Should parents take their kids paychecks?

Should parents take their kids paychecks?

It’s not illegal to take money from your kids in most cases, although, of course, there are exceptions, like if the child’s money is in a specific trust and you abuse the funds. Simply confiscating your child’s funds sends the message that it’s okay to take whatever you need.

Can my parents keep my paycheck?

Yes. As long as you are minor in their care, they may do so.

Is it legal to take your child’s money?

Although you may consider your parents’ withdrawal of money from your account as unfair, their conduct is not unlawful, provided it is permitted under the terms of the contract. When you reach a certain age (16 years old for Youthsaver accounts), you can request that the bank give you full authority over your account.

When are parents entitled to their children’s paycheck?

If the child is living in the house with the parents, and the parents are providing the child with rent, heat, clothes, food, etc. and the child earns an income, the parents could certainly claim a few hundred dollars a month to cover those expenses if the child had an income.

Can a parent give up control of their finances?

While some parents may be relieved that financial chores are taken over by their children, others resist giving up control, particularly when drawing up a power of attorney seems to reverse the parent-child role.

What happens when parents can’t control their kids?

And to make matters even worse, society demands that you “get that kid under control,” so parents fight even harder still to control their child. And the parents begin to feel personally responsible for their child’s behavior. In the end, your child simply digs in his heels.

When do parents become responsible for their child’s actions?

Most states that have parental responsibility laws have established the rule that parents can be held responsible for the acts of their child only until the child reaches 18 years of age. However, at least one state has expanded parental responsibility to include children up to 21 years of age in certain situations.