Court of Protection appointed Deputy
As deputy, Nathan has acted on for his nephew, Sam’s behalf since the original award received in 2002.
The cash sum has attracted the Special Interest rate on the Court of Protection Client accounts, which at the time was yielding 6% but has now dropped to 0.5% since 2009.
Upon Sam’s 21st birthday, Nathan had decided to consult OCM with regards to the lifelong needs of Sam now that it seemed appropriate for to move out of the family home.
With OCM’s guidance, Nathan was able to forecast expenditure for the years ahead including the cost of a home for Sam, cost for adaptation alterations to the house, ongoing care needs and also costs for Sam’s recreational activities.
OCM then put together a financial plan denoting that after all identified expenditure, that Sam would be able to live a normal life without the worrying about money should OCM be able to deliver the agreed 8% (gross of tax) return on Sam’s fund. OCM would invest the funds across numerous vehicles to ensure that Sam’s personal allowances for income tax, ISA allowances, and CGT exemptions were maximised alongside pension and investment bond structures to ensure that the tax drag on the income needs was as low as possible.
Nathan was able to apply to the court for the release of the funds with OCM’s assistance and Sam moved into his new home the following Spring.