On his podcast, Clark Howard answers real reader questions on money, credit, debt, retirement, travel, and more, along with co-host Christa DiBiase.

Clark's answer: Danielle, I'm so sorry about the loss of your relative.

You couldn't have teed me up a better pitch than this, especially since both of your kids work part-time. The best way to maximize this financial blessing is to funnel that $20,000 into a Roth IRA for each of them, year after year, for as long as they have earned income. You can't contribute more in a given year than what they actually make, but over the next several years, you'll be able to fully migrate that entire $20,000 into their respective Roth IRAs.

Here is what I recommend: open an account for each of them with one of the discount investment houses. I always talk about my three favorites: Schwab, Vanguard, and Fidelity. Put the money in a money market fund there initially. Whatever they earn in a given year, move that matching amount from the money market into their Roth IRA. Keep doing that every year until the entire $20,000 is fully migrated, likely at some point in their twenties.

Setting them up with a Roth IRA for the future is the greatest gift this relative could ever give them, securing long-term financial freedom from the very start of their adult lives.