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Genovese Burford & Brothers Blog

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

Cryptocurrencies and Blockchain Technology

Cryptocurrencies and Blockchain Technology
We’ve received multiple inquiries regarding Bitcoin and blockchain technology, and how disruptive it might be. Here are our thoughts on the recent technology. As cryptocurrencies like “Bitcoin” have seen their values fluctuate wildly over the past two years, bitcoin, and blockchain, the underlying technology that powers it, have captured investors imaginations. Blockchain at its heart is a distributed-ledger technology that employs cryptography to ensure the integrity of the data it stores. For all its hype, blockchain is basically just a novel approach to database architecture where control of the data is distributed among all the parties using it. This architecture is enabled by cryptography and the use of tokens (i.e., cryptocurrencies) as incentives for participants to perform the work to ensure the data’s integrity. What makes blockchain so disruptive is its shared ledger eliminates the need for intermediaries to establish trust and authenticate identity between two untrusted parties who want...
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Who Pays in the Tariff Wars?

Who Pays in the Tariff Wars?
Global stock markets have been spooked by the escalating trade disputes between the world’s two largest economies: China and the United States.  And there is no evidence that the dispute is about to be resolved.  On Friday, U.S. President Donald Trump raised tariffs on $200 billion worth of Chinese goods, and began taking steps to tax nearly all of China’s imports.  The new tariff levels are an unprecedented 25% of the value of the Chinese goods coming into the U.S., raising the costs of seafood, luggage and electronics.  China, meanwhile, has placed tariffs on nearly all of America’s exports into the Middle Kingdom, including agricultural products. This is not the first trade dispute the U.S. has engaged in since the Trump Presidency; steel and aluminum products coming from abroad were hit with tariffs and import duties early in the presidency, followed by various other measures.  The stated idea was to...
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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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Mike Genovese Named to 2019 Financial Times 400 Top Financial Advisers

Mike Genovese Named to 2019 Financial Times 400 Top Financial Advisers
April 18, 2019– Mike Genovese is pleased to announce that he has been named to the 2019 edition of the Financial Times 400 Top Financial Advisers. The list recognizes top financial advisers at national, independent, regional and bank broker-dealers from across the U.S.  This is the seventh annual FT 400 list, produced independently by the Financial Times in collaboration with Ignites Research, a subsidiary of the FT that provides business intelligence on investment management. Financial advisers from across the brokerage industry applied for consideration, having met a set of minimum requirements. The applicants were then graded on six criteria: assets under management (AUM); AUM growth rate; experience; advanced industry credentials; online accessibility; and compliance records. There are no fees or other considerations required of advisers who apply for the FT 400. The final FT 400 represents an impressive cohort of elite advisers, as the “average” adviser in this year’s FT 400...
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I Paid Too Much in Taxes This Year, How Can I Reduce Taxes Next Year?

I Paid Too Much in Taxes This Year, How Can I Reduce Taxes Next Year?
Congratulations on putting Tax Day behind you.  I hope the sting of the “Tax Due” line on your returns wasn’t too bad, or better yet, you had a refund coming to you.  But whether you owe or are owed by Uncle Sam is a function of how much you withheld or paid in relative to how much you needed to pay in taxes.  The question shouldn’t be “Did I kick in enough to avoid having to pay more?” but rather, “How can I owe less next year, even if my income stays the same or goes up?”  Our clients ask us that all the time, and often right around this time of year.  And the facts are that too many CPAs aren’t analyzing their client’s behavior for ways to reduce tax liability, they’re just plugging in the income numbers, the deductions, and letting their clients know how much they owe. ...
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