Nevada Revised Statutes 155.0975 – Exceptions to presumption that certain transfers are void
The presumption established by NRS 155.097 does not apply:
Terms Used In Nevada Revised Statutes 155.0975
- 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.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fraud: Intentional deception resulting in injury to another.
- Intestate: Dying without leaving a will.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Testator: A male person who leaves a will at death.
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
- Trustee: A person or institution holding and administering property in trust.
1. To the spouse of the transferor.
2. To a transfer of property which is triggered by the transferor’s death if the transferee is an heir of the transferor and the combined value of all transfers received by that transferee is not greater than the share the transferee would be entitled to pursuant to chapter 134 of NRS if the testator had died intestate and the transferor’s estate included all nonprobate transfers which are triggered by the death of the transferor.
3. Except as otherwise provided in this subsection, if the court determines, upon clear and convincing evidence, that the transfer was not the product of fraud, duress or undue influence. The determination of the court pursuant to this subsection must not be based solely upon the testimony of a person described in subsection 2 of NRS 155.097.
4. If the transfer instrument is reviewed by an independent attorney who:
(a) Counsels the transferor about the nature and consequences of the intended transfer;
(b) Attempts to determine if the intended consequence is the result of fraud, duress or undue influence; and
(c) Signs and delivers to the transferor an original certificate of that review in substantially the following form:
5. To a transferee that is:
(a) A federal, state or local public entity; or
(b) An entity that is recognized as exempt under section 501(c)(3) or 501(c)(19) of the Internal Revenue Code, 26 U.S.C. § 501(c)(3) or 501(c)(19), or a trust holding an interest for such an entity but only to the extent of the interest of the entity or the interest of the trustee of the trust.
6. To a transfer of property if the fair market value of the property does not exceed $3,000. The exclusion provided by this subsection does not apply more than once in each calendar year to transfers made during the transferor’s lifetime. For the purposes of this subsection, regardless of the number of transfer instruments involved, the value of property transferred to a transferee pursuant to a transfer that is triggered by the transferor’s death must include the value of all property transferred to that transferee or for such transferee’s benefit after the transferor’s death.