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?