Contrary to promoters of Solo 401k, it is not necessary to hire an attorney or lawyer to open solo 401k or to provide a solo 401k (often referred to as checkbook control solo 401k or self-directed 401k). As a matter of fact, companies that promote that their lawyer or attorney will prepare solo 401k documents often charge 85% more for a self-directed solo 401k which is not necessary. Ultimately the Internal Revenue Service approves the Solo 41k plan document, not the attorney or lawyer or Solo 401k Provider.
In sum, while it is a good marketing tactic used by certain Self-Directed Solo 401k providers, you don’t need to be an attorney or lawyer to provide Solo 401k with checkbook control. In addition to attorneys or lawyers, other professionals such as accountants, financial advisors, and qualified plan administrators can provide solo 401k and assist you when you are ready toopen solo 401k.
