Questions on solo 401k and self-directed IRA LLC

Just a few questions, and I am not sure I am asking them right, so please bear with me.  The gist of my questions are I go into the bank to establish a checking account, I would like to know how the account would be tilted and how would I sign the checks.  Same with real estate, if I purchased a property in what name the deed would be titled.

So, here are the questions:

QUESTION (1): How would the title of my bank account read and in what name would I sign checks for a solo 401k?

ANSWER:  The bank account for the self-directed solo 401k plan would be titled in the name of the Solo 401k, which is established at the time the solo 401k provider drafts the solo 401k plan documents.

QUESTION (2): Assuming I bought real estate, in what name would the property be titled for a solo 401k?

ANSWER:  Visit real estate solo 401k procedure to learn the full details. The deed will be recorded in the name of the solo 401k plan since the purchase/investing is being made by the solo 401k plan.

QUESTION (3): How would the title of my bank account read and in what name would I sign checks for a self-directed IRA LLC?

ANSWER:  The bank account would be setup in the name of the LLC and the manager of the LLC (usually the IRA participant is the named LLC manager) would generally be the one with signing authority.

QUESTION (4): Assuming I bought real estate, in what name would the property be titled for a self-directed IRA LLC?

ANSWER:  Since the IRA would be a member of the LLC, the property would be purchased in the name of the LLC, not in the name of the IRA or in your name.

Thank you,

RK

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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