You’ve just received an inheritance, which can bring with it a lot of mixed emotions. Before you plan on how to use the money, or what to purchase, give yourself some breathing room before jumping into action. When you are ready, take a look at what you want and need most out of this money, and where it will have the most impact.

The first thing you should do is take a good look at your finances and investment portfolio. What do your current finances look like? Look at your debt, home or property mortgages, investments, retirement accounts, etc. Examine where your money is currently being used and look for areas where this money may help you realize your long-term goals. Taking a look at where you are can help you determine where you want to go, and how to get there.

If you decide to tackle any existing debt, there are several factors to consider. Specifically, the interest rate and the tax treatment. Higher interest, private student loans may make sense to pay off. Alternatively, low interest, tax deductible home mortgage debt may not. If you believe you can achieve a higher rate of return in the market, it could be more efficient to invest the funds and continue to pay off the debt over time. Starting in 2018, home equity debt not used for home improvements will not be tax deductible. While it may have once made sense to carry the loan, it may now make more sense to pay it off. A Certified Financial Planner™ can help you analyze your options.

Now is a good time to review your retirement strategy. Does it make sense to consider earlier retirement? Or, possibly, reevaluate your planned retirement lifestyle. Take a look at adding a vacation home, enjoying more leisure time with that long-awaited trip, relocating your family, etc. See what opportunities are there now that weren’t there before and evaluate what makes sense for you and your family.

Take a look at investing the money. There are many opportunities that will allow you to grow the inheritance and preserve the money to further accumulate wealth for yourself, and future generations.

Consider giving some of the money to a charity, or make a donation to a foundation. There are many organizations that would benefit from a donation, and the money would go a long way in helping others. Donating some of the money may also be a good way to honor your family’s estate and memory. Keep in mind that this type of donation could then be a tax write-off. Also, consider leaving some money to your children to pay for college, or as an inheritance for them in the future. Money that is spent on a future generation, or to aid those less fortunate, can have a lasting impact on people’s lives and society as a whole.

The last, and most important thing to do is meet with a financial advisor, because let’s face it, receiving an inheritance can be overwhelming. Speak to a Gainplan advisor to help you come up with your next move to help you maximize the money and create a plan that’s right for you.

Gainplan LLC is a Registered Investment Adviser. This blog is solely for informational purposes and not a solicitation to invest. Advisory services are only offered to clients or prospective clients where Gainplan LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Gainplan LLC unless a client service agreement is in place. Please contact a financial advisory professional before making any investment.