I have about 500K invested in a self-directed IRA in a particular business venture.
I'm expecting about a 30 fold return on it in the next 12-18 months.
I am only 42 years old and will have enough funds to live on outside of my IRA. Most of this money is going to be put into a foundation and other non-profits.
I'd like some opinions on the best course of action.
a) Withdraw the asset from the self-directed IRA now and pay a $50K penalty (10%) and LT gains (15%) and state taxes (5%) after 12-18 months and have access to the remaining proceeds
or
b) Have an IRA with about 15 million in it that I cannot touch for 17+ more years
or
c) Have an IRA with about 15 million in it that I use rule 72(t) on and end up paying 40% tax rate on withdrawals (35% feds, 5% state)
In choices b/c, I realize I will have the proceeds from the penalty and capital gains growing tax-deferred.
I have received a professional opinion, but frankly, there are some great minds on this board that I wouldn't mind hearing thoughts from.
Any opinions?
I'm expecting about a 30 fold return on it in the next 12-18 months.
I am only 42 years old and will have enough funds to live on outside of my IRA. Most of this money is going to be put into a foundation and other non-profits.
I'd like some opinions on the best course of action.
a) Withdraw the asset from the self-directed IRA now and pay a $50K penalty (10%) and LT gains (15%) and state taxes (5%) after 12-18 months and have access to the remaining proceeds
or
b) Have an IRA with about 15 million in it that I cannot touch for 17+ more years
or
c) Have an IRA with about 15 million in it that I use rule 72(t) on and end up paying 40% tax rate on withdrawals (35% feds, 5% state)
In choices b/c, I realize I will have the proceeds from the penalty and capital gains growing tax-deferred.
I have received a professional opinion, but frankly, there are some great minds on this board that I wouldn't mind hearing thoughts from.
Any opinions?