Frequently Asked Questions (FAQs) | Schwab - Millennium Trust Company
Frequently Asked Questions

Quick answers to your most immediate questions

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  • What is a self-directed IRA?

    A self-directed IRA is just like other Individual Retirement Accounts in that it provides a way for individuals to save for retirement in a tax-deferred account. The term "self-directed" became popular because the account owner has the freedom to invest in a wide range of investment options, including both alternative and traditional assets.

  • What is an alternative investment?

    An alternative investment is any asset that is not publicly traded. Examples of alternative investments include: hedge funds, private equity or debt, real estate and precious metals, among others.

  • What do you do as custodian?

    At its most basic, we hold assets in an account on behalf of the owner. The account owner (or their authorized agent) is responsible for directing all investment/account activity. At their direction, we purchase/sell assets, as well as transfer or distribute assets from the account. As part of our role as custodian we also provide required account statements and tax reporting. For additional information, please refer to the Retirement Income Trust Association (RITA) document, Understanding the Role of a Directed IRA Custodian.

  • How will the CARES Act affect my IRA?

    The CARES Act waives RMDs for 2020, allows for $100,000 withdrawals penalty-free and extends the IRA contribution deadline to July 15, 2020.

    Learn more with our CARES Act FAQs.

  • How did Millennium Trust prepare for COVID-19?

    View our Novel Coronavirus (COVID-19) Preparedness Statement for frequently asked questions (FAQs) about actions we are taking and plans we have in place during the COVID-19 outbreak.