Curious Timing For Joe Paterno to Transfer Ownership of His House to His Wife, Right?
In July, Joe Paterno either made a savvy, estate-planning move, or he transferred ownership of his house to his wife for an entirely different reason. According to the New York 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.
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.
First and most obvious question: At what point during the 18-month Grand Jury investigation was Paterno interviewed? We know part of his testimony, but we don’t know when that was. Maybe Paterno spoke with the investigators in May, and quickly reacted. Maybe he spoke to them in 2010, but then he spoke with everyone else in the athletic department, found out they were grilled too, and then he decided he needed to get creative in case the shit hit the fan. If you read the Times piece, that seems to be what the experts think happened.
So maybe Paterno wasn’t as senile as everyone thought he was, huh?
Paterno Passed On Home to His Wife for $1 [NYT]

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95 Responses to “Curious Timing For Joe Paterno to Transfer Ownership of His House to His Wife, Right?”
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November 16th, 2011 at 10:09 AM
In July, Joe Paterno either made a savvy, estate-planning move
No. I’m not familiar with Pennsylvania estate laws, but I think this would only possibly work if he transferred the house to his kids.
/Help me here, Lisk.
So maybe Paterno wasn’t as senile as everyone thought he was, huh?
He may have Coach K. convinced of this.
November 16th, 2011 at 10:09 AM
im not really sure that transferring an asset like this is definitive proof that paterno knows what’s going on.
st. bear…would paterno transferring the house allow mrs. paterno to still keep her $5mm exemption?
November 16th, 2011 at 10:11 AM
nm…the house would still count against that.
November 16th, 2011 at 10:11 AM
have a feeling this thread is going to be fun. might leave it up for an hour or two
/hoping the Paterno apologists come out on this one
November 16th, 2011 at 10:13 AM
hoping the Paterno apologists come out on this one
I like to call them pederast apologist apologists.
November 16th, 2011 at 10:13 AM
Would he transfer assets if he thought he was going to be sued by the victims? Otherwise I’m not making the connection here
November 16th, 2011 at 10:14 AM
Everyday Joe Pa is shuffling shuffling.
November 16th, 2011 at 10:15 AM
He’ll be dead soon, so she would have been the owner in a few months anyways.
November 16th, 2011 at 10:15 AM
I laughed.
November 16th, 2011 at 10:16 AM
Don’t see how after the 75 Penn State post the past 10 days, a house is going to cause dynamite in the comments.
/didn’t read the post
November 16th, 2011 at 10:17 AM
Curious. Timing for JoePa but aperfect time for us to draw our own conclusions.
November 16th, 2011 at 10:18 AM
In other news, I can’t wait for the OSU game this Saturday. First one to 2 points wins!!!
I hope this game isn’t nationally televised on ABC, for the sake of humanity.
November 16th, 2011 at 10:19 AM
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.”
No he didn’t really say that. That would have been a good joke though. wwtdd
November 16th, 2011 at 10:19 AM
Why can’t I quit m.tbl.com?
November 16th, 2011 at 10:21 AM
Is Pennsylvania a community property state?
Were the Paterno’s married when they bought the house?
November 16th, 2011 at 10:22 AM
I guess I’ll draw my own conclusions on this.
November 16th, 2011 at 10:23 AM
no.
November 16th, 2011 at 10:24 AM
that probably is the likely explanation.
i mean, it’s not like he’s a healthy 54 year old guy with decades ahead of him. he’s 84, time is running out whether he is healthy right now or not. and it’s better to take care of this stuff while you’re alive than leaving it once your gone.
November 16th, 2011 at 10:24 AM
Guess I should have read the post a little better.
November 16th, 2011 at 10:25 AM
have a feeling this thread is going to be fun. might leave it up for an hour or two
Jason McIntyre is out for a couple of hours with an inflammed lazy bone. Somebody send in a cock pic, quick.
November 16th, 2011 at 10:26 AM
Another plot twist!
November 16th, 2011 at 10:27 AM
forgot how much i love it when i agree with KC Res. feel like it’s been awhile!
November 16th, 2011 at 10:28 AM
Holy jump to conclusions mat.
November 16th, 2011 at 10:29 AM
I don’t understand how defending this move as a natural part of Paterno’s estate planning would further someone as an apologist. It is 100% plausible that this was done by an estate planning attorney with zero knowledge of the investigation.
November 16th, 2011 at 10:29 AM
Interested to hear what we’ve been spinning. I’ve seen a lot of embarrassment, anger, and depression spun about. But seriously, keep portraying hundreds of thousands of hurt people as delusional pedo supporters.
November 16th, 2011 at 10:29 AM
Don’t kill the narrative by interjecting reality.
November 16th, 2011 at 10:30 AM
That’s what THEY want you to think. This goes all the way to the top.
November 16th, 2011 at 10:30 AM
Why can’t I quit m.tbl.com?
just wait til you tap that ass, then you’ll drop it like used tp
November 16th, 2011 at 10:30 AM
I hope the page views are worth it.
November 16th, 2011 at 10:31 AM
Assets inherited from a spouse have an unlimited exemption. As someone already mentioned, from a tax perspective, this would only be significant if it was transferred to a child or trust.
November 16th, 2011 at 10:32 AM
Holy jump to conclusions mat.
Yeah Joe and wife had a 42 year long bet that if she ever bet him arm wrestling he would transfer the house to her for one dollar.
/”Well, come on — use your imagination!”
//Lovejoy’d
November 16th, 2011 at 10:32 AM
/draws own conclusions
November 16th, 2011 at 10:32 AM
It is 100% plausible that this was done by an estate planning attorney with zero knowledge of the investigation.
Yup. Pretty common practice I would assume.
November 16th, 2011 at 10:32 AM
Interested to hear what we’ve been spinning. I’ve seen a lot of embarrassment, anger, and depression spun about. But seriously, keep portraying hundreds of thousands of hurt people as delusional pedo supporters.
that was my thought. i haven’t seen any paterno apologist unless it’s been some outsider who logs in just to put in 2 cents then disappears
November 16th, 2011 at 10:32 AM
“Do you trust your wife? I mean do you think she would go behind your back, try to hamstring you?”
November 16th, 2011 at 10:33 AM
$600,000 for that house? Does it have a bidet made of 24k gold?
November 16th, 2011 at 10:34 AM
it’s not really natural tho…if he had his house in his name only, that creates an unnecessary estate issue at his death. who knows what the rest of his estate looks like?
that’s the thing…we don’t know how joepa’s assets are titled and if he has a A/B trust or what…there’s really nothing to glean from this.
November 16th, 2011 at 10:35 AM
The victim mentality of some of the PSU folks is starting to get annoying.
November 16th, 2011 at 10:36 AM
Not as annoying as the attempts of this blog to get a firey reaction from them.
November 16th, 2011 at 10:36 AM
BROOKS WAS HERE
November 16th, 2011 at 10:36 AM
The main thing, though, is that it’s not like the house is the Paterno’s major asset. Someone of his net worth would have trusts set up to shelter his assets as much as possible, and I don’t see why the house wouldn’t get included in that.
November 16th, 2011 at 10:36 AM
I don’t know Pennsylvania law at all. I know that, depending on the rules of the state, there are plenty of valid reasons to do this. Let’s say you had concerns about him becoming senile/Alzheimers and eating into the entire estate with cost of care. You might want to make a transfer like this so wife is protected.
November 16th, 2011 at 10:36 AM
Well clearly this proves that Joe knew Jerry Sandusky was fucking young boys the whole time. It also proves he master minded a cover up, and probably assisted in pimping young boys to Sandusky.
/sarcasm
November 16th, 2011 at 10:37 AM
The house was jointly owned.
/nobody reads the posts
November 16th, 2011 at 10:37 AM
Maybe that has been true over the last couple of weeks, but there is nothing inflammatory or troll-ey about this post.
November 16th, 2011 at 10:38 AM
Something tells me house prices in Happy Valley are going to drop pretty quickly. Who wants to live in a town of sex predators and people who cover for sex predators?
November 16th, 2011 at 10:38 AM
Easy peasy japanesey.
November 16th, 2011 at 10:38 AM
LTC. It’s not like he can’t afford it.
November 16th, 2011 at 10:38 AM
/facepalm
November 16th, 2011 at 10:38 AM
$600,000 for that house? Does it have a bidet made of 24k gold?
tricked out basement bar, elevator to said area, master bedroom disco ball, clappers housewide, wrestling mat in the grandkids’ playroom
November 16th, 2011 at 10:38 AM
Hey all I do is ask questions, folks. There’s nothing definitive up there.
/Perez J-Mac
November 16th, 2011 at 10:38 AM
yeah, any PSU fan not directly related to the incident claiming they are hurt and betrayed needs another outlet for their emotional issues and something else in life.
i can see being shocked and disappointed, but to react to it like you’re a victim of something heinous is bs.
November 16th, 2011 at 10:40 AM
Well clearly this proves that Joe knew Jerry Sandusky was fucking young boys
No that was done long ago.
/Distinction between fucking boys and “sexual nature” in a shower really should never be a factor in anyone’s decision making.
November 16th, 2011 at 10:40 AM
From kicking Boggs’ ass to catching the Brain Bug on Planet P, few actors have had as accomplished a career as That Guy
November 16th, 2011 at 10:41 AM
dude’s prepping to die. simple as that. easier on the wifey if the house is solely in her name after he’s dead than if it’s still in both their names.
November 16th, 2011 at 10:42 AM
I think we should all just sit back, relax and enjoy the stylistic sounds of Billy Ocean. That duck plays one mean saxophone.
The NBA being gone is killing this place. Never thought I’d say that.
November 16th, 2011 at 10:43 AM
response of the day? Week? Month? yes, yes, and yes.
/House?….or RAPE FACTORY??? Details tonight at 6.
//TBLtainment Tonight
November 16th, 2011 at 10:43 AM
Uhhhhh, I haven’t really seen many acting like they are victims. I’ve felt like going on a John J. Rambo like rampage the past 2 weeks instead.
November 16th, 2011 at 10:43 AM
wow, sue looks a lot younger than joe…IT’S SYSTEMIC FOR NITTANY LIONS TO BANG YOUTHS.
November 16th, 2011 at 10:45 AM
I really don’t care to try and figure out what was going through JoePa’s mind when he did this. It doesn’t matter. And yeah, it’s not like we’ll come to an agreement anyway… from the article:
November 16th, 2011 at 10:45 AM
At least TBL has moved on to new targets.
/Ohio sports fans
//worst fans in America!
November 16th, 2011 at 10:45 AM
true, lots of bit parts.
would be great to see him on breaking bad with dean norris again.
/managed to tie it back to starship troopers
November 16th, 2011 at 10:45 AM
I will form my own opinions thank you very much
November 16th, 2011 at 10:45 AM
He’s also the voice of Mr. Krabs in Spongebob.
/imdb
November 16th, 2011 at 10:46 AM
If you ventured far outside of state college and saw the surrounding towns, you’d know why it was worth 500k.
/there is no there there
November 16th, 2011 at 10:46 AM
Trollflammatory!
November 16th, 2011 at 10:46 AM
I did not know that….
November 16th, 2011 at 10:46 AM
The sonuva bitch even managed to sound magnanomous.
November 16th, 2011 at 10:47 AM
*prepares to use regularly*
November 16th, 2011 at 10:47 AM
So as we have 1 or 2 hours with this some nerd at Northwestern University altered a lithuim battery that will fully charge in 15 minutes and last a week.
November 16th, 2011 at 10:47 AM
If you ventured far outside of state college and saw the surrounding towns, you’d know why it was worth 500k.
/there is no there there John
Is there any way to get there from here?
November 16th, 2011 at 10:48 AM
TROLLMYDIA!!!
November 16th, 2011 at 10:48 AM
They just enjoy young people…
/16 seconds later’d
November 16th, 2011 at 10:49 AM
Whoa, fucking legend indeed…also was on Lost as Desmond’s predecessor, the man is the Forrest Gump of entertainment
November 16th, 2011 at 10:50 AM
THIS WHOLE THING IS A TRAVESTY, AND A SHAM, AND A MOCKERY! A TRAVESHAMOCKERY!!
November 16th, 2011 at 10:50 AM
We’re through the looking glass here people.
/Milhouse’d
The name you are looking for is JDiddy.
November 16th, 2011 at 10:51 AM
Is there any way to get there from here?
REM says no
November 16th, 2011 at 10:51 AM
link?
November 16th, 2011 at 10:51 AM
IT’S SYSTEMIC FOR NITTANY LIONS TO HORSE AROUND WITH YOUTHS.
/Corrected
//Recieves 3 million from Governor
November 16th, 2011 at 10:51 AM
So, I watched college basketball last night. It’s November. That’s not normal. Anyone want to talk about Kansas-Kentucky? You can even call Bill Self a choker if you want!
November 16th, 2011 at 10:52 AM
This piece of hard hitting blog journalism is proof why blogs are going to kill the newspaper industry.
November 16th, 2011 at 10:52 AM
ESPN sucks.
November 16th, 2011 at 10:53 AM
link?
http://www.engadget.com/2011/11/16/researchers-increase-charging-capacity-speed-of-lithium-ion-bat/
November 16th, 2011 at 10:54 AM
loving the Paterno as an evil genius angle.
November 16th, 2011 at 10:58 AM
dude went from semi senile, pants shitting figurehead to the most powerful, conniving man in Pennsylvania overnight. I guess there are narratives to fill.
November 16th, 2011 at 10:58 AM
Which is cooler, the nerds who created a better lithium ion battery? Or the nerds who used quantum physics to create a hover board of sorts?
November 16th, 2011 at 11:00 AM
darrell, 10-12 years ago he was less senile and hardly anyone called him such. this is the period that matters. i believe he had the power and could have used his power back then to affect this situation
November 16th, 2011 at 11:00 AM
The nerds that finally fixed vending machines to accept wrinkled dollar bills.
/only interested in what affects my life
November 16th, 2011 at 11:04 AM
He transferred the house to his wife as a trustee. Which means he set up a trust. It’s an estate-planning move to allow the house and other property to exist in its own bubble and avoid probate after death.
The wife doesn’t own the house, the trust does. When he dies, his heirs will likely become beneficiaries of the trust. Getting access to all of the property while avoiding taking one giant estate-tax hit.
November 16th, 2011 at 11:04 AM
the former sg. if only it gets turned into an alternative-fuel solution
sigh
November 16th, 2011 at 11:13 AM
NY Times is picking too much on JoePa. No need for TBL to pile on. Focus should be sicko Sandusky.
November 16th, 2011 at 11:14 AM
I’m more amazed at what it sold for in the 1950′s.
November 16th, 2011 at 11:36 AM
He was obviously shielding assets from potential liability.
November 16th, 2011 at 11:43 AM
Also transferred are all the dead bodies of little boys that were previous Sandusky victims. They’re under the porch. And Sandusky (rips off mask) has really been Paterno this whole time.
November 16th, 2011 at 11:59 AM
Transactions like this are not uncommon. But let’s take the leap that some are making — yet another assumption being made in this matter.
SOME people in our nation’s federal and state judicial systems are admirable. What we have is better than anarchy and the dictatorships that exist in much of the world.
But our judicial systems are NOT in good shape. There has been an explosion of laws over the past four decades, many of them poorly written with haphazard thought as to what the penalties should be and many of them influenced by small but active interest groups.
If you have conducted yourself in an upright manner for all of your life, and an official comes to your door inferring that you are involved even remotely in an issue like this one, you CANNOT expect to be treated fairly when all is said and done. You must take prudent action to protect yourself and family.