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In reply to the discussion: 18 year old sues parents for kicking her out and not paying her tuition [View all]pnwmom
(109,065 posts)which means the legal gift was already made, was final at that time, and can't be taken back now.
If you are a parent you can save money on Federal income taxes by gifting money to your child that you intend to use to pay for college. However, once you do that, you're stuck. You can't take back the gift if you're mad at your child later, because you already had the tax benefit.
So if this money is in that kind of account with her name on it, then her parents will be required to turn the money over to her eventually -- the issue to be decided is whether that will happen now or when she turns 21, or sometime in between.
Since her school apparently told her to report her parents' abusive behavior (that school personnel witnessed), it doesn't sound to me like she has been all that fortunate. Having parents with money isn't everything.
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