Solo 401(k) Plan & Self-Directed IRA retirement solution allows for the physical possession of American Eagle Coins with retirement funds.
IRA Financial Group, the leading provider of solo 401(k) Plan and self-directed IRA LLC solutions, announces the introduction of a new retirement solution specifically geared towards retirement investors looking to shield their retirement assets from the looming fiscal cliff and financial insecurity caused by the debt ceiling debate. The “American Eagle” retirement plan solution is focused on using retirement funds to purchase American Eagle coins with a solo 401(k) Plan or self-directed IRA LLC and then take personal possession of the coins. “The “American Eagle” Retirement Plan solution is perfect for any retirement investor looking to take more control over their retirement funds by gaining the opportunity to take personal possession of their retirement assets while be able to diversify their retirement portfolio from financial market instability,“ stated Susan Glass, a tax professional with the IRA Financial Group.
Internal Revenue Code Section 408(m) lists the type of precious metals and coins that are permitted investments using IRA funds:
- One, one-half, one-quarter or one-tenth ounce U.S. gold coins (American Gold Eagle coins are the only gold coins specifically approved for IRAs). Other gold coins, to be eligible as IRA investments, must be at least .995 fine (99.5% pure) and be legal tender coins.
- one ounce silver coins minted by the Treasury Department;
- any coin issued under the laws of any state;
- a platinum coin described in 31 USCS 5112(k); and
- gold, silver, platinum or palladium bullion (other than bullion that is made into a coin) of a certain fineness that is in the physical possession of a trustee that meets the requirements for IRA trustees under Code Sec. 408(a).
The Technical and Miscellaneous Revenue Act of 1998 allowed IRA owners to invest their IRA assets in certain platinum coins as well as certain gold, silver, platinum, or palladium bullion provided the precious metals are held in the physical possession of the financial organization or depository. With respect to state minted coins, the coins must be held in the possession of a third-party other than the IRA holder. The Technical and Miscellaneous Revenue Act of 1998 does not state that the third-party holding the state minted coins must be a bank, but the holder must not be the IRA holder. However, in the case of American Eagle coins, there does not seem to be a “physical possession” requirement as precious metals or a restriction on possession by the IRA holder as in the case of state minted coins. “In light of the risk of a Government shutdown and its potential negative impact on the U.S. financial markets, we have seen an increase demand in retirement investors looking to use their retirement funds to buy and personally hold IRS approved coins,“ stated Adam Bergman, a tax attorney with the IRA Financial Group.
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 LLC 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, including the ability to use a self-directed IRA to purchase coins.