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Inherited income

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Comments

  • t0rt0ise
    t0rt0ise Posts: 4,509 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Depends how much the rent is of course but say it's 600 a month, then 25k would last 41 months, so just over 3 years.
  • t0rt0ise wrote: »
    Depends how much the rent is of course but say it's 600 a month, then 25k would last 41 months, so just over 3 years.

    If HB is around £2500 a year, then the OP's mum must be paying part of the rent herself, so potentially the money could last longer. £2500 a year works out at £208 a month, or less than £49 a week, paid for her by HB.
  • parkrunner
    parkrunner Posts: 2,610 Forumite
    Eighth Anniversary 1,000 Posts
    t0rt0ise wrote: »
    Depends how much the rent is of course but say it's 600 a month, then 25k would last 41 months, so just over 3 years.

    The benefit she would lose is £2,500 so a minimum of 10 years. I say a minimum because once the savings fall below a certain amount she would start to receive HB again.
    It's nothing , not nothink.
  • parkrunner
    parkrunner Posts: 2,610 Forumite
    Eighth Anniversary 1,000 Posts
    Susannne wrote: »
    Can you please advise? My mother, 78 years old, receives housing benefit of approximately £2,500 a year. She has inherited about 25k from the death of a family member. She has very little in savings, otherwise.

    Curious as to why she only receives around £50 a week towards her rent if she has very little in savings.
    It's nothing , not nothink.
  • Susannne wrote: »
    Can you please advise? My mother, 78 years old, receives housing benefit of approximately £2,500 a year. She has inherited about 25k from the death of a family member. She has very little in savings, otherwise.

    Due to the value when she receives this, she will no longer be entitled to receive housing benefit help, which seems unfair as she will not gain any benefit from the inheritance until it reduces to below £16,000.

    Can you advise how she can use/distribute this inheritance so that she gains some benefit from it. Can she gift it to her children/grandchildren? How will this affect her housing benefit claim?

    How is it unfair??

    HB is for people who need help with their rent, your mother doesn't now she has £25,000.

    Did you think that she could keep all of the money for herself or her family while the taxpayer keeps on paying her rent??
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