I was in the same situation a few years ago. I settled on a managed investment with a major broker (I picked Charles Schwab but they all offer it). You pick a target rate and they invest based on it, handle tax loss, etc.
One unexpected benefit is if you have >$500k invested, it opens up some additional services that I had no idea 'rich' people had available. For example - I can borrow against my investments anytime at the libor rate w/out cashing them out. It's not <1% anymore, but still super attractive should you need some of the money in the future.
I also took this opportunity to fully fund 529s. I think it was easier to write off that money the day I got it than mentally earmark it.
One unexpected benefit is if you have >$500k invested, it opens up some additional services that I had no idea 'rich' people had available. For example - I can borrow against my investments anytime at the libor rate w/out cashing them out. It's not <1% anymore, but still super attractive should you need some of the money in the future.
I also took this opportunity to fully fund 529s. I think it was easier to write off that money the day I got it than mentally earmark it.