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John McDermott of the McDermott Law Firm just returned from the 2007 Biennial Advanced Estate Planning Symposium held at the University of Denver College of Law on September 13 and 14, 2007.

This advanced course is held every two years at the University of Denver College of Law in Denver, Colorado.  It is attended by many of the best estate and retirement planning attorneys in Colorado in order to keep abreast of both current law and advanced planning techniques.

Speakers included key members of the trust and estates section of the Colorado Bar Association.  The Honorable C. Jean Stewart, presiding judge of the Denver Probate Court, Michael Miller, the Colorado branch manager of the Internal Revenue Service, and Marsha Chadwick Holt, a national expert on retirement benefits, also spoke.

Topics included estate planning for retirement benefits, the Uniform Trust Code, postmortem estate planning strategies and a federal death tax update.  Special attention was paid to the duties of trustees.

"This symposium is so intense that it is only held every two years," according to John McDermott.  "One of the major areas addressed at the conference but often overlooked by estate planning attorneys is the need for income tax planning when the client has retirement accounts such as IRAs and 401(k) investments."

"Most of my clients, frankly, do not need to worry about the federal estate tax.  They do need to worry about the federal income tax, however, and the acceleration of taxable income that occurs if proper planning has not taken place," he added.  "Improperly drafted wills when the person's assets consist primarily of IRAs and 401(k) accounts can be disastrous from an income tax point of view, and be very costly at death."

The McDermott Law Firm is a Fremont County and Southern Colorado general practice law firm located in Canon City, Colorado.  The firm practices in the areas of wills and estate planning, retirement planning, personal injury and wrongful death law, and general civil litigation.  Further information can be obtained by calling 275-4126, or 1-800-850-0050.

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