The California poppy, the state flower, can be found near Sacramento's Financial Advisors, GBB.
 

Genovese Burford & Brothers Blog

Read the latest posts from the Financial Advisors of Genovese Burford & Brothers.


My career began over 20 years ago.  I worked for Charles Schwab in the early 1990s after graduating from UC Davis.  I attended the University of Pacific McGeorge School of Law, passed California’s Bar Exam, and was an attorney from 2002 to 2005.  In 2009 I became a Certified Financial Planning professional.



Prior to joining Genovese Burford & Brothers, I co-founded Placer Summit Financial Group, an independent financial planning and investment management firm located in Roseville, CA. I was a managing partner of that firm until joining GBB as a financial advisor and partner in September 2017.

Is a TOD Designation a Good Idea for You and Your Family?

Is a TOD Designation a Good Idea for You and Your Family?
If you do not create an estate plan, your state has one for you.  It is called the Probate Code.  Probate is an expensive and long drawn out process to organize and disperse your assets to people you may not want to inherit from you.  Attorneys, the courts, and people appointed to be your estate’s representative make a lot of money if this happens.  People that are disinherited by the process would probably be disappointed. One popular way to avoid probate is to use a “TOD” account for savings or investments that are outside of a retirement plan account such as an IRA or 401(k).  The “TOD” stands for “Transfer on Death”, and under these contractual agreements your assets transfer at the time you pass away directly to your named beneficiaries outside of the probate process.   While TOD accounts are a relatively simple and inexpensive way for you to distribute...
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Three Reasons to Use a Separate Property Trust for Your Inheritance or Gift

Three Reasons to Use a Separate Property Trust for Your Inheritance or Gift
At GBB we are our clients’ fiduciaries, and we keep our clients’ best interests in mind always.  We continuously look to identify issues that our clients may face, and look for ways to help clients make smart decisions with their money.  When you are the beneficiary of an estate or receive a large gift you most likely want to be a good steward of the assets you receive.     Here are three reasons to consider using a Separate Property Trust to accomplish that. To limit access and maintain control A properly drafted and funded trust you create naming yourself as sole trustee is one way to make sure only you have access to, and the ability to exert any control over the assets you’ve received.  You may have any number of reasons to want to do this including being married to someone that has a propensity to spend. To protect...
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Are You Prepared If the Family’s Money Manager Passes Away or is Incapacitated?

Are You Prepared If the Family’s Money Manager Passes Away or is Incapacitated?
It is common for one member of a household to handle all or most of a family’s financial affairs.  If that person passes away, another member of the household will likely need to immediately have access to funds for expenses but have no idea what they need to do.  The person left behind may also lack the experience, desire, interest or time to manage the family’s finances.  Even worse, they may not have the authority to access funds that were solely in the name of the deceased. Here are some tips to consider: Communication is Key Couples should communicate frequently and be open and honest with each other about their finances.  That sounds like plain common sense, but all too often one of the people in the relationship has no idea what their household’s sources of income are, what they own, where their assets are located, how much money they...
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Protecting Your Children's Inherited IRA from Creditors

Protecting Your Children's Inherited IRA from Creditors
Much of the wealth currently owned by baby boomers exists in company sponsored retirement plans, such as a 401(k), 403(b) or 457 plan account or in Individual Retirement Accounts (“IRA”s).  Those trillions of dollars of assets are poised to be involved in our planet’s largest inter-generational wealth transfer in history.  More often than not, it is a couple’s children that will eventually inherit from their parents.  But first, the average baby boomer American worker likely lists their spouse as their “primary” beneficiary to receive all of their assets should they decease.  After the first spouse passes away, the surviving spouse and sole primary beneficiary, will usually rollover that retirement plan money into an IRA that they own, and enjoy the same creditor protection their spouse enjoyed in their lifetime.  The spouse is allowed to treat these retirement funds as if they were their own using a Spousal transfer.  For that,...
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Consider taking a Qualified Charitable Distribution from Your IRA

Consider taking a Qualified Charitable Distribution from Your IRA
From time to time you may be inspired to do some good for others.  Perhaps the recent wildfires in California are a reason for you to want to help someone in need.  Coupled with that, you may also have a Required Minimum Distribution (“RMD”) that you have to take from your Individual Retirement Account (“IRA”) because you are 70 ½ or older.  As we approach year-end, the December 31 deadline for you to take your RMD for 2018 is fast approaching.  One last acronym:  consider the Qualified Charitable Distribution (“QCD”).  QCDs only apply to IRAs, so if you have assets in a 401(k) or other plan and you would like to do what we describe below, you would have to rollover those funds to an IRA first. A Qualified Charitable Distribution allows you to give up to a total of $100,000 from your IRA directly to charities of your choice...
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Congratulations on your Retirement … Now What Do You Do with Your 401(k)?

Congratulations on your Retirement … Now What Do You Do with Your 401(k)?
If you are like most American workers that have planned for retirement, you have probably been funding a company sponsored salary deferral plan such as a 401(k), 403(b) or 457 for a number of years waiting for that magic moment when you can flip a switch and enjoy a comfortable or beyond comfortable lifestyle.  Managing your 401(k) during your career was likely a pretty straightforward endeavor: check a box or two on your company’s forms or website to let them know how much they could take out of your paycheck, pick one or maybe a few mutual funds off a relatively simple list, and tweak those two things from time to time depending on whether you received a raise to your income or funds in your 401(k) performed the way they should have been.  Over the years it was probably really encouraging, maybe even exciting at times, to see your...
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