IN REVIEW: JEFF BURUM’S FEBRUARY ESTATE PLANNING SEMINAR
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Monument, CO Jeff Burum, CPA, MBA LLC and Lynn Freiheit, JD, PhD hosted an Estate Planning seminar this past Thursday, February 18th at the Jackson Creek Commerce Center. Jeff and Lynn specifically discussed the need for wills as well as being a beneficiary or executor of an estate. They also reviewed the types of trusts that are available and related income tax and financial planning techniques.

Too many times, we have experienced a tragic loss within the family, where the fate of the family estate has been left up to the discretion of a judge, or an executor of an estate who does not know the applicable laws or assets within the estate. Moreover, there are many complicated medical matters which require a personal representative or executor to have the appropriate level of legal authority to act upon one’s medical desires.

The financial ramification of the transfer of wealth over the next 20 years is dramatic. According to Jackson National Life Insurance Company, it is estimated that $41-$136 trillion will be transferred from the older generation to the younger generation between 1998-2052. The current gift tax credit is $1 million and the estate tax credit is unlimited. However, beginning 1 January 2011, the estate and gift tax rates and credit amounts could revert to their 2001 levels; $1 million unified gift / estate credit and a maximum tax rate of 55%. This is all under current legislative review as Congress is recognizing the fact that Social Security may be insolvent between 2020-2025 and the federal budget deficit is currently projected to quadruple in the same time period. Hence, given the propensity for estate/gift taxes to go up, the impact on a $1 million estate today that quadrupled in 10-15 years, could pay an estimated $225k to $1.65 million in estate / gift taxes. So, the need for financial and estate planning is equally as important as the legal one.

Jeff Burum, CPA, MBA, MA, IAR has 22 years of experience in income and estate tax planning. He is an independent, Investment Advisor Representative and provides comprehensive financial services for businesses and individuals through his brokers The Leaders Group, Inc. and TLG Advisors, Inc. He is a former instructor of individual, corporate, partnership, estate and trust taxation, and an Assistant Professor of accounting and taxation at Colorado Technical University. He is also the former Chief of Budget at the United States Air Force Academy where he managed a $300M operating budget, past President of the Colorado Springs Chapter of the Colorado Society of Public Accountants, a Desert Storm/Desert Shield Veteran, and a 1984 Air Force Academy graduate. Jeff opened his second office in Monument, CO in November, 2009.

The Jackson Creek Commerce Center is located at 16055 Old Forest Pt., Monument, CO 80132. To receive additional information please call 719.488.5637 or 719.596.3718, or contact us via email at jbcpa_co@hotmail.com.