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.

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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.

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 conversation.

Topics in this conversation include:

• Overview: S Corporation Shares in Estate Planning (0:47)
• Why S Corporation Shares in Trusts Are Complex (1:32)
• Types of Trusts That Can Hold S Corporation Shares (3:06)
• Requirements for QSST (Qualified Subchapter S Trust) (4:33)
• Stock Restriction Agreements and S Corp Elections (5:59)
• ESBT (Electing Small Business Trust) Requirements and Flexibility (7:05)
• Comparing QSST and ESBT: Why Choose One Over the Other? (7:39)
• Tax Implications of QSST vs. ESBT (8:05)
• Planning for Trust Elections in Estate Planning (10:39)
• Building Flexibility into Estate Plans (11:00)
• Fixing Inadvertent S Corporation Terminations (12:08)
• Practical Advice for S Corporation Owners (13:14)
• Importance of Team Approach and Working with CPAs (14:14)
• Final Thoughts and Takeaways (15:35)

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.