The Legal Look: What You Need to Know About Death & Taxes

The Two Certainties in Life: Death & Taxes

We may never know the date of our last day, but we all know Tax Day is quickly approaching Tuesday, April 18.?At?Barrows Firm in Southlake, we help families with?wills?and?estate planning, and tax status and property issues, to take advantage of the best options. With professional guidance, we can all be prepared for our wishes to be carried out with a proper will, and our assets and gifts to be properly transferred. Avoiding taxes on inherited money and assets is the objective of?estate planning?at Barrows Firm. As our marital and parental situations may change, we must also consider whether we need to make different tax decisions - how to file and how to protect assets - two important considerations. We focus on answering all your death and tax issues at Barrows Firm.?

How do we know which tax issues apply as we collect our financial information and prepare to do our taxes or consult a tax professional? When do we ask our attorney about tax issues? What if I am forgetting something important? Barrows Firm is here to help people find the right directions and answers to all their questions, especially the questions they didn’t know they had.?

Protecting your family and accumulated wealth, property, and assets requires a reasonably consistent review of the laws and status of people in the family, who may be preparing for, or going through big life events. Marriage, the birth or adoption of children, divorce, and death, are all times that we need to sit down and go through issues of life and death, income, and taxes. Continue reading our blog.

Divorce Taxation: Avoiding Penalties

Divorces in Texas require the parties’ community property to be divided equitably, including money in 401k retirement plans and accounts. The values of 401k plans are usually valued at the date of divorce and are divided using a form called a Qualified Domestic Relations Order (QDRO). Some people receive the funds from a 401k division using a QDRO and roll that money right into their own 401k investment account. However, some people want access to the cash value of the amount they receive following the entry of the QDRO. Learn more.

Southlake Style Readers’ Choice 2023 Finalist

Barrows Firm is officially a Southlake Style?Readers’ Choice ’23 Finalist! Thank you to everyone who supported us and voted! We are honored to have earned this designation.?Find us?in the April issue of the magazine under Services, Attorney/Practice.