1 Va. Admin. Code § 80-10-30

Current through Register Vol. 41, No. 1, August 26, 2024

Section 1VAC80-10-30 - Full exemption; joint ownership; trusts

A. The full exemption is authorized when the dwelling and land are held by a veteran alone or in conjunction with the veteran's spouse as tenant or tenants for life or joint lives. The exemption does not apply if the qualified veteran is not on the deed, except when the real property is held in one of the trusts listed in subsection B of this section.

B. The full exemption is authorized when the real property is held in one of the following trusts:

(i) revocable inter vivos trust over which the veteran or the veteran and veteran's spouse hold the power of revocation or

(ii) an irrevocable trust under which a veteran alone or in conjunction with veteran's spouse possesses a life estate or an estate for joint lives or enjoys a continuing right of use or support. 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 § 80-10-30

Derived From Virginia Register Volume 34, Issue 02, eff. 9/18/2017.

Statutory Authority: § 58.1-3219.7 of the Code of Virginia.