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4421 Irvington Road
Post Office Box 720
Irvington, Virginia 22480
804-438-5588
Fax: 804-438-5599
Email: info@rumseyandbugg.com

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Our office is located in
the heart of Irvington.

 

PERSONAL INJURY, LITIGATION, CORPORATE & MARITIME
A. Davis "Dave" Bugg, Jr.
Albert D. "Tripp" Bugg, III

ESTATE PLANNING is the process of arranging assets and executing legal documents to deal with property in the event of death or incapacity. The goal is for assets to be handled simply, expeditiously and at the least possible transfer cost. There are various levels of estate planning: BASIC ESTATE PLANNING Total assets of a client or couple under the federal estate tax threshold, i.e. no anticipated estate tax liability. Legal documents typically include Revocable Trusts or a Joint Trust for a couple, Pour-over Will (which may include guardianship provisions for minor children), Powers of Attorney, and Advance Medical Directives. Additional documents may include a Deeds of Gift to transfer real estate to the trust and an Assignment of Tangible Personal Property to transfer tangible items to the trust.

INTERMEDIATE ESTATE PLANNING More complex planning may require Special Needs Trusts or Lifetime Trusts for beneficiaries that are protected from creditors and have principal distributions supervised by independent Trustees. This level of planning also includes estate tax savings plans to avoid taxation at the death of the surviving spouse by using trusts with a formula to optimize the use of the federal estate tax credit (applicable exclusion amount) for both spouses. ADVANCED ESTATE PLANNING For clients or couples with estates where payment of estate taxes is likely, the primary goal is to reduce taxes to a minimum and minimize the real cost of those taxes. Along with documents used in basic and intermediate plans, irrevocable Life Insurance Trusts and other tools are often used to leverage the payment of taxes.

Note: These concepts are complex — this information is a guide for future inquiries on estate planning.

 
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