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Parenting after 35
M.Amy
member
My parents spent Matt's college fund
M.Amy
member
When Matt was born my parents said they were going to put some investments aside and stipulate in the will they were for Matt and not be included in the rest of the estate which is to be divided 50/50 between me and my brother. This money was meant to pay for most of Matt's college.
Not trying to be pushy I have asked twice if they made the change to their will and they always seem to have a meeting next week with their financial adviser. So I let it rest.
I found out yesterday that they bought a house in Florida so they can stop renting during the winter months with "some of their investments." I bit my tongue but I wanted to ask if they were the same investments they promised us earlier.
I wouldn't care except they told me on numerous occasions they were going to give Matt the money. Since I wasn't expecting it, I was pleasantly surprised. I don't know what happened; if my parents said something before they had it thought out or what but I wish they hadn't said anything at all.
On the bright side, at least now DH and I can make some plans to up our contributions in Matt's college fund. It would have been worse to find out when he was 16.
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Re: My parents spent Matt's college fund
My Blog
Well at least you know now rather than 15 years from now.
They actually have been going to a different area every year to decide where to buy and really liked Venice, FL. All of their friends are in Venice as well.
How far away is it from you?
Yeah, I'd be p.o.'d. They shouldn't have said anything if they hadn't already set up the fund. I've been burnt big time like this myself, and even with my own family I count on nothing until it's in writing, and even then I'm skeptical.
I hope that they weren't doing this to deliberately hurt you, but they could have been adult enough to come to you before all of this and told you that they had another plan for the money. At least you found out now and not when tutition was due (yeah, I've been there).
That really sucks, period! I guess the silver lining is that you found out sooner rather than later. It was pretty lame that they didn't tell you up front. I am guessing they wre dreading the conversation.
Venice is a really nice area.
That bites - I would be totally upset too. I really wish people would stop and think before making offers like these. Don't they realize that you as the mom would be counting on this and using your money in other ways since they promised?
Will keep my fingers crossed that this was "extra" money and Matt's money has already been set aside for him.