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STATE COLLEGE, Pa. — Joe Paterno transferred full ownership of his house to his wife, Sue, for $1 in July, less than four months before a sexual abuse scandal engulfed his Penn State football program and the university.
STATE COLLEGE, Pa. — Joe Paterno transferred full ownership of his house to his wife, Sue, for $1 in July, less than four months before a sexual abuse scandal engulfed his Penn State football program and the university.
No, not really.
In Pennsylvania, assets own by the wife can be taken just as if they are owned by the husband under Common Law.
Quote:
Originally Posted by Joe_Ryder
I'm taking a wild guess PA is not a community property state. If it is, that would be kind of a pointless move.
It used to be, but the Supreme Court ruled Communial Property laws unconstitutional.
Quote:
Originally Posted by John1960
STATE COLLEGE, Pa. — Joe Paterno transferred full ownership of his house to his wife, Sue, for $1 in July,
Actually the author of the story is wrong. They transferred managment of the property to the wife, not ownership. From the story
turned over to “Suzanne P. Paterno, trustee”
trustees arent the owners, just the managers. One has to know who the beneficiaries are to determine the owners of trusted properties.
Pennsylvania laws dont allow trusteees to be the sole beneficiary, so one needs to actually review the whole trust agreement to determine who the actual owner is. Tax transfer documents dont reveal this information.
I'm curious. What aare the laws or ownership pertaining to marriage? Even if the house is in her name, can they possibly still take it away? How can he do that?
I'm curious. What aare the laws or ownership pertaining to marriage? Even if the house is in her name, can they possibly still take it away? How can he do that?
A trust doesnt shield ones assets, just hides the owner of record. The only time this would shield their assets is if they then changed the beneficial interest of the property into someone elses name other than husband/wife.
Since assignment of beneficial interests are not public information, we wouldnt know if they can take it away until a judgment is first issued against him, and then a debtor examination hearing is held, where one would be forced to disclose such information like who the beneficial interests of the trust were, or face perjury charges.
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