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The Cornell Group, PLLC
350 Fifth Avenue
The Empire State Bldg
Suite 1729
New York, New York 10118
Office: 212.904.1844
Fax: 866.400.6194
Toll Free: 877.Geo.Cornell
Email: Click Here
S. Florida Financial
AlphiaFiduciary W.M.
Curtis Lyman, J.D.
Palm Beach Gardens
1.561.207.6399
Al Morici, Esq.
Florida Partner
California Law Affiliate
Charles Peterson, Esq.
Los Angeles County
1.877.Geo.Cornell
ASSISTING CLIENTS IN ALL 50 STATES
and INTERNATIONALLY |
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The Curt Lyman Show
Financial & Legal Issues
Seaview 960 AM
N. Palm Beach, FL.
Weeknights 5-6PM
Live Stream |
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1. Does the PMI Program encompass both Asset Protection and Wealth Preservation?
A. Yes..We formulate a strategy to protect your assets when you are alive and have them pass to your heirs through minimization of Estate Taxes.
2. Is a Revocable Living Trust only for "Wealthy People"
A. Absolutely not. It is implemented to AVOID Probate whch is a major consideration for many individuals REGARDLESS OF NET WORTH. Furthermore, our Trust Packet includes a Living Will, Durable Power of Attorney, Pour Over Will, Trust Affidavits and Certifications that are essential documents for most people.
3. What is the most popular Asset Protection Entity and TRUST?
A. The most popular ENTITY is the Limited Liabilty Company (LLC). Each formation depends on the assets and goals of each client individually. Furthermore, the LLC can be owned by non-U.S. individuals that comprise many of our clients.
The most Popular Trust is our REVOCABLE Marital Family A-B Trust. This Trust can provide DOUBLE Estate Tax Exemption to a Husband and Wife ( currently $4M) and Avoid Probate.
4. Do you ONLY draft Revocable Living Trusts?
A. No. We create all types of trusts..both Revocable and Irrevocable.
Life Insurance, Q-Tip and Personal Residence Trusts to name a few.
5. Must I file my Trust with a Court or other Institution?
A. No. Your Trust is a private document. You should keep it with all your other important papers. Make sure to inform the named Trustee(s) where it can be located.
7. We split our time between two homes in different states. Will I need two sets of documents?
A. No. Depending where your main domicile is..we can draft a Trust and other documents for your situation.
8. Do you accept Credit Cards for payment and will I be charged everytime I need advice?
A. To answer the first question:Yes..it is the preferred method of payment. As to our fees: We quote ONE Fee for our Services. We provide unlimited "reasonable" legal services within that ONE FEE. If additional Services are needed or extra services are provided..We shall discuss them with you before any charges are incurred.
9. Will a Revocable Trust afford my Family and Business ASSET PROTECTION?
A. No. Any "Revocable" Trust will not provide Asset Protection but will allow your Heirs to avoid Probate and Legal fees that can be extensive in all States where tangible property is located.
10. Can Life Insurance be used in Estate Planning?
A. ABSOLUTELY! One of the most popular and common type of Trust we draft is the Irrevocable Life Insurance Trust (ILIT). An individual can use a present Life Insurance policy or buy a new policy in which the death benefits are used to pay Estate Taxes. We have Financial Planners associated with us to help our clients initiate this simple process. We recommend this Estate Planning strategy for many of our clients.
11. The biggest Asset we have in our Estate is our Home. Can we protect this property inside an LLC and take it out of our Estate for Tax purposes?
A. No. We NEVER advise putting your home in a LLC as it may lose Homestead ( if applicable) and Tax Exemptions. We do draft a special type of Trust called a QPRT known as a Qualified Personal Residence Trust. It can provide Asset Protection and REMOVE the home from Estate Tax considerations...Contact us for more details.
12. Are your clients only U.S. citizens?
A. We provide legal services for U.S. and International clients, especially those with Assets in the U.S. Again, Non-U.S. individuals can be members of U.S. LLCs which is a
great Asset Protection strategy.
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