USA – NEVADA Law and Practice Contributed by: Brian K. Steadman, Alexander LeVeque, Jeffrey Luszeck and Craig Friedel, Solomon Dwiggins Freer & Steadman
7.2 Expeditious Citizenship There are no expedited means to obtain residency in Nevada. 8. Planning for Minors, Adults with Disabilities and Elders 8.1 Special Planning Mechanisms Special Planning Mechanisms for Adults with Disabilities Nevada recognises first-party, third-party, and pooled Special Needs Trusts. Nevada also allows trusts to be modified to include Special Needs Trust provisions if not included in the governing trust documents. More information about Nevada Special Needs Trust requirements is located in section F-500 of the Nevada Department of Welfare and Support Services (DWSS) Medical Assistance Manual. Special Planning Mechanisms for Minors Nevada has adopted the Uniform Act on Transfer to Minors (NRS Chapter 167), which allows for gifts to minors to be held and managed by a custodian with - out the need for a formal trust or guardian. It enables the designation of a custodian to manage the prop - erty until the minor reaches a specific age, often 21 or 25 in Nevada, as set by the transferor. In addition, assets can be held in trust for the benefit of minors by naming a third-party trustee to manage the assets thereof. Without such planning, the Nevada probate court may require the establishment of the following prior to a distribution from an estate to a minor: (a) a guardianship over the minor; or (b) if the funds are minimal, a minors blocked account under which funds can be deposited. 8.2 Appointment of a Guardian In Nevada, guardians over a protected person estate and/or person must be appointed via a court proceed - ing and are subject to ongoing court supervision. See NRS Chapter 159. That said, NRS 449A.454 establish - es the priority of default surrogates that may consent to the withdrawal of life-sustaining treatment in the absence of a POLST or Healthcare Power of Attorney without a court order.
reasonable reliance on the terms of the trust or a court order and determined in good faith to not diversify the investments of a trust is generally immune from liabil - ity for investment decisions, even if hindsight shows that a different choice would have performed better. Moreover, NRS 11.190 was recently amended to confirm there is a two-year statute of limitations for breach-of-fiduciary-duty claims not involving fraud or intentional misrepresentation, running from actual or reasonable discovery. 6.4 Fiduciary Investment Unless a trust provides otherwise, Nevada applies the prudent investor rule as the standard for fiduciary investment of assets, codified in NRS 164.705, et seq. This standard requires trustees to invest and manage trust assets with the care, skill and caution that a pru - dent investor would use, considering the purposes, terms and distribution requirements of the trust. While Nevada’s prudent investor rule reflects many princi - ples of the modern portfolio theory, Nevada’s appli - cation is more flexible as trustees may consider non- financial factors, such as tax implications, beneficiary circumstances or ethical considerations, and absolute adherence to statistical optimisation is not required. 7. Citizenship and Residency 7.1 Requirements for Domicile, Residency and Citizenship In general, to establish residency in Nevada one must be physically present in the state with the intent to indefinitely remain (NRS 10.155). “Indicia of intent” to indefinitely remain in Nevada include, among others, establishing the following there: (i) voter registration; (ii) school attendance; (iii) employment; (iv) a driver’s license; (v) primary residence; (vi) vehicle registra - tion; (vii) funds in Nevada financial institutions, etc. In addition, there are specialised residency requirements that must be met for certain purposes. For example, if being established for: (a) voter registration, one must live in NV for 30 days; (b) to initiate divorce proceed - ings, one must live in Nevada for six weeks; (c) to obtain in-state tuition at a Nevada university, one must live in NV for at least 12 months prior to matriculation.
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