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I recently found out that my parents set up an annuity for…

I recently found out...

I recently found out that my parents set up an annuity for me to start being paid out when I turned 18 (I am now 26). After speaking with the company that the annuity was set up with, I discovered that my mother has been taking this money without my knowledge. The total amount is $210,000. I need advice on where to go from here. I believe I am ready to seek legal action, but I have no idea how to do that.

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

I currently reside in TN, but am originally from IL (where this would have taken place).

Lawyer's Assistant: What steps have you taken so far?

None

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I don't think so

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Answered in 4 hours by:
5/16/2018
Jessica B
Category: Legal
Satisfied Customers: 1,862
Experience: Attorney at Donald B. Linsky & Associates, PA
Verified

Hello. My name is ***** ***** I am a licensed attorney. I hope I may be of assistance with your question. Please remember to rate my service at the end of this session. Thank you!

First you need to call the company and request copies of the original annuity agreement and copies of all of the transactions in which your mother withdrew money. You are going to need this documentation for proof.

Did you execute a Power of Attorney in which you named your mother your POA?

Jessica B
Category: Legal
Satisfied Customers: 1,862
Experience: Attorney at Donald B. Linsky & Associates, PA
Verified
Jessica B and 87 other Legal Specialists are ready to help you
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Customer reply replied 3 months ago
I have never made her power of attorney, unless I am unaware!

Ok, good, we want to make sure she does not have legal authority to access the funds. The next step will be to determine whether the annuity company is at fault. When you get a copy of the contract you want to see if it is the annuity company's fault for allowing your mother to withdraw funds. She may not have the legal right to do that and if that is the case the company should have denied her access.

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Customer reply replied 3 months ago
Okay I will request that info! After I get that, what will I do with that?

If the company is liable, you will need to hire an attorney to file a lawsuit against the company. Usually what happens in that situation is that the company will settle with you rather than going to court.

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Customer reply replied 3 months ago
Okay! And what if my mother has been forging documents to gain access (which is what I suspect)?

In that type of situation you are going to have to sue her for fraud and theft. You would be asking the court to order her to pay you the monies that were stolen plus interest.

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Customer reply replied 3 months ago
Would there be the possibility of criminal charges in that case? I don’t want to go that far.

No, not unless you report it to the police. You may keep it a lawsuit with no criminal charges.

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Customer reply replied 3 months ago
Last question - what advice can you give me in finding a lawyer to work with? And what kind of lawyer? My funds are pretty limited, so I’m not sure what my options are.

You need a civil litigation attorney that works on contingency. What that means is the attorney only gets paid if you win the lawsuit and collect money. The attorney's fees will be paid out of the money received from the lawsuit.

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Customer reply replied 3 months ago
Okay, thank you so much for all of your help!

No problem!

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