GoldStar Trust Company Review
Based out of Texas, the GoldStar Trust Company immediately tells prospects that they provide one of the most comprehensive sets of retirement services that can be found in the United States. They are a custodian for self-directed IRAs, which means you should have more control over each transaction and the speed of delivery because you’re eliminating one of the middlemen. Can you make this self-direction work in your favor with this gold IRA company?
How Much Does It Cost To Start a Gold IRA?
There are no startup costs associated with the GoldStar Trust Company. You are the one, in fact, who is responsible for providing instructions to the agency. Once you’ve rolled over your IRA or 401k or begin funding your new account, you simply give GoldStar Trust your investment instructions. That means you’re responsible for finding a precious metals dealer and negotiating a price for purchase or sale. When you make this agreement, you direct GoldStar Trust to fulfill the order. There are $40 transaction processing fees with each order.
Each new IRA will also have a $50 establishment fee. Annual IRA maintenance fees begin at $75 and have a maximum of $275. The annual storage fee is $100 minimum. A full termination fee of $100 also applies. Distribution fees of $5-$25 may also apply. If GoldStar Trust rejects your IRA application for some reason, the $50 establishment fee is nonrefundable. Interest is also collected on uninvested cash, but none is distributed to account holders unless the interest rate is above 1%.
GoldStar Trust also allows new account holders to rollover existing IRAs into a self-directed IRA. This includes current Roth IRAs. There may be additional costs or taxes that are experienced at withdrawal if this option is taken, so be sure to consult with a tax advisor before deciding on a restructuring of your tax-advantaged retirement accounts. Self-directed IRAs also have incorporation fees and other costs that are state directed.
Church bonds, Swiss annuities, and non-US bank account kits are also available through GoldStar Trust Company for other specific needs. You can open an IRA online or download the forms needed and submit them through the mail or by email in PDF format.
What Precious Metals Are Available For Purchase or Sale?
Because you are self-directing the purchasing or sale of the contents of your gold or silver IRA, you can increase or decrease the diversity of your portfolio based on your personal desires and the availability of product at your chosen precious metals dealer. As long as your purchase conforms with IRS tax laws regarding what tangible products can be used for an investment, you have no other limits with the GoldStar Trust company.
GoldStar Trust does not directly sell gold or other precious metals. You will need to find your own precious metals dealer and negotiate your own prices. Once you’ve settled on a purchase, you will notify GoldStar Trust of the purchase so the metals are shipped. You’ll then pay for the gold or precious metals through IRA funds that are held on your behalf at GoldStar Trust.
How Is the Buying and Selling Process Handled?
If you want to transition to a gold IRA, then the first step is to create a self-directed account through GoldStar. This can be done by rolling over an existing retirement account or creating a new one. Once completed, you become responsible for locating the assets that will be converted from paper to gold in your new self-directed IRA. Once you find the metal trader with whom you wish to work, you simply initiate a transaction with them and direct GoldStar Trust to fulfill it based on the value in your IRA or to liquidate a tangible asset.
Distributions are a little different if you have selected the self-directed IRA option through the GoldStar Trust company. You can choose to take physical possession of the gold or precious metals that you’ve purchased or you can have GoldStar sell the items and distribute the funds from that sale instead. If you setup a Roth Gold IRA, then this distribution will be tax-free under current laws that government tax-advantaged retirement accounts in the United States.
Any notarized document that has an account holder’s signature on it counts as a valid identifying document for domestic purchases. Foreign purchases require a notarized copy of a passport or a driver’s license for processing and may not be eligible for inclusion within an IRA. Remember that any precious metals must meet a minimum fineness requirement as directed by IRS code 408(m)(3).
What Are the Timeframes That You Can Expect?
Once you make the investment directive to GoldStar, this gold IRA company will begin to fulfill your request as soon as possible. The cancellation of an order can occur within the first 10 business days of initiation by yourself or your preferred precious metals dealer, so a complete transaction occurs outside of this window.
It may take up to 4 weeks for the entire purchasing process to complete. You can track the status of your gold IRA order through a helpful online dashboard that GoldStar Trust makes available to all users. You’ll also receive a statement regarding the status of your IRA 2x every year and always have 24/7 access to check on your account.
Is GoldStar Trust the Right Gold IRA Company To Use?
If you like the idea of a self-directed gold IRA, then it is difficult to argue with the honest benefits that you’ll get through the GoldStar Trust company. There are complaints about the organization and a class-action lawsuit against it, however, for failure to provide proof of investment delivery. The fees associated with this organization are also fairly high – about 35% above normal.
If the high fees sit well with you, then you may enjoy this relationship. If you want to pay a fair price for service rendered and receive guaranteed service for your gold IRA, our recommendation is to use an organization such as Regal Assets for your precious metals needs. You’ve worked hard for your retirement – you shouldn’t have to spend a fortune just to manage it!