Inheritance Due,,The worst thing that can happen, as LCWRA will stop

moneytree999

I am due inheritance, Possibly £100,000 + ....I should be Over the Moon, but im dreading the day it goes into my bank ..I will have to stop claiming Benefits ( LCWRA + My Sheltered Housing Rent paid ) Therefore, my Inheritance will NOT last long .. Is there anyway around this problem ? Is there a way to keep getting my Benefits, and still have the £100,000 sitting in my bank ..Ive heard that as im on LCWRA, I can continue getting part of it £100 a week ( Even if i have large Inheritance in bank ) But ive no definate info on this .... Ive also heard about a 'Trust' as a way out, but i dont think this will suit me .. What are my options ? Thanks in Advance

poppy12345

UC is a means tested benefit and that includes all the elements such as LCWRA so what you've heard is incorrect. For all means tested benefits when you have more than £16,000 in capital all of them stop completely. 

If you have any debts you can pay them off and your UC will not be affected. Other than that there's no other way around this situation. 

IF you're claiming New style ESA as well as UC then this isn't means tested so will not be affected by capital and payments will continue as normal. 

If you're not claiming the ESA have you worked at all the previous 2 tax years or have you just been claiming UC?

moneytree999 said:

I am due inheritance, Possibly £100,000 + ....I should be Over the Moon, but im dreading the day it goes into my bank ..I will have to stop claiming Benefits ( LCWRA + My Sheltered Housing Rent paid ) Therefore, my Inheritance will NOT last long .. Is there anyway around this problem ? Is there a way to keep getting my Benefits, and still have the £100,000 sitting in my bank ..Ive heard that as im on LCWRA, I can continue getting part of it £100 a week ( Even if i have large Inheritance in bank ) But ive no definate info on this .... Ive also heard about a 'Trust' as a way out, but i dont think this will suit me .. What are my options ? Thanks in Advance

 

pmlindyloo

Are you claiming PIP?

If you are then this will not be affected.  You can be a millionaire and still claim PIP.

Are you near state pension age?

Keep_pedalling

You can forget trusts unless the will actually creates one. 

born_again

moneytree999 said:

I am due inheritance, Possibly £100,000 + ....I should be Over the Moon, but im dreading the day it goes into my bank ..I will have to stop claiming Benefits ( LCWRA + My Sheltered Housing Rent paid ) Therefore, my Inheritance will NOT last long .. Is there anyway around this problem ? Is there a way to keep getting my Benefits, and still have the £100,000 sitting in my bank ..Ive heard that as im on LCWRA, I can continue getting part of it £100 a week ( Even if i have large Inheritance in bank ) But ive no definate info on this .... Ive also heard about a 'Trust' as a way out, but i dont think this will suit me .. What are my options ? Thanks in Advance

How much a month does UC pay you & anything ese you claim?

£100K should last at least 8 years, even longer with care.

You could put it towards a house/flat purchase. Just remember that you will have increased costs due to maintenance.

Newbie_John

Benefits should be for these who struggle financialy. Having £100k in a bank account defies the principle.

Spoonie_Turtle

You can open a claim for New-Style ESA, NI credits only if your NI record doesn't entitle you to payments. 

If you want to go down this path, do it before you receive the inheritance while you are still claiming UC.  This way your LCWRA 'status' is preserved - without money coming in, but it does mean once you need to reclaim benefits you can claim the LCWRA element straight away without needing to be reassessed.

(The above is based on the assumption that benefits will work the same way in however many years' time once you have under £16,000 left of the inheritance.  Nobody knows whether that will be the case, but obviously we can only advise based on how things work now, not based on completely unknown future arrangements.)

moneytree999

poppy12345 said:

UC is a means tested benefit and that includes all the elements such as LCWRA so what you've heard is incorrect. For all means tested benefits when you have more than £16,000 in capital all of them stop completely. 

If you have any debts you can pay them off and your UC will not be affected. Other than that there's no other way around this situation. 

IF you're claiming New style ESA as well as UC then this isn't means tested so will not be affected by capital and payments will continue as normal. 

If you're not claiming the ESA have you worked at all the previous 2 tax years or have you just been claiming UC?

moneytree999 said:

I am due inheritance, Possibly £100,000 + ....I should be Over the Moon, but im dreading the day it goes into my bank ..I will have to stop claiming Benefits ( LCWRA + My Sheltered Housing Rent paid ) Therefore, my Inheritance will NOT last long .. Is there anyway around this problem ? Is there a way to keep getting my Benefits, and still have the £100,000 sitting in my bank ..Ive heard that as im on LCWRA, I can continue getting part of it £100 a week ( Even if i have large Inheritance in bank ) But ive no definate info on this .... Ive also heard about a 'Trust' as a way out, but i dont think this will suit me .. What are my options ? Thanks in Advance

 

I have been claiming ONLY LCWRA for about 3 years ... I havent claimed any other Benefit in this time period ( I did apply for PIP but declined as my points not high enough )

moneytree999

pmlindyloo said:

Are you claiming PIP?

If you are then this will not be affected.  You can be a millionaire and still claim PIP.

Are you near state pension age?

I am ONLY claiming LCWRA for last 3 years, I was Declined for PIP ..I reach Pension Age in 6 years time ( Unless they change it ! )

moneytree999

born_again said:

moneytree999 said:

I am due inheritance, Possibly £100,000 + ....I should be Over the Moon, but im dreading the day it goes into my bank ..I will have to stop claiming Benefits ( LCWRA + My Sheltered Housing Rent paid ) Therefore, my Inheritance will NOT last long .. Is there anyway around this problem ? Is there a way to keep getting my Benefits, and still have the £100,000 sitting in my bank ..Ive heard that as im on LCWRA, I can continue getting part of it £100 a week ( Even if i have large Inheritance in bank ) But ive no definate info on this .... Ive also heard about a 'Trust' as a way out, but i dont think this will suit me .. What are my options ? Thanks in Advance

How much a month does UC pay you & anything ese you claim?

£100K should last at least 8 years, even longer with care.

You could put it towards a house/flat purchase. Just remember that you will have increased costs due to maintenance.

Hi, I am getting 1,380 a Month, Includes my Rent ( Bills Extra ) .... £100,000 will last me 5 years if that ... I reach Pension Age in 6 years ...In will go through £80,000 easily ( Thats if i get Interest on my Inheritance )

Spoonie_Turtle

moneytree999 said:

poppy12345 said:

UC is a means tested benefit and that includes all the elements such as LCWRA so what you've heard is incorrect. For all means tested benefits when you have more than £16,000 in capital all of them stop completely. 

If you have any debts you can pay them off and your UC will not be affected. Other than that there's no other way around this situation. 

IF you're claiming New style ESA as well as UC then this isn't means tested so will not be affected by capital and payments will continue as normal. 

If you're not claiming the ESA have you worked at all the previous 2 tax years or have you just been claiming UC?

moneytree999 said:

I am due inheritance, Possibly £100,000 + ....I should be Over the Moon, but im dreading the day it goes into my bank ..I will have to stop claiming Benefits ( LCWRA + My Sheltered Housing Rent paid ) Therefore, my Inheritance will NOT last long .. Is there anyway around this problem ? Is there a way to keep getting my Benefits, and still have the £100,000 sitting in my bank ..Ive heard that as im on LCWRA, I can continue getting part of it £100 a week ( Even if i have large Inheritance in bank ) But ive no definate info on this .... Ive also heard about a 'Trust' as a way out, but i dont think this will suit me .. What are my options ? Thanks in Advance

 

I have been claiming ONLY LCWRA for about 3 years ... I havent claimed any other Benefit in this time period ( I did apply for PIP but declined as my points not high enough )

You claim UC which consists of different elements, including LCWRA.  Your UC statement will tell you which elements make up your award.  If you are not eligible to claim UC you cannot claim any individual element of it.

As you reach state pension age soon, you may be able to claim Pension Credit sooner than you'd have been able to reclaim UC.  You'd just have to do periodic benefit calculations based on your diminishing savings to work out when you can claim. 

If you disagree with the PIP decision you may be able to appeal if the decision was within 13 months ago, if not you can reapply but it's advisable to get help if you didn't last time because you need to know which descriptors apply to you, to know whether you should qualify and thus whether it's worth it to pursue challenging an unfavourable decision.