Problem: What should I do if I'm about to receive a hefty inheritance?

Strategy: Prepare emotionally as well as financially.

The Financial Planning Association says heirs often go through grief over losing a loved one - and guilt from gaining materially from it. Some experience anger over what might be viewed as unequal or unfair bequests.

Some spouses disagree over what to do with the inheritance, especially if they have conflicting ideas over saving versus spending. This can be exacerbated if the heir feels it is his or her money, not to be shared with the spouse.

Such emotional responses - along with a lack of financial education and preparation - can lead to some poor money management decisions.

Some may do nothing and miss savvy financial opportunities; some may disclaim and not accept the inheritance altogether. Others may spend it recklessly, leading later to regret and financial hardship.

Many such challenges can be minimized or even eliminated if the benefactor does long-range planning before his or her death. This may include setting up trusts, living gifts, and simple communication with heirs.

But people who receive surprise inheritances also can minimize some issues by some planning of their own.

First, be prepared to deal with some emotional issues. Then, do nothing with the money at first, maybe six months, until many of the emotions have been dealt with. Take time to make sound decisions.

Put cash in a money market account, and don't sell any stock unless there's a serious risk of it losing value or there's a serious need, such as keeping the family farm or business running.

Make a spending list, and rank those among other priorities, such as retirement, college savings and charitable gifts.

Readers: Consider Savvy Strategies as general information only and seek the help of professionals because circumstances might vary. Planners: Share your unique tips with Enquirer readers. Send Savvy Strategies to Amy Higgins, 312 Elm St., Cincinnati, OH 45202, or e-mail ahiggins@enquirer.com.