Starting today, August 26, 2021, I am joining Unchained Capital as Head of Retirement and Inheritance, a new division for the company. I’ve been working closely with the Unchained team to support clients with securing the keys to their retirement, and couldn’t be more excited about fully integrating retirement accounts into their existing services to deliver an even better experience. We’ll also be working on brand new retirement and inheritance services together to support long-term bitcoin holders’ needs.
While this is an exciting new opportunity, it does also mean that I will be retiring from private law practice (which includes retiring from preparing tax returns). Even if you decide to become a client of Unchained, I cannot in my role there represent you as an attorney, CPA, or in any other professional capacity. The rest of this post is designed to explain what this means for you. It is broken into headings based upon what services I currently or previously have performed for you.
Self-Directed IRA Clients (Not 401(k) Clients)
If I have in the past set up a self-directed IRA for you, your existing self-directed IRA will continue to function as it always has with your current custodian (Solera National Bank for most clients).
Please keep in mind the below information regarding your existing SD-IRA:
If your setup involves an LLC (as opposed to an investment trust), remember to continue filing your state LLC annual reports each year. Any annual report fees or registered agent fees must be paid by the LLC and must come from IRA funds.
If your setup involves an investment trust, remember to annually file your grantor trust attachment (which was provided to you at the end of your setup process).
If your IRA custodian is Solera National Bank, direct any customer service inquiries (which would include changes in death beneficiaries) to: [email protected], 303-937-6426.
As always keep in mind the Prohibited Transaction, UBIT, and other rules. The version of these rules on my website will eventually be removed, so you should go here now and print a copy for yourself: https://keykeeperira.com/ira-prohibited-transaction-ubit-collectibles/
If you need any tax advice, please consult a tax attorney or CPA of your choosing going forward. If you have no one in mind, here are a few you can contact: Scott Royal Smith, Esq: https://royallegalsolutions.com/contact-us or (512) 871-0843, Gregory A. Zbylut, Esq: (626) 708-1040, Alexandra Eaker Pérez, Esq: (619) 348-5944, Irving Kamsler, CPA: (718) 884-8333.
If your existing checkbook SD-IRA uses an investment trust as its checkbook entity instead of an LLC, you may find that many attorneys handling “checkbook-style” SD-IRA matters only handle setups that use an LLC as the checkbook entity rather than an investment trust (sometimes also called a “business trust”). However there are increasing numbers of attorneys advising clients on the investment trust checkbook IRA structure. One such attorney is Scott Royal Smith, who has written about such structures here: https://royallegalsolutions.com/business-trust-self-directed-ira-checkbook-control. His office can be contacted at: https://royallegalsolutions.com/contact-us.
If you would like a larger list of attorneys who accept checkbook IRA matters, one is reported here: https://innovativewealth.com/self-directed-ira-services-complete-list-attorney-accountant-financial-advisor/
Choice of attorney is your sole responsibility, and you are not required to use any attorney above.
Lastly, remember that any future contributions to the IRA or rollovers into the IRA cannot be made into the investment trust or LLC checking account. They must hit the IRA account first and be made through your IRA custodian customer service such that they are properly reported to the IRS. Any IRA withdrawals to spend in retirement likewise cannot be made from the trust or LLC checking account; they must be made with customer service at the IRA custodian so that they are properly reported to the IRS.
Update November 2021: In addition to the information herein, please read this.
Self-Employed 401(k) Clients (Not IRA Clients)
You have been sent an email describing how to transition to a new 401(k) plan document provider. Be sure to transition by October 31, 2021.
If you need any tax advice, please consult a tax attorney or CPA of your choosing going forward. If you have no one in mind, here are a few which currently accept self-employed 401(k) matters: https://support.solo401k.com/en/articles/5224875-attorney-resources-list
Choice of attorney is your sole responsibility, and you are not required to use any attorney above.
Tax Preparation Clients
All individual tax preparation clients should already have copies of all tax returns that have been prepared for them. You may need these when you engage a new tax preparer of your choice. If you do not have a tax preparer in mind, you can contact Mike Leyrer at Heininger Accounting & Consultants LLC in Ocean City, NJ (609-398-8149). They are not attorneys, just accountants, but they are accepting new tax return clients currently. Ultimately your choice of tax preparer is your decision, and you may choose anyone.
Estate Planning Clients
If I previously prepared your estate plan and you need any documents reviewed or changes made, or need representation in probate, please contact an estate planning attorney of your choice. If you do not have anyone in mind, you may contact Christina Costanzo in Toms River, NJ at 732-552-0900. You already have original signed copies of all of your estate planning documents; I have never in my career held onto an original copy. If you have lost your original copy, you would need to contact an attorney of your choice to have new documents prepared. Choice of attorney is ultimately your decision should you need one, and you may choose anyone you like.