Torn Feelings: Family and Money (lawyer, taxes, law)

[BlueSky38]

Hoping for advice and feedback on this situation.

My father died when I was young and I was always lead to believe he had left me money in an account. My mother does not and never has liked talking about finances with me so for the most part I just let it go. I am in my late 20's and in the past couple of years I've been asking more questions and learning that the money for me was in an UTMA account and from what I read I should have gotten it already but my mom feels that it's too much money to just give someone and that I only get it when "drops dead". More recently, I told her we have to sort this out because I will be getting married soon and we will be filing taxes together. Now she wants to restructure the account because my dad didn't leave the money to me he left it to her and she put it in that account but didn't want me to have it until she passed. Can she even restructure this type of account? I thought it was kind of permanent.

[Retriever]

You need to speak with an attorney.
No matter how well-meaning anyone in this forum might be, the bottom line is that you need legal advice from somebody other than anonymous strangers who have a high likelihood of being wrong.

[camaro69]

I would suggest an attorney, but legally that money is to be used for your benefit and not housing, clothes, etc.

While the laws have changed within recent years, that money is yours between ages 18-21.

I've even known children who have taken their parents to court and have won as the money was not spent propery as per law on the children.

[PDD]

Originally Posted by Retriever

You need to speak with an attorney.
No matter how well-meaning anyone in this forum might be, the bottom line is that you need legal advice from somebody other than anonymous strangers who have a high likelihood of being wrong.

^^^^^ This is the only advice you should pay attention to. Others may tell you things you WANT to hear but pay no attention.

[Lowexpectations]

You don't need an attorney. If you have a custodial account somewhere call that financial institution and provide them the documentation they ask for and they will turn the ownership over to you. If you aren't old enough you can still have the custodian removed and replace them with someone else

[sirk98]

sounds like the parent in this case moved the money from the UTMA to a non-custodial account (mom's account)... Which is easy to do, but is still technically a no-no (I dont want to say that amounts to 'theft', but I dont know how else to term it).

Again... Talk to an attorney. If the money is still in the UTMA account, then you can follow Lowexpectations advice. Otherwise its tricky.

[jaymoney]

You also might want to get a lawyer to put a level of distance between you and mom about this. Going against her wishes is going to be difficult as it is, you might not want to be the driving force but be able to have someone to pin part of the blame on. That's part of why you'd pay an attorney in this matter is to look after your interests.

[Dangerous-Boy]

get an attorney

[Irish Eyes]

Are you counting on this money for something? There's not really any good reason for this kind of secrecy so prepare yourself in case you find that the money is long gone.

[AmFest]

The money is yours, legally and willfully. This is your father's legacy for you. Convert the UTMA account to an individual account and don't let anyone else touch it.