When a loved one passes away in Texas, their will typically undergoes routine probate proceedings. Most wills follow a predictable format—several pages of bequests and instructions, concluding with a signature line where the testator signs above their printed name, followed by witness signatures. But what happens when the testator’s signature appears somewhere unexpected, perhaps on…
TX-LW Blogs
How Wrong Does the IRS Have to be to Be Liable for Attorneys Fees?
In most civil litigation cases, the parties are not entitled to an award of attorneys fees. The exceptions are generally when there is a contract that provides for attorneys fees or there is a statute. This can be problematic in litigation cases–particularly where one party brings or defends a friviolous suit just to drive up……
Do You Report Stock an Employer Mistakenly Gave You to the IRS?
When your employer deposits 100,000 shares of stock into your brokerage account after you’ve left the company, and you believe it was done in error, do you have taxable income? And what do you do in this case? If the amount is taxable to you as compensation, then when do you report it? Should you……
Is a Taxpayer Accountable for their Tax Preparer’s Fraud?
Most taxpayers opt to hire professionals to prepare their tax returns. Tax professionals understand the complexities of deductions, credits, and reporting requirements that can overwhelm even sophisticated business owners and investors. Once the tax returns are filed and a few years pass without incident, most taxpayers reasonably assume those tax years are closed forever. But……
What Makes a Partnership Transaction a Disguised Sale?
You own a depreciated asset or an asset that has gone down in value. It happens. But say you cannot take advantage of the tax loss for some reason. Maybe it is because you don’t have other Income triggering a tax that year or maybe there is a limitation on the use of the loss……
Attorneys Fees for Will Contests: The Good Faith Requirement
When a parent passes away leaving behind a blended family, the stage is often set for conflict. Children from different marriages may have vastly different relationships with the deceased parent, and estate planning documents sometimes reflect these complicated dynamics. Now imagine discovering that your mother’s will explicitly excludes you while including your siblings and step-siblings,…
Do Assets Disqualify You from Currently Not Collectible Status?
Let’s say you have some assets, but you are not rich. What you have is a smattering of things that are, well, honestly, not worth that much. Maybe it is a house with a mortgage that needs a lot of repairs. Maybe it is a small retirement account that was left over from a prior……
Can the IRS Disclosure Your Tax Info in Cases Agains Other Taxpayers?
You cooperate with an IRS audit. You provide detailed financial records. You answer questions about your business. Years later, you discover the IRS is using your information in cases against other taxpayers. The IRS is sharing details about your business location, your EIN, even the fact you’re under investigation for a tax promoter penalty. Is……
Terms in Will for Older Trusts Controlled, Property did not Pass to Newer Trusts
When a loved one passes away, their carefully crafted estate plan should provide clear direction for distributing their assets. But what happens when the beneficiaries named in a will no longer exist by the time of death? This seemingly straightforward question becomes complex when dealing with trusts that terminated decades before the testator’s passing, yet…