1. From a legal perspective, “assets”, “property”, and “estate” are synonyms.
  2. Added to Nevada law as of October 1, 2015. Section 4 of Chapter 169, Statutes of Nevada 2015, at page 789.
  3. See Section 20 of Chapter 524, Statutes of Nevada 2015, at page 3530. This provision does not appear to apply to prevent an injustice to the beneficiaries of a will.
  4. A “personal representative” is the person appointed by the court to administer the estate and can be an executor (if there is a will) or an administrator (if there is no will).
  5. The Nevada legislature has indicated a desire to have all probate cases closed within six months. Unfortunately, if federal estate taxes are involved, the IRS has at least 18 months from the date of the decedent’s death or nine months from the filing of the federal estate tax return (IRS form 709) to evaluate the estate tax return. For that reason, where an estate tax return is required, it is common for the estate to be open for at least 18 months or even longer.
  6. To establish that the testator was not mentally capable to sign a will, it must be provide that the testator did not have the capacity (i) to understand the nature and extent of his or her estate, (ii) to know his or her family (the “natural objects of one’s bounty”), or (iii) to understand how he or she wanted his or her estate to be distributed.
  7. Internal Revenue Code § 2010(c) provides for an “applicable exclusion”, which is the cumulative amount that can pass free of gift and/or estate tax. The applicable exclusion is $5,430,000 for 2015, $5,450,000 in 2016, and $5,490,000 in 2017. For the applicable exclusion in prior years, see Tax-Related Estate Planning.
  8. Nevada’s constitution prohibits an estate tax unless it reduces the federal tax dollar for dollar, so that the taxpayer does not pay more with the Nevada estate tax than they would without it. Congress now allows a deduction (not a credit) for state death taxes, and the deduction would not completely offset the Nevada tax. Thus, Nevada asks for nothing.