From: Smigrodzki, Rafal (SmigrodzkiR@msx.upmc.edu)
Date: Sun May 26 2002 - 18:35:08 MDT
Harvey Newstrom [mailto:mail@HarveyNewstrom.com] wrote:
The concept of parents selling obligations to be paid by their kids is
very close to child slavery. I don't see how a free and open society
can enforce debts or obligations against anyone who didn't personally
agree to take on those debts and obligations.
### If I understand the personal trust idea correctly, enforcement of the
payment is not included. The child may expressly renounce any obligations
under the trust at age of majority, therefore removing any similarity to
slavery.
On the other hand, investors hoping to recoup their investment must consult
the child, ask about vis wishes, and provide the kind of educational
experience ve would be likely to see as beneficial to verself (with the
benefit of hindsight at age 18), as this is the best way of assuring the
trust will be repaid. Additionally, more investment funds for advanced
education is likely to be provided only to those who accept their trust.
Rafal
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