Posted by: Catherine Lugg | November 16, 2011

Is Joe Paterno hiding assets?

There is a story in the November 15th edition on the New York Times noting that Joe Paterno sold his house to his wife, for the princely sum of a $1. The deal went through on July 21, 2011, nearly four months before Jerry Sandusky was charged. According to the story:

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 that Paterno could be a target of civil actions.

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.”

As I have said before, this story is going to get much worse before it gets better.

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