Paterno Sold His House To His Wife For 1 Dollar

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.

This is a flat lie and you know it!

OJ, Micheal Jackson, Casey Anthony, Bernie Getz, LA Cops beating down Rodney King. Great company!

FiddyToo wrote:

Innocent until proven guilty people, remember that. WE ARE PENN STATE.

asu guy 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.

This is a flat lie and you know it!

Huh? This is a common estate planning technique. As I noted above, it can help to equalize spousal assets to take maximum advantage of the exemption amount. I can't say I am familiar with the Paterno's personal financial situation to know whether this is truely the case in their situation, but there is absolutely no disputing that what they did is a common.

Those sneaky WOPS have been up to no good since the Romans were raped by the Turks.

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.

what's weird here is that it took place this summer, well after the law changed as of december 2010.

at this time, there is a $5 million per person exemption and it is portable. the portability is the key here. it used to be a use it or lose it thing, so if he died first and all assets passed to his wife, then his exemption would go poof without being used. with portability, if his exemption is wholly unused, then it gets added to his wife's, and she has a $10m exemption upon her death.

so while it's true that transferring, upon the death of the first spouse to die, assets that are likely to appreciate can still be beneficial, it is only true if the assets are transferred to someone other than the second spouse.

long story short, this move makes no sense under current estate tax law. in fairness, the current law is set to expire in 2013, and no one knows what will happen to estate tax law after that. (although most observers believe we will keep a $5 million exemption and portability).

as for the shielding from liability point, this also makes no sense. unless they think they could face liability that would cover all of their liquid assets and investments, the house would never be an issue.

so in sum, i do think it was an estate planning thing, even though i think it was a pointless move under current law.

No she didn't own it. She owned half of it. Now she owns all of it. Big difference.You would have to be a bit paranoid to think that they knew 5 months ago that this was going to happen given it had been covered up for a decade.

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.

asfadsf wrote:

You would have to be a bit paranoid to think that they knew 5 months ago that this was going to happen given it had been covered up for a decade.

I was going to post this in response to everyone saying it's to shield himself from lawsuit damages.

We all know why. He knew the train was coming. He was only worried about one thing. Himself (i.e. his rep, PSU fball rep)

PSU is now Pedophile State University

It seems everyone their knew there was a pedophile and did nothing. The PSU police knew, the janitors knew, JoePa knew, Even a female barber in happy valley told the ap

"there have been rumors for several years.."

Joe Pa knew when any of his players jaywalked. And you koolaid drinking idiots want me to believe even though there were well documented first hand accounts of abuse on campus, and the asst coach told him...but you believe he should be left alone?

Really?

What if we found a 90 year old Nazi in Ohio who killed Jews in WWII?

Should we just say the dame for him?

Jo Paterno knew kids were getting raped and worried more about the PSU rep and his own rep than he did about the kids.

Wow - we have the credible testimony of someone who works in a bar in State College, PA. Well damn, that's good enough for me for them all to swing ... "there's been rumors for years".

I'm sure at this point NO ONE would ever talk to the media saying they've heard something in the past just to get a few minutes of fame or onto youtube.

TK1451 wrote:

asfadsf wrote:

You would have to be a bit paranoid to think that they knew 5 months ago that this was going to happen given it had been covered up for a decade.

I was going to post this in response to everyone saying it's to shield himself from lawsuit damages.

I would think a subpoena from a grand jury would be sufficient to suggest that this was going to come to light and there could be a claim of personal liability.

How much would JoPa's wife have paid in estate taxes absent this transfer?

Retard wrote:

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.

Vielleicht steht ihm eine Armee zur Verfugung.

I read that Paterno bought his house for roughly 60K many years ago. I assume he has millions somewhere and will be spending a lot of it for legal reasons. Does anyone know if he has other homes, donates to charities, or just saves his money?

[quote]asfadsf wrote:

No she didn't own it. She owned half of it. Now she owns all of it. Big difference.

You would have to be a bit paranoid to think that they knew 5 months ago that this was going to happen given it had been covered up for a decade.

[quote]NortonMan wrote:

paranoid? that he did this approximately 3-4 months after he testified for the grand jury? yeah, that's paranoid, no coincidence there. this old fing man is a disgrace and all he cared about was his own guido image and the thousands who flocked to him like he was god. these wops don't care about anything and anyone but themselves and their own self interests. you people just can't get over how you bought his phony ballony story for the last 40 years.

Oh Boy, you're a doctor and know it all. How pathetic are you being a STUPID doctor in these days who has time to post on these boards. Think about it. You're stupid!

Dick Fuld did the same thing w/ his Florida home right after Lehman went bust. Its common when you believe the end is near.

Md MD MD wrote:

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.

I highly doubt that.

My personal belief is that Paterno thought he did everything that he was required to do - which was to report it up the chain of command.

But we know that's not enough.

I do believe that what's happening is a HUGE burden on him, and that he'll not last much longer than a year or two given the stress he's under. He's not a Florida type of guy. Hell, the guy has already outlived his life expectancy; and with this kind of stress, it's likely it'll be his doom.

I'm looking for a house now. Wish I had a JoePa to sell me one for a dollar.

TK1451 wrote:

asfadsf wrote:

You would have to be a bit paranoid to think that they knew 5 months ago that this was going to happen given it had been covered up for a decade.

I was going to post this in response to everyone saying it's to shield himself from lawsuit damages.

How long ago did Mark Madden break this story? Wasn't it at least 5 months ago?

Md MD MD wrote:[/

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.

Double yup and this was the first thing that came to my mind. Not a doctor but know one very well...;)