(You’ll notice I’ve opted for the “ royal we” here since my understanding of the intricacies of IRAs is dismal.) As usual --- it’s technology to the rescue!
Enter Chicago-area lawyer Leonard Gerstein and his recently introduced Web site IRA-Builder.com. The subscription-based site includes great content on creating and funding an IRA, Roths, distributions, etc. It’s pretty rich on law and regulation, too -- think of it as a highly specialized tax partner that’s WAY cheap, doesn’t argue, and requires no office space. The system includes a very nicely thought out calculator that produces analytical reports I guarantee will impress even the most stoic partner. Finally, Gerstein and his associate, Barbara Leopold, are available for both general support and specific consultation.
A few minutes spent on this site will scare you into understanding what you DON’T know about IRAs. Fortunately, Gerstein and Leopold do -- so you don't have to.