Checkbook ira scam - Self directed ira scams - What You Should Look For In A Self Directed IRA Custodian

What You Should Look For In A Self Directed IRA Custodian

by forexrobot on September 30, 2010


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When selecting a self directed IRA custodian you need to give it a bunch of thought and search for one who will help you to make your investments the way you want, teach you all the rules and regulations regarding taxes and one who won’t attempt to act on his own but only under your direction so that you are in control of your accounts. There are lots of so called self directed IRA custodians that have a finger in lots of pies. They act as stock brokers, bank employees and traders and have a little knowledge about everything but not specialized in anything specific. Try to keep away from that mode of expert who won’t be able to guide you in the right path.

What to look for when browsing for a self directed IRA custodian

The person you select for this serious work should be a professional and one who has experience with the mode of work you want him to undertake. He should also be trustworthy and financially stable himself. Keep in mind what you are going into is a lengthy term plan and whoever you select will need to be with you until you retire. You cannot afford to break in some one new half way and transfer all funds into his hands.

All self directed IRA custodians need to fall in line with certain requirements outlined next to the treasury department; that however does not mean they are all efficient and able to do the work properly. Before selecting anyone, inquire about his fees which should be one that covers all your requirements and never sign the contract until you are somewhat sure you have everything sorted out. Look around and get out what others are charging and you might be surprised at the difference in the charges made next to the custodians for the same mode of work.

What he should be advising you about

Your self-directed IRA custodian should have a comprehensive knowledge about government regulations regarding IRA accounts and be able to advice you on things such as mortgages, real estate etc. which are considered very profitable investments. He should also know how to use funds from your IRA accounts to invest in order to protect you from capital gains taxes so that once a deal is concluded properly, the profits accrued can be safely deposited back in your account. Keep in mind, that it is your hard earned cash that’s involved and do not allow him play games with that. One wrong investment and you could end up losing your cash as well as tax free advantages you would have benefited from.

Start taking care of your retirement saving now and you will surely succeed!

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