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Why You Should Have A Self-Directed IRA-LLC Account |
By:
Bob Montgomery |
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Why You Should Have a Self-Directed IRA-LLC Account
by Bob Montgomery
Are you worried about having a retirement account reducing itself to nothing? Most people are as it becomes more and more common to watch investment income reduce itself on a yearly basis. To counteract this prevalancy, one of the best ways is via an IRA-LLC account which invests in real estate. And don't think this is something the average person isn't capable of. It is being done by regular people every day.
One huge advantage to the LLC is that you will have great tax advantages as well as protection for your assets. Even though it is taxed as if it were a partnership, it will have the protection a corporation enjoys. This is important to know, because the owner of your LLC is the IRA, and the LLC is tax-exempt. What a way to make your investment earn the most it can tax free!
You have to be careful how you set up this account, however. There are many regulations you will have to make sure you don't violate, and your choice of custodian is crucial to ensuring compliance. Choose someone with a lot of successful experience handling the IRA-LLC account. There are also several steps you must take, even though they are easy ones.
First things first - open a self-directed IRA account. From here, make a decision on which state you would like to establihs the LLC in and take steps to transfer the assets over. Then contact a brokerage firm and set-up your account and apply for an employer identification number for you LLC. Next, have your custodian begin investing into your IRA-LLC account by transferring the assets. You are not limited at this either. You can also create a larger LLC by joining with other investors or if you wish to remain unaccompanied, you can add to you self-directed IRA-LLC by moving your other retirement plans.
Another advantage of the self-directed IRA-LLC is that you can choose your investments. It doesn't matter if it's an office building, apartment, condos, townhomes, or just undeveloped land--the choice is yours and you are in control of the important decisions with your IRA, not a manager who has his own financial goals to worry about.
So don't let a trustee tell you that you can't invest in real estate by using your IRA. As we said earlier, it is being done every day. Do yourself a favor and establish your self-directed IRA-LLC account today and begin investing for yourself.
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Article Source: http://www.statssheet.com/articles/article54070.html |
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