Another interesting twist...

[EClass04]

http://www.thepostgame.com/blog/dish/201111/joepas-real-estate-move-raises-suspicious-eyebrows

 

[patdog]

And it is complete ******** that this was part of a "multiyear estate plan." It is part of an estate plan, and the plan is to transfer assets to try to keep them away from victims who sue Paterno.</p>

 

[photodawg]

how he's going to "protect" that $500,000 a year pension????

 

[jmbeck]

Let's assume that Paterno is planning for his death. Couldn't this be a way to keep his assets he plans to pass directly to his sons under the threshold for estate taxes. Isn't that currently $5MIL. If his home is 1/2 his at the time of his death, even if it automatically passes to his wife, isn't1/2 thevalue of the homeadded to his estate, which would be a portion of the allowable non-taxable assets?

By moving the house to his wife, he essentially freed up $300K to keep assets under the estate tax threshold. I believe there is a limit to the amount you can do this to from year to year also, so this really could be a multi-year plan to defraud the government.

Of course, the timing makes him look like a pervert protecting *******.

 

[rebelrouseri]

or at least limit recovery. Not sure of Pennsylvania's particular laws but those kids may be sol.

 

[lawdawg02]

Covering up sexual abuse = outside course and scope of employment = no immunity due to state employment.

At lEast I would think.

 

[Topgundawg]

what happens if she dies first. He has set up a will to cover that. He has got to have Liability insurance from Penn State to cover his ***. He has been making major coach dollars for years and lives in the same house. He must have a bank account the size of Texas. If they go after him you can bet they will uncover every fox hole he has put money into...

 

[8dog]

he would get the marital deduction when the house passed to his wife.

 

[fishwater99]

But the timing is a little suspect.

 

[titus.sixpack]

O. J. Simpson's NFL pension could not be attached through the civil judgement against him. It may be the same for Paterno.