By: Francis P. Brown, Esq.

Estate planning was probably one angle that no one expected the media to cover regarding the sexual abuse scandal surrounding Penn State’s football program and its iconic coach Joe Paterno.　 Judging from an article in a New York Times Article on Wednesday November 16, 2011 it appears that Paterno’s estate plan is under some scrutiny.　

Apparently this past July, Mr. Paterno transferred full ownership of his home to his wife for $1.　 The couple had previously held joint ownership of the home, which is currently valued at almost $600,000, since they purchased it in 1969.

According to the New York Times, legal experts have begun to theorize that Mr. Paterno could be the subject of future civil lawsuits brought by the victims of coaching assistant Jerry Sandusky, who has been charged with 40 counts of sexual abuse of eight boys over 15 years.　 The New York Times article suggests that the ownership transfer may have been made to shield the Paterno family assets from future legal judgments.

That, of course, is known as fraudulent conveyance, and if found to be the case, would not be allowed to stand. The New York Times asked two legal experts to examine the available documents.　 One said it "appeared to be an explicit effort to financially shield Joe Paterno."　 The other regarded the transaction as "benign."

Mr. Paterno’s attorney told the New York Times that the transfer was made as part of a "multiyear estate planning program" and had nothing to do with the child sex scandal currently engulfing the coach. What do you think? Was it necessary given the fact Pennsylvania protects equity in principal residences owned via tenancy by the entirety?

Deciding to protect your assets at the eleventh hour is generally not as effective as being prepared before you experience a life change that could affect your assets.

Speak any of the Davis Schilken PC attorneys about protecting what is rightfully yours before a divorce, before going into a new business, or before entering into any agreement that will mean you owe money to a creditor.

If you have any questions or any uncertainties regarding when you should use asset protection planning, contact Francis P. Brown, the Director of Advanced Planning at Davis Schilken P.C. by calling 303-670-9855 or by e-mail at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .