I can't answer the question in the subject, but...If you split up your money among multiple banks, you're insured at each bank for $100,000. If your wife establishes an account there then up to $100,000 of the money deposited under her name is insured.The website www.bankrate.com lists all the Money Market Deposit Accounts in the country and ranks them by APY. You want "Jumbo MMA" since you have substantial assets.Don't forget that due to inflation the purchasing power of your cash is continually dropping. Cash is not an effective long-term savings vehicle.The Federal Reserve is cutting interest rates and most banks are rushing to lower the rate they pay depositors. I doubt you'll be able to find any bank paying 6%.I'll defer answering your "considered", "practical", "should" questions.
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