Man Spends Parents Retirement Fund On Lavish Lifestyle 7
Noel and Margaret Foreman thought their oldest son was helping them invest £120,000 for their retirement. But instead of using the money to help his parents, 52-year-old Neil spent all the money on cars, luxury holidays, golf lessons, fine wines and expensive meals. Neil felt that his siblings got more than he did as a child and this was his chance to live the life of luxury he always wanted. "We have always done the very best we could for each of our three children. It appears that Neil has formed the opinion that his brother and sister were treated differently in that they both had a private education. What he fails to appreciate is that at the time he was going to school I was a very junior police officer earning just £9.50 a week. Only when we went into business could we afford a better education for his younger brother and sister," said Mr Foreman.
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It is in The Fine Article ... go ahead. :-P
Cheers
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Who gives £120,000 to their kid so they can put it in a savings account for them.
Just a guess, but perhaps someone trying to dodge taxes, or exploit some sort of loophole. The article claims that the son has some money in an offshore account and is refusing to give it back. From this I make the inference that the son knows how to handle, transfer and manage money in ways that the ordinary person isn't familiar with.
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The most likely explanation is that the parents simply transferred the money to Neil's account or a common account so he could make investment decisions without them having to approve every transaction. Once it's in a common account, he could then withdraw it and move it to an account under his exclusive control.
However, it is possible that this was also used to get around inheritance taxes, assuming US and British inheritance laws are somewhat similar.
Under US tax law, parents can give money or property t
I'm sure the Mothers Curse has been invoked: (Score:1)