disretinary trust

steinson

I am physically disabled and receive income related benefits esa. My mother wanted me too give me some money so that im financially secure for the future but we dont want it to affect my benefits, as i use this too live off. ive heard of a discretionary trust but dont know where to go to get one. Any ideas?

DomRavioli

You would need to speak to a professional - either a solicitor or financial advisor, as well as the DWP. You need to get in writing from the DWP that this will not be classed as deprivation of capital before starting any such thing.

cattermole

steinson wrote: »

I am physically disabled and receive income related benefits esa. My mother wanted me too give me some money so that im financially secure for the future but we dont want it to affect my benefits, as i use this too live off. ive heard of a discretionary trust but dont know where to go to get one. Any ideas?

I gave some links in the other thread that might help you/your Mum with regarding setting up a Discretionary Trust.

cattermole

cattermole wrote: »

I gave some links in the other thread that might help you/your Mum with regarding setting up a Discretionary Trust.

http://forums.moneysavingexpert.com/showpost.php?p=65354545&postcount=29

Regarding the comment above and deprivation of capital we have covered this in the other thread.

rogerblack

DomRavioli wrote: »

You would need to speak to a professional - either a solicitor or financial advisor, as well as the DWP. You need to get in writing from the DWP that this will not be classed as deprivation of capital before starting any such thing.

In short - if the mother properly sets up the trust - it cannot be deprivation of capital.
If the mother gives the money and the child sets it up - then it probably will be.