Property OwnershipCommunity_property_and_community_property_with_right_of_survivorshipEASY
Marcus and Diane are married Nevada residents who purchase a home together. They want to ensure that if one of them dies, the surviving spouse automatically inherits the deceased spouse's share without going through probate, while still receiving favorable community property tax treatment. Which form of title should they choose?
Correct Answer
A) Community property with right of survivorship
Community property with right of survivorship (CPWROS), recognized under NRS 111.064, is a form of title unique to Nevada that combines the automatic survivorship feature (avoiding probate) with community property tax treatment, including the full stepped-up basis on both halves of the property at the first spouse's death. This form must be expressly stated in the deed and does not arise automatically from marriage.
Answer Options
A
Community property with right of survivorshipB
Joint tenancy with right of survivorshipC
Community property without right of survivorshipD
Tenancy in common with survivorship clauseWhy This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
community_propertyright_of_survivorshiptitle_vestingprobate_avoidancenrs_111
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