As you choose to invest your retirement savings in a precious metal self-directed IRA, you are required by the IRS to have a custodian along with a depository for the storage of your precious metals.
Why a Custodian
Custodians are non-bank trustees that meet the IRS criteria to help clients invest in their self directed precious metals IRA. The obligations of a custodian to a client includes the following
- They help in funding your precious metal IRA
- They are legally carry out transactions such as buying,selling, distribution, and rolling over of your IRA
- Keep you aware of your IRA obligations
- Filing your IRS report requirements
- Manages your relationship with your precious metal depository.
A custodian typically utilizes an omnibus account with a traditional bank for carrying out financial transactions on your behalf. Your custodian does not offer you investment or tax advice, nor do they validate or investigate your investment decisions.
A custodian offers your precious metal IRA a FDIC (Federal Deposit Insurance Corporation) Insurance protection up to $250,000 of cash in your IRA. They however do not insure you against financial losses from investments.
Usually, the custodian charges an online application fee of $30 and a paper/Electronically signed application of $75. In-kind assets registration costs $50 only.
Your precious metal IRA custodian is pivotal in the setting up of your retirement IRA account in fulfillment of your retirement goals. They perform key tasks on managing your account transactions and ensuring that you are IRS compliant.
Talk to one of our precious metals specialist today to learn more about the custodians we work with. Call (888) 507-6580 to learn more.