Disclaimer: This synopsis is intended to provide only general information about this case before the Nevada Supreme Court. It is not intended to be all inclusive or reflect all positions of the parties.
Las Vegas Justices Cherry, Saitta, and Gibbons
This case involves a 1996 settlement agreement in a divorce proceeding between Paul Tsai and Ann Hsu. Part of the agreement provided that a parcel of land owned by the parties in Las Vegas was to be held in trust to pay for their children’s educational expenses. No trust documents were created at the time the settlement agreement was reached, but apparently the parties quitclaimed the property to their children. After the divorce, the children lived with Hsu in Hong Kong where they attended private elementary and secondary schools, paid for by Hsu. In 2007, the property was sold for a sizeable amount of money. The parties now dispute the allocation of the proceeds from the sale of the property. ISSUES: Did the parties transfer their entire interest in the property to their children? Was the trust meant to finance the children’s private elementary and secondary school education when Tsai never consented to sending the children to private elementary and secondary schools? Did the district court lack jurisdiction to make rulings regarding the trust?
