There are many benefits to setting up a solo 401k. If you’re interesting in learning about those, check out one of our many free resources on on Solo 401ks.
When you come to Royal Legal Solutions you’ll get to work directly with our in house tax and ERISA professionals to customize your Solo 401k to suit your investment and retirement goals.
At Royal Legal Solutions, you can expect us to either do or help you with all of the following Solo 401k issues.
Establishing your IRS Compliant Solo 401k Plan.
A plan that is compliant in the eyes of your friends at the IRS is the only kind of plan you want. Trust us on that.
When you meet with our in-house tax and ERISA professionals, they will guarantee your compliance. This will help you avoid those costly penalty fees.
We are able to help you with the following:
- Adoption Agreements
- Basic Plan Documents
- EGTRRA Amendments
- Summary Plan Descriptions
- Trust Agreements
- Appointing a Trustee
- Beneficiary Designations
- Loan Procedures
- Loan Promissory Notes
Note: We will also supply you with free tax updates and ERISA changes.
Transferring Your Retirement Funds Tax Free
Once you’ve established your account, you will need to transfer your retirement funds (IRA, SEP-IRA, 401k, 403b, etc.). You can do so tax free. We can help you move funds from your current custodian to any IRS-approved financial institution or credit union without incurring additional fees.
To do this, simply direct your current custodian to transfer the retirement funds to your new Solo 401k Plan bank account.
Of course, there are mistakes many investors can make that will incur taxes or penalties. But the retirement tax professionals at the Royal Legal Solutions will assist you in completing this task in a simple and tax free manner.
You can look forward to using any local bank or credit union to serve as your custodian. Doing so will allow you to self-direct your retirement assets without the costly custodian fees and delays.
Note: Royal Legal Solutions will assist you in completing all the necessary custodian documents. Your retirement funds may be transferred to a local bank account established in the name of your Solo 401k Plan quickly and without any tax.
You Will Need To Open A Local Trust Bank Account.
Open a local trust bank account for your Solo 401k Plan at any bank or credit union of your choice. If you don’t know how to do this, it’s okay. Our in-house tax and ERISA professionals will guide you through this process.
Understand the Basic Benefits of Solo 401ks
Benefit #1: You Get Freedom Of Choice.
As the trustee of the Solo 401k Plan, you will have the freedom to make all investment decisions. Your Solo 401k Plan will allow you to eliminate the expense and delays associated with an IRA custodian. Which means you can act instantly when the right investment opportunity presents itself to you.
You Get Tax Free Investments.
Once you make an investment, the investment is then made in the name of your Solo 401k account. Finally, all you have to do is sit back and wait for those returns.
Contact Royal Legal Solutions today, and you’ll be able take control of your retirement tomorrow.