We all have to live with the choices we make. Some of those choices bring good fortune, while others can cast a shadow for years to come.
Occasionally, these decisions also affect our nearest and dearest, as seen in the following story about a mother who stole her daughter’s inheritance.
This mother made some deeply regrettable decisions and it seems she hasn’t learned her lesson. Her daughter, however, decided to lay it all out plainly in this revealing post:
TL:DR: mom stole my college trust and used it to buy land/build a house; never paid taxes and lost it all, had to declare bankruptcy.
My grandmother passed away when I was 16. She was a hardworking woman who ran her own upholstery business for half a century and raised five children. My mom, one of the middle children, always clashed with grandma. I believe it was due to my mom’s sense of entitlement, wanting more than she earned or more than what the other kids received, and my grandma wouldn’t stand for it.
With five kids, grandma ended up with ten grandchildren. As she was nearing the end of her life, she drafted a will that divided her assets based on each child and grandchild’s needs. For me, she set up an education trust because she knew I wanted to attend college. My brother received her delivery van to use for his band tours. My mom got some heirloom jewelry, as grandma knew how much she adored it.
Not surprisingly, mom wasn’t pleased. She thought my trust fund, amounting to around $30,000, was unfairly more valuable than the van and jewelry. I explained that grandma knew college was costly, and it was her decision to split her assets that way.
Fast forward to my second semester of freshman year in college, I was 18. Thanks to scholarships covering my tuition, I expected the trust to help with books and living expenses and last me through undergrad and into grad school. When I asked mom how to access it, she revealed that the trust was empty. She had been withdrawing funds all along for so-called education expenses. Mom, a college professor, had me take some classes at her school in high school and summer sessions, paying only $25 per credit hour. However, she withdrew the full amount billed before any faculty discounts, draining the trust completely.
I was in shock. I demanded my money back, and mom claimed she used it to benefit the whole family by buying a plot of land for her dream house. She saw this as somehow benefiting me.
Being 18 and penniless, I decided to stay away from home. I got a job and an apartment, and cut off most contact with mom, except during special holidays.
Five years later, during Christmas, mom finally had her dream house, valued at $700,000. She bragged about her financial windfall, making me even more upset. But everything soon collapsed.
Mom had never paid taxes on the money taken from my trust or the property. After receiving a hefty tax bill, she still blamed everyone but herself, saying it was the bank’s fault for not including property tax in her mortgage payments. However, she was responsible for her own taxes since she had a construction loan, not a mortgage. As penalties mounted, the housing market crashed, devaluing her house to $220,000. She believed her back taxes would also be reduced, but taxes were due from when the house was valued at $700,000.
Realizing she had to sell the house to pay the taxes, she only got $220,000 for it. Still owing $150,000 on her construction loan and $100,000 in taxes, she lost the house and ended up declaring bankruptcy. She moved into an apartment and spent the next few years paying off debts, including credit card debt.
Now, she is retired with no savings, living a lonely life, still blaming the world for her mistakes. I occasionally take her calls but still won’t visit. Despite the hardship she caused, I finished school, got a good job, and own my house where I responsibly pay my taxes. While I haven’t forgiven her for taking my money, I am somewhat satisfied that she paid a hefty price for her actions.
