Paterno transfers ownership of house to his wife for $1

If pondscumo was simply "planning for retirement", he most likely would have been advised to put his major assets (in this case, his home) into a trust.
That he transferred it to his wife instead stinks to high heaven.
 
VintageHawkeye said:
If pondscumo was simply "planning for retirement", he most likely would have been advised to put his major assets (in this case, his home) into a trust.
That he transferred it to his wife instead stinks to high heaven.
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the house went into a trust. his wife is a trustee, which is completely normal considering that wives live longer.
 
VintageHawkeye said:
If pondscumo was simply "planning for retirement", he most likely would have been advised to put his major assets (in this case, his home) into a trust.
That he transferred it to his wife instead stinks to high heaven.
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Thunder, you stole my thought. This is likely a fraudulent transfer and may not hold up if challenged. And Vintage's point is more evidence that it's a fraudulent transfer. If his true intent were estate planning, then he would have put it in a trust. His wife is as likely to croak in the next five years as he is. It makes no sense to put it in the wife's name if his true intent is estate planning. It's the same reason most doctors have their houses in the name of their wives, to protect against liability.
 
MJSCK said:
Thunder, you stole my thought. This is likely a fraudulent transfer and may not hold up if challenged. And Vintage's point is more evidence that it's a fraudulent transfer. If his true intent were estate planning, then he would have put it in a trust. His wife is as likely to croak in the next five years as he is. It makes no sense to put it in the wife's name if his true intent is estate planning. It's the same reason most doctors have their houses in the name of their wives, to protect against liability.
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IT WENT INTO A TRUST AND SUE IS 13 YEARS YOUNGER THAN HIM. JESUS PEOPLE.
 
9YRPLAN said:
IT WENT INTO A TRUST AND SUE IS 13 YEARS YOUNGER THAN HIM. JESUS PEOPLE.
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Chill out homeboy. The article referenced did not say it was transferred to a trust. People were simply commenting on what was referenced in the article. I suppose, at this point, people should just give Joe the benefit of the doubt. Right? Whatever.

It said it was transferred to his wife. This Forbes article (that correctly points out the trust) supports our thoughts that it would be a fraudulent transfer.

Paterno House Transfer Won't Shelter Him - Forbes
 
MJSCK said:
Chill out homeboy. The article referenced did not say it was transferred to a trust. People were simply commenting on what was referenced in the article. I suppose, at this point, people should just give Joe the benefit of the doubt. Right? Whatever.

It said it was transferred to his wife. This Forbes article (that correctly points out the trust) supports our thoughts that it would be a fraudulent transfer.

Paterno House Transfer Won't Shelter Him - Forbes
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forbes didnt interview very competent experts
 
Wouldn't his wife already be on the deed as co-owner of the home. Transferring full ownership would then raise speculation to potential law suits he might be expecting.
 
MNHawkeyeFreak said:
Duff...you...you...failure!
I knew as soon as you posted that I would soon scroll and find thunders response. That coffee was nuclear hot and she had severe burns. Hell, even now you have to wait about an hour for that stuff to cool down before you can drink it! And she basically got nothin'. It's a bad case to use an an example.
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I didn't like to have to do Duff that way but those two assertions needed some correcting.

;)
 
tweeterhawk said:
The move is raising speculation it was done to protect an asset in the event he is found personally liable for negligence in the Sandusky case. His lawyer said it was merely another step in a multi-year estate planning process. Would be interested in OK4P's take on this.

Joe Paterno's Curious Real Estate Move | ThePostGame
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<<Would be interested in OK4P's take on this>>

Please don't encourage him.

Sounds like Mrs. Paterno got a great buy, though.
 
hawkeyebob62 said:
Ummm...WHAT creditors are being avoided? He hasn't been sued, yet (that we have heard, anyway). Doing this BEFORE that is a prudent move.

Unless YOU can guarantee him actually LOSING any/all lawsuits.
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Wrong. When Paterno did this he had knowledge of the grand jury investigation and possible/probable judgment creditors agin him.

Reeks of fraudulent conveyance.
 
ThunderHawk said:
Wrong. When Paterno did this he had knowledge of the grand jury investigation and possible/probable judgment creditors agin him.

Reeks of fraudulent conveyance.
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I disagree. Reeks of an octagenarian trying to structure his estate in a manner to avoid probate. House was tenancy by the entirety which under PA law can only be attached by joint creditors, so JoePa's future creditors would have had zero interest in at time of assignment anyway. Plus, my guess is JoePa will at best be found civilly liable for negligence (and that is a LONG time out as the civil suits won't begin until the criminal case is over so as to use the criminal judgment in the civil suits) and JoePa will get indemnified by the school. And even if there is a judgment, the appeals will take forever - if I worked for the school and was paying out of pocket, there is no way in hell I would settle.

Not to mention this case has the potential to fill an evidence and criminal procedure textbook. Hell, McQueary probably just ruined his testimony with those emails and may find himself needing to plead the 5th to avoid a perjury charge, and if he does testify, there will be all kinds of hearsay objections, best evidence rule crap for emails, custody, etc. JoePa probably had a bunch of life insurance, too. Hopefully that was in his old lady's name so it stays out of the estate (I'm assuming JoePa will be dead long before a final order is ever entered against him). If I were JoePa, at this point I'd buy some joint annuities and a bunch of insurance in Ma's name. No, check that, I'd sell my house and move myself and all my cash down to some third world paradise that doesn't have a court system that will respond timely to or recognize US court orders and tell everyone to get bent.
 
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okeefe4prez said:
I disagree. Reeks of an octagenarian trying to structure his estate in a manner to avoid probate. House was tenancy by the entirety which under PA law can only be attached by joint creditors, so JoePa's future creditors would have had zero interest in at time of assignment anyway. Plus, my guess is JoePa will at best be found civilly liable for negligence (and that is a LONG time out as the civil suits won't begin until the criminal case is over so as to use the criminal judgment in the civil suits) and JoePa will get indemnified by the school. And even if there is a judgment, the appeals will take forever - if I worked for the school and was paying out of pocket, there is no way in hell I would settle.

Not to mention this case has the potential to fill an evidence and criminal procedure textbook. Hell, McQueary probably just ruined his testimony with those emails and may find himself needing to plead the 5th to avoid a perjury charge, and if he does testify, there will be all kinds of hearsay objections, best evidence rule crap for emails, custody, etc. JoePa probably had a bunch of life insurance, too. Hopefully that was in his old lady's name so it stays out of the estate (I'm assuming JoePa will be dead long before a final order is ever entered against him). If I were JoePa, at this point I'd buy some joint annuities and a bunch of insurance in Ma's name. No, check that, I'd sell my house and move myself and all my cash down to some third world paradise that doesn't have a court system that will respond timely to or recognize US court orders and tell everyone to get bent.
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While your premise is valid given his advanced age and relatively imminent demise, the timing looks suspicious in light of recent developments.

I'd sell my house and move myself and all my cash down to some third world paradise that doesn't have a court system that will respond timely to or recognize US court orders and tell everyone to get bent.
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Hell...that's what I would have told him to do a few years ago. Too bad he's such an egomaniac.
 
ThunderHawk said:
While your premise is valid given his advanced age and relatively imminent demise, the timing looks suspicious in light of recent developments.
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The timing is irrelevant in tenancy by the entirety states. Unless it's Citibank getting hosed on a joint credit card, creditors are screwed in those states as well as in unlimited homestead states. It's a policy decision to protect innocent spouses. And anyway, the value of half the house is peanuts when compared to the aggregate liability so the whole argument is moot.
 
Have you guzzlers seen paterno's house? It's laughable. Ugly old 50s ranch that appears to need a lot of work and some attention to landscaping. I heard it's worth estimated @ $600k, and that left me puzzled. The dude is worth tens of millions, and THIS is where he lives?!? WTF.

PATERNO-articleLarge.jpg
 
okeefe4prez said:
McQueary probably just ruined his testimony with those emails and may find himself needing to plead the 5th to avoid a perjury charge
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I've beat this horse elsewhere, but nothing in the emails contradicts the GJ summary, and we do not have his testimony. His email does not claim he physically intervened, only that he "made sure it stopped" before leaving. He never claimed to file a police report, just "discussions with police", and the GJ document says only that he "was never questioned by University Police". This could mean many things, including Schulz asking his UP chief not to make a report.
 
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