A large number of U.S. investors took notice what occurred in Cyprus and turned to holding gold and American Eagle coins personally in a self-directed IRA LLC
Miami, FL (PRWEB) May 07, 2013
IRA Financial Group, the leading provider of self-directed IRA LLCs, has seen a growing number of retirement investor looking to protect their retirement funds from a Cyprus type banking crisis that could wipe out their retirement savings. “We have seen a growing number of retirement investors looking to hold gold and IRS approve coins, such as American Eagles, personally,“ stated Adam Bergman, a tax attorney with the IRA Financial Group.
Cyprus, which has been a member of the European Union since 2004 and the Euro zone since 2008, was recently on the brink of financial collapse. Its two major banks, the Popular (Laiki) and the Bank of Cyprus were abruptly closed on March 15, 2013 until further notice. “A large number of U.S. investors took notice what occurred in Cyprus and turned to holding gold and American Eagle coins personally in a self-directed IRA LLC, “ stated Mr. Bergman. "Holding gold personally in a self-directed IRA has offered retirement investors a safeguard against a U.S. bank crisis akin to what occurred in Cyprus in 2013, " stated Mr. Bergman.
Unlike precious metals, the Internal revenue Code and the legislative history does not include a requirement that IRS approved coins be held in the “physical possession” of a U.S. trustee. When it comes to coins or metals, Internal revenue Code Section 408 is generally the provision that applies. In general, collectibles such as artworks, rugs, stamps, certain coins, beverages and antiques, etc. are not allowed within a Self-Directed IRA LLC pursuant to Internal Revenue Code Section 408.
Internal Revenue Code Section 408 is specific as to what defines a collectible. Some notable exceptions are allowed for certain gold (such as American Eagle) and silver coins and any coins issued by a state. Legislation in 1997 further liberalized the rules for IRAs by making reference to specific definitions of acceptable coins in USCS, title 31; IRC sections 5112(a), (e) and (k); the Commodity Exchange Act; and IRC section 408(m)(3).
“Holding gold coins personally in a self-directed IRA LLC as provided a number of pour clients with comfort that their retirement funds will be protected in the case of a domestic banking crisis,” stated Maria Ritsi, a paralegal with the IRA Financial Group. IRA Financial Group does recommend that its clients hold IRS approved gold and coins at a depository or IRS approved trustee.
The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.
IRA Financial Group is the market's leading provider of "checkbook control" self-directed IRA LLC structures. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate without custodian consent.
To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.