Joe Paterno transfers ownership of home to wife

Posted on November 21st, 2011 No Comments

The former head coach of the Penn State football team, Joe Paterno, has come under fire again, this time for his estate planning tactics.

This summer, Paterno chose to transfer ownership of his home from him to his wife, Susan. Critics of the coach challenged that choice on the grounds that Paterno knew his termination was imminent based on the sexual abuse allegations that were made against a coach who resided under him.

The house was already mutually owned by the couple and couldn’t be targeted by a creditor of just one of the spouses. According to lawyers, the ownership transfer was more than likely made because a beneficial estate tax rule was about to expire. Susan Paterno bought their Pennsylvania home for $1. The estate tax, which exempts $5 million for estate taxes per spouse, will drop to only $1 million per spouse in 2013.

If you have questions regarding estate planning, please contact the Houston estate planning lawyers of Garg & Associates, P.C., by calling 281-362-2865 today.

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