All Forum Posts by: Scott Smith

Kingdom Trust has the best rates for the Custodian work for the IRA (if you need more info on the IRA LLC or IRA Business Trust I'm happy to talk to you offline). I know @Dmitriy Fomichenko does great work with setting up the solo 401k's. 

@Dmitriy Fomichenko I completely agree, I think the IRA accounts I see are typically ones that people of had set up through employers or for the rare occasion when someone has also maxed out their solo 401k. Just as an FYI I have contacts at Kingdom Trust to be the custodian for $125/year if the IRA owner is using an SDIRA LLC/Trust. Cheapest I've been able to find

Kingdom Trust offers IRA custodianship for $125 a year if you use an IRA owned LLC for checkbook control. This is actually cheaper than the yearly fees I see with many of the Solo 401k guys.

I've personally vetted them and set up IRA owned LLC's with them (since my firm sets those up), but if you need any help or info on getting involved with them let me know

@Graeme Ford glad you like the show. @Noah Wood For financing purposes, you are going to acquire the property in your personal name. Then, you will transfer the property into the Company Structure by means of deeding it to a land trust that is owned by the LLC. This way you don't violate the due on sale clause, and the property is then held anonymously per the current owner being a trust (not you). Don't put together your company until you own a property, but the set up costs that we do are a one time cost that lasts you for the rest of your life. So, the lifetime value is extremely high to having this put in place.

@Darian Richardson I recommend forming in Texas because the filing fee is only $300, there are no yearly fees, Texas has Asset Protection laws on par with Nevada, Delaware, and Wyoming. As a professional I have formed in many state, but I don't see any advantage to not filing in Texas with an anonymous Trust listed as the owner. It provides the cheapest set up, allows for a Series structure, and provides the anonymity (which is why people use Wyoming).

100% of my practice is focused on this top. The system that we use and that keeps things efficient is the series LLC combined with anonymity trusts. This allows for the compartmentalization of the assets for liability while disguising your ownership of the company and your companies ownership of the ultimate asset. The CPA issue is really a non-issue. There is only one tax ID number for the Series LLC so the tax reporting if you are the sole member would be as a disregarded entity (pass through) and you would keep separate accounting records in your quickbooks to "tag" the income and expenses of each individual series (just like you would for separate LLC's). $1200 is expensive when you consider the alternative that I am suggesting is infinitely expandable at no additional costs for the rest of your life.

@James Kinson, I am glad that you listened to my podcast and that give you some useful insight. If you are looking for a lawyer, feel free to send me a message. 

Hi @Tabitha J. any address you list on a deed is public information and you will want to use an address that does not go back to you directly. P.O Boxes are often not allowed, so we recommend either UPS address or the attorney address to be listed for the trust.

Hi @Corbin M. I am An asset protection lawyer, I was a bigger pockets guest, podcast #109, where I spoke in depth about asset protection. You may find answers to your questions in our podcast discussion. 

Hope you find time to listen and get some useful insights. 

Hi @Jonathan West I am an Asset Protection Attorney from Austin, Texas, feel free to send me a message, I will gladly assist you.