THEY STOLE FROM THEIR GRANDCHILD’S TRUST FUND

Part of a divorce decree for the parents of Steve Young’s client required the mother to make a compensating payment to buy the father out of her businesses. The judgment stipulated that the father set up a joint bank accounts with the grandparents as co-signatories to use the funds for the Mr. Young’s client’s college expenses. When the client needed money to pay tuition and room and board in college, the grandparents’ reply was, “There is no more money.” Steve sued the grandparents and father for breach of fiduciary duty and misappropriation. The father defaulted, and the grandparents defended claiming, “We only disbursed the money to father when he told us to.” The case resulted in a $600,000 judgment (including punitive damages).