Has someone told you that the QRP is this new cool thing that no one else knows about but their company a
qualified retirement plan and they're the next best thing to slice bread and they're the ones on the planet that
Understand it better than anyone else and you should buy it from them
well
I'm going to dispel all the myths tell you what a QRP really is and help you find the best
Product that's going to fit you when it comes to this qualified retirement planning strategy
Now if I sounded a little incredulous or
Passive-aggressive or rude? I
Apologize. There's some folks out there that are talking about a qrp qualified retirement plan
like they just discovered this planet in the universe that no one else has seen and really it's been there the whole time and it's
called the moon so
yeah, they're cool and they just came up with this qrp terminology to sell their sexy plan maybe and sometimes at
A lot higher price than you really need to pay. So let's talk about what a qrp is here
You are is a business owner. And this is your business and it might be a sole proprietorship
It might be an LLC
It might be an S corp, but you've got a business and this business is making money and you're thinking qrp
Ooh, ooh I want to get more write-offs in my business
I need to do one of these QR P's because I've never heard of these before they must be really cool
Oh my gosh
They are the same as setting up and this little qrp is a 401k
It is a solo 401k
Typically, if you're the only owner of the business you and your spouse or maybe a family member, that's how they are
They're a qualified retirement plan that 9 times out of 10 is going to be in the structure of a solo 401k
So don't think that they've discovered anything new
Now can a qrp be an IRA or a SAP or a simple? Sure
It could because a qrp is this overreaching umbrella
That means qualified retirement plan that you're gonna put money into
now you can get money there without having a business to and someone may have said that they're gonna talk about the r-word the
Rollover and you're gonna have this old
401k from a job or an old IRA and you're going to roll this old money into your 401k
qrp and you're gonna
Supercharge it and you're gonna use this to go out and invest which I'm going to come to here in a moment
So this is basically what a qrp is they're simple and easy to understand there are a retirement
That's gonna fit your needs and when they go. Oh, well a qrp doesn't pay this you VAT tax on debt
So if I'm gonna buy rental properties, I don't want to pay that sure
401 k's don't
So we can they put this little label on it to make them sound really sexy and can you put a lot of money in?
here with a contribution and a
Profit sharing plan and a match sure
That's what we do for clients in a solo 401 K and we've been doing this for years, but I have clients
Call me all the time going. Hey mark, someone's been talking to me about a qrp. Do you know what they are?
Yeah, it's a 401 K and we're good to go. So this is the first point
I want to talk about the how here in a minute but of what you can do with this
But it's about having a business and getting bigger contributions than a typical IRA
Or it's rolling over money into this 401 K
qrp with from old IRA money and then we're gonna go out and invest it and I want to say one more thing to the
Roth the Roth IRA plays a kind of a unique role in this because I have clients that have a Roth IRA out here and
You cannot roll a Roth
into a 401 K you you can
Have a 401 K that has a Roth piece to it
And you can say this is all Roth and I can roll a regular IRA
In their IRA and then convert it to Roth
But you can't take a roth IRA now and roll it into a current 401 K
solo 401 K
Now we have solo 401 k's that can be half roth and half traditional
But you got to get the money first then convert it to rot
so anyway, this is the first step of understanding what they are and
Really how awesome they are and what you can do with it is what I want to talk about next
so just briefly I want to tell you what your
opportunities are in this area of managing your qrp the
401 K for lack of a better word is
here's your business and you're gonna be making money and you're gonna be wanting deductions and you're gonna throw it over here into your
401 K or
Whatever. It's gonna be this umbrella of qrp definitions that mean a lot of different options could even be a defined benefit plan it could
be a pension plan and matching and
Profit sharing and all that good stuff again. All those buzzwords these companies that are typically not lawyers or accountants or financial advisors
They just thought they'd be really good at this and so they're just selling them like hotcakes out there
once the money's over here, you're gonna be the trustee you're gonna control the bank account and then we're going to
Self-direct that's right. We're right back to the same terminology that I've been talking about for 20 years
And that is you're going to self-direct
this retirement plan and what that usually means is as you control this checkbook for the 401k or the
IRA or the defined benefit plan, whatever it is
We're gonna go over here and set up an LLC
So we can move money around quickly have protection for ourselves as the manager of this LLC
And then we're going to go out and invest it and do real estate. We're gonna do small business startups
We're going to do restaurants if we want buy and sell gold silver we could do cryptocurrency
We can do something very conservative or something very aggressive and this
self-directing concept really again freaks out anyone in Wall Street
And I do videos about this all the time where I talked about getting a huge rate of return in your Roth IRA
Because you can when you self direct it
So in summary a qualified retirement plan is just a very generic term to mean any of these a Roth 401 K regular
401 K solo 401k SEP simple IRA or Roth you
Want to design it with your tax advisor and attorney to help put it in your overall structure. Be careful getting advice from someone
That's not licensed as a professional advisor giving you tax or legal advice because if anything goes wrong
they're not going to be there with my practice insurance or fiduciary duties as a licensed professional and
The pricing does not have to be off the chart. Some of our prices are cheaper than other non-licensed folks. We have a
Do-it-yourself 401k in a sense that you don't need any consultations
You just need to get it done for under 500 bucks
Then we have the full-service 401k where you spend an hour with a new tax attorney designing your entire structure
and looking at your tax return for less than a thousand bucks and you walk away with a solo 401k with a
Tax ID number with the ability to go open a checkbook now
I just say that not to be salesy but to let you know the options are here
If you want to get a hold of us look down below into the details of our law firm
With links to our 401 K special or self-directing or even directed IRA where you can rollover your IRAs start self-directed
So hopefully that's been helpful
Don't get bamboozled or sold on a qrp strategy is a really cool something that no one's ever known about it's simply this
Have fun investing keep living your American dream
Thanks so much for watching that video and I want to be your source for tax and legal strategies
it's hard enough to live the American dream without being out on the web on Google trying to find answers to complex questions and just
Click in a mouse hoping you got it, right
My team and I want to be a huge resource treatment the law firm accounting firm by
Education resources on my site. Please continue to follow these strategies
I know the safety thousands now click here if you want to be a part of my newsletter
It's awesome weekly updates and deadlines and strategies and tips also subscribe to my youtube channel
You'll love it and make sure to click the bell icon
so you get a little ping whenever there's a new video and
Finally check out my site Marjory Kohler comm with all sorts of videos. Probably 70 plus videos 30 plus hours of content
That'll save you thousands