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Hello! My ex (together 10 yrs, never married), set up a college account for MY daughter with both his and her name. Now that she’s started college and tuition is due, he CLOSED the account. The bank said it had to go to my daughter or he could get in trouble. Who can I talk too? I don’t have money to dish out to lawyers and when i called the IRS they said to talk to one. Any ideas? Thanks!
Anonymous
It depends how the account is titled - is it an Education IRA or is it a 529 plan?
If it is one of the above, you can take the money out, but save the receipts for tuition, supply, boarding etc and show to your accountant when file tax return.
If it is an UGMA account, the money is hers after she reaches adulthood.
First is to find out how the account is titled....
PM me if need more info... this is ‘CD’
Thanks, and I’ll try to find out- the bank doesn’t want to tell me much since I’m not on the account. I do know she said (the lady at bank), that if he spent it on himself and not for her schooling (tuition, books, housing, etc..) HE could get audited and would have to proove he spent the money on her (hence my call to the IRS..)
I take it you or your daughter talking to him is not an option ........ did he say why he had closed the account ?
In case you wonder who CD is it's China Doll don't know why she is showing up anon
No, he’s an ass and will not talk to me or my daughter since I was the one to break it off with him. See, he needs to be in control or his world shatters, and whoever is the culprit of that can never be talk to or trusted again. (vary narcicistic!)
Rrl965 what about his family can they get him to see reason to his peevish ways ?
Also if you can’t afford a lawyer are there no citizens advice centres near you where you get free legal advice or what about the college ?
Sorry I’m in UK just trying to brainstorm for you
What about your daughter asking the bank what kind of account and as she is a student her getting free legal advice
Vicki good avice. If you re-read anon’s answer I think you’ll see at the end......it’s not CD but rather someone being sarcastic.
all i can say is, good advice and good luck!
btw, anon, CD is qualified to answer this.
Not sure why u posted to this at all. wow
gr8 info CD!
I hope you get this resolved. I’m scared that my ex is going to steal my daughter’s college money too! Her grandpa opened an account for my daughter before he died, but made my ex the custodian.
When I tried to get the child support adjusted, I found that lawyers cost $400 an hour so I had to drop it. I hope Peeper’s suggestion works for you.
Anonymous
If they are under 26 they can get their education somewhat covered if their fathers are vets and they don’t have to ask their dads on this one from what I understand. Good luck. All too often the custodial parent (I’m not saying men or women because it really doesn’t matter which one) often gets holding the bills, the bags and the babies.
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