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Reply to "All you rich folks - looks like I'm (almost) one of you. What should we do?"
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[quote=Anonymous]Probably the first thing I'd do is set some aside for retirement and college savings. An IRA/Roth IRA would be 5k for each of you (per year, so you could do 2012 and 2013 by April 14 2013). You can each "give" up to 14k in 2013 to each child for college savings without worrying about tracking the gift for estate tax purposes (plus you can put 5 years worth of gift tax into college savings as one lump sum, with only one simple form to file-- so you could probably setaside enough for state college tuition if you wanted).[/quote]
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