Every IRA is required to have a custodian, and not all custodians are made equal. Especially if you're going to have a custodian that's going to invest on your behalf. Think about it, a custodian is the person that you have to have be responsive to any particular deal you're going to get into.
So to make sure that you don't miss out on a particular opportunity. And you're gonna want somebody that's going to ensure that you're investing in an asset class that's not disqualified. Or through some type of investment that's disqualified because it's with a disqualified person, or some other type of circumstance that's in violation of the rules.
Now you might not need a custodian that's all that great if you have a self-directed IRA, and you're willing to take on all of those responsibilities yourself.
Or if you have an attorney that you're working with and making a deal happen, that's familiar with those IRA rules.
Always keep this in mind whenever you are working with your IRA custodian that you pay for what you get. And if you're not gonna pay for it, make sure that you know what you're gonna do.
Or that you have another attorney that's looking over your shoulder to make sure that every deal is gonna be in compliance.
My name is Scott Smith, I'm an asset protection attorney. I'm a real estate investor myself, and I wanna help you.
Scott Royal Smith is an asset protection attorney and long-time real estate investor. He's on a mission to help fellow investors free their time, protect their assets, and create lasting wealth.
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