[cbkaty]

It seems to me that this may qualify as a huge gift. Since the IRS limits gifts to $12,000 per year per person, the remainder would be subject to the gift tax.....

The IRS makes it difficult to "give away" assets without them getting their cut.....

[Auntie Dem]

It seems to me that this may qualify as a huge gift. Since the IRS limits gifts to $12,000 per year per person, the remainder would be subject to the gift tax.....

This is a fraudulent conveyance, pure and simple. Any of Fuld's creditor's could, and would attack this transfer as a scheme to defraud creditors.

If this bozo does or will owe federal taxes the IRS will still go after the home, even if it's "solely" in the name of the wife, and even if they file separate returns.

I'm surprised someone allegedly as sophisticated as this schmuck would try such an amateur stunt.