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Genovese Burford & Brothers Blog

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

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 Spousal transfer.  For that,...
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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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When Should I Claim Social Security?

When Should I Claim Social Security?
One of the most common questions we receive is “When should I start claiming Social Security?”  If you are like most people we encounter, this can be a confusing and sometimes stressful issue.  Adding to the confusion, is the inundation of articles every day extolling the benefits of drawing as early as possible or delaying till age 70 in order to gain the highest possible benefit.  So which one is it?  Unfortunately, because each situation is unique, there is no rule of thumb on this issue, which makes it imperative to analyze each individual circumstance. Technically, you can begin claiming social security at any point after turning 62. However, there are three separate ages which act as milestones for benefits: at Age 62, at Your Full Retirement Age, and at Age 70. Claiming at Age 62 The benefits to claiming at age 62 are straight-forward.  By starting as early as...
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The Magic of the Mundane - A Quick Note from Kelly Brothers

The Magic of the Mundane - A Quick Note from Kelly Brothers
The Magic of the Mundane… My skills around the house are limited, but if there is one thing I do well, it is “dishes.”   When the kids were really small, I never had enough patience with the chaos of “bath time” so my wife would handle those duties while I cleaned the kitchen.   I still prefer to do it every night, even if others volunteer.  So I recently read with great interest an article that described how both Bill Gates and Jeff Bezos, two of the richest men in the world, love to do the dinner dishes.  Either could afford to pay an army of dishwashers, yet choose to stand at the sink every single night.  Why? Turns out multiple studies have shown that rolling up your sleeves and doing the dishes can reduce stress and boost creativity.  One study out of UCSB showed that doing mindless tasks allows the...
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