Do It Yourself IRA LLC Kits Pop Up Online - Can You Spell Audit?

In today's world of flip that house, change your curb appeal, sell it yourself why not be your own self-directed IRA attorney and do it all yourself? After all, it can't be that hard to create an IRA LLC! Don't worry about how you look in an orange jump suit or if just a social security check is good enough. Let's look at the evidence her are two good reasons why you might consider using a Self-directed IRA advisor.

1) The operating agreement which is one of the key components may not meet the scrutiny of an IRS auditor.

2) There is no where to go to for support.

3) It is a fact that some of the listed custodians will not accept IRA LLCs per their policy.

While this may work in a DIY television studio, is it sound judgment to place your hard earned retirement in the hands of a website with no identity or support structure? The owner of the oldest DYI version is Wyoming registered LLC with no disclosure as to who the members are with a fulfillment center that does all the work. You might ask your self why is that a problem? What if you were moving from one state to another and your present residence is Texas and new residence is Nevada. If you ordered the DIY version you would receive a Texas operating agreement without asking you which state you preferred. I can testify to that since I bought one.

So now you have the wrong State and the wrong documents. Let's say you needed to make a change in procedure or wanted to name a contingency manager to your LLC, who do you call? No one, there is no contact info. Go to your local attorney? Maybe, if they can wrap their head around what the product is suppose to do and the proper procedure and timing of such changes. And you have violated your cost savings objective by seeking out professional help.

How about ongoing support? If the producer is not willing to provide a phone number or other contact information then how do you keep up with tax code changes?

I read a blog entry the other day in one of the large investor blogs about an investor who did not want to pay our price nor that of our competitor. So he did some research and explained to his investment club what he had discovered and some of the information was right and some was wrong. He received slaps on the back for unearthing information and saving himself a few dollars. It seems to me that he could have much better spent that time finding an asset to invest in, something he was proficient at rather than sharing half correct information that may eventually come back to bite him and his friends who decided he was the next investment procedural sage.

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