Elena and her husband Carlos hold title to their Las Vegas home as community property with right of survivorship. Carlos dies unexpectedly. Which statement best describes what happens to the property under Nevada law?
Correct Answer
D) Elena automatically receives full ownership without probate, and the entire property receives a stepped-up tax basis.
Under NRS 111.064, community property with right of survivorship (CPWROS) operates like joint tenancy in that the surviving spouse automatically receives the deceased spouse's interest without probate. However, unlike joint tenancy, CPWROS also provides a full step-up in basis on the entire property (both halves) under federal tax law, not just the deceased's half. This dual advantage — probate avoidance plus full basis step-up — is the primary reason couples choose this form of title in Nevada.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
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