This text of Nevada § 669.042 (“Family trust company” defined) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1. “Family trust company” means a corporation or limited-liability company that:
(a)Acts or proposes to act as a fiduciary;
(b)Is organized or qualified to do business in this State to serve family members; and
(c)Does not:
(1)Transact trust company business with;
(2)Propose to act as a fiduciary for; or
(3)Solicit trust company business from,
Ê a person who is not a family member.
2. As used in this section:
(a)“Designated relative” means the common ancestor of the family, who may be either a living or deceased person. With regard to:
(1)A licensed family trust company or a family trust company applying to be licensed pursuant to this chapter, the designated relative is the person who is designated in the application for a license under this chapter or in the annual renewal of a l
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1. “Family trust company” means a corporation or limited-liability company that:
(a) Acts or proposes to act as a fiduciary;
(b) Is organized or qualified to do business in this State to serve family members; and
(c) Does not:
(1) Transact trust company business with;
(2) Propose to act as a fiduciary for; or
(3) Solicit trust company business from,
Ê a person who is not a family member.
2. As used in this section:
(a) “Designated relative” means the common ancestor of the family, who may be either a living or deceased person. With regard to:
(1) A licensed family trust company or a family trust company applying to be licensed pursuant to this chapter, the designated relative is the person who is designated in the application for a license under this chapter or in the annual renewal of a license.
(2) A family trust company other than a family trust company described in subsection 1, the designated relative is any person designated by the family trust company in a letter to the Commissioner sent by certified mail, return receipt requested.
(b) “Family member” includes, without limitation, the designated relative and:
(1) Any person within the tenth degree of lineal kinship to the designated relative;
(2) Any person within the ninth degree of collateral kinship to the designated relative;
(3) Any nonfamily member who is an individual beneficiary under a will or trust created by a family member specified in subparagraph (1) or (2), including the spouse and issue of that person;
(4) The spouse and any former spouse of the designated relative or of any person qualifying as a family member under subparagraph (1) or (2);
(5) Any person within the fifth degree of lineal kinship of a spouse or former spouse identified in subparagraph (3) or (4);
(6) A family affiliate and the officers, managers and directors of that family affiliate and their immediate families;
(7) An inter vivos or testamentary trust established by a family member either individually or jointly with a spouse or third party and any trustee, advisor or other person assisting with administration of that trust;
(8) An inter vivos or testamentary trust established by a person who is not a family member if noncharitable beneficiaries of that trust include family members;
(9) The estate of a family member;
(10) The estate of a nonfamily member if the noncharitable beneficiaries of that estate include family members; and
(11) A charitable foundation, charitable trust or charitable entity of which a family member is an organizer, incorporator, officer, member of the governing board, trustee, major donor or noncharitable beneficiary and the officers, directors, individual trustees and managers of that foundation, trust or entity and their immediate families.
3. For the purposes of this section:
(a) A family member is not a member of the public.
(b) A legally adopted person must be treated as a natural child of the adoptive parents.
(c) A stepchild must be treated as a natural child of the family member who is or was the stepparent of that child.
(d) Children of a spouse of a family member must be treated as natural children of that family member.
(e) Degrees are calculated by adding the number of steps from the designated relative through each person to the family member either directly, in the case of lineal kinship, or through the common ancestor, in the case of collateral kinship. As used in this paragraph:
(1) “Collateral kinship” means a relationship that is not lineal but stems from a common ancestor.
(2) “Lineal kinship” means a family member who is in the direct line of ascent or descent from the designated relative.