Checkbook LLC IRA and Personally held precious metal coins
Hello all,
I've recently started funding my IRA and it's still too early to make real estates investment. I'm planning to invest in previous metals until I get it to a state where I can invest in real estates.
From my research, there are companies that provide "Gold IRA" accounts, which is basically Self Directed IRA but where you order the metals and they get shipped directly to a depository, I have a few problems with that approach, mainly looks like fees quickly add up (there are annual account fees and monthly storage fees, in addition to order fees). The second major problem is that it seems like the Gold IRA industry is very fishy, lawsuits are common and fake reviews are everywhere.
So I have this idea which I'm not sure of its feasibility: Establish an IRA LLC, buy physical coins using the LLC's checking account and store it in my local bank safe deposit box. I would have physical access to my investment and (hopefully?) save money as well. Here are my questions:
- How much does it cost to setup/maintain an Checkbook LLC IRA account? Are there any reputable facilitator? I would really love some pointers to anyone who is familiar with a good account provider.
- Would restricting my investments to strictly precious metals (standard US coins) completely eliminate the risk of getting involved in prohibited transactions?
- Would I be able to open a safety deposit box under the LLC name? I'm specifically interested in Bank of America, but it doesn't have to be it.
- I've read somewhere that precious metal coins are allowed to be held in the IRA owner's possession and do not have to be held in a bank, is that true?
Thank you in advanced for your help! My biggest questions so far are the first two, but feel free to give me your thoughts on the idea in general. I'm very new to this so please excuse me if I made any newbie mistakes :)
Best