Congratulations, C!! I know it must have been hard, but you stood up for yourself. Now those people know not to run over you anymore.
Good for you, C! If you haven't already, maybe you should close that brokerage account and open a new one, or make damned sure that the broker understands that they have no right to the money. Change accounts on anything that you can that they know about. I wouldn't be surprised if they try to raid as many accounts as they can. If you have a particular person you have worked with at the IRS, you may want to update them. I'm not sure Mom and P are done yet.
C, I'm glad the tables have turned for you finally. Also glad to hear you confronted you Mom and S/Dad. Perhaps now is the time to push your advantage; you've knocked them back with surprise, and they're still reeling a bit. So, maybe start asking the questions about your trust account and the truth. You now have leverage (with the IRS fear working for you), they may start "talking". Just a little insight, "P" 's words about saving $2,000 using you as a deduction do not add up. Either they are using your school/education costs as a deduction also, or there is more here to the story. As my own personal opinion only, I must add that "P" does not seem like a good businessman! If using you as a deduction on their taxes "only" costs you $100, but saves them $2,000.00, I would think he would make a better offer! He should at least offer to split the gain with you! i.e., give you your $100 "refund", and 1/2 the $1,900 "gain"! That is only fair! They should have sat you down, explained this tax situation years ago, and made a mutually beneficial offer for both of you. "P" has violated one of the golden rules of business, "Don't get greedy". A few hundred dollars here will cost him greatly. Good Luck C, hang in there and keep moving in this direction. You now see some of the light at the end of the tunnel.
It could be. Mom and stepdad have been living off of C in one way or another for years, and now the money is stopped. There seems to be a desperation here. They need money. They realize C knows what's going on now. They will make any last-ditch efforts they can to get money. They may still have some resources (C's, probably) that they can tap. She has the advantage now, as Bizwiz said (at least momentarily). She needs to keep them on the defensive. Just my opinion.
C, are you getting the account statements now? Do you have confirmation they are in your name only now? Most accounts can be viewed on line now, so this should be easy to follow up on.
I've been getting all my statements from the brokerage. I also had to start an entirely new checking account with a different bank because my mother's name was on my account. So that's everything that I know of. My mom did receive an end of year statement from the brokerage for my account I THINK because she was still the custodian in the beginning of 2007. The statement wasn't a 1099 though...it only had the balance from the beginning of 2007 and then for the end of 2007 it showed a balance of $0.00. I also have a life insurance policy...do I need to be getting anything from them? And that's all I think... Once my grandparents pulled out a random account that held a couple thousand dollars in it and was under my name, but I had never known about it so...there is no telling! I don't think there's anything else out there though.
When people get desperate, you get prepared The IRs issue is going to go down in about 6-9 mos for the 2005 & 2006. I would start lining up your defense for claiming your exemption now. If you have lived on campus or lived in your own apartment, get the leases. If you have a landlord, have them write an affidavit that you entered into the lease (being 18 and over) and to the best of their knowledge, your parents were not involved in the payment or the process. Also, call the IRS now, if you haven't already, and attain all income documents as it relates to you for the years there. 2001 to now. Also, file a police report, very general of your identification information being possibly used. This will let your mother and step dad know that you are serious as a heart attack. Prepare yourself for the emotional blackmail, the alienation from your other siblings and a bunch of other crap. Trust me, I am a parent, we love our children, but we are still human with all of the human failings. Your mom will forgive you, she will be mad, but down the road, the love for a child burns away all of the hurt.
Sounds like the stepdad is the ringleader anyway. Maybe blood will be thicker when push comes to shove.
It's starting to sound like grandfather knew he was going to have financial problems. This is starting to form up as someone "protecting/hiding" assets. It sounds like he started moving money into places that creditors, or the IRS, would not be able to touch. Yet, somehow he (and other family members) could get to. You may not ever know (fully) what was/is out there in your name. Just keep working based upon what you do know. Deal with other items as they arise. To add a bit of direction here, have you reviewed your credit reports and found anything out? To put these back into focus, understand that damage to your credit reports could be the most harmful to you in your new life. This damage has the potential to carry on into the future for many years. The injuries from the past are what they are,and in the past. So, do not overlook what may be your largest issue and obstacle. Just trying to keep your eye on the ball...
Bizwiz...where can I purchase all three reports for a reasonable rate? I've tried getting the free reports, but since I don't have enough information it's not working...I would rather just pay for the reports and get them in a reasonable time frame then wait....and wait.....and wait. Thanks Biz!
C, The best method for getting your credit reports may be a bit painful; considering that you are (somewhat) aware that there are accounts on your reports, but you do not have sufficient information to get past the security verification via on-line credit report requests. So, I would try requesting via writing to all three of the credit reporting agencies. The indiviual sites can be accessed through the free annual report website. You will need to provide some proof of your identity such as a copy of your driver's license, and perhaps a utility bill, or some other account which lists your name, and current address. The agencies should be able to send you copies of your credit report based upon this information. The cost is minimal for each report (about $7). Should there be some "verification" issue, there are some options here: 1) you may need to file a police report regarding possible "identity theft". You can give as much information as you "factually" know, or as much as you think is applicable. 2) Ask your mother for the details on the accounts (as presented during on-line verification, i.e. the "mortgage" you previously mentioned). 3) Since you are changing/have changed bank accounts, you could request your bank to pull your credit reports (again, you may have to pay for copies). But I would recommend sending in written requests to the CRAs for your reports. Follow the directions, or call them and ask for the procedure. Again, I feel any damage to your credit reports is really the most damaging to you and your life at this point. I fully understand that emotion, and need to know, about all the history, but...your future (and your fiancee's) will be heavily impacted by the state of your credit. Setting yourself up for your future life should be the true goal here.
I just got all three of mine last week from myfico.com. There was a 25% discount code and all three reports and scores was $32.00 which I didn't think was too bad.
I use Privacy Guard. www.privacyguard.com. It's $11.95 a month for all three reports and scores. It lets me know if there's any new inquires or changes to the public records section as well. The only downside to any of these online services is you'll never get an accurate credit score being that almost every creditor optimizes/customizes the score for their own purposes. I know some people think if you get it from FICO it's accurate but I've never seen the same score online as I see when I have a mortgage broker or car dealer pull my reports. Also you can't make disputes online through these services.
I think she should consider a monitoring service for all three reports so she can tell when somone applies for credit in her name.
the main problem is.... I may be wrong, so correct me if I am. I believe that C's mom has screwed her over for so many years that she can't verify the information on the reports to even purchase the monitoring service. I think it would be very interesting if C sent a copy of her driver's license along with a letter advising the CRA that she would have been a minor and could not have most of the stuff on her report such as a mortgage, or cars or whatever else on there. Mom, should have known that a minor cannot enter into a contract until they enter their majority at 18 y/o. I see that the squirming time is about to begin.
She should at least try to answer the security questions. They often change upon each attempt. Sometimes they're easy. If that doesn't work the form usuallly tells you what to do. For example Equifax sent me a security code through the mail because I failed one of the questions. But you're right, if the address on file is her parents house she needs to change it directly with the CRAs. Their numbers are listed at http://spankthebank.org/tips_tricks.htm She should call to get precise directions. BTW IMO it's best to start out by getting a separate report from each CRA (appox. $10 each. more if she want to know her score). I don't think (correct me if I'm wrong) you can dispute/change information online when purchasing a tri-report even if it is purchased directly from one of the CRAs or FICO. I get the feeling she's going to have to do some major disputing once she looks at her reports, judging by the way her mother was downplaying the importance of good credit.
You're correct about getting past the security questions on-line. C is caught in a "Catch-22", she needs the reports to find out what's on them, but she can't get them until she finds out what's on them!
While myfico and privacyguard are good for monitoring, C needs more than that. As others have stated, she needs to get hard copies from each bureau. If she files the police report and puts a fraud alert on her reports, she should be able to send proof of identity and that should do it. She may need to provide a copy of the police report.
