1. The “estate” consists of all assets subject to the proceeding. Generally, this includes assets held in the name of the trustee (for trusts), the decedent (for probates) or the ward (for guardianships).
  2. the words “property” and “assets” are used interchangeably. Real property outside of Nevada is not subject to the jurisdiction of the Nevada courts, and local legal counsel should be retained where such real property is located.
  3. Internal Revenue Code § 2010(c) provides for an “applicable exclusion” for estate tax purposes, which is the cumulative amount that can pass free of estate tax.