Like most of us on this sub, my family does not have faith in fiat (especially considering long time horizons of 30-50 years) and are firm supporters of Bitcoin. I purchase BTC regularly, maximize and convert credit rewards cashback to Bitcoin monthly as well. It's been a good strategy for me so far.
I have a single-member LLC where my kids (3x under 18) help out throughout the year. They're paid $12k/yr for their help and to offset my income taxes (highest bracket) while also learning about the business and entrepreneurship. I'd like to open an IRA and put in another $6,500/yr/each to further offset my income while building their retirement/house/education funds tax-free. I haven't opened up an IRA for them but am considering Unchained Capital Bitcoin IRA as account owners still hold private keys.
With their salary, I'm planning to purchase Bitcoin via Bisq while we are in accumulation phase of the Bitcoin cycle and then retain cash during run ups and then begin purchasing again on the wind-down, bottom, and accumulation phases. They would have access to the wallets when they are reasonably mature to manage the responsibility.
Does anyone have any Bitcoin IRA recommendations? Anyone else have a similar setup already functioning? Feedback? Thoughts?
[link] [comments]
You can get bonuses upto $100 FREE BONUS when you:
π° Install these recommended apps:
π² SocialGood - 100% Crypto Back on Everyday Shopping
π² xPortal - The DeFi For The Next Billion
π² CryptoTab Browser - Lightweight, fast, and ready to mine!
π° Register on these recommended exchanges:
π‘ Binanceπ‘ Bitfinexπ‘ Bitmartπ‘ Bittrexπ‘ Bitget
π‘ CoinExπ‘ Crypto.comπ‘ Gate.ioπ‘ Huobiπ‘ Kucoin.
Comments