Compensation money and benefits

GlasweJen

The trust must be established as part of the settlement, it is essential that the money never gets into the claimants hands, it must get awarded straight into the trust or it counts as capital and is expected to be readily available a year after it is available for the claimants day to day expenses.

randomobject

Thank you all for your advice, i had no idea it could be so complicated. We breifly saw a financial advisor a few months back and he mentioned this trust then, but like i said it was only a brief meeting, so we spoke to our solicitor this morning and he reccommends we see the FA again to discuss the trust in more detail. (whenever that may be) So thanks for bringing that to my attention.

We know all about the CRU:D!!

So is this right, my partner will still be entitled to IB and DLA no matter what? I also forgot to add that he gets Industrial injuries benefit because it was a work related accident, so is that the same? What about CTC?

KxMx - Yes definitely invest for the kids, our oldest is very bright and will going to uni in 2 yrs time and with the rising uni fees we'll need to!! And my partners only getting the lower rate.

Suelees1- can you explain further about damages being ignored for the first 52 weeks or am i right in thinking this means we'll get the same level of benefits for 1 year, then they stop?

My partners disability is pretty much permanent although he does hope to get some form of employment in the future as he's only 35 and he hates not working.He'll get quite a bit over 100k and thats after money recovered by CRU. We just want to protect it and not let it dwindle away.

GlasweJen

The money isn't for your kids! It is for your husbands disability, if it goes into one of the protected trust funds (because only certain trust funds are ignored) then taking out your kids uni fees won't be allowed, it will need to be spent on things like carers fees, adapting the house, respite, therapy and things like that.

If you want it readily available for luxuries then you will not be able to have the trust and will lose your benefits.

rogerblack

randomobject wrote: »

So is this right, my partner will still be entitled to IB and DLA no matter what?

He will over the next year or so be migrated onto ESA.
This does not ignore capital.

mealone

rogerblack wrote: »

He will over the next year or so be migrated onto ESA.
This does not ignore capital.

For people transfered from IB to ESA all capital is ignored as they will be claiming contributions based ESA so this quoted post is wrong.

merlin68

With universal credit in 2013 any savings over £16,000 will stop you from getting anything. So research thouroughly.

KxMx

mealone wrote: »

For people transfered from IB to ESA all capital is ignored as they will be claiming contributions based ESA so this quoted post is wrong.

Going from IB to ESA (Work Group) will mean under current plans that the claimant will only get the benefit for one year, after which an application for ESA Income Related would have to be made. With such an amount of money, this claim would be rejected and he would no longer get any ESA, just the DLA.