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Genovese Burford & Brothers Blog

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

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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How Do We Know If Our Heirs Are Ready to Inherit Our Wealth?

How Do We Know If Our Heirs Are Ready to Inherit Our Wealth?
As workers, businessowners, investors, and diligent savers, you may have amassed a nest egg of resources which could outlive you and your partner. In most cases, your heirs will likely be children. As parents, the inheritance that you leave behind can be viewed as a blessing and a curse. Surely, you’ve heard the horror stories of heirs running amuck with the assets they receive; putting themselves in more difficult financial positions than when they started. In our experience, this is one of a parent’s greatest fears. However, as advisors, we’ve seen and heard amazing success stories of how heirs go on to do something truly remarkable, as a function of having a significant inheritance. So, the simple question arises, how do we know if our heirs are ready to inherit our wealth? The short answer, we don’t. A better question to ask is, how can we provide an environment for...
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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 so-called “Spousal IRA”.  For...
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4 Reasons to Build Your Estate Plan this Quarter

4 Reasons to Build Your Estate Plan this Quarter
As New Year’s Resolutions fade, and our financial attention shifts to tax prep or the latest gyrations of the stock market, we’d like to touch on one financial planning priority that so many of our clients and prospects leave unattended: planning for the unexpected with an estate plan.  Both as financial advisors and as humans, we understand, no one likes thinking about their own demise or disability, but the savings in confusion and frustration for our loved ones amidst their heartache is difficult to overstate. If you haven’t gotten your estate in order, don’t feel alone; we see it so often when we engage in financial planning conversations.  After we talk about dreams for the future, current saving and spending, investments, and all the other parts of a financial plan, we ask our clients about a will, a living trust, a power of attorney, and advanced medical directives. Subsequently, we...
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