Paterno did this in July. I wonder why...
Paterno did this in July. I wonder why...
Or at least, the home had owned jointly by them and JoePa transferred full ownership to his wife.
This is a not uncommon estate planning technique to try to minimize paying estate taxes. I'm more surprised that they hadn't done this sooner.
NealH wrote:
This is a not uncommon estate planning technique to try to minimize paying estate taxes. I'm more surprised that they hadn't done this sooner.
Really? I think that this is more likely to shield assets to avoid exposure in anticipation of any liability...
This housing crisis is really getting out of control!
I have soldatens who will bulldoze that house down and steal the land if you would kindly provide me with the address. Dankeschön.
NealH wrote:
This is a not uncommon estate planning technique to try to minimize paying estate taxes. I'm more surprised that they hadn't done this sooner.
That is weird, because in my tax classes we were taught that there a very few separate assets in a marriage and she technically owned it already.
NortonMan wrote:
That is weird, because in my tax classes we were taught that there a very few separate assets in a marriage and she technically owned it already.
Yup.
It is a ploy to shield JoePa from liability. Doctors and other in high risk legal situations do this all the time. I know, I'm a doctor.
Wet Blanket wrote:
This housing crisis is really getting out of control!
Heheheh
His wife should be ashamed of herself. She needs to get out there and start brining in money of her own.
NortonMan wrote:
NealH wrote:This is a not uncommon estate planning technique to try to minimize paying estate taxes. I'm more surprised that they hadn't done this sooner.
That is weird, because in my tax classes we were taught that there a very few separate assets in a marriage and she technically owned it already.
The law varies by state, but because Pennsylvania is not a community property state it is possible that Joe owned all of it and that most of his income and assets are also technically his. The estate planning tack is that when one spouse dies they put the maximum amount that is exempt from estate taxes (not sure what the number currently is, maybe 3.5M, maybe less) into trust and then transfer tax free to spouse everything else. The amount in trust can then grow to whatever it grows to without ever paying estate taxes. Then when the second spouse dies, they get the exemption amount again and the remainder is subject to estate taxes. This way they get a double exemption for assets. Where one spouse has more assets then others it is common to try to equalize assets to be sure that the full amount of the deduction can be taken by the spouse with less assets.
What's perhaps slightly odd here is that Paterno probably has all sorts of more liquid assets that could be easier to transfer (inter-spousal gifts are exempt from gift tax). In the more typical situation, the house is a much bigger part of the overall pie.
Dammit! I would of given him $1.50 for it!
NealH wrote:
The law varies by state, but because Pennsylvania is not a community property state it is possible that Joe owned all of it and that most of his income and assets are also technically his.
Actually, according to the news reports, prior to the sale, Paterno and his wife were joint owners. JoePa sold her his 50% stake.
To avoid having the house as one of his assets when the civil suits come down the pike.
Assuming PA follows the Uniform Fraudulent Transfer Act, Mrs. P is going to get sued.
Mr. Mister Mr. wrote:
Assuming PA follows the Uniform Fraudulent Transfer Act, Mrs. P is going to get sued.
That Paterno sold it to his wife for asset protection rather than for "estate planning" is going to be difficult to prove. Especially since Paterno has hired a world-class law firm.
Everyone knows, or will know, why he did it. But the proof in the court of law is different. Ask OJ.
JoePa will go off into the sunset with his large pension, his house intact, and most likely he'll be on a speaking circuit in South Florida where legions elderly Penn St supporters will flock to him, give him money, and tell him what a great guy he is, and that it is the medias fault.
How much for JoePa's shower?
NealH wrote:
Paterno and his wife were joint owners. JoePa sold her his 50% stake.
So does that mean the house is really worth $2?!?!?!?!
I will seduce that sweet thing and it will soon be all mine.
not at bath and body works wrote:
How much for JoePa's shower?
Does it include the loofahs...???
Benjamin Mileikowsky Netanyahu wrote:
I have soldatens who will bulldoze that house down and steal the land if you would kindly provide me with the address. Dankeschön.
Soldaten is the plural you bellend. And danke schoen is two words. Try harder.