DWP and 'dissipation of assets'

FinanciallyPerplexed

Hi.

I am about to come into some money via an endowment policy maturing. The amount will take me over the £16K savings limits for benefits.

How much (if anything) does the DWP allow one to spend or give away to take my total savings amount below the limit? My preferred solution would be to give an amount to my children.

Thanks in advance.

marliepanda

FinanciallyPerplexed wrote: »

Hi.

I am about to come into some money via an endowment policy maturing. The amount will take me over the £16K savings limits for benefits.

How much (if anything) does the DWP allow one to spend or give away to take my total savings amount below the limit? My preferred solution would be to give an amount to my children.

Thanks in advance.

None.

The money is there for you, not to give to your children in order to continue getting benefits. The taxpayer purse is helping you, as you are in need, not your children. Sorry, but I don't want to give your children any money.

The only possible use you could use an endowment for is if it was for an endowment mortgage, that wouldnt affect your benefits. Giving your kids a lovely prezzie will...

poppy12345

FinanciallyPerplexed wrote: »

Hi.

I am about to come into some money via an endowment policy maturing. The amount will take me over the £16K savings limits for benefits.

How much (if anything) does the DWP allow one to spend or give away to take my total savings amount below the limit? My preferred solution would be to give an amount to my children.

Thanks in advance.

If you "give away" the money to allow yourself to be able to claim those benefits thenyou'll be classed as still having that money. You can't give away the money to your children and then expect to be able to claim means tested benefits.

FinanciallyPerplexed

Thanks.

I am absolutely not wanting to take the !!!! here - merely wanting to maintain a small ESA income while having something by for future emergencies.

If it helps Marlie feel better about my desire to give my children some money, this situation comes about because their mother is terminally ill. Cheers for the unnecessary barb, guy.

poppy12345

FinanciallyPerplexed wrote: »

Thanks.

I am absolutely not wanting to take the !!!! here - merely wanting to maintain a small ESA income while having something by for future emergencies.

If it helps Marlie feel better about my desire to give my children some money, this situation comes about because their mother is terminally ill. Cheers for the unnecessary barb, guy.

I'm sorry to hear about the mother of your children! Even in these circumstances you can't just give your money away and then expect to claim means tested benefits.

Cheeky_Monkey

In your opening post, you make it quite clear that your motivation for giving your children some of the money is to bring your savings down below the limit so that you can continue to claim means tested benefits.

The DWP will see it as exactly that so it's unlikely to work I'm afraid.

FinanciallyPerplexed

I wasn't expecting to be able to give a lot away! I was just wondering if there was any leeway. Apparently not.

Thanks all.

TELLIT01

There have been a number of threads on this topic recently. If you search 'Deprivation of Capital', which is the official term you might get some more in depth information.
As you have said, there is no leeway as far as simply giving the money away is concerned.