A new study found a small number of baby boomers will inherit a significant sum of money when their parents pass on.

But, if you find yourself among the lucky few, you need to handle this money wisely if you expect it to make a difference in your future retirement.

One mistake heirs make is to treat the money like a precious legacy that can never be touched. To leave assets exactly as received is not conservative, it's risky.

The other mistake is treating the legacy like a windfall and either stepping up your spending habits or taking risky investment flyers.

Make sure your own retirement is on track before you go shopping for anything else.

Properly allocated, you'll make the most of your parents' gift for many years to come.

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