Do I setup IRA Before Doing a Checkbook IRA?

QUESTION:

I currently have a 401k I would like to roll into a checkbook IRA. I read your steps and see your fee. Do you complete the steps for me or do I need to do that before contacting you?

ANSWER:

With our company, we let you choose the self-directed IRA custodian, with the most popular ones  being IRA Services Trust Company, Kingdom Trust Company and Sunwest Trust Company. This is where we differentiate ourselves from many of our competitors who make you use their own IRA trust company.

We take care of the entire checkbook IRA setup including the following:

Our Self Directed IRA LLC services include the following:

  • Filing Articles of Organization with Secretary of State.
  • Obtaining The Employer Identification Number for the LLC from the IRS.
  • Drafting of the LLC Operating Agreement that contains the required IRA and IRS language.
  • Assistance in completing the Self Directed IRA account establishment forms.
  • Assistance in completing the applicable 401k and/or IRA transfer forms.
  • Assistance in establishing the LLC bank account at your local bank/credit union of your choice.
  • Consulting with the IRA regulations.

Timing

The entire setup process (i.e., where the funds will be sitting in the  IRA LLC funded bank account) generally takes 10 to 15 business days but it depends on how fast the former employer plan or IRA can be transferred to the new self-directed IRA as many of the other steps in the process (e.g., the registration of the LLC and the opening of the new self-directed IRA) can be done in parallel to each other.

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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