Joe Paterno House Signed to Wife for $1 July 2011

Paterno certainly saw the lawsuits coming. He signed full ownership of the house he owned with his wife, Sue, for $1 in July 2011.

Documents filed in Centre County, Pa., show that on July 21 the Paternos’ house near campus was turned over to “Suzanne P. Paterno, trustee” for a dollar plus “love and affection.” The couple had previously held joint ownership of the house, which they bought in 1969 for $58,000…

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.”

According to documents filed with the county, the house’s fair-market value was listed at $594,484.40. Wick Sollers, a lawyer for Paterno, said in an e-mail that the Paternos had been engaged in a “multiyear estate planning program,” and the transfer “was simply one element of that plan.” He said it had nothing to do with the scandal.

Read the entire story at The New York Times.

Related and Background:

Joe Paterno: Big 10 Trophy – Paterno Name Removed from Trophy

Jerry Sandusky’s Attorney, Joe Amendola Impregnated 16-Year Old

Jerry Sandusky: Innocent of Pedophilia – Guilty of Showering

Jerry Sandusky Providing Young Boys to Big Donors? Poorly Kept Secret

Jerry Sandusky: I Wish I Was Dead: Sandusky Investigated in 1998 – Detectives Listened-in to A Mother Confronting Sandusky

  • ExAFCrewDog

    The finagling of wealthy folks eludes and confuses me since I’m not in that whatever-%, but this does seem a tad strange.