[2Fast]

I would do what I do first and put that money into 7-day tax free AAA-rated muni funds so you earn a little more juice. Any bank should have this and they are pretty safe and I think you end up earning around a half a percent more on an after-tax basis. Just a thought - it starts to add up with larger sums of money for sure.

Not sure I'd dump it in the stock market these days with the Dow above 13K and long rates continuing to climb past 5%. Also, at some point the economy will slow and default rates will climb a bit but that's probably more of a 2008 issue (I hope).

Not saying stocks aren't a good place to be now, but be careful - a 5+ return risk free is not bad - sure you might get a couple points more from the S&P but given how it's climbed this year I'd be a bit wary.