American IRA Explains How a Single Member LLC Impacts a Self-Directed IRA
ASHEVILLE, NC / ACCESSWIRE / March 17, 2021 / How does a Single Member LLC impact a Self-Directed IRA? At American IRA, a Self-Directed IRA administration firm, that is the latest question posed at the company blog. In the post, American IRA discusses what a Single Member LLC is, and how it is often used in a Self-Directed IRA to create what is commonly known as a “Checkbook IRA,” providing investors with more checkbook control over retirement assets.
In the post, the Self-Directed IRA administration firm laid out some of the basics of the Checkbook IRA, including the basic structure of how it would work. In what is commonly called a “Checkbook IRA,” an investor would hold a Single Member LLC within a Self-Directed IRA. The Single Member LLC would have its own business checking account, thereby giving a checkbook to control. Because the ultimate control over this account belongs to the IRA holder, that checkbook power ends up with the investor.
The post also dealt with the advantages and disadvantages of the Single Member LLC approach. For instance, one advantage of this approach is that it gives investors the ability to front-load the fees that come with establishing the arrangement. After that, because the investor has so much direct control, the fees are substantially reduced over time. However, this also means that investors have more control-and more responsibility in overseeing that everything they do is done correctly.
“This post is essential for people who are looking for a way to find more flexibility with their accounts,” said Jim Hitt, CEO of American IRA. “But the Checkbook IRA approach isn’t for everyone. It takes a serious investor who is willing to dot all of the Is and cross all of the Ts. If an investor is willing to do that, however, it can mean a tremendous amount of freedom.”
For more information on how a Single Member LLC might work within a Self-Directed IRA, interested parties can visit the website at www.AmericanIRA.com or call American IRA by dialing 866-7500-IRA.
About:
“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 $500 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.”
SOURCE: American IRA, LLC
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