Joe Paterno sold house for $1 to wife before Sandusky scandal

Did JoePa know what was coming? House sold for $1 before scandal

11/16/11 in NCAAF   |   Dan_B   |   1067 respect

Good morning, conspiracy theorists. What a week its been for you! It seems as if everyday a new wrinkle to the horrible Penn State abuse scandal comes out. What is today's drama? Well, apparently Nittany Lions coaching legend Joe Paterno transfered the rights to his house to his wife for $1 and "love affection" back in July--four months before the scandal broke. Pete Thamel and Mark Viera of the New York Times have the story.  

Why would Paterno do such a thing? Well some are theorizing that he did so in anticipation of civil lawsuits against him. If he doesn't technically own his house, it isn't subject to the wrath of the civil courts. One expert had a particularly damning quote in the story.

"Lawrence A. Frolik, a law professor at the University of Pittsburgh who specializes in elder law, said that he had 'never heard' of a husband selling his share of a house for $1 to his spouse for tax or government assistance purposes.

'I can’t see any tax advantages,' Frolik said. 'If someone told me that, my reaction would be, ‘Are they hoping to shield assets in case if there’s personal liability?’ ' He added, 'It sounds like an attempt to avoid personal liability in having assets in his wife’s name.'"

Paterno's lawyer said that the move was part of a "multi-year estate planning" program. Regardless, it seems awfully fishy.

What do you all think? 



Notify me by email about comments that follow mine. Preview

11/16/11   |   italysqueenie   |   1278 respect

Well.. With Jo Pa. and his numerous medical misshaps..... hes at the age to where he should be figuring out what to do about his will and estate.. I find no discrepencies in this action at all..Its all a normal part of aging.. The Doctor probably proposed that he should get his affairs in order. such as wills and assets..Its not a pleasant thing to think about but the mans in his 8o's and with Pneumonia and an injuired leg this season and a replaced hip last season.. and a seriouse infection after a routine dental surgery this summer.. hes been in and out of hospital alot the past 2 years......No reason to start pointing fingers and spreading rumors.. theres always a rational reason behind stories on the internet..!!

11/16/11   |   beerstudk   |   1538 respect

Too soon to tell, not all the facts are in... I also find it curious that all this Sandusky buisness comes out AFTER JoePa breaks the record for most games won.....