If you are a Pennsylvania resident who is currently taking steps toward preserving your wealth for future generations, you may be giving some though to creating an irrevocable living trust. As the name suggests, you cannot change an “irrevocable” living trust once you create it, but there are many advantages that can make establishing such an arrangement an important component of your estate planning process.
If you are like most Pennsylvania citizens, you probably do everything possible to keep up with your tax obligations. However, mistakes are often inevitable when a system as complex as federal tax law is involved. Our practice here at John A. Cochran, Esquire, has even turned up instances of the IRS getting confused by the very rules it works with every day.