He and his now ex-wife, both in their eighties, used to have successful careers—he was a doctor, and she was a banker before they retired.
In 2003, following advice from his wife and eldest son, he sold a plot of land intended to be his children’s inheritance. He gave the proceeds along with an additional VND1 billion (US$39,400) to his eldest son to start a business during his final year of university. The son partnered with friends to establish a firm selling motorbikes and tech products in HCMC.
At the time, the decision seemed reasonable, as the property and money would eventually become his son’s inheritance. The couple believed this would pave the way for a bright future. Little did they know it would mark the beginning of their family’s downfall.
Overconfident in his abilities, the son struggled under the fierce competition in Ho Chi Minh City. His startup failed, and he neglected his studies, failing exams for two consecutive years before dropping out. His friends graduated and moved on with their lives, leaving him behind.
Desperate to recover his losses, the son secretly took out high-interest loans, which only worsened the situation. He wandered aimlessly in the city, lying to his family, siblings, and friends to avoid his creditors.
Loan sharks frequently visited the couple’s home, demanding payment. They sold all their valuable assets to help their eldest son, but it still was not enough. Meanwhile, their second son was just starting his first year of university and needed financial support.
The family grew increasingly divided as one side wanted to continue supporting the eldest son, while the other wanted to report him to the police and let him face the consequences of his actions.
The stress drove my acquaintance into an affair with a woman 40 years younger, which ultimately led to his divorce. The couple divided their remaining assets, which included two houses. One property was equally split between the two sons, while the other was divided between the couple
The eldest son’s share was seized by creditors and he continued to live adrift. The second son used his share, which was worth VND4 billion, to buy an apartment in HCMC, then got married, and moved out. However, he remained resentful toward his father, believing he had unfairly favored the older brother.
The ex-wife sold her share and relocated. Since then, my acquaintance has been living alone, abandoned by everyone. Now elderly and financially drained, his pension barely covers his living expenses, and he suffers from poor health.
Whenever we meet, he laments his decision to give his son an early inheritance.
When should parents pass down their assets to children?
*This opinion was translated into English with the assistance of AI. Readers’ views are personal and do not necessarily match VnExpress’ viewpoints.
Comments are closed.