Your suggestion to find out more about the 529 College Tuition
Plans has turned out to be very helpful. Obviously not to have
looked into it previously, turns out to be one of my numerous
mistakes.

I was wrong when I surmised that only mutual fund type investments
were available. Fidelity has a money market fund, and U.S. insured
bank deposits, as well as more risky investments. The unique and
decisive advantage of the 529 scheme, - if Fidelity's tax representations
are correct, - is that 529 plans completely circumvent the gift tax
laws, providing for a completed gift of which the donor retains full
control, at the cost of a mere 10% of earnings penalty on rescision,
(Indian giving). I contemplate a plan whereby Mommy and I liquidate
our retirement plans, paying the accrued income taxes, then placing
the net proceeds into 529 plans for the four children and possibly
also for Laura and yourself, aggregate gifts, so long as both Mommy
and I are alive of 12 x 13000 = $156000 per year, making possible
the tax-free donation of $984000 in 7 years.  Some of these assets
would be devoted to "qualified expenditures", but some, if not most
of them would remain available to Mommy and myself in case of need,
at the trivial cost of 10% of the earnings - not principal - of any
sums restored to us, - with nil opportunity cost.  Assuming a rate
of return of 2% per year, which is much more than we are presently
getting, simple interest on 1 million dollars over 10 years would
accrue to $200000, ten percent of which is $20000, which is only
6.36% of the estate taxes which would amount to $550000. Obviously
arrangements too good to be true require careful investigation, -
and I intend to start exploring this topic within the next few days.
Tonight I feel too tired even to start. The very existence of 529 Plans
seems to me to speak volumes about the practical unenforceability of
the gift tax.