Basswood Counsel is a boutique law firm providing hands-on, strategic corporate, mergers and acquisitions, tax, and transactional counsel—designed to navigate complexity with ease. Founded to prioritize meaningful client relationships over formalities, we collaborate with bold leaders across industries, tailoring our advice to support your unique goals and growth.
Navigating Legal
Complexities With Care
Built for what's next
At Basswood, we set out to build a different kind of law firm—one that’s personal, practical, and built around lasting relationships. Get to know who we are, why we started, and how we work side-by-side with clients to move business forward.
Highlight
What happens to your business when it’s time to step away—whether by choice, circumstance, or opportunity?
In this episode of Under the Basswood Tree podcast, Hazvinei Mugwagwa and Chris Klug delve into the essentials of business succession planning and why it should begin long before an exit is on the horizon. They explore how entity structure, estate planning, and tax considerations intersect to shape a smooth transition—whether you’re passing the business to family, selling to key employees, or negotiating with third-party buyers. This conversation highlights how early, integrated planning helps founders and business owners preserve both value and legacy.
News and Insights

529 Plan Changes in 2025: Expanded Qualified Expenses Under the OBBBA
The One Big Beautiful Bill Act (OBBBA) significantly broadens how families can use 529 education savings plans—covering K–12, homeschooling, and

Back to School: Changes to Education Tax Credits You Should Know Heading into the New School Year
The One Big Beautiful Bill Act (OBBBA) introduces key changes to the American Opportunity and Lifetime Learning Credits—modernizing how education

Fueling Affordability: How the OBBBA Helps Car Buyers
Under the OBBBA, taxpayers purchasing new, U.S.-assembled vehicles can deduct up to $10,000 in car loan interest annually from 2025

Mortgage Interest and Insurance Deductions After OBBBA: Key Changes and Tax Planning Opportunities
The One Big Beautiful Bill Act (OBBBA) permanently sets the mortgage interest deduction limit at $750,000 and expands the deduction