Opening A New IRA Account

STEP 1: Setting Up Self Directed IRA Account

Setting up a Self Directed IRA is simple, however there are mandatory rules enforced by the IRS that govern these types of IRA accounts that must be followed, along with specific reporting requirements. For instance, you may not be in physical possession of the Bullion assets held within your IRA. These must be secured in a depository or independent facility. Fortunately there are companies that specialize in the setting up and administering of self Directed IRA’s such as New Direction IRA Inc.

STEP 2: Purchasing Gold, Silver or Platinum for Your Account

First Sate Depository does not Buy or Sell any bullion products. The IRA holder is responsible for choosing the previous metals dealer and the type of product. However, make sure you know what products are acceptable by reading our article “What Coins Qualify ?” .

You are fee to purchase Bullion coins and other IRA acceptable bullion products from ANY bullion dealer, and we will work with your IRA plan administrator to arrange to have the assets transferred and/or delivered to First State.

STEP 3: The IRA Storage Solution – First State Depository

First State Depository has been recognized as one of the nations finest Precious Metals Depositories. We not only bring years of experience to the table, in addition to our state of the art security and level 3 storage facility, we are also uniquely positioned to provide you with turn-key solutions to the set-up, purchase and storage of precious metals into an IRA account.

Find out more about the First State Advantage, and why First State is the Best Place depository facility to store your precious metals, rare coins and IRA bullion.
Call us today at 866.972.3732

How To Transfer Your IRA-Owned Precious Metals to a New Depository/IRA Administrator

Many self-directed IRA administrators have exclusive arrangement set up for storage of their clients’ IRA-owned precious metals. In the event that you want move your IRA-owned metals to a new precious metals storage depository, you will most likely need to find an IRA administrator that allows the use of that new depository. Luckily there are IRA administrators that allow flexibility in choosing the precious metals storage company. New Direction IRA, Inc (gold.newdirectionira.com) allows their clients to choose where their IRA metals are stored.

If you have metals held with another precious metals depository and you would like to move them to a different depository you will take the following steps:

    1. 1. Set up an IRA with New Direction IRA Inc. All forms and information can be found at: gold.newdirectionira.com
      2. Submit IRA transfer forms to  New Direction. The IRA transfer forms can be downloaded from gold.newdirectionira.com. On the transfer forms you will indicate that you are performing an ‘in kind’ IRA to IRA transfer (in kind means you are moving the metals without selling them). Along with the IRA transfer forms it is a good idea to include a letter to the current IRA administrator/depository explaining what you are doing and authorizing the movement of the metals.
      3. Once  New Direction IRA receives your transfer request they will forward the request to your current IRA administrator with delivery instructions and a packing slip. Your current IRA administrator will coordinate with their depository and instruct them to ship the metals to the new depository. Additionally, the IRA administrator will remove the assets from their records and show them as transferred out to your IRA with  New Direction IRA, Inc.Note: if both depositories are in Wilmington DE then you can instruct the current custodian to authorize the depository to release the metals for personal pick-up by a representative of the new depository.Note: it is also a good idea to get a medallion signature guarantee on the IRA transfer forms before mailing them to New Direction IRA. A medallion signature is similar to a notary but stronger. It is a guarantee that your signature is genuine. You can generally obtain a guarantee from a bank officer at your local bank. The guarantee is not always required; however, some IRA administrators require it before they will honor the transfer request.
      4. Prior to the arrival of the metals you should sign the account agreement for the new depository and submit that to  New Direction IRA Inc. The new depository should notify New Direction and you when the metals are received.
      5.  New Direction will post the assets to your IRA.

Some Legal Stuff

Please note, First State Depository does not offer investment, tax, financial or legal advice to clients. Individuals who believe they need advice should consult with the appropriate professional licensed in that area. We can however provide you with all the information you need about the Depository services we offer and recommend companies which may be able to assist you.