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Updated almost 4 years ago,
Self-Directed Checkbook LLC IRA question?
Several years ago I set-up a Self-Directed Checkbook LLC IRA. I am aware (mostly) about prohibited transactions. Most are clear cut. In this case I have some money in the LLC checkbook. I'd like to invest it since it's making nothing sitting there...
My stepson is a broker at HWBaird. I'd like to set up an IRA with him in the name of my LLC and have him invest it for me. From everything I can see my stepson is not a Disqualified Person. Additionally, his Mom passed 27 years ago so technically he isn't even my stepson anymore. If I set up an account with him in the name of my LLC will this be considered a Prohibited Transaction?