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As Benjamin Franklin once said, “In this world nothing can be said to be certain, except death and taxes.” Taxes come in a wide variety of flavors (e.g., income taxes, property taxes, sales taxes, and gift taxes). But, perhaps one of the most misunderstood taxes is colloquially called the “death tax” – more appropriately called the “Estate Tax.” Critics call out the inherent unfairness of a tax that appears to tax assets that have already been taxed at least once...
One of the most important and common questions that retirees face is when to take social security benefits. Regrettably, there is no “one-size fits all” solution to the question. The social security question has many considerations, but we hope to provide some thoughts to help guide the decision. As with all financial decisions, the Cornerstone team is always available to help plan for your specific situation. So, when should you take social security benefits? It starts with your retirement goals and...
On occasion, you or someone you know might be asked to co-sign a financial obligation for the purchase of a car or a house or the lease of an apartment or commercial space. Sometimes the request is simply to co-sign on a personal loan, so the borrower has access to needed funds. More often than not, this request is made by family and friends. But what are the risks? Is there a better alternative? Though the term “co-sign” does not have...
Parents that have built a successful business and have raised capable children might find the proposition of selling the family business to the children compelling. As with so many decisions in life, this proposition comes with pros and cons, but properly structuring the transaction is always vital. At the outset, the parents must take a hard look at the business and the real prospect of a qualified heir apparent to take over the business. The reality is that only 30% of...
When people come together and vow to spend the rest of their lives together in wedded bliss, they sometimes bring to the relationship a child or children from a previous relationship. Maybe after the union, the couple shares a child of their own in addition to the children from previous relationships. This is the typical “his, hers, theirs” family scenario. This article looks at some planning issues to consider when structuring a Will for a blended family. The threshold question is...
Matthew Riesenweber, CFP® October, 2021 - Matthew Riesenweber at Cornerstone Wealth Strategies in Kennewick, WA was recently named among 2021 Forbes Top Next-Gen Wealth Advisors. Advisors featured on the list are all under 40 and, according to Forbes, represent the future of the wealth management industry. “On behalf of LPL, I congratulate Matt for his dedication to supporting the comprehensive needs of his clients,” said Angela Xavier, LPL executive vice president, Independent Advisor Services. “Matt represents the next generation of advisors leading...
The weather was beautiful, the food was deliciosa and the fun was had by all who attended our Third Annual Shred Fiesta. Over 100 people brought in almost 1,400 pounds of documents to be securely shredded on May 4th, 2019. Everyone enjoyed tacos, music, games, and good conversation.
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