American IRA CEO, Jim Hitt
LLCs are a powerful tool, but people should use any powerful tool wisely
ASHEVILLE, N.C. (PRWEB) September 22, 2018
Owning an LLC can be an effective way to manage one’s investments. And according to American IRA, a Self-Directed IRA Administration Firm based in Asheville, NC, owning an LLC within a Self-Directed IRA can be very beneficial to investors, giving them more flexibility and options for holding assets for retirement.
“LLCs have the advantage of allowing the owner to execute ‘checkbook control’,” notes the article. That control over Self-Directed IRA can be a powerful strategy for retirement, but the post does make a point of how careful investors would have to be to avoid running afoul of laws and regulations related to IRA funds. American IRA notes that investors should keep a clear bit of separation between themselves and assets owned through a Self-Directed IRA. For example, a Self-Directed IRA-held piece of real estate is not to be used for personal use, but rather as an investment.
“I think there is a perception out there about LLCs,” said Jim Hitt, CEO of American IRA. “Some people see them as these shell companies that only very rich people should use. But that is not the case. An LLC is simply a company just about anyone can set up—and if they know how to use them right, they can be of great benefit to investors. The key is: do you know how to use them right?”
The article further shed light on the ability of investors to use an LLC within a Self-Directed IRA. It pointed out rules, such as having rental income and cash inflows going directly into a Self-Directed IRA account and not a personal account. Additionally, investors are expected not to collect rent payments directly or route them through personal accounts, which could constitute in prohibited transactions. Investors who do so could forfeit the tax-advantages status of their valuable properties, resulting in a tremendous loss of tax savings.
“LLCs are a powerful tool, but people should use any powerful tool wisely,” said Jim Hitt. “That is the point we wanted to get across with this article.”
For more information, visit American IRA’s website at http://www.AmericanIRA.com or call 866-7500-IRA.
About American IRA:
American IRA, LLC was established in 2004 by Jim Hitt, CEO in Asheville, NC.
The mission of American IRA is to provide the highest level of customer service in the self-directed retirement industry. Jim Hitt and his team have grown the company to over $400 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.
As a Self-Directed IRA administrator, they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms). They are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term "they" refers to American IRA, located in Asheville and Charlotte, NC.
