64.1-62.2 - Certain powers of appointment construed to refer to federal gift tax exclusion in effect on date of execution. - Virginia Statutes

§ 64.1-62.2. Certain powers of appointment construed to refer to federal gifttax exclusion in effect on date of execution.

If an instrument executed before September 12, 1981, provides for a power ofappointment which (i) may be exercised during any period after December 31,1981, and (ii) such power of appointment is defined in terms of, or byreference to, the maximum amount of property qualifying for the gift taxexclusion under federal law, and further, (iii) the instrument described hasnot been amended after September 12, 1981, to refer specifically to thefederal gift tax exclusion available after December 31, 1981, or the amountqualifying therefor, then such instrument shall be construed as referring tothe maximum amount of property eligible for the annual gift tax exclusion aswas allowable under the Internal Revenue Code in effect on the date ofexecution of such instrument.

(1982, c. 622.)