American IRA CEO Jim Hitt Warns Against Mixing Personal Assets with a Self-Directed IRA
Atlanta, GA (PRWEB) April 29, 2017 -- While the Self-Directed IRA can be a powerful tool for retirement investment—a tool that comes with a lot of freedom and flexibility, Jim Hitt recently took to his blog at http://www.AmericanIRA.com to warn investors to pay attention to the rules. One of the most important rules: not using personal assets within a Self-Directed IRA, but instead using a Self-Directed IRA specifically for retirement investments.
The post points out a recent court case in which a judge ruled that a partnership formed by a Self-Directed IRA and a spouse of the holder of that Self-Directed IRA was being used to enrich the investors. While there is nothing illegal about creating a partnership in ordinary circumstances, using the Self-Directed IRA to do so is not allowed.
“It’s important to remember that the Self-Directed IRA is primarily a retirement investment tool,” explains Jim Hitt. “That means it can be a very powerful way to build wealth with proper investing. But what it doesn’t mean is that you can do anything you want in order to build that wealth. Investors have to be very careful and avoid mixing their personal lives with their retirement investments—because doing so can invite a whole heap of trouble.”
It’s far better to take time and learn the rules of Self-Directed IRA investing, argues Jim Hitt. While a tax-protected retirement account includes plenty of freedoms and flexibility in terms of investing, there are some personal issues that need to be avoided. For example, it is not lawful for a Self-Directed IRA real estate investor to live in one of the dwellings they own through their IRA.
Jim Hitt says that understanding these distinctions can be the difference between a lifetime of sound financial decisions and prosperity—and a lot of legal hassle. “As someone who works closely with Self-Directed IRAs, it’s easy to see how some people can use their freedom in a negative way,” says Jim Hitt. “My goal is to educate investors on this issue.”
To learn more about not mixing personal assets with a Self-Directed IRA, visit http://www.americanira.com/home-links/court-dont-mix-self-directed-ira-funds-personal-assets/ or call American IRA directly at 1-866-7500-IRA(472).
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