In Galiotos v. Galiotos, the Supreme Court of Virginia held that the trial court properly removed two brothers as co-executors of their mother’s estate.  The first brother, Tasos Galiotos, brought suit to have his brother Steve removed as executor.  Steve then filed a counterclaim seeking the removal of Tasos.  The Court ruled that both brothers could be removed and an independent executor appointed.  Under Virginia law, a court “may revoke and annul the powers of an executor for any cause, as long as the removal of an executor appears proper,” with the critical inquiry being whether removal is in the best interest of the estate.  Removal is appropriate for an executor who is guilty fraud, breach of trust, or gross negligence, but other justifications exist.  In Galiotos, the Court reiterated that “friction between individuals can justify the removal of an executor when removal would achieve some beneficial end.”

02/21/2022

IRS Announces Inflation Adjusted Figures

On November 29, 2021, the IRS issued Revenue Procedure 2021-45, providing inflation-adjustments for various provisions of the Internal Revenue Code. …

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02/28/2022

General Assembly Adopts New Income and Principal Act

On February 21, 2022, the Virginia General Assembly completed passage of HB 370 which adopts the Uniform Fiduciary Income and…

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02/20/2022

Gift to Spouse Recharacterized

In Smaldino v. Commissioner, the Tax Court ruled that a husband’s transfer of a 41% membership interest in a limited…

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