It’s time again for “Dear Wendy Updates,” a feature where people I’ve given advice to in the past let us know whether they followed the advice and how they’re doing today. After the jump, we hear from “Reluctant Business Owner,” who was stuck with an enormous tax debt after her parents transferred their business to her without explaining the financial responsibility they were sticking her with. One of our legal experts, Addie Pray, gave her some great advice. Keep reading to see what she’s decided to do.
After much effort and against my parents wishes, I was able to shut down the business with the help of a sympathetic accountant. Not being involved with the business made gathering information extremely difficult. My parents quickly established an LLC and carried on working though now they earn significantly less. My parents have shown no indication of intending the business to be my future livelihood or trust fund in any way. Though I’ve been dealing with this for a few years now, I don’t know if it’s fully sank in that my own parents knowingly sabotaged my life. I was going to be the first in my family to graduate from college. I plan to seek professional counseling to help me process things and decide how much of them I can allow in my life.
Moving forward, my parents have reluctantly agreed to work with a tax lawyer to remove the debt from my name at their cost. Thanks to the encouragement from you, Addie Pray, and the amazing commenters, I gathered the courage to tell them they either have to hire a lawyer or I will somehow. I’m feeling more optimistic at this point and REALLY looking forward to finishing my degree in the future.
Thank you again.
I’m so happy Addie Pray’s advice and the words of commenters, many of whom are lawyers themselves, gave you some perspective and brought you some comfort. And I’m so relieved your parents have agreed to hire a lawyer and start sorting out this mess.
Counseling is a wonderful idea. I hope you are able to get to a place of forgiveness. Parents, like anyone, are flawed human beings. Your parents flaws prevented them from nurturing you the way they should and protecting you from life’s ugliness as long as possible. I’m sorry for that, but I hope the upside is that you are independent and strong.
If you’re someone I’ve given advice to in the past, I’d love to hear from you, too. Email me at [email protected] with a link to the original post, and let me know whether you followed the advice and how you’re doing now.