Owing back taxes to the IRS can be a stressful and overwhelming experience for many individuals. The financial burden of paying back a large tax debt can seem insurmountable, leaving taxpayers feeling hopeless and unsure of where to turn for help. One option that may provide relief for those struggling to pay their tax debt……
TX-LW Blogs
Tax Court: Is Diabetes is a Disability?
If you find yourself without a job or facing unemployment, one of the options you might consider is taking a distribution from your retirement account. This is especially true if you are disabled and need the income to pay for your living costs or even your medical care. These distributions often result in additional Federal……
Can Courts Alter Wills?
One of the key principles of wills and trusts law is that a will should be given effect as written, unless it is shown that the will was procured by fraud, duress, or undue influence. This principle, known as the “rule against perpetuities,” is based on the idea that a person’s wishes should be respected…
Do You Have to Hire a Probate Attorney in Texas?
Hiring a probate attorney in Texas is generally necessary when administering a probate estate. This is due to a combination of Texas law, which requires representation of the interests of beneficiaries and creditors, and the complexity of the state’s probate laws. In Texas, individuals have the right to represent themselves in legal proceedings, but this…
Does a Complex Estate Plan Mean a Lengthy Legal Battle?
Estate planning can be a contentious issue, especially when it comes to siblings. A recent article in the Houston Chronicle highlights the story of a man whose parents had a complex estate plan that led to a lengthy legal battle between him and his siblings. The man’s parents had owned a successful business and had…
How Do I Get a Guardianship in San Antonio?
Obtaining a guardianship in San Antonio, Texas can be a complex legal process. It involves petitioning the court to appoint you as the legal guardian of another person, known as the “ward.” This can be necessary when the ward is unable to make decisions for themselves due to age, disability, or some other circumstance. The…
Texas Probate Case Law: Free and Voluntary Act
The probate process in Texas is often long and complicated. It can involve many steps, most of which are unfamiliar to the average person. One of the most important steps in the process is the free and voluntary act. This step is so important that it has its own section in the Texas Estates Code.…
About the Monetized Installment Sale
The monetized installment sale is a tax strategy that allows a party to sell an appreciated asset while deferring capital gains tax for an extended period of time and receiving a significant portion of the sale proceeds in cash. The strategy involves the use of an installment sale and a monetization loan, which allows the……
Tax on Employer-Provided Lodging
Did you know that as an employee, you may be able to exclude the value of lodging provided by your employer from your income taxes? According to Sec. 119 of the Internal Revenue Code, there are certain conditions that must be met in order for an employee to exclude employer-provided housing costs from their income.……