QRP - Qualified Retirement Plan web site www.qrpretirementplan.com
- You have complete access to your account
- You are the administrator
- You acre the trustee
- It's a bank account and you can invest and do what you need with your money
Congress writes the tax code and this is what they get when they retire.
Planned Documents - Written into the retirement cope, and CPA's will not talk about it because like I said there is no money in it for them. You want to know what kind of account can you roll over. YOu can rollover any account you want into a QRP thats right any account you want.
QRP is no different from an IRA in a lot of certain things
- Allows you to do many other things
- Qualified from IRS
- Takes about 10 days
- It is like a company and your the boss
- 401k has some flexibility
- QRP you can roll over as much money as you want into it
In a QRP maximum contribution is 49,000 dollars a year
In a IRA maximum contribution is 5,000 dollars a year
Asset protection is small compared to QRP and nothing can penetrate a QRP
- IRS
- Spouse
- Bankruptcy
- Creditors
- NO ONE can get to your QRP
You can use a QRP to buy real estate there is no tax issue.
You want to know how much more superior is the QRP- Everyone should have life insurance and you can do that with a QRP, but you can not do that with an IRA.
Well we will continue this tomorrow starting off with the Differences in QRP and IRA. So have a good day or night depending on what time you read this and see you in the morning.
Calvin
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