Re: Money Accounts for WhyChat
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Posted by Why Chat (209.240.205.61) on December 12, 2003 at 07:55:49:
In Reply to: Money Accounts for WhyChat posted by Edgy on December 12, 2003 at 06:49:29:
Annuity accounts through an insurance company are exempt from seizure in BK or from judgments. You can obtain them in various forms through a full service bank or your insurance agent. I do NOT recommend any variable annuities,and stay way from the ones sold at "seminars" or from newspaper ads. Most require at least a 7 year committment of your funds, however, you can withdraw up to 10 % penalty free a year in most, or you can get an immediate annuity that starts paying you an income right away. Check them out on line to make sure you are getting the best rates. The other alternative is a money market fund jointly with a TRUSTED family member as primary. This can be slightly difficult as you need to file a special IRS form to make sure the other person isn't paying tax on the interest earned.
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