Virginia Code 64.2-1060: Marital deduction property not productive of income.
Current as of: 2024 | Check for updates
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A. If a trust received property for which a gift or estate tax marital deduction was allowed and the settlor’s spouse holds a mandatory income interest in the trust, the spouse may require the trustee, to the extent the trust assets otherwise do not provide the spouse with sufficient income from or use of the trust assets to qualify for the deduction, to:
Terms Used In Virginia Code 64.2-1060
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Estate: includes the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Virginia Code 64.2-1033
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in Articles 4 (§ 64.2-1038.
B. The trustee may decide which action or combination of actions in subsection A to take.
2022, c. 354.