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.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
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