GoldStar Trust company first began establishing IRAs for clients in 1989. Goldstar positions itself as a frontrunner in custodianship and self-directed IRAs. The company's website makes it clear that it serves as a "trustee" and "escrow agent" for its clientele.
GoldStar Trust offers investors retirement planning and investment services that go beyond the traditional options of mutual funds, bonds and equities.
LinkedIn lists 34 people as being employed by GoldStar Trust. The total number of individuals employed by them, however, is unknown. There are three separate persons in charge of the executive team that assists the staff.
GoldStar Trust company is less well-known than some of its IRA rivals, but as we go through this analysis, prospective investors will see that it focuses on the same areas.
The GoldStar Trust Company, however, provides something truly special—trustee for a tiny bank that was acquired in 1990 and employs only six people.
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About the Company and Its Management Team
The GoldStar Trust Corporation is regarded as the industry's foremost IRA custodian. They administer over $2.7 billion in assets for over 60,000 individual retirement accounts. Colonial Trust Company was established in 1989 and in 2004, the company began discussing a potential merger with Happy State Bank's trust department.
Regarding banks and other financial organizations, Happy State Bank is a significant participant in the Texas Panhandle. GoldStar Trust Company moved its headquarters to Canyon, Texas, in 2007, one year after completing the acquisition of American Church Trust Company in 2006.
The website only gives a limited amount of information on the upper-level management of the firm. On the other hand, their website presents photographs and biographies of the company's senior executives. They are all experienced in alternative investment vehicles such as real estate investments and self-directed individual retirement accounts (IRAs).
GoldStar Trust appointed Jeff Kelly, who has continuously worked in the IRA Trust sector since 2004, to the president in January 2020. Jeff Kelley was at Equity Trust for close to ten years, during which time he held the position of senior vice president. In 1988, Kelley attended Baylor University and earned a Bachelor of Arts in Economics and Finance.
Given the prevalence of IRA custodians that conceal their ownership information, the fact that this particular custodian does not do so is cause for celebration. Because of this, we have even greater trust that the firm will be able to achieve what it has promised.
GoldStar Trust Company is recognized as one of the fewer IRA providers in the country; thus, the number of managers and administrators it employs is on the lower end of the spectrum. They do not measure up to the standards of the larger companies that we investigate.
On the other hand, the management of GoldStar Trust Company takes great pride in its ability to give personalized service to its clients, much like most other small businesses.
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IRA Account Types Offered by GoldStar Trust Company
GoldStar Trust company provides customers with a wide range of investment opportunities through their four distinct types of self-directed IRA accounts. Now, let's go through the various sorts of accounts.
GoldStar Trust Traditional IRAs
As is the case with all Traditional IRAs, the ones that GoldStar Trust Company provides enable investors to postpone paying taxes on their investment earnings until they reach the age of 59 and a half or older and withdraw the funds from their account.
GoldStar Trust Roth IRAs
Those who expect to be financially secure in retirement might consider opening a Roth IRA. Contributions to a Roth IRA cannot be deducted from taxable income while the contributor is still gainfully employed. But, withdrawals made from a Roth IRA after retirement are not subject to taxation.
GoldStar Trust SEP IRAs
To help its workers save for retirement, GoldStar Trust offers Simplified Employee Pension (SEP) plans. The value to businesses is clear. Their gift is tax-deductible as an operational expenditure.
There is a 10% penalty for early withdrawals, which must be considered together with the other terms and conditions. The GoldStar Trust Corporation does not, however, mandate such behavior. The Internal Revenue Service has imposed the fines.
GoldStar Trust SIMPLE IRAs
Organizations with less than 100 workers are eligible to provide their workers with simple IRAs. An employer's money into an employee's pension plan is tax deductible. The maximum contribution for employees under 50 in 2023 is $15,500. Those over the age of 50 have an annual contribution of $19,000.
Contributions to a Simple IRA qualify for tax deductions under the same regulations as those for a traditional IRA. In addition, taxes only need to be paid once the money is withdrawn.
GoldStar Trust IRA Investment Options
Like other self-directed IRA providers, GoldStar Trust hopes to provide its customers access to diverse investments beyond traditional bonds, mutual funds and stocks. This company offers:
Other IRA providers may not advocate the same investments as those listed above, including the possibility of receiving a return by making donations to religious organizations or charter schools.
The firm's strategy is to provide customers with a range of unconventional options that aren't available from competitors. Interestingly, they aren't primarily concerned with the commercial and residential real estate sectors.
At the end of their pitch, they tell potential buyers they may contact them to learn more about the numerous investment opportunities not included on the website. Using this strategy to solve customer problems is quite innovative.
Although GoldStar Trust has some solid investing opportunities, we advise you to look elsewhere for your IRA needs. These organizations have solid reputations, solid track records and lots of expertise in the investment field.
Top-tier providers like those we work with provide a range of retirement account choices that may be modified to match your specific requirements such as Roth IRAs, Traditional IRAs and SEP IRAs. They also have round-the-clock customer service, so you can always have your questions answered.
How To Open Gold IRA with Goldstar Trust
Setting up a gold-silver IRA with GoldStar Trust is as easy as 1-2-3. To start an account with GoldStar, you must fill out the necessary papers and mail a check. Two constant and two variable components contribute to the check's total amount. GoldStar's yearly administration costs and storage fees are the two factors to consider.
There is a $50 minimum and a $250 maximum for GoldStar's yearly administration charge, which is.08% of the account's fair market value yearly. GoldStar charges an $80 fee if the opening balance of an account exceeds $100,000. GoldStar's first cost is $250, regardless of the value of $312,500. You'll receive a charge for the administration fee every year in the account's anniversary month.
A yearly minimum of $90 and an unlimited maximum apply to the.1% annual storage cost. The yearly fee to keep a million dollars in the bank is one thousand. Each year, in the same month that the metals were initially acquired, the annual storage charge is due.
GoldStar charges a $25 opening fee and a $40 transaction fee, which are non-negotiable. Every time you make a purchase or sale, you'll have to fork out $40 in transaction fees.
Second, paperwork must be filled out to send the money to GoldStar Trust. In most cases, the money comes straight from an individual's existing IRA or other qualified retirement plans.
Step 3 involves giving CMIGS instructions on which precious metals to acquire. Gold Star will pay CMIGS once the metals have been delivered to the depository, at which point the IRA investment will be finalized.
Goldstar Trust Precious Metals Storage
Delaware Depository Services Company in Wilmington, DE is one of the licensed depositories for the COMEX and it is where GoldStar IRA precious metals are held. As mentioned above, the yearly storage charge for a precious metals IRA is 1%, with a minimum of $90 and a maximum of nothing. An IRA with a value of $200,000 would incur annual storage costs of $200, whereas an IRA with a value of $2,000,000 would incur costs of $2,000.
IRA Contribution Limit
For new account openings at Goldstar Trust Company, a minimum deposit of $5,000 is required. In 2023, the maximum IRA contribution is $6,500, so anybody who wishes to start an IRA that accepts gold and silver assets can do so with that sum.
For those who are 50 or over, the yearly IRA contribution limit is $7,500. The minimum amount to deposit into a new or existing account is $1,000.
GoldStar Trust IRA Fees
GoldStar lists all of its prices in full online. Mutual funds, money market funds and other commonly traded assets on public markets have a $25 initial investment and a $65 annual maintenance charge.
The firm charges an annual asset holding fee of $50 for each hedge fund and the regular brokerage costs. It also levies a per-trade trading fee of $25. While prices do vary, they are always reasonable relative to similar services.
Smaller IRA providers charge an annual fee of $100 to $200 for investing in traditional assets.
Once GoldStar Trust Company decides how to conduct the transaction, the charges for non-traditional services vary. We've provided a synopsis of how they charge their many asset types.
Anyone with an IRA from GoldStar Trust Company can put their money into church bonds and loans. We know no other self-directed IRA provider actively promoting this specific investment.
GoldStar Trust Corporation assesses a set yearly fee of $45 to maintain this type of investment. Account maintenance and closure fees for in-kind and cash transactions range from $25 to $50.
Perth Mint Certificates
Certificates from the Perth Mint cost $50 to set up initially. There will be a $40 cost for any transactions made within the account, an annual $75 fee for account management and an annual $150 fee for keeping assets.
GoldStar Trust Company charges a one-time account establishment fee and annual maintenance fees for IRAs, including real estate. Both amounts are proportional to the value of the property held inside the IRA.
To get started, you'll need to pay them $50. The annual upkeep cost for properties with an assessed value of less than $200,000 starts at $200. If your investment value is over $200,000, you'll pay a $300 annual charge.
GoldStar Trust Corporation levies a $100 fee for acquiring or selling property. All papers that require review or are time sensitive incur an additional administrative-legal fee of $50 to $100.
Bank Accounts Outside of the US and Annuities
GoldStar Trust Company lets its clients open IRAs with foreign banks to hold their assets and cash in a foreign country. Fees range from $50 to $75 to surrender annuities or liquidate assets, with an annual maximum of $275 dependent on the account size.
Precious Metal IRA
The initial cost to open a Roth IRA to invest in precious foods is $50. The maximum yearly maintenance cost is $275 for all accounts with a $100,000 or less value. There is a mandatory minimum depository storage cost of $100 per year.
No transaction fees are assessed when assets are bought, sold or traded amongst account holders. Each delivery of precious metals carries a $40 distribution fee and the associated shipping charges.
The Better Business Bureau has yet to grant GoldStar Trust Company formal accreditation. Yet, its previous A+ standing remains unchanged. It is difficult to ascertain what people who have done business with the organization think because there are so few customer assessments of the company online.
Nevertheless, the Google Business Page for the firm only has 1.9 stars out of 5, based on reviews from actual customers.
Why Put Precious Metals in an IRA?
Putting money into a precious metals IRA is a great strategy for safeguarding and growing your retirement nest egg.
Your contributions to a precious metals IRA are taxable once you withdraw the funds from the account. You may employ compounding without worrying about taxes on your investment returns to maximize your savings.
A further perk of a gold IRA is that contributions may be tax deductible yearly. Put your tax refund back into your gold IRA and accelerate your financial success.
For those looking to diversify their retirement savings, precious metals IRAs are an excellent option. If you're trying to save for retirement but are worried about the volatility of stock and bond markets, diversifying into gold, silver and other precious metals may be a good idea.
Historically, precious metals like gold and silver have outperformed equities during market uncertainty. Putting some of your retirement funds into actual metals can provide you peace of mind and security in your golden years.
Hedge Against Inflation
Having part of your funds invested in actual items might help safeguard your investments from being wiped out owing to increased costs during periods of economic instability such as those caused by the COVID-19 pandemic. Investments in precious metals like gold and silver are often considered safe havens since they hold their value well.
Additionally, the value of precious metals rises when currency values fall. For this reason, diversifying your retirement portfolio with precious metals can help shield your nest egg from the ravages of inflation.
You may take advantage of the volatile market values of precious metals like gold, silver, platinum and palladium by investing in a gold IRA. Depending on how the market for these metals develops, you may see rising values as time goes on. You can convert these assets into cash if you need immediate access to your money.
Gold is a good long-term investment option. While planning for retirement, it may be prudent to put some of your money into gold due to its rising value over time.
To hedge against market volatility, precious metals are a solid long-term investment option. Due to their minimal correlation with other asset classes, precious metals can be a risk-mitigating investment with upside potential.
Hedge Against Market Crash
You may lessen your exposure to stock market volatility by diversifying your holdings with precious metals like gold and silver. Gold and silver are less susceptible to market collapses since their value is not directly tied to the stock market.
For retirement portfolio security, these metals are a good bet because of their stability in value. As a bonus, you may rest easy knowing that your retirement funds are safe from the vagaries of the stock market.
Bottom Line: Should You Have a Gold IRA with Goldstar Trust?
GoldStar Trust Company may be an option because of how transparent its pricing structure is. Their prices are not hidden in small print like many of their rivals. The version that is displayed is generally very simplified.
The fees associated with each investment option GoldStar Trust Company offers detailed on its site. Seldom do investment firms be so transparent about their charges. GoldStar Trust Company isn't as dominant in the market as some of its rivals, which might be a problem for potential clients.
Compared to competitors, customer evaluations of this firm are scarce and, what is available, tends to be favorable. GoldStar Trust Corporation has a bad Google company profile and has an A+ rating with the BBB.
GoldStar Trust Corporation promotes church loans and annuities, a one-of-a-kind investment opportunity. They might be a fantastic option if you're looking for these niche investments.
While Goldstar Trust may offer some benefits such as low fees and commissions, other companies offer better services and more comprehensive options. Our top 5 companies for gold IRAs include Goldco, Augusta Precious Metals, American Hartford Gold, Birch Gold Group and Noble Gold.
Each company offers better services than Goldstar Trust, including more comprehensive options, lower fees and commissions and more personalized customer service.
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