Posted by Ron (MD) on April 08, 2002 at 21:59:08:
Monique,
For the record, I no longer recommend Entrust.
Since they are a regular advertiser here, I will just leave it at that.
Ron Guy
Anyone with using Entrust with Trusts? - Posted by MoniqueUSA
Posted by MoniqueUSA on April 08, 2002 at 16:42:42:
We’ve been using Mid Ohio and have been pleased. I thought it made sense to spread the wealth and have some of our assets with a different custodian, and looked at Entrust. Ron Guy(MD) has posted in the past that he was pleased with the expertise of the Entrust reps, so I thought I’d send some funds their way.
I was told that Entrust is not fond of real estate held in Land Trusts in an IRA. “I don’t see the benefit, and it’s just an administrative hassle to us,” their President told me this afternoon. When I asked about holding notes in Personal Property Trusts, I was told absolutely not. I was also told that a Trust cannont own a Trust, and that there are IRS regulations that require that IRA assets MUST be held in the IRA’s name. When I commented that this was not how I understood it, I was told to speak with an ERISA attorney to get the facts.
Has anyone purchased real estate or notes using Trusts with Entrust? Mid Ohio has NO PROBLEM with this. I’m not slamming Entrust (yet). I’m simply trying to understand if I’m missing some law or regulation about Trusts and IRAs.
Or is this a case of “I don’t know, so I will say it can’t be done”?
MoniqueUSA