1 Va. Admin. Code § 80-20-30

Current through Register Vol. 41, No. 4, October 8, 2024

Section 1VAC80-20-30 - Full exemption; joint ownership trusts

A. For purposes of this exemption, the full exemption is authorized when real property of any surviving spouse of a member of the armed forces killed in action is held in one of the following trusts:

(i) held by a surviving spouse as a tenant for life,

(ii) held in a revocable inter vivos trust over which the surviving spouse holds the power of revocation, or

(iii) held in an irrevocable trust under which the surviving spouse possesses a life estate or enjoys a continuing right of use or support.

B. The exemption does not apply to any other forms of trust or any interest held under a leasehold or term of years.

1 Va. Admin. Code § 80-20-30

Derived From Virginia Register Volume 35, Issue 02, eff. 8/29/2018.

Statutory Authority: § 58.1-3219.11 of the Code of Virginia.