Self-Directed IRA Legal Services
I routinely provide the following legal services to self-directed IRA investors.
IRA/LLC Entity Set-Up
How To Set Up an IRA/LLC With Multiple IRAs
Fee: $800 for a single member IRA/LLC (one IRA owns 100%) plus state filing fees. $1,500 for a multi-member IRA/LLC (more than one owner). Please note that we also offer a free 15 minute phone call with one of our attorneys where we can outline the IRA/LLC structure to see if it will work well for your investment objectives.
We’ve been drafting these entities for over 10 years and have worked with every self-directed IRA custodian and administrator in the business. The documents we will prepare include the articles, IRA compliant operating agreement, IRS Tax ID, subscription documents, comfort/letter and memorandum, and an attorney/professional advisory acceptance form (as applicable per custodian).
More importantly than the documents though, we also consult and advise our clients on the best IRA/LLC structure for their self-directed IRA investments and will advise you on how to operate and properly maintain your IRA/LLC to avoid a prohibited transaction or other adverse consequences for your self-directed IRA.
I receive a significant amount of referrals from self-directed IRA custodians who have rejected someone’s IRA/LLC documents because they (or their uninformed attorney) wasn’t aware of the structuring rules, numerous IRA required provisions, or the proper use of the IRA/LLC structure.
Don’t try this at home on your own and don’t have an attorney who is unfamiliar with this area of law set-up this company. It is likely that you will have to dissolve the company and start over with a new company that is properly drafted and established.
Solo 401(k) Set-Up
Watch our Comprehensive Webinar on ‘What is a Self-Directed Solo 401k?’
Plan set up includes a consultation with one of our knowledgeable attorneys.
- Grow your retirement account quickly.
- Obtain flexibility and control to self-directed investments.
- Manage and sign on the 401k bank account.
- Receive tax deductions for contributions made.
- Take a personal loan form the 401(k) Plan. Leverage / Finance your 401(k) plan real estate investments without being subject to UDFI tax.
- Consultation with a knowledgeable attorney regarding qualifications, contributions, self directed plan option advice.
- IRS pre-approved Solo 401(k) Plan documents included Employer Identification Number (EIN)/TaxID Assistance with setting up a bank account Annual Maintenance Plan*
Consultations – The most common service I provide are consults with clients regarding specific self-directed IRA investments. I routinely counsel clients on prohibited transaction issues and UBIT/UDFI tax issues and try to develop structures and investments that avoid both prohibited transaction and UBIT tax. Most new clients will schedule one hour of time but we can start with as little at 15-30 minutes.
Fee: My hourly rate is $400 an hour and I have associate attorneys in my office who are excellent on self-directed IRA legal and tax matters who bill at $300 an hour.
990-T Tax Return
990-T Tax Return Preparation – Sometimes UBIT and UDFI cannot be avoided and your self-directed IRA may end up owing tax on its investment income. If this occurs, we can assist in preparing a 990-T tax return for filing with the IRS. 990-T tax returns for IRAs are filed separately from your personal or business tax returns and include a separate set of rules. As a result, it is critical to have experienced professionals prepare these returns as failure to properly report UBIT/UDFI income can result in loss of tax preferred treatment for your IRA.
Fee: Return prep and filing ranges from $750- $1,500 and requires a set of books (e.g. quickbooks file) for your IRAs activities and income/expense. Consulting is billed at $300-$400 an hour.
I also regularly counsel numerous IRA custodians, trust companies, banks, investment sponsors, and investment groups/funds with regards to self-directed IRA matters.
Please view my testimonials page to see what clients are saying about my services.