Establishing Residency in Nevada
Many people have moved to Nevada and established residency here in order to take advantage of the favorable tax laws, including escaping personal income tax (except to the extent imposed by other states for assets and businesses maintained in those other states), obtaining the homestead exemption and a cap on the annual increase of the assessed value for purposes of computing real property taxes for their personal residences in Nevada and availing themselves of the favorable estate tax provisions which effectively impose upon them no Nevada estate tax burden.
Your place of residency is the place where, whenever you are away from it, you intend to return. Therefore, residency is based upon an individual's state of mind.
After your death, however, the courts will look at the following factors to
determine your state of mind:
- Where you were registered to vote;
- Where you had obtained a driver's license;
- Where your automobiles and boats were registered;
- Where you filed for homestead exemption for real property tax purposes;
- Where you showed as your residence on your federal income tax return;
- Where you maintained membership in a religious organization;
- The address you utilized as a primary mailing address;
- The address indicated on your passport;
- Where you spent most of your time while living;
- Where your bank accounts and brokerage accounts were located;
- Where your safe deposit box, if any, was located; and
- The residence appearing in your legal documents, such as your will and trust agreements you had established.
In addition to ensuring that the foregoing factors are satisfied so as to indicate Nevada residency, you might wish to record a Declaration of Domicile in the county where you reside in Nevada. Although not conclusive, this also tends to show your state of mind as it relates to residency.