USA – NEVADA Law and Practice Contributed by: Brian Steadman, Alexander LeVeque, Jeffrey Luszeck and Craig Friedel, Solomon Dwiggins Freer & Steadman
Solomon Dwiggins Freer & Steadman, Ltd. 9060 West Cheyenne Avenue, Las Vegas, Nevada 89129. USA
Tel: (702) 853 5483 Fax: (702) 853 5485 Email: mail@sdfnvlaw.com Web: www.sdfnvlaw.com
1. Tax 1.1 Tax Regimes
2. Succession 2.1 Cultural Considerations in Succession Planning Nevada is often considered a melting pot in terms of culture – particularly in urban areas such as Las Vegas and Reno. Its diverse population reflects a blend of ethnicities, nationalities and traditions, shaped by fac - tors such as tourism and hospitality, a large immigrant population, a transient population, and notable Native American influence. 2.2 International Planning Not applicable. 2.3 Forced Heirship Laws Not applicable. 2.4 Marital Property Nevada is a community property state. All assets and property interests acquired and/or earned during a marriage are presumed to be community property, meaning that each spouse has an equal and undivided interest in said property. Generally, one spouse cannot sell community property without the other spouse’s consent. Premarital agreements are enforceable in Nevada. Premarital agreements are governed by the Uniform Premarital Agreement Act under NRS Chapter 123A. In order to establish a valid and enforceable premari - tal agreement, the agreement must be in writing and signed by both parties before marriage; both individu - als must sign freely, without duress, coercion, misrep -
Nevada does not impose income taxes or gift, estate, inheritance, or generation-skipping transfer taxes. 1.2 Exemptions Not applicable. 1.3 Income Tax Planning Not applicable. 1.4 Taxation of Real Estate Owned by Non- Residents Nevada has a cap on real estate property taxes of 3% for the primary home of a resident of the state. There is no other differential tax treatment for real estate owned by non-residents and non-citizens in Nevada. Generally, Nevada imposes property taxes and trans - fer taxes in the same manner for non-residents and non-citizens as are applied to residents and citizens. 1.5 Stability of Tax Laws Nevada has never imposed income taxes or gift, estate, inheritance, or generation-skipping transfer taxes. Any attempts to introduce these types of taxes have been repeatedly rejected. Nevada produces sig - nificant gaming revenues and relies on gaming rev - enues, mining operations, sales taxes, property taxes, and business taxes to fund its operations. 1.6 Transparency and Increased Global Reporting Not applicable.
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