Inherited IRA and converting to Gold - Anyone done this?
- •So my aunt passed away late last year, and I've just about finished getting everything sorted out for the inherited IRA she left me.
- •It's a pretty substantial chunk of change, just shy of $300k.
- •I'm a construction guy here in Chicago – been running my own company for the last decade – and I'm a big believer in tangible assets.
So my aunt passed away late last year, and I've just about finished getting everything sorted out for the inherited IRA she left me. It's a pretty substantial chunk of change, just shy of $300k. I'm a construction guy here in Chicago – been running my own company for the last decade – and I'm a big believer in tangible assets. Always have been. Stocks feel… ethereal, you know?
My existing IRA is already something like 20% in physical gold and silver, not paper. I just like the security of knowing it’s there, something real. So naturally, my first thought with this inherited IRA is to convert a good portion of it into a Gold IRA. I’ve been reading up on the rules for inherited IRAs, and it seems like there are some specific ins and outs to navigate, especially if you’re not a spouse.
Has anyone here gone through the process of converting an inherited IRA into a Gold IRA? Or even just rolled an inherited IRA into a self-directed one and then bought physical metals? What a pain the inheritance part was, so now I'm trying to make the conversion part less of a headache.
I’m looking for practical advice, potential pitfalls, or even recommendations for custodians who are good with this specific scenario. My current custodian is fine, but I'm open to shopping around if someone else specializes in this. Any war stories or success stories would be greatly appreciated. Just trying to make sure I’m not missing anything obvious before I pull the trigger.