Moving IRA Cash to LLC
So, how do you move cash in your checkbook IRA? It’s very simple.
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So, how do you move cash in your checkbook IRA? It’s very simple. We simply move it from the current custodian or custodians. We can move, in fact we have a new record coming up. We have a client that has fifteen IRAs. Instead of adding to his own IRA, he thought he had to open a new one each year. So, we’re moving fifteen IRAs in to one IRA. And then it goes to a new custodian, Our Qualified Custodian, and they will allow you to invest it in a non-publicly-traded company, private entity, an LLC. So, that LLC is what your IRA is going to buy.
And so, that money will be with the custodian, and they’re going to move that money, they’re going to buy the LLC for your IRA. And they’ll use that money to do it. And now, they will send that money to wherever you decide, as the manager. So, it’s really simple. It goes from your old IRA or IRAs, or your old 401(k), you have to contact the plan administrator but we hold your hand through all of it, and it goes directly to the new custodian. And then, it’s there for about a day, and then it goes to your local bank account. It’s that simple. You have to provide the bank account information after you open an account. And we have a video on how to open an account.
It takes not very long, and that’s how you move cash into your Checkbook IRA.