Top 5 Mistakes People Make with Health Care Powers of Attorney

Top 5 Mistakes People Make with Health Care Powers of Attorney

In this episode of TFE Talks, Jordan Goewey and Mira Prisco break down the importance of having a healthcare power of attorney, especially in light of recent regulations in South Carolina. They explain what the document is, when it becomes effective, and why every adult, regardless of age or assets, should designate a trusted agent to make medical decisions if they become incapacitated. The conversation covers how to choose primary and backup agents, what authority those agents hold, and the advanced directive choices around organ donation, life-sustaining treatment, and nutrition and hydration. They also clarify the difference between a health care power of attorney and a living will, emphasizing the need for consistency between documents. Key takeaways include avoiding reliance on the state’s default priority list, making sure your chosen agents know about and can access your documents, and thoughtfully communicating your wishes in advance to reduce emotional burdens on loved ones. Topics in this conversation include:  * What a Health Care Power of Attorney Is and Why Every Adult Needs One (0:47) * What Happens if You Don’t Have a Health Care Power of Attorney (2:09) * South Carolina Statutory Form and Required Agent Information (3:00) * How Many Agents to Name and Choosing Backup Agents (4:18) * Who You Should Choose as Your Health Care Agent (5:48) * When the Health Care Power of Attorney Becomes Effective and Agent Authority (7:23) * Advanced Directives: Organ Donation Decisions (8:30) * Advanced Directives: Life-Sustaining Treatment Options (9:31) * Advanced Directives: Nutrition and Hydration (Feeding Tube) Choices (11:39) * Health Care Power of Attorney vs Living Will and How They Interact (13:31) * Common Mistakes, Document Access, and Best Practices for Agents (15:55) * Final Thoughts and Takeaways (17:47) 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.

Trust Funding Checkup: Are Your Assets Really Lined Up With Your Trust?

In this episode of TFE Talks, Jordan Goewey and attorney Maisie Greene break down the practical side of trust funding and why simply signing a trust document is not enough. They explain how assets actually pass at death, why avoiding probate matters, and how to properly title or designate beneficiaries on checking and brokerage accounts, real estate, vehicles, personal property, business interests, life insurance, and retirement accounts. The conversation highlights common mistakes such as neglecting to fund the trust or misaligning beneficiary designations with the trust’s terms, and emphasizes the importance of yearly asset reviews and coordination among your attorney, financial advisor, accountant, and insurance professionals so that your estate plan works as intended. Topics in this conversation include:  * Welcome to Today’s Episode with Maisie on Trust Funding (0:33) * What Trust Funding Is and Why It Matters (2:44) * Pros and Cons of Beneficiary Designations vs. Trust Titling (4:48) * How to Handle Checking Accounts and Brokerage Accounts (7:46) * Real Property, Joint Ownership, and State-Specific Rules (10:07) * Vehicles, Personal Property, and New South Carolina TOD Rules (12:40) * Titling Business Interests (15:17) * Life Insurance, Retirement Accounts, and Naming the Trust as Beneficiary (17:18) * Common Trust Funding Mistakes and Misaligned Beneficiaries (18:13) * Tax Treatment of Revocable Trusts (19:35) * Annual Asset Reviews, Professional Teamwork, and Episode Wrap-Up (21:01) 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.

Why ‘I Know My Kids’ Isn’t Enough in Estate Planning

In this episode, Jordan Goewey and Mira Prisco discuss why it is crucial to clearly define “children” and “descendants” in estate planning documents, especially for long-term trusts and multigenerational plans. They explore how blended families, adoption, IVF and other assisted reproductive technologies, posthumous children, and out-of-wedlock births can complicate who is legally considered an heir. The conversation explains typical default definitions used in their South Carolina-based practice, including age limits for adopted children, handling adult adoptions, timing rules for posthumous births, and modern approaches to establishing paternity. The key takeaway is that clients should not assume the law views their family the way they do; instead, they should review and customize definitions in their documents, especially after major life events, and explicitly name any ambiguous relationships to avoid future disputes and ensure their wishes are honored. Topics in this conversation include:  * Introducing Jordan and Mira and Today’s Topic (0:33) * Why Defining Children and Descendants Matters (1:42) * Blended Families, Adoption, and IVF Complications (2:32) * How Adoption Is Treated and Age Limit of 18 (3:48) * Avoiding Abuse of Adult Adoption in Inheritance (4:39) * Posthumous Children and Use of Genetic Material (6:15) * IVF, Emerging Technology, and Updating Documents (6:52) * Out-of-Wedlock Children and Proving Paternity (8:37) * Modern Definitions of Fatherhood and Inheritance (9:26) * Practical Advice on Reviewing Family Definitions (11:27) * Naming Specific Adopted or Ambiguous Descendants (12:36) * Sensitivity of the Topic and Episode Close (12:59) 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.

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.