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 preparation and potentially professional guidance, it can be a manageable process. The episode emphasizes the importance of selecting a trustworthy personal representative, understanding the fiduciary responsibilities involved, planning ahead to potentially minimize complications and public exposure during estate administration, and more.

Topics in this conversation include:

• What is Probate? (0:49)
• The Role of the Personal Representative (2:15)
• Why People Try to Avoid Probate (4:09)
• Probate Fees and Privacy Issues (5:17)
• Filing the Will and Appointment of Personal Representative (8:22)
• Privacy Concerns with Probate Inventory (10:18)
• Creditor Claims Period (12:00)
• Closing the Estate (14:05)
• Emotional Considerations and Support (17:49)
• Final Thoughts and Takeaways (18:27)

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.

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 purchase price, assets can receive a new basis at death, why individuals should consult professionals to navigate complex tax implications when buying, selling, or transferring assets, and so much more.

Topics in this conversation include:

• Welcoming Matt and Previewing Today’s Episode (0:33)
• What is Income Tax Basis (1:17)
• Basis for Gifted Assets (2:14)
• Establishing Basis in New Businesses (3:38)
• Basis and Death/Inheritance (4:53)
• Benefits of Stepped-Up Basis (7:17)
• Strategies for Manufacturing Basis (9:09)
• Potential Tax Law Changes (11:10)
• Practical Advice for Asset Owners (13:01)
• Final Thoughts and Conclusion (15:08)

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.

Topics in this conversation include:

• Basics of Trust Planning (1:14)
• Creditor Protection in Trusts (4:11)
• Flexibility in Trust Planning (7:11)
• Importance of Prenuptial Agreements (11:13)
• Trusts for Spousal Protection (13:35)
• Incapacity and Protection Concerns (16:12)
• Actionable Advice and Parting Thoughts (17:43)

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.

Topics in this conversation include:

• Welcoming David and Previewing Today’s Topic (0:32)
• Overview of Estate and Gift Tax System (1:26)
• Wealth Transfer Tax Explained (00:02:15)
• Gift Tax and Exemption Usage (5:39)
• Qualified Educational Expenses (8:07)
• Medical Expenses Exemption (9:44)
• IRS Tracking of Gifts (11:22)
• Future Concerns About Exemption Changes (14:21)
• Advice for Estate Planning (18:07)
• Final Thoughts and Takeaways (19:23)

*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 Thomas, Fisher & Edwards, a premier law firm in Greenville, South Carolina. Each episode, our attorneys break down complex legal and financial 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 expert 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.

Topics in this conversation include:

• Welcoming Matt and Previewing Today’s Episode (0:33)
• Foundational Principle of Estate Planning (2:37)
• Four Primary Ways Assets Pass (3:19)
• Limitations of Beneficiary Designations (6:04)
• Understanding Survivorship Assets (8:17)
• Common Misconceptions about Joint Ownership (10:34)
• Risks of Adding Children as Co-Owners (12:36)
• Wills vs. Revocable Trusts (15:08)
• Benefits of Revocable Trusts (18:01)
• Dynamic Nature of Estate Planning (21:18)
• Actionable Advice and Key Takeaways (23:05)

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.

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.

Learn more at www.tfelawfirm.com.