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.
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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.
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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

Miscellaneous Provisions under the OBBBA
New limits on wagering loss deductions and the permanent removal of moving expense deductions under the OBBBA are reshaping key

How the OBBBA Changes Charitable Contributions and Scholarship Tax Benefits
Charitable contribution and scholarship tax rules are evolving under the OBBBA. The latest updates establish permanent deduction limits, universal deductions,

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
Updates to the American Opportunity and Lifetime Learning Credits under the OBBBA modernize education-related tax benefits. Increased refund limits, expanded