Tax advantaged accounts are funded from earned income. Your inheritance is not earned income, so you can not put it directly into a tax-advantaged account.
Statsguy and MN Finance's idea seems to a be logic around the problem---max out your annual tax-advantaged accounts and fund any living expense shortfall from the trust.
Fully fund your 401k, IRA, I bonds (*$15K/year), EE bonds ($10/year).
*$5K with fed tax return.
If you are planning for children, **maybe set up the tax-advantaged education plan for them.
**Don't know if you can set up a 529 plan for unborn child.
Could convert a portion of the trust to tax-exempt bonds. No annual limit on that.
d.r.a, not dr.a.