What is a Checkbook IRA Trust?
A Checkbook IRA Trust is a specialized retirement account that gives the account holder direct access and control over their funds. With this setup, you can independently invest in physical assets like Real Estate, using your retirement account cash, without the burden of transaction fees or custodian paperwork. MyDirect IRA helps you set-up and fund your new Checkbook IRA account, paired with Trust, to give you 'Checkbook Control' over your retirement IRA / 401(k) cash. Once the account is established, your IRA / 401(k) funds are then held in a checking account, at a bank of your choice, accessible only to you. This enables you to write checks and send wires to make investments directly on behalf of your retirement account; all tax free, and penalty free.
The MAIN DIFFERENCE between the Checkbook IRA LLC and the Checkbook IRA Trust? No ongoing state fees with the Checkbook IRA Trust.
Complete Checkbook Control
- Investing in physical assets like Real Estate is as simple as writing a check, or wending a wire.
- You can sign and manage transaction activities yourself, putting you in full control.
- Acquire anything from Real Estate to Crypto, tax and penalty free.
Lower Lifetime Fees
- IRA Trust eliminates custodial transaction fees
- Cheaper to establish than IRA LLC.
- No ongoing annual state fees, like with IRA LLC
Don’t Forget
- Trusts can be drafted more quickly than we can file to open an LLC, so if speed is most important, the Trust is the right fit.
- BUT, only Digital Trust, Equity Trust and Solera Bank allow clients to utilize the Checkbook IRA Trust vehicle .
How to set up a Self-Directed IRA Trust?
Open and Fund your Self-Directed IRA
Complete the MyDirect IRA Trust online application “HERE”. Next, you’ll receive a 2nd online application via email to establish your new Self-Directed IRA (if needed*) If you already have a SDIRA in place, you’ll need to provide your custodian name in the MyDirect IRA Trust application, then begin to fund the new SDIRA account via IRA Transfer, Rollover or Annual Contribution.
Establish a Trust owned by your Self-Directed IRA
MyDirect IRA will create a specialized, IRS-compliant Trust on your behalf, that is owned by your newly formed Self-Directed IRA. We draft the Trust documentation, then retrieve your EIN. We appoint your elected Trustee, and provide all necessary documents for you to open the Trust bank account, at the banking institution of your choice.
Open a Trust Checking Account & Fund the Trust
With the documentation provided by MyDirect, you’ll be tasked with opening the Trust business checking account. You can open the Trust checking account with any bank or credit union YOU PREFER. Once opened, MyDirect IRA will then draft the final documentation for you to sign, moving your IRA cash into the new Trust checking account you just established.
Invest in What You Know and Understand, Immediately!
Once your retirement cash is moved to the Trust checking account, you’re free to begin investing right away. In the case of a Real Estate purchase, it’s as easy as writing a purchase contract in the name of your new Trust, and once your offer is accepted, you’ll send a wire, yourself, to escrow for your earnest money deposit.
Open and Fund your Self-Directed IRA
Complete the MyDirect IRA Trust online application “HERE”. Next, you’ll receive a 2nd online application via email to establish your new Self-Directed IRA (if needed*) If you already have a SDIRA in place, you’ll need to provide your custodian name in the MyDirect IRA Trust application, then begin to fund the new SDIRA account via IRA Transfer, Rollover or Annual Contribution.
Establish a Trust owned by your Self-Directed IRA
MyDirect IRA will create a specialized, IRS-compliant Trust on your behalf, that is owned by your newly formed Self-Directed IRA. We draft the Trust documentation, then retrieve your EIN. We appoint your elected Trustee, and provide all necessary documents for you to open the Trust bank account, at the banking institution of your choice.
Open a Trust Checking Account & Fund the Trust
With the documentation provided by MyDirect, you’ll be tasked with opening the Trust business checking account. You can open the Trust checking account with any bank or credit union YOU PREFER. Once opened, MyDirect IRA will then draft the final documentation for you to sign, moving your IRA cash into the new Trust checking account you just established.
Invest in What You Know and Understand, Immediately!
Once your retirement cash is moved to the Trust checking account, you’re free to begin investing right away. In the case of a Real Estate purchase, it’s as easy as writing a purchase contract in the name of your new Trust, and once your offer is accepted, you’ll send a wire, yourself, to escrow for your earnest money deposit.
Why Choose Checkbook Control IRA Trust?
How the Checkbook IRA Works
The Checkbook IRA is a perfect solution for individuals that want greater control with fewer fees.
What Can an IRA Trust Invest In?
With a Self-Directed IRA Trust with checkbook control, you have the freedom to invest in almost any asset. A Checkbook IRA Trust is ideal for time-sensitive investments and investments with many transactions, as all transactions can be completed quickly and easily.
Here are some investments you can make with a Self-Directed IRA Trust:
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Real Estate (rental properties, raw land, single and multi-family, residential and commercial, Syndications, REITS, farmland and beyond!)
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Cryptocurrencies
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Private Business and Startups
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Tax Liens and Deeds
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Private Loans
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Limited Liability Companies (Trusts) and Partnerships
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Private Placements
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Hedge Funds
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And any other IRS-compliant alternative assets!
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Real Estate (rental properties, raw land, single and multi-family, residential and commercial, Syndications, REITS, farmland and beyond!)
-
Cryptocurrencies
-
Private Business and Startups
-
Tax Liens and Deeds
-
Private Loans
-
Limited Liability Companies Trusts) and Partnerships
-
Private Placements
-
Hedge Funds
-
And any other IRS-compliant alternative assets!
Have a question? We're happy to help!
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