SELF-DIRECTED IRA WITH CHECKBOOK CONTROL – ICO ACCOUNT

MORE ABOUT CHECKBOOK CONTROL

This account works best for:

*A real estate investment

*When a loan is needed to help secure the property

*An account holder wants checkbook control of the retirement funds

*An account holder wants signing authority over the investment

*When the investor is teaming up with a business partner or spouse

Our IRA-LLC, referred to as an ICO, is a special purpose LLC that is either fully or partially owned by the IRA.  This allows funds to legally transfer from the IRA to the LLC.  We set-up everything to meet IRS’ requirements, the account holder sets up the checking account for the LLC at their local bank.
It takes approximately two weeks to fully set-up and fund this account.

checkBOOK

Set-Up Fees

$1,995 set up fee

$____ State filing fee for the LLC (check your State’s website or email me the State name)

**These fees can be paid with a credit card or IRA account.

What’s included:

The account come with:

* Set-up of IRA-LLC

* Filing of State Articles

* IRS filing of LLC EIN

* Self-directed IRA Compliant Operating Agreement

* Assistance and guidance with setting up checking account for LLC

* LLC Operating Agreement

* Banking authorizations for checking account

* Assistance and guidance in rolling over the IRA account from the current custodian

* Membership certificates

* Membership ledger

* Assistance in legally moving money from the IRA into the LLC and vice versa, if needed.

Annual Costs:

**State filing fee – Each year, the State will send the account holder an annual notice to renew the LLC’s registration.

**IRA Annual Fee – This $275 fee can automatically come out of the account annually or the account holder can be invoiced.

**Form 1065 annual filing – This fee varies by State, usually a minimum of $350.  This fee and filing does not apply to single member LLCs.   Contact a  tax professional in the registration State for more detailed information.

Process:

  1. Complete the online IRA Application and submit the Transfer form and ICO application to us with a copy of the account holder’s drivers license.
  2. Funds from the prior custodian are received and released
  3. We create IRA-LLC.  The account holder sets up a checking account for the LLC.
  4. Money is transferred to the LLC’s account.  The account holder is ready to start self-directing!

Applications:

1)     SELF-DIRECTED IRA APPLICATION – online application.

2)     TRANSFER REQUEST FORM –  Use this form to roll funds from the current custodian into the new self-directed IRA account.  Read more on how to complete the form.

3)     PHOTO ID – email a copy of  the account holder’s drivers license to [email protected]

4)     ICO APPLICATION – to set-up checkbook control.  Fees are listed on page 9 of this application.  Complete the bottom of page 9 to pay by credit card, or complete the “Reimbursement Direction Letter” to have the IRA pay the fees.

QUESTIONS?

Jaclyn Grella

Phone 800-454-2649 x1119

Fax (801) 904-0019

[email protected]

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TAX ADVICE DISCLAIMER : In compliance with IRS requirements under Circular 230, I am informing you that this communication (including attachments), to the extent it includes any tax advice, is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties or promoting, marketing or recommending any transaction to another party. No information in this communication, including any attachments, should be considered financial, tax, or legal advice and may not be relied upon as such. All discussions are for informational purposes only. Please consult with your own professional advisers if you need legal or other professional advice.  All prices are subject to change.

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