Menu Close

IRA Financial Group Clients Helping Philippines Typhoon Victims With Self-Directed IRA Investments

Self-Directed IRA LLC clients using IRA funds to lend money to friends and family impacted by typhoon Haiyan

In light of the horrific damages caused by Typhoon Haiyan on November 8, 2013, some IRA Financial Group clients are using their self-directed IRA and solo 401(k) Plan funds as lending sources for family and friends impacted by the storm. “We have heard from a number of our self-directed retirement clients who have been able to use their self-directed IRA and solo 401(k) Plan funds to lend certain family and friends in the Philippines impacted by Haiyan money to help cope with the devastation caused by the storm,” stated Jacky Ospina, a retirement specialist with the IRA Financial Group. “The ability to use retirement funds as a way of helping out friends and family in need while at the same time generating a healthy return has been attractive to some of our self-directed IRA LLC clients, “ stated Ms. Ospina.

With a checkbook control IRA and solo 401(k) Plan established through IRA Financial Group, an investor is able to use retirement funds to make private loans, domestic or foreign real estate, precious metals, tax liens, foreign currency, and many other investments tax-free and without custodian consent! Using a self-directed IRA LLC or solo 401(k) plan, clients of the IRA Financial Group have the ability to use retirement funds to make IRS approved investments, including loans to certain family members or friends.

The Internal Revenue Code does not describe what a self-directed or solo 401k Plan can invest in, only what it cannot invest in. Internal Revenue Code Sections 408 & 4975 prohibits disqualified persons from engaging in certain type of transactions. The purpose of these rules is to encourage the use of qualified retirement plans for accumulation of retirement savings and to prohibit those in control of the self-directed IRA or solo 401k qualified retirement plans from taking advantage of the tax benefits for their personal account. The definition of a “disqualified person” (Internal Revenue Code Section 4975(e)(2)) extends into a variety of related party scenarios, but generally includes the IRA holder or solo 401k plan participant, any ancestors or lineal descendants of the solo 401k plan participant, and entities in which the solo 401k plan participant holds a controlling equity or management interest.

The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.

IRA Financial Group is the market’s leading provider of “checkbook control” self-directed IRA and solo 401(k) plans. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate without custodian consent.

To learn more about the IRA Financial Group please call 800-472-0646.

Share the knowledge
Posted in IRA Financial Group, Self-Directed IRA, Solo 401(k)