Home storage IRA has created a lot of excitement and generated many questions. The benefits of storing precious metals at home are obvious even to the casual observer. Unfortunately the presentation of many would-be providers fail to properly explain the stringent requirements needed to make this practice legitimate, and investors tend to become lost in the excitement as a result. The reality, is that very few of the companies recommending the product inform their customers properly, and never take any responsibility or liability for the product. So curb your excitement and get all the facts before you commit to a home storage IRA.
Home storage IRA is an attractive concept, but the requirements are substantial and the penalties for failure to comply can be more than substantial. Advertisements for such products are very exciting and enticing at face value, but before you put your hard-earned money into such an opportunity, you’ll definitely want to do your homework. Click here to view an article written by an attorney that you might find helpful and informative, when considering the utilization of a precious metals home storage IRA.
As a minimum, a precious metals home storage IRA requires:
- You must have or create a limited liability company, in your name, and with a specially written operating agreement.
- After incorporation and audits, you must have a minimum net worth of at least $250,000.
- All employees and trustees of the company must put up a $250,000 fidelity bond as corporate insurance.
- Ownership of the trustee corporation must be divided between several people.
- Applicant must have verifiable fiduciary experience with a “reputable financial background” and prove to have had experience handling retirement funds.
- The trustee corporation for your IRA must have a business location that is open to the public.
- Applicant must have corporate legal counsel on retainer and provide a detailed audit by a qualified public accountant annually.
You can see above that these requirements are not easy, or cheap, to meet. If a home storage IRA isn’t cost effective, or seems like a risky new trend for your retirement savings, don’t let that prevent you from taking advantage of a Gold (precious metals) IRA.
American Bullion is a well respected pioneer in the Gold IRAs and is well equipped to help you take advantage of this valuable, yet underutilized retirement tool. Your metals are secured by the Delaware Depository, the same exchange approved company trusted by NYMEX, COMEX, and ICE Futures US. Call American Bullion at (800) 326-9598 where their Gold IRA specialists will make your transfer or rollover of a qualified plan tax-free and hassle-free. Don’t be deterred if a home storage IRA isn’t for you. There is nothing wrong fully complying with IRS rules to store your precious metals off site IRS approved “private” depository until your retirement age!