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Decanonized Mythologized Disgraced Ped State Monster Coach Joe Paterno (Zombie Icon)

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Anyone else find it somewhat ironic that JoePa broke the all-time record in Wins THEN this scandal broke... I don't know, just seems like they knew about it, but didn't want to break it until he had the record. Just my IMO.
 
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Joe is doing a little financial planning.

Paterno Transferred Ownership of Home

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.

Some legal experts, in trying to gauge the legal exposure of the university and its top officials to lawsuits brought by suspected victims of the assistant, Jerry Sandusky, have theorized Paterno could be a target of civil actions. On Nov. 5, Sandusky, Penn State?s former defensive coordinator, was charged with 40 counts related to the sexual abuse of eight boys over 15 years. Paterno, 84, was among those called to give testimony before a grand jury during the investigation, which began in 2009.

Experts in estate planning and tax law, in interviews, cautioned that it would be hard to determine the Paternos? motivation simply from the available documents. It appears the house had been the subject of years of complex and confusing transactions.

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.?

Two lawyers examined the available documents in recent days. Neither wanted to be identified because they were not directly involved in the case or the property transaction. One of the experts said it appeared to be an explicit effort to financially shield Joe Paterno. The other regarded the July transaction, at least on its face, as benign.
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cont'd
 
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Muck;2037222; said:
Apparently they didn't have a chapter on "fraudulent conveyance" at Paterno State law school.
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"Joe Paterno transferred full ownership of his house to his wife, Sue".

I dunno. "Suzanne P. Paterno, trustee" indicates that his shit belongs to some trust now, rather than his wife personally.
 
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Gatorubet;2037323; said:
"Joe Paterno transferred full ownership of his house to his wife, Sue".

I dunno. "Suzanne P. Paterno, trustee" indicates that his shit belongs to some trust now, rather than his wife personally.
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Could just be a grantor trust.
 
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Zander42;2037607; said:
$600k for that house?! In rural PA? Not unless it's sitting on 100 or so acres.
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If that assessment is from the municipal tax assessor, they often overestimate home values in order to increase tax revenues - I know for damn sure that mine does. And in the State College property market, realistically speaking, the fact that a house was owned and lived in by Joe Paterno would probably increase its real-market value considerably, although a tax assessor really shouldn't take that into account.
 
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http://www.wwtdd.com/2011/11/joe-paterno-sold-his-house-to-his-wife-for-1/

Joe Paterno sold his house to his wife for $1



When the Jerry Sandusky scandal first broke, Joe Paterno said, "If true, the nature and amount of charges made are very shocking to me and all Penn Staters," and, "If this is true we were all fooled."
Oh that poor man! Sandusky fooled him! Paterno had no idea any of this was happening! And yet, as reported by the 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.
According to documents filed with the county, the house's fair-market value was listed at $594,484.40.
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Hmm. Well I bet law professors hear about husbands selling a house to their wife for $1 all the time. It's probably just for tax purposes.
Lawrence A. Frolik, a law professor at the University of Pittsburgh, said that he had "never heard" of a husband selling a house to his wife for $1 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."
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So is that why he did it? To make sure those greedy parents couldn't sue him in civil court just because he helped protect a pedophile rapist from the law? When asked about this earlier today, Paterno said?
"Well those little kids didn?t cover their ass so now I have to cover mine."
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No he didn't really say that. That would have been a good joke though.
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