Question of the Week: My mother recently passed away and I’m inheriting her IRA. How do I invest that IRA in precious metals?
The first step would be to get the IRA rolled into an Inherited IRA with your name on it. You will need to send a copy of the death certificate to your mother’s IRA custodian. They will then set up an Inherited IRA in your name. Once that happens, you can open an Inherited IRA with Sunwest Trust. The forms are all available on our website. Next, the funds would be transferred from your current custodian to your IRA with Sunwest Trust.
You will need to find a precious metals broker that you want to purchase the metals from. You will send us an invoice for the metals and a direction of investment telling us how much money to send and where to send it. We will send the funds and direct the broker to send the metals to the Delaware depository. Delaware will provide us with a form telling us exactly what they received and we will match it up with the invoice to make sure everything is accounted for. The coins held at the Delaware depository are audited several times a year to ensure accuracy and security.
The other option is to purchase the metals through an IRA LLC. In this scenario, you would fund an LLC through your IRA. You would then purchase the metals with a check from the IRA LLC checking account. The metals would be purchased in the name of the LLC and they will be held with the depository of your choice of in a bank safety deposit box. The coins must be held with an independent third party and held in the name of your LLC.