Transitioning Into a Self Directed IRA
We can handle the transition process for you.
To truly self direct your IRA you will need to go through a transition process. If you are like most Americans, you probably have a rollover IRA that is housed with a custodian who is a bank, brokerage firm or annuity company. As you probably already know, these type of institutions won’t allow you to make your own investments, but instead offer their own products.
Rollover or Transfer Your Existing IRA
The rules for IRA transfers or rollovers.
Unfortunately you can’t just pull your qualified retirement funds out of your existing institution, put it in a LLC and expect the government to take your word that this is an IRA. There are specific rules on IRA transfers or rollovers if they are to keep their tax advantaged status. The transfer process can be done as a trustee-to-trustee transfer between the two custodians or it can be handled as a 60 day rollover depending on where your money is at now.
Open a Bank Account
Setup a bank account for our IRA LLC.
Once the LLC is setup you will want to use the corporate documents and tax ID number to open a bank account under the name of your LLC. Bankers aren’t always the best people to separate your personal credit from accounts you control so you want to explain that you can’t comingle funds or credit with this account and are merely acting in the capacity of manager for the LLC.