Paterno's House

Joe Paterno transferred full ownership of his house to his wife sue for $1 back in July, four months before the Sandusky scandal broke.
I bring this up not because I think Paterno was trying to avoid the consequences of a civil suit against him -- that's too much of a stretch.
I'm sure this was just part of his estate planning for his impending death.
I'm more interested in the real aspect of it.
The Paternos bought the house for $58,000 in 1969. A pretty hefty sum in those days. The fair-market value of the house currently is $595,000. Which ihttp://www.blogger.com/img/blank.gifs a very nice house, especially in State College. The average home value there is $202,000 according to the latest Coldwell Banker survey of home prices in college football towns.
It's actually kind of quaint that the Paternos never upgraded to a nicer house, even though they could have.

But here's what some experts the New York Times interviewed about the transaction said:



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.




So it remains to be seen how this house, the site of the disgusting riots by Penn State students, continues to play a role in this unseemly scandal.