Reuters news by Avik Das and Suzanne Barlyn
U.S. securities regulators have charged a Utah-based retirement fund and its CEO with defrauding investors of millions of dollars and froze the fund’s assets.
The U.S. Securities and Exchange Commission said American Pension Services Inc and its founder and CEO Curtis DeYoung lost more than $22 million of investor funds on high-risk investments.
“This misconduct jeopardized retirement security for thousands of APS customers,” said Karen Martinez, director of the SEC’s Salt Lake Regional Office.
Bankrate.com article by Sheyna Steiner
IRA-Trusts and individual retirement accounts are both complicated. When they converge — for instance, when someone names a trust as a beneficiary to an IRA — things can go very wrong and that can be very expensive.
“The first thing I tell clients to do is not to do it,” says attorney James Davis, a shareholder and practice leader at Gunster, a law firm in Fort Lauderdale, Fla.
“Trusts as beneficiaries of IRAs can be very complicated. If it is not done properly, immediate income tax consequences could result,” he says.
Here are some do’s and don’ts when considering naming a trust as your IRA beneficiary.
Use Your IRA or 401K Funds to Buy, Start or Finance a Business!
Pay Yourself and Your Family a Salary and Benefits.
No Tax Liability or Penalties on Rollover!
Plan Pre-approved by IRS!
With Checkbook Control
Buy alternative investments such as Real Estate, International Real Estate. Mortgages and Trust Deeds, Tax Liens, Precious Metals, Private Equity and much more!
Hands on Control of Your Retirement Funds.
The Retirement Gamble – A Frontline documentary on the retirement industry. If there ever was a case for taking checkbook control of your retirement funds….you need to watch this program.
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Buy Real Estate….both foreign and domestic…and other alternative investments.
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Learn how they are doing it by visiting us and start learning to make Pina Coladas!