All Forum Posts by: Rajeev Kotyan

@Mark Porter: Making account choice decisions solely based on how fast things get processed is not generally a good approach. There are some advantages to going with a Solo(k) as mentioned by Brian, but there are also operational and administrative items, as well as estate planning impact when having a Solo(k). Well you have similar considerations for IRA and Checkbook LLC within that. As Rick mentions, "I have never needed money so bad that I need it today". Finally you do have to keep in mind that when you have received the checkbook you are also responsible for preventing any prohibited transactions that may invalidate your account, which means you would have to learn the laws and regulations (not a bad idea).

@Ronald Thompson: Having an overall investment portfolio plan first, which includes all the account types, and the goals that you want to achieve, will help in making a justification as to which account is the best to use for oneself. While one can make statements generally like "ROTH IRA investments provide tax free returns", it only contains itself to the tax viewpoint. How does that impact ones portfolio as well as ones plan is highly personalized. Hope this helps...

As Brian and Doreen already mention, just putting it in a different way... make the decision only after you see the impact based on two aspects (1) the larger picture of your portfolio, income and taxes and (2) the impact to the IRA in terms of cashflow needs for the property.

With regards to the DOL PTE 80-26 exemption, please use this as an extreme last resort as there are many a documentation that needs to maintained as justification for the DOL and the IRS (more than the requirements of any custodian). Without this documentation, the IRA could be deemed as receiving excess contributions and you then get other issues with that situation.

Alexander: In your original posting you did not state whether you had her execute an application or not. If all she did was give you a check, what was it for? If she is claiming that you did not provide her any information regarding the use of the check, I am not sure whether you knew what she gave you the check for either. Was it a gift to you? Charitable Donation? Maybe additional information can help...