Reames Financial

What the heck is "filial responsibility" and how much could it cost me?

No BS Weekly Update  5/28/2012

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Dear  ,

 

What the heck is "Filial Responsibility" and how much could it cost me? 

Forbes
(Click to read article)

 

 

"Could this happen to you?" 

That is what the first sentence of the article asks.  When I read the article I couldn't believe my eyes.  How could I be responsible for debts that I never incurred?  If I didn't sign for the debt how could they possibly stick me with the debt?  Could that happen here?  I better do some digging!


Let's start with a definition.


fil*i*al
1. of, pertaining to, or befitting a son or daughter: filial obedience.
2. noting or having the relation of a child to a parent.
3. Genetics . pertaining to the sequence of generations following the parental generation, each generation being designated by an F  followed by a subscript number indicating its place in the sequence. 


If you look at definition number 2 you see that it says "noting or having the relation of a child to a parent.  So there you have it, these are essentially parental responsibility laws which define when you as a child are responsible for your parents obligations.


As the article mentions, there are 30 states that currently have filial responsibility laws on the books and while they have rarely been enforced in the past, I think you can reasonably expect that to change.  Why?  Because more and more of our states are running into fiscal shortfalls and need to generate revenue from all available sources. 

 

If you expect that trend to continue as I do then I think there is a reasonable expectation that even if your state doesn't currently have a filial law on the books, within a very short time that could change.


Am I now or could I become at risk and what can I do to protect myself?


 

This is crazy!  What other risks are out there that I'm not aware of?  How do I find out about them?  What can I do to protect myself from these risks?


If these are some of the questions that you are wondering about then first let me assure you that you aren't alone.  The good news is that there are strategies that can protect you from most if not all of these risks.  Would you like to know what they are?

 
Am I or my parents in one of those states?

 

That is the first question to answer to help determine how substantial your current risk may be.  Since I don't know where you and your parents are and you do, how about I make it easy for you.  Simply click on the following link to see a map of the states that do and don't have filial responsibility laws. 

 

 


Click Here to see the Filial Responsibility State Map


What else is going on?

 

Lot's of other stuff going but I think is best summed up by this article from CNBC on Friday.


Marc Faber: 100% Chance of Global Recession

 
Until next week , Protect Your Wealth! 

 

Sincerely,
Phil's signature in blue

 

 

 

 

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Week In Review
McGraw to Give 25 Homes to Members of Military(AP)

RF: How cool is this?!

How the Recovery Went Wrong (WSJ)

RF: Good article by Mr. Golub who used to be the head of American Express back in the day. I didn't realize he was even still alive.

Reich to College Grads: You're Screwed(Moneynews)

RF: Wow, coming from the former Labor Secretary, that's pretty succinct.

Differences in Goals, Happiness Top 1% vs. Population(TBP)

RF: It's interesting to see what the different groups focus on. It's not always what you might expect. The article also has a couple of cool graphs.

Laughter

cartoon 

COD
(www.chartoftheday.com)

Growth 

Never Give up: Inspirational video
Never Give up: Inspirational video

Link 
 
Dare to take the mystery link challenge? 

 

We can't be held responsible for the time you waste or the knowledge you gain by clicking this link!

 

CLICK HERE IF YOU DARE!

Good Eats
My daughter in law brought this to a party this weekend. It was awesome and healthy!
DownDaily 9-22-2011
(Click for recipe and to print)

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Phil Reames

Reames Financial

1856 Skyler Dr.

Kalamazoo, MI 49008

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