First Major Silver Investment, any advise please???

[HoldingAg]

Heres whats going on right now, a family member died and left me an IRA for 140k and about 200-250k in an estate and combined assets (mutual funds and the like) so... I have some money coming to me and want to make a sizable purchase of physical silver and maybe some gold as well. The boat I am in right now is to wait 6mos-Year to get the estate/asset cash tax free. Or I can cash out the IRA... I talked to the financial adviser and he told me that if I close this IRA that I have (worth about 140k) that uncle sammy will take 35grand or so in taxes. I wanted to use about 60k of that money to invest in physical gold and silver with but now heres my situation:
1. take the hit on the IRA and invest in the next couple weeks.
2. wait until the rest of the estate is settled and buy pm's with money that is tax free. (the down side is that its may take 6mos to a year to get that money)
Any advice? This is killing me. I really don't want to wait because what if silver is $50bucks/oz by then.. any advise would be greatly appreciated.
Thanks!

[Silver Buck]

1500 ounces of Silver at $34.50 will cost you $51,750.00.

1500 ounces of Silver at $50.00 will return you $75,000.00

Your 'lost return' if you wait will be $23,250.00.

You are guaranteed a return of $35,000.00 netting you $11,500.00 if you wait and don't get your 'anticipated Silver return'.

It's your call.

I take it there is no debt with the estate. Your future appears to be secure. I will assume you have a decent income now (no need to tell me - just figuring).

I would be tempted to wait it out. The gambler in me says take it all out now and buy 1500 ounces of Silver in the very near future.

But wait, let's say you do cash out the IRA, dump it all into Silver today, and then it drops down to $25.00. You are out the $35K to the Tax Man and you're Silver Asset loses you $14,500.00 for a total loss of $49,250.00

I don't work in the investment business, I'm a small business owner who has invested in Silver to protect my savings against inflation and as an investment for the long run (10-15 years).

[97guns]

if you have any savings or 0% credit cards then you can start accumulating right now then top it off when the settlement happens. maybee an equity line of credit for 6 months, i dont know just throwin stuff out there.

[CiscoKid]

... The boat I am in right now .....

Better watch storing your PMs on a boat. People on this board have terrible luck with boats and PMs.

[Spike]

Heres whats going on right now, a family member died and left me an IRA for 140k and about 200-250k in an estate and combined assets (mutual funds and the like) so... I have some money coming to me and want to make a sizable purchase of physical silver and maybe some gold as well. The boat I am in right now is to wait 6mos-Year to get the estate/asset cash tax free. Or I can cash out the IRA... I talked to the financial adviser and he told me that if I close this IRA that I have (worth about 140k) that uncle sammy will take 35grand or so in taxes. I wanted to use about 60k of that money to invest in physical gold and silver with but now heres my situation:
1. take the hit on the IRA and invest in the next couple weeks.
2. wait until the rest of the estate is settled and buy pm's with money that is tax free. (the down side is that its may take 6mos to a year to get that money)
Any advice? This is killing me. I really don't want to wait because what if silver is $50bucks/oz by then.. any advise would be greatly appreciated.
Thanks!

"""I talked to the financial adviser"""

Define financial adviser...you might want to get a free half hour with an estate attorney. (leave your wallet at home)

There are exceptions for early distributions from an IRA,

Like death...

[HoldingAg]

Spike,
The financial adviser is the guy who runs the accounts for the deceased family member. I got some paperwork that makes me the beneficiary of the IRA. The estate has no taxes or debt against it, we need to sell a house, but there are some decent sized medical bills. We have an attorney working with us on the estate but he is taking forever to settle up the medical bills and get the checks cut.
Thanks.

[Mined Games 2]

I'd strongly recommend leaving the IRA setup as is because there are no capital gains taxes levied, and load it to the gills on quality mining stocks. Use your other assets to build a physical position. Good luck.

[dacrunch]

If I'm not mistaken, there are Funds set up that hold PHYSICAL... and you could "roll over" the IRA into one of those funds (dyodd)... and have no "early withdrawal" consequences. The thing to not forget is that rolling over an IRA means that you never act as the intermediary - it has to be done directly between the current IRA fund and the destination IRA fund. So, out of the one where you could only buy stocks, bonds, mutual funds and money market, and into the one where there's physical PMs.

If you don't want to switch IRA holding companies, there's always the option to change the investments into items that you want, if they're available. Silver & Gold funds (such as SLV & GLD - or better ones as have been recommended on this site), as well as the gold & silver mining stock index funds, GDX and GDXJ (large & junior cap miners). The latter avoid having to learn everything about each mining company, reducing risk while still getting good coverage of the market. The managers weed out the losers and add in the winners for you... at a low % cost to you - much lower than buying & selling each stock yourself.

Don't let the MAN cheat you out of more than needed! To spend on what? More crooked schemes?