In the previous post, we introduced three potential beneficiary designation mistakes. In this post, we will point out a few more. Don’t Name Your Kid! This is not meant as harsh as it sounds. As with other considerations, this relates to the issue of age. There are WAAAAY too many people who identify their minor children as either a primary…read more →
The age-old question related to Self-Directed IRA plans….which ones can be self-directed? While there are some IRAs that, practically speaking, will not be self-directed, it doesn’t mean that they can’t be. You just don’t find it that often. Many folks just assume that if it is an IRA, only a Traditional IRA and a Roth IRA can be self-directed. In…read more →
In today’s current growth of the market, it is not surprising to hear the following statements: “The DOW is doing so well, this would be the absolute worst time to set up a self-directed IRA or self-directed 401K for my retirement savings.” “The DOW is doing so well, this would be the absolute best time to set up a self-directed…read more →
Well, yes and no. So, let’s explain. In the eyes of the IRS, a 401K is a 401K. There is probably no where in the IRS code where you will see any reference to Self-Directed 401Ks, Solo Ks, I-Ks and so on and so on. All those terms are more marketing driven than actual IRS terms. However, the IRS does…read more →
Unfortunately, many people are unaware that they can invest their retirement funds in assets other than “traditional” assets such as stocks, bonds and mutual funds. Unfortunately, this prohibits them from investing in “non-traditional” assets (e.g., real estate) when they may want to make these investments. But, since brokerage firms and banks will only permit you to invest in their financial products,…read more →
What DOES the IRS really think about people investing in real estate with their IRAs and 401Ks?