Friend's father has hijacked his account, now he is on the verge of losing everything

[dmakl]

My friend, Joe, is in dire straits at the moment and has been in a bad financial situation for over a year now. A quick backstory of the situation is that his father is a financial genius and taught Joe from a young age how to invest money. His father set up a stock portfolio/account for his son at a young age. Both of their names are on the account because it was created when Joe was a minor. When Joe reached adulthood he invested his own $10,000 into a variety of stocks and turned it into a net worth of $900,000. However, Joe is a very generous guy. He gave out loans to friends and family while never really expecting to be paid pack in full. Joe's father caught wind of this and decided to "punish" his 32 year old son by freezing the account and all of his assets. Joe pretty much lived off of his stocks and never had a high paying job. without access to his main source of income his bank account has dwindled and he has been unable to pay rent for some time.

Joe originally thought his father's "lesson" would end sooner and so he did not seek out a lawyer until this summer at my urging. His lawyer has charged Joe highly for any meetings together and now has completely stopped responding to Joe's phonecalls now that the funding is gone. Also, the lawyer expected his fees to amount to around $400k of the total $900k. Now Joe is seemingly without legal help and running out of options. He has spoken to his father over the phone. His father wants him to take a deal where Joe would receive $20k every 6 months for the next 5-10 years. Joe has refused and will continue to do so.

In addition to this, Joe's affluent Uncle passed away recently and left a large sum of money to Joe. After 6 Months, through his previous lawyer, Joe was able to see that his unle left him over 200k, but that its a trust set up for when he turns 40. The executor of the deceased Uncle's estate is also Joe's father.

So, my questions are basically what can be done? What can Joe do to reclaim the the investments he built up? is there some way Joe can get his inheritance now or soon due to his hardship? Please help with any information you can provide or any resources that you can point me to.

Also, Joe is a resident of Connecticut, while his father is a resident of New Jersey. I don't know if that is necessary information.

 

[Zigner]

My friend, Joe, is in dire straits at the moment and has been in a bad financial situation for over a year now. A quick backstory of the situation is that his father is a financial genius and taught Joe from a young age how to invest money. His father set up a stock portfolio/account for his son at a young age. Both of their names are on the account because it was created when Joe was a minor. When Joe reached adulthood he invested his own $10,000 into a variety of stocks and turned it into a net worth of $900,000. However, Joe is a very generous guy. He gave out loans to friends and family while never really expecting to be paid pack in full. Joe's father caught wind of this and decided to "punish" his 32 year old son by freezing the account and all of his assets. Joe pretty much lived off of his stocks and never had a high paying job. without access to his main source of income his bank account has dwindled and he has been unable to pay rent for some time.

Joe originally thought his father's "lesson" would end sooner and so he did not seek out a lawyer until this summer at my urging. His lawyer has charged Joe highly for any meetings together and now has completely stopped responding to Joe's phonecalls now that the funding is gone. Also, the lawyer expected his fees to amount to around $400k of the total $900k. Now Joe is seemingly without legal help and running out of options. He has spoken to his father over the phone. His father wants him to take a deal where Joe would receive $20k every 6 months for the next 5-10 years. Joe has refused and will continue to do so.

In addition to this, Joe's affluent Uncle passed away recently and left a large sum of money to Joe. After 6 Months, through his previous lawyer, Joe was able to see that his unle left him over 200k, but that its a trust set up for when he turns 40. The executor of the deceased Uncle's estate is also Joe's father.

So, my questions are basically what can be done? What can Joe do to reclaim the the investments he built up? is there some way Joe can get his inheritance now or soon due to his hardship? Please help with any information you can provide or any resources that you can point me to.

Also, Joe is a resident of Connecticut, while his father is a resident of New Jersey. I don't know if that is necessary information.

Joe needs an attorney.

 

[dmakl]

Joe needs an attorney.

Well, yes, obviously. But his last attorney was no help and basically sucked him dry. Before he tries to get another one in trying to prep him with some info. Is there any advice you can share about the situation or what he can do before seeking another lawyer? He will get one eventually, but what are your thoughts on his case?

 

[Silverplum]

My friend, Joe, is in dire straits at the moment and has been in a bad financial situation for over a year now. A quick backstory of the situation is that his father is a financial genius and taught Joe from a young age how to invest money. His father set up a stock portfolio/account for his son at a young age. Both of their names are on the account because it was created when Joe was a minor. When Joe reached adulthood he invested his own $10,000 into a variety of stocks and turned it into a net worth of $900,000. However, Joe is a very generous guy. He gave out loans to friends and family while never really expecting to be paid pack in full. Joe's father caught wind of this and decided to "punish" his 32 year old son by freezing the account and all of his assets. Joe pretty much lived off of his stocks and never had a high paying job. without access to his main source of income his bank account has dwindled and he has been unable to pay rent for some time.

Joe originally thought his father's "lesson" would end sooner and so he did not seek out a lawyer until this summer at my urging. His lawyer has charged Joe highly for any meetings together and now has completely stopped responding to Joe's phonecalls now that the funding is gone. Also, the lawyer expected his fees to amount to around $400k of the total $900k. Now Joe is seemingly without legal help and running out of options. He has spoken to his father over the phone. His father wants him to take a deal where Joe would receive $20k every 6 months for the next 5-10 years. Joe has refused and will continue to do so.

In addition to this, Joe's affluent Uncle passed away recently and left a large sum of money to Joe. After 6 Months, through his previous lawyer, Joe was able to see that his unle left him over 200k, but that its a trust set up for when he turns 40. The executor of the deceased Uncle's estate is also Joe's father.

So, my questions are basically what can be done? What can Joe do to reclaim the the investments he built up? is there some way Joe can get his inheritance now or soon due to his hardship? Please help with any information you can provide or any resources that you can point me to.

Also, Joe is a resident of Connecticut, while his father is a resident of New Jersey. I don't know if that is necessary information.

Why are you putting your "friend's" business out on the internet? Can he not ask his own questions, should he choose to do so?

In a joint account, either owner can remove funds. And attorneys don't work for free, like pretty much everyone else. There's no reason for your friend to run up such an amazing attorney bill.

No, your friend cannot access his inheritance early. He could get a job: that's what one does when one needs money.

 

[dmakl]

Why are you putting your "friend's" business out on the internet? Can he not ask his own questions, should he choose to do so?

In a joint account, either owner can remove funds. And attorneys don't work for free, like pretty much everyone else. There's no reason for your friend to run up such an amazing attorney bill.

No, your friend cannot access his inheritance early. He could get a job: that's what one does when one needs money.

Ok, wow, pretty rude response, but whatever. This is a forum about legal help on the internet, that's why I'm posting his business. I'm trying to help my friend. He's not that great with technology so I'm here for him. He has a job, but right now all of his money is going towards his rent, which he's fallen very far behind on. He's currently has $27 to pay for foo and anything else each week after he pays his rent and gas. I'm afraid he may be kicked out of his apartment and have no place to stay if he isn't able to get HIS money back.

 

[Silverplum]

Ok, wow, pretty rude response, but whatever. This is a forum about legal help on the internet, that's why I'm posting his business. I'm trying to help my friend. He's not that great with technology so I'm here for him. He has a job, but right now all of his money is going towards his rent, which he's fallen very far behind on. He's currently has $27 to pay for foo and anything else each week after he pays his rent and gas. I'm afraid he may be kicked out of his apartment and have no place to stay if he isn't able to get HIS money back.

There was nothing rude about my response.

 

[CSO286]

Why are you putting your "friend's" business out on the internet? Can he not ask his own questions, should he choose to do so?

In a joint account, either owner can remove funds. And attorneys don't work for free, like pretty much everyone else. There's no reason for your friend to run up such an amazing attorney bill.

No, your friend cannot access his inheritance early. He could get a job: that's what one does when one needs money.

Couldn't he call JG Wentworth??!! (not affiliated/not an endorsement)

After all, It's my money and I need it NOW!!!!

 

[dmakl]

There was nothing rude about my response.

Other than asserting that my friend is some jobless bum as opposed to a victim. Nevertheless, youre saying that there is no way to retrieve an inheritance early even under severe financial stress? And the fact that The account was run by Joe and untouched by his father for 20 years, until his father wanted to take the money for himself, gives him no case whatsoever? I'm honestly asking. Even if you had some far-fetched idea for Joe to win such as case.

 

[Silverplum]

Other than asserting that my friend is some jobless bum as opposed to a victim. Nevertheless, youre saying that there is no way to retrieve an inheritance early even under severe financial stress? And the fact that The account was run by Joe and untouched by his father for 20 years, until his father wanted to take the money for himself, gives him no case whatsoever? I'm honestly asking. Even if you had some far-fetched idea for Joe to win such as case.

He's not a "victim." Not even close.

 

[CSO286]

Other than asserting that my friend is some jobless bum as opposed to a victim. Nevertheless, youre saying that there is no way to retrieve an inheritance early even under severe financial stress? And the fact that The account was run by Joe and untouched by his father for 20 years, until his father wanted to take the money for himself, gives him no case whatsoever? I'm honestly asking. Even if you had some far-fetched idea for Joe to win such as case.

Legally, anyone listed as the owner of the account has access to the funds in whole or in part. Legally speaking, no crime has been committed.

And under the terms of the inheritance, he's out of luck.

 

[dmakl]

He's not a "victim." Not even close.

well why do you say that?

 

[dmakl]

Legally, anyone listed as the owner of the account has access to the funds in whole or in part. Legally speaking, no crime has been committed.

And under the terms of the inheritance, he's out of luck.

Very well. Thank you for the information. If anyone has a dissenting opinion on the matter please let me know!

 

[Zigner]

The 32 year old man who has enough technical savvy to accumulate over $900k in the stock market can surely deal with this on his own...

 

[dmakl]

The 32 year old man who has enough technical savvy to accumulate over $900k in the stock market can surely deal with this on his own...

He's trying everything he can. And no friend should have to go through something like this alone

 

[CSO286]

Very well. Thank you for the information. If anyone has a dissenting opinion on the matter please let me know!

No one [who's right] is going to have a dissenting opinion.

Dad: Listed as owner on account.

Son: Listed as owner of account.

Since they are both owners, they can both use the money. Just like the joint account I share with my spouse or the joint account I share with our children. Doesn't matter who puts money in when.