The Law Offices of Nett & Nett, PC

01/23/2026

02/03/2021

Estate Planning: Questions to Ask Your Estate Planning Attorney

What estate planning documents do I need?
Do I need a Will?
Do I need a Trust?
What type of Trust do I need?
Can I avoid Probate?
Should I avoid Probate?
Who do I want to inherit my assets after I am gone?
Who would raise my minor children?
Who do I trust to be the Executor of my Will?
Who do I trust to be the Trustee of my Trust?
Who do I trust to make medical decisions on my behalf?
Are there any special provisions I want included in my Estate Plan?
What do I need to do to make this process as smooth as possible for my family?
How can I avoid inheritance disputes upon my death?
How often should my estate planning documents be updated?

The attorneys at NETT & NETT, P.C., can assist you through the important and personal process of estate planning. Whether you are considering creating a Will, Trust, Powers of Attorney, or simply making updates to your current plan, our experienced estate planning attorneys will help you get your concerns addressed.

Call 866-511-NETT to schedule a no cost initial consultation.

01/22/2021

Proposition 19
Parent Child Inheritance Transfer Tax Protections Are Gone
NOW WHAT?

In California, transferring ownership of real property generally results in a reassessment for property tax purposes, which typically means an increase in real property taxes. However, there are currently two exclusions from reassessment that can apply for transfers between parents and children:

The first is the principal residence exclusion, which permits the transfer of a principal residence of unlimited value between parents and children without being subject to reassessment. The second is a $1 million lifetime non-principal residence exclusion, which permits the transfer between parents and children of up to $1 million of assessed value of all other types of property such as second homes, rental properties, commercial properties, etc., without triggering a reassessment.

The above protections were provided under Proposition 58, which has been in effect for over 24 years. Unfortunately, Proposition 19 passed and those protections are gone.

Now, property transferred between parents and children will now be reassessed to market value as of the date of transfer, which in the case of inheritance, is the date of death. The only exclusion allowed now is if the child moves in to the parents’ home and makes the it his or her primary residence within one year.

What’s done is done. Taxpayer advocates say this is will be a huge and unfair tax burden on families. The reassessment to market value is on every house and the taxes will likely go up significantly.

For example, a parent purchased her home in 1970 for $19,000. Today, that home is worth $300,000. The tax rate for parent is limited under Proposition 13 and under Proposition 58, the child would keep that tax rate upon inheritance. Under Proposition 19, that is no longer the case. The child will have to pay the tax rate on the current market value of $300,000, which is a significant tax increase.

As you can see, this will affect everybody. No just “rich” people. Every home.

There are a number of planning strategies to consider in making the current transfer, including using trusts, limited partnerships and limited liability companies. Depending on the circumstances, this type of planning may allow for the transfer of portions of such legal entity to your children without triggering a reassessment under current legal entity exclusions, irrespective of the parent-child exclusions.

Proposition 19 takes affect February 16, 2021.

To discuss options available to you before the parent child exclusion is gone, contact our offices today to schedule a no charge initial consultation.

07/21/2020

Famous People Have All The Answers – Or Do They?

Abraham Lincoln
Pablo Picasso
Martin Luther King, Jr.
Kurt Cobain
Howard Hughes
Bob Marley

What do all of these people have in common?

They all died without a will.

Over half of Americans don’t have a will. Actually, according to a Rocket Lawyer survey, 64% of Americans do not have a will. That number rises to 70% for those between the ages of 45 to 54.

It’s not a particularly fun topic to ponder - what happens when I die? I get it. Who wants to think about our mortality? While I would love to tell you I’ve found the fountain of youth or some elixir that can prevent the inevitable, but the fact remains - none of us are getting out of here alive. (Sorry. I work in an arena of death - you have to find the humor in things, right?)

For almost 20 years, I have been preparing estate plans and speaking with clients and the first statement I usually hear from the clients is, “I’ve been meaning to do this for years.” Others I have spoken with state they just don’t believe it’s an urgent matter. We all believe we have time. I hope we all have more time than we think but the reality is - life happens and so does death. My dad died at 28. He left behind a wife and two daughters who were only 2 and 4 at the time. I’m certain my dad never considered a will and certainly thought he had time. But, things happen.

My hope is that we all get the chance to live long, wonderful lives and our estate plan is not implemented for many years to come but as much as I wish this for everyone, I also hope that each and every family who does have to endure a loss does not have the added challenge and expense of having to deal with an estate without a plan. You love your family and you’ve worked your entire life to build up your assets. It is one of the most important steps you can make to set up how everything you’ve worked your life to build is distributed.

An estate plan is something we should consider sooner rather than later. Once an estate plan is done, it’s done. You might make a change here or there over the years but overall, you can rest assured you’ve taken the time to do what is best for your family.

Nett & Nett, PC is an estate and business planning law firm located in the Temecula Valley that has been assisting clients throughout Southern California for 20 years. Call 866-511-NETT today for your free initial consultation.

06/06/2020

We are moving! Starting next Monday, June 8, 2020, our new location will be at The Summit Building at One Ridgegate Drive, Suite 210 in Temecula, California.

We are a local, family operated firm and we’ve been in Temecula 20 years practicing estate planning, probate, and business planning. Schedule your appointment today and come see us at our new location.

04/12/2020

Happy Easter to all those who celebrate!

While this year's celebrations will undoubtedly look and feel different, we hope this holiday brings comfort, peace, and joy to you and your family.

We look forward to meeting with you all in the near future. Please stay safe and healthy!

04/02/2020

IS YOUR ESTATE PLAN DONE?

Amid the coronavirus crisis, people are seeking to update or draft wills and take other estate-planning measures.

At this time, we are facing a fast-moving, deadly pandemic and it has prompted panic and uncertainty not only in our financial markets but around the world and the global economy. Some people feel there is not sufficient time to implement strategies for estate planning in light of current circumstances. In light of our current situation, there are still planning options available to you for implementation.

It is recommended that you have these three basics: a will, a power of attorney, and an advance health care directive. The will provides instructions to your loved ones with regard to the distribution of your assets in accordance with your wishes, while a power of attorney will allow another person to make financial decisions on your behalf should you be unable to do so on your own and the directive provides the requisite directions for medical care professionals with regard to your treatment and care.

In addition to the basics mentioned above, you should also consider a living trust whereby your assets are transferred into a revocable living trust for your benefit during your lifetime that allows for the effective and efficient administration without the necessity of the probate courts and the costs associated with the same.

Not only should you consider your estate planning documents, you should make sure to review all your beneficiary designations on life insurance, retirement accounts, bank accounts, annuities and other financial assets that allow for the designation of a beneficiary.

If you already have an estate plan in place, you should also consider having the plan reviewed to ensure it still meets your needs. If there have been changes in the family due to a divorce, marriage, birth or other circumstances, you should update your documents to be reflective of your current wishes. You should also consider updated your directive in light of technological advances in medicine or as a result in your wishes as to what steps are to be taken with regard to your medical care.

Whether you are looking to set up your estate plan or make changes to your current plan, we can assist you in this important task. Please contact us at (866) 511-NETT to schedule a no cost, telephonic consultation.

03/19/2020

During this time of chaos and uncertainty, we wanted to let you know that we are still here to support you. The Law Offices of Nett & Nett, P.C., are working hard to keep up with our clients and provide the best service we can during the Coronavirus outbreak.

We here at the Law Offices of Nett & Nett understand our clients may have questions and concerns about the prevention and containment of Coronavirus (COVID-19) and their ability to interact with our firm. The health and safety of our clients is our priority. To that end, we are working on ways to reduce the risk and spread of COVID-19. Some of the changes include the following:

1. Telephonic client consultations;
2. Email and digital transmission of any and all documentation from our offices to you or from you to our offices;
3. Any required in person signings requiring witnesses or notary public (i.e., will and trust signings) will be accommodated on a case by case basis and can be postponed until safer conditions exist.

As you know, we are a family run firm and know all too well this can be a challenging time for everyone with the confusion of new work and school arrangements and changing responsibilities. In this time, we are here for you, your family and your businesses and remain available for consultations and providing you your necessary legal documentation. With today’s technology, all consultations can be done telephonically with documentation transmitted via electronic means allowing us to continue to serve our clients while keeping everyone safe.

Should you require legal assistance, please call our office so we may determine the best course of action for your specific situation.

We look forward to seeing you back in our office soon.