A poster made a comment in October that there is a way to have possession of PMs in retirement accounts by setting up a LLC. Could anyone who has knowledge on how to do this please tell me where to go online or who to contact to find out more about this.
Physical possession of PMs in retirement account question
Google passport IRA or checkbook IRA. Basically you set up an LLC, which can be owned by the IRA. The LLC (which is run by you) can then invest in just about anything. Property, gold, etc etc. You maintain control of the checkbook for the LLC, and can control where your stuff is.
I don't have any idea about this LCC retirement plan. But one more thing about this is that an American wage earner could put his or her earnings away for retirement in a financial institution CD and live off the interest. But an increasing cost of living and dull interest rates have transformed all that. But there are more investment strategies that a working person can do to make that fortune work for them. But remember, investments always carry risks. We recommend searching for reliable expert advice before putting cash down on any type of investment.
For the full article, go to: http://personalmoneynetwork.com/moneyblog/2011/11/21/increasing-nest-egg/
I am in the process of setting up a "checkbook IRA" as suggested above. You have an IRA custodian that reports to the IRS. The IRA is a member/owns the LLC that you control. You can then write a check with the IRA funds to buy, bullion and store it. The lawyer I talked to said holding it this way is in "a grey area" of the law, so I plan on doing this with a smaller part of my IRA as a precaution. The attorney also said that it may be better to hold the bullion in a bank safety deposit box since it would then be out of my possession and in the hands of a custodian.
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