Paterno sold house to wife for one dollar
Shamed football coach and deity to some may not be as squeaky clean as his worshipers may have imagined as the sordid tale of Jerry Sandusky, Penn State Pervert, continues to unravel.
Apparently “Joe Pa” wasn’t thinking about football in the months leading up to his firing for the role he played in the Sandusky cover up.
Here’s the latest:
Joe Paterno, a God like figure according to some football fanatics, transferred full ownership of his $594,000 home to his wife, Sue, for $1 a few months before the Penn State scandal exploded, the New York Times finds. Legal experts believe that the football coach—who was fired last week and admitted that he could have done more when he learned of an alleged sexual assault on a boy by one of his top assistants—could face civil actions, and suspect the July transfer may have been an attempt to shield Paterno’s assets.
A law professor at the University of Pittsburgh says he has never heard of a home being transferred to a spouse for $1 for tax reasons. “I can’t see any tax advantages,” he added. “If someone told me that, my reaction would be, ‘Are they hoping to shield assets in case of personal liability?’ It sounds like an attempt to avoid personal liability in having assets in his wife’s name.” A lawyer for Paterno says the transfer had nothing to do with the scandal, and was simply one element in a “multi-year estate planning program.”
What do you think? Did big Joe Paterno have an idea that things might get rough in the months to come?
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Lawrence Frolik, said to be a law professor at Pitt, was quoted as an “expert” in Pete Thamel’s story on the house transfer. He said he had never heard of such a transfer as a tax planning measure and thus it just had to have the purpose of escaping liability in a lawsuit. Back to law school, “Professor.”
Interesting indeed MR. Rockford. Thanks.
If his lawyer neglected to advise him to transfer the property to his spouse, it would be malpractice.