Estate Planning Blog | The Law Offices of Eric A. Rudolph P.C.

Building Generational Wealth: Why Estate Planning Matters

Estate planning stands as the foundation for creating lasting family wealth. While many successful individuals in the Palm Springs area focus on building their wealth through business ownership or professional success, protecting and passing on that wealth requires careful planning and legal protection. What exactly is generational wealth? Put simply, it's creating a financial legacy that lasts beyond your lifetime to benefit your children, grandchildren, and future generations. This includes your business, investments, real estate, and other assets – but also the knowledge needed to [...]

December 9th, 2024|Estate Planning|

Protecting Your Life’s Work: Estate Planning for the Next Generation

I recently had a client we will call Emily Doe. Emily is a 29-year-old content creator and digital entrepreneur who came to me with a unique set of concerns that are becoming increasingly common among young professionals in the Coachella Valley and beyond.Emily has built a successful career that looks nothing like the traditional career paths of previous generations. She owns multiple revenue-generating social media accounts, has invested in cryptocurrency, maintains a thriving online business, and has created digital art collections. When she first walked [...]

December 2nd, 2024|Estate Planning|

Plan Ahead

Many people are asking the question: “what will happen next?”. No matter what side of recent events in our County you landed on, you likely have very strong feelings about the outcome. Many people are happy with the outcome. Many people are not. Either way, it is important for everyone to take action and do one thing: Plan ahead.While we do not know exactly what is going to happen next, we can be pretty sure that laws will change. People will be impacted. Your bottom [...]

November 13th, 2024|Estate Planning, LGBTQ Estate Planning|

Problem Children

I recently had a client we will call John Smith. John is a widower who has three adult children and set up his living trust to provide for and protect his family. One of John’s children, we will call Meagan, is a successful businesswoman and has provided John with two wonderful grandchildren. The other two children are problem children. One of his children, who we will call Richard, is a homeless drug addict. The other child, who we will call Darlene, is married to [...]

November 4th, 2024|Estate Administration, Estate Planning|

Revocable Trusts Versus Irrevocable – What You Need to Know

Proper estate planning is an important matter—but in the event of your death, not having an estate plan for your assets can make things difficult and costly for your loved ones. Without a properly drafted estate plan conveying your wishes, everything you have worked hard to achieve and protect will be controlled and distributed according to the State of California! Don’t let that happen!A Revocable Living Trust directs how your assets will be distributed and enables your successor trustee to carry out your instructions when [...]

October 28th, 2024|Estate Administration, Estate Planning|

Estate Planning in Palm Springs: Why Your Zip Code Matters

As a Palm Springs resident, you're part of a unique community with specific estate planning needs. From our vibrant LGBTQ+ population to our thriving retiree community, your Palm Springs zip code plays a crucial role in shaping your estate plan. Let's explore why location matters when it comes to protecting your legacy in our desert oasis.1. Protecting LGBTQ+ Partners and FamiliesPalm Springs is renowned for its welcoming LGBTQ+ community. If you're part of this community, it's essential to ensure your estate plan fully protects [...]

October 23rd, 2024|Estate Planning, LGBTQ Estate Planning|

Jane’s Estate Plan

I recently had a client we will call Jane Doe. Jane came to me concerned about creating her estate plan to protect the important people in her life. Jane has a daughter, Mary, and a son, Michael. Jane's first husband (Mary & Michael's father) died 20 years ago. Jane is now living with a male companion, Joseph; they are not married. Jane and Joseph have been living together for about 5 years and are enjoying their retirement together in Southern California. Jane's daughter Mary lives [...]

October 16th, 2024|Client Stories, Estate Planning|

Intestate Succession: Protecting Your Legacy When There’s No Will

At the Law Offices of Eric A. Rudolph, P.C., we often see the unintended consequences when someone passes away without a will. This situation, known as dying "intestate," can leave your loved ones facing complex legal challenges. Let's explore what intestate succession means for you and your family.Understanding Intestate SuccessionWhen you die without a valid will, state laws determine how your assets are distributed. This process, called intestate succession, may not align with your wishes or your family's needs.How Your Assets May Be DistributedUnder [...]

October 14th, 2024|Estate Administration, Estate Planning|

Probate and Estate Planning

As a Palm Springs estate planning attorney, I've seen firsthand how the probate process can impact people. When a loved one passes away in California without an estate plan, their assets often go through probate - a court-supervised process that can be difficult, confusing, lengthy and expensiveProbate typically takes 12 to 18 months, but can extend to years for complicated estates or if a dispute arises. This lengthy process can be emotionally draining.Probate costs often range from 3% to 7% of the total estate [...]

September 30th, 2024|Probate|

Crafting Inclusive Estate Plans for LGBTQ Families

With careful planning, you can create an estate plan that respects your choices and protects your loved ones, whether they're biological or chosen family.

September 23rd, 2024|Estate Planning|