Retire Safe & Tax Free - 3 Questions About Your IRA Custodian

Not all custodians are regulated by the IRS and not all IRA custodians are created equal. You want to make sure you really know your custodian so start by asking these 3 basic discovery questions:

woman looking at tax bill

1. Who Is My Custodian (bank, brokerage firm, nonbank trust company, insurance company) and How Is It Regulated?

Not all custodians are regulated by the IRS. IRA owners expect that the custodian they hire will prevent them from engaging in prohibited transactions and help them satisfy other requirements such as taking RMDs but the reality is, most don't and are not required to.

2. Does My Current IRA Custodian Permit a Multi-Generational IRA (MGIRA) Strategy?

Absent an MGIRA strategy, your beneficiaries could get hit with a huge tax bill rather than a legacy.

3. Does My Current IRA Custodian Accept Customized Beneficiary Forms?

Even if an IRA custodian permits an MGIRA strategy, it will be meaningless if the custodian's existing beneficiary forms are inadequate and they don't accept custom designation forms.

If you don't have the answers or aren't sure, call call me – we can schedule a Custodial Review that will address these questions. Remember, custodial reviews are always FREE so there is no reason not to take advantage of this service! And, we thank you!

Contact: Marc H. Weiss, Archer Weiss Insurance and Financial Services

(818) 610-8560