What should I do immediately after receiving a large inheritance?

The most important first step is to resist acting immediately. Secure assets, gather all relevant documents (account statements, deeds, trust agreements, insurance policies), and identify the professionals already involved in the estate. Most decisions can wait 30 days. Use that time to understand what you have inherited before making any significant moves.

What is stepped-up basis and why does it matter for inherited assets?

Stepped-up basis means that inherited assets receive a new cost basis equal to their fair market value on the date of the decedent's death — rather than the original purchase price. This can eliminate a significant capital gains tax liability if the assets are sold. However, this benefit is lost if assets are sold hastily before a strategy is in place, which is one of the primary reasons to slow down in the first 90 days.

How long do I have to take distributions from an inherited IRA?

Under current rules (the SECURE 2.0 Act), most non-spouse beneficiaries must fully distribute inherited IRA assets within 10 years of the original account holder's death. In years 1–9, required minimum distributions may also apply depending on whether the original owner had reached their required beginning date. The rules are complex and the penalties for non-compliance are steep — working with a knowledgeable advisor in the first 60 days is essential.

First 90 Days of Sudden Wealth

Inheriting substantial wealth is rarely just a financial event. It arrives alongside grief, family dynamics, legal complexity, and decisions that feel both urgent and permanent. The choices made in the first three months can have consequences that last decades. Here is how to approach them wisely.

Days 1–30: Pause Before Acting

Resist any pressure to make immediate investment decisions, distribute assets, or take on new financial commitments. Very few decisions are truly time-sensitive in the first 30 days. Your priority is to understand what you have inherited: gather account statements, insurance policies, real estate deeds, business interests, and trust documents. Identify the professionals already involved — estate attorneys, accountants, existing advisors — and determine what role each will play going forward.

Days 31–60: Assemble Your Team

If you do not already have a trusted advisory team, now is the time to build one. At minimum, you will need an estate attorney to navigate probate and trust administration, a CPA to address the immediate tax implications, and a financial advisor who specializes in wealth management — not just investment management. Be cautious of advisors who approach you unsolicited in the wake of an inheritance.

"The goal is not to deploy capital quickly. It is to make deliberate decisions with full information."

Understand the Tax Landscape

Inherited assets receive a stepped-up cost basis to their fair market value at the date of death — a significant planning opportunity that expires if assets are sold prematurely before a strategy is in place. Inherited IRAs carry required minimum distributions with strict timelines and must be fully exhausted within 10 years under current law. Real estate and business interests may require appraisals, adherence to operating agreements, or follow an in-force buy/sell agreement. Getting these details right in the first 60 days protects options later.

Days 61–90: Establish a Plan

With a clear picture of what you have inherited and an advisory team in place, you can now begin building a financial plan that reflects your actual goals — not just the structure of the inheritance. This includes liquidity planning, investment strategy, insurance review, charitable intent (if any), and an updated estate plan of your own.

What to Avoid

Making large gifts to family members before understanding the tax implications. Liquidating a portfolio before reviewing cost basis. Signing documents without independent legal review. And making significant lifestyle changes — purchases, relocations, new obligations — before understanding the long-term income and liquidity profile of the assets you now hold.

If you or someone in your family is navigating a sudden inheritance, we can help you take the right steps in the right order. Reach out for a confidential conversation and a copy of our checklist for heirs settling an estate.

Request Your Heir Checklist

This article is for informational purposes only and does not constitute legal, tax, or investment advice. Please consult with your advisory team regarding your specific circumstances. Amber Hour Private Wealth is a registered investment advisor.

The First 90 Days: A Roadmap for Sudden Inheritance

Days 1–30: Pause Before Acting

Days 31–60: Assemble Your Team

Understand the Tax Landscape

Days 61–90: Establish a Plan

What to Avoid

Frequently Asked Questions

Days 1–30: Pause Before Acting

Days 31–60: Assemble Your Team

Understand the Tax Landscape

Days 61–90: Establish a Plan

What to Avoid

Frequently Asked Questions

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