'GMA' Quick Tip: New Wealth Planning

March 8, 2011 — -- So you've just come into money, but you don't know whether to invest it or donate it. "Good Morning America" personal finance contributor Mellody Hobson is here to help answer your questions.

All right, let's get serious about your new wealth and its consequences to your financial future. We'll start by finding a certified financial planner to help you devise a plan that matches your goals. Certified financial planner or CFP's are financial advisors who have been trained to create and implement financial plans for investors. They have passed a rigorous exam and must abide by certain standards and continuing education requirements. To find a CFP go to the certified financial planner board of standards website. Before you hire a CFP make sure you interview them. It's important to understand their philosophy and fee structure. Be sure to ask for references.

Now, if you are thinking about charitable contributions then websites like charitynavigator.org and guidestar.org are fantastic resources for not only finding charities that meet your goals, but also those that pass along the most money to people who actually need it. Once you narrow down the list to a few candidates feel free to visit those charities and interview staff members. Something to keep in mind is that only donations to organizations with 501(c)3 status are tax deductible.