The most important first step is to avoid making major financial decisions immediately. Give yourself time to process the situation, then work with a financial advisor to take inventory of what you've inherited whether it be accounts, real estate, business interests, or any associated liabilities. From there, you can prioritize time-sensitive items including required minimum distributions, estate tax filings, or asset retitling before building a longer-term plan.

When you inherit an investment its cost basis is "stepped up" to the fair market value at the time of the original owner's death. This means if you sell the asset, you only owe capital gains taxes on the appreciation that occurred after you inherited it, not on the full gain from the original purchase price. This can result in substantial tax savings, but requires careful documentation and planning to take full advantage of.

It depends on the interest rates involved and your broader financial picture. High-interest debt like credit cards may warrant immediate payoff, while low-interest debt like a mortgage may be better left in place while the inherited funds are invested. The right answer is highly individual. We help clients weigh payoff decisions against investment potential, tax implications, and long-term goals before making any moves.

Absolutely. Many clients come to us months or even years after receiving an inheritance. Whether you've been sitting on cash, holding concentrated positions, or simply haven't known where to start, we can help you assess where you are today and build a strategy tailored to where you want to go. It's never too late to bring structure and intention to your inherited wealth.