Asset Protection Attorney Warns Against Unqualified IRA Provider Practices

By Heather Taylor0 Comments

Attorney Lee Phillips, who is a counselor to the U.S. Supreme Court, is constantly educating investors about how to keep their assets safe by following the law. His latest outreach effort is an article in which he sets the record straight about self-directed IRA providers and what to looking for when choosing where to open you IRA.

In the article, Phillips stresses the importance of finding a self-directed IRA custodian that’s fully IRS qualified. Believe it or not, a number of companies offering self-directed IRAs fall short of this standard.

Phillips is a nationally recognized author and speaker in the area of asset protection, so he’s well versed in the risks and missteps people take with their retirement accounts. Such missteps could lead to the loss of assets, and in some cases, the entire value of the IRA if the IRS decides to go after the individual account holder, Phillips says.

Phillips also reveals:
  • The types of accounts the IRS is most likely to audit
  • What happens when IRA providers don’t follow IRS guidelines
  • How to look out for firms that might not be fully IRS compliant
  • The self-directed IRA custodian he trusts with his IRAs
Read what Phillips has to say about self-directed IRA account types and companies and what to look out for to make sure your retirement savings is safe.