Well, it might be a good thing to put some money into tax-free bonds. However, be very careful. While municipal defaults were generally considered unthinkable until recently, there is very good reason to start to think of it. Consider Harrisburg, for example: http://www.pennlive.com/midstate/index.ssf/2012/03/unkovic_c...And I believe that there are others. Also, it might be better to store up some cash, since sooner or later the Fed will raise interest rates and this will cause a decline in all except short term bonds.
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