We are looking for an attorney that specializes in IRA and 401(k) law that can provide us with some guidance, advise, as well as a tax opinion on the following two individual retirement products:

[u][b]Self-Directed IRA with Checkbook Control[/b][/u]. The process: An IRA is opened and funded at a custodian or trust that allows ‘self direction’. A new special purpose LLC is then created and the IRA account owner directs the custodian to purchase 100% interest in the newly formed LLC with the funds that the IRA owner deposited with the custodian. The IRA owner is the non-compensated manager of this LLC. The result is that you have a legally allowable (substantiated through case law, Swanson v. Commissioner 1996) method of transacting at the LLC level without needing to involve the custodian. This method saves a lot of time and money – time, by eliminating the need to have the custodian review and sign contracts, issue checks – money, by avoiding the transaction-based fees from the self-directed custodian.

[u][b]Solo 401(k)[/b][/u]. This is a qualified plan for those who own a small (or large) business which has no employees. The Solo 401k plan offers the same advantages as the SD IRA LLC, but there is no need to hire a custodian or create an LLC. Additionally, it allows for higher annual contributions, it is exempt from UBIT/UBTI/UDFI, and it has less strict consequences for inadvertent violations of the ERISA codes.

Any recomendations or leads would be greatly appreciated. -dg