How to Invest £60k for a Disabled Child but Protect Current Benefits

YoBro

As a single parent on carers allowance, I have £6ok that my disabled childs father (deceased) left her. How do I invest this in a way that will not affect my entitlement to benefits at the moment? I have £17k debt, £41k mortgage and get carers allowance and child tax credit at the moment. Would really appreciate help.

pmlindyloo

YoBro wrote: »

As a single parent on carers allowance, I have £6ok that my disabled childs father (deceased) left her. How do I invest this in a way that will not affect my entitlement to benefits at the moment? I have £17k debt, £41k mortgage and get carers allowance and child tax credit at the moment. Would really appreciate help.

Did your child's father stipulate in the will what was to happen to the money? Was it put 'in trust' for your child until they reached a certain age?

Any money put 'in trust' cannot be taken into account for benefit purposes.

cattermole

In addition to the above useful advice.

Mencap give legal advice on Trusts for children and wills etc.

This may be useful for you consider for the future if your child has a LD? They don't just extend the service to LD though.

http://www.mencap.org.uk/what-we-do/wills-and-trusts

They do make a charge for writing Trusts but specialise in advising how this can affect people with LD when they receive Benefits in their own right.

jackyann

Without doubt, get specialist advice. This could make a big difference to your girl.
I am not suggesting it as such, but in some situations she may be able to own the house jointly with you (may or may not be a good idea)- she may be able yo buy ino a special housing scheme - there are lots of options.
Begin by going to one of the big charities: mencap are one of the best, but one closely associated with your child's disability may be better. They tend to know experts who understand the details, and will charge a reasonable fee.
A lot will depend on your child's age, mental capacity and specific needs: don't rush, and discuss carefully with people you trust and people who understand the system.

xylophone

http://www.hmrc.gov.uk/trusts/types/vulnerable.htm

http://www.pickupandscott.co.uk/vulnerable_person.php Have a look at "vulnerable person discretionary trust".

See an expert in wills and trusts? http://www.step.org/online-directory