It can be awkward to talk about such matters, but many parents likely postponed discussing this topic for another reason: they wanted their kids to grow up with a strong work ethic instead of a “wealth ethic.”

If a child  grows up knowing he or she can expect a sizable inheritance, that child may look at family wealth like water from a free-flowing spigot with no drought in sight. It may be relied upon if nothing works out; it may be tapped to further whims born of boredom. The perception that family wealth is a fallback rather than a responsibility can contribute to the erosion of family assets. Factor in a parental reluctance to say “no” often enough, throw in an addiction or a penchant for racking up debt, and the stage is set for wealth to dissipate.

Instead, feel no shame in exerting some control. A significant percentage of families seek to define a purpose for transferred wealth. In CNBC’s survey, 32% of parents aged 55 or younger said they were going to specify what their heirs could use their inheritances for, and that was also true for 15% of parents aged 55-69 and 9% of parents aged 70 or older.

You may want to distribute inherited wealth in phases. A trust provides a great mechanism to do so; a certain percentage of trust principal can be conveyed at age X and then the rest of it Y years later, as carefully stated in the trust language.

This is a way to avoid a classic mistake: giving your heirs too much money at once. In fact, a 2015 Merrill Lynch Private Banking & Investment Group report notes that 46% of high net worth parents share that very concern.

Just how much is too much? Answers vary per family, of course. In the Merrill Lynch survey, 46% of families said that they wanted to avoid handing down the kind of money that would dissuade their heirs from realizing their full potential in their lives and careers.

By involving your kids in the discussion of where the family wealth will go when you are gone, you encourage their intellectual and emotional investment in its future. Pair values, defined goals, and clear purpose with financial literacy and input from a financial or legal professional, and you will take a confident step toward making family wealth last longer.

Until recently you typically had to pay to see your credit score. Thankfully that’s changed as a result of an initiative by the Consumer Financial Protection Bureau. You now have free access to your credit score through your credit-card company.

It’s important to know what those three little digits mean to you. When you know the power of your FICO score you are better prepared for how to manage your finances, and what records might need to be corrected. Compare your score to this ranking:

• Excellent Credit: 781 – 850
• Good Credit: 661-780
• Fair Credit: 601-660
• Poor Credit: 501-600
• Bad Credit: below 500

If you think your score is unfairly low, request a copy of your credit report. You’re entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies. Order online from www.annualcreditreport.com the only authorized website for free credit reports, or call 1-877-322-8228. You will need to provide your name, address, social security number, and date of birth to verify your identity. Be sure to only access this information from these resources to protect your privacy.

This is one point in your life where it is not only “how you play the game” but also what the score is!

Recently a client came to me after learning she was to receive a sizable inheritance. Her mom had passed – expectedly – leaving my client the entirety of her estate – my client is an only child.

At first she looked at the inheritance as a way to finally get those things in life that she longed for – luxury items you could say. So my first piece of advice to her was to park the money – put it in the bank, and let us strategize.

When receiving an inheritance, here are the seven steps you should take:

1. Put the money in the bank – if it is more than $250,000 – the most that FDIC will cover per account – divide it among multiple banks. Better yet, put it in a three or six-month CD with a penalty for early withdrawal – so that you’ll be less likely to touch it quickly.
2. Strategize paying off debt. Your inheritance should target the demolition of high-interest, non-deductible debt. But once the debt is paid off – curb the behaviors that caused the debt to begin with.
3. Boost your emergency fund. This if often overlooked but is essential to assuring that future debt is not incurred unexpectedly.
4. Prioritize your “wish list.” Yes, there are things we all dream of – travel, a second home, a backyard pool, the new car. But consider sending your children to college debt-free, or putting that new roof on your house.
5. Keep your job. When you have been given a sizable inheritance it can be very tempting to consider working less or not at all. But unless you have inherited several million dollars – you need to keep “punching a clock” like the rest of us. Otherwise you will blow through the money all too quickly.
6. Boost your savings. If you’re not already making maximum contributions to your retirement plan, you should use some of your inheritance toward that end. Consider a 529 college savings plan for your children or grandchildren.
7. Consider creating your own “personal pension plan.” Invest the money with a long-term strategy – with a guaranteed return to be realized during retirement. This will either allow you to retire early or retire with a larger income.
8. Splurge, just a little. Yes, go ahead, now that you have taken care of more pressing matters take some of the inheritance and enjoy it. Select those expenditures that will make memories in your loved one’s name.

As my client considered these seven steps she was much more able to make sound decisions about her inheritance. She funded her children’s college got some much needed home repairs, a home addition and a retirement investment account. She strategized well on what to do with her newfound funds.  And with the way she did – this inheritance will benefit her and her family for decades to come!