Queens Bankruptcy Attorney Bruce Feinstein, Esq. Gives Top Five Times to Speak with a Financial Advisor

Queens, NY (PRWEB) April 17, 2017

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Working with a financial advisor is not top of mind to most people, but it can help them save money and make sound investments. Bruce Feinstein, Esq., an experienced bankruptcy attorney in Queens, New York, recently gave his top five times to speak with a financial advisor. Working with a financial expert during these key times can help make people's money work harder for them, and help them avoid an unnecessary bankruptcy filing.

Mr. Feinstein's first recommendation for meeting with a financial advisor is when an individual get his or her first job. This milestone often marks the first time a person can start saving for retirement, and it's a crucial time to get into the habit of smart saving. A financial advisor can give tips on how to best take advantage of an employer's benefits, such as a 401k or bonus plan. It's common for this first meeting to be an initial consultation, and is a great time to learn about the best available investment options.

Another key time to speak with a financial advisor is at the opposite end of the work timeline: retirement. Retirement planning is an area where good financial planners can offer a lot of strong expertise. The key is to meet with one before the expected retirement date. “Meeting with a financial advisor several years before retiring is key to getting the best strategies,” explains Mr. Feinstein. “This allows people to make any adjustments to their saving ratios and retirement accounts ahead of time, so they can shift seamlessly into this next phase of their lives.”

Mr. Feinstein's next recommendation is not one that can be planned for in advance, but is no less important. Receiving a large sum of money is an important time to meet with a financial advisor for both emotional and monetary reasons. People may get a lump sum of cash in an inheritance or bonus payout, but they often waste the opportunity to make this boon of cash grow and work for them. Poor financial decisions can make people lose their financial gain, and even ruin their other finances. Working with a planner can help people learn how much money to save, invest, and use in the immediate future.

Another important time to work with a planner occurs when people need to care for aging parents. Taking on the care of a family member poses a lot of questions and financial implications, such as keeping parents in their homes instead of a retirement facility, or hiring a home health aid. According to Genworth Financial, the average annual cost of keeping a relative in an assisted living facility in New York is $49,653. That cost rises to $131,853 annually for a nursing home. A financial planner can help families prepare for this added expense and find the best solution based on their wealth.

Mr. Feinstein's last recommendation for working with a financial advisor is during estate planning. “When you are getting ready to pass on your wealth, a professional can help you minimize estate taxes and plan ahead for any final expenses so the burden is not passed on to your family,” says Mr. Feinstein.

The Law Offices of Bruce Feinstein has nearly two decades of experience in bankruptcy law, helping clients and families resolve their issues and move forward with their lives. Visit bfeinsteinesq.com for more information or call (718) 514-9770 to reach the New York office. ###

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