To ask how I can successfully ringfence this money? (Please don’t post for moral judgement)

[Jaalp]

I am a single parent to a 3 year old who will start school in the next two years. I have saved up a significant amount of money for schools fees. As a single parent I am constantly worried about job loss or anything else that could affect things. I am aware that if for some reason I was made redundant, for example, if I have more than a certain amount in savings then I would be expected to use this before claiming universal credit etc.

I have no intention of claiming universal credit but life happens and I have to be conscious of the potential things that could happen.

My question is, is there any way to put this money in an account for my child that would be protected as theirs and not counted in an assessment for universal credit etc should that ever happen?

Please don’t make this is a private school bashing thread or about playing the system etc. I’ve worked hard all my life and intend to continue to do so. Thanks.

I think it's unfair that people who have been careful and saved money are denied social security as a result, so I don't get all the outrage about this on the thread. I still resent the large sums of money that I lost as a result of this when I was out of work while depressed.

I think that an accountant might be able to set up a trust fund, for the purpose of paying for your child's education, into which you could put this money. The downside being that you wouldn't have access to this money for any other purpose or emergency.

Funny how you only find the posts you disagree with uncivilised. Maybe go back and see what some of your cohort are saying.

Well that, and cutting out avocado toast!

Why would it? Wasn’t the point of the thread to get the information she was indeed given?

I’m sure she could have googled it, and there’s a good chance she did in addition to posting on mumsnet, but then mumsnet is filled with threads about things that could have just been googled.

Brigade?

Cohort?

People are allowed to have similar opinions independently of one another. I maintain that your comment calling other people's opinions juvenile is neither civilised nor respectful debate.

As an example, you don’t think the person saying ‘no one cares what you say’ and ‘people care what I say’ is juvenile?

I stand by what I said.

Hahaha, so anything your cohort says is fine but anything I say is disrespectful. Got it! 👍

I made my point. I stand by it.

Yep, your point is you turn a blind eye to juvenile behaviour as long as you agree with their opinion. Got it loud and clear.

Well exactly. She didn’t say any of that.

In fact she expressed her relief she would be able to claim Jobseeker’s Allowance because she wouldn’t be happy to be out of work for a month, let alone six. She also replied to someone who mentioned emergency funds etc and said her priority was school fees.

If she had £6-16k+ in other savings, she still wouldn’t get much or any UC so why would she worry about them not giving her UC for the £200k?

I made a point. How you interpret that point is down to you.

Because it’s of course respectful to ignore what someone’s asked on their own thread in favour of banging on about something else entirely. It’s also respectful to call someone all types of actual criminal because of something they can legally do. It’s respectful to invent narratives that aren’t based on what OP has said, but based on what best suits the moral panic.

That’s respectful, but pointing out that something irrelevant to OP is, well, irrelevant to OP, isn’t. Lol.

But if she had other savings or plans in place for supporting herself if she lost her job then surely she wouldn’t need to worry about ring fencing her “education fund” so she could avoid losing her hypothetical UC eligibility.

It’s incredible, isn’t it?

The sheer arrogance displayed by these posters is a thing of wonder.

It was such a laughable point it doesn’t need any interpretation beyond dismissing it.

Because she didn’t need to - that wasn’t what she was asked about.

Her priority for the £200k is the school fees, yes. She’s been clear on that. That isn’t the same thing as saying that the £200k is all her savings, or that she doesn’t have other plans (again, neither are things she has to share as they’re not relevant to the question she was asking - not if she should do it, but if she legally can). Similarly, expressing relief that it can be done isn’t the same thing as anticipating needing UC, or having any intention of claiming it.

Why would she worry about it if she already has savings? Because other savings can run out, presumably.

I accept that you and the poster you quoted have similar opinions. I haven't referred to you and others of your opinion as a cohort or a brigade or called your opinion juvenile because I don't agree with you. Perhaps you could extend the same courtesy.

That's your view and your interpretation. I don't feel responsible for how you choose to interpret other people's posts. I've simply said that calling other people's opinions juvenile and referring to brigades and cohorts is disrespectful.

@ilovesooty I wasn’t even talking to you. You took exception to me saying some posts to OP were juvenile and somehow inserted yourself into that.

What response did you think you were going to get if you ignore the bad behaviour of those you agree with but latch on to me?

I really don't have a lot of interest in or expectations of your response to me.

I’d have more respect for your opinion if you had stood up for OP in the face of some of the awful comments even once. But you didn’t.

Because that’s a typical part of financial planning - considering the worst case scenario and taking action to mitigate the impact (in this case - looking to make sure her daughter’s education isn’t disrupted).

The very existence of trust funds demonstrates that it’s normal for those with assets to ring fence funds for specific purposes.

So why have you inserted yourself into my post to someone else?

I made the point I wanted to make. I'm really not sufficiently interested in your response to continue thrashing about with it.