Virginia Code 64.2-2017: Payments from U.S. Department of Veterans Affairs.
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Monthly payments of pension, compensation, insurance, or other benefits from the U.S. Department of Veterans Affairs made to a trustee or other fiduciary shall be considered as income and not principal, but the accumulation of such monthly payments received by a trustee or other fiduciary and in his possession at the end of the accounting year may be carried over as principal and converted into the corpus of the estate when the accumulation amounts to $2,000 or more.
Terms Used In Virginia Code 64.2-2017
- Estate: includes both real and personal property. See Virginia Code 64.2-2000
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes a guardian, committee, trustee, executor, conservator, or personal representative. See Virginia Code 64.2-100
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means a trustee under a probated will or an inter vivos trust instrument. See Virginia Code 64.2-100
Code 1950, § 37-150.1; 1966, c. 310; 1968, c. 477, § 37.1-143; 2005, c. 716, § 37.2-1017; 2012, c. 614; 2014, c. 532.