What can be done of the social security was used as a fund for college? 3 Answers as of October 03, 2014

I'm a 73 year old disabled mail. I was diagnosed with M.S. in 1990 and forced to stop working 1 year later. I started receiving social security after that and so did my wife and son, he was 5. My wife and I decided to put his checks away for college. Well, his fund, which is at Drifus has grown to $80,000 and at 20 ho is able to with draw that money as soon he knows about it. He is going to a Jr college and I think this money would help him right out. Would it be legal to ask him to sign a check without fully explaining that it’s his to control.

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James Law Group
James Law Group | Christine James
Good for you and your wife for doing that for your son. I don't think it would be wise, especially if he is going to a jr college, to access the money early just to make it easier for him. Most of us had some financial pain through college and it makes us more responsible for it. If you feel it is important however, if the parameters of the account allow for a withdrawal, I don't see any legal reason why you could not do what you suggest.
Answer Applies to: California
Replied: 10/3/2014
Law Offices of George H. Shers | George H. Shers
If I understand you correctly, you held the funds intended for his use in an informal trust until he reached adulthood, which you feel he has now done. You want to give him all the money but not tell him that it is his money. Why not tell him? I would assume he was entitled to the money upon reaching 18 years of age. I think it is morally wrong not to tell him the truth but I do not know that it is a violation of the criminal law or would allow a civil suit if you do not. Your problem is that you should have given him the money when he was 18.
Answer Applies to: California
Replied: 10/3/2014
Irsfeld, Irsfeld & Younger LLP | Norman H. Green
You can ask him to sign a check, but you can't require it of him. And why would you want to do so? Are you such terrible parents that you have taught him no independence and can't trust him with the information about the account. He should be grateful that instead of spending the money that came in, you supported him and saved this for his education. Be sure to explain that money doesn't grow on trees, and once this is spent it is gone. Hopefully, he won't blow it on wine, women and song. But if he does, he's the one who will suffer. (And if he decides to spent a little bit of it frivolously (less than 10%), that won't be all that terrible.)
Answer Applies to: California
Replied: 10/3/2014
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