By utilizing services provided by Gratis, you agree to the following terms and conditions:
SERVICES: As a Self-Directed IRA Facilitator, Gratis Financial, LLC (“Gratis”) offers a free service to setup a “Gratis Self-Directed IRA” at no cost. A “Gratis Self-Directed IRA” is an IRA account through our partner custodian which does not charge any fees, combined with a trust owned by the IRA which we help you setup for no cost, and a bank account for the trust through our partner bank which has no monthly fees, so that you have IRA check writing ability at no cost to you! The “Gratis Self-Directed IRA” program includes the following at no cost:
- Assistance with the establishment of IRA account with our partner custodian
- Assistance with funding of IRA account via contribution, rollover, or transfer
- Assistance with the creation of a grantor trust owned by the IRA
- Assistance obtaining taxpayer identification numbers (TIN) for the trust and IRA
- Assistance with the establishment of checking account with partner financial institution for the trust
- Assistance with the funding of trust entity from the IRA
LIMITATION OF SCOPE: Gratis is a retirement account facilitator, document filing, and do-it yourself document service. Gratis is not a trustee, administrator, or fiduciary, and does not provide tax, legal, or investment advice. Gratis does not perform tax return preparation or other tax filings and does not represent clients in any proceedings before any state or federal court, agency, or board.
PRIVACY OF DATA: Gratis’s privacy policy is posted on its website. In conjunction with the Gratis Self-Directed IRA, Gratis will collect personal and financial information from you. You authorize Gratis to share this information with its partners, including IRA custodian, IRS, bank, and Gratis’s partners, in order to provide the services described hereunder.
CLIENT RESPONSIBILITY: Although Gratis is assisting with the setup of your self-directed IRA, including the creation of a trust owned by the IRA and a bank account for the trust, you are ultimately responsible. You are obligated to comply with applicable law and contractual obligations, including but not limited to (a) complying with applicable IRS regulations related to your investments held by your self-directed IRA and trust, (b) retaining records related to the investments held by your self-directed IRA and trust, (c) providing a year-end statement of fair market value of the trust assets to your IRA custodian annually or as otherwise required, (d) preparation of IRS Form 990-T should your self-directed IRA or trust engage in transactions that create Unrelated Business Taxable Income (UBTI) or Unrelated Debt-Financed Income (UDFI), (e) providing notification to Gratis and your IRA custodian of any relevant changes to your contact information, (f) registration of the trust with jurisdictions where such registration is required.
THIRD PARTY DESIGNEE: In order for Gratis to obtain a TIN for the trust, you must provide Gratis with a completed and fully executed IRS Form SS-4, and you hereby appoint Gratis as a third-party designee to use the IRS online application process to obtain an TIN for your trust.
DISCLAIMER: The services provided by Gratis are provided on an “as is” and “as available” basis. To the fullest extent permitted under applicable law, Gratis expressly disclaims all warranties of any kind with respect to the Gratis Self-Directed IRA and services provided hereunder, whether express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. Gratis does not guaranty the accuracy, timeliness, completeness, or usefulness of any content or any services provided. You agree to use the content and services provided by Gratis only at your own risk. Gratis will not be responsible for any direct, indirect, incidental, special, consequential or exemplary damages, including but not limited to, damages for loss of profits, revenue, income, goodwill, use, data or other intangible loss (even if Gratis has been advised of the possibility of such damages) resulting from the use of content or services provided by Gratis. You agree not to bring any action, regardless of form, arising out of the services under this agreement, more than one year after the date of the last service provided under this agreement. Any dispute will be subject to the laws and jurisdiction of the State of Oregon, and will be settled by arbitration in accordance with the rules of the Arbitration Service of Portland, Inc, which arbitration shall be final and binding on the parties. The parties waive their right to seek remedies in court, including the right to a jury trial.
DISCLOSURE: Other fees associated with the IRA account and trust bank account may apply, such as overdraft, NSF, and other applicable fees. Gratis may receive compensation from its custodian and bank partners and affiliated entities related to providing the services described hereunder.
UPDATES: Gratis may at any time revise these Terms of Service by updating this document. You agree to be bound by subsequent revisions and agree to review these Terms of Service periodically for changes. The most updated version of this document will be available for your review on the Gratis website.
NOTICES: You and Gratis agree to transact business using electronic communications, and all notices will be sent via electronic means.