All Forum Posts by: John Symington

Hi Jeremy;

Where do the SDIRA guys hang out on the bigger pockets website ? I kind of new to bigger pockets and am not that familiar with the different areas. Any help or direction would be appreciated.

John

Hi;

Attached is a template document for quit claim deed. Please be advised that this document is probably most specific to Winnebago County, Illinois. I have transferred properties both in Illinois and outside Illinois (NY). The forms are really decided on by the recorder's office since that is where all property records are stored an any particular county or state. I'm not sure what county your in, so just heed my warning above. Next time your at the recorders office in your county look up any property at all. and look at the documents related to that property, chances are you'll find a good sample of a template for your county.

Best regards

John

PS- I'm new to bigger pockets and am not sure if this reply includes the template, doesn't look like it to me. If you send me your e-mail, I'll be glad to make sure you get via regular e-mail.

Hi Everyone;

4 years ago, I created a self directed IRA through NAFEP (National Association of Financial Estate Planners) and AE&T (American Estate and Trust, acting as IRA custodian). I transferred both a traditional IRA of mine, and an inherited IRA that I was beneficiary to, to AE&T. Each IRA has their own account with AE&T, each account then invested in a newly formed LLC in Illinois. I'm the manager of the LLC and have checkbook control of most of the funds in these accounts. The LLC invested in a 5-family and has performed well for me over the past few years. The LLC also has plenty of cash, and I'm thinking about investing 2/3 of the available cash in another multi-family investment. The inherited IRA has been making RMD (Required minimum distributions) withdrawals from the inherited IRA account for the last three years. I Intend to continue to stretch this inherited IRA over my lifetime. A few years ago I was also doing some estate planning and sent revised beneficiary designations to the IRA custodian for each IRA account. The traditional IRA is designated to go to my wife, and they confirmed her as beneficiary of that account, however they would not accept a beneficiary designation for the inherited IRA account, and like they always do, they encouraged me to speak to my legal counsel. I don't use lawyers unless I absolutely need to. I'm quite confident that the funds will end up with my wife, but I suspect the account may have to lose its tax deferred status, pay the taxes due on the inherited account before the funds are received by my wife. Could anyone in the bigger pockets community explain to me what happens to inherited IRA that is streched over ones lifetime, when that individual passes away.

Thanks for your help

I've done this several times in the Rockford, Illinois area. I have used a Quitclaim deed and once the deed is prepared it can simply be filed with the recorders office for a fee of about $35.00. I always prepare my own deeds and see no sense in spending money with an attorney to prepare the deed. Hope this helps.