What are the RULES, GUIDELINES and REQUIREMENTS for a SELF-DIRECTED INDIVIDUAL ACCOUNT PLAN & IRA?
Optional Information: Country relating to Question: United StatesState (if USA): OhioWhat have you tried so far?: I spoke to IRS by phone, Read most of Pub 590, reviewed Internal Revenue Code 408a and I still do not understand the specific requirements.
Good morning,I'm very sorry to hear of your situation.I do hope that you are not expecting me to type up every such rule, guideline and requirement of self directed IRA's here---because with my limited typing speed, you would probably be retired by the time I finished typing the answer to you. I can, however, provide you to several sites which set all of the requirements out in Plain English, and which should suit your needs quite well. Here is a link to a site with 4 more links to the various rules and regulations (plain English) that you will be expected to abide by:
http://www.trustetc.com/new/rules-and-regulations/self-directed-ira-rules/
Experience: I am a practicing attorney with more than 27 years of experience in the legal field.