§ 64.2-1060 Marital deduction property not productive of income
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:
2. Convert property to property productive of income within a reasonable time; or
3. Exercise the power to adjust under § 64.2-1038.
B. The trustee may decide which action or combination of actions in subsection A to take.
History
This law was first created in 2022. The record of its establishment is cataloged in chapter 354 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
2022, c. 354.