Statute 123 125

1. A trust instrument may provide that community property or separate property transferred into an irrevocable trust of which both spouses are distribution beneficiaries, as defined in NRS 163.415, remains community property or separate property, as applicable, during the marriage. Any community property or separate property, including, without limitation, any income, appreciation and proceeds thereof, that is distributed or withdrawn from a trust instrument containing such a provision remains community property or separate property, as applicable. 2. A spouse or other party in a case must establish by clear and convincing evidence the transmutation of community property or separate property that is transferred into a trust from, as applicable: (a) Community property to separate property; or (b) Separate property to community property. 3. The provisions of this section do not affect the character of community property or separate property that is transferred into a trust in any manner other than as described in this section. (Added to NRS by 2017, 1669; A 2019, 1852)