Hi everyone,
I just want to post up some questions in regards to my fathers situation and would be extremely grateful if anyone can help - we will be seeing financial advisers soon but thought I might post on here before we go.
So the situation.
My dad currently lives by himself on quite a large property which is owned by his parents. He has medical conditions that mean he can only work a couple days a week, for a company that employs disadvantaged people - pay is around $10 an hour . So he basically lives off his pension.
Now my nan is very ill and basically we have been told she will pass away in the next couple of days - so serious in fact that they have stopped all feeding + treatment (shes in a coma like state). This means that when she passes on, the property will be divided up among the family members, totalling 4. Now they will be pushing to have the house sold straight away so they can get their hands on the money and if it sells for what it is worth, my dad should come out with around the 180k mark.
The problem is, we have been told that if my dad recieves a lump sum payment of that amount and holds it in his account, he is no longer eligible for the pension. So here is where we need some advice.
The options I have thought of.
1) Dad keeps money, loses the pension, rents and lives off that 180k. Won't last too long I would think, maybe 5 years? Then he is back on the pension + having to pay rent too.
2) Dad uses money to buy a unit somewhere cheap - maybe even affords a 'reliable' car. Is he now eligible for pension again because he doesn't have that 180k anymore? Only other concern is the bills - strata levies etc.
3) Dad gifts the money to one of us siblings, he then rents but is still eligible for the pension and we transfer a set amount each week to his account.
I can't think of any other options at the moment but I would be extremely grateful if someone can take the time to post up their thoughts.
Cheers,
Andrew.
I just want to post up some questions in regards to my fathers situation and would be extremely grateful if anyone can help - we will be seeing financial advisers soon but thought I might post on here before we go.
So the situation.
My dad currently lives by himself on quite a large property which is owned by his parents. He has medical conditions that mean he can only work a couple days a week, for a company that employs disadvantaged people - pay is around $10 an hour . So he basically lives off his pension.
Now my nan is very ill and basically we have been told she will pass away in the next couple of days - so serious in fact that they have stopped all feeding + treatment (shes in a coma like state). This means that when she passes on, the property will be divided up among the family members, totalling 4. Now they will be pushing to have the house sold straight away so they can get their hands on the money and if it sells for what it is worth, my dad should come out with around the 180k mark.
The problem is, we have been told that if my dad recieves a lump sum payment of that amount and holds it in his account, he is no longer eligible for the pension. So here is where we need some advice.
The options I have thought of.
1) Dad keeps money, loses the pension, rents and lives off that 180k. Won't last too long I would think, maybe 5 years? Then he is back on the pension + having to pay rent too.
2) Dad uses money to buy a unit somewhere cheap - maybe even affords a 'reliable' car. Is he now eligible for pension again because he doesn't have that 180k anymore? Only other concern is the bills - strata levies etc.
3) Dad gifts the money to one of us siblings, he then rents but is still eligible for the pension and we transfer a set amount each week to his account.
I can't think of any other options at the moment but I would be extremely grateful if someone can take the time to post up their thoughts.
Cheers,
Andrew.