Self directed IRA using an LLC with check writing capability

[Account Closed]

I'm looking for a tax attorney, CPA and anyone who are qualified or experienced with a self directed IRA which lends to an LLC owned by the IRA to allow checkbook control of the funds to then purchase investments?! I am in the process of using this new approach but would like to hear from others who have experience in the area.

[Brian Eastman]

@Account Closed

You can go to a tax attorney for the establishment of such plans, or you can work with a firm that specializes in the implementation and support of checkbook IRA LLC plans. Most such specialty providers have close attorney involvement in their processes.

The advantage of a specialty firm is that this is the one thing they do, and they focus on doing it well, both on the initial setup of the structure and ongoing support.

Very few attorneys specialize in this, and will not have developed the infrastructure for ongoing interface of the LLC with the IRA account. Future support may cost you whatever the tax attorney's billable hourly rate is.

There is a lot of good information here on BP about these structures and appropriate usage for investing in real estate. Several professional providers and independent attorneys are active contributors. Read up, make a few calls, and definitely be sure to get some feedback from investors using checkbook IRA LLC plans as well.

It is a great program, that provides flexibility and control, and allows you to invest as you choose.