Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Many, many people do the same thing. If a person is old they put their childrens names on the deed to protect it from being sold for nursing home costs or to avoid transfer taxes. The guy is like 85 and was always getting hurt during games or practices.
I saw in the local real estate transfers a few people who sold their property for a dollar. Its almost every week. Are you saying they all did this to avoid lawsuits?
I can't defend his actions or lack thereof but lets keep things in persepctive.
Many, many people do the same thing. If a person is old they put their childrens names on the deed to protect it from being sold for nursing home costs or to avoid transfer taxes.
True, but there is a deferment period.
Medicare finally wised up and changed the law years ago to block the transfer of assets to avoid inclusion in Medicare determinations.
People were transferring their assets to their spouses, children or trust funds and then claiming they had no assets and Medicare was getting stuck footing the bills for nursing home and hospitalization. Now (I believe) the deferment period is 7 years, meaning Medicare will consider the assets yours for a period of 7 years after you make the transfer.
Quote:
Originally Posted by Icy Tea
I can't defend his actions or lack thereof but lets keep things in persepctive.
We are. It's highly suspicious. If he was transferring assets to benefit from Medicare or other tax options, his lawyers and accountants would have advised him to do that years ago.
But they didn't.
So why transfer now? It looks like they knew this thing would eventually break and it was CYA time.
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.
Not unusual at all for someone at the age Paterno is (84) to begin transfering title of property to wife's name. Likely it had nothing at all to do with the scandle at Penn State and was a matter of prudent estate planning.
That is probably his "govt worker" house for public consumption. Paterno must have a beachfront mansion in Florida. Where else has he been hiding is money?
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.
Attacking Joe Paterno is unjustified. All he knew was HEAR SAY. The original witness was the one who should have made the complaint to the authorities, but he didn't. He passed it on to Joe Paterno, who passed it to his superiors.
Even the police had investigated Sandusky in the past, and didn't proceed.
If you start police proceedings on hear say, and not sworn testimony, you've just ended justice in America. Oh, right - - - People are guilty if the press says so, even before trial begins. Sorry. My mistake.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
