TFE Talks: Navigating Wealth, Business, and Legacy

In this episode of TFE Talks, Jordan Goewey and associate attorney Ben Ferris unpack the crucial difference between employees and independent contractors and why that distinction matters for business owners. They discuss how misclassification can create legal and tax risks or unnecessarily increase costs, and explain the key factors authorities like the IRS look at, especially who controls day-to-day work. Using examples like a gym and personal trainers, they highlight practical indicators such as control, payment structure, use of equipment and workspace, and whether the worker serves multiple businesses. They also emphasize that written agreements must accurately reflect the...

In this episode of TFE Talks, Jordan Goewey and Matt Edwards break down indemnification provisions in business purchase agreements, especially in the context of selling a business. They explain how representations and warranties are promises sellers make about their business, and how indemnification provisions act like an insurance policy for buyers when those promises turn out to be untrue. The conversation covers key negotiation points for sellers, including baskets vs. deductibles, caps on liability, time limits on claims, and how funds for indemnification are sourced through holdbacks or escrows. They emphasize the importance of addressing these “fine print” terms earl...

In this episode of TFE Talks, David Thompson and estate planning specialist Jordan Goewey break down how irrevocable life insurance trusts (ILITs) work and why they matter for high-net-worth individuals. They explain when life insurance can become estate taxable, the concept of “incidents of ownership,” and how moving policies into an ILIT can keep proceeds outside the taxable estate while still providing liquidity for estate taxes, business needs, or family support. The discussion covers basic ILIT structure (trustees, beneficiaries, and policy ownership), the use of Crummey powers and annual gift tax exclusions to fund premiums efficiently, key administration requirements like...

In this episode of TFE Talks, David Thompson and Jordan Goewey discuss the essential role of powers of attorney (POA) in estate planning. They explain what a power of attorney is, the difference between financial and health care powers of attorney, and key terms like “durable” and “springing.” The conversation covers broad vs limited financial powers of attorney, how to choose and structure agents (including co-agents and compensation), and why most financial POAs are effective immediately rather than springing. On the healthcare side, they walk through South Carolina’s healthcare power of attorney form, including decisions on organ donation, life-susta...

In this episode of TFE Talks, host Jordan Goewey talks with new attorney Maisie Greene about her path from the Chicago suburbs to Wake Forest University, Washington University in St. Louis School of Law, and ultimately to Spartanburg, South Carolina. Maisie explains how her experience at a large St. Louis firm in estate planning and business law prepared her to bring big-firm expertise to a focused practice at Thomas, Fisher & Edwards. They discuss why she’s drawn to estate planning, the direct impact it has on families and business owners, and what excites her about serving the growing Spartanburg ma...

In this episode of TFE Talks, attorneys Jordan Goewey and David Thompson discuss the pros and cons of different business entities, focusing on corporations, S corporations, LLCs, and professional associations in South Carolina. They explain key concepts such as corporate formalities, double taxation, S corp election benefits, and unique requirements for professional practices. Listeners will learn essential considerations for choosing the right entity and the importance of informed planning and seeking professional guidance to optimize liability protection and tax outcomes. Don’t miss these insights! 

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In this episode of TFE Talks, attorneys Jordan and David discuss the importance of choosing the right business entity, exploring sole proprietorships, general partnerships, limited partnerships, and LLCs. They break down the tax implications and liability concerns for each structure, emphasizing how the default choices can impact your personal assets and business risks. Listeners will learn why proper entity selection and professional guidance are crucial for protecting their wealth and ensuring long-term business success. Don’t miss these great insights!

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In this episode of TFE Talks, attorneys Jordan Goewey and Parker Baker break down the complex topic of Section 754 elections in partnership taxation, explaining when and why these elections matter. Listeners learn the difference between inside and outside basis, the tax implications of partnership interest transfers, and the importance of timely making a 754 election. Key takeaways include being proactive in planning, considering including 754 election provisions in operating agreements, coordinating with accountants to avoid costly tax mistakes, and so much more.

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In this episode of TFE Talks, Attorneys Jordan Goewey and David Thompson break down the essentials of community property vs. separate property states, highlighting the unique legal frameworks, tax advantages, and estate planning implications, especially for clients moving between states. The discussion covers which states have community property laws, the substantial income tax benefits of community property, and the importance of identifying and segregating assets after relocating. Practical advice is given on using community property trusts and consulting estate planning attorneys early to protect client wealth and ensure the best possible outcomes. Key takeaway: Awareness and proactive planning are...

In this episode of TFE Talks, Jordan Goewey and Parker Baker break down the complex topic of the Delaware Tax Trap, a strategic estate planning tool that can boost tax efficiency for beneficiaries of irrevocable trusts. They explain what the Delaware Tax Trap is, when and how to leverage it for a basis step-up on appreciated assets, and the pros and cons of using a beneficiary’s will versus decanting a trust. Listeners will learn how rising estate tax exemptions make income tax planning more crucial than ever, and receive practical guidance for identifying opportunities and avoiding common pitfalls in...

In this episode of TFE Talks, Jordan Goewey and Parker Baker break down the complexities of holding S corporation shares in trust, exploring the differences between grantor trusts, QSSTs, and ESBTs, and their respective tax implications. They discuss the importance of careful estate and business planning to avoid costly mistakes like inadvertent S corporation termination, and offer practical advice for business owners, including working closely with CPAs, establishing stock restriction agreements, and building flexibility into estate plans. Listeners will gain actionable insights on protecting their business and legacy through informed trust and tax strategies. Don’t miss this enlightening co...

In this episode of TFE Talks, Jordan Goewey and Matthew Edwards explore the importance of prenuptial agreements in the context of estate planning and business succession. They explain what prenups are, why it’s crucial to set them up before marriage rather than after, and how they interact with South Carolina law, including the concept of the elective share. Listeners will learn about the legal requirements for enforceable agreements, such as full financial disclosure and separate attorney representation, and gain practical tips for protecting personal and family assets while fostering clear, informed communication between partners.

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In this episode of TFE Talks, attorneys Jordan Goewey and David Thompson break down the latest changes to South Carolina trust law, focusing on grantor trust reimbursement, expanded powers of appointment, and the extension of the rule against perpetuities to 360 years. They discuss how these updates offer greater flexibility, enhanced creditor protection, and new planning opportunities for clients. Key takeaways include the importance of reviewing existing trust documents to ensure alignment with the new law and the potential for South Carolina residents to benefit from advanced trust strategies without looking to other states. Don’t miss this important information. 

In this episode of TFE Talks, Jordan Goewey and Matthew Edwards discuss the critical role of buy-sell agreements in business ownership. They explain what buy-sell agreements are, the differences between cross purchase and redemption types, common triggering events, and various methods for valuing a business. The conversation also covers strategies for funding buyouts, the best timing for creating these agreements, and common mistakes business owners make—such as neglecting to update or review their agreements. Key takeaways include the importance of having a buy-sell agreement in place from the start, regularly reviewing and updating it, seeking professional advice to en...

In this episode of TFE Talks, listeners are introduced to Ben Ferris, the newest associate at Thomas, Fisher & Edwards. Ben shares his educational background, journey from Charlotte to Greenville, and what drew him to estate planning and business law. The conversation highlights his passion for helping families build lasting legacies, his positive impressions of the firm’s culture, and his eagerness to work with clients. The episode also features a fun lightning round, revealing Ben’s favorite restaurants, coffee habits, and love for golf. Key takeaways include the importance of meaningful client relationships, the value of firm culture, and so m...

In this episode of TFE Talks, Jordan Goewey and Parker Baker discuss the critical role of letters of intent (LOIs) in the business sale process. They explain what LOIs are, their importance in setting the stage for negotiations, and the distinction between binding and non-binding provisions—particularly confidentiality and exclusivity clauses. The conversation also highlights how buyers and sellers approach LOIs differently, common pitfalls sellers face, and the importance of negotiating key terms early. Listeners will learn why investing in legal and financial advice at the LOI stage can help secure better outcomes and avoid costly mistakes when selling a...

In this episode of TFE Talks, host Jordan Goewey introduces Mira Prisco, the newest associate at Thomas, Fisher & Edwards. Mira shares her educational journey through Clemson, LSU, and the University of Florida, her passion for combining law and accounting, and her reasons for joining the firm. The episode also features a fun lightning round revealing Mira’s personal favorites. Listeners will get to know Mira’s background, her excitement for helping clients with estate and business planning, her approachable, client-focused attitude, and more. 

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In this episode of TFE Talks, Attorneys Jordan Goewey and Matthew Edwards break down the "One Big Beautiful Bill Act," highlighting its major changes to tax law and estate planning. They discuss the permanence of increased estate and gift tax exemptions, the qualified business income deduction, new opportunities with qualified small business stock and opportunity zones, the introduction of "Trump accounts" for children, and updated rules for charitable deductions. Key takeaways include the importance of proactive planning with all advisors, understanding new tax-saving opportunities, updating estate documents to take advantage of the latest law changes, and so much more. 

In this bonus episode of TFE Talks, host Jordan Goewey interviews law clerks Justin Manson and Meredith Watson about their summer at Thomas, Fisher & Edwards. Justin and Meredith discuss their backgrounds, what drew them to the firm, and their impressions of its collaborative and supportive culture. The conversation also highlights the importance of mentorship, continuous learning, gaining practical experience with clients, the value of curiosity, the benefits of working in a dynamic, team-oriented law firm, and more. 

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In this episode of TFE Talks, host Jordan Goewey welcomes Parker Baker as the pair dives into the critical process of corporate cleanups in preparation for a business sale. Parker explains that corporate cleanups involve ensuring all business documentation—from ownership records to tax filings—accurately reflects the company's current state. They also discuss common issues like incorrect shareholder documentation, the importance of having proper corporate and LLC records, and why businesses should proactively address these matters years before a potential sale. Key takeaways include the need to formalize vendor and customer agreements, secure key employees, verify tax compliance, and...

In this episode of TFE Talks, attorneys Jordan Goewey and David Thompson dive deep into the complex world of probate, demystifying the legal process of estate administration. David explains probate as both the legal validation of a will and the process of managing a deceased person's assets, highlighting key aspects such as the role of a personal representative, potential privacy concerns, and the typical timeline of estate settlement. The discussion also covers critical topics including probate fees, creditors' claims, and the importance of careful estate planning. Key takeaway for listeners is that while probate can seem daunting, with proper...

In this episode of TFE Talks, host Jordan Goewey welcomes Matt Edwards as they dig into income tax basis, explaining how it determines taxable gains when selling assets. During the conversation, Jordan and Matt explore how basis is established through purchase, gifting, or inheritance, with a particular focus on the critical "step-up in basis" rule that occurs when assets are inherited. The podcast provides valuable insights into estate planning strategies, such as strategically transferring assets to minimize tax liability and the potential benefits of holding appreciated assets until death. Key takeaways include understanding that basis is typically the original...

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TFE Talks: Navigating Wealth, Business, and Legacy is the official podcast from Thomas, Fisher & Edwards, a premier estate planning and business advising law firm in Greenville, South Carolina. Each episode, our attorneys break down complex legal topics—covering estate planning, business strategy, and legacy building—into clear, actionable insights. Whether you're refining a plan with our team or preparing for the future, this podca...

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*Note: information recorded in this podcast is current as to the time of recording. You should consult with your attorney on the above information to keep up to date with current law. 

TFE Talks: Navigating Wealth, Business, and Legacy is the official podcast from Thom...

Topics in this conversation include: 

TFE Talks: Navigating Wealth, Business, and Legacy is the official podcast from Thomas, Fisher & Edwards, a premier estate planning and business advising law firm in Greenville, South Carolina. Each episode, our attorneys break down complex legal topics—covering estate plann...

Thomas, Fisher & Edwards is a premier law firm based in Greenville, South Carolina, providing elite and personalized legal counsel for individuals, families, and businesses. With a Tier 1 ranking in seven practice areas by Best Law Firms® in 2024, the firm is known for its high-touch, sophisticated approach to legal solutions.

For over two decades, TFE has guided clients through estate planning, business law, mergers & acquisitions, business succession, trusts, and more, ensuring their legacy, wealth, and enterprises are protected. Their commitment to integrity, excellence, and innovation sets them apart as a trusted partner for those navigating complex legal challenges.