NRS 164.925 – Adjustments between principal and income to offset shifting economic interests or tax benefits between income beneficiaries and remainder beneficiaries; reimbursement of principal if estate taxes are increased and income taxes are decreased under certain circumstances.
1. A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from: (a) Elections and decisions, other than those described in subsection 2, that the fiduciary makes from time to time regarding tax matters; (b) An income tax […]
NRS 164.930 – Enforceability of certain arbitration provisions; presumption in favor of binding arbitration; appointment of guardian ad litem; contents of arbitration provisions.
1. A provision in a will or trust instrument requiring the arbitration of disputes other than disputes of the validity of all or a part of a will or trust, between or among one or more beneficiaries or fiduciaries under the will or trust, a settlor of a nontestamentary trust, or any combination of such […]
NRS 164.940 – Nonjudicial settlement agreements: Enforceability; when void; matters that may be resolved.
1. Except as otherwise provided in this section, a settlement agreement entered into by all indispensable parties, as described in subsection 1 of NRS 164.942 is enforceable with respect to the administration of a trust without approval by the court, as defined in NRS 132.116. 2. A nonjudicial settlement agreement is void to the extent […]
NRS 164.942 – Nonjudicial settlement agreements: When effective; providing objections; notice of proposed action; failure to object constitutes acceptance; petitioning court for approval.
1. Except as otherwise provided in this section, a nonjudicial settlement agreement is effective when the agreement has been signed by all indispensable parties. A party who is represented by another person pursuant to NRS 164.038 shall be deemed to have signed an agreement when the person who represents that party has signed the agreement. […]
NRS 164.950 – Distribution by trustee of community property in nontestamentary trust established by married settlors.
1. If two settlors who are married establish a nontestamentary trust jointly, and the trust provides for the pecuniary or fractional division of the community property held by the settlors upon the death of one of the settlors, the trustee has the authority to distribute the community property unless the trust instrument expressly provides otherwise. […]
NRS 164.960 – Applicability of NRS 111.781 to transfers of property made pursuant to trust.
The provisions of NRS 111.781 concerning the revocation of certain transfers based upon divorce or annulment apply to transfers of property made pursuant to a trust. (Added to NRS by 2011, 1469)
NRS 164.905 – Disbursements required to be made from principal.
1. A trustee shall make the following disbursements from principal: (a) The remaining portion of the disbursements described in paragraph (a) of subsection 1 of NRS 164.900; (b) All the trustee’s compensation calculated on principal as a fee for acceptance, distribution or termination, and disbursements made to prepare property for sale; (c) Payments on the […]
NRS 164.910 – Transfer of net cash receipts from principal asset subject to depreciation to principal.
1. As used in this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion or gradual obsolescence of a fixed asset having a useful life of more than 1 year. 2. A fiduciary may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is […]
NRS 164.915 – Transfer of amount from income to principal to make certain principal disbursements.
1. If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements. 2. Principal disbursements to which subsection 1 applies include the […]
NRS 164.920 – Payment of taxes required to be paid by trustee.
1. A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. 2. A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority. […]