WEDNESDAY, JANUARY 7TH AT 12:00 PM EST
Navigating Legal Pitfalls in Self-Directed IRAs: Essential Procedures and Risks
This essential webinar features Brian Elam, a licensed North Carolina Real Estate Attorney with over 10,000 closings, who will demystify the legal procedures and pitfalls of Self-Directed IRAs (SDIRA). He will provide professional legal advice covering general processes, specific irreversible legal pitfalls (prohibited transactions) to avoid, and who is legally required to sign necessary documents. Attend this session to gain the experienced guidance needed to run your SDIRA accurately and avoid accidentally jeopardizing your retirement account.
Closing Checklist
Every SDIRA investment requires a series of mandatory procedural steps, from proper titling to funding approval, and missing one detail can lead to a costly error. Attorney Brian Elam, whose firm specializes in efficient real estate closings, will provide a clear, step-by-step checklist of the essential legal procedures you must follow for a seamless and compliant transaction. Learn the practical closing process so you can direct your account with the accuracy his firm is known for.
Irreversible Mistakes
The IRS has a very short list of "prohibited transactions" that are considered the "third rails" of SDIRA investing; touching one immediately disqualifies your account and can result in severe tax penalties and fees. We will define the most common and dangerous examples, such as self-dealing and disqualified person transactions, and show you exactly how to structure your investments to stay miles away from these irreversible legal dangers. Avoid the traps that can wipe out years of retirement savings.
Signing Authority
In a Self-Directed IRA transaction, the wrong signature on a contract, deed, or closing document is a procedural mistake that can trigger a prohibited transaction, jeopardizing your tax status. Brian will clarify the crucial legal distinction between you as an individual and your IRA as the legal entity. You will learn precisely who is authorized to sign the closing paperwork and other investment documents to ensure all transactions are legally compliant and executed with full professional integrity.
Our Speaker - Brian Elam
Brian has been licensed as a North Carolina real estate attorney since 1999; but he began his entrepreneurial career long before that. Beginning mowing lawns as a young boy, Brian learned the power of owning a business. He is married to his high school sweetheart, and they have 4 children that range in age from 25 to 16. Having come to saving faith in Christ at a young age, Brian has always sought to make his faith a central part of how he runs his businesses. At the center, Brian likes to help others succeed and thinks everyone should own their own business in America.
American IRA, LLC, a South Dakota limited liability company, serves as a Third Party Administrator on behalf of the Custodian, New Vision Trust Company, a state chartered South Dakota Trust Company. As a Self-Directed IRA administrator we are a neutral third party. We do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms). We are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality, profitability or reputability of any investment, individual or company. The terms "we" and "us" refer to American IRA, with an office located in Sioux Falls, SD.