Self-Directed IRAs for Accountants and CPAs
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Self-Directed Retirement Accounts are a unique opportunity for accountants, not only for your clients, but for yourself. Self-Direction can allow your clients with your help to take control and make smart investment decisions. Ever increasingly our lives and investments are controlled and over charged. With a Self Directed IRA, clients can make their own decisions and gain financial independence. Your role as the accountant and CPA can be to advise and analyze transactions at your normal fee.
How can Self-Direction benefit you as the accountant?
Most clients are unaware that most private investments are available to their retirement portfolio. The following is a list of opportunities for you as the accountant or professional advisor to increase fees and help your clients:
- Be a resource for your client, most clients are unaware of how Self-Direction works.
- Reviewing purchases for clients that want to buy assets with their IRA.
- Analyze future purchase or current asset scenerios.
- Perform Bookkeeping for clients that use Checkbook LLCs.
- Advise client’s on transactions they are considering with their IRAs.
- Estate Planning on which assets fit best for the client based on their current estate and how it would be distributed.
How to Get Started in Self Direction
Entrust wants to be your partner in helping you serve your clients.
The question is: How do you, the accountant notify your clients that you serve that Self-Direction is available to them? Most Accountants today have a newsletter or email their clients frequently. Entrust will be glad to give you articles to send out or help you put together a webinar for your clients.
Do you Write Articles or Blogs? Entrust also allows professionals like yourself to write articles on related topics that are published on our website site, blog and newsletter. Please contact us if you would like to become part of our Partners Program.
Checkbook IRAs
Single Member LLCs or Checkbook IRAs are an option for investors. With these, the client's IRA is appointed the member of the LLC and owner of the account is appointed the Manager. The manager now has control of the “Checkbook” for the IRA, giving the IRA owner the ability to write checks and deposit funds like rents. Are Checkbook IRAs necessary? In most cases they are not. Most clients own one to two assets that do not require the additional cost or administration of the Checkbook LLC. When clients want to own multiple real estate assets or buy assets like tax certificates, we have observed that a checkbook IRA can be a useful tool to help manage/administer the assets. Please remember even if you have a Checkbook IRA, you will still need an Administrator to hold the membership interest in the LLC on behalf of your IRA. Finally, there has always been a question as to the legality of Checkbook IRAs. The Swanson Case is the guiding principle behind Checkbook IRA and the case does not actually rule on whether Checkbook IRAs are legal. To see the Swanson Case CLICK HERE. Entrust does not endorse the use of Checkbook IRAs. In most cases they are not needed.