Ask The Expert: Leah Friedin


Leah Friedin is a Financial Advisor and Financial Services Professional offering her primary services through New York Life Insurance Company and NY Life Securities, LLC. Leah relocated to the area from Wall Street in October 2011. Her areas of specialization are business planning, retirement planning, and individual financial planning. Leah is excited to be able to speak to the diverse individuals and business owners in the Bedford-Stuyvesant community and debunk the myth that utilizing an advisor is costly and exclusively for the elite. You may contact her through the Bed-Stuy Gateway BID to help you fully analyze your needs and ask additional questions. Financial consultations are free with no obligation.

 

 

What do you do?

I work with business owners to help them find financial solutions to help their employees, business, and their families.

That’s a little vague. Can you explain further?

Sure, I provide a combination of business risk management services combined with financial planning. I work by educating people about business succession plans, benefit maximization, methods to boost cash flow, reduce tax liability, preserve assets and save money for tomorrow.

How much does health insurance cost? Shouldn’t I just buy it on my own for my family and myself since I cannot afford to provide it for my employees?

Just as businesses vary, there are many types of health insurance plans, the cost is contigent on group size, type, and several other factors. You can buy it on your own, but unfortunately in New York State, there is no fair and equitable way for individuals to obtain health insurance for themselves and their families. The state looks to the employers to provide benefits. Generally speaking, offering access to benefits through the business will have a lower cost for everyone, as it is a group rate. You actually do not need to pay for any of the cost of the benefits for employees, the cost just needs to be deducted from their paychecks (pre-tax).

What about retirement plans for my employees? Why do they cost so much to administer? I can’t afford to match my employees contributions right now.

Retirement plans, like other benefits do not need to add an expense. The most famous plan is currently a 401K which often involves an employer match that is based on the employees contributions. There are many types of plans and careful consideration needs to be given as to which is the most suitable for your business. A brief consultation with a business advisor can shed some light on which may make the most sense for your business.

What is a buy-sell agreement? Why may I need one?

Sometimes called a “business will,” a buy-sell agreement is a legal contract among business owners that states what will happen should a partner leave the business due to death, disability, or a lifetime situation such as retirement. The agreement obligates the remaining owners to purchase the business interest of the partner who has left the business, and the departing partner (or heirs) is obligated sell. This type of arrangement benefits the families in a number of ways: it will help free them of business worries at a time of crisis, guarantee a purchaser, and, if kept up-to-date, ensure a fair price for your business interests.

Remaining owners also benefit from a buy-sell agreement: they know the purchase price of the business interests in advance; they don’t have to worry about new, perhaps unwanted partners; and the smooth transition will help the company retain the confidence of clients and creditors.

With the help of an attorney, these agreements are easy to draft and flexible, allowing for alterations with the consent of all parties involved.

 

If you have any more questions for Leah, email us at bedstuygate@gmail.com or comment below.

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One Comment on “Ask The Expert: Leah Friedin”

  1. Aleks
    April 5, 2012 at 1:23 pm #

    This is fantastic advice. Thank you Leah!

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