On disability payments. Wish to receive inheritance to upgrade my living situation. How to manage?
I've been on disability for several years, and my parents are making plans for the future.
They had initially intended to leave me out of their will entirely, so extra funds I have wouldn't be assessed and I would avoid weekly payment discontinuation.
My exclusively intention is upgrade where I live (current in student village), and have security of circumstance re my living arrangements.
If I received 150 k from my parents, and sell my current residents (they transferred title of a small investment property to me), I should have enough for a decent upgrade.
Hopefully.
My concern is that from the time I have additional money, to the time I buy a property, my disability will be discontinued.
A discretionary trust is complicated and has considerable tax implications.
I'm just curious, could the DSP assess the additional money until I spend it, reduce my income for that period, but not actually discontinue the disability payments?
So that when I have my living arrangements organised, I can continue as before.
My concern is if they stop disability payments, getting re-approved could be timely and difficult.
Any advice on how to best manage a situation such as this one?