Q: I just found out that I will be inheriting some substantial money from my father’s estate. I’m fairly young, earn a good income, have some credit-card debt and a mortgage. I guess I’m not sure what I should/should not do with the inheritance. Can you help?
A: From my experience helping people manage an inheritance, the best first step is often to take a deep breath and do nothing right away. There’s typically no need to rush into making any quick decisions; better to let your windfall sit for a bit, which will afford you time to create a thoughtful strategy.