Home Storage Gold IRA Myth Exposed - Buyer Beware

Today's Topic: Gold IRA Home Storage Hi, my name's Terry White, CEO of SunWest Trust, and welcome to Tuesday at 2. As I like to do sometimes, I've told you before I use Google Alerts and I get articles that are on the Internet, with various keywords, and one of them, one of the things I got recently was, "Gold and Silver IRA-You Hold The Metal",
(Gold IRA Home Storage) and I wanted to just kind of point out that you need to be careful what you read on the Internet, and you need to make sure you understand exactly what they're saying. This particular article talks about 'a little-known idea' of starting an LLC, and then funding the LLC from your IRA, which is perfectly legitimate, and it talks about that in the book that we provide to you when you set up a new account, the Self-Directed IRA Handbook; it talks about that in Chapter 13. Chapter 12 talks about the kind of metals that you can buy in your IRA, and where those metals have to be stored, and so, I just want to point out, in that book, in Chapter 12, it talks about Internal Revenue Code Section 408M-3b. And it says that the gold, or your precious metals must be held specifically by a bank, and the term, 'bank', is defined in the code as 'including a national or state-chartered bank, credit union, as well as a state-chartered trust company', as defined in IRC Section 408N. So, the one thing I'm concerned about is, it leads people to believe, that you can start this IRA-LLC, and then go buy metal, and potentially put it under your mattress. And I don't think that that's going to comply with the Internal Revenue code. If you go on and look in Chapter 13, of the Self-Directed IRA Handbook, it also talks about something that you might do, because it says, 'an IRA-LLC may contain a safe deposit box with the financial institution in the name of the LLC, and such safe deposit box may store acceptable precious metals. The IRA's LLC-owned safe deposit box would most likely meet the storage requirements of IRC Section 408M 3-b. For IRAs, as to the deposit box, it is at a financial institution, meaning a bank. This form of storage has not been addressed by the IRS, the DOL, or the courts, but it is a reasonable application of the storage requirements. Storage at the office address of the IRA LLC would not meet the storage requirement rules for the precious metals'. So, the one thing I wanted to point out, the main thing I wanted to point out, is, if you're not careful, then just read this article, it might lead you to believe that you could form an LLC, fund the LLC with your IRA, which, again, is a legitimate strategy, but then you could go buy metals, and bury 'em in your backyard, or put them under your mattress, but at least according to Matt Sorenson, and I agree with him, that would not meet the requirements of Section 408 of the Internal Revenue Code. So, just be careful, and as a way for us to help you, in guiding you through these complicated rules and stuff, so that with the things you read on the internet, you have a resource to go back and look those up and make sure they're correct, we make available the Self-Directed IRA Handbook, written by Matt Sorenson, who's an attorney-at-law in Arizona, and this is available, if you'd like to just e-mail me, my e-mail address is tlw@sunwesttrust.com, if you put a comment on this video below, we will send you this book, and if you set up a new account with SunWest Trust, you will get this book with your welcome package. So, thank you for taking the time to watch Tuesday at Two today, I hope you'll tune in again next week, and I hope that you'll take some time to comment, like us on facebook, and then subscribe to this channel, so that you'll be sure to get all the latest information that we provide here. Thank you very much.

Home Storage Gold IRA Myth Exposed - Buyer Beware

Home Storage Gold IRA Myth Exposed - Buyer Beware - Watch This Video Before Attempting to Store IRA Gold At Home!
https://www.sunwesttrust.com/gold-ira-home-storage/

[0:21] What’s misleading about the article, “Gold and Silver IRA: You Hold the Metal”?

[0:40] Creating an LLC to be funded from your IRA is legitimate, but storing gold at home in an IRA is ill-advised.

[1:09] The IRS code says your gold must be held by a bank. What defines a “bank”?

[1:38] Why is Terry further expresses concerned about this article?

[2:05] An IRA-owned LLC may be able to open a safety deposit box in a bank to store precious metals.

[2:52] If you’re not careful when reading the article, you may be misled into thinking you can keep the precious metals in your home as part of a gold IRA home storage.

[3:26] Get your copy of The Self Directed IRA Handbook by opening a new account with Sunwest Trust!

Can I accept home delivery of precious metals on behalf of my IRA and self-store either the physical gold or silver at home? For the answer to this question, watch this episode.

I use Google Alerts, & I receive articles from the Internet w/ various keywords. One of the articles I received was an article entitled: Gold & Silver IRA, You Hold the Metal. This particular article talks about of starting an IRA LLC (single member LLC) & funding the LLC from your IRA, which is legitimate. The idea of setting up a self directed IRA LLC is addressed in Chapter 13 of a book we provide to you when you set up a new account, The Self Directed IRA Handbook.

First, Chapter 12 talks about the kinds of metals that you can buy in your IRA and where those metals have to be stored. In Chapter 12, Mat discusses Internal Revenue Code Section 408(m) (3) (B). And Mat says I quote, “your gold or your precious metals must be held specifically by a bank, and the term bank is defined in the code including a national or state chartered bank, credit union as well as a state charter trust company as defined in IRC Section 408(m).” The one thing that I’m concerned about the article, Gold and Silver IRA, You Hold the Metal, is it leads people to believe that you can start this IRA LLC and then buy metal and potentially put it under your mattress or store the precious metals at home. However, I don’t think home storage of your gold or silver is going to comply with the Internal Revenue Code.

In Chapter 13 of The Self Directed IRA Handbook, Mat discusses that an IRA LLC may obtain a safe deposit box with the financial institution in the name of the LLC, and such safe deposit box may store acceptable precious metals. The IRA’s LLC own safe deposit box would most likely meet the storage requirements of IRC section 408(m) (3) (B) for IRAs as the deposit box is that of a financial institution (meaning a bank). This form of [gold IRA] storage; however, has not been addressed specifically by the IRS, the DOL, or the courts, but it is a reasonable application of the storage requirements. Storage at the office address of the IRA LLC would not meet the [gold IRA] storage requirement rules for the precious metals.”

If you’re not careful and just read the original article, Gold and Silver IRA, You Hold the Metal, it might lead you to believe you could form an LLC, fund the LLC with your IRA, which again is a legitimate strategy, but then you could buy metals and bury your gold in your IRA account in backyard or put the metals under your mattress.

According to Mat Sorensen, & I agree gold IRA home storage would not meet the requirements of Section 408 of the Internal Revenue Code. Be careful & as a way for us to help you in guiding you through these complicated gold IRA rules and so that the things that you read on the internet you have a resource, we make available The Self Directed IRA Handbook was written by Mat Sorensen, who’s an Attorney-at-law in Arizona. You can request the book at our website https://www.SunwestTrust.com

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Thanks for watching. If you would like to set up your gold self directed IRA, then reach out to Sunwest Trust.