Scottrade IRA LLC Questions

BACKGROUND: I currently have a rollover IRA Scottrade account with stocks in it.

I am interested in converting it to an IRA,LLC so that I can put some of the money into other investment vehicles like real estate but still keep some in the stocks.

My question is: Do I have to sell all my stock and convert it to cash then fund the IRA.LLC or can I move the Scottrade account into the IRA,LLC without liquidating my positions?

ANSWER: Here is how to convert your Scottrade IRA to a Self-Directed IRA LLC:

First, a self-directed IRA will need to be opened with self-directed IRA trust company such as IRA Services Trust Company.

Second, the Scottrade IRA is then transferred to the new self-directed IRA.

Third, the Self-Directed IRA is invested in an LLC, thus resulting in an LLC IRA.

Lastly, if you want to invest the IRA in stocks, you would only transfer some of the Scottrade IRA funds to the new self-directed IRA.

James in Oregon

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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