A cottage industry of professionals now offers coaching and facilitation services for setting up an Individual Retirement Arrangement-owned Limited Liability Company. These professionals advertise their services under various “branded” names, including IRA business systems, self-employed IRAs and IRA business financing. All basically offer the same thing: consulting, LLC set-up, setting up your account with a self-directed IRA custodian, and more consulting.
It’s not necessary to hire one of these professionals to do the work, as it can be accomplished on your own with the aid of Small Business Administration volunteers and the oversight of your own self-directed IRA custodian (for a list of reputable custodians allowing real estate, visit Self-Directed.info). However, if you were to join one of these programs expect to pay $2,000 to $5,500 or more. Their fees can either be paid by you as a tax-deductible business expense or from your IRA.
Note that if your IRA pays, you’ll lose the business tax deduction and the future earning power on the funds. However, with this route you don’t pay out of your own pocket to hire an IRA consultant or facilitator.
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Comments: 17
Fantastic news Mary S.. Keep me posted!!!
And Kelly S., feel free to drop by again with any questions you have on the topic. We'll do our best to provide you with an answer.
I must admit... that is my usual state when it comes to money.
:)
Larry, thank you for stopping by. Your comments are much appreciated.
Ron B., do you already have an LLC or an IRA LLC up and running? If so, I would love to hear the story about the process you went through.
Lori F., thank you so much for passing this information along to someone else. All of this buzz about what can be done with a self-directed IRA is just hitting the main stream press as a result of a book I co-authored back in 2003 ("IRA Wealth: Revolutionary IRA Strategies for Real Estate Investment"). It's important for me to be able to educate everyone on their financial planning opportunities, whether or not they choose to use them.
Ignorant ruddy complexion having airheads? yaya thats me!
I'm an IRA !
Thanks for the link Ms. Meacham:)