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Inheritance Dilemma
Comments
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I assume the two brothers don't want to move into the flat together?
But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
Hello, I'm attaching the letter. We assume it's income based but it does say something about NI contributions which doesn't help the confusion!calcotti said:
If you are willing to post what is says on the calculation page we may be able to help interpret it.NJL1969 said: He's looked at his letter which is inconclusive
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No, definitely not!theoretica said:I assume the two brothers don't want to move into the flat together?0 -
The letter indicates it is entirely income based ESA.Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.2
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Not sure what he's using for rent, there may be a separate letter about council tax and housing benefit?I know you can put money into a pension and that's disregarded capital, and you can use capital to help a child get a house. Unearned annual allowance into a pension fund is about £2880 and the government tops it up I think by another £720, and it grows year on year. After ten years it should be worth about £50,000 and disregarded for benefits.Perhaps he could get a park home with his share of the proceeds of selling the flat. Still get council tax discount.You can pay off debts with capital, and repair a home and buy furniture without getting done, I believe.
I'm not an expert, just here to read and learn
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Not if you're claiming means tested benefits you can't because that will be classed as deprivation of capital and you'll still be classed as having that money.CarefulSheila said:and you can use capital to help a child get a house.
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Paying existing capital into a pension fund is also likely to be seen as deprivation of capital.Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.2
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Income-based benefits will cease when capital goes over £16000 regardless of how quickly you then spend it (unless it falls into one of the few categories that can be disregarded, which appears not to apply to OP).CarefulSheila said:You can pay off debts with capital, and repair a home and buy furniture without getting done, I believe.0 -
If you own your own home you can get benefits, and if you have a pension you can get benefits. There are disregards with capital such as house and pension.I looked it up online and got it confirmed by the dwp on the phone.As long as you are not taking an income from the pension. It's disregarded because you won't need to claim as much when you are retirement age.1
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Now researching capital disregards.Looks like you can get a life insurance policy and a funeral plan.Still looking for the bit about giving a child money for their own house, came across that twenty years ago.The Entitled To site is useful.0
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