You may still be able to claim deductions in excess of income if you don't pass the profitability test if you can convince the IRS that your sideline is a profit-motivated business. Records should be kept until after disposal of the investment. Passive losses can be carried forward to future years and fully deducted when the investment is sold. Keep records until all your funds are withdrawn from your IRAs. Keeping just the tax forms, which does not require a lot of space, may prove to be a handy reference.
Concerns center around investor confusion, as well as the expense of maintaining dual systems.
And if you don't have a will your family could be left with a legal mess. The family of Derrick Thomas knows this problem all too well. But with seven children, no will and no wife, a probate judge now has to decide where the money will go. In addition to protecting your children by appointing a guardian, wills can also protect your property. Without one, you can't donate your estate to charity or to a church.