It’s Spring and love is in the air. The son of one of my friends recently got married in California to a lovely young woman (“mom approved” too!). I wish the best for them in their new life together.
In Nevada, marriage creates a legal presumption that the property acquired during the marriage is community property, that is, belonging to the community of husband and wife. Each spouse owns an undivided, one-half share in the community property.
In the context of an estate plan, clients often ask about what happens to their property when one of them passes away. Does my spouse receive all of my property? Can I give my community property share to someone other than my spouse? The answer depends on choices you make during the marriage and in the estate planning process.
In Nevada, a spouse can choose to give the other spouse all of their one-half share of the community when they pass away. In the alternative, the spouse can give their one-half share of the community to someone else, leaving the surviving spouse with just their one-half share of the community. Nine states currently have community property laws: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.
Interested in learning more? Give me a call at 775-392-4223 or email me at firstname.lastname@example.org.