Tips for Building a Muni Bond Ladder

What is the best way for a high-worth investor to set up a municipal bond ladder, say with $5 million? How long should it be; how many rungs should it have; should it have a combination of premium, discount and par bonds; what about callability, credit quality and the alternative minimum tax? How should I time my purchases? What are the merits of buying new issues vs. secondary-market issues, and how do you go about buying new issues?

-- Jeremy Bennett

Jeremy, ...