At the law offices of John A. Cochran, Esquire, in Pennsylvania, we understand how difficult your life is when you are the parent of a disabled child. Depending on the nature of your child’s disability, you may need to provide him or her with substantial daily care. Naturally you are concerned about who will continue to provide this care if and when (s)he outlives you, which in all likelihood (s)he will.
Living wills and advanced health care directives have the same aim: to ease the burden on your loved ones by documenting your end of life decisions in advance of any possible incapacitation.
Deducting rental losses on Pennsylvania real estate properties can be an attractive option for people who own real estate since there is no limit to how much that can be deducted. However, Time.com warns that unlimited deductions is precisely why the IRS carefully scrutinizes returns with real estate losses deducted. The IRS places strict rules on who may claim real estate losses, and any return that looks suspicious can be flagged for a tax audit.
At the moment, you may be putting away a lot of money into a trust that your child can inherit at a later date. Unfortunately, some people cannot handle coming into a lot of money quickly and may end up spending the money on frivolous material possessions, on friends, or on lavish vacations. That is why some parents turn to placing spendthrift protections into their Pennsylvania trusts so that their children cannot access the money unless they spend it as the parents wish.