Inheritance & Benefits

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Jomo

Dibbothe3rd wrote: »

Hello all, I hope someone can offer a little advice on what my Father should do.

My Grandpa passed away a few weeks ago and my father stand to inherit a tidy little sum. lets say for arguments sake its £50000.

the problem is, is that my dad doesn't want or need the money because he is on benefits, claiming housing, council tax and incapacity benefit. hes 59 years old and will be 60 in August this year.

He would rather the money go to myself and my brother.

Im trying to look at ways in which this money can be used to maximum effect and would like to know if a trust fund such as a bare trust or discretionary trust can be setup that will benefit all 3 of us.

Any advice would be much appreciated!!

Many thanks in advance.

Dibbo

These posts about inheritance really make me laugh!

He does need money to live. What difference does it make where the money comes from? Or is it that you want it as your inheritance?

Your dad is unfortunate in that he was unable to work and, I presume, save up to provide you with a similar inheritance but yet he has been fortunate in that he gets all his rent and council tax paid with money to pay the bills etc. given by the government and ultimately the tax payer.

He has this money so he might as well use it to live off until he retires and maybe then, the rules will change (as somebody mentioned). I doubt all the money will have dwindled so there should be ample left over.

healy

Dibbothe3rd wrote: »

Hello all, I hope someone can offer a little advice on what my Father should do.

My Grandpa passed away a few weeks ago and my father stand to inherit a tidy little sum. lets say for arguments sake its £50000.

the problem is, is that my dad doesn't want or need the money because he is on benefits, claiming housing, council tax and incapacity benefit. hes 59 years old and will be 60 in August this year.

He would rather the money go to myself and my brother.

Im trying to look at ways in which this money can be used to maximum effect and would like to know if a trust fund such as a bare trust or discretionary trust can be setup that will benefit all 3 of us.



Any advice would be much appreciated!!

Many thanks in advance.

Dibbo

It is clear that your Father does need the money as he is claiming means tested benefits. He will now be in a position to pay his rent and Council Tax himself.

seven-day-weekend

The inheritance will not affect his Incapacity Benefit.

welshmoneylover

I would echo the above posts and say your father does most definitely need the money if he is relying on means tested benefits.

PS, I also pay my taxes to keep paying rent/benefits for people who do not have the means to do so themselves. I don't have a problem with this. I do have a problem with paying benefits to claimants who have enough more to support themselves.

dotchas

Your Dad DOES need the money so he can pay his bills,rent etc instead of taxpayers paying them for him.

chatty123

the problem is, is that my dad doesn't want or need the money because he is on benefits, claiming housing, council tax and incapacity benefit. hes 59 years old and will be 60 in August this year

Sorry if I'm not giving you the answer that you want to hear but IT IS obvious from this that your father does need the money or he wouldn't be claiming benefits

[Deleted User]

Dibbothe3rd wrote: »

lol...well the taxes I pay actually cover all his rent and benefits he gets so to be fair, you dont, if thats what your trying to get at. oh and as well all the taxes he has paid in his lifetime too.

I only asked for advice. dont need personal and emotional responses from people who just want to moan thanks.

I dont see anyone moaning or being emotional.....
whilst I would hate to put someone who is new to MSE off posting in future,i would say that its typical of people who land here ask a question,dont like the answers then get all stroppy.
A drop of humility spreads a long long way...