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Genovese Burford & Brothers Blog

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

5 Steps to Prepare Your Personal Finances for The Next Decade

5 Steps to Prepare Your Personal Finances for The Next Decade
As we close the books on a great year in the market, we at GBB begin to think about the next decade. The beginning of a new year (and new decade), can be a great time to reevaluate your financial goals and set new goals for the year ahead. Whether you are already retired or still in the accumulation phase, a new year can be a great time to check in on your plan. We recommend our clients review their financial plan at least once per year in order to make sure they’re staying on track to achieve their goals. Here are five activities to consider for the new year. Take Stock Beyond looking at the annual performance of your portfolio, taking stock is about evaluating the risks in your portfolio. Given the positive returns in U.S. stocks and bonds in 2019, it is possible that your overall stock allocation...
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Will You Be Impacted By The SECURE ACT?

Will You Be Impacted By The SECURE ACT?
2019 brought the second major piece of Congressional action in the past 24 months with passing of the SECURE Act (Setting Every Community Up for Retirement Enhancement).  Although not nearly as sweeping as the Tax Cuts and Jobs Act of 2017, the Secure Act of 2019 creates several updates to the rules around retirement plans in an effort to address the so-called retirement crisis.  As with most regulation, what regulation gives in one hand, regulation takes away with the other.  Here are few of the key changes that may impact you most:   Required Minimum Distributions (RMD’s) Pushed Back to Age 72 If you are only planning to take RMD’s to satisfy the IRS, this change is most welcome.  Mirroring current law, individuals reaching age 72 will still be able to delay their first RMD until April 1 of the year following the year for which they must take their...
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Gifting Stock: The Gift that Keeps on Giving

Gifting Stock: The Gift that Keeps on Giving
We know many of you might give money as well as presents to your children or grandchildren this holiday season. However, what if you could gift to your adult kids/grandkids and help reduce your tax bill at the same time? You can, and the good news is it can be easy to do.  You don’t have to give them all your holdings of a stock.  Simply identify how many shares you would like to gift, ensure they are transferred by the end of the year, and you’re done!  On March 2, 2009, the Dow Jones Industrial Average closed at 6,763.  Recently it has closed over 27,700.   If you have held individual U.S. stocks over this period, it is possible that the gains in some of these stocks have been 200-400% or even higher. While this type of growth has helped improve your net worth, it can often come with a...
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Should I Retire Outside California?

Should I Retire Outside California?
Just a few decades ago, this would have been an unthinkable question for those of us living in the Golden State.  Songs such as California Dreamin’, Going to California, California Calling and I Left My Heart in San Francisco were gracing the airwaves and California’s population had boomed by 137% between 1960 and 2010.  However, things have changed in the last couple of decades, resulting in a net loss of nearly 3.4 million people (2012).  So, what’s changed in recent years? The most popular reason I hear in meetings is taxes.  California has the highest state income tax rates in the country which top out at 13.3% (2019).  Additionally, California has higher than average sales tax, gas taxes, and energy costs. During our working years, our options are limited as most of us need to live somewhat close to our jobs.  However, once we retire, we are free to roam...
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Will Your Heirs Receive the Estate You Intended?

Will Your Heirs Receive the Estate You Intended?
When we discuss estate plans during our client meetings, we often hear either: “It’s on my list and I will call next week to get it done.” Or, “this doesn’t apply to me…I have my will and trust sitting in my safe.” If you haven’t thought about your will and trust over the last few years and made sure these documents were up-to-date, then please keep reading! That’s because lives and laws can change dramatically in just a few years and these changes can affect your estate.   Successful estate plans often have these attributes: Key participants are identified They reflect your current situation They are kept up-to-date legally Capable people are asked to distribute or manage your assets. Here are some tips for creating and maintaining a successful estate plan: An estate plan includes documents that can be used while you are alive and after you have passed.  When...
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