You Just Inherited Something Significant. Here’s Where to Start.

An inheritance is a gift and a weight at the same time. This is what actually matters in the first 90 days.

1. Breathe.

Many decisions do not need to be made immediately, although certain financial, legal, or tax matters may have specific deadlines. The pressure you’re feeling to “do something” is real — but acting fast and acting right are not the same thing. Give yourself permission to grieve, settle, and think clearly before anything moves.

2. Assess.

What did you actually receive? Cash may be more straightforward to evaluate than certain other inherited assets. Property, retirement accounts, a business interest, or a brokerage portfolio each come with their own rules, timelines, and tax treatment. Before you can plan, you need a clear inventory of what’s in your hands — and what each piece actually means.

3. Protect.

Some tax decisions have deadlines. Others don’t. Inherited retirement accounts, for example, are subject to beneficiary distribution rules and deadlines that may vary based on the account and beneficiary circumstances. A quick review of what’s time-sensitive versus what can wait keeps you from making an expensive mistake while you’re still figuring things out.

4. Plan.

What does this inheritance need to do for your family over the next 20 years? Whether it’s supplementing retirement, funding education, buying a home, or building an estate to pass on — this money should serve a purpose you define, not one that defaults by neglect. That’s what a real financial plan does: it turns an asset into a strategy.

5. Build your team.

This isn’t a solo project. Families navigating an inheritance benefit from having the right professionals around them— a financial advisor who understands estate and tax planning, a CPA who knows what the inheritance means for your tax picture, and sometimes an estate attorney for titling and trust questions. You don’t need to become an expert. You need the right experts.

You’re already thinking about this the right way — long-term, for your family.

Let’s talk about what the next 90 days should actually look like for you.

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Cottonwood Wealth Strategies works with families navigating inheritances, wealth transitions, and multi-generational planning. We’re based in Utah and work with clients across the country.

Disclosures:

Content is for informational purposes only. Neither the information nor any opinion expressed in this video constitutes an offer by Cottonwood Wealth Strategies to buy or sell any securities or financial instruments, or to provide any investment advice or service.

Cottonwood Wealth Strategies does not provide legal, tax, or accounting advice.

Source:

Internal Revenue Service. Publication 590-B: Distributions from Individual Retirement Arrangements (IRAs), 2025. See sections addressing beneficiaries of inherited IRAs and the 10-year rule.