advice please

mobilefan

I work for the local council and there is now a serious danger of me being made redundant i live and care for my disabled mother as well as working full time i have a small loan and very little savings my mother in the goodness of her heart put my name on the deeds of the house as a gesture to prevent any future problems when she passes away this was done a few years ago long before the credit crunch. She also wanted to and did put some money in my name again for my future to make sure i was ok this is my problem now i dont want her to lose any of her money or her home how do i stand if i cant make payments on my loan none of this was done to short change the gov or anyone else just a caring parent wanting to make a difficult time easier as we had a lot of problems sorting things out after my father passed away

Debt_Free_Chick

As far as benefits are concerned, those assets will be treated as yours and, depending on the amounts involved, you may not receive means-tested benefits. The benefits system only takes account of what assets you have, in your name. The reason why you have them is irrelevant.

She also wanted to and did put some money in my name again for my future to make sure i was ok

But surely, her intention was for you to have this money if you fell on hard times? If so, then why would you have a problem using it, if you had no other income?

Weirdlittleman

Debt_Free_Chick wrote: »

As far as benefits are concerned, those assets will be treated as yours and, depending on the amounts involved, you may not receive means-tested benefits. The benefits system only takes account of what assets you have, in your name. The reason why you have them is irrelevant.



But surely, her intention was for you to have this money if you fell on hard times? If so, then why would you have a problem using it, if you had no other income?

Because its a gamble that they become past the historical gift threshold before the mother dies and hence no IHT.