Case Study #3
Dr. Stephanie Carter-Robin
Podiatry in Jackson Heights
Dr. Carter-Robin's Goals
Having served as Chief of Podiatry at the Brooklyn Hospital Center, Dr. Stephanie Carter-Robin opened a private practice in Jackson Heights.
Transitioning from running a department to heading her own practice required financial guidance and future planning.
Dr. Carter-Robin is an expert in foot and ankle medical concerns but wanted expert advice to ensure a healthy financial plan that will lead to financial freedom both now and at retirement.
Issues to be Addressed
"He's a CPA that goes above and beyond his normal accounting duties. The experience has been amazing."
~ Dr. Stephanie Robin-Carter
Solution
We helped Dr. Carter-Robin make some changes to her tax structure, how she paid for the equipment in her practice, and how she was funding her retirement. This allowed her to save a great deal on taxes and put her in a much stronger financial position.
Actions we took
Tax Structure
We changed the corporate structure to optimize her tax savings. Which allowed her to buy a home instead of continuing to rent. We made an analysis of financing equipment versus renting equipment and changed to financing equipment which lead to an additional reduction in taxes.
Retirement
We created a defined benefit plan, to maximize her ability to save money for retirement and save on the current taxes (which were at a higher bracket than the tax bracket at retirement). We connected her with a financial advisor to help leverage the funds for growth.
"When I retire, that money's going to be there for me and my family to live off. It's a great help."
Dr. Stephanie Robin-Carter
Jackson Heights, NY
Results
As a result of a better tax structure, Dr Robin was able to continually contribute to her pension and has seen growth in the pension from wise investments. As a result of the great financial steps taken over recent years with the help of Y. Moskowitz, Dr. Carter-Robins is looking at adding new locations to her practice, something she had not considered a possibility before.