Many people turn to financial advisors for help navigating their financial future. Whether you're looking for retirement planning or want to learn more about long-term care, a financial advisor is an invaluable asset. Consult the guide below to learn how this professional can help you establish a roadmap for your finances.

3 Ways a Financial Advisor Can Help You

1. Estate Planning

Creating an end-of-life plan ensures that your assets are well cared for and distributed accordingly after death. To avoid feuds and misunderstandings among family members, it's wise to include assets with large monetary value in your estate plan. Assets include bank accounts, real estate property, retirement accounts, trusts, and even personal property, such as a boat.

All assets will be thoroughly drafted so that you can provide this information to an estate planning attorney. Attorneys typically don't have the authority to check finances, so they rely on the information given to them by clients. Make sure your assets are fully outlined by hiring a financial advisor.

2. Retirement Planning

Although retirement may seem like it's years away, it's wise to start planning for your golden years ahead of time. A financial advisor is authorized to set up 401(k)s, Roth IRAs, IRAs, and other retirement accounts.

These professionals understand the unique laws that govern such accounts and will provide information to your estate planning attorney so that beneficiaries receive the right assets. For example, children can inherit a parent's IRA, while the surviving spouse is usually the beneficiary of a 401(k) unless otherwise specified.

3. Long-Term Care Planning

Health care costs can increase throughout someone's lifetime, especially if they require special care for illnesses such as diabetes. Having a solid financial plan in place for health care and long-term care costs will ensure that you'll have access to funds for this type of spending.

A financial advisor will outline what benefits insurance offers, such as co-pays for prescription medication, hospital visits, or overnight medical care. Then, they'll outline possible areas of health care spending, including in-home care, surgical needs, and medical transportation. To help maximize savings, they'll offer several long-term care insurance options. They'll look for the most cost-effective and reliable insurance option to help you live comfortably during your golden years.

To get started on any of the plans above, reach out to the financial advisors at American Retirement Counselors - Home Office. Serving residents in North Carolina, South Carolina, Virginia, and the surrounding states, this team offers long-term care insurance, health insurance, and retirement planning services. For more on their offerings, call (336) 855-3501 or visit them online.