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By Lisa Moren Bromma ( reprinted with Permission from Entrust Group)
It amazes me to see the number of people starting companies that state they are custodians or recordkeepers of self-directed IRAs or who develop associations for the IRA industry that are there to “oversee” and “protect the consumer.”
With the Bernie Madoffs of the world out there trying to take advantage of our last dollar, we all need to take extra caution when selecting the right administrator for our IRA. After all, it is our future!
When doing your due diligence, here are some things to ask in your quest to find the right recordkeeper.
1. How long has the company been in business? Watch out for the new pop-up companies on the Internet. Many are not legitimate and are not regulated. Do a background check on any potential provider.
2. Ask for one simple document: the current 5305. If they don’t give it to you, move on.
3. Does the company have a custodial bank? If so, who is it? Are your deposits FDIC insured? Who regulates the bank? If you do not get a clear answer, move on.
4. Is the company’s only service doing recordkeeping on a client’s behalf? If not, does the company do any of the following:
* Sell securities, potentially profiting from your transaction
* Offer other services, such as forming LLCs or other legal structures and charge thousands of dollars for the service
* Recommend any investments, providers of investments, or any other party that could be perceived as giving advice
Make sure that the company is not using recordkeeping as a means to get you to purchase other services.
You owe it to yourself and your financial future to make sure that you are in the right hands.
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Goldstar Trust Company, a major provider of Precious Metals IRAs, has just announced that they will raise the total costs for precious metals holdings January 1, 2010. Goldstar clients have 30 days to move their holdings to another provider like Entrust New Direction before the new fees go into effect. The annual Goldstar IRA fees may be more than 3 times higher than in 2009.
The majority of the cost increase is due to Goldstar’s unilateral selection of precious metals depository.. Goldstar does not allow the IRA holder to choose the depository, and when control is limited, the IRA holder may end up with higher fees. With an Entrust New Direction IRA, the IRA holder is free to find the best service provider arrangement and the best depository..
Take charge of your IRA and make your own choice. If you want control of your IRA’s assets, act now. Move to a New Direction IRA by the end of 2009 and regain control of your retirement plan. You decide on the depository, as well as whether your metals are segregated or stored with those belonging to other IRAs. Contact us for details and a special offer for in-kind transfers of Precious Metals IRAs. In light of the short time line Goldstar has given for imposing the new fee structure, (January 1 deadline), you must act now. Ask us about our easy transfer program or visit our website at gold.newdirectionira.com.
There are vast differences between depositories. Some are older and use traditional tracking methods, while others have developed electronic tracking and sorting systems. Each depository has its own particular characteristics regarding accessibility, insurance levels and requirements. Some have layers of confusing annual fees and, as with many industries, customer service runs the gamut from poor to excellent. Costs for each company vary, sometimes matching the level of service provided, sometimes not. As always with your Entrust New Direction Precious Metals IRA — The choice is yours.
An Entrust New Direction IRA allows storage of IRA-held gold and other metals at the depository of your choice. Investors familiar with self-direction know that truly self-directed IRAs afford them the power to make all the choices concerning their IRA investments. If your IRA provider doesn’t allow you to make key choices like the depository, it is time to move to a truly self-directed plan. It is time for an Entrust New Direction Precious Metals IRA.
About Entrust New Direction IRA, Inc.: Entrust New Direction (http://newdirectionira.com/), part of the Entrust Group, is a self-directed retirement plan services firm, providing self-directed plans since 1981 and educating the general public about self-directing funds into non-traditional investments such as real estate, gold, private placements, LLCs and others. Entrust New Direction IRA offers both tax-deferred and tax-free self-directed plans to help clients achieve their investment goals. Besides retirement plans, the company also offers self-directed plans to save for children’s education, health savings and more. The firm has also made client education a top priority through classes, articles, and presentations.
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Leading self-directed retirement plan services firm, Entrust New Direction is offering clients a chance to turn their funds to gold. The company has announced the launch of its newest product – the Golden Health Savings Account, which will allow the firm’s clients to invest their tax-deferred healthcare funds in gold.
An HSA, or a Health Savings Account, is a health plan that is quickly growing in popularity. It is a tax-sheltered plan that allows users to save funds for current and future healthcare expenses. An HSA offers flexibility, tax savings and allows investment options for the accumulating funds.
Most plans offered by banks are limited to invest- ments in bank-issued assets like CDs, with mini- mal returns. Investors have therefore expressed an interest in gold and precious metal investing and Entrust New Direction has responded with its new Golden Health Savings Account. Special- ly designed for ease of access, the New Direction Golden HSA opens the door to gold and other precious metals investments.
“Most Americans who own an HSA face a di- lemma about investing their funds in an account that will grow and low-returns investment op- tions offered by the banks are no longer enough. In a down economy, clients want to direct their funds into an investment option they can make the most of, and investing in metals can help them get the returns they are interested in”, says Catherine Wynne, President of Entrust New Direction IRA Inc. (http://newdirectionira.com/).
Longer term investments in an HSA were origi- nally popular only for those who delayed health- care-related withdrawals so they could maximize tax-free growth of the account. However, more HSA owners are discovering that their HSA is still full of cash after paying healthcare expenses and have expressed an interest in plans allowing gold investments. Clients believe investing in gold and other precious metals is a smart option as precious metals are relatively liquid compared to other hard assets and are available in small increments.
Most importantly however, precious metals offer a potential hedge against inflation which is an important concern for most consumers. The Golden HSA offers clients the ability to establish an automatic purchase plan with pre- cious metals dealers of their choice. For investors interested in hands-off investment, the Auto- matic Golden HSA Saver plan allows monthly, quarterly or annual automatic purchases of one type of coin or metal product, for a reduced transaction fee.
Golden HSAs are not limited to gold and precious metals. Different fees apply for non- precious metals assets. Entrust New Direction does not provide investment advice nor sell any investments, including precious metals. The plan owner makes all investment decisions for the Golden HSA. All earnings are tax-free and can be used for any qualified medical expenses like doc- tor visits, laser eye surgery, medicine and many more health related expenses. Non-qualifying distributions are subject to tax and potential penalties. Gold and other metals must be stored at a depository.
“Unlike any other health plans, HSA deposits are tax-deductible and all the earnings are tax-free when used for qualified medical expenses. Some clients use the HSA money to immediately pay for medical expenses, but many account holders allow the funds to grow so they can pay for any future medical expenses which occur, including during retirement,”concludes Wynne.
About Entrust New Direction IRA, Inc.: Entrust New Direc- tion (http://newdirectionira.com/), part of the Entrust Group, is a self-directed retirement plan services firm, providing self-directed plans since 1981 and educating the general public about self-directing funds into non- traditional investments such as real estate, gold, private placements, LLCs and others. Entrust New Direction IRA offers both tax-deferred and tax-free self-directed plans to help clients achieve their investment goals. Besides retirement plans, the company also offers self-directed plans to save for children’s education, health savings and more. The firm has also made client education a top priority through classes, articles, and presentations
EnTrust New Directions IRA
1300 Plaza Court North, Suite 103
Lafayette, CO 80026
1-877-742-1270
www.NewDirectionIRA.com
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First State Depository Company, LLC, a private coin and precious metals depository company, announced that it has developed a relationship with Entrust New Direction IRA, a self-directed IRA administrator, to provide depository services for clients interested in holding gold and other precious metals in their self-directed IRA and other tax-sheltered plans.
First State and its owners have a long history of providing Secure Depository services for investors looking to take advantage of the long-term stability of precious metals investments. Entrust New Direction IRA, part of The Entrust Group, one of the nation’s largest self-directed IRA providers, administers a variety of IRA, 401(k) and HSA accounts, which can purchase precious metal investments.
Both First State and New Direction stress quick processing and reporting of both purchases and delivery. Speed in processing transactions and fast payment for completed orders is one reason metals dealers have enjoyed working with both New Direction and First State. First State’s standard procedures include sending confirmations of all metals received by 3:00 PM on the same day.
New Direction promises that orders will be funded within 48 hours of receipt of the delivery confirmation for outstanding orders. New Direction’s policies also limit the ability of an IRA to make a purchase until it has the funds available to spend, thus ensuring that the IRA will always be able to pay for its purchase.
With First State and New Direction, customer service is key. Both organizations are aware of the vital importance of accurate and timely transactions and reporting. “Speed and accuracy are the name of the game”, said Bill Humphrey, one of the principals of New Direction. “We keep our clients happy when they purchase precious metals so they’ll stay with us for all their future investments.”
First State and New Direction are aware that many financial and logistical issues can occur for both metal dealers and purchasers with any delay. New Direction has a history of processing transactions quickly and correctly.
Both companies value educating their clients. First State and New Direction have educational programs for providing investors an overview of the process and details about self-directing retirement and other funds into precious metals investments.
First State Depository Company is a professionally managed, private depository company offering a full range of specialized certified coin and precious metals custody, shipping and accounting services to commercial, tax sheltered plans (IRA) and individual participants in the precious metals markets. Contact: www.fsdepository.com
New Direction IRA provides administration and record-keeping for self-directed IRAs through its custodial bank. New Direction also provides self-directed plan options for Roth IRAs, SEP-IRAs, Health Savings Accounts (HSAs), 401k and other qualified and non-qualified plans. Contact: www.newdirectionira.com
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First State is considering a cooperative agreement with a local Delaware bank that is willing to write IRAs for IRS-allowed bullion (American Gold, Silver and Platinum Eagles, Proof Eagles, Canadian Maple Leafs, certain bullion bars, etc).
Delaware has numerous tax advantages, including no sales, personal property, inventory or commercial net worth taxes, in addition to stricter controls on banking privacy, so FSDC’s Wilmington location is ideal for safe and secure storage of IRA metals.
Should this agreement be signed, FSDC will be able to act as a “clearing house” for bullion dealers whose customers want to start a bullion IRA. FSDC will provide the instructions and expertise to make it easy for dealers and their clients to initiate an IRA utilizing a highly reputable bank as IRA Trustee. First State will provide secure storage - fully insured by Lloyd’s of London - for all IRA metals in your customers’ IRA account.
Robert Higgins, Chairman of FSDC, thinks this Agreement holds tremendous opportunity for our industry, but wants to hear your opinion or comment. Please email comments to Robert Higgins.
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First State recently achieved a new benchmark in its generic rare coin clearing capability, helping facilitate nearly $1 million in generic rare coin trades conducted between First State Account Holders during the same business day. The generic coins traded never left our Depository, thus saving our account holders significant time, risk and shipping costs.
Wouldn’t you like to speed up your own rare coin transfers and save significant money in the process? If so, please contact First State’s Director, Eric Higgins, who will email you a First State Depository account application. Account applications are easy to fill out and your account will be opened the same day. As soon as your account is opened, you can begin storing, transferring and receiving operations immediately.
To learn more about First State – your rare coin and precious metals Depository of Wilmington, Delaware – please email David Krieger or call him on his direct number, 302-668-7371.
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Several significant bullion holders have recently contacted First State Depository for help taking physical delivery of their bullion from Depositories in New York City – both at a reasonable cost and in a timely, secure manner. Eric Higgins, First State’s Accounts Manager for Customer Service, points out such services are right down First State’s alley!
The first step is for a bullion holder to open a storage account with First State by completing the “Individual Custody Account Agreement”, also found on our website at under “Useful Forms.”
The second step is for the bullion owner to authorize First State Depository to pick-up their bullion and to ensure all paperwork and fees are settled. When First State receives this authorization, the pick-up will be scheduled.
Our fee for this service is significantly below what other services charge. If you are looking at expiring contracts and want to take delivery of your metals, but don’t have a secure place to store them, please contact Eric Higgins today at 302-765-2760.
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