- quote -

That's news to me -- interesting...

- quote -

Except for the national debt, the social security liability and
medicare (plus misc blowback stuff)...

Plus the opportunity costs of past mismanagement. It's horrible
that this is probably the largest cost...

A large part of current investment planning is avoiding the bills
for past spending. I expect this to be even more important in the
future.

PS: The "standard of living" thread missed that the tax rate
as a percentage of GDP has greatly increased over the years.

"andyrah" <andyrah[at]hotmail.com> wrote in message
news:1156655326.606837.70530[at]b28g2000cwb.googlegroups.com...
- quote -


It is a sad, sad state of affairs any place that "the debts of the father"
pass on down hereditary lines where children and grand children are
responsible for payment of that debt.

Unfortunatley, in parts of the world it is common.

Fortunately, here in the U.S. (and most of 'civilized', 1st
world contries) -- fortunately, this does not happen. Doesn't
matter if they die before or after you are 18. Their debts are
theirs, not yours.

It may, however, play a factor in what (if anything) you stand
to inherit from their estate(s).

In article <1156655326.606837.70530[at]b28g2000cwb.googlegroups.com> ,
"andyrah" <andyrah[at]hotmail.com> wrote:

- quote -

No. No. No.

When your parents pass on, everything they have will be sold off
and put into a pile. Call that assets. All their debts will be
subtracted off of that pile. If there is still money left in the
pile, it will be distributed to their heirs, with you being one.
If there is no money in the pile, then they died flat broke, and
the heirs get nothing. There are exceptions to this, but those
options normally only make sense for high net worth individuals.

-john-

--
================================================== ====================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ====================

andyrah wrote:

- quote -

Your question is not clear. Are you asking, what are the chances of you
obtaining student loans once you turn 18 and start college? You will
most likely need a co-signer, it will be up the bank to determine
whether or not they accept your parent(s) as co-signers.

But before all that, you need to go through the FAFSA process. Talk to
the financial aid office at your prospective college(s) and do some
research into "college savings" on the web.

-Mark Bole

Will my credit score be effected as well? I am worried about paying off
my college tuition. my parents have bad credit, and my dad owes the
bank a large sum of money, if my mother and father were to die before i
am 18 do I still have to pay this debt off? Will my credit be affecteD?