Romney’s IRA is Self-Directed
There was an interesting article in today’s Wall Street Journal that detailed Presidental hopeful Mitt Romney’s IRA and what he owns in it. Low and behold Mitt has a self-directed IRA. Mitt holds several private and alternative investments. Most notably in his portfolio is a Bain Capital shares or membership interest.
Mr. Romney has a excellent tax planning team that has layered his investments for liability protection and tax sheltering. The article was correct on many key facts. The article pointed out the IRAs that own businesses are subject to UBIT tax. They were not sure if Mr. Romney was paying UBIT becasue of the offshore corporation that was set up for asset protection. I would assume he is not paying UBIT because that is the way the law does not require if if you own an offshore corporation.
Mr. Romney has been very successful and I assume he is a good investor. He is smart to use a self-directed IRA that gives him the flexibility to invest in alternative assets like Bain Capital. I am sure there are other private assets in his IRA including private stocks, notes and other LLCs. What is in your IRA?
Most rich people don’t get rich because they are lucky, typically they are smart and work hard. Smart investors use self-directed IRAs, shouldn’t you? To learn more about self-directed IRAs and their benefits, call me.
Dave Owens is the President of AdvantaIRA Trust, LLC and can be reached at 239-333-1031.
