Recent content by tschotland

> > if you were for instance daytrading index futures, I think that activity "could" > > be construed at a business by the IRS, meaning that any income would be > > taxed, and taxed at very unfavorable rates at that. > > This is a very naive and misplaced wild guess. Once inside your...

> Which other Administrators have you spoken with besides Millennium Trust? Sterling Trust Equity Trust Entrust Group about three others whose names I don't remember at the moment Tom

comintel: thanks, I understand. MGJ: I have spoken to Millenium Trust many times about this. The way they dealt with the problem before I called them was they allowed their clients to sign the personal guaranty, then they had MFG sign a second document that said the first document was not...

> Not 100% sure but I believe this is one of the reasons most > brokers require funding from custodian accounts. If you have a self-directed ERISA plan you must open a trust account for the plan assets. Personal and plan assets are totally segregated by this mechanism. The ERISA plan...

I haven't signed and I won't sign. I have two goals in this thread: 1) Warn other people who may not realize that if they sign they are risking disqualification of their plan 2) Learn how others have handled the problem. Specifically, there is one person who says he was able to open a...

True for IRAs, but if you self-direct an ERISA plan you don't need a third party custodian. In either case, the group I am dealing with within MFG claims the personal guaranty is signed as a matter of course. I have also spoken with people at several IRA custodians such as Millenium who have...

That's great info. Would you mind telling me the contact info for the group with MFG that you deal with? The best would be direct to your account manager. I will keep your (screen) name out of it. You can private message me if you want to. Thanks, Tom

Did you sign their personal guaranty?

Can you explain what you mean?

I'm surprised by the low response to this thread. Is it that nobody has been asked to sign a personal guaranty but me? Or are there just not many futures traders on this board. Perhaps I'd better cross-post to some of the futures boards?

Hi Surdo, As I said, I have talked to numerous tax and retirement (ERISA) professionals. They all tell me the same thing - if you sign that guarantee and the IRS finds out, your account is torpedoed as of the day you signed it. Personally I don't like betting on the probability of the IRS...

Hi gammagrabber, Unfortunately I have to open these accounts at either MFGlobal or Peregrine. I need to know if I am going to explode my retirement plans by doing so. I'm also hoping to warn people who might be in trouble because of signing such guarantys. Thanks.

Hello, Is anyone here trading futures in a retirement account (IRA or qualified plan) with MFGlobal or Peregrine Financial? Did you have to sign a personal guaranty on the account? I have been asked to do so. The problem is I have been told by numerous taxation and ERISA specialists that...

Hi Wazlov, I know your post is old, I hope you're still around. Are you saying that you have the ability to exchange ETF shares for the underlying basket of stocks and vice-versa as a private trader? Or is this something you are able to do through your bank job? I'm a private retail...