Q: My parents took all the money from my bar mitzvah and put it into an account that can only be used for education/college
and admit to it being a preemptive decision. I do not want to go to college and they are refusing to let me have the money so i can buy a car and pay for insurance to better my life and further my growth and independence. They threaten to spend the money themselves even though the money was given to me. What do i do?
A: Nothing. You are not entitled to it. Your parents are looking out for your best interests. You are lucky. My parents took my bar mitzvah money to pay the caterers.
A: The question does not tell us how the "account" was titled. If it was a custodial account, then the money becomes yours when you turn 18 or 21 depending on how the account was set up. If the account was set up any other way, the money is your parents to use as they see fit.
Bruce Alexander Minnick agrees with this answer
A: Unless you decide to enjoy being treated like the child you are until you reach the age of 18--or even later if you decide to live with your parents until you are 55 or 60--I strongly advise you to stop creating friction at your young age.
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