A Totten Trust Account, or Totten Trust, is named after a 1904 New York state court case in which a person opened a bank account and named a beneficiary of the account after he passed. Prior to this decision, other courts invalidated this sort of arrangement. Today, Totten Trust Accounts are...
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One of the goals of estate planning is to avoid the costly and time-consuming Probate Court process. That is, the legal process undertaken by your heirs and beneficiaries to change the title of property held solely in your name into the name of another. Frequently you will hear laypeople (and some lawyers)...
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What is Step-Up Basis?
When you sell an asset that has appreciated in value since you purchased it, there are tax consequences. More specifically, capital gains taxes are due. Capital gains are calculated on a cost basis. If the asset is a home, the cost basis is the price...
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As a business owner, you know how important your assets are to your company’s success. But you may be so busy with day-to-day operations that you have neglected the vital step of protecting them. This leaves you open to unfair competition and theft of your hard work. At CASHMAN LAW, we strive...
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California is a community property state. California Family Code § 760 (2018) provides: “[e]xcept as otherwise provided by statute, all property, real or personal, wherever situated, acquired by a married person during the marriage while domiciled in this state is community property.” This means all assets acquired or money earned by either...
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