1) Contact the Pension Administrator, Stockbroker, 401(k) Manager or whoever controls your funds at this time. Determine what steps and what forms are required to transfer all or some of your funds to an IRA custodian.
2) Complete The IRA Checkbook Control Trust per the sample provided.
3) Contact the custodian of your choice. Advise them that you plan to invest your IRA funds in the beneficial interest of an investment trust.
4) If they do not allow that type of investment, choose another custodian. There are many listed in your materials that allow that type of investment.
5) Choose a trustee that is reliable and accessible and is not related to you. You will need their contact information and address when you apply for a EIN for your trust bank account.
6) Send your proposed trust to the custodian for approval. They will be very precise on the exact titling for the custodian, the name of the trust, the trustee and the date formed.
7) Apply for an EIN number on the IRS website (we could do it for you if you prefer). The steps are in your material. You select trust ,irrevocable. The responsible party is you, the taxpayer. Use your Social Security number. You want this IRA trust connected to you for tax-free growth.Have all your information ready when you get on the website.
8) Choose a local bank to open your checkbook account. The trustee will be the signer on the checks. The taxpayer may not be on that account. You can use co-trustees if you choose. Some banks may want to see the trust. That is okay.
9) Have the custodian help move your funds from its current location with your approval. As soon as the funds arrive with the custodian, ask for a buy direction letter to authorize the purchase of the beneficial interest in your trust with your funds. They will transfer the funds into your checkbook account.
10) You are now ready to invest in any real estate and personal property investments as they occur, without the cost or delay of going through the custodian for funds.
11) All rents, note payments, flip proceeds, etc. are deposited in your bank. They can be reinvested immediately.
12) All IRA contributions and withdrawals must go through the custodian.