TFE Talks: Navigating Wealth, Business, and Legacy

1099 or W‑2? The Truth About Worker Classification

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 real relationship and be consistently followed in practice. The key takeaway: decide what you want the relationship to be, document it clearly, and then operate in line with that agreement to reduce risk now and protect the value of the business in a future sale. Topics in this conversation include:  * Welcome to Today’s Topic on Contractors vs Employees (0:33) * Why Worker Classification Matters for Legal and Practical Risk (1:54) * Tests Used by IRS, Department of Labor, and States for Classification (4:15) * Gym and Personal Trainer Example Explaining Right to Control (4:15) * How Equipment, Supplies, and Office Space Affect Classification (6:06) * Whether Working for Multiple Businesses Points to Contractor Status (6:58) * Role of Written Agreements vs Actual Facts of the Relationship (7:42) * Key Provisions to Include in an Independent Contractor Agreement (10:10) * Following the Agreement in Practice to Avoid Misclassification (12:07) * Applying This “Decide, Document, Follow” Approach Across Legal Planning (13:34) * Impact of Misclassification on Future Business Sale and Due Diligence (15:54) * Closing Remarks and Resources for Listeners (16:13) 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 [http://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 [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

Indemnification Provisions in Purchase Agreements: The Hidden Risks Behind the Price

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 early in the process—ideally at the letter of intent stage—so that business owners understand not just the purchase price, but also the real risk of giving money back after closing. Topics in this conversation include:  * Introduction to TFE Talks and Episode Topic (0:02)   * What Representations and Warranties Are in a Business Sale (2:16)   * Examples of Common Reps and Warranties for Sellers (3:07)   * Who Indemnifies Whom and Buyer vs Seller Goals (4:06)   * Indemnification as an Insurance Policy for Buyers (6:28)   * How Baskets and Deductibles Work for Sellers (7:23)   * Using Caps on Liability to Limit Seller Exposure (9:28)   * Time Limits on Indemnification and Fundamental Reps (12:26)   * Holdbacks vs Escrows as Sources of Indemnity Funds (14:31)   * Negotiating Indemnity Terms and Market “Norms” (15:57)   * Balancing Purchase Price vs Indemnification Risk (17:42)   * Why to Negotiate Indemnities at the LOI Stage (19:50)   * Parting Thoughts and Takeaways (20:48)   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 [http://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 [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

Life Insurance – Is it Taxable?

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 Crummey notices, the impact of generation-skipping transfer tax, and strategies for transferring existing policies into an ILIT, including sales to avoid the three-year look-back. Listeners come away with a practical understanding of when an ILIT may be appropriate and how it fits into broader estate and tax planning.  Topics in this conversation include:  * Are Life Insurance Proceeds Taxable? Income Tax vs Estate Tax (1:36)   * Incidents of Ownership and Why They Pull Life Insurance Into Your Estate (3:03)   * How an ILIT Owns a Policy and Keeps Proceeds Off Your Balance Sheet (4:00)   * Using ILITs to Create Liquidity and a Classic $20M Estate / $2M Policy Example (6:24)   * Choosing a Trustee and Why Banks or Trust Companies Can Be Helpful (8:13)   * Crummey Trusts, Annual Exclusion Gifts, and Sending Crummey Notices (11:19)   * Generation Skipping Transfer Tax and Tracking GST Exemption with ILITs (16:59)   * Moving an Existing Policy Into an ILIT and Avoiding The Three Year Look Back (20:53)   * When ILITs Make Sense Today and Why Early Planning Adds Flexibility (24:18)   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 [http://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 [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

Before It’s Too Late: POA Mistakes Lawyers See Every Day

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-sustaining treatment, and nutrition/hydration, and compare it to a living will, explaining why a healthcare power of attorney is usually the better, more comprehensive tool. The key takeaway is that nearly every adult, young, old, or with college-age children or aging parents, should have both financial and health care powers of attorney in place to avoid court intervention and ensure trusted decision-making in times of incapacity. Topics in this conversation include:  * What a Power of Attorney Is and How It Works During Life (1:24)   * Durable vs Springing Powers of Attorney Explained (2:25)   * General vs Limited Financial Powers of Attorney (5:05)   * Choosing Agents, Co‑Agents, and Compensation Issues (6:39)   * How a Health Care Power of Attorney Differs From Financial POA (9:43)   * Organ Donation, Life‑Sustaining Treatment, and Feeding Tube Choices (11:16)   * Living Wills vs Health Care Powers of Attorney in South Carolina (14:34)   * Why Almost Everyone Needs Financial and Health Care POAs (17:11)   * Powers of Attorney for Adult Children and Aging Parents (17:52)   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 [http://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 [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

Estate Planning in a Growing City: What Spartanburg Families Need to Know

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 market, highlighting her client-centered approach and the firm’s collaborative, process-driven style. Topics in this conversation include:  * Welcoming Maisie and Discussing TFE’s Expansion to Spartanburg (0:38) * Maisie’s Background: From Chicago to Wake Forest and WashU Law (1:03) * Big Firm Experience and Developing a Versatile Estate Planning Practice (2:45) * Moving to Spartanburg and Choosing Thomas, Fisher & Edwards (4:02) * Why Maisie Loves Estate Planning and Serving Families and Businesses (8:05) * Lightning Round: Favorites, Hobbies, and Life in Spartanburg (10:32) * Excitement About Spartanburg’s Growth and Community Involvement (13:54) 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 [http://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 [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.