64.1-62.4 - Certain formula clauses to be construed to refer to federal estate and generation-skipping transfer tax laws applicable to estates of decedents dying after December 31, 2009, and before Ja
§ 64.1-62.4. Certain formula clauses to be construed to refer to federalestate and generation-skipping transfer tax laws applicable to estates ofdecedents dying after December 31, 2009, and before January 1, 2011.
A. A will or trust of a decedent who dies after December 31, 2009, and beforeJanuary 1, 2011, that contains a formula referring to the "unified credit,""estate tax exemption," "applicable exemption amount," "applicablecredit amount," "applicable exclusion amount," "generation-skippingtransfer tax exemption," "GST exemption," "marital deduction," "maximummarital deduction," "unlimited marital deduction," "inclusion ratio,""applicable fraction," or any section of the Internal Revenue Code relatingto the federal estate tax or generation-skipping transfer tax, or thatmeasures a share of an estate or trust based on the amount that can pass freeof federal estate taxes or the amount that can pass free of federalgeneration-skipping transfer taxes, or that is otherwise based on a similarprovision of federal estate tax or generation-skipping transfer tax law,shall be deemed to refer to the federal estate tax and generation-skippingtransfer tax laws as they applied with respect to estates of decedents dyingon December 31, 2009. This provision shall not apply with respect to a willor trust that is executed or amended after December 31, 2009, or thatmanifests an intent that a contrary rule shall apply if the decedent dies ona date on which there is no then-applicable federal estate orgeneration-skipping transfer tax. If the federal estate orgeneration-skipping transfer tax becomes effective before that date, thereference to January 1, 2011, in this subsection shall refer instead to thefirst date on which such tax becomes legally effective.
B. The personal representative or any affected beneficiary under the will orother instrument may bring a proceeding to determine whether the decedentintended that the formulae under subsection A be construed with respect tothe law as it existed after December 31, 2009. Such a proceeding shall becommenced within 12 months following the death of the testator or grantor.
(2010, c. 238.)