Do I need to use a special custodian in order to create a self-directed IRA LLC?
Missy T., VA
Thanks so much for your question.
An individual retirement account is a trust or custodial account set up in the United States for the exclusive benefit of you or your beneficiaries. The account is created by a written document. The document must show that the account meets certain requirements. Specifically, the trustee or custodian must be a bank, a federally insured credit union, a savings and loan association, or an entity approved by the IRS to act as trustee or custodian. Hence, when opening a self-directed IRA, a custodian must be used in order to house the IRA account. However, in the case of a self-directed IRA LLC, after the IRA account has been established, the IRA funds are then invested into a LLC account, which can be opened at any local bank.
Please do not hesitate to follow-up with any questions.
The Self-Directed IRA Experts