Educating the client is a large part of our service. The custodian really doesn’t know what you do with the llc on a daily basis so they send a letter at year end asking “what do you believe the value of the llc is – you answer them and they send an IRS form 5498 to the government.Īt Self Directed Retirement Plans LLC, we assist and guide clients through every phase of establishing a truly self-directed IRA. There isn’t any waiting for permission etc. When an investment opportunity arises, they write a check and immediately take advantage. Now they have a truly Self-Directed IRA with checkbook control. We assist them in transferring the funds from the IRA (custodian) to the new self-directed IRA LLC checking account. Our clients open a checking account for the LLC at a bank of their choice. The LLCs are “owned” by the Self-Directed IRA and become the investment arm of the IRA. At Self Directed Retirement Plans LLC, we establish state-approved LLCs for each client. The second and most preferred way is to use an underlying LLC. This is what custodians prefer because it allows them to charge for activity fees, etc., continuously. People who don’t know about using an underlying LLC send instructions to the custodian to send a check or wire and purchase the investments in the name of the IRA. There are two main ways to employ a Self-Directed IRA.
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