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Rolling annuity into self directed IRA
My mom has an annuity w/ about 40k. She is telling me that is my inheritance. Its currently in a fixed annuity and can barely keep up w/ inflation. I want to use those funds for a deal. I am new to the self directed IRA thing
1. Can her existing annuity be rolled over into a self directed IRA w/o issue?
2. Would it be better to fund the deal as if I was her or use the funds as "private money"?
any feedback is appreciated.
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#1 New Member Introductions Contributor
- Solo 401k Expert
- Anaheim Hills, CA
Alex,
you can rollover those funds into self-directed IRA only if it is a qualified annuity (an annuity held inside of an IRA).
If you were to do so you must remember that you are considered to be a 'disqualified person' to your mom's IRA so the funds can't be invested in your deal nor can you borrow from her IRA.