Asheville, NC (PRWEB) May 03, 2012
Sean Mckay says "We developed this webinar to help get the word out about things that people need to avoid within their self-directed IRA so that they can properly acquire assets. The feedback we received from our first month of these webinars was so overwhelmingly positive that we have decided to continue to offer this webinar each month."
Topics that will be covered in this webinar include but are not limited to:
*Conflicts of Interest
*Direct Prohibited Transactions
*Proper Acquisition of Assets
*and much more...
When Congress first designed the IRA in 1974, they built in a number of restrictions meant to prevent IRA owners from using these vehicles to benefit themselves prior to retirement. For this reason, the following transactions are prohibited within IRAs:
*They cannot buy property from their IRA.
*They cannot sell property to their IRA.
*Their relatives, defined as ascendants and descendants and their spouses, may not buy from or sell directly to their IRA.
*Their IRA cannot engage in any of the above transactions with any entities controlled by their ascendants, descendants, or any of their spouses.
*Their IRA cannot engage in transactions directly with their accountant, financial advisor, tax attorney or anyone else who advises them on their IRA, nor with any business entity they control.
*They cannot use their IRA, nor the assets within them, as security for a loan for use outside the IRA (this rule is commonly misunderstood).
Sean interjects, "In plain English, this means they cannot use their IRA directly for their own benefit, nor that of those related to them, and their advisors cannot manipulate them into using their IRA to benefit themselves. Their IRA exists for one purpose only: To provide economic security for them after they turn 59½. Anything they cause their IRA to do that is contrary to that purpose runs the risk of generating taxes and penalties."
American IRA, LLC was established in 2004 by James C. Hitt in Asheville, NC.
The mission of American IRA is to provide the highest level of customer service in the self directed retirement industry. Mr. Hitt and his team have grown the company to over $250 million in assets under administration by educating the public that their self-directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more!
To learn more about American IRA, LLC and self-directed IRAs/self-directed Solo 401(k)s, please contact our office at 1-866-7500-IRA(472).