SENSE FINANCIAL SERVICES LLC (“SFS”) and the SFS client (“Client”) agree as follows:
FEE FOR SERVICES:
- The Fee charged by SFS for the services specified herein is $1,200 and is payable in advance.
- Annual IRA Maintenance Fee is $250 starts in year two.
CLIENT’S REPRESENTATIONS AND WARRANTIES:
Client represents and warrants that he or she has provided to SFS complete and accurate information regarding all retirement accounts Client wishes to establish and rollover or transfer. SFS may rely upon such information or any direction Client may give to SFS. Client acknowledges and agrees that SFS shall have no duty to monitor additional actions in the future by Client in regard to Client’s retirement account(s). Client understands and agrees that it is Client’s sole responsibility to contact Client’s consultants and professionals to determine whether future actions Client may take in regards to Client’s retirement account(s) are permissible by law and concerning the tax and ERISA consequences of such future actions. Client understands the eligibility requirements for establishing a retirement account(s) and rolling/transferring retirement funds to the account(s) and Client states that Client qualifies to take such actions. Client assumes complete responsibility for the determinations that (a) Client is eligible for a retirement account(s) each year, (b) all additional contributions Client makes and distributions Client takes are within the limits as set forth by law, and (c) the tax consequences of any and all contributions and distributions are satisfactory to Client.
Prohibited Transactions
Client understand that: (a) both ERISA and IRS rules prohibit certain transactions between a retirement plan and “disqualified persons”; (b) as the owner of a self-directed IRA, Client is a disqualified person; (c) certain relatives and entities in which Client (or such relatives) have a significant ownership interest, are likewise disqualified persons; (d) the purpose of the rules is to prevent self-dealing and to minimize conflicts of interest that could adversely affect my IRA; (e) ERISA §§ 406-408 and Internal Revenue Code § 4975 detail these rules; (f) other regulations and notices issued by the DOL and IRS further refine and explain the rules; and (g) since Client’s account is self-directed, it may be possible for Client to direct IRA to purchase nontraditional assets with IRA funds and that some of these transactions could violate the rules. Client further understands that it is very important to examine these rules before investing or otherwise interacting with IRA assets. Client understands and declares that the SFS may provide Client with some general guidance in this area but that does not substitute for legal or tax advice. Client must consult his/her own independent advisor when deciding how to invest IRA assets. SFS, its representatives, attorneys, employees, agents, successors and assigns will not be held liable for the success or failure of Client’s investments.
UBIT and UDFI
Client understands that if IRA funds are invested in certain assets, there could be special tax consequences. UBIT (Unrelated Business Income Tax) applies to IRA investments in active businesses. Client also understands that IRA is expected to invest in long-term passive investments for retirement and cannot run a business itself, so there could be problems if IRA is too active in its activities (such as flipping houses). Active enterprises need to be run in an entity outside the plan. UDFI (Unrelated Debt-Financed Income) applies to passive investments that utilize debt financing.
Client understands that it is important to examine potential UBIT and UDFI consequences when engaging in self-directed IRA investments. Client declares that SFS does not provide tax advice and that client will consult a competent, independent advisor if these issues may apply to client’s investment choices.
Return Policy – As part of our satisfaction guarantee, you have a seven day Right of Rescission period beginning on the date your order is submitted. To exercise your rescission rights under this clause, you must notify SFS in writing prior to midnight of the seventh day. In the event you wish to cancel services after that time, a $300 administrative fee, as well as any actual costs will be deducted from any refunds. No refunds offered after 90 days. Once we provide you with the completed documents no refunds can be processed.
Disclaimer – When you place your order with SFS, you are required to provide your name, residential address and date of birth. SFS may also require other information that will allow it to identify you. SFS does not provide legal, tax, or investment advice, nor does SFS endorse any investment advisor, representative, custodian, trustee, broker, dealer or other third party selected by you. Additionally, SFS shall not be liable for any acts or omissions by any investment advisor, representative, custodian, trustee, broker, dealer or third party selected by you. Nothing of the foregoing, or of any other written, electronic or oral statement or communication by SFS or its representatives, is intended to be, or may be relied as, legal, tax or investment advice, statements, opinions or predictions. Prior to making any investment decisions, please consult with your legal, tax, and investment professionals for advice. SFS and Solera National Bank are each separate and independent legal entities. SFS is not an agent or principal of Solera National Bank, nor is Solera National Bank an agent or principal of SFS.
NO WARRANTY – THIS SITE, THIS APPLICATION, AND ALL MATERIALS, DOCUMENTS OR FORMS OR AGREEMENTS PROVIDED ON OR THROUGH YOUR USE OF THIS SITE ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. TO THE FULLEST EXTENT PERMITTED BY LAW, SFS EXPRESSLY DISCLAIMS ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT.
LIMITATION OF LIABILITY AND INDEMNIFICATION – EXCEPT AS PROHIBITED BY LAW, YOU WILL HOLD SFS AND ITS OFFICERS, DIRECTORS, EMPLOYEES, AND AGENTS HARMLESS FOR ANY INDIRECT, PUNITIVE, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGE, HOWEVER IT ARISES (INCLUDING ATTORNEYS’ FEES AND ALL RELATED COSTS AND EXPENSES OF LITIGATION AND ARBITRATION, OR AT TRIAL OR ON APPEAL, IF ANY, WHETHER OR NOT LITIGATION OR ARBITRATION IS INSTITUTED), WHETHER IN AN ACTION OF CONTRACT, NEGLIGENCE, FEDERAL OR STATE STATUTE, OR OTHER TORTIOUS ACTION, OR ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, INCLUDING WITHOUT LIMITATION ANY CLAIM FOR PERSONAL INJURY OR PROPERTY DAMAGE, ARISING FROM THIS AGREEMENT AND ANY VIOLATION BY YOU OF ANY FEDERAL, STATE, OR LOCAL LAWS, STATUTES, RULES, OR REGULATIONS, EVEN IF SFS HAS BEEN PREVIOUSLY ADVISED OF THE POSSIBILITY OF SUCH DAMAGE. EXCEPT AS PROHIBITED BY LAW, IF THERE IS LIABILITY FOUND ON THE PART OF SFS, IT WILL BE LIMITED TO THE AMOUNT PAID FOR THE PRODUCTS AND/OR SERVICES RECEIVED BY YOU, AND UNDER NO CIRCUMSTANCES WILL THERE BE CONSEQUENTIAL OR PUNITIVE DAMAGES. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF PUNITIVE, INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE PRIOR LIMITATION OR EXCLUSION MAY NOT APPLY TO YOU.
Custodial fees – SFS is responsible for collecting IRA custodian fee. First year fee is included in the set up fee. Second year fee is due and payable in the second year of service, client agrees to maintain valid card for the payment of such fee.