Parents are withholding information about a custodial account that I rightfully own?

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  • Parents are withholding information about a custodial account that I rightfully own?


Answer #1 | 19/12 2013 20:41
Gee, is there an account? A custodial account would have your name and SSN on it, with any income being reported to the IRS in your name. If there is income left off of your tax return, the IRS would contact you about 9 months after you filed asking whey it wasn't there.
Answer #2 | 19/12 2013 20:42
Get the lawyer. If you were supposed to get this money on your 21st birthday, you're about 7 years too late to get it--if they've spent it all. And if they're withholding information, that's probably what has happened. The only thing you can do is sue them for it.
Answer #3 | 19/12 2013 20:49
you would better talk to your parent in a right way,there may be the good solution of your problem.however they are your parent how can they betray you...
Answer #4 | 19/12 2013 21:31
If it was a plain bank account and your parents were the custodians... then they had full access to the funds and they had the right to use the funds as they saw fit. (for your benefit). Since they do not want to talk about it or give you access to the "details"... chances are that account has been raided and there is little to no money left. You either sit down with them and insist on the truth or hire a lawyer to get to the bottom of this.
Answer #5 | 20/12 2013 14:16
Any custodial account is going to throw off income which usually must be reported (if the amount was over $10.00). Have you ever filed your own tax return? If so, and you haven't been contacted by the IRS about unreported income, then the account may very well be gone. It would not be all that surprising if your parents (one or both) depleted the account. It's wrong, but it happens fairly often. Or it may be the case where your parents believe that handing the account over to you would do more harm than good (I've read your previous questions - - you've got issues). It's still legally wrong for them do do that, but I might agree with their motives. BTW -- 5 years ago you said you were 17. That would make you about 22 now....

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