Joe Paterno and The Land Trust

 

 

By now, everyone on Planet Earth knows the potential problems that Joe Paterno faces with the Penn State sex scandal. A huge lawsuit against him personally could wreck him financially (after 60 years of high earnings and a life time of wealth accumulation). Evidently, Joe learned about asset protection too late in life.

Last July Joe transferred his interest in his personal residence to his wife for $1.00 plus "love and affection" to a trust. Sorry Joe...too late! There is a little thing in state and federal laws called Fraudulent Conveyance (transfers of assets with the intent to defraud, hinder or delay creditors) and it is designed to prevent people from doing exactly what good old Joe did.

You have heard me say this a hundred times...old and cold matters! Think about asset protection before the wolf is at the door. Let Joe Paterno's ineptness serve as an example that you never know when trouble will strike you. In other words, it is too late to buy insurance on your home if your house is already on fire!

Post a comment
Your Name:
Email Address:
Type your comment below

 

  

---