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11-16-2011, 08:40 AM
  #71
sillygoose
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not sure if this was posted.
http://www.wwtdd.com/2011/11/joe-pat...is-wife-for-1/
Quote:
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.
Quote:
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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