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Douglas Allen Mundy
  • Mechanicsville, VA
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CheckbookIRA and Kingdom Trust IRA was not worth it for me

Douglas Allen Mundy
  • Mechanicsville, VA
Posted

In June of 2015 I went thru the whole process of setting up an LLC with an IRA with Checkbook IRA, which at the time seemed legit. Those jack rabbits charged me $1100 to get it all set up, then I had to pay $125 to renew the LLC each year and $125 to Kingdom Trust to keep the IRA going. Every time I sent a deposit to my IRA then also charged me a $25 processing fee. It turned out that I never ended up using either the LLC or that IRA, and later found out I could start an LLC for as little as $75. I closed it all out this past year with no benefit from doing it.

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