I received an inheritance a while ago

An inheritance received years ago may still have its own records and rules. Locate transfer dates, date-of-death valuations, inherited IRA statements, prior distributions, and trust tax statements. Missing basis records or missed distribution requirements deserve professional review rather than a guess.

List goals such as a cash reserve, debt reduction, retirement income, education, family support, and your own legacy. Distinguish near-term spending from long-term investing. An advisor can discuss tradeoffs; there is no universal allocation or debt-payoff order that suits every household.

Inherited retirement accounts may have annual distribution requirements and a final emptying deadline. Rental property can create income, maintenance, and filing obligations. A trust distribution may carry taxable income. Ask your CPA and attorney to review unresolved obligations before changing ownership or selling.