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Found 5 results

  1. I have a client that wants to purchase land with his 401k assets and have a non-related party develop it. It is my understanding that real estate held by a 401k plan can only be a passive investment and that this deal would not meet the requirements. Do you agree?
  2. Father (88%) owner and adult Son (12%) owner are the only employees of company X. They are a corporation and not a partnership. The two make their contribution as a real estate investment with no eligible plan assets. Does this need to be filed with a full Form 5500 or can it qualify for a title 1 waiver?
  3. One participant plan owns real estate that is rented out. An organization filed a complaint against the property manager and the 401k as the owner of a house. Are attorney fees a settler function or can the plan pay the attorney fees?
  4. I have a client who is wanting to purchase a second home. He wants to make the purchase using his pension and holding the real estate as an asset of the pension. Is that allowed? Or is there anything like this allowed? He is the plan sponsor of his company's retirement plan. He has a traditional with profit sharing, plus he has a cash balance plan as well. Thank you in advance!
  5. I am a FA and I was referred to clients of a CPA. These individuals own multiple business entities, primarily in real estate. The only EEs of all companies are the owners (parents, 60's) and their two children (30's), also owners. Ignoring control group/affiliate service for the purpose of this thread, they are interested in starting a CB or Combo plan for the purpose of defraying taxes and purchasing Real Estate. They have no interest in investing in "traditional" securities or any other assets other than RE. Aside from the the usual issues related to owning RE in a retirment plan (PTs related to income/expense flow, management, can't "contribute" RE assets, etc etc) I have a few concerns because I have never had a client with an interest in investing solely in RE in a QRP. First, I am concerned that it would, at a minimum, violate ERISA's "duty to diversify". Second, I am concerned that the IRS will view this unfavorably by default. Third, I believe that legal issues, valuation issues and related expenses may outweigh the benefits. Fourth, I am not aware of any trustees and/or custodians, apart from SD-IRA's and some uni-k's, that work with this. Has anyone else had or heard of a situation like this? Is there something else that I should also be concerned with? I will undoubtedly be reaching out this week to local TPAs and ERISA attorneys I have worked with in the past, but I am interested in some feedback from the community. Thank in advance for your responses.
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