GenoaFinancial offers a multitude of financial products such as IRA’s (Roth & Traditional), Stocks, Bonds, 529 College Savings Plans, Coverdell College Savings Plans, and Annuities. From developing goals for retirement, education funding, major purchase, business succession planning, estate planning, to tax planning, GenoaFinancial is here to help.
In addition, we help customers plan for an unexpected disability, untimely death, or long term care needs in their elder years.
It is our goal to monitor and make changes to customers’ investment portfolios based on economic conditions and changing priorities.
Roth IRA: An account established with after tax funds (up to specified limits determined by the IRS) which allows tax deferred growth and potentially tax free withdrawals of earnings and principal after the owner attains age 59½ and the account has been established for at least 5 years.
Tradition IRA: An account established with pre-tax dollars (up to specified limits determined by the IRS) which allows tax deferred growth. All distributions are taxable as ordinary income and are penalty free after the account owner attains age 59½. If withdrawals are taken before age 59½ they will be subject to an addition 10% IRS penalty.
Rollover IRA: An account established with pre-tax dollars from an employer sponsored Retirement plan such as a 401(k), Simple 401(k), Cash Balance Pension, or other tax-deferred vehicle. Typically people move funds into a Rollover IRA after leaving their job or retiring. Rollovers usually offer more investment options with more flexibility and control as to how the funds are invested than employer sponsored plans. There are no taxes or penalty payable if transferred from custodian to custodian.
Stocks and Bonds
Stocks: Shares of ownership in a specific corporation which are traded on an exchange.
Bonds: Debt issued by a corporation or Government entity. Bonds pay a fixed rate of return and if held to maturity will pay the face value.
Stock investing involves risk including loss of principal. Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values and yields will decline as interest rates rise and bonds are subject to availability and change in price.
529 College Savings Plan: A 529 plan is a tax-advantaged investment vehicle in the United States designed to encourage savings for the future higher education expenses of a designated beneficiary. 529 plans can provide tax deferred growth of earnings and potential state tax deduction. Investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax-free. Tax treatment at the state level may vary. Please consult with you tax advisor before investing.
Coverdell Education Savings Plan: Similar to 529 plan in tax structure but funds from the Coverdell can be used for primary and secondary school, not just college and university.
Withdrawal restrictions may apply.
UGMA/UTMA: An account set up for the benefit of a minor that the donor (usually the parents, grandparents, etc.) controls. Funds can be used for the benefit of the minor whether for college or for a home or car. This plan receives no tax deferral and can potentially be taxed at the minor’s rate.
Fixed Annuities: A tax deferred vehicle that provides a guaranteed fixed rate of return. Currently fixed annuities may offer competitive interest rates. Annuities are an alternative to CD's. CD's are FDIC insured and offer a fixed rate of return if held to maturity. Annuities are not FDIC insured. Annuities are long-term, tax-deferred investment vehicles designed for retirement purposes. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Withdrawals made prior to age 59½ are subject to 10% IRS penalty tax. Surrender charges may apply. Guarantees are based on the claims paying ability of the issuing insurance company. Annuities are savings vehicles for individuals looking for fixed rate investments and tax deferral.
Permanent Life Insurance: Is intended to provide a lifetime of protection and some cash value build up. Premiums are typically level and the death benefit stays the same. Some different types of permanent insurance include: Whole Life, Universal, and Variable Universal.
Term Life Insurance: Is intended to provide protection for a specified number of years. Typically available in 10, 15, 20, 30 year periods. This insurance has a level premium for whichever period is selected and is usually cheaper than permanent insurance. Term insurance is often purchased to cover a mortgage in the event of an untimely death.
Disability Insurance: Provides money for the insured to live on in the event he or she is injured and can’t work. Typically disability insurance pays benefits after a specified waiting period usually 90 days to 6 months.
Long Term Care Insurance: Helps families pay for home and nursing home care in the event a loved one is no longer able to care for themselves. Newer long term care policies will also allow for home modifications in the event the insured can stay at home with minimal in-home care.
Estate Planning: Helps clients pass on their assets to their beneficiaries in the most tax efficient way possible. Proper estate planning avoids probate with minimal transfer cost i.e.; attorney fees, court fees. Good estate planning begins with structuring accounts properly with a qualified professional.
Trust Services: LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. GenoaBank and GenoaFinancial are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using the name GenoaFinancial, and may also be employees of GenoaBank. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of GenoaBank or GenoaFinancial. Securities and insurance offered through LPL or its affiliates are:
Not Insured by FDIC or
Any Other Government Agency
Not Bank Guaranteed
Not Bank Deposits
May Lose Value
The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.