Как то так?
body { font-size:14px; }
.form-control { display:inline-block; position:relative;}
label { text-align:right; background-color:white; right:5px; top:-5px; position:absolute;}
textarea { display:block; }
<div class="form-control">
<label for="#myTextArea">My Label</label>
<textarea>My text area</textarea>
</div>