Click me

Tips on Setting Up a Self Directed IRA

TIPS ON SETTING UP A SELF DIRECTED IRA START BY ESTABLISHING A DUE DILIGENCE TEAM OR YOUR (CIRCLE OF TRUST) Self directing your IRA can be extremely rewarding, but it does not guarantee investment success. Although your account is self directed, you should not invest my yourself. It's important to have a solid team of experts by your side. Exercising due diligence for your IRA investments can mean the difference between investment success and financial disaster. Attempt to avoid financial catastrophes and Ponzi schemes by assembling an experienced, dedicated, trusted team of investment specialists that can work with you. When it comes to investing, an ounce of prevention can be worth a pound of cure and then some. RECOMMENDATIONS ON WHO TO INCLUDE IN YOUR CIRCLE OF TRUST: SELF DIRECTED IRA CUSTODIAN IRA Custodians can provide: Valuable information about your IRA account. Information on prohibited IRA Transactions. CAVEAT EMPTOR Know the difference between a TPA and a Custodian. Find out who regulates the Custodian. Custodial fees vary widely. Check fee schedules carefully. Ask: are allowed to invest in assets that match your goals? YOU, THE IRA ACCOUNT HOLDER Considerations: Perform proper investment research both for you and your team. Learn the right questions to ask. CPA OR TAX PROFESSIONAL They can help you: Avoid IRA prohibited transaction rules, disqualified parties, and self dealing, Properly report investments to the IRS. SELF DIRECTED IRA LAWYER CAN Review all documents and contract related to your investments. Point out and interpret any problematic language. Give investment advice related to IRA LLC, prepare LLC documents, create single member LLC. FEE-BASED FINANCIAL PLANNER CAN Objectively discuss short and long-term investment goals. Avoid bad investment decisions based on emotion. Make investment recommendations. Beware when selecting a financial advisor. Select a fee-based planner, rather than a commission driven planner, they are more objective. If you're seeking a qualified professional, consult the National Association of Personal Financial Advisors at INVESTMENT BROKER, OR SPONSOR When working with an investment broker or sponsor: Understand the inner workings of the investment. Do not blindly invest money without understanding how your money is invested. Understand how the broker is receiving his cut. Clearly understand how they benefit in the investment transaction. Note: If the investment sponsor is helping you out of the goodness of his or her heart and it seems too good to be true, it probably is. PRECIOUS METALS BROKER Hand select an honest metals broker you can trust. Understands the buying process for an IRA and IRA LLC. Understands metal storage requirements. REAL ESTATE AGENT Consult an experienced investment realtor that understands the real estate buying & selling process for an IRA. An investment realtor can: Locate real estate opportunities. Assist with contracts. Run comps. Determine fair market value (FMV) of your property for tax reporting. Provide key insight for when to sell a property. TITLE COMPANY Title insurance provides peace of mind. Avoid unexpected financial constraints on a property. Can uncover hidden financial traps, such as liens against the property. List of sources: SUNWEST TRUST, Inc. 800-642-7167 ↑ ↑↑ ↑ 个个 个 ↑ ↑ ↑

Tips on Setting Up a Self Directed IRA

shared by taylordavies8788 on Apr 30
Many investors erroneously believe that their IRA custodian conducts these due diligence investigations, but this is not necessarily true. The custodian is just one member of your due diligence team, ...




tax ira finance


Social Media
Did you work on this visual? Claim credit!

Get a Quote

Embed Code

For hosted site:

Click the code to copy


Click the code to copy
Customize size