2Cool (3-Mar) : We have re-signed LB Isaiah McDuffie
Zero2Cool (2-Mar) : Jets taking calls for Davante Adams. That $38m cap number hurting lol
Zero2Cool (2-Mar) : Guess it's not official until the 12th
Zero2Cool (2-Mar) : Deebo went for a 5th to Commanders?
Martha Careful (1-Mar) : Just like my late husband!!
Zero2Cool (1-Mar) : Once fired up, it should be good
Zero2Cool (1-Mar) : Sometimes, the first page load will be slow. it's firing up the site.
Martha Careful (1-Mar) : The site is operating much faster...tyvm
Mucky Tundra (28-Feb) : It's the offseason and the draft is still nearly 2 months away, what can ya do?🤷‍♂️
Zero2Cool (27-Feb) : NFL teams were notified today that the 2025 salary cap has been set at $279,200,000 per club.
Zero2Cool (27-Feb) : sssllllooooow
Martha Careful (27-Feb) : is it just me, or has the website been slow the last couple of days?
buckeyepackfan (26-Feb) : Damnit 2026 2nd rnd pick!
buckeyepackfan (26-Feb) : Packers get Myles Garret and Browns 2926 2nd rnd pick.
buckeyepackfan (26-Feb) : Browns get Jaire, + Packers #1 2025 pick and 2026 3rd rnd pick.
beast (26-Feb) : Rams trying to trade Stafford and Kupp, then signing Rodgers and Adams? Just speculation, but interesting
Zero2Cool (26-Feb) : Packers shopping Jaire Alexander per Ian Rapoport
Zero2Cool (25-Feb) : Gutekunst and Jaire Alexander’s agent, John Thornton, are meeting this week in Indianapolis to determine the future of the Packers’ 28-year-
Zero2Cool (25-Feb) : Gutekunst says Mark Murphy told him he can trade their first-round pick despite the draft being in Green Bay.
Zero2Cool (24-Feb) : Packers. 🤦
Zero2Cool (24-Feb) : One team.
Zero2Cool (24-Feb) : One team petition NFL to ban Brotherly Shove.
beast (23-Feb) : Seems like he was just pissed because he was no longer the starter
beast (23-Feb) : Campbell is right, he's rich and he doesn't have to explain sh!t... but that attitude gives teams reasons to never sign him again.
dfosterf (22-Feb) : I have some doubt about all that
dfosterf (22-Feb) : I read De'Vondre Campbell's tweet this morning (via the New York Post) Florio says that if he invested his earnings wisely, he will be good
beast (20-Feb) : I haven't followed, but I believe he's good when healthy, just hasn't been able to stay healthy.
dfosterf (20-Feb) : Hasn"t Bosa missed more games than he has played in the last 3 years?
Mucky Tundra (19-Feb) : He hasn't been too bad when healthy but I don't feel like I ever heard much about when he is
Zero2Cool (19-Feb) : Felt like he was more interested in his body, than football. He flashed more than I expected
Zero2Cool (19-Feb) : When he was coming out, I thought he'd be flash in pan.
Please sign in to use Fan Shout
2024 Packers Schedule
Friday, Sep 6 @ 7:15 PM
Eagles
Sunday, Sep 15 @ 12:00 PM
COLTS
Sunday, Sep 22 @ 12:00 PM
Titans
Sunday, Sep 29 @ 12:00 PM
VIKINGS
Sunday, Oct 6 @ 3:25 PM
Rams
Sunday, Oct 13 @ 12:00 PM
CARDINALS
Sunday, Oct 20 @ 12:00 PM
TEXANS
Sunday, Oct 27 @ 12:00 PM
Jaguars
Sunday, Nov 3 @ 3:25 PM
LIONS
Sunday, Nov 17 @ 12:00 PM
Bears
Sunday, Nov 24 @ 3:25 PM
49ERS
Thursday, Nov 28 @ 7:20 PM
DOLPHINS
Thursday, Dec 5 @ 7:15 PM
Lions
Sunday, Dec 15 @ 7:20 PM
Seahawks
Monday, Dec 23 @ 7:15 PM
SAINTS
Sunday, Dec 29 @ 3:25 PM
Vikings
Sunday, Jan 5 @ 12:00 PM
BEARS
Sunday, Jan 12 @ 3:30 PM
Eagles
Recent Topics
6-Mar / Green Bay Packers Talk / wpr

6-Mar / Green Bay Packers Talk / Martha Careful

5-Mar / Green Bay Packers Talk / dfosterf

4-Mar / Green Bay Packers Talk / wpr

4-Mar / Random Babble / Martha Careful

4-Mar / Random Babble / Martha Careful

3-Mar / Green Bay Packers Talk / Zero2Cool

3-Mar / Green Bay Packers Talk / dfosterf

2-Mar / Green Bay Packers Talk / Zero2Cool

1-Mar / Green Bay Packers Talk / buckeyepackfan

1-Mar / Green Bay Packers Talk / wpr

1-Mar / Green Bay Packers Talk / dfosterf

28-Feb / Green Bay Packers Talk / Zero2Cool

28-Feb / Around The NFL / Martha Careful

27-Feb / Green Bay Packers Talk / Zero2Cool

Headlines
Copyright © 2006 - 2025 PackersHome.com™. All Rights Reserved.