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How Do I Invest An Inherited IRA in Precious Metals?

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.

Terry White

About Terry White

I started my business career after getting my degree in Accounting from the University of New Mexico in 1983. My first job was as a controller for a local title company, and in 1987 I started First Financial Escrow, Inc. Over the years I played a part in several startup companies including First Financial Equities, Inc., First Financial Trust, Inc., First Financial Marketing, Inc. and Asset Ventures, Inc. In 1997 First Financial Escrow, Inc. was able to purchase the escrow accounts from Sunwest Bank and changed its name to Sunwest Escrow. As the market changes, Sunwest has grown and changed along with it. Besides my wife, Sheila, we have three boys, two daughters-in-law, one grandson, another grandson on the way and a future daughter-in-law. Sunwest is my passion, and I enjoy coming to work every day to see what will happen next. I enjoy fly fishing, spending time in Colorado, biking and watching my boys play soccer.