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Anon32396

Mishandled inheritance

4 posts in this topic

TEXAS I received an inheritance when I was 18 from my father who passed at when I was a kid. I've been staying with another family for over 5 years because things weren't ideal when I was with my actual birthmother. I'm currently 22 years old. I've known this family for as long as I can remember, I call the parents mom and dad. I have brothers. I have my own room in the house we stay in. I received my inheritance when I was 18, after searching online and alot of research I found out how to retrieve it. I was convinced by them that I should add all the money to a moneymarket account, so that we could start a business and make more money out of it. Sounded like a good idea at the time. I'm still the primary on the account. There was only 1 deposit which was my own. I've moved out of the town where I grew up to go to college, but i frequently visit. One day I was out of town, and I noticed that a significant chunk of the money was gone. I didnt get a notice beforehand or even a phone call. It was just gone. I called to see what it was about and they had explained to me that my brother needed a car. They used my money to pay for it without asking. Things got a little heated and I went back home immediately. By the time we actually sat down and talked about it, they had moved the money out and into their private savings account. For my own good according to them. This happend about 3 years ago. Anytime we have talked about it, they're response is that they've taken care of me so long and that I'm being selfish. The talks really affected their view on me, and I'm pretty much non existent in their household. They go out to eat without me. Go on family trips, and im pretty much just there to stay home and watch the dogs. Some times they say I will get all of it when I graduate college. I'm struggling right now with a fulltime job and going to school full time and I dont want any more student loans. I'm almost convinced that they've spent all of it because they now own a "family" business that my brother runs and that I am no part of. Fully funded by my parents.

What can I do about this? Whatre the steps I need to take to protect myself?

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8 hours ago, Anon32396 said:

I received an inheritance when I was 18 from my father who passed at when I was a kid.

 

It sounds like he died when you were younger than 18 and that your inheritance was held in trust until you turned 18.  Correct?  How much $$ are we talking about?

 

 

8 hours ago, Anon32396 said:

I've known this family for as long as I can remember, I call the parents mom and dad. I have brothers.

 

I guess it doesn't matter, but are these actual brothers or are they children of the family friends whom you call "mom and dad" (and whom we'll call "Bonnie and Clyde" for ease of reference)?

 

 

8 hours ago, Anon32396 said:

I was convinced by them that I should add all the money to a moneymarket account, so that we could start a business and make more money out of it.

 

I assume "them" refers to Bonnie and Clyde.  Correct?  And does this mean you commingled your inheritance in an account that you jointly owned with Bonnie and Clyde?

 

 

8 hours ago, Anon32396 said:

I'm still the primary on the account.

 

Please explain exactly what "the primary" means.

 

 

8 hours ago, Anon32396 said:

This happend about 3 years ago.

 

And...in that three years' time you've taken no action to recover the money?

 

 

8 hours ago, Anon32396 said:

What can I do about this? Whatre the steps I need to take to protect myself?

 

Ummmm...these people stole money from you.  The time to "protect" yourself has passed.  The police aren't going to do anything about it because you apparently willingly put the money into an account to which Bonnie and Clyde had unfettered access.  You can sue them, but you're going to have a big problem with how much time has passed since the applicable statute of limitations appears to be two years.

 

I suggest you consult with a local attorney ASAP to see if you have any options.

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1 hour ago, pg1067 said:

It sounds like he died when you were younger than 18 and that your inheritance was held in trust until you turned 18.  Correct?  How much $$ are we talking about?

Roughly 96k

1 hour ago, pg1067 said:

I guess it doesn't matter, but are these actual brothers or are they children of the family friends whom you call "mom and dad" (and whom we'll call "Bonnie and Clyde" for ease of reference)?

 

Yes they are the children of bonnie and clyde 

1 hour ago, pg1067 said:

I assume "them" refers to Bonnie and Clyde.  Correct?  And does this mean you commingled your inheritance in an account that you jointly owned with Bonnie and Clyde?

Yes, Clyde's mother had passed away and he was also supposed to receive an amount from the estate, which was going to be added to the account. It wasnt.

1 hour ago, pg1067 said:

Please explain exactly what "the primary" means.

 

When you open a money market account one person is in charge of said account and can add remove people, or close the account at any given time. 

 

1 hour ago, pg1067 said:

And...in that three years' time you've taken no action to recover the money?

No, I havent.

1 hour ago, pg1067 said:

Ummmm...these people stole money from you.  The time to "protect" yourself has passed.  The police aren't going to do anything about it because you apparently willingly put the money into an account to which Bonnie and Clyde had unfettered access.  You can sue them, but you're going to have a big problem with how much time has passed since the applicable statute of limitations appears to be two years.

 

I suggest you consult with a local attorney ASAP to see if you have any options.

What type of lawyer should I be looking into?

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