I just helped a woman file a 'second' "Transfer Deed on Death" here in Nevada. It was fairly easy with the available forms ... and filing the new one automatically revoked the first.

My question is the tax implications. I do understand the benefits of having the ownership immediatly to the "Grantees" so they can sell, etc. I have my handled in my will but going through probate is costly and if I can avoid that for my "Grantees" it would be nice. My "Grantees" are already beneficiaries on all financial matters so with the exception of the real and personal property it is all covered 'outside the will' ...

Can anyone explain the tax consequences for "Transfer of Deed on Death" in Nevada?

Bonita

Can anyone explain the tax consequences for "Transfer of Deed on Death" in Nevada?


There really are no consequences at all. For federeal estate tax purposes it doesn't matter whether property is transferred to heirs using "payable on death" or through the will - all assets are included in the decedant's estate are included for determining estate taxes due. And NV has neither an estate tax nor an ineritance tax, so no worries there.