Legal Question in Family Law in Nevada

As you have explained it, your boyfriend's proposal makes no sense whatsoever, for multiple reasons. You do not say what the source of expected funds is (salary, bonus, inheritance, gift) which makes a huge difference as to tax matters. And if you loan him money, he is not taxed on it anyway. Normally, loans are not paid off through life insurance, but perhaps the intent on that point is not clearly explained. Under NO circumstances should any of your money be put in joint account between your boyfriend and his wife; she could make a claim that it was being gifted to him and her.

You really should consult with a knowledgeable family law specialist before doing ANYTHING with that money. In the meantime, it should be placed in an account in your name ALONE (again, to prevent an argument that you have gifted it to the boyfriend, which is how deposits to joint accounts are usually interpreted). If he wants to borrow money from you to pay off debts from his marriage -- and you think loaning him your money for that purpose is a good idea, which looks pretty doubtful -- then FIRST have him sign a formal promissory note for repayment of the loan, with adequate security and a specific repayment schedule, and THEN transfer the money from the account in your name to an account in HIS NAME ALONE from which he should pay any outstanding bills. Doing anything else is a recipe for you to be taken advantage of, and for loss of all funds at any one of the stages of the deal he has proposed.

You can call to ask any specific questions, but you appear to need a more in-depth consultation, with all details and paperwork to be reviewed closely.