In Roth We Trust Investing Tax Free with a Self Directed Roth IRA May 30, 2012

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1 Presents In Roth We Trust Investing Tax Free with a Self Directed Roth IRA May 30, 2012 Disclaimer: This presentation is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your IRA Financial Group, LLC relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent. For further information on the IRA Financial group, LLC, please visit 1

2 Adam Bergman, Esq. Adam Bergman is a senior tax attorney at the IRA Financial Group, LLC. Prior to joining the IRA Financial Group, LLC, Mr. Bergman worked as a tax and ERISA attorney at White & Case LLP, Dewey LeBoeuf LLP, and Thelen LLP, three of the most prominent corporate law firms in the world. He has advised thousands of clients on a wide range of tax and ERISA matters involving limited liability companies and retirement plans for over 10 years. Mr. Bergman is recognized as a leading retirement tax planning expert and has lectured attorneys on the legal and tax aspects of Self Directed IRA LLC and Solo 401(k) Plans. Mr. Bergman is a member of the Tax Division of the American Bar Association and New York State Bar Association. Mr. Bergman has been quoted in Businessweek, Crain s NY Business, Dallas Morning News, Tax Analysts, Daily Business Review, Law.com, and American Lawyer. Mr. Bergman is also a frequent contributor to Forbes magazine and Forbes.com on the subject of retirement funds and tax law. Mr. Bergman received his B.A. (with distinction) from McGill University and his law degree (cum laude) from Syracuse University College of Law. Mr. Bergman also received his Masters of Taxation (LL.M.) from New York University School of Law. 2

3 What is a Roth IRA? Created in 1996 Senator Roth Contributions are not tax deductible No Mandatory Distribution Age All earnings and principal are 100% tax free if rules and regulations are followed Available only to single filers making up to $105,000 or married couples making a combined maximum of $167,000 annually Work around after 2010 Make a Traditional IRA Contribution and then convert to a Roth IRA Principal contributions can be withdrawn any time without penalty (subject to some minimal conditions) 3

4 Roth IRA vs. Traditional IRA? Traditional IRA Roth IRA Tax Deductible Contributions Yes No Tax Upon distributions upon reaching the age of 59 & ½ Yes No Required Distributions by Age of 70 & ½(RMD) All income and gains from IRA investments tax free Yes Yes Eligibility Requirements Yes just earned income Available only to single filers making up to $105,000 or married couples making a combined maximum of $167,000 annually No Yes Principal contributions can be withdrawn anytime without penalty No Yes 4

5 Roth IRA Characteristics Contributions are not Tax Deductible: Unlike a Traditional IRA, an individual is not permitted to take an income tax deduction for their Roth IRA contributions. All Roth IRA contributions are made with after tax dollars. What this means is that the amount of the contribution is treated as basis in the IRA. Earning are Tax Deferred: Earnings and gains from a Roth IRA are tax deferred and may be tax exempt if certain conditions are met. What this means is that all income and gains generated by a Roth IRA investment are not subject to income tax. Tax Free Gains: The attraction to the Roth IRA is based on the fact that qualified distributions of Roth earnings are tax free. As long as certain conditions are met and the distribution is a qualified distribution (the Roth IRA has been established for greater than five years and the Roth IRA owner is over the age of 59 & ½), the Roth IRA owner will never pay tax on any Roth distributions received. 5

6 What is a Self Directed Roth IRA LLC with Checkbook Control? IRS & Tax Court Approved A Limited Liability Company ( LLC ) is created that is owned by an IRA but managed by the Roth IRA holder giving the Roth IRA holder checkbook control over his or her retirement funds Using Roth IRA funds to buy real estate is as simple as writing a check No custodian consent is required when using Roth IRA funds to buy real estate, etc. No delays using Roth IRA funds to buy real estate The Roth IRA Holder determines which investments are appropriate 6

7 The Self Directed Roth IRA LLC Advantages Self Directed Roth IRA: Flexibility/Diversification Custodian controlled Time delays No LLC Requirement Cost Annual Fees/Transaction Fees/Account Value Fees Contributions made to Custodian Self Directed Roth IRA with Checkbook Control: Flexibility/Diversification True checkbook control LLC Cost Set up Fees Custodian Fees Contributions made to Custodian NOT LLC 7

8 The Self Directed Roth IRA LLC Advantages "Checkbook Control": With a Self Directed Roth IRA LLC, you no longer have to get each investment approved by the custodian of your account. Instead, all decisions are truly yours. Buying real estate is as easy as writing a check! Tax Advantages: With the Self Directed Roth IRA LLC, all income or gains from the Roth IRA investment will flow back to the Roth IRA tax free! Tax Free Investing: As long as the Roth IRA holder is over the age of 59 & ½and the Roth IRA has been opened at least 5 years, all Roth IRA contributions ad income/gains can be taken as a distribution tax free! Investment Options: With the Self Directed Roth IRA LLC, you can invest in almost any type of investment, including real estate, tax liens, or precious metals! Speed: With a Self Directed Roth IRA LLC, when you find a precious metals investment that you want to make with your Roth IRA funds, simply write a check or wire the funds straight from your Self Directed Roth IRA LLC bank account to make the investment. Limited Liability Protection: By using a Self Directed Roth IRA LLC with Checkbook Control, all your Roth IRA assets held outside the LLC will be shielded from creditor attack. 8

9 How Does it Work? Self Directed IRA LLC Real Estate Investment is made tax free! Step 2 Step 3 FDIC Backed/IRS Approved Passive Custodian allowing for Non Traditional Investments Step 1 Current Custodian Holding Retirement Funds 9

10 Transfer of Retirement Funds Tax Free Step 1 Transfer of Roth IRA funds from your current custodian to an IRS Approved FDIC backed Passive Custodian What is a Passive Custodian? An IRS Approved FDIC backed custodian who allows for non traditional types of investments, such as real estate Earns fees by establishing and maintaining IRA accounts not selling investment products like the more traditional custodians (i.e. Charles Schwab) Retirement funds can be transferred or rolled over to Passive Custodian tax Free 10

11 Investment of Roth IRA Funds into new LLC Step 2 Roth IRA owner directs the Passive Custodian to invest IRA funds into newly formed Limited Liability Company ( LLC ). LLC will be owned by one or more Roth IRA accounts and the Roth IRA owner or a third party will serve as manager of the LLC providing that individual(s) with Checkbook Control over the Roth IRA funds. Since the LLC is treated as a flow through entity for federal income taxes, in general all income or gains of the LLC will flow through to the Roth IRA tax free! 11

12 Buying Real Estate Tax Free! You as manager of the LLC have the authority to direct the LLC to buy real estate. No custodian consent required. Simply write a check or wire the funds straight from your Self Directed Roth IRA LLC bank account to buy real estate. Investment purchased name in the LLC. All income and gains from the Roth IRA investments generally flow back to the Roth IRA tax free! Step 3 12

13 Advantages of using a Roth IRA to make investments The primary advantage of using a Self Directed Roth IRA LLC to make investments is that all income and gains associated with the Roth IRA investment grow tax free and will not be subject to tax upon withdrawal or distribution. This presents a number of exciting tax strategies, a few of which are described below: Purchasing a vacation home in or outside of the United States with Roth IRA funds and moving in tax free at age 59 & ½ Purchasing a retirement home in or outside of the United States with Roth IRA funds and moving in tax free at age 59 & ½or purchasing an office building with Roth IRA funds and then using the building for your own business after you turn 59 & ½ Investing in precious metals and then taking possession of the metals once you reach the age of 59 & ½ Investing in tax deeds and then taking possession of the property personally once you reach the age of 59 & ½ Investing in a distressed property generating large gains and then withdrawing the funds tax free for personal use upon reaching the age of 59 & ½ Investing in an investment fund generating large gains and then withdrawing the funds tax free for personal use upon reaching the age of 59 & ½ 13

14 Helpful Tips When Making an Investment with a Self Directed Roth IRA LLC Make sure that title to the property is held in the name of the self directed IRA LLC. Title should NOT be held in the name of the IRA holder or the name of the IRA custodian. The deposit and entire purchase price should be paid using IRA funds. In certain circumstances, IRA funds may be used alongside other non disqualified person funds. No personal funds from a disqualified person should be used. All expenses, repairs, taxes, improvements, etc. should be made using IRA funds. No personal funds should be used. If additional funds are required for improvements with respect to the real estate investment, the additional funds should come from added IRA funds from the custodian or from a nondisqualified third party. Can one make additional IRA contributions to the IRA LLC? If financing is needed for an IRA investment, the financing must be nonrecourse (the IRA holder cannot personally guarantee the loan that would trigger a prohibited transaction) All income/gains or losses should flow from the real estate investment directly to the Self Directed IRA LLC. Work directly with a tax professional who has expertise in the IRS prohibited transaction rules. 14

15 The Roth IRA Conversion Starting in 2010, taxpayers with modified adjusted gross income of more than $100,000 will be allowed to convert a traditional IRA to a Roth IRA This change applies to all years beyond 2010 Removing the Roth IRA conversion cap however doesn't mean anyone can fund a Roth IRA, but it does mean that anyone can convert an existing IRA to a Roth IRA The amount subject to conversion is treated as ordinary income for federal income tax purposes Tax is paid upon filing return amount is not withheld from conversion amount Tax is typically paid with personal funds Not considered tax efficient to use IRA funds to pay for conversion (double tax) 15

16 Factors to Consider for a Roth IRA Conversion Age: The younger you are the more tax free deferral opportunities you will have Can you afford to pay the tax on conversion Type of investments to be made Cash flow (i.e. rental property) Level of Risk Investment risks Enron Future income tax rate Future income level Legacy Roth IRA are not subject to RMD rules Must consider the liability of paying tax up front on potential gains vs. the benefit of having tax free income at a later time 16

17 Roth IRA Conversion Strategies The amount of taxable income on a Roth conversion is based on the fair market value of the IRA assets subject to the conversion. Therefore, the lower the fair market value of the IRA assets the less taxes that will be due on the Roth conversion. Fair market value is an objective test using hypothetical buyers and sellers. Roth Valuation Discount (1) a discount for lack of control, and (2) a discount for lack of marketability Type of Underlying Assets held by the Roth IRA Real estate Vs. Cash Risk vs. Rewards 17

18 What are the Limits? A Self Directed Roth IRA can invest in anything EXCEPT Internal Revenue Code Sections 4975 & 408 prohibit fiduciary and Disqualified Persons from engaging in certain types of transactions. 1. Life Insurance Policies 2. Collectibles 3. S Corporation Stock 4. Any Transaction involving or personally benefitting directly or indirectly a Disqualified Person Pursuant to IRC 4975, a Disqualified person essentially includes the IRA holder, any ancestors or lineal descendants of the IRS holder, and entities in which the IRS holder holds a controlling equity or management interest Exceptions Brother,Sister, Cousin, Aunt,Uncle, Friend 18

19 Roth IRA Prohibited Transactions Neither you nor any disqualified people may benefit from a Roth IRA investment directly or indirectly Cannot buy, sell or exchange property between plan and Self or Disqualified people Cannot provide goods, services or facilities How Involved can I be? Less is always better 19

20 IRA Financial Group Founded by a group of top law firm tax and ERISA lawyers White & Case LLP Dewey & LeBoeuf LLP Attorney owned and operated Market s leading Self Directed IRA LLC and Solo 401(k) Facilitator IRA Financial Group will take care of everything. The whole process can be handled by phone, , fax or mail. Our expert tax and ERISA attorneys are on site greatly reducing the set up time and cost. Structure can be set up in less than 14 days 20

21 Contact Information Adam Bergman, Esq (Ext 12) 21

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