The other day my Mother & her husband gave me & my siblings a gift each of $**,***.**. TOTALLY UNEXPECTED!
I am awaiting as I type a call back from our accountant verifying my thoughts on keeping this VERY generous gift tax free for years to come. I'm thinking of my state's municipal tax bonds, and not co-mingling it with any other monies currently so as to always know where any income it generates came from.
I do believe it will soon be enough to pay my house taxes each year if I let it compound and grow (assuming we stay in the same house).
THANKS MOM & HUBBY!!!
edited to add: The accountant says since we aren't in a high tax bracket to begin with it doesn't really matter if we pay taxes on it or not. Hmmmm, I just hate paying taxes, and currently my state's municipal bonds are paying a nice interest considering the economy. I haven't checked their ratings yet, but I'm still going to mull over my options. If you've any good ideas, pipe up, I'd love to hear them. I could conceivably put this money inside my Roth and finish fully funding it for 2008, all of 2009 and some of 2010 when we get to that point. For today, I'm taking it to the bank to deposit then moving it to a savings vehicle until I make a final determination as to what to do. I'm thinking NICE & CONSERVATIVE on this pile. Of course, there is a tithe to be returned on this, so after paying that I may have to add some of our other funds in to meet some of the bonds purchase price.
And, I'd like to hear any ideas on what extra special thoughts should be included on the thank you note I'm currently writing.
Please, let me hear your thoughts...I'm open to everyone's ideas.