What if you could combine your retirement funds with your personal funds and additional monies from other family members? Well, you can... sort of. This question was asked and answered in a Department of Labor Advisory Opinion in July of 2000. Click that link above to read the opinion in its … [Read more...] about Coinvesting with your plan / Partnering with disqualified persons
A question I get all the time is "Can I personally mow the lawn, maintain, and/or repair properties owned by my IRA LLC?" My answer is "No" which usually creates the response "But another company said I could." First, let's summarize that the accountholder/participant of a retirement plan generally … [Read more...] about Landlording your IRA LLC's properties – Is it allowed?
As a follow up to "Where to find reliable information", I want to let you know about another seemingly unscrupulous self directed IRA/401k promoter... Waterford Financial Group (www.thetrueira.com). Again, I've never spoken with them or dealt with them in any way, but one visit to their web page is … [Read more...] about Grading Promoters – Waterford Financial Group… F
The plan asset rule, among other things, is used to determine whether or not a retirement plan is involved in a prohibited transaction. A PT happens when a plan enters into a transaction with a disqualified person. In our previous post, we covered how to make a list of disqualified persons for a … [Read more...] about What is the Plan Asset Rule?
The most notable difference between endeavors down the path of using a self directed IRA versus traditional investing is the unique rules that apply to the former. The extremely simple rule is that an IRA (specifically) cannot buy life insurance or collectibles (such as rugs, works of art, alcohol, … [Read more...] about Prohibited Transaction Basics