Legacy Wealth Strategies President Earns LTCP Licensure

RALEIGH, N.C. (January 20, 2012) – Raleigh-based Legacy Wealth Strategies (www.legacyws.com) announces today that John Parham, Jr., founder and president, has been licensed to provide Long-Term Care Partnership insurance under the new North Carolina program. North Carolina became one of 42 states that allow LTCP insurance to be offered to residents as a result of the Deficit Reduction Act of 2005.

Designed to provide important consumer protections and reduce Medicaid expenses, LTCP insurance helps to cover the cost associated with convalescent care for activities of daily living when individuals are no longer able to care for themselves. Unlike other long-term care insurance, LTCP policies allow individuals to retain assets equal in value to benefits paid by the policy and still qualify for Medicaid long-term care assistance once the policy has paid out the maximum benefit. Additionally, LTCP policies must include inflation protection to keep up with rising costs of long-term care services.

“Rising health care costs are a potential risk to the financial security of many Americans,” says Parham. “This new program enhances the potential to mitigate these risks and increase effective financial planning. Earning this licensure allows me to provide an added benefit to clients.”

Before being allowed to offer Partnership-status insurance, Parham had to meet the following requirements:

•  Hold an Accident and Health/Sickness license
•  Hold a Medicare Supplement/Long-term Care limited license
•  Complete eight hours of continuing education in Long-Term Care Partnership

As insurance companies’ policies receive Partnership status from the N.C. Department of Insurance, the policies from these companies that were sold since February 2006 by agents who have now received their LTCP licensure will be retroactively declared partnership-status policies.

Parham is a 23-year industry veteran. In addition to his work with Legacy Wealth Strategies, he has been affiliated with AXA Advisors since 1988. In 2011, he was named a senior vice president in AXA Advisors’ National Division. Visit www.legacyws.com for more information.

About Long-Term Care Partnership insurance: A Partnership-status policy does not require individuals to spend down his or her assets to $2,000 for a single person or $8000 for a couple in order to qualify for long term care assistance from Medicaid. In addition, with standard LTC insurance, the government can place a lien on the house up to the amount of Medicaid benefits paid upon the eventual sale of the house by the individual’s heirs.

If the individual owns a LTCP policy that pays the maximum benefit, and if he or she receives Medicaid LTC assistance, there will be no government lien on the home. Therefore, LTCP policies can make a substantial difference in the total assets which may be retained by families who receive long term care assistance from Medicaid.

Senate Bill 1193 allowed for the implementation of the Long-Term Care Partnership Program in 2010. The first policies were made available in March 2011.

About Legacy Wealth Strategies: Legacy Wealth Strategies focuses on financial planning and wealth management strategies, business succession planning and risk management services. Formed in 2004, the firm provides forward-thinking and cost-effective financial strategies to its clients, helping them toward reaching their financial goals and achieving financial independence. Associates of Legacy Wealth Strategies offer securities through AXA Advisors, LLC (NY, NY 212-314-4600), member FINRA, SIPC.  Investment advisory products and services offered through AXA Advisors, LLC, an investment advisor registered with the SEC.  Annuity and insurance products offered through AXA Network, LLC and its insurance agency subsidiaries. Legacy Wealth Strategies is not a registered investment advisor and is not owned or operated by AXA Advisors or AXA Network.

Legacy Wealth Strategies and the AXA Advisors Raleigh branch are located at 3201 Beechleaf Court, Suite 450, Raleigh, NC  27604.  Financial services available to individuals and business owners through AXA Advisors, LLC include: strategies and products for financial protection and investments; asset allocation, college, retirement, business and estate planning strategies; life insurance, annuity and investment products. Visit www.legacyws.com or call 919.341.1639 for more information.

About AXA Equitable: In business since 1859, AXA Equitable Life Insurance Company (New York, NY) is a leading financial protection company and one of the nation’s premier providers of life insurance and annuities as well as financial strategies, and investment products and services through its affiliate, AXA Advisors, LLC. The company’s products and services are distributed to individuals and business owners through its retail distribution channel, AXA Advisors, LLC and to the financial services market through its wholesale distribution channel, AXA Distributors, LLC.

AXA Equitable, a subsidiary of AXA Financial Inc., is part of the global AXA Group, a worldwide leader in financial protection strategies and wealth management. “AXA Group” refers to AXA, a French holding company for an international group of insurance and financial services companies together with its direct and indirect consolidated subsidiaries. While a part of the AXA Group, AXA Equitable is solely responsible for its annuity and life insurance obligations. For more information, visit www.axa-equitable.com.

Legacy Wealth Strategies and AXA Advisors are not affiliates of the North Carolina LTCP

GE 65446(9/11)

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