We have Ben again today and he is sharing his journey and knowledge with you guys because he's gone through the process of transitioning his funds. The most important piece of advice here is to be very clear about what you want to invest in and that's going to allow you to make the best decision for you about which of those IRA platforms that you want to work with. Ben will be sharing some IRA basics and the questions to ask your tax professional, so that based on your particular unique situation, your tax professional can tell you what's best for you.
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IRA basics to review with your tax professional, so that based on your particular unique situation, your tax professional can tell you what's best for you.
1) Tell them what you want type of investments you are interested in. If it’s stocks, bonds, and mutual funds then the ‘big box’ IRA companies like Schwab, Fidelity, and TD Ameritrade are who usually serve those areas of investment. If you’re looking for more freedom to get into crypto, real estate, gold and other types of investments then a self directed IRA will better serve that purpose.
2) What are the different types of IRAs that can be self-directed? So in the last episode we talked about Traditional or Roth. There's also your HSA account which can be modified and taken over to a self directed platform. Go to your HR department and ask them what the options are for you to be able to use your funds in a self directed type of investment.
3) What is Arm's Length rule? You can't buy or sell property to yourself, you can't lend money to you from the IRA, and you can't pay any IRA expenses or take any IRA income personally. No self-dealings are allowed. Ask your tax professional BEFORE you make some of these moves and they will tell you the different arm's length rules, what type of relationships do not qualify, and what are prohibitive transactions.
4) What to do with your money in a self-directed IRA? You're going to have an IRA custodian. All of your movement of cash needs to go from your IRA account. None of the funds can ever be in your possession. All funds moving into and out of investments must go through the IRA Custodian.
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