Current through Register Vol. 41, No. 6, November 4, 2024
Section 1VAC80-20-30 - Full exemption; joint ownership trustsA. 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.