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.

Topics in this conversation include:

• Welcome to Today’s Episode (0:37)
• What Is a Section 754 Election and When Does It Arise? (3:06)
• Understanding Inside Basis Versus Outside Basis (5:18)
• Why Mismatched Basis Matters: 754 Election Relevance (7:04)
• The Downsides or Risks of a 754 Election (8:53)
• How to Make the 754 Election and Why Timing Matters (10:14)
• Biggest Mistake: Failing to Make the Election (10:27)
• Practical Takeaways for Business Owners and Advisors (11:37)
• Importance of Planning in Advance with Operating Agreements (12:12)
• Final Thoughts and Takeaways and Where to Learn More (13:03)

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 podcast serves as your go-to resource for thoughtful, strategic planning. Tune in for guidance that helps you protect what matters most. Learn more at www.tfelawfirm.com.

The information provided in this podcast is for general informational purposes only and should not be considered legal advice. Listening to this podcast does not create an attorney-client relationship with Thomas, Fisher & Edwards or any of its attorneys. Laws and regulations vary, and legal matters are highly fact-specific. For personalized legal guidance, please consult with a qualified attorney.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 crucial for anyone with significant assets or those considering a move between different property law states. Don’t miss these great insights.

Topics in this conversation include:

• What Is Community Property? (1:38)
• States With Community Property Laws (2:38)
• Importance Of Community Property For Estate Planning (4:13)
• Income Tax Benefits Of Community Property (5:19)
• How Title And Community Property Interact (8:39)
• Handling Community Property After Moving States (10:39)
• Preserving Community Property With Trusts (13:14)
• Opt-In States And Elective Community Property (16:08)
• Practical Advice For Advisors And Clients (18:26)

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 podcast serves as your go-to resource for thoughtful, strategic planning. Tune in for guidance that helps you protect what matters most. Learn more at www.tfelawfirm.com.

The information provided in this podcast is for general informational purposes only and should not be considered legal advice. Listening to this podcast does not create an attorney-client relationship with Thomas, Fisher & Edwards or any of its attorneys. Laws and regulations vary, and legal matters are highly fact-specific. For personalized legal guidance, please consult with a qualified attorney.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 advanced trust and estate administration. Don’t miss these great insights!

Topics in this conversation include:

• Explaining the Delaware Tax Trap (0:50)
• What Triggers the Trap and Why It’s Dangerous (1:22)
• Who Should Use the Delaware Tax Trap? Ideal Scenarios (3:29)
• Using a Limited Power of Appointment: Process and Benefits (5:17)
• Comparing Decanting vs. Delaware Tax Trap: Pros and Cons (7:12)
• Practical Advice for Listeners on Identifying Opportunities (10:24)
• Income Tax Planning is the New Estate Planning (11:09)
• Parting Thoughts and Ways to Learn More (12:33)

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 podcast serves as your go-to resource for thoughtful, strategic planning. Tune in for guidance that helps you protect what matters most. Learn more at www.tfelawfirm.com.

The information provided in this podcast is for general informational purposes only and should not be considered legal advice. Listening to this podcast does not create an attorney-client relationship with Thomas, Fisher & Edwards or any of its attorneys. Laws and regulations vary, and legal matters are highly fact-specific. For personalized legal guidance, please consult with a qualified attorney.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.