We have been asked if it is possible to own precious metals
in an IRA and maintain possession-- it sounds too good to be
true, is this really possible?
Comment: We too thought
it is very unlikely due to the "control" these types of
investments require, yet remaining open minded we discovered
it is possible.
The result of what we
determined is below for you to investigate further.
A Precious Metals' IRA -
Where YOU hold the metal!
Many precious metals
investors like the idea of using an Individual Retirement
Account as means to save in precious metals. However, many
are reluctant to do so because their metal is being held by
someone else.
What if I told you that you
could fund an IRA with precious metals and keep them at
home?
The IRA LLC is a treasure
to the precious metals community and few even know it
exists. The structure allows the individual to take
physical, at-home, possession of Gold and Silver Eagle Coins
with IRA funds and it is not a taxable distribution. The
metal does not have to be held at a depository and can be
purchased from the dealer of your choice.
For those that have
considered cashing out their IRAs or 401ks thus paying taxes
and penalties, this can be a much cheaper alternative to
physically holding precious metals.
It is also important to
know the structure has been challenged and upheld in court
numerous times, and the IRS ultimately released a field
advisory statement in April 2001 stating it would no longer
challenge the legitimacy of the IRA LLC structure.
Perhaps the little known
nature of this concept is a good thing. Even most experts in
the field of precious metals don't know about it. Most hard
money advocates hear the words IRA and metals and
immediately assume involvement of a third party storage
trustee. We have been conditioned to believe that we cannot
hold our IRA assets, that we are not in control and that we
must rely on brokers, bankers, and storage depositories.
This is not true....
You can read the full
article here...
http://www.silver-investor.com/blog/?p=2413
Best Wishes,
David Morgan
|
The Silver Summit 2014
