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Nabers Group – The world’s only full service retirement plan provider. Our core services are IRA LLC & Solo 401(k) account establishment.
IRA Association of America – A nonprofit Self Directed IRA & Solo 401(k) professional trade & education association.
My primary service is the setup of UNLIMITED RETIREMENT ACCOUNTS ®, those which allow unrestricted investment choices. Popular investments include real estate, mortgage notes, private stock, debt instruments, foreign assets, margin brokerage accounts, etc.
This is a qualified plan for those who own or run a business which has no employees. This package includes preparation of the adoption agreement, basic plan document, EGTRRA Amendment, Summary Plan Description, Trust Agreement, Roth Provisional Amendment, RMD Model Amendment, and 401(k) Final Regulations Amendment. It also includes a newly assigned Employer Identification Number from the IRS, and an IRS Determination letter stating that this is a Prototype Plan pre-approved by the IRS to be a qualified plan.
This plan will allow annual contributions of $49,000 from each participant, $16,500 of which can be into a “Designated Roth Account” which we will create within your documents. A participant’s spouse can also contribute another $49,000 as well. Solo 401(k) plans are exempt from UBIT taxes related to debt leveraged real estate income and gains.
Built into this structure is the option for the account owner to name themselves as trustee of the plan, achieving “checkbook control” without the additional cost or paperwork of creating an LLC.
To summarize, a Solo 401(k) has the same functionality of an IRA LLC (including accepting incoming rollovers from existing accounts) plus these additional unique benefits:
- Higher contribution limits (currently $46,000 per year – or $51,000 per year if over age 50)
- Participant can take a loan of up to $50,000 for any reason
- Exempt from UDFI (a type of UBIT tax an IRA pays when it owns mortgage financed real estate)
- No income restrictions for using a Roth sub-account
- No requirement for a third party custodian – eliminate delays and administration fees
This structure has become a popular choice for gaining “checkbook control” of an IRA. An IRA is opened and funded at a custodian. A Special Purpose LLC is created, and the account owner directs the custodian to purchase and fund the LLC, which is managed by the IRA owner. The result is that the accountholder has a legally allowable (substantiated through case law) method of transacting at the LLC level without needing to involve the custodian. This method is often used to reduce time spent processing transactions (signing contracts and checks, sending wires, etc), and it also allows the accountholder to eliminate transaction-based fees from the custodian after the initial funding of the LLC.
Our Turn Key IRA LLC includes preparation of Secretary of State Articles of Organization, Operating Agreement, and Organizational Minutes specific to your LLC. These documents include special language designed to allow for a retirement plan to have ownership of the LLC. You will also receive a corporate binder, seal, and ownership certificates customized for your LLC. This is ready-to-use. All you have to do is follow the included instructions to open your LLC checking account at your favorite bank.