Posted On: Monday, July 14, 2008, 9:33:00 PM EST
“Receiving Share Certificates For Stocks In An IRA Without Being Penalized”
Author: Jim Sinclair
Dear CIGAs,
The following comes with a disclaimer as I am not a tax counsel and therefore cannot opine on what I am told, now by more than one source.
If this is true it creates true custodialship and therein protects your IRA from the financial capacity of the trustee financial entity. It also helps the management of your gold shares that wish to protect you.
Please run this advice past your own tax counsel. If this information is correct it will cure the greatest problem many of you have with regards to protecting yourself financially.
I pray it is.
Respectfully yours,
Jim
Dear Jim,
The message below was posted last night on the CometGold Forum at http://www.ContraryInvestorsCafe.com.
It gives instructions on how to certificate shares in an IRA account. The only kicker is that the certificates themselves must be held in the safe at your broker, but it creates true custodialship and helps fight the shorts.
Best regards,
CIGA Tom
Here is what I have done for ABC shares I own in an IRA:
I am using Charles Schwab. For all my ABC Inc. shares I requested a stock certificate in the name of Charles Schwab, for the benefit of “My Name”. Then I instructed them to hold the stock certificate in safekeeping (their safe) They charge me $50/year per certificate for this service.
Once CS told me it was taken care of. I called the Corporate Secretary at the company in question and she confirmed that my ABC certificate number showed up on the company records. She also confirmed the way the certificate read and the number of shares.
I did not request it, but the transfer agent also sent me a notice that a certificate was issued as well.
I can tell you when I made the request of CS earlier this year their first response was that they could not do this for shares in an IRA. I told them that it was in fact possible, correct and legal as advised by my counsel. It took some time but they were able to get it done.