This is kind of depressing. I have been living a very mustachian life since I found this blog about a year ago. I was always frugal before as well. I had zero debt, and have been saving money to put towards fiance's mortgage to pay it off when I'm made part-owner.
My dad is a doctor and has always made great money, but has always had an over-the-top lifestyle to go with it. He's 67, I'm 37. His practice hasn't been going so well since 2008. He knows I have a lot of savings and a good job that pays well.
Today he calls me up with the following: he had always been paying off a college loan as part of a verbal divorce agreement with my mom when I was 21. He doesn't want to pay it anymore. So I'm now on the hook for $31,000 I never knew I'd have to pay off. He tells me he's retiring soon, and the practice hasn't been very successful the past few months and he has to cut back. This is not very like him, but since forever, when I've pressed him for his financial situation for retirement etc, he dodges the question or answers the question with something else that makes him look good. My mom is dependent on him for money as well as part of this divorce thing, and she is not very mustachian either. Apparently, he hasn't been paying her the full amount of whatever he's supposed to pay. Though my dad has made a large salary his entire life, I have a feeling he has screwed up and it's really hitting him now that he's about to retire.
I realize that they are grown-ups and have done this to themselves. At the same time, they are my parents. My question is this: I realize that kids can be held liable for their parents debts in some circumstances. Specifically I've heard of retirement home debt coming to haunt children. I can take care of the student loan, but if their situation is really bad, how much can this affect me? What questions should I ask? How liable for them am I and how can I possibly plan for this financially to make sure they're okay?