Can A Parent Legally Take From A Child?

Absolutely. There is quite a precedent for this.

Like when WWE Hall of Famer The Million Dollar Man Ted Dibiase left behind an enormous trust fund for his Son, Ted Dibiase Jr. And indeed the Fortunate Son was literally handed a massive fortune, more than you'll earn in your entire life, the day he hit 18.

http://img.thesun.co.uk/multimedia/archive/00901/Ted_DiBiase_901103a.jpg

But then their relationship began to go insolvent. Ted Dibiase Jr upset his father greatly by becoming best friends with Cody Rhodes, the son of The common man the American Dream Dusty Rhodes. A man who Dibiase Sr hated immensely as wanted nothing to do with the common man.

http://www.netbrawl.com/uploads/7dced4dda951c895c56a2475649316d6.jpg


Things only got worse after Ted Dibiase Jr was flaunting his wealth, buying his mentor Randy Orton a car. And creating a lavish lifestyle for the Lovely Lithuanian Aksana (who actually broke up with her Husband Goldust just to her hands on his riches) and shortly after that, he did the same for the French Canadian Maryse.

To make matters worse, Dibiase Jr had failed in his and his father's dreams for him to become WWE Champion. And was floating around spinning his wheels in the WWE, showing off and having parties but not achieving the intense singles success he had the potential to reach.

So Dibiase Sr cut off the fund, hoping to snap his son back into shape and get him back on top.
Despite the fact Jr was now in his 20s he was left dead in the water. And his "Lavish parties" became Dibiase Posse Parties in the parking lot outside of WWE Events.

Curiously the moment Dibiase Jr lost his fortune, Maryse left him and quickly married the newly millionaire Miz following his sudden movie star career success.

Now you gotta believe I am not saying Maryse is a golddigger...but she ain't hanging around no Dolph Ziggler.

The reality is that even though the person in question is now an adult, the ownership is still of the adult who gave the gift.

Unless you have some kind of claim to those items establishing you as the rightful owner, they belong to the adult who gave them to a child.