A Nevada couple wants to hold title to their new home in a way that avoids probate when the first spouse dies AND provides a full stepped-up income tax basis on the entire property. Which form of title best accomplishes both goals simultaneously under Nevada law?
Correct Answer
C) Community property with right of survivorship
Community property with right of survivorship (CPWROS), established under NRS 111.064, is the only form of title that simultaneously achieves both goals for a married Nevada couple: (1) probate avoidance through the right of survivorship, which automatically transfers the deceased spouse's interest to the survivor, and (2) a full step-up in income tax basis on the entire property (both halves) at the death of either spouse, as provided under federal tax law applicable to community property. This dual benefit makes CPWROS the preferred choice for married couples in Nevada.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
Riparian rights concern properties bordering flowing bodies of water (rivers, streams), while littoral rights concern properties bordering non-flowing bodies of water (lakes, oceans).
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.
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