Bank Account Interest
Imagine this – your bank sends you the following letter:
Dear Ms. Jones,
As you know, the cost of long term health care can easily run over a million dollars from serious injuries and strokes, or from illnesses such as Multiple Sclerosis, Parkinson’s and Alzheimer’s. These costs can represent a direct threat to your financial security – and that of your family – because it is highly unlikely that Medicare or Medicaid will ever reimburse you for them.
To make certain you will never have to liquidate family assets to pay for these costs, we have created the following plan:
• We will set up a $1,750,000 account that you can draw against at the rate of up to $175,000 a year should you need long term health care.
• We will charge you $4,500 a year interest on the account – and if you ever need long term health care we will waive your interest payments.
• When you die we will refund 100% of your interest payments to your family, less any benefits you have received.
• If your firm sponsors the plan for other employees we will reduce your interest payments. Further, if you are a sole proprietor, a partner in a partnership, a member of an LLC, or a shareholder/employee in a corporation, some or all of your interest may be tax-deductible on you Federal Return. And if you pay income taxes to the state of New York, your interest payments may receive a direct 20% tax –credit.
• The identical plan is available for your spouse.
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Of course banks cannot offer this plan to you or your clients – but you can through any number of insurance companies and we have enclosed sample interest rates on the attached page. Click here to view.
