Advisors for recently received an inheritance clients

First, identify what you actually inherited

An inheritance can be cash, taxable investments, a home, a business interest, a trust benefit or a retirement account. The name of the asset matters less than its ownership, restrictions, cost basis and deadlines. Gather the executor's or trustee's contact details, account statements, beneficiary notices and any trust documents. Ask who has legal authority to act and when assets can be distributed. Do not make a major investment or family commitment based on an estimated estate value; debts, expenses and taxes may still change the net amount.

Grief and money decisions often arrive together. It is reasonable to defer choices that are not time-sensitive. Put any distributed cash in an account with appropriate access and confirmed protection while you make a plan, but identify actual deadlines with the executor, estate attorney and tax adviser. This page is general education, not legal or tax advice.

Different assets call for different first questions

• Taxable securities: obtain documented date-of-death values and ask a tax professional about asset-specific basis rules before selling; the basis may differ from the deceased person's purchase price.
• Inherited IRA or workplace plan: verify beneficiary status, account type, decedent's age and distribution schedule. Spouses and non-spouses may have different choices; trusts add complexity. The IRS Publication 590-B is the primary reference. Distribution rules vary by beneficiary relationship, date of death and whether the owner had started required distributions.
• Home or property: check ownership, mortgage, insurance, maintenance, occupancy and the consequences of a sale with counsel and a tax professional.
• Private business interests: examine operating agreements, valuation, transfer restrictions and whether there is enough cash to cover taxes or ongoing obligations.
• Trust interests: determine what the trustee may distribute, when and on what terms before treating the balance as your money to spend.

Federal estate tax is generally imposed on a taxable estate, while beneficiaries can face income taxes on certain inherited assets and some states have separate rules. Avoid both blanket claims that an inheritance is tax-free and blanket claims that every recipient owes tax. An adviser should coordinate your specific facts with a qualified tax and estate professional. You do not need to keep the deceased person's adviser; compare providers on fit and fees.

Build a plan after the urgent items are known

Start with existing debt, cash reserves, housing, goals and other investments. Decide what portion of the inheritance supports near-term obligations, long-term investing, giving or family support. A lump sum need not be invested instantly, but keeping it unallocated indefinitely carries its own inflation and concentration risks. A written investment policy should say what each bucket is for, when it will be reviewed and what happens if markets fall.

If you inherited a concentrated stock position, decide whether keeping it is an intentional risk. If siblings co-own property or business interests, document who pays expenses and how a sale or buyout could work; have counsel handle ownership agreements. If a trust limits use, your plan must respect its actual terms.

What a good advisor should do, and what they should not promise

A planner can inventory assets, model cash needs, coordinate tax-aware investment decisions and help you compare choices. They should not claim to interpret a trust, guarantee a tax result or press you to transfer every inherited account immediately. Ask whether the adviser has handled inherited retirement accounts and trust coordination, what they will do with your attorney and CPA, and what work they will actually deliver in the first three months. Get a fee quote in dollars, including fund costs and any compensation from products.

Use Investor.gov's IAPD guide to check registration, services, fees, conflicts and disclosures. Meet more than one adviser if you need to. Valora has not tagged an advisor here as an inheritance specialist; the profiles below are a general roster, not a verified match. Ask each adviser directly whether your situation falls within their work.

Questions to take into the first meeting

1. Which choices are genuinely time-sensitive, and which can wait until the estate settles?
2. What documents do you need from the executor or trustee, and how will we share them securely?
3. How do you coordinate inherited-account distributions and tax projections with my CPA?
4. How will you account for trusts, shared property or a concentrated asset without pretending it is all liquid cash?
5. What does the first phase cost, and can I buy planning without transferring investments?

Inheritance rules and family circumstances vary sharply. Verify your own facts and current rules with a qualified tax or legal professional before acting.