The Ultimate Checkbook IRA provides investors with the most robust investing platform, including no-fee transactions and Real Time Investing.
The Checkbook IRA is a specialized platform that takes the standard self-directed IRA to the next level by giving it the power of Checkbook Control.
In a standard self-directed IRA utilizing the custodian model, investors have to go through the custodian for every transaction that they execute. That means that if you want to purchase an asset, sell an asset, perform routine maintenance, or interact in any way with the IRA’s assets, a form must be sent to the custodian so that the custodian can execute the action. Then, in accordance with the requested action, the custodian charges a task specific fee.
This model is time consuming, filled with paperwork hassle, and expensive due to the ever-present fees. The Checkbook IRA keeps the best part of a self-directed IRA, (i.e. the ability to purchase alternative assets,) and streamlines it by getting rid of the paperwork and the fund-crushing fees.
How does a Checkbook IRA work?
The process is fairly simple. When you apply for a Checkbook IRA, Broad will set up a LLC for your IRA and appoint you as the non-compensated manager. Once the LLC is set up, you can then go to the bank of your choosing and open a checking account in the name of the LLC.
This checking account and its accompanying checkbook will now function as your investing platform. If you want to purchase an asset for your IRA, just write a check. Similarly, if you want to pay a worker for maintenance, just write a check. There is no paperwork hassle, and there are no extraneous fees.
What assets can a Checkbook IRA purchase?
A Checkbook IRA can purchase virtually any asset and make it part of your retirement portfolio. Popular self-directed investments include real estate, precious metals, tax liens, and private business. The only two assets that may not be purchased are life insurance policies and collectibles.
How long does it take to set up a Checkbook IRA? And how much does it cost?
The answer depends on the state where the investor is setting up the LLC. Different states have different processing times and fees, and they can vary greatly. Call Broad and one of our specialists will give you information about your specific state. You will then be able to determine if your state’s schedule works with your investment needs.