The following promotion contains affiliate links, which means that if you click on one of the product links and make a purchase, we may receive a commission.
Rating
Introduction
GoldStar Trust is a reputable financial institution that specializes in self-directed Individual Retirement Accounts (IRAs) and custodial services. With a strong focus on providing secure and flexible investment options, they empower individuals to manage their retirement funds and assets with confidence.
Looking for a competent IRA custodian to assist you in securing your retirement?
As you invest, it is vital that you get a trustworthy firm to help you with all the nitty-gritty (namely the paper work, liquidity supply, storage etc.). This gives you peace of mind, and you can rest assured that everything will be handled professionally.
However, finding one such firm can get daunting, especially when many firms are providing such services. What’s more, you may have inadequate information about the firms available, thus making it difficult to sift through them and settle on one.
One firm that provides precious metals IRA custodial services is GoldStar Trust. According to its website, it specializes in providing self-directed IRA custodial services, trustee and payment/escrow agency services.
Below, we discuss more about the firm, highlighting all you need to know about it. You’ll learn more about its background, key management, investing options it offers, its fees, customer reviews, pros, and cons.
Let's dive in.
Protect Your Wealth & Get Huge Tax Savings!
Company Background
GoldStar Trust Company was formed in 1989. At its onset, the firm only provided IRA account opening services to its customers. Currently, it boasts being a leader in providing Self-directed IRA custodial services.
They also act as a trustee and paying/escrow agency for their clients.
GoldStar Trust offers its clients unique retirement and investment planning solutions. This can be a beneficial service for folks looking to create diversified portfolios beyond the usual stocks, bonds, and mutual funds.
According to the firm’s LinkedIn profile, they currently have 41 employees. Among them are individuals spearheading the firm's management as the executive.
Additionally, GoldStar Trust Company specializes in several services that its IRA competitors don’t offer such as church bonds and charter school bonds. However, the reason why these services are not widely known is that people know very little about the company.
GoldStar Trust Management Team
GoldStar Trust Company is among the small IRA providers nationally. It only has a handful of employees and a small management team compared to other companies.
Jeff Kelley is the firm’s President and has held the position since January 2020. He has worked in the IRA Trust market since 2004. For close to a decade, he was Equity Trust’s SVP. He attained his bachelor’s degree in Economics and Finance from Baylor University in 1988.
Other members of the management include Matt Nitshcke, who is the senior vice president of business development management, Dave Schnierle, who is the senior vice president of business development, and Jeff Worley, who is the senior vice president of compliance and risk management.
Additionally, there is Scott Hall, who is the vice president of assets management, Angela Shafer, who is the vice president of operations management, and Sarah Trujillo, who is the vice president of support management.
All these individuals have vast experience in alternate forms of investment through real estate and self-directed IRAs. They take pride in offering their clients individually tailored services.
Types of Investing Accounts GoldStar Trust Offers
GoldStar Trust offers four different IRA services to investors. These options accord investors numerous investment options. They are:
GoldStar Trust Traditional IRA – This enables investors to defer their taxable income until they get to retirement.
GoldStar Trust SEP IRA – GoldStar Trust’s Simplified Employee Pension enables employers to make retirement funds contributions for their employees. The employers can write off this contribution as a business expense.
GoldStar Trust Roth IRA – For individuals who believe that upon retirement, they can have high net worth, Roth IRA is their ideal option.
When contributing to this account, they cannot write off the contributions against their taxable incomes. But upon retirement, they pay zero taxes when withdrawing from their Roth IRA.
GoldStar Trust Simple IRA – Employers with 100 or fewer employees can offer Simple IRA. The employer can contribute to their employees' pension scheme. The employees can also make a contribution to their pension scheme up to a maximum of $13,500.
Both contributors can write off their contributions from their taxable incomes, but the taxes are deferred until a withdrawal is made upon retirement.
Request your FREE Investors Guide and your FREE Silver Coin
GoldStar Trust IRA Investing Options
GoldStar Trust seeks to provide its customers with vast investment options. Some of the investment options they offer include the following:
Church bonds - These can accord you, the investor, a good return on investment while assisting in pushing the church’s ministries further.
Crowdfunding - Investors put their money in private companies in exchange for ownership in the form of shares.
Privately offered investments - GoldStar IRA can hold closely held stocks and Limited Liability Companies (LLCs).
Precious Metals IRA - The firm is a leading silver, gold, palladium, and platinum bullion custodian.
Real Estate IRAs - You can use your GoldStar Trust self-directed IRA to hold your real estate property. However, checkbook IRAs are not allowed to invest in real property.
Public Traded Securities - Your GoldStar self-directed IRA can hold stocks and mutual funds. So you can buy and sell them.
Reits - These are used to manage properties producing income and distribute profits as dividends.
Other investment options that are eligible for GoldStar Trust’s Self-directed IRA include the following:
- Charter School Bonds
- Perth Mint Certificates
- Hedge Funds
- Church Loan and Extension Funds
- Structured Cash Flows
- Secondary Market Annuities
- Mutual Funds
- Limited Liability Companies and Limited Partnerships
- Money Market Funds
- Secured Promissory Notes
- Bank Certificates of Deposit
The company has labored to provide many exotic investment options compared to its competitors. However, the list may have left an investment option you need. In such a case, GoldStar Trust states that you can contact their Investors Services Department to know whether your IRA investment can be held at GoldStar Trust.
GoldStar Trust Fees
GoldStar Trust Company makes known the information about their fees. They have listed a comprehensive fee schedule on their website.
For example, money market funds, mutual funds, and other publicly traded traditional security attract a one-time establishment fee of $25 and an annual maintenance fee of $65.
The hedge fund's annual asset holding fee is $50, and a trading fee of $25 per trade, including brokerage fees.
Despite charging many different fees, GoldStar Trust’s fees are generally reasonable compared to its competitors. Here is a quick walk through how they charge fees on various asset types.
1. Precious Metals
GoldStar Trust charges an establishment fee of $50 to set up your precious metals IRA. If your account’s worth is below $100,000, you’ll be charged an annual maintenance fee up to a maximum of $275.
The minimum commingled depository storage fee is $100 with no maximum. For Segregated depository storage, the fees vary depending on the depository chosen.
If you need to sell, exchange, or buy assets within your GoldStar Trust account, you won’t be charged. But for precious metal distribution, the firm charges $40, including shipping costs.
2. Perth Mint Certificates
The firm charges a one-off establishment fee of $50. Subsequently, sales of assets within your account attract a $40 fee. The annual maintenance fee charged by GoldStar Trust is $75, and the annual asset holding fee is $150. The firm also charges a partial liquidation/registration fee of $50.
If you need to liquidate partially or re-register your account, you’ll be charged a $50 fee.
3. Real Estate
GoldStar Trust Company’s real estate fees include the initial set-up fees plus the annual maintenance fee that is dependent on the value of the real estate in your IRA.
The firm charges an initial establishment fee of $50 to set up your account. In case the value of your property is below $20,000, you will be charged $200 as an annual maintenance fee. But if your property’s value is more than $20,000, you will be charged $300.
Upon selling or purchasing a real estate property, the company will charge you a $100 fee per transaction. The firm also charges an administrative-legal fee of $150 to cater for any professional service fees incurred by the firm outside the usual service provisions.
4. Church Bonds and Church Loans
GoldStar Trust charges a flat annual maintenance fee of $55. The firm also charges $50 to maintain or close account relates to in-kind changes or any transfers.
The bond re-registration fee for GoldStar bonds is $10 each, but for other bonds, the fees vary depending on the other trustees’ re-registration fee.
5. Annuities And Bank Accounts Not in The United States
GoldStar Trust allows its investors to hold money in accounts out of the U.S. For such, the firm charges up to a $275 fee depending on the account’s value.
Additionally, Goldstar Trust charges a fee of $50-$75 to liquidate assets or surrender annuities.
Other service fees charged by GoldStar Trust include the following:
Fee | Amount |
|---|---|
One-time check distribution or ACH fee | $15 |
Recurring check distribution fee | $5 |
Recurring ACH distribution fee | No fee |
Overnight fee | $50 |
Wire Fee | $50 |
Cashier’s check fee | $50 |
Partial transfer of assets/ distribution in Kind fee | $50 |
Full termination fee | $150 |
Roth conversion/ re-characterization fee | $75 |
Excess contribution removal fee | $50 |
Late fee | $50 per occurrence |
Annual paper statement fee | $25 |
Statement reprint fee | $20 |
Research assistance fee | $50 per hour |
Insufficient funds/ returned check fee | $50 |
How Good Is Their Customer Support
GoldStar Trust has a service team available from 7 a.m. - 5 p.m. CST from Monday to Thursday. On Fridays, the team is available up to 4 p.m. CST. The firm provides a toll-free number, a fax, and an email that you can use to contact them.
The firm also provides a physical address that you can visit in case you have any issues.
On their website, they provide an online form that you can fill out to send them a message. To use it, you just need to fill in your name, email, and the message you’d like to send.
However, they do not provide a live chat option for existing and potential clients.
Protect Your Wealth & Get Huge Tax Savings!
Customer Reviews
GoldStar Trust has been reviewed by several third-party review platforms.
According to the Better Business Bureau (BBB), the firm has an A rating from a total of 8 reviews on the platform. Over the last 3 years, it has closed 18 complaints. However, GoldStar Trust is not BBB accredited.
Trustpilot users give the firm a weighted 4.3-star rating.
However, on some platforms, GoldStar has very low ratings. For example, Yelp rates the firm at 1.3 stars based on reviews provided by 23 customers. Additionally, on its Google business profile, out of 5, the firm has 1.9, having been reviewed by 17 customers.
There is not much information from the firm's customers online in terms of reviews, so knowing how their customers generally feel working with the firm can be difficult.
Is GoldStar Trust Legit
GoldStar Trust is a legitimate company.
It has been in business for more than 30 years and over this period, it has empowered over 60,000 investors to secure their retirement.
According to their website, they have more than $3 billion worth of assets under their custody. The firm has also been reviewed in several third-party review platforms showing that it actually exists.
Their offices also have a physical address
They also provide a physical location for their offices, solidifying their legitimacy.
FAQs
Unfortunately not.
GoldStar Trust doesn’t allow investors to take control of their assets through a limited liability corporation (LLC). This is because the IRS has a crackdown on investors holding retirement-related assets within their homes.
GoldStar Trust requires its IRA real estate investors to work with a property manager. The property managers sign a formal agreement with GoldStar Trust Company that makes them officially registered.
GoldStar Trust’s head office is located in Canyon, Texas.
Pros And Cons
Some of the pros of GoldStar Trust include:
Pros
Cons
Conclusion
Overall, GoldStar Trust is one of the options you can consider for your self-directed IRA. One of the benefits you get from the firm, which is not common among its competitors, is that they highlight their fees upfront so you know how much you’ll pay.
They also provide a church loan investment option, which is very rare among its competitors.
However, the firm has a smaller market share than most competitors and there is very little information about the firm publicly. Most of its reviews are unpleasant, but it maintains an excellent rating on its BBB profile.
So, as you consider partnering with GoldStar Trust for your investment, it is important that you carry out extensive research and due diligence to get your facts right. This will help you determine whether GoldStar Trust is an ideal investment partner for you or not.
Learn Why Gold Is A Good Investment Today
Trading Review’s mission is to help you become a better and smarter trader/investor through in-depth reviews of courses, trading software, and more.