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Offline cudakidd53

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LLC Questions
« on: February 10, 2015, 06:53:44 PM »
Hey there all-

Setting up my "Self-Directed IRA" via Jay Goldblatt at Broad Financial, and thought I'd pose some questions for Don to answer since he's one of the catalysts that have me heading down this road through his own discussion of his experiences with the program.

Did you list others as members if the LLC ?  If so, why, whom, etc.?

Any lessons or advice you'd share having already lived the process?

Given that I'm not full retirement age for an IRA yet, and I can still make contributions from income, any insight into that process?

Obviously, if Jay is on here, answer away publicly or anyone else for that matter, as I'm posing these questions for myself and others who might be considering doing likewise. ???
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"When you're dead, you don't know you're dead. Hence, dealing with this fact is not difficult. It is only hard for those still living around you.....It's the same when you're stupid."

Offline Flyin6

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Re: LLC Questions
« Reply #1 on: February 10, 2015, 10:00:38 PM »
Jay's Trust does not require any LLC or any other type of a corporation, just the trust documents.

So I'm at a bit of a loss as to what you are talking about

I do have an LLC that Real Man is organized under and I did not name other officers other than myself in it

Is that what you wanted to know?
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Offline cudakidd53

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Re: LLC Questions
« Reply #2 on: February 11, 2015, 06:31:40 AM »
So your self-directed IRA is through a Trust?

Might it be because of the state I live in and associated costs savings?
2012 Silverado LTZ - Duramax
Christian since 1975 - Field Trial Brittanys - NRA Lifetime Member

"When you're dead, you don't know you're dead. Hence, dealing with this fact is not difficult. It is only hard for those still living around you.....It's the same when you're stupid."

Offline Flyin6

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Re: LLC Questions
« Reply #3 on: February 11, 2015, 08:50:25 AM »
So your self-directed IRA is through a Trust?

Might it be because of the state I live in and associated costs savings?
I don't know Mike, but I'm sure Jay and the folks there do.

BTW I was challenged by the IRS and Broad Financial stood with me to answer their questions.
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Offline cudakidd53

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Re: LLC Questions
« Reply #4 on: March 09, 2015, 09:08:21 PM »
So, I pulled the trigger on a Self Directed IRA just short of a month ago.  Got the paper work filled, etc. and got the "funding" check from my previous Mutual Fund.  I prayed about making the right decision and asked God to bless and guide me through the process.

As requested (prayer) my Mutual shares increased in value daily up to the conversion and Gold and Silver dropped and stayed steady until I got the funding check.

Now you can't really open a checking account for this program without using IRA Funds- specific RULES about co-mingling funds etc.  So check comes Sat. (Instead if Friday as planned) and I TRY to open the LLC checking account at CHASE where my other accounts are.  Well, for some reason, J.P. Morgan Chase will not allow a LLC to open an account for Investment purposes without being registered in Land of Stinkin' too!?  So NUTS, Gold was down $35 further and I wanted to get the conversion to the "shiny stuff" while the price was low!

Contacted the people at Broad Financial and they clarified that it was unnecessary to follow Chase requirements and sent me the written proof etc.  So today, I take those papers into a Chase brace close to work figuring they'd get a better grasp of the situation and NOPE, they just no longer allow business checking accounts for investment purposes etc.  :o :o >:(

So, the nice lady who TRIED to help me suggests that I try a Local Bank down the road, which I do, no issue!  Now through the early part of previous 48 hours, I was pretty stressed over "missing the boat on price" part of the prayed for process.......until I remembered to "TRUST IN THE LORD" as I was walking out Chase.

Got home to discover that, as I was panicked (Gold price rose during the day) over not being able to pull the trigger when "I" desired, Gold had dropped to lower than when I initially wished to purchase, when I was finally able to place the order!  I ended up with MORE of the shiny stuff than I would have otherwise.

Big reminder to TRUST in The Lord as his plans are better than ours, and he answers our prayers when we have faith and remember to be patient!
2012 Silverado LTZ - Duramax
Christian since 1975 - Field Trial Brittanys - NRA Lifetime Member

"When you're dead, you don't know you're dead. Hence, dealing with this fact is not difficult. It is only hard for those still living around you.....It's the same when you're stupid."

Offline KensAuto

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Re: LLC Questions
« Reply #5 on: March 09, 2015, 10:44:03 PM »
Good stuff Mike.
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