Thanks for your thorough reply, Cynth. Informative.
However, I misspoke (musta been smoking again?). I should have said that the money was coming from another person's IRA to me. In other words, it is new money to me, not from a joint account as I said previously. My apologies.
I have my own IRA I can dump it in, which is performing fairly well in this economy overall, I guess. But as I said, I want these funds liquid. I suppose I will pay tax on it now in that case, but by doing so I wont take any sort of cash out penalty because it was never in an IRA of mine? Of course if I IRA it, the lower tax bracket of retirement comes into play on the amount of tax paid. In any case I think I may willing to pay the tax on it now, but I would like to avoid doing so if there is a product out there that features a protection of some sort.
Granted, it would be an unusual product if there was one but Im just checking around.
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As far as possible, without surrender, be on good terms with all persons...be cheerful; strive for happiness - Desiderata
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