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Texas Asset Protection News
Metlife Offers Redesigned Asset Protection Policies For New York State Partnership
New York – MetLife is the first carrier to offer redesigned New York State Partnership for Long-Term-Care (NYSPLTC) insurance policies to individuals in the state of New York. These policies were designed to provide more long-term care options to a wide range of New Yorkers.
The goal of NYSPLTC-certified policies is to help protect the financial independence of New Yorkers who may need long-term care services. These are the only policies sold in New York that can provide a special "asset protection" feature. This feature assures that New Yorkers will not be forced to spend down all of their assets to become eligible for lifetime Medicaid coverage for long-term care services should they require them beyond the policy's benefit duration. Without a Partnership-certified policy, New Yorkers can only achieve similar protection against the costs of long-term care by purchasing lifetime or unlimited long-term care insurance coverage, something many New Yorkers may not be able to afford.
There are two types of redesigned policies that provide either total asset protection or dollar-for-dollar asset protection. Under Total Asset Protection policies, all assets are protected, therefore, individuals are not required to spend down assets to qualify for Medicaid. Under the Dollar-for-Dollar Asset Protection policies, assets are protected up to the amount of benefits paid.
"MetLife is excited to be offering this long-term care insurance program to New York residents" said Jodi Anatole, MetLife vice president, Long-Term Care. "The average cost of long-term care for New Yorkers is $22,967 per year for home-based care, $31,532 per year for assisted living facilities, and $97,940 for a semi-private nursing home room. These rising costs point out the importance for consumers to have options that will help to protect the assets they've accrued over their lifetime. We look forward to working with New York State to help individuals protect their assets and prepare for the future."
Going off-shore with asset protection is becoming very common
Asset Protection can involve utilization of out of country corps., banks, partnerships, ,trusts, funds, management firms, to legally safeguard assets, plan for the future, minimize taxes and get involved in globally investing opportunities.
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Definition:
A marital trust is used to benefit the surviving spouse of the person who dies. There are many reasons for creating such a trust-- to provide asset protection for the surviving spouse, or to ensure that your children are the ultimate beneficiaries of your estate.
Bearer Accounts
Definition:
The bearer account requires a minimum of USD 7,000 as the initial deposit plus facilitator fees. Funds can only be deposited or withdrawn upon presentation of both a password and a bearer bank account book.
Totten trust
Definition:
A savings account that allows the depositor to open the account as trustee for someone else (no real trust is set up). Account owners may use the funds as they see fit during their lifetime, and then upon their death the account balance is paid to the named beneficiary.
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