I am distributing an inheritance based on verbal bequests. Is this considered a gift that must be reported to the IRS?
What do I do if I receive a large inheritance?
What to Do With an Inheritance
- Park Your Money in a High-Yield Savings Account.
- Seek Professional Advice.
- Create or Beef Up Your Emergency Fund.
- Invest in Your Future.
- Pay Off Your Debt.
- Consider Buying a Home.
- Put Money Into Your Child’s College Fund.
- Keep Moderation in Mind.