Author Archives: Mark Nolan

Not All IRAs are Protected from General Creditors

It is important to understand the creditor protection rules as they apply to IRAs especially when the economy is turning sour. Often times, IRA account holders do not realize until it is too late that anxious non-bankruptcy creditors (general creditors) can come after IRAs. To read our prior post on the IRA bankruptcy rules VISIT […]

Bankruptcy Protection for IRAs, IRA LLC

IRA funds (Traditional and Roth) are partially protected in bankruptcy–currently, the cap is $1,362,800 and this amount is adjusted for inflation every three years and is based on the Consumer Price Index (CPI). The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 provides protection for IRA assets. Quick Fact 1: SEP, SIMPLE IRA, and […]

Latest IRS Reminder on No RMD Requirement in 2020

On July 17, 2020 the IRS released a reminder relating to not being required to take required minimum distributions (RMDs) in 2020 from IRAs and retirement plans such as 401k plans including solo 401k plans for the self-employed.   The waiver of the 2020 RMD from IRAs and solo 401k plans, for example, result from the […]

Contribute to both a Defined Benefit Plan (DBP) & a Self-Directed Solo 401k Plan

When the self-employed individual sets up both a defined benefit plan (DBP) and defined contribution plan such as a self-employed self-directed solo 401k plan for his self-employed business, such a plan combination is referred to as DB(K) Plans or defined benefit/401k. This plan combination was made possible with the passage of Pension Protection Act of […]

How to Invest a Self-Directed IRA LLC (Checkbook IRA) In Real Estate

Investing a self-directed IRA LLC in real estate is similar to investing a self-directed IRA in real estate in that the same IRS prohibited transaction and IRA rules apply. That being said, here is a helpful procedure for investing an IRA LLC in real estate. First open a self-directed IRA with a custodian that will […]