Are you interested in self-directed IRA services? uDirect IRA Services offers all the necessary tools to enable you to take control of your retirement savings and invest them in alternative assets. This approach allows you to enhance your financial prospects by utilizing your retirement funds for investments beyond Wall Street.
Get Started
To initiate the process, take the first step by opening an account. Afterward, proceed to transfer or roll over your existing IRA into a self-directed IRA. To perform a transfer of IRA funds, complete the Transfer Request Form.
You can execute a self-directed IRA rollover by transferring funds from your former employer’s retirement plan. Reach out to your previous employer’s plan administrator, and complete the requisite forms to initiate the rollover procedure.
In case you are seeking a self-directed Solok account, uDirect IRA Services also provides these options. Further details on establishing your own Solok account can be found HERE.
When it comes to fees, individuals often inquire about the outgoing wire fee imposed by uDirect IRA Services. You’ll be pleasantly surprised to discover that the fee for both incoming and outgoing wires is merely $15. A comprehensive list of our self-directed service fees is accessible on our website HERE.
Investing Process
The process of incorporating assets into your self-directed account commences with diligent efforts to locate the most suitable asset for your needs. The “self” aspect of “self-directed” means that you have the authority to choose all the assets for your account. It’s important to note that uDirect IRA Services does not function as an investment advisor. Instead, we furnish a platform that empowers you to make tax-free or tax-deferred investments in the alternative assets of your preference.
Once you’ve made your asset selection, furnish uDirect with the required supporting documentation, such as an offer to purchase, subscription agreement, or invoice. After a thorough review, we may request additional information. Assuming all review criteria are satisfied, your funds will be disbursed as per your instructions.
All proceeds generated by your IRA-owned assets must be directed to your IRA account. It is crucial to avoid personally taking possession of the proceeds from the assets within your self-directed account, as this could potentially lead to a “Prohibited Transaction.”
Avoid Pitfalls
A common pitfall for self-directed investors is reinvesting proceeds from one investment into a new venture without involving the custodian. This practice should be avoided. If an asset yields returns and you wish to reinvest with the same asset sponsor, ensure that the proceeds are routed back to your IRA account. From there, you can initiate the investment process anew by submitting the requisite supporting documentation. Merely allowing your asset sponsor to funnel funds into a new venture could be seen as a form of “constructive use” of your IRA savings and as a result this could lead potentially to a prohibited transaction.
Should you have any inquiries, please do not hesitate to contact uDirect! We are more than willing to address any questions you might have. Reach out to us at info@uDirectIRA.com.
