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Adult Child refusing $70,000 college trust fund due to abuse by father

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hearfocus

Junior Member
What is the name of your state? Nevada

My daughter is 20 and her paternal grandparents have a $70,000 college trust fund set up for her. It is being reported under my daughter's Social Security number for income tax reasons.

Her father has complete control of the funds and was doling them out to her and her school, until she made a huge, scary, and well-thought out decision to cut ties with him and his money due to the "strings" and his emotional abusiveness toward her. She has been working full time, lives on her own, and can only handle one college class in addition. She wants to be a Veterinarian "all on her own" "even if it takes her 10 years."

Today she got a notice from the IRS that she owes $3,000 in taxes because her father withdrew stocks and bonds two years ago and did not take anything out for the IRS. She got tax advice and was told she should sue her father for these taxes because it should never have happened to her. She can't afford to pay that kind of money to anyone and I've helped her more than I can afford.

My question is, should she try to get this $70,000 trust fund with a lawyer? She states that it will cause her aging and ailing grandparents to never speak to her again. (Knowing them, I agree. Their wallet is their bottom line).

Thanks. Would like some input.
 


B

BL

Senior Member
She should at least consult a Lawyer for a small fee .

The money was given by the grandparents for the daughter .

Why would the grandparents be upset , if the control over them go to Her instead of Dad ?
 
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hearfocus

Junior Member
College fund for adult child of divorced parents

Blonde Lebinese said:
She should at least consult a Lawyer for a small fee .

The money was given by the grandparents for the daughter .

Why would the grandparents be upset , if the control over them go to Her instead of Dad ?
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Thanks for replying. The grandparents are control freaks, just like her father is a control freak. None of them trust our girl even though she has not given them any reason not to. They would not even put the money in the hands of an accountant or the aunt! They don't trust anyone, and they've all made it clear that their money is more important than our daughter. At least she feels that way and that is what counts.

Yes I am going to call the lawyer referral service and find a lawyer for her to go to. Her father should not be sticking her with the taxes!
 
Just Blue

Just Blue

Senior Member
hearfocus said:
Thanks for replying. The grandparents are control freaks, just like her father is a control freak. None of them trust our girl even though she has not given them any reason not to. They would not even put the money in the hands of an accountant or the aunt! They don't trust anyone, and they've all made it clear that their money is more important than our daughter. At least she feels that way and that is what counts.

Yes I am going to call the lawyer referral service and find a lawyer for her to go to. Her father should not be sticking her with the taxes!
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If that is the case...Why give her the 70K to begin with?:confused: ...They must care for her to invest 70 grand in her education....
 
H

hearfocus

Junior Member
baystategirl said:
If that is the case...Why give her the 70K to begin with?:confused: ...They must care for her to invest 70 grand in her education....
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They didn't give the money to her. They put it in stocks and bonds and she would have to ask her father and then he would make her feel guilty and have "strings attached." He also did things that were nearly molestation to her. Gave her hard "love bites" on her arms in public restaurants, wrestle her to the ground instead of hugging her appropriately.

Yes they care for her future, but they don't know how to show it appropriately. They just want to control her. Still, the money is basically hers, they just demand too much in return for it.

Poor girl has had to drop out of college and go to work full time. She has disabilities and cannot handle working her way through college. But she still wants to be a Veterinarian.
 
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Dandy Don

Senior Member
Without knowing the exact type of account that the monies were held in and paying out from, it's hard to know how to advise you. Could you get more details about this from the father (was he trustee or merely account owner put in charge to manage this by his parents?) or was the money in a 529 college savings fund plan? Maybe the school could give you more details about where the money came from when the bills were paid.

If it was from a 529 college savings fund plan, then there are certain restrictions on the account where your daughter might have some influence as to when she could get access to the money. Any bank or school or financial adviser should be able to tell you who to contact to get more information about the requirements of a 529 college savings plan and their rules and regulations.

Also discuss with her school's financial aid office the possibility of filing for state and federal grants and how to use the web and other resources to find out what scholarships will be available for students majoring in veterinary studies and what scholarships are available for students with her particular disability.

Too bad that the grandparents are to stupid to realize that their boorish behavior/ugly personalities are having a negative impact on your daughter's education, but you and she are strong enough to pursue other options and come out the winners. Good riddance to the bad rubbish of selfish grandparents.

If you talked to a few business law or tax attorneys, I'm sure you would find one willing to sue for the reimbursement of the tax liability at a very reasonable rate. It is something that should not be put off or neglected.


DANDY DON IN OKLAHOMA ([email protected])
 
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frylover

Senior Member
This isn't legal advice but I just wanted to say that I think your daughter is a remarkable young lady. It takes some guts to stand up to bullies...and that's what dad and grandparents sound like. Good for your daughter! She's willing to work for what she wants rather than sacrifice her self-respect and emotional well-being by taking the "easy road."
 
F

frylover

Senior Member
Nope...I just saw the thread as one that had a reply today and responded. Sorry....my bad:(

I wonder why Dandy pulled it up?:confused:

I do love a good "crazy person", so I'll have to read her other thread!
 
H

hearfocus

Junior Member
You must be getting me confused with Blondie. If you guys are calling me crazy, there's no reason for that whatsoever and I've had abusive posts removed before here.

It was very nice , Dandy Don and Frylover to answer my question in a kind manner, and I have forwarded it to my daughter. Thank you very much.
 
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S

Shay-Pari'e

Senior Member
hearfocus said:
And you are seriously without a life!
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You are now seriously trying to answer legal questions? You are all over the forum.

Might I suggest taking your meds?
 
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