Best way to keep money??

jamesd

mrjis wrote: »

It may sell for around the 120,000 mark

If invested that's enough to provide an ongoing income in the region of £4800 to £7200 while preserving all or most of the capital. Invested doesn't mean savings accounts, it means a proper range of unit trust type investments along with some portion using savings accounts.

mrjis wrote: »

Will such a large sum eventually going into her bank account affect any benefits etc etc??

No, but the fact of selling the property will if she is receiving any means tested benefits.

mrjis wrote: »

She gets £190 a week benefit while living in this bungalow and may be entitled to rent rebate, council tax rebate etc (not got that far yet, only just signed for bungalow yesterday).

Which benefits? Some are means tested and she'll almost certainly no longer qualify for those.

mrjis wrote: »

Will it be better off put in a third party bank account (e.g. daughter etc)

This makes no difference to her ownership of the money and wouldn't be legal as a way to try to keep means tested benefits.

mrjis wrote: »

She does have carers coming into the house 3 times a day but i believe she is entitled to keep the money she makes and not have to answer to different offices and agencies regarding her savings.

Some of this money will not be affected because it'll be to care for her son.

Because some benefits are means tested and for her, some are for her and some are for her son's care it's not really possible to say what the effects will be without knowing what each benefit is.

mrjis wrote: »

Any advice on going the best route would be appreciated

Citizen's Advice. Bring along full details of all of the benefits being received and all income sources (state and work pensions say) for both of them so they can get a proper combined workup on what each is entitled to and how the £120,000 will affect her own portion. The interaction of being a carer and the benefits the person being cared for is entitled to make this a non-simple case that needs proper professional advice.

She should also consider what she wants to happen on her death. There are specific types of trust that money can be put in to benefit a person with a disability and it might be worth using one of those for money that she wants for the son in a wheelchair.

jimjames

Would keeping the bungalow and renting it out make a difference so there were no savings sitting in an account?

It does beg the question why move into a council house when you already have your own property. I'm sure there is a reason but it does seem rather strange.

charlieismydarling

How did she manage to get a council bungalow?

There is no legal way of hiding her money, having been housed for free she should be more than willing to pay rent. If her son is disabled he will presumably be in reciept of non means tested benefits.

I really hope you aren't for real.

Bravepants

We just had to sell my 92 year ols grandmother's property, a terraced house that's been in the family since it was built over 100 years ago for £80,000. £64,000 or so went to pay residential home fees accrued as a charge against the property, and after estate agent fees, solicitor's fees about £13,000 was left and transferred to her bank account leaving her with assets of £23,500 or so, which is what she is legally entitled to keep and still get government funded assistance. She still pays £540 out of her own pension each month towards fees. Yes sometimes it irks me that people who have nothing and never worked get benefits and one or two even live in my grandmother's residential home. But what should the government do? Let these people rot? Exterminate everyone over the age of, say 70? Have you seen the film "Logan's Run"?

Whether governments 'stink' or not, they still have to find the cash to fund homes from somewhere, and the taxes you paid all your life fund more than old age (public services, army, police, refuge disposal, street lighting etc. etc.). How is the government meant to run the country and pay for the various services that make your life bareable, hold a big car boot sale?

pearl123

jimjames wrote: »

It does beg the question why move into a council house when you already have your own property. I'm sure there is a reason but it does seem rather strange.

The only way she can avoid loosing benefits is by staying in the house she already got!
And to be honest I really can't see why she has be given a council house. If her own house is not suitable for everyones requirements then she should be purchasing a more suitable one with the money she has got! Proves that something is wrong with the system.

sleepless_saver

mrjis wrote: »

I pay taxes like everyone else (well most people) and I am miffed knowing i am paying for people living on benefits.

Unlike you, I don't grudge my taxes being used to pay for people living on benefits. (What do you think your mother and brother are living on?)

What I do grudge is having my taxes used to pay means tested benefits for people who have a substantial amount of money which they are trying hard to conceal.

Trumpeter

I think that most posts of this nature are more about finding ways of not spending the poster's future inheritance.

innovate

mrjis wrote: »

I said i want to do it the LEGAL way so all the suggestions of benefit fraud are completely stupid and not the kind of advice I was looking for!.

You can huff and puff as much as you like, it doesn't change the fact that what you would like to do would amount to benefit fraud. Just alone the thought you could somehow legally stick £120K away whilst living in a council house and receiving benefits is beyond belief.

mrjis wrote: »

Its almost like people are bitter on here when people have a bit of money and get miffed about it.

I am not bitter about your mum having a bit of money (I got plenty more than her myself) but somebody with £120K in the bank is not entitled to a council house and benefits.

MoneySaverLog

Take it out of the banking system, put it under the mattress.

After the fire, claim your benefits.

mrjis

Everyone has missed the point altogether. No wonder Martin Lewis sold this site. It's full of people with no advice what do ever lol.

Thanks to the one person xylophone who was the only one to give me any kind of proper help and advice. At least with this info I can now get the ball rolling and get it all sorted out LEGALLY like I have previously said.