Should I give back $200k that I didn't know I had?

[GoingUp]

Originally posted by: notfred
What's the point of creating a savings account for your kid and then spending it on a house he won't even live in? Why create it in the first place?

 

[flxnimprtmscl]

Wow. It's clear that you don't really need the money but I'd keep it on the principle of the matter. From what you've said it sounds like they basicly used you as a tax shelter for years. Plus the fact that they obviously have plenty of money of their own but chose to ask for yours instead is disgusting to me.

I know they're your parents and I'm not trying to be rude but if my parents tried to use me like that I'd let them know that they'd never see a dime of the money and then I'd cut of all relations with them. Your parents sound like absolute asses to me.

What surprises me about this is you don't seem to be upset about how your parents have been using you and are trying to use you now. How does this not upset you a little bit at least?

 

[BurnItDwn]

tell them that you are saving the money to take care of them when they get too old and need a nurse or need to go to a home.

 

[Topher]

Originally posted by: tnitsuj
You all have valid points, but I am "giving" it to them once we work out what the tax liabilities are. It's not my money in my eyes. I took care of paying for college, Uncle Sam paid for grad school, I have no loans, or credit card debt and I make plenty of money for what I need so it isn't like I need the money.

My view is, it is thier money...let them have the house. A 1 million dollar house now is going to worth a lot more when they die and I inherit it, so it is a win win situation if you think strategically.

And you think you will inherit the house tax-free? An Estate Tax is a nasty S.O.B. Better do your homework on that too.

 

[PeeluckyDuckee]

I think the important question is to ask yourself how do you want to be seen by your parents? What kind of a person are you?

 

[Zanix]

Originally posted by: vi_edit
Tell them they can have back the principal. You'll keep the interest.

Agree!

 

[Luagsch]

Originally posted by: flxnimprtmscl
Wow. It's clear that you don't really need the money but I'd keep it on the principle of the matter. From what you've said it sounds like they basicly used you as a tax shelter for years. Plus the fact that they obviously have plenty of money of their own but chose to ask for yours instead is disgusting to me.

I know they're your parents and I'm not trying to be rude but if my parents tried to use me like that I'd let them know that they'd never see a dime of the money and then I'd cut of all relations with them. Your parents sound like absolute asses to me.

What surprises me about this is you don't seem to be upset about how your parents have been using you and are trying to use you now. How does this not upset you a little bit at least?

 

[flot]

His parents weren't using him, they were using some tax loophole to set aside money.

Yes, give it back to them, sounds like it fits in well with your relationship and obviously should only do good for everyone involved. If you don't NEED the money and your parents are the kind of people who would happily write you a $10,000 check if you told them you needed it (which it sounds like they are) then there's no reason not to do it. It really is their money, it just happens to be in your name right now. But I'd definitely check on the tax implications, etc, just like everyone else says.

 

[cavdraco]

I have already given my parents my trust fund but it was to keep the farm going.
Give them the money on the condition they pay the taxes and other fees involved in the transfer.
Just my 2cents

Cav

 

You should discuss some deals with your parents.
They may just walk on you, and that's that.

 

[trulfe]

if you communicate businesslike then you should write up a contract assuring you to be the receiver of the property when they die. I know of families that didnt get along with other family members that ended up donating all their assets to charity when they died.

If you give them the impression everytime they try to help you out that you dont want it, they may do you a favor and leave everything to someone else.

 

[CTrain]

You people who are telling him to keep the money are not thinking at all.

Obviously he doesn't need it.
The only reason to keep it is to be vindictive.
By keeping it, any potential of a future relationship with his parents is doomed.

Hes been giving back the money throughout the yrs so why would this be any different ?

 

[guapo337]

give 'em the money. but...

make sure (absolutely positive) that you are the sole benefactor of their estate when they pass away.

 

[mchammer187]

Originally posted by: CTrain
You people who are telling him to keep the money are not thinking at all.

Obviously he doesn't need it.
The only reason to keep it is to be vindictive.
By keeping it, any potential of a future relationship with his parents is doomed.

Hes been giving back the money throughout the yrs so why would this be any different ?

agree completely

they tried to pay for all of his schooling and a car he refused

if i was in his situation i would give the money back as well

 

[rahvin]

Originally posted by: Ylen13

Originally posted by: rahvin
It's their money, they used you as a tax dodge and if you don't do your own taxes you have nothing to worry about. They are obviously more fiscially aware than you and they planned for a scenario in which you didn't engage (higher education) so the money is thiers not yours. Sign the form and be done with it.

I can't believe the people in here that would tell their Parents to eat it and keep the money. Bunch of selfish a$$holes that don't know the value of blood over money.

blood over money? lol. The money is legally his other whise they would not requst him to sign the release

Of course the money is legally his and you are too fvcking imature to realize the value of FAMILY aka blood, over money. I'm disgusted by the number of people in here that say keep the money. It wasn't his money, his parents put it aside for his schooling that he DIDN'T use. Any of you idiots that would keep the money would destroy your relationship with your family for some piddly amount of money and that frankly disgusts me. The maturity and morality of this forum has degraded well beyond what I thought it had.

 

[PunDogg]

give them half, cuz they set it up for YOU, and you don;t even talk to them, i mean come on thats like robbing your little infants piggy bank, but now they are at least asking you. I would keep it all, but i am close with my family and they still pay for my college soo hehe


Dogg

 

[imported_Papi]

If it was a fund in your name that they put money into towards your future and they need your signature to release the money, that pretty much tells you that the money is yours. Why else would you have to sign it over to them?

I would feel indifferent.

 

[Howard]

Originally posted by: vi_edit
Tell them they can have back the principal. You'll keep the interest.

THIS MUST BE YOUR ANSWER!!!

 

[Ylen13]

Originally posted by: rahvin

Originally posted by: Ylen13

Originally posted by: rahvin
It's their money, they used you as a tax dodge and if you don't do your own taxes you have nothing to worry about. They are obviously more fiscially aware than you and they planned for a scenario in which you didn't engage (higher education) so the money is thiers not yours. Sign the form and be done with it.

I can't believe the people in here that would tell their Parents to eat it and keep the money. Bunch of selfish a$$holes that don't know the value of blood over money.

blood over money? lol. The money is legally his other whise they would not requst him to sign the release

Of course the money is legally his and you are too fvcking imature to realize the value of FAMILY aka blood, over money. I'm disgusted by the number of people in here that say keep the money. It wasn't his money, his parents put it aside for his schooling that he DIDN'T use. Any of you idiots that would keep the money would destroy your relationship with your family for some piddly amount of money and that frankly disgusts me. The maturity and morality of this forum has degraded well beyond what I thought it had.

i guess you have no read from begining of the post. He sayd he don't really talk to them and he got an email from them instead of a phone call. So he can't destroy the relation ship with his parents that he already don't have

 

[SpiderX]

It just sucks that the money was setup for you in their quest to guide you towards a certain profession. And the fact that your relationship is soured because you chose your own path. I think it's just easier to give it back to them instead of having it hanging over your head. You are self sufficent and responsible (which I applaud) and have said you really don't need it. Let them buy their house.

 

[JSClark]

I wish I had 200k right now... can we say school and move outta the pit I call "home"?

 

[glugglug]

What's the account number again?

 

[nycdude]

Originally posted by: EXman
I think your parents started a beautiful idea and turned it into a selfish joke. I hope you are kidding. :disgust:

and no one needs to take 200k meant for their kid and keep it for a +1 million $ house can we say materialistic and jerks. man people are posting fast!

What he said.

 

[imported_Papi]

Originally posted by: nycdude

Originally posted by: EXman
I think your parents started a beautiful idea and turned it into a selfish joke. I hope you are kidding. :disgust:

and no one needs to take 200k meant for their kid and keep it for a +1 million $ house can we say materialistic and jerks. man people are posting fast!

What he said.

agreed here too, I just didn't want to be that blunt.

But... your parents are greedy bastards!

 

[rahvin]

Originally posted by: Ylen13

Originally posted by: rahvin

Originally posted by: Ylen13

Originally posted by: rahvin
It's their money, they used you as a tax dodge and if you don't do your own taxes you have nothing to worry about. They are obviously more fiscially aware than you and they planned for a scenario in which you didn't engage (higher education) so the money is thiers not yours. Sign the form and be done with it.

I can't believe the people in here that would tell their Parents to eat it and keep the money. Bunch of selfish a$$holes that don't know the value of blood over money.

blood over money? lol. The money is legally his other whise they would not requst him to sign the release

Of course the money is legally his and you are too fvcking imature to realize the value of FAMILY aka blood, over money. I'm disgusted by the number of people in here that say keep the money. It wasn't his money, his parents put it aside for his schooling that he DIDN'T use. Any of you idiots that would keep the money would destroy your relationship with your family for some piddly amount of money and that frankly disgusts me. The maturity and morality of this forum has degraded well beyond what I thought it had.

i guess you have no read from begining of the post. He sayd he don't really talk to them and he got an email from them instead of a phone call. So he can't destroy the relation ship with his parents that he already don't have

Maybe you missed the part where he said he preferered and insists on email communation. Regardless of the status of the relationship it's wrong to take money that you didn't earn from your parents. I dont' care if the money is legally his. Anyone that is pathetic enough to steal money from their parents like that doesn't deserve to have a family. Be a damned orphan and spend your holidays alone and don't ever call your parents again for any reason including emergency help. You are obviously too young or too stupid to realize the value of what you propose he should give up.