Influence of Inheritance on IOAW Benefit Explanation

Questioner

I currently receive an unemployment benefit (IOW). If my last surviving parent were to die, my brother and I would inherit the house and savings. Will this affect my benefits (with the IOAW, they don't look at what's in your bank account, right?)

Questioner

This has no impact on the reduction. There is no means test, so there will be no reduction in benefits.

Questioner

You don't need to worry. Your assets are not taken into account. Only income is relevant to the benefit amount/reduction.

Questioner

Thank you very much for both answers to my question. Now two more questions occur to me: 1. Since there's no means test, does that still depend on the size of the inheritance? I mean, this isn't an inheritance of a few thousand euros, but a substantial sum with a few extra zeros. 2. Do I have to report the inheritance to the benefits agency? Opinions are divided on this. I'm asking you these questions because I want to reassure my parent; currently, they keep saying they have seven more years to live (I'm now 87) until I'm out of the Iowa State Pension (I'm now 60) and can accept the inheritance without any problems. Thank you in advance.

Questioner

No asset test means no asset test, regardless of the amount. You may still have to pay inheritance tax (to the Tax Authorities), but this is separate from the IOAW (Inheritance Tax Act). Since assets are not relevant, you don't need to report this to the municipality. Of course, you may do so. For further questions, I refer you to a lawyer affiliated with the Association of Social Security Lawyers (SSZ). This guarantees quality. The first consultation is often free, such as at my office.