Equity Trust is a financial services company that enables individual investors and financial professionals to diversify investment portfolios through alternative assets, such as real estate, tax liens, notes, digital currencies, and precious metals. It provides IRA custodian services for these investments.
It offers a comprehensive service package, including transaction processing and records, IRA reporting, and compliance. Its myEQUITY online account management system features intuitive online wizards and clear line of sight to all data and transactions in process.
Self-directed gold IRAs
Gold IRAs are a type of self-directed retirement account that allows investors to invest in precious metals. They must be purchased through an IRS-approved custodian and stored in an approved depository. If the investment is withdrawn before retirement age, the investor will face taxes and penalties.
A custodian is responsible for ensuring that investments follow the rules of the IRS and protect the assets. Traditional IRA custodians include mutual fund companies, brokerage firms and insurance companies. However, a self-directed Gold IRA requires a custodian who is specialized in precious metals.
A good Gold IRA provider should offer a variety of services and products to meet the needs of different investors. They should also have a strong customer service team. For example, they should be able to respond quickly to emails and provide reliable phone support. They should also be able to provide an online dashboard for managing transactions and transfers. Additionally, they should offer a buyback program and have storage facilities in multiple locations.
The Roth IRA offers tax-free withdrawals of investment earnings if you meet certain conditions. To qualify, you must have owned your Roth IRA account for five years or more. If you withdraw your earnings before the five-year period, you will pay income taxes and a 10% penalty.
myEQUITY offers a full range of management and maintenance services for self-directed retirement accounts, including transaction processing, record keeping and IRS reporting. It also allows clients to invest in alternative assets, such as real estate, tax liens, private equity and precious metals. This company has been in business since 1974 and works with individuals as well as financial professionals.
Its myEQUITY platform simplifies the process of opening a Roth IRA. It features intuitive online investment wizards for real estate and private debt, as well as around-the-clock account access. In addition, it has built-in security features and e-signature options that help reduce paperwork and save time. Its streamlined investment system allows clients to invest in more than 1,500 unique opportunities.
Health Savings Accounts
HSAs give you a way to save for both your short-term medical expenses and your long-term care. They provide triple tax savings, including pre-tax contributions, tax-free earnings and withdrawals for qualified expenses. HSAs are yours for life, even if you change jobs or health plans. And unlike a flexible spending account (FSA), an HSA doesn’t have a “use it or lose it” rule.
Using an online dashboard, you can make deposits from paychecks or investment accounts and use a HealthEquity debit card5 at pharmacies, doctors’ offices, etc. The card works anywhere Visa is accepted.
Sally has a high-deductible health plan and is able to contribute pretax dollars to both her LPFSA and an HSA. She can then use her LPFSA funds to pay for her deductible, and the rest of her contributions will be available to her as future medical costs arise. These can include Medicare premiums in retirement. In this scenario, an HSA may prove to be superior to a 401(k).*
College Education Savings Accounts (CESAs)
CESAs, formerly known as Coverdell Education Savings Accounts (ESAs), are federally sponsored custodial accounts that provide families with tax-advantaged investment options and potential tax-free earnings when the funds are used for educational expenses. These expenses include tuition, books, required technology and room and board at accredited 2- and 4-year colleges and vocational/technical schools. These accounts can be contributed to by anyone, including parents and grandparents. However, the maximum yearly contribution is $2,000 per beneficiary.
In addition to CESAs, New York State offers its own ABLE program that can benefit individuals with disabilities and their families. While the savings and investments are not tax deductible, contributions to NY ABLE accounts are exempt from federal taxes and can be used for eligible expenses. Talk to your myequity trust advisor about these options and other tax-favored ways to save for college expenses.