cornerstonews, Author at Cornerstone Wealth Strategies

01AprApril 1, 2017

Cohabitants Can Acquire Property Rights As If They Were Married

Cohabitants Can Acquire Property Rights As If They Were Married Popular culture instills in us Washingtonians the concept of “common law marriage.” The concept goes something like this: if a man and a woman live together for more than seven years, then they have a “common law marriage” that might entitle each to certain laws or rights or responsibilities as if they had been legally married. In fact, Washington state does not recognize any common law marriage and there is...

01MarMarch 1, 2017

Preparing for College – Funding college with a 529 College Savings Plan or a Testamentary Trust?

Preparing for College – Funding college with a 529 College Savings Plan or a Testamentary Trust? At this time of year when high school students apply to the colleges of their dreams and matriculates return to their studies, it is important to consider your own situation and how you might be able to provide the funds to assist your children or grandchildren with their education. When a person sits down to do estate planning with an attorney or to discuss strategy with...

01FebFebruary 1, 2017

Phantom Stock to Reward (and Retain) Key Personnel

Phantom Stock to Reward (and Retain) Key Personnel One challenge for the business owner is attracting and retaining key personnel. This challenge permeates all businesses from the largest to the smallest. At some point, the key person needs more incentive to stay and excel. One common tool to incentivize the employee to stay is to offer the employee stock. However, true stock incentive payments or options have some notable drawbacks discussed below. Enter Phantom Stock. It’s the coolest sounding arrangement that gives...

01JanJanuary 1, 2017

Organizational Documents are Imperative to an Entrepreneur’s Business

Organizational Documents are Imperative to an Entrepreneur’s Business An entrepreneur has an idea…a vision…a way to make money…a niche to fill. She has the know-how, she has the connections, she has the backers and maybe partners. Now, she needs an LLC. The entrepreneur should be aware of numerous complications in setting up his or her new entity. First, entities come in a number of different flavors: C corporations to S Corporations to the LLC (limited liability company) to the LLP (limited liability partnership)....

01DecDecember 1, 2016

Charitable Giving Options

Charitable Giving Options This article explores some basic charitable gifting techniques and how those techniques can be employed in a sophisticated manner to help get the biggest bang for your buck. Many of us find value in contributing our hard-earned cash or assets to support the organizations or causes that inspire us. The simplest way to provide a gift is to write a check or gift cash. But, why engage in such a simple transaction when there are far more effective techniques...

01NovNovember 1, 2016

The Use of the Professional in your Estate Plan

The Use of the Professional in your Estate Plan I get this question a lot: “Beau, what’s the single most important thing I can do in my estate plan to ensure that my plan is carried out with the least amount of controversy, delay, and cost?” Of course, I always say, “You should always use an attorney to draft quality documents.” However, if my advice ended there, it would make for a rather short and uninformative article. So, what else should...

01OctOctober 1, 2016

Non-Compete Agreements

Non-Compete Agreements Business owners often know they have a product, process, or relationship that does or will provide profitability. They work hard to refine and leverage those key components of the business. But, they often fail to protect the very thing that makes them successful through the use of a non-compete agreement. Business owners often know they have a product, process, or relationship that does or will provide profitability. They work hard to refine and leverage those key components of the business....

01OctOctober 1, 2016

Dinner With Friends

Dinner with Friends is the Boys & Girls Club’s premier corporate fundraising event. Proceeds from the evening are dedicated to supporting the 2,300+ local youth members served annually! This year’s event will take place Thursday evening, October 20th, 2016 at the TRAC in Pasco. Each year we welcome a well-known Club Alumni or supporter as our special keynote speaker. Past years guests include Gary Payton, Marcus Trufant and Edgar Martinez. This year, we are pleased to welcome Club alumni and long time...

05SepSeptember 5, 2016

2016 Client Appreciation Event

At our 2016 Client Appreciation Event, Cornerstone Wealth Strategies hosted Steve Largent. Largent is a retired American football player, enshrined in the Pro Football Hall of Fame, and a former Republican politician, having served in the U.S. House of Representatives for Oklahoma, from 1994 until 2002. Prior to his political career, Largent was a wide receiver for the Seattle Seahawks in the National Football League for his entire 14-season professional football career. He held several all-time receiving records when he...

01SepSeptember 1, 2016

Distinguishing the Revocable Living Trust from the Will-Based Estate Plan

Distinguishing the Revocable Living Trust from the Will-Based Estate Plan You’ve likely heard finance experts say it. In fact Suze Orman wrote about it in the July issue of the Costco Connection (2015). It is this piece of estate planning wisdom: “a revocable living trust is a document all families should have.” Is this true? Do you need a revocable living trust here in Washington State? The two primary methods to pass property to your heirs are the Will and the Revocable...

Author - cornerstonews