Ok, here's the story...my father died earlier this year and his retirement account named my 88 year old grandfather as the beneficiary. Since the beginning he has promised me half of the money, and now since he got the check the total has come down to 85,000 (enough to pay off my house). Anyway, I got the check and deposited it in my bank and all of a sudden he wants the money back. It is already in my account and processed, what could he legally do to get the money back?
2007-10-08 07:13:16 · 15 answers · asked by Jewelsn'all 3 in Politics & Government ➔ Law & Ethics
No, once a gift is given, it is irrevocable. Had he changed his mind before giving it to you, you'd have no right to the funds. But once you have them, he can't have them back. He can try, if he wants, to do a late stop on the check (If it wasn't an official check), but not every bank will do that, and it depends on how long ago it cleared. Otherwise, he has no legal way to get the money.
2007-10-08 07:18:37 · answer #1 · answered by Anonymous · 1⤊ 1⤋
There are a couple of questions that would have to be answered before I can give you a complete answer. For one, did you have to sign a promissary note saying you would pay it back? Is there any paperwork saying it is a loan instead of a gift?
If he gave you the money, with no paperwork and no agreement (either vocal or on paper) saying you had to pay it back then there is really nothing he can do. A gift is just that, a gift. Gifts are not required to be returned or repaid and if he didnt want you to have it he should never have given you the check.
I wouldnt worry to much about the legality of it as long as his signature was on the check and there is nothing saying you have to pay it back. If he takes you to court make sure you have a copy of the actual check, make sure it is clear enough to see his signature and the date of the check as well as the stamp saying it cleared your bank and his.
Just make sure that you have everything that you need to prove that he gifted the money to you and you should be fine. If he keeps harrassing you then contact a lawyer, its normally free to ask questions or get consultation.
Good Luck.
2007-10-08 14:23:25 · answer #2 · answered by mms4resprnts 2 · 0⤊ 1⤋
Once he wrote out the check and signed it to you. It's yours.
Once you signed it, and put it into your account. It became
part of your "gross income" for this year, "before taxes."
If you are working. That amount, plus the amount you you
make at work, will throw you in a higher tax bracket.
So, if you have put it all on paying off your house. You can
expect to pay pretty big chunk of tax at the end of the year.
So get some "legal counceling," before making a move.
The gift looks good. The taxes don't. Good luck.
Let "him" worry about getting it back. <}:-})
Or:
Call with any problem, Anytime:
Girls and Boys Town National Hotline
Phone: 1-800-448-3000
Email: Hotline@girlsandboystown.org
2007-10-08 14:48:03 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Was the check a bank check or a personal check? If it was a personal check, what was written on the MEMO line in the lower left hand corner? If it says GIFT, then I believe that the money is yours.
The only way he could sue you for the return of the money is if he could prove that he was under some kind of duress or mental incapacity when he signed the check, or if he can prove it was a loan.
You can get free legal advice by registering and posting your question at the source link I posted below. I have had my questions answered by lawyers and judges for free at that site.
2007-10-08 14:36:38 · answer #4 · answered by Horatio 7 · 0⤊ 2⤋
why would he want the money back? are you supposed to help him live out his last days in peace and security and now you have paid off your home, which has left him penniless and frightened?
Is it because someone has gotten into his ear and wants the money for themselves?
you will need to understand what it is that changed his decision making process to move forward and hope to hold onto the family which you have left.
2007-10-08 14:25:22 · answer #5 · answered by shannon b 1 · 0⤊ 1⤋
If it was a gift and the cheque was made out in your name I don't think he can really do anything. Did you tell him the money was aleady spent? Maybe you should tell him the money is invested in your house already and that might put his mind at rest.
2007-10-08 14:22:11 · answer #6 · answered by 24Special 5 · 1⤊ 1⤋
Does he have a good reason for wanting it back? I think the only legal argument he would have is if there is a good reason. But it sounds like the transaction is complete.
2007-10-08 14:18:43 · answer #7 · answered by Flatpaw 7 · 0⤊ 1⤋
he can't take the money back, and shouldn't ask for it back, but he can sue you and try to prove you were fraudulent in obtaining the money, i'd advise a lawyer. don't use the money until it's settled or you might be in an even worse situation.
2007-10-08 14:19:23 · answer #8 · answered by SweetDee88 3 · 0⤊ 1⤋
No, a gift is a gift as long as you didn't do or say anything to coerce or trick him into giving you the money.
2007-10-08 14:15:43 · answer #9 · answered by Stop Ranting 5 · 1⤊ 1⤋
As long as you didn't sign anything, I should think there's nothing he could do. Spend it quickly; then there would really be nothing he could do, without getting a third party involved -- and I highly doubt that third party would be on his side!
2007-10-08 14:26:44 · answer #10 · answered by Legate Tatiana 3 · 0⤊ 1⤋