Starting a Self Directed IRA for Person in Jail
Hi there. My dad is in jail. He will soon go to prison for the rest of his natural life since he is already old. I am his general durable POA. I am also his vanguard POA/full agent. He has a traditional IRA. I would like to make it a self-directed IRA so I can purchase real estate or do deals with it on his behalf. Obviously this introduces a lot of complex questions. I have access to my father for him to personally sign documents and get them notarized but I live very far away and this is reserved for once or twice a year. I am able to mail him documents and he can sign and notarize them. Here are questions I am trying to figure out:
1) A self-directed account requires an LLC to be created. What additional POAs or management structure is necessary so that I can act on his behalf of the LLC?
2) If me acting in a manager role or on-behalf/POA for his LLC isn't possible, can I simply setup a partnership LLP where I am 50% owner in my own LLC and my dad's self-directed LLC is 50%, but I make all the investment decisions and he is a passive investor?
3) What type of attorneys/cpa/tax strategists should I seek out to help me make sense of this situation?
I eventually plan on setting up the things I mentioned in question 2, but I would like to buy some things directly with his LLC and diversify things. The issues are also with banks, because they want to see people in person with ID cards. They don't make visits to the local jail. I have struggled a great deal with his own personal bank account even with general durable POA. Checkbook control can be a bit of an issue in that regard. I just don't know how picky the IRS is with LLC operating agreements and having people act on behalf.