Nevada Revised Statutes 123.125 – Character of property transferred into trust
1. A trust instrument may provide that community property or separate property transferred into an irrevocable trust of which both spouses are distribution beneficiaries, as defined in NRS 163.415, remains community property or separate property, as applicable, during the marriage. Any community property or separate property, including, without limitation, any income, appreciation and proceeds thereof, that is distributed or withdrawn from a trust instrument containing such a provision remains community property or separate property, as applicable.
Terms Used In Nevada Revised Statutes 123.125
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
2. A spouse or other party in a case must establish by clear and convincing evidence the transmutation of community property or separate property that is transferred into a trust from, as applicable:
(a) Community property to separate property; or
(b) Separate property to community property.
3. The provisions of this section do not affect the character of community property or separate property that is transferred into a trust in any manner other than as described in this section.