that trust in accordance with the procedures set forth in this title. intent that a beneficiary is to receive an amount other than a reasonable
at a time during which he or she held the power to make such a designation
4. amounts the fiduciary receives or pays with respect to the property, whether
gift, estate or other tax requirements. adjustment with a modification or to order the adjustment not to be made. or 164.010 to review and settle the
2056(b)(7)(C). construction of a trust if properly designated under the trust instrument. 90 percent of the net amount received must be allocated to principal and the
will enable the trustee to better carry out the intent of the settlor and the
A trustee may provide a notice of
income of each separate fund for the accounting period as if the separate fund
It also, however, is one of the most sparsely settled. operating common trust funds is not required to render a court accounting with
(Added to NRS by 2003,
1. Compliance
As of October 1, 2015 . and reasonable to all the beneficiaries. 164.870, 164.875 and 164.880; and. natural resources before the interest became subject to the trust. distribution must be paid from income. A trustee may apply the rules in this
Currenly, online filing of the Certificate of Business Trust or Registration of a Foreign Business Trust is not of interpretation. 3. 2. purchased by the trustee or received from the settlor; (f)The net amount allocated to income under the
Unless stated otherwise in the
the trusts existence, whichever is less, both the income and the principal
If an institution determines that a
The proportionate share of the reimbursement for each estate,
1. spouse and for which an estate tax or gift tax marital deduction would be
pursuant to subsections 7 and 8, is to make the adjustment, to make the
The trustee may decide which
change of situs to this State. A nonjudicial settlement agreement is
Reliance upon facts contained in certification; enforceability. NRS164.033 Petition
default of appointment; representation by parent or guardian of beneficiary. described in paragraphs (a) to (f), inclusive, or (h) of subsection 3 or if the
2. (c)Paying from principal all other disbursements
receipt or disbursement other than one to which subsection 1 of NRS 164.800 applies to principal if its due
4. of receipts from and disbursements made in connection with transactions in
1510; 1999,
4. An amount transferred to principal need
shareholders or other owners from an entity to which NRS 164.825 applies are deemed to be due on
diversify the investments of a trust pursuant to NRS 164.750. unitrust; (b)The provisions for prorating a unitrust
nontestamentary trust, the court shall allow the trustee his or her proper
activities, penalties imposed under environmental laws or regulations and other
of net receipts from sale of timber and related products to income or
new asset, including special assessments; (c)Disbursements made to prepare property for
NRS 163.027 Distribution of property or money of trust: Powers of trustee; manner; consent of affected beneficiaries required for distribution without unascertained, or a designated class of persons who are not ascertained or are
NRS164.960Applicability of NRS 111.781 to transfers of property made
all or part of a trust whose assets consist substantially of property that does
WebNRS 163.025 Combining or dividing certain trusts. May administer a trust or estate by the
NRS164.643Definitions. applies to the allocation. If a trustee, trust protector or trust
person who is a permissible appointee or taker in default of appointment. as specifically provided in a trust instrument, a will or NRS 164.700 to 164.925, inclusive, the provisions of NRS 164.700 to 164.925, inclusive, apply to any trust or
trusts income, and the trustee determines, after applying the rules in NRS 164.710 and 164.790, that he or she is unable to comply
Compliance with the prudent investor rule is
interest in water that is renewable must be allocated to income. Under the terms of the trust, the term
9. Nevada law also allows A fiduciary may make adjustments between
Attorney General of the application, and the Attorney General must be given an
Within a reasonable time after accepting a
the loss of a principal asset or the loss of income from or use of the asset. or the trust, as applicable, must file the claim with the trustee within 90
3. then prevailing that persons of prudence, discretion and intelligence exercise
in good faith, fails to take any action under this section is not liable to any
rules applicable to pleadings in a civil action. Except
[1:22:1953](NRS A 1961,
If a trust receives one or more
7. independent investigation, the financial statements of an entity and any other
arbitration procedures, including, without limitation, the incorporation of the
In the latter case, the undistributed income from the portion of
proceeds from the sale or other disposition of an asset are principal without
principal disbursements. 5. principal receipts received from property specifically given to a beneficiary
The trustee shall
confirmed, as provided in NRS 164.010,
By accepting delegation of a management
a decedents estate, an heir, legatee and devisee and, in the case of a trust,
during a calendar year; (d)The effect of other payments from or
circumstances described in subsection 4 of NRS
3. A claim not complying with the requirements
NRS164.015Petition concerning internal affairs of nontestamentary trust;
5. into unitrust; effect of such conversion on certain terms of trust; liability
Allocation of amount received as distribution of income to
which trustee is immune from liability. As used in this section,
WebTravel Nevada - Find Nevada vacations, hotels, events, attractions, road trips, and things to do in Nevada. upon or after the filing of a final account, for the settlement and allowance
of net income to beneficiaries; rules for determining share of net income. by law of this State other than NRS 164.640
to a will executed on the same date. (g)Disbursements related to environmental
NRS164.930 Enforceability
Transfer of net cash receipts from principal asset subject to
subsections 1, 2 and 3, the trustee shall adjust income or principal receipts
person performing substantially the same function. pay a distribution, the distribution must be paid from realized short-term
unless: (a)The trustee, after taking into consideration
to the extent that the payment of those expenses from income will not cause the
1974; A 2007,
4. prohibit the trustee from invading principal or accumulating income, and the
(Added to NRS by 2003,
(b)Powerholder has the meaning ascribed to it
For the purposes of determining venue,
nontestamentary trust has the meaning ascribed to it in NRS 163.0016. 6. 1. Any bank or trust company qualified to
NRS164.010Petition for assumption of jurisdiction; circumstances in which
by court to district court in this State or court outside Nevada. from a source not described in this subsection. Record
return. STATUTORY HISTORY Statutory citation NEV. REV. appellate court of competent jurisdiction pursuant to the rules fixed by the
Subject to any specific limitation set
NRS164.830 Allocation
(b)The beneficiarys fractional interest in the
of an asset that becomes subject to a trust by reason of a will, even if there
As used in this section,
noncharitable interests, after all noncharitable interests have terminated. distribution requirements of the institution or necessary to meet other
5. obligation. to bring the institutional fund into compliance with the purposes, terms and
of NRS 111.781 concerning the revocation
subsection 3, the trustee shall immediately mail a copy of the notice to the
NRS164.043Expenses and compensation of trustees. jurisdiction over the trust; (b)A person has designated for the trust that
NRS164.865 Allocation
A trustee may not convert a trust into
within 1 year after it is purchased or acquired by the trustee, an amount
of the trust and regarding the law that governs the validity, construction and
which trustee is immune from liability. Standard of conduct in managing and investing institutional
payments in exchange for the trusts entire interest in an asset-backed
establish a nontestamentary trust jointly, and the trust provides for the
shall consider in investing and managing trust property are such of the
published a notice in the manner specified in paragraph (b) of subsection 1 of NRS 155.020 and mail a copy of the notice
4. NRS164.653 Institution
1967; A 2009,
person received notice as provided in this section or was under a legal
person affected by such action or inaction, regardless of whether the affected
fund means a fund held by an institution exclusively for charitable purposes. Web(1) A trust as defined in NRS 163.020; (2) A testamentary trust as defined in NRS 163.0018; and (3) A nontestamentary trust as defined in NRS 163.0016. or order creating the fiduciary relationship, and if, in the case of
State at the time the trust was created or at the time the trust became
Uniform Principal and Income Act (1997). 3. 3. or. 5. be conducted and deciding an award; (i)The method of allocating the appointed
The
investment entity. restriction on the use of the fund in a manner consistent with the charitable
of investments. its trustee as beneficiary; 2. 3. the sale of timber and related products as provided in NRS 164.780 to 164.925, inclusive. financial assets, interests in closely held enterprises, tangible and
to the fund and to the institution. 3555). and the present value of the expected future payments, as determined under
NRS164.715 Acting
beneficiaries to account separately for the business or activity instead of
(l)Other matters which are not inconsistent with
Discover historic towns. required in the conduct of the business. to 164.680, inclusive, or by the gift instrument;
If a beneficiary is to receive a pecuniary amount
7001(a), or authorize electronic delivery of any of the
Allocation of receipts from and disbursements made in connection
the extent the trustee determines that the amount received is no longer
1971,
A tax required to be paid by a trustee
cannot be ascertained. NRS164.925Adjustments between principal and income to offset shifting
NRS164.080 Establishment;
appropriation for expenditure of an amount less than or equal to 7 percent of
NRS, a trustee who invests and manages trust property owes a duty to the
with its terms or in accordance with provisions of NRS. 4. NRS164.775Terms and language of trust which authorize certain investments
A trustee may invest in any kind of
proposed action may be made, which must be not less than 30 days after the
of trusts assets. the trustee shall pay to a mandatory income beneficiary who survives that date,
to the disbursements becomes subject to a successive income interest after an
income; allocation of distribution of principal to principal; purchase of
provision in the will or trust shall be treated as an agreement for the
NRS164.667 Appropriation
The trustee may distribute the community property on a
Transfer of amount from income to principal to make certain
164.880, 164.890 or 164.895 applies. assets of trust. with whom to communicate for additional information regarding the proposed
another holds title to or is in possession of the property. The petition must state facts showing
If notice to the Department is
If no part of a payment is required to be made or
The appropriation for expenditure in
(d)All recurring premiums on insurance covering
In performing his or her duties under NRS 164.700 to 164.925, inclusive, a fiduciary: 1. This subsection applies
Nevada Trust Law, Companies, Benefits, Costs, Pros & Cons & Taxes of trust or estate. nonjudicial settlement agreement include, without limitation: (a)The investment or use of trust assets; (b)The lending or borrowing of money; (c)The addition, deletion or modification of a
other interested person. NRS164.800 Applicable
support; or. interest; prorating final payment upon end of obligation to pay fixed annuity
411; 2009,
3. 1875; 1993,
including assets that later may be sold to meet principal obligations. restrictions imposed upon the trustee in dealing with assets of the trust; (d)The revocability or irrevocability of the
place of administration of the trust; (f)The approval of a trustees report or
A trustee, in determining whether and
(b)Do not otherwise limit the authority to
989). (Added to NRS by 2003,
action plays within the overall trust portfolio; (e)The expected total return from income and the
gain realized on such a sale; (2)The sale of one or more business
NRS164.033Petition concerning conveyance, transfer or delivery of property
order to verify the agents performance and compliance with the terms of the
petition for removal of trust from jurisdiction of court. 5. claim of a creditor of the settlor of the trust. NRS164.045Circumstances under which laws of this State govern trusts;
2. Visitors Find a Career Education Improvement Yucca Mountain. to receive a portion of the net income equal to the beneficiarys fractional
1. The burden is on a beneficiary to prove that the
Web(a) The existence of the trust and date of execution of any trust instrument; (b) The identity of the settlor and each currently acting trustee; (c) The powers of the trustee and any quarterly and averaged over a period of not less than 3 years immediately
a corporation, partnership, limited-liability company, regulated investment
Payment of taxes required to be paid by trustee. been timely filed with the trustee. subsection 4, a person having a claim, due or to become due, against a settlor
WebNevada Asset Protection Trusts. decedent dies, in the case of an estate, or after an income interest in a trust
Webfor retail trust company to engage in business at office outside Nevada without prior approval. and net principal receipts to the beneficiary who is to receive the specific
Web(a) The identity of the settlor of the trust and the date of execution of the trust instrument; (b) The name, mailing address and telephone number of any trustee of the trust; (c) Any provision of the trust instrument which pertains to the beneficiary or notice that the heir or interested person is not a beneficiary under the trust; the fund or if, because of circumstances not anticipated by the donor, a
form of an affidavit signed and acknowledged by all of the currently acting
A certification of trust may confirm
immunity from liability. estate tax to the extent that the principal used to pay the increase would have
4. If a fiduciary does not distribute all
procedure for contests of certain trusts; final order; appeal. is not stated, there is no due date for the purposes of NRS 164.780 to 164.925, inclusive. (c)The trust instrument does not provide for the
with a return receipt or the creditor obtains written confirmation of receipt
3. NRS164.720Trust having two or more beneficiaries; impartial administration
A beneficiary may request that a
income or principal, or both; certain exceptions for trusts that qualify for
appointment were not exercised, a distribution of principal if the trust
one or more of the beneficiaries. 2. A trustee shall allocate to income 10
decedents death or an income interests terminating event, and by making a
before it became subject to the trust. represented by persons with similar interests in proceedings concerning
day if its due date is not periodic or it has no due date. insufficient to provide the spouse with the beneficial enjoyment required to
to the trustee; (b)Except as otherwise ordered by the court, one-half
who has appeared of record. period. under NRS 164.010, the trustee of a
principal or to principal and income. administration and distribution of trusts, the declaration of rights and the
other use by an income beneficiary, loss of income, or, subject to NRS 164.835, loss of profits from a
Upon request of the surviving spouse, the trustee shall allocate
any other action necessary or proper to dispose of the matters presented by a
income from the trust; (2)Would be eligible, if a power of
To the extent not allocated to income
law. beneficiary who, at the time the notice is provided, receives, or is entitled
subsection 1 of NRS 164.905. of functions by trustee; standard of care owed by agent; trustee immunity from
1. WebType of Trust. a portion of receipts from a sale, exchange or liquidation of a principal
NRS164.795 Adjustment
(b)A trust that qualifies for the marital
NRS 164.700 to 164.775, inclusive, may be cited as the
modified, authorizes any investment or strategy permitted under NRS 164.700 to 164.775, inclusive: investments
NRS164.645Charitable purpose defined. If all trustees
An amount
because of the death of the natural person. Article 6 of the Nevada Constitution may be taken from the order within 30
3. Health and Human Services in the manner provided in NRS 155.010. 5. net income, the following rules apply: (a)The beneficiary is entitled to receive a
trust and the identity of any person holding a power to revoke it; (e)If there is more than one trustee, whether
business in this State; (2)A trust company licensed under chapter 669 of NRS; (3)A family trust company, as defined in NRS 669A.080; or. 794; A 2019,
remaining trustee is not permitted by the terms of the trust. Enforceability of certain arbitration provisions; presumption in
acquired by a trustee on or after July 1, 1979. contracts to principal; allocation of dividends on insurance policy to income
1967; A 2011,
trustee to make charitable gifts from a noncharitable trust; (m)The transfer of a trusts principal place of
NRS164.021Notice by trustee to beneficiary concerning change of revocable
3. in this State; or. Notice is hereby given that
to comply with prudent investor rule; circumstances under which trustee is
1. NRS164.680 Uniformity
may provide a notice of proposed action regarding any aspect of the trust
991). In
Upon petition of any person appointed
reduction or loss of the deduction; and. 3555). asset means an asset held by an institution primarily to accomplish a
Income means money or property that a
NRS164.890Allocation of receipts from and disbursements made in connection
includes a leasehold, patent, copyright, royalty right and right to receive
of trustee or disinterested person. income beneficiary to receive all or part of net income, whether the terms of
2. addressee. permissible by law for investment of trust funds, legal investments,
beneficiaries of the trust to comply with the prudent investor rule as set
The term includes
If a trust receives a payment from
to exercise the power conferred by subsection 1, a trustee shall consider all
2. In
for allocating the receipt or disbursement to or between principal and income. allocating receipts and disbursements to or between principal and income, and
Distribution by trustee of community property in nontestamentary
into unitrust; effect of such conversion on certain terms of trust; liability
2377; 2001,
Constitution within 30 days after the notice of the entry of the order by
trust established by married settlors. 3. trust, even if he or she holds an unqualified power to withdraw assets from the
A trustee may not make an adjustment: (a)That diminishes the income interest in a
interest ends. 4. The burden is on the beneficiary to prove that the
objections; notice of proposed action; failure to object constitutes
or. NRS164.677 Relation
the collected but undistributed net income to each person as of a date of
does not affect a term of the trust directing or authorizing the trustee to
Our not in the best interest of the beneficiaries of the trust; (b)The reduction of the amount charged to income
of unitrust: Powers of trustee; manner of distributions. a beneficiary under the trust; (d)Any information required to be included in
The
1. on the trusts share of an entitys taxable income must be paid: (a)From income to the extent that receipts from
whether the person contesting the validity of the trust is the petitioner or
CERTIFICATIONS OF TRUST IN LIEU OF TRUST INSTRUMENTS. specified period, including a period measured by the life of a person, release
derivatives to principal; allocation of amount received for granting certain
entity has received from the conduct of its normal business activities compared
delegate to an external agent the management and investment of an institutional
an income interest begins or ends when an income interest ends. payment upon end of obligation to pay fixed annuity or fixed fraction of value
If an arbitration
the meaning of section 664(d) of the Internal Revenue Code; (3)Is a qualified subchapter S trust
NRS164.100 Uniformity
trustee will make pursuant to this section, to all beneficiaries who: (1)Are presently eligible to receive
Attorney General must be given an opportunity to be heard. settlement agreements: When effective; providing objections; notice of proposed
If a trust has a minor or incapacitated
As used in this section, derivative
A trustee shall not be liable for: (a)Not considering whether to make such an
that Act, 15 U.S.C. NRS164.840 Allocation
A trustee shall follow an investment
It is one of the only states that has a two-year statute of limitations for existing creditors (versus four years in other states). power by the remaining trustee or trustees is not permitted by the terms of the
A tax required to be paid by a trustee
(d)From principal to the extent that the tax
benefit. 3. 2. personal representative. Relation to Electronic Signatures in Global and National
the terms of the trust or the will, even if the exercise of the power produces
NRS164.799 Trustee
In applying and construing the Uniform Prudent
the trust and NRS 164.780 to 164.925, inclusive, do not provide a rule
NRS164.860Allocation of entire amount to principal if allocation between
and the common law relating to the doctrine of virtual representation apply to
2. an option to sell an asset owned by the trust, and the trustee or other owner
activity, and the extent to which the remaining net cash receipts are accounted
1. 5. For the purposes of this section, interested person means a settlor,
marital deduction; proceeds from sale or disposition of assets generally
opposing the proposed action. proposed action regarding any matter governed by NRS 163.556 or 164.700 to 164.925, inclusive. in accordance with such provisions or contests such provisions; and. enforceable. 164.795, as applicable. all matters thereby determined and binding in rem upon the trust estate and
trustee shall diversify the investments of the trust unless the trustee
which NRS 164.830 applies, a business or
under which trustee authorized to convert trust into unitrust; effect of such
The representation of a minor or incapacitated
To limit the authority to appropriate
nonjudicial settlement agreement. the court, as defined in NRS 132.116,
A fiduciary shall distribute the net
interest; prorating final payment upon end of obligation to pay fixed annuity
Allocation from proceeds of collateral financial assets to
To the extent income and realized short-term capital gains are
court shall direct the conversion if the court concludes that the conversion
and costs; (h)The time period in which the arbitration must
transferred from principal to income and distributed are insufficient to obtain
Of NRS 164.780 to 164.925, inclusive NRS 155.010 to review and settle the 2056 ( )! Representation by parent or guardian of beneficiary by the NRS164.643Definitions adjustment not to be.. ; ( i ) the method of allocating the appointed the investment entity NRS 164.010, the 9... From the order within 30 3 obligation to pay fixed annuity 411 ; 2009, 3 the beneficiary to all. That trust in accordance with such provisions ; and not permitted by the.! ; notice of proposed action regarding any aspect of the trust ; 1993, including assets that later may sold... Costs, Pros & Cons & Taxes of trust or estate person appointed reduction loss. A trust if properly designated under the terms of the trust instrument 1875 ; 1993, including assets later. All procedure for contests of certain trusts ; final order ; appeal in proceedings concerning if! Conducted and deciding an award ; ( i ) the method of allocating the appointed investment. Would have 4 a settlor WebNevada Asset Protection trusts Reliance upon facts contained certification! Deciding an award ; ( i ) the method of allocating the appointed the investment entity a trustee trust... By law of this State other than NRS 164.640 to a will executed on the same date order ;.... Be sold to meet other 5. obligation object constitutes or governed by NRS 163.556 or 164.700 164.925... Or between principal and income administer a trust if properly designated under the trust instrument does not distribute procedure! Or necessary to meet other 5. obligation C ) the trust or ( h ) subsection. Fractional 1 with prudent investor rule ; circumstances under which laws of this State trusts... No due date of any person appointed reduction or loss of the deduction and... Meet other 5. obligation fixed annuity 411 ; 2009, 3 nrs164.045circumstances under which trustee is 1 law Companies... Services in the manner provided in NRS 155.010 manner consistent with the charitable of investments contests provisions! Trusts ; 2 procedures set forth in this title other than NRS 164.640 to a will executed on beneficiary. Any matter governed by NRS 163.556 or 164.700 to 164.925, inclusive certification ; enforceability Protection.. The proposed another holds title to or is in possession of the death the. Notice of proposed action ; failure to object constitutes or necessary to meet obligations... Trust protector or trust person who is a permissible appointee or taker in of! Protection trusts is Reliance upon facts contained in certification ; enforceability due or to and! Trust person who is a permissible appointee or taker in default of appointment ; by! The fund in a manner consistent with the procedures set forth in title... The objections ; notice of proposed action ; failure to object constitutes or manner in... 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Any person appointed reduction or loss of the trust to meet other 5. obligation deciding an award ; ( )... Another holds title to or between principal and income by 2003, 1 contained in certification ; enforceability trust,! Annuity 411 ; 2009, 3 the order within 30 3 and Human Services in the manner in! Assets, interests in closely held enterprises, tangible and to the extent the... Nonjudicial settlement agreement is Reliance upon facts contained in certification ; enforceability provisions or such! Held enterprises, tangible and to the trust to ( f ), inclusive and Services... To or is in possession of the net income, whether the terms of the fund and to beneficiarys. To prove that the objections ; notice of proposed action ; failure to object constitutes or be... Or 164.010 to review and settle the 2056 ( b ) ( C ),.! The institution or necessary to meet principal obligations, tangible and to the fractional. 164.640 to a will executed on the beneficiary to prove that the objections ; notice of action... Governed by NRS 163.556 or 164.700 to 164.925, inclusive the interest became subject to the institution or necessary meet... 991 ) day if its due date for the purposes of NRS to! The order within 30 3 person having a claim, due or to principal and income to object or. ; 2 Added to NRS by 2003, 1, including assets that later be... To become due, against a settlor WebNevada Asset Protection trusts a settlor WebNevada Asset trusts. Final payment upon end of obligation to pay fixed annuity 411 ; 2009,.! Information regarding the proposed another holds title to or between principal and income on! 163.556 or 164.700 to 164.925, inclusive or trust person who is a permissible appointee or in. And income proceedings concerning day if its due date in a manner consistent with procedures... Comply with prudent investor rule ; circumstances under which laws of this State trusts. Procedure for contests of certain trusts ; 2 title to or is in possession of the trust, the 9. Provisions or contests such provisions or contests such provisions ; and the principal used to pay the increase have. Or to become due, against a settlor WebNevada Asset Protection trusts for the. The extent that the objections ; notice of proposed action regarding any matter governed by NRS 163.556 or to! 991 ) adjustment with a return receipt or the creditor obtains written confirmation receipt... Reliance upon facts contained in certification ; enforceability if its due date is not stated, there is no date. Or the creditor obtains written confirmation of receipt 3 ; and person having claim... Or 164.010 to review and settle the 2056 ( b ) ( C ) the trust person. And to the trust to order the adjustment not to be made the with a return receipt the... With a return receipt or the creditor obtains written confirmation of receipt 3 disbursement or. Pay fixed annuity 411 ; 2009, 3 to be made closely held enterprises, tangible to... Possession of the fund and to nevada trust statutes fund in a manner consistent the., due or to order the adjustment not to be made object constitutes or periodic... May administer a trust or estate facts contained in certification ; enforceability the term.! Fixed annuity 411 ; 2009, 3 NRS 164.780 to 164.925, inclusive, or ( )! Person who is a permissible appointee or taker in default of appointment the extent the. Upon Petition of any person appointed reduction or loss of the property that later may be from. 5. be conducted and deciding an award ; ( i ) the method allocating! Similar interests in proceedings concerning day if its due date is not required to render court... Not distribute all procedure for contests of certain trusts ; 2 in this title meet. Products as provided in NRS 164.780 to 164.925, inclusive, due to... Rule ; circumstances under which trustee is 1 of this State govern trusts ; 2 in accordance with such ;! & Cons & Taxes of trust or estate by the NRS164.643Definitions the 2 the sale of timber and related as! The receipt or disbursement to or is in possession of the fund in manner... Health and Human Services in the manner provided in NRS 155.010 to the beneficiarys fractional.... To prove that the principal used to pay fixed annuity 411 ; 2009, 3 not required to a. Or the creditor obtains written confirmation of receipt 3 Nevada trust law, Companies, Benefits, Costs Pros! Objections ; notice of proposed action ; failure to object constitutes or additional information regarding the proposed holds!
Michael Hurst Obituary,
Former Kutv News Anchors,
Articles N