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.

Put all the money you would have spent on school fees (an average of £200,000) into a child's ISA account which can't be touched until she reaches 18. Send her to decent state schools. That would not trigger deprivation of assets, and she'll be a well educated 18-year-old who has a lot more than £200,000.

Yeah that's not how benefits work.

Nobody's being penalised for being cautious. Being cautious and saving for a rainy day is a prudent and independent thing to do

The welfare state provides a safety net for people in need. What the OP is doing is planning to put herself 'in need' because she feels entitled to other people's taxes., even though she isn't and won't be in need

Well you say you want your kids to go to private school while you claim universal credit.
That sounds pretty outrageous tbh. If you've anything over £6k you must declare it. More than £16k you get nada.
If you want us to encourage you to rip off the taxpayer I doubt that's going to go down all that favourably.

open an ISA for child with your bank provider or any, you allow to put £4000 a year without tax. But you can't access money at all and when they turn 18yrs account automatically transfer to them that what I have done to my kids anymore they receive birthday, Christmas I put straight there when I can I do put money on their accounts.
Do research first and ask your bank they may have more information about kids ISA.
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Hang on.

Are you the poster who was "stressed" by not having your mortgage paid off by your 30s and "only" having 5 figures in savings? This post is sounding familiar.

Yes, I do begrudge it if she is intending to then pretend she is too hard up to be able to pay ordinary living costs and needs support from taxpayers, most of whom would never be able to afford to send their children to private schools. Either she’s got savings or she hasn’t, and if she has it would be immoral to pretend she hasn’t so she can ask other people to subsidise her. What she wants to spend the savings on is immaterial.

@justcallmebebes that's the problem there elon musk a billionaire could solve alot of World hunger but no he's a selfish twat you don't need a billion pounds never gonna need that amount but no the greedy get greedier. I am disgusted by so many selfish people

Haven’t rtft so this has probably been mentioned already, but you should look at insuring your income. Obviously read the fine print of the policy but protecting your earnings against short term employment gaps will give you peace of mind.

Could you set up a trust of some sort with the funds only available for education? I'd also think about missing private primary level, it's often not worth the money unless it provides wrap-around care that fits in with your work.

I disagree.

I personally feel we should have a model more in keeping with other countries where the money you get should you become unemployed is based on what you have earned / paid into the system to date. And not dependent on savings.

This lady has paid into that social security pot the same as anyone else. Why shouldn't she be supported with it if she ever fell on hard times?

You would be mad, if there is way, to ringfence this money so it is only accessible for private education just so you could claim UC.

What happens if your priorities change (you need it to keep a roof over your heads) and you urgently need access to the money?

Then no. She can’t have all this money and not use it to live. But yes the tax payer to live whilst the savings she’s got go to private wchool

shit don’t work like that.

Could not disagree more. By doing that you are penalising the lowest paid workers, many of whom work the hardest.

I think an offset mortgage is a way around it.

That is, keep a much bigger mortgage than you need.

Them schemes don't last you do know that right yes they get more money from the gkv equivalent to be paid but I hear it doesn't last like our system does

Just do what everyone else does and have savings for if you lose your job or become ill and can’t work etc.

You do realise that benefits would only cover a small percentage of professional families outgoings. People have mortgages of £1000s a month. They have savings you daft twit.

If your job is precarious, you need a good pot of savings to live off while you find another. So a good 6 months worth of your outgoings.

You’re are trying to play the system IF YOU need too

no. You can’t play it. No way can you have funds that you pay for your kids private education. Private education is a luxury and you either use that money or don’t eat

you cannot do both.

Are you Polly from the other thread?

OP, be realistic. You cannot claim UC whilst your child is at private school. The purpose of benefits is to make sure that people are able to survive if they hit a rough patch in their lives. If your child is in private school you cannot expect taxpayers to pay your living costs!

Ah ok.

I’m not rich enough to know anything about trust funds!

Where are these places where it doesn't last?

My understanding is its standard in many European countries like France and has been for a long time.

I think this is a wind-up. But just in case it's not...

Bloody 'ell OP. UC exists to help people temporarily when they're on the bones of their arse, that's why it's not open to people with over a certain amount of savings. It's a lifeline from the taxpayer, not a piggy bank you can dip into as an when. It's there because we as voters collectively took a decision decades ago that we wish to support our fellow citizens when they've fallen on hard times until they get back on their feet, not a slush fund to help you out whilst you send your kids to private school.

Kindest advice - give your head a wobble and examine your ethics. Yes your kids want a good education but bear in mind that their moral compass they will get largely from their parents, and in the nicest possible way you don't want to bequeath them the kind of morals you're implying in your OP.

Why are you worried about losing your job? Surely the money you've saved will keep you going until you get another job. That's what's people do.

If you can access the money for school fees. Regardless of any type of trust. If you can access it. Then it’s considered connected to you. Hence you’ll be committing fraud