Paterno Turns Home Over to Wife for $1

[alp227]

Source: NY Times

Joe Paterno transferred full ownership of his house to his wife, Sue, for $1 in July, less than four months before a sexual abuse scandal engulfed his Penn State football program and the university.

Documents filed in Centre County, Pa., show that on July 21, Paterno’s 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.

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.

Paterno, who was fired as the football coach at the university last week, has been judged harshly by many for failing to take more aggressive action when he learned of a suspected sexual assault of a child by one of his former top assistants.

Read more: http://www.nytimes.com/2011/11/16/sports/ncaafootball/in-july-paterno-transferred-ownership-of-home-to-his-wife-for-1.html

[hlthe2b]

1. But of course he did.... Hide those assets, Joe...

But, you might still lose out in the end.

[24601]

8. Real property transactions are reflected in public records - not

exactly how anybody hides things effectively.

We went through a similar transaction where we transferred title of our home a revocable living trust - specifically my wife's trust with both of us as the trustees.

That way, when one of us dies, the home does not have to go through probate with a ($20K) check to probate lawyers. Ownership wouldn't change - just a trustee change.

The property record is available to everyone - and in Maryland before we moved last year, it was online with all kinds of search functions. It showed the old owners (us) the new owner (her trust) and all the relevant transaction information.

And no, we've never been in the 1%. I'm a (GS scale) civil servant, she's a special ed teacher. But 5% of a $400,000 home (after 20 years) is an expense the survivor just doesn't need.

Now, after tomorrow's lotto, We're planning on joining the 1% - I'll let you know how that turns out.

[hlthe2b]

12. the point remains that the house is now sheltered from loss

in the event of a large civil judgement against Paterno. Maybe he did it for routine estate reasons, but I'm guessing this little "advantage" might have at least crossed his mind.

[24601]

19. Very unlikely that it's sheltered from legal attack. When you do

such things for the medicare paydown, the look back period is 5 years.

The Madoff family has a several year lookback liability.

The courts can set aside sham transactions.

But where's there any evidence that this is anything other than what was stated?

[hlthe2b]

21. Real Paterno defender?

;)

Of course I am speculating and can not prove any more than you could ensure that Paterno was NOT advised to do so, predicated on probable civil liability...

Of course neither of us can know for sure--either way. But, no doubt a lot more is to come out.

[ProgressiveProfessor]

24. Estate planning

Not sure how old his wife is or the health of either of them, but that and other moves are easily explained as prudent estate planning having nothing to do with the PSU scandal.

Claw back requires clear criminal wrong doing or compelling evidence of intent to avoid judgement. Going to be very hard to get either of that on JoePA

[davidwparker]

17. +1

[global1]

2. Another One Of Those Coincidences......

just like this scandal didn't break until he won the 409 game.

[aquart]

3. And this is when I hope she divorces him.

And takes it all.

[Poll_Blind]

4. Oh he knows what's comin'

Oh yes he does.

PB

[trickyguy]

5. She should get rid of that low life criminal who

places football scores above the safety of young children.

He deserves whatever he gets. Glad he got fired.

[MaineDem]

6. Verrrrrrry interesting

Timing is everything, isn't it?

[liberal N proud]

7. He knew then that this was coming down

[Renew Deal]

9. The grand jury report clearly states that Paterno testified months ago.

This has been brewing for a while.

[leftyohiolib]

10. he is one slimy scummy pusbag

[OhioChick]

11. Joe knew shit would be hitting the fan n/t

[Sarah Ibarruri]

13. This crap shouldn't be allowed. nt

[stockholmer]

14. the entire Penn State football programme has to be shut down for several years as punishment

The top echelons of power in the institution were complicit in covering up the ass-raping of helpless children, and now the bill for the wages of sin (to borrow a phrase) is due.

[Kingofalldems]

15. He's a Republican. Sandusky is also a Republican.

[brooklynite]

16. I wouldn't know...my wife and I have all joint assets....

even though her income is about 30x mine.

[joeglow3]

27. You might want to do some estate planning

This is pretty routine.

[brooklynite]

28. No kids...no debts...

[Firebrand Gary]

18. So this was planned so that Paterno could still win the Division record. THIS IS DISGUSTING!

(From a few months back)

Joe Paterno, NCAA Football
STATE COLLEGE, Pa. (AP) — Joe Paterno broke Eddie Robinson’s record for victories by a Division I coach with No. 409 in Penn State’s sloppy 10-7 win against Illinois on Saturday.

The 21st-ranked Nittany Lions (8-1, 5-0 Big Ten) overcame six fumbles with Silas Redd’s 3-yard touchdown run with 1:08 to go.

Illinois (6-3, 2-3) drove from its 17 to the Penn State 25, but Derek Dimke’s 42-yard field goal attempt bounced off the right upright as time expired.

Redd had a career-high 30 carries for 137 yards for Penn State, none bigger than his late run set up after Illinois corner Justin Green was whistled for pass interference after breaking up a fourth-down pass for Derek Moye in the end zone.

Among all coaches, Paterno now only trails John Gagliardi, still active at Division III St. John’s, Minn., with 481 victories.

“It really is something I’ve very proud of, to be associated with Eddie Robinson,” Paterno said in a brief postgame ceremony in the media room broadcast to fans still waiting in the stands 10 minutes later. “Something like this means a lot to me, an awful lot. But there’s a lot of other people I’ve got to thank.”

The Nittany Lions’ 84-year-old leader coached the game itself from the press box on a snowy Saturday in Happy Valley that had fans bundled up in winter parkas and hoodies. Paterno’s right leg and shoulder are still sore after an accidental hit in practice in the preseason.

The fourth-quarter flurry surely brought a smile to his face.

After struggling most of the afternoon, quarterback Matt McGloin drove Penn State from their own 20 to the Illini 32 on three long completions before the pass interference call gave the Nittany Lions a second chance.


Redd capitalized four plays later by barreling into the end zone, the crowd erupting in delight.

Jason Ford rushed for 100 yards on 24 carries but Illinois couldn’t capitalize on a slew of Penn State mistakes in a defensive slugfest.

The Illini’s offense wasn’t much better than Penn State, but they got just got enough in the third quarter from scrambling quarterback Nathan Scheelhaase to scratch out a 10-yard touchdown pass to Spencer Harris for a 7-0 lead.

Illinois’ defense held firm from there until Penn State’s late TD drive.

Moye, back after missing two games because of a left foot injury, dropped a third-down pass to groans from the crowd on the winning drive. McGloin went for Moye on fourth down with 1:31 left, and the ball bounced off the receiver’s hands in the end zone — but there was contact bbefore the pass hit hits mark and the interference penalty gave Penn State another chance.

Illinois coach Ron Zook could only wince on the sideline as a once-quiet Penn State crowd burst back to life.

Illinois’ struggling offense couldn’t get untracked again early, going scoreless in the first half for a third straight game. They wasted opportunities deep in Penn State territory following fumbles by Redd at his own 37 in the first half, and quarterback Rob Bolden at the 29 late in the second half.

On that drive, Illinois receiver Ryan Lankford made a pretty tiptoe catch along the sideline from backup quarterback Riley O’Toole for a 12-yard gain to the 12. The play was upheld by replay — and fans in the student section showed their displeasure by tossing snowballs on the field.

The snowballs missed the players — much like most of the passes at Beaver Stadium on Saturday. McGloin was 9 of 24 for 98 yards, while Bolden missed all four of his pass attempts, all in the second quarter.

Illinois still couldn’t take advantage after driving to the 4. An illegal procedure penalty pushed them back to the 9, then holder Tim Russell mishandled the snap on a 26-yard field goal attempt and threw a wobbly pass intercepted by Penn State defensive end Sean Stanley to preserve a scoreless first half.

Scheelhaase finished 9 of 16 for 63 yards, and ran 14 times for 89 yards.

[EC]

20. So is he going to try and declare himself indigent?

The law suits must already be pouring in.

[CoffeeCat]

22. The Grand Jury investigation....

...and testimony have been ongoing for months.

Everyone, including Paterno (and especially Paterno) knew that the shit would hit
the fan sometime in 2011.

They've known about this for months. Nine victims--with a witness seeing a child
being raped--and that witness went to Paterno and nothing was done--while that
raging pedophile victimized more kids.

Joe Paterno is no fool.

It is obvious that he knows that he will be sued seven ways to Sunday.

[RainDog]

29. more than one witness saw a child being raped on more than one occasion

in the first instance, Schultz did not call the police. no police report was ever filed by the University.

in the second instance, the janitor told his supervisor who did not tell anyone. But this incident backs up the first one. Two people totally unconnected saw Sandusky raping two different children.

[IamK]

23. If you parents name you "Wick", your destined to become a lawyer...

[SoapBox]

25. He is really, really concerned about this whole thing...that would be why

he is scrambling to protect his assets.

Civil suits? Jail time? Fines? Take your pick...

Pretty smooth move Joe. Too bad you didn't do some earlier smooth moves, to put a stop to Coach Pervert.

[ProgressiveProfessor]

26. Very common in estate planning

All sorts of moves get made, this could be well part of it. Its a easy bet that most of his assets are tied up in trusts too.

[quakerboy]

30. Thats the part that gets me

Timing doesn't seem to line up to anything else, and wouldn't seem to do any good for the child molester side of things.

But it seems wrong to me that you could shelter assets that way within your family. I assume it was done for tax purposes somehow, and that bothers me. All these types of loopholes and tax trickery seem morally questionable, even if they are legally justifiable and desirable to preserve value within a family.

[ProgressiveProfessor]

32. Tax code seriously sucks

Tax avoidance is legal, even estate taxes. Most loopholes and deductions were actually based on social engineering via the tax code, something that has clearly failed. The system is so complex that the best expertise on it exists outside of the government. While not favoring the Forbes Flat tax nonsense, a serious cleanup is well overdue. I will count any job losses in the tax industry as win for the nation as a whole.

[isuphighyeah]

31. Jesus H. Christ. Paterno knew this was going

to hit the fan. This story is mind boggling.

[KamaAina]

33. Ruh-roh, Rorge...

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.”

[fascisthunter]

34. a filthy man...

[Fresh_Start]

35. when was he summoned/appear at the grand jury?

wondering how closely this was linked in his mind.