job seekers and inheritance

Shaped609

I am on job seekers allowance but have also recently learned I will getting inheritance. I have not yet understood how much or when I will be receiving this inheritance money but with it legally becoming mine I am estimating around 6 months time. Should I informed Social Welfare straight away about this change or only after I actually have this inheritance in my name? How does inheritance affect your job seekers allowance?

Lux23

I would wait until it is legally yours, and it might not affect you that much anyway.

Atlantic Dawn

Wait until you actually have it. Generally any cash over €20k results in a deduction of your weekly amount.

Details here...
https://www.citizensinformation.ie/en/social_welfare/irish_social_welfare_system/means_test_for_social_welfare_payments/means_test_for_jobseekers_allowance.html

Feets

Personally...I would wait until it is in the account. I know of someone in similar circumstance who tried to claim but had inheritance. They were told they basically had enough money...which in their case was true.

Iguarantee

Feets wrote: »

Personally...I would wait until it is in the account. I know of someone in similar circumstance who tried to claim but had inheritance. They were told they basically had enough money...which in their case was true.

Out of interest, what are people views on this scenario; whereby someone has savings but is then refused welfare based on those savings being available to them?

ted1

Drag it out and hopefully within a few months you’ll be working

ted1

Iguarantee wrote: »

Out of interest, what are people views on this scenario; whereby someone has savings but is then refused welfare based on those savings being available to them?

I think it’s grand. So with as the means to provide for themselves.

Pinoy adventure

Any kids ? Put it in there accounts so not in your name

Atlantic Dawn

Iguarantee wrote: »

Out of interest, what are people views on this scenario; whereby someone has savings but is then refused welfare based on those savings being available to them?

If they worked and had stamps built up they would get welfare until stamps ran out whether their savings were €1.49 or €5.6million.

c.p.w.g.w

Atlantic Dawn wrote: »

If they worked and had stamps built up they would get welfare until stamps ran out whether their savings were €1.49 or €5.6million.

Plenty of older folks may work part time jobs after being stay at home parents to rear the kids...

I think it's a little sh!tty to almost punish someone for being financial responsible

ted1

Pinoy adventure wrote: »

Any kids ? Put it in there accounts so not in your name

They’ll end up paying tax.

Pinoy adventure

ted1 wrote: »

They’ll end up paying tax.

Not if your clever about it.
The small gift tax free allowance is €3000 per year per person

ted1

Pinoy adventure wrote: »

Not if your clever about it.
The small gift tax free allowance is €3000 per year per person

I would expect this inheritance to be much larger. And also a solicitor won’t aid with tax evasion. I’ll have to go the parents first

cee_jay

c.p.w.g.w wrote: »

Plenty of older folks may work part time jobs after being stay at home parents to rear the kids...

I think it's a little sh!tty to almost punish someone for being financial responsible

Mod note: this is not the forum to discuss your own feelings on how the social welfare system works. Please stick to constructive posts that help the OP with their query.

Dempo1

Atlantic Dawn wrote: »

If they worked and had stamps built up they would get welfare until stamps ran out whether their savings were €1.49 or €5.6million.

Stamps really only relevant to Job Seekers Benifit as opposed to Allowance. Means testing is the issue and if substantial savings evident it does affect amount of payment recieved or if at all.

Immaculata

I'd wait to inform social welfare until you actually have the inheritance in your bank account or possession. Probate can take years, sometimes decades in complicated cases. Executors have at least a year to get their act together. I would say six months is optimistic. It could well be a year or a couple of years until you know the exact amount you're getting and you can access it.

Once you do have your inheritance, and have informed the social welfare authorities, they will assess it as means. If the inheritance is big enough, it might disqualify you from social welfare payments. It might not. And you might by that stage be back in work or your circumstances might have changed in some other way. Inheritance taxes and regulations can change from budget to budget too. I would simply wait and see.