DEAR BRUCE: My son just graduated from college during which time he built up student loans of $44,000. He is about to inherit $25,000. Should he use this money to pay down the student loan, or should he invest it and use the interest to make payments? He does not have a job in his profession yet, although he should be getting one within the next month. He wants to go on to law school in about a year. What are your thoughts? -- C.C., via e-mail

DEAR C.C.: Student loans are an obligation that cannot be finessed. I don't believe paying off that student loan, which is likely at a favorable interest rate, would be the best thing to do. The fact that he wants to go on to law school is another important variable. I would invest the $25,000 and save every dime over and above his student-loan payments toward that law-school education, which will eventually pay dividends. If he pays off the loan, he may have to borrow more. I would keep the balance of the loan outstanding, making the minimum payments at the lowest possible interest rate and saving as much money as possible.

DEAR BRUCE: I am 61 years old and married. I have four sons who are grown and gone. I have always been a blue-collar worker. I was recently diagnosed with cancer. I am telling you this because, as a blue-collar worker and raising four sons, I have never had a chunk of money to invest in anything. Now I am coming into some money and have no idea what to do with it. After paying off the car, credit cards and some other bills, I will have around $70,000 left. Should I just put this into CDs, because of my heath and age? I would like to earn something from this money. -- Reader, via e-mail

DEAR READER: As you realistically point out, long term may not be a goal that you will achieve. That said, and in today's chaotic world, I believe your best bet would be to go with a long-term -- perhaps two years -- CD at 4 percent plus. While this is not a generous amount of money, it's money you can spend on yourself. Candidly, is there some reason you don't spend some of the principal on yourself as well? You deserve it!

DEAR BRUCE: I am the executor of my mother's will and deed holder of the property. Her home was deeded to me in 1999. I've since refinanced and used my mother's income as a part of the qualification. Since she is receiving Medicaid and also receiving assistance paid by Medicaid, will I be liable to the state financially because the home is in both our names? -- D.V., via e-mail

DEAR D.V.: In the first part of your letter, you say the property was deeded to you, but then you say the home is in both of your names. This is a contradiction. The fact that 50 percent of the home belongs to your mother and the lookback period is more than satisfied, the state likely will file a lien against 50 percent of the value of the home upon your mom's demise. They are entitled to that. Whether you wish to pay off that 50 percent if you're living in the home is another matter. Because you chose to leave half the property in your mom's name, that value can and will be assessed to pay for her care.