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Good luck with the ATT and the bells. If you are ultra conservative you might want to condsider buying LEAP puts to protect you from any major down moves while you are on margin. I assume you know that assuming the ATT TCI deals goes through your ATT stock goes away and will be replaced with two tracking stocks, ATT business and ATT consumer. Another cost basis calculation you will have to do.
As far as your other stock, sincere congratulations. If you have ivestigated Remainder Trusts, read no further. If not, I suggust you spend the time reasearching all of your options. These trusts allow you sell you stocks tax free, reinvest the money and spend annual distributions the trust throw off. Also you get a huge tax deduction by setting up the trust. Ultimately, at the last beneficiary's death, the remainder does go to your designated charity. If you run a spreadsheet, you might be shocked at how lucrative this can be. (Your favorite charity will be happy to perform this analysis for you if you like) There are all sorts of flavors of these trusts which I don't proclaim to be an expert on. One is a generational skipping trust, which may be just the ticket for you and your grandchildren.
Short of this, be glad cap gains have gone from 28 to 20, and keep monitoring the situation as Newt Gingrich anounced last week he would be introducing legislation to lower to 15. Not sure if you live in a state with income tax, but moving to Florida in the year you sell all that low basis stock would save you a ton. Last but not least, considre selling otu of the money call options on any security you don't want to sell but need to generate income off of.
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