Archives: FAQs

How long does it take from when I open an account until my first investment gets funded?

The entire process typically takes 3-4 weeks.  The turnaround time is largely dependent on  the firm currently holding your funds. Some institutions are quicker than others in responding to transfer/rollover requests. If you are transferring funds from an existing IRA, you can speed up the process by requesting a wire instead of a check. This […]

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How do I give another person access to my account information?

Please complete a Representative Authorization form. You can designate an “Interested Party” or “Account Representative”.  An Interested Party is authorized to access account information but is not authorized to provide direction.  An Account Representative has full access to your account and is authorized to instruct Madison Trust concerning your account.

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How do I designate beneficiaries?

When completing your application online, you will be prompted to designate beneficiaries. You will provide the beneficiaries’ contact information, date of birth, social security number, and percentage share of your IRA. You can change beneficiaries at any time by completing a new Beneficiary Designation form, having it notarized, and forwarding a copy to us. The […]

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How do I set up an account?

You can set up an account online by clicking on the following link: Account Setup. Be prepared to upload a current copy of your photo ID. Also, you will be asked to name your IRA Beneficiaries (the individuals who will inherit the IRA), along with their contact information and social security number. If you have […]

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How is Madison Trust Company regulated?

Madison Trust Company received its trust charter from the State of South Dakota and is regulated and examined by the South Dakota Division of Banking. As such, Madison must comply with all applicable South Dakota and federal laws.

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How can I protect my Self Directed IRA from fraud?

Here at Madison we believe that accountholders should perform vigilant due diligence prior to placing investments with their IRA. Many retirees rely on their retirement accounts as their sole source of income in their golden years. It is important to ensure that their accounts are protected from fraudulent ventures and dishonest people. It is recommended […]

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Does Madison Trust Company offer investment advice or sell investment products?

Madison Trust Company (“Madison”) is a passive Self Directed IRA custodian and does not provide investment advice or sell any investment products. Clients are advised to perform their own due diligence when choosing an investment opportunity. Clients are also advised to consult with a financial professional to ensure that the investment is suitable for their […]

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Am I required to transfer my entire existing IRA?

You are not required to transfer your entire account. You can transfer a portion when you open your Self Directed IRA and then transfer the remaining portion at a later point in time (or not at all). 

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Can I roll over a 401(k), 403(b) or other former Employer’s Plan into a Self Directed IRA?

Yes, Self Directed IRA custodians accept rollovers from Qualified Plans such as 401(k)s or 403(b)s.  Please contact your current Plan Administrator to verify whether your account is available to be rolled into an IRA. The majority of Plan Administrators allow accounts to be rolled over upon separation of service or retirement age (whichever is sooner). 

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Are Self Directed IRAs limited to Traditional Accounts?

No. Roth, SEP, and SIMPLE IRAs can be self-directed as well. Inherited IRAs (whether Traditional or Roth) can also be self-directed.

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