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Inheriting so losing all benefits now - help!

quatro
Posts: 197 Forumite
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Comments
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IB isn't affected by any income. (only NI contributions) DLA won't be afected either.0
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Thanks titch - so is it the income support componant that I will lose?0
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I have never understood why anyone would want to continue claiming benefits when they have enough money to support themselves. As said the IB is non means tested so you keep that and the DLA plus a very hefty capital sum. A lot of people would love to be in your somewhat enviable position.0
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krisskross wrote: »I have never understood why anyone would want to continue claiming benefits when they have enough money to support themselves.
My thoughts exactly.
You have over £16k in savings (I think that's the limit?) so you will lose income support and any other means tested benefits.
Why do I get the impression that the OP is 'disappointed' that they're getting this money and would rather live on benefits? Most people (including myself) would lvoe that amount of money and not have to live off benefits.0 -
krisskross - I can see what you are saying but how far will £100k take me when it is the only money I have to live on for the rest of my life?
Knowing that incapacity is non means tested and that the DLA [£65 per week] is still allowed certainly helps me get this all in perspective.
However I will still end up with less per week than I have now, which seems crazy.0 -
My thoughts exactly.
You have over £16k in savings (I think that's the limit?) so you will lose income support and any other means tested benefits.
Why do I get the impression that the OP is 'disappointed' that they're getting this money and would rather live on benefits? Most people (including myself) would lvoe that amount of money and not have to live off benefits.
Yes I do not wish to live on benefits ok.
But I will not be able to keep even the low standard of living I currently have. I will not enjoy any of the inheritance as such - but will have the dignity at least, of not being stigmatised by being ill - and on benefit any more.
Or subjected to peoples judgments.
I am not 'disappointed' ok - it's just that my mothers wish was that I would one day be a little better off and it is not going to be how she wishes - thats all.0 -
I also think the point has been lost here - I do NOT want help so I don't lose benefit -
I would like advice as to how to best use the assets of my home plus the £100k so I can make it work better for me rather than investing and getting a monthly income. There are many options.
I think I put this on the wrong forum - apologies!0 -
If you put that £100k in a high interest account at Halifax or somewhere and didn' touch it for a year, you could make £6 -12k in interest alone!!
Free money!!0 -
Thanks John - I have never had any money to deal with before and now understand that I will have to rely on investment to give me an income - which is fine!
Just wondered if there was anything else I hadn't thought of.0 -
You are expected to live on that money, and so can certainly spend some of it on getting a reasonable car, house repairs, and drawing a sensible amount each month to live on in addition to your DLA. I think that you would need to use the capital to pay your council tax bill, for instance. Eventually, when your capital falls below the limit (currently about £15K) you will need to re-apply for the means-tested benefits that support you at present.
I think you are being over-cautious about the "deprivation of capital" rule. This rule means that if you were to inherit the money, gamble it away, and then after a couple of weeks apply for means-tested benefits again, you would be treated as if you still had the money. So in your situation, you will need to keep records of how you spend your inheritance and be able to demonstrate, if and when you apply again for means-tested benefits, that you have lived on it in a reasonable manner rather than splurging everything.
Ask for advice from your local benefit office or an organisation like Help the Aged on how these rules apply to you. But don't be worried: provided you live reasonably well you will not have a problem.0
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