What to Do With an Inheritance According to the AARP, the median amount of today's inheritance is about $64,000. While that won't provide financial security for life, it is a lot of money and, therefore, requires careful planning before deciding what to do with it. The following tips can help you manage an inheritance. Step One...Do Nothing: Remember, you've just lost a loved one, you're receiving a sizable chunk of money, and your judgment may be clouded by emotion. Rather than make a decision you'll regret later, put the inheritance in a money market or savings account to keep it safe while you take time to make a plan. Check the Tax Laws: Some inheritances are tax free, but some are subject to federal and state taxes. So, diligently record what you inherited and when...and check the... 02/03/2010