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Politics : View from the Center and Left
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To: TigerPaw who wrote (10072)1/27/2006 3:50:48 PM
From: TimF  Read Replies (2) of 541777
 
Loan officers look at other things besides assets. The fact that they look at your salary does not make you salary an asset.

Even if you are going to consider it an asset its not a durable one. A sculpture by a famous artist might be valuable, but if it is made of ice and the refrigeration goes out than it becomes a puddle of water. If the income stream is an "asset" than it is treated like all the other destroyed, non-functional, or used up assets. If the asset isn't around any more than there is nothing to pass on. Calling the salary an asset and treating it legally and in other ways like an asset doesn't change anything.

Lets turn this around a different way. Do you want the income stream to go to the earners heirs? How would you do that? Would you provide the heirs with a government subsidy? Do you have some other method in mind?

Tim
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