Non declarable assets re: Welfare entitlement

Justabout

Hi Guys,

Some of you may have come across this before. I am the carer (carers allowance) of my 22 year old son. He is on disability allowance.
For luck a caring person is just about to bequeath a sizable sum of money to us, about €150 k in cash each, donor must be stark raving ....
I am overwhelmed by this generosity but it is a two edged sword in that taken as a lump sum we will most likely lose all our state benefits, weekly payments, medical cards, free access to state services etc.
That's all very well but although its a tidy sum it won't last for ever, ten years tops. Once again I don't want to sound too affluent but I also own our own house outright (after years of struggle).
I am getting on a bit as is my wife so we need to find some means to legally protect both my son and ourselves from losing all our state benefits, now I am aware and have made my calculations on the sliding scale of capital disregards and allowances, doesn't look too good.
I do intend to spend perhaps € 40 k fixing up our house as we have been short of money for a long time and the house is becoming very run down, no double glazing, structural repairs, worn out beds, fixtures etc
I know that this is a problem that many people would like to have and please believe I feel very lucky to have this dilemma, however I would appreciate peoples advice on non accountable assets. I was thinking along the lines of government savings and suchlike, maybe a nearby house for my son.


I'd be grateful for any advice


Thanks

kay 9

Justabout wrote: »

Hi Guys,

Some of you may have come across this before. I am the carer (carers allowance) of my 22 year old son. He is on disability allowance.
For luck a caring person is just about to bequeath a sizable sum of money to us, about €150 k in cash each, donor must be stark raving ....
I am overwhelmed by this generosity but it is a two edged sword in that taken as a lump sum we will most likely lose all our state benefits, weekly payments, medical cards, free access to state services etc.
That's all very well but although its a tidy sum it won't last for ever, ten years tops. Once again I don't want to sound too affluent but I also own our own house outright (after years of struggle).
I am getting on a bit as is my wife so we need to find some means to legally protect both my son and ourselves from losing all our state benefits, now I am aware and have made my calculations on the sliding scale of capital disregards and allowances, doesn't look too good.
I do intend to spend perhaps € 40 k fixing up our house as we have been short of money for a long time and the house is becoming very run down, no double glazing, structural repairs, worn out beds, fixtures etc
I know that this is a problem that many people would like to have and please believe I feel very lucky to have this dilemma, however I would appreciate peoples advice on non accountable assets. I was thinking along the lines of government savings and suchlike, maybe a nearby house for my son.


I'd be grateful for any advice


Thanks

You might be better off consulting an accountant. Don't believe everything you read online and know your accountant.)

donegal11

A discretionary trust but if the money's already there you'd be seen to deprive yourself of assets and not allowed and if it's a far out/not close relation the taxman will want be huge cut maybe towards 80-90k

wmpdd3

It may be advantageous for the money to be held in trust for your son. Get an appointment with an accountant as soon as possible.

Victor

You might consider a pension. I'm not sure how it would be handled.